Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company achieved a revenue of 2.567 billion yuan in H1 2025, representing a year-on-year increase of 7.98%. The net profit attributable to the parent company was 133 million yuan, up 86.27% year-on-year, with a non-recurring net profit of 102 million yuan, an increase of 80.10% year-on-year [1][3]. - The growth in revenue is driven by cheese products, with significant contributions from the ready-to-eat nutrition series and the restaurant industrial series [3]. - The company has implemented cost-cutting measures, resulting in a gross margin of 30.81% in H1 2025, an increase of 0.91 percentage points year-on-year, and a significant reduction in sales expense ratio [3]. - The company is expected to maintain a high growth rate in profits for the second half of the year, with projected EPS of 0.41, 0.57, and 0.82 yuan for 2025-2027, corresponding to P/E ratios of 66X, 48X, and 33X respectively [3][4]. Financial Summary - In H1 2025, the company's revenue from liquid milk, cheese, and dairy product trading was 187 million yuan, 2.136 billion yuan, and 230 million yuan, respectively, with year-on-year growth rates of 0.63%, 14.85%, and 3.69% [3]. - The gross profit margin for H1 2025 was 30.81%, with a net profit margin of 5.18%, reflecting a year-on-year increase of 2.18 percentage points [3]. - The company has forecasted total revenue of 5.38 billion yuan for 2025, with a year-on-year growth rate of 11.1% [4].

事件：妙可蓝多25H1实现营业收入25.7亿元，同比+8%；归母净利润1.3亿元，同比+86.3%；扣非归母净利润1亿元，同比+80.1%。其中，25Q2实现营业收入13.3亿元，同比+9.6%；归母净 奶酪主业增长较快，B端业务表现亮眼。1)分产品看，25H1公司奶酪/液态奶/贸易业务收入分别为21.36/1.87/2.30亿元，分别同比+14.85%/+0.63%/+3.69%。奶酪业务作为核心引擎，收 费用率优化驱动盈利能力提升。1)25H1/25Q2公司毛利率分别为30.81%/30.18%，同比+0.91/-0.90pcts，上半年毛利率同比提升主要系原材料成本较24年同期下降。2)25H1/25Q2公司销 BC两端共同发力，巩固奶酪市场龙头地位。公司坚定执行"聚焦奶酪"和"BC双轮驱动"战略。C端，公司在巩固奶酪棒大单品优势的同时，积极破圈成人休闲零食市场，推出奶酪小三角、云朵芝 B端，公司受益于与爱氏晨曦的业务协同，形成"两油一酪"的产品组合优势，向客户提供一站式解决方案。同时，在国内原奶价格处于低位的背景下，公司加速推进国产原制奶酪对进口的替代， 从市场地位看，根据Worldpanel消费者指 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company is expected to achieve a significant increase in revenue and profit, with a projected net profit growth of 120.02% in 2025, reaching approximately 250 million yuan [7][9]. - The company has successfully integrated Mengniu Cheese into its financials, leading to a notable increase in net profit for the second quarter of 2025, with estimates ranging from 38 million to 63 million yuan, reflecting a year-on-year growth of 13.80% to 89.46% [5][6]. - The introduction of new products and partnerships, such as the collaboration with Jasmine Milk Tea and the launch of cloud cheese and beef cheese sticks, is expected to enhance the company's market position and revenue streams [6]. Financial Summary - The company is projected to generate revenues of 56.01 billion yuan, 65.08 billion yuan, and 78.02 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 15.64%, 16.20%, and 19.88% [7][9]. - The expected earnings per share (EPS) for the same years are 0.49 yuan, 0.67 yuan, and 0.89 yuan, with corresponding price-to-earnings (P/E) ratios of 58, 43, and 32 [7][9]. - The company's gross margin is anticipated to improve, driven by a decrease in raw material costs and effective cost control measures, with a projected gross margin of 30.7% in 2025 [12].

Group 1 - The company continues to innovate and expand channels, leading the domestic cheese industry with both C-end and B-end products, aiming for a revenue target of 10 billion [1] - The core cheese business is driven by both C-end and B-end, with three main product series: ready-to-eat nutritional cheese, family table cheese, and catering industrial cheese [1] - In the ready-to-eat nutritional cheese series, the company launched several new products in the first half of 2025, focusing on expanding the adult cheese market [1] Group 2 - The company emphasizes the layout and deep cultivation of e-commerce platforms, achieving significant results during the 618 shopping festival, ranking first in the cheese/dairy category across all platforms [2] - New products such as cheese cups and cheese triangles performed exceptionally well, with strong sales for the dual-brand cheese sticks and other cheese products [2] - The company is collaborating with high-potential offline channels like Sam's Club and Hema, showcasing its product and brand strength in the cheese sector [2] Group 3 - Revenue forecasts for the company from 2025 to 2027 are projected at 5.636 billion, 6.549 billion, and 7.608 billion, with year-on-year growth rates of 16.35%, 16.21%, and 16.17% respectively [3] - The expected net profit attributable to the parent company for the same period is 235 million, 342 million, and 436 million, with significant year-on-year growth rates of 107.15%, 45.47%, and 27.41% [3] - The company maintains a "recommended" rating with corresponding PE ratios of 68X, 47X, and 37X for the years 2025, 2026, and 2027 [3]