出品：新浪财经上市公司研究院 作者：郝显 在"撤换"创始人柴琇之后，妙可蓝多又祭出一招。2月10日公司宣布于2026年2月8日与Saudia Dairy & Foodstuff Co．（以下简称"SADAFCO"）签署了备忘录。 SADAFCO是沙特头部食品公司，从事食品制造、分销及营销，拥有覆盖牛奶、番茄酱、冰淇淋等产品 的分销网络，公告称"双方拟进行合作，共同探索并拓展儿童奶酪零食（特指奶酪棒）在沙特的市场。" 此前妙可蓝多刚刚经历过资产减值和核心高管的更换，妙可蓝多参股基金提供担保的吉林省耀禾经贸有 限公司债务逾期，加上基金底层资产吉林芝然乳品科技有限公司因澳洲底层资产业绩下滑，面临减值。 两项资产减值，预计将减少妙可蓝多2025年归母净利润约1.19亿元至1.27亿元。 遭遇C端市场停滞的妙可蓝多，将破局的关键放在了"B端"以及"出海"。出海市场会成为公司新的增长 引擎吗？ 出海市场能否破局？ 妙可蓝多与SADAFCO本次合作剑指国际化。公告称，"双方将相互合作，以拓展儿童奶酪零食在沙特 的市场。通过利用各自优势，包括但不限于妙可蓝多的生产与研发能力，以及SADAFCO在当地的分销 网络、运营能力与商 ...

妙可蓝多表示，SADAFCO是一家总部位于沙特阿拉伯的地区领先食品制造商、分销商及营销商，在中东地区拥有强大的运营能 力、营销能力，拥有覆盖牛奶、番茄酱、冰淇淋等产品的分销网络。拟合作事项与公司现有业务具有良好协同效应，符合公司"聚 焦主业"与"并购出海"的战略发展方向。 截图自妙可蓝多官网 2月11日，妙可蓝多相关工作人员告诉红星资本局，按照约定，双方会从产品创新、本地化适配、分销落地、市场推广等全方位发 力。SADAFCO会分享沙特消费者的真实偏好数据，妙可蓝多则负责技术适配，确保产品符合当地人的口味。更重要的是，如果 沙特市场进展顺利，双方还计划把合作拓展到整个海湾合作委员会地区。 妙可蓝多CEO蒯玉龙表示，这次和SADAFCO的牵手，标志着妙可蓝多加快了国际化步伐，从"中国奶酪龙头"向"全球奶酪玩家"进 军。中东市场人均消费能力高，对优质零食需求旺盛，正是中国食品企业出海的"新蓝海"。 红星资本局2月11日消息，2月11日晚间，妙可蓝多（600882.SH）公告称，与沙特乳制品企业Saudia Dairy & Foodstuff Co.（以下简 称"SADAFCO"）签署了备忘录，旨在共同探索并开拓儿 ...

Group 1 - The national-level overseas comprehensive service platform was officially launched on February 11, 2023, to enhance the overseas service system, integrating resources from various fields such as law, finance, and logistics, providing "one-stop" public services for over 52,000 overseas enterprises and hundreds of thousands of foreign trade companies [2] Group 2 - Miaokelan has signed a memorandum with Saudia Dairy & Foodstuff Company to explore opportunities in the children's cheese snack market in Saudi Arabia, aiming to establish a strategic partnership for innovation, commercialization, and market expansion [3] Group 3 - China Electric Power Construction Group has successfully signed contracts for two overseas projects: the Mongla Dock project in Bangladesh and the Nickerie Weir repair project in Suriname, marking a new breakthrough in overseas business development [6] Group 4 - Jinchengxin plans to increase its stake in Colombia's CMH company by acquiring an additional 42.5% stake, which will allow the company to indirectly hold 97.5% of CMH, enhancing its control over overseas mineral resources [7] Group 5 - A joint venture between Anjun Logistics and COSCO Shipping has been awarded the long-term operating rights for the cargo terminal at Lima International Airport, representing a significant breakthrough for Chinese enterprises in overseas aviation infrastructure [8]

公司与SADAFCO签署备忘录，旨在共同探索并开拓儿童奶酪棒在沙特市场的业务机遇。拟合作事项与 公司现有业务具有良好协同效应，符合公司"聚焦主业"与"并购出海"的战略发展方向。若此次备忘录得 以顺利实施，该合作项目的推进将有助于提升公司在行业内的竞争优势，有利于公司拓展海外市场，预 计将对公司未来经营发展产生积极影响。 妙可蓝多是一家中国领先的奶酪公司，主要从事奶酪产品的生产与销售业务。SADAFCO是一家总部位 于沙特阿拉伯的地区领先食品制造商、分销商及营销商，在中东地区拥有强大的运营能力、营销能力， 拥有覆盖牛奶、番茄酱、冰淇淋等产品的分销网络，并以其旗舰品牌"SAUDIA"推广其核心产品。双方 认同利用各自的市场领导地位与专业优势能够带来互惠利益，并期望探索在奶酪品类开展潜在合作的可 能性。 智通财经APP讯，妙可蓝多(600882.SH)发布公告，公司于2026年2月8日与Saudia Dairy & Foodstuff Co. (简称"SADAFCO")签署了备忘录。双方拟进行合作，共同探索并拓展儿童奶酪零食(特指奶酪棒)在沙特 的市场。 ...

公司与SADAFCO签署备忘录，旨在共同探索并开拓儿童奶酪棒在沙特市场的业务机遇。拟合作事项与 公司现有业务具有良好协同效应，符合公司"聚焦主业"与"并购出海"的战略发展方向。若此次备忘录得 以顺利实施，该合作项目的推进将有助于提升公司在行业内的竞争优势，有利于公司拓展海外市场，预 计将对公司未来经营发展产生积极影响。 智通财经APP讯，妙可蓝多(600882.SH)发布公告，公司于2026年2月8日与Saudia Dairy & Foodstuff Co. (简称"SADAFCO")签署了备忘录。双方拟进行合作，共同探索并拓展儿童奶酪零食(特指奶酪棒)在沙特 的市场。 妙可蓝多是一家中国领先的奶酪公司，主要从事奶酪产品的生产与销售业务。SADAFCO是一家总部位 于沙特阿拉伯的地区领先食品制造商、分销商及营销商，在中东地区拥有强大的运营能力、营销能力， 拥有覆盖牛奶、番茄酱、冰淇淋等产品的分销网络，并以其旗舰品牌"SAUDIA"推广其核心产品。双方 认同利用各自的市场领导地位与专业优势能够带来互惠利益，并期望探索在奶酪品类开展潜在合作的可 能性。 ...

柴琇被免职的直接导火索，是一笔涉及体外并购基金的担保债务逾期事件。 该笔债务的债权人，正是妙可蓝多当下的第一大股东蒙牛。 事件的链条需回溯至数年之前。 2018年6月，妙可蓝多出资1亿元人民币，认购了"上海祥民股权投资基金合伙企业（有限合伙）"的份额。 妙可蓝多的创始人时代画上了句号。 近日，妙可蓝多董事会作出决定，免去创始人柴琇的副董事长、总经理及法定代表人职务。 这位曾带领公司开创"儿童奶酪棒"蓝海市场的创始人，以被"免职"的方式提前退出了核心管理层。 与柴琇卸任同时进行的，是蒙牛系职业经理人蒯玉龙的全面上位，接任公司总经理并兼任财务总监。 两年后，原实际控制人柴琇收购了该并购基金的普通合伙人，使基金的另一有限合伙人"吉林耀禾经贸有限公司"（由柴琇关联方控制）成为妙可 蓝多的关联方。 2020年12月，在蒙牛通过约30亿元定增成为妙可蓝多控股股东后不久，其便通过信托计划向"吉林耀禾"提供了7亿元借款。 为这笔巨额借款提供担保的，正是"上海祥民"并购基金及其下属主体。 上市公司也由此开始为关联方的债务间接承担风险。 对此，柴琇曾以个人名义向上市公司出具承诺，保证若因担保导致公司损失，将予以足额补偿。 然而实 ...

Core Insights - The Chinese cheese industry features a mix of leading companies and regional players, with Miaokelan Duo being the only listed company focused solely on cheese products, dominating the retail cheese stick and catering ingredient markets [1][6] - Major dairy companies like Yili and Mengniu leverage their channel and capital advantages to expand their cheese offerings, although cheese remains a minor segment compared to liquid milk [1][6] - Regional dairy companies such as Guangming, Sanyuan, and Tianrun focus on liquid milk as their core business while expanding into cheese as a supplementary category, targeting local markets and catering channels [1][6] - The industry is characterized by a high concentration of children's snacks, while opportunities in catering and adult cheese products remain underexplored [6][11] Company Overview - **Miaokelan Duo (600882.SH)**: The leading company in the domestic cheese industry, focusing on cheese sticks and mozzarella cheese, with a strong brand influence and a balanced approach to retail and catering channels [3][6] - **Yili (600887.SH)**: A major player in the dairy sector, primarily focused on liquid milk, with cheese products like "Yili Children's Cheese Sticks" contributing to its growth, although they represent a small portion of overall revenue [3][6] - **Tianrun Dairy (600419.SH)**: A regional player in Xinjiang, focusing on yogurt and low-temperature milk, recently expanding into cheese products, but with limited scale [3][6] - **Guangming Dairy (600597.SH)**: A comprehensive dairy company with a focus on liquid milk and yogurt, offering cheese products but with a need to increase their business share [3][6] - **Sanyuan Dairy (600429.SH)**: A well-established dairy company in Beijing, primarily selling low-temperature fresh milk and milk powder, with cheese products mainly sold through catering channels [3][6] - **Huangshi Group (002329.SZ)**: A regional player in Guangxi, exploring cheese products but still in the early stages with limited market share [3][6] - **Yantang Dairy (002732.SZ)**: A regional company in Guangdong, focusing on low-temperature dairy products, with cheese offerings primarily targeting children [3][6] - **New Dairy (002946.SZ)**: A subsidiary of New Hope, focusing on low-temperature fresh milk and yogurt, with cheese products still in the exploratory phase [3][6] - **Panda Dairy (300898.SZ)**: A leader in the condensed milk sector, expanding into cheese products mainly for catering, but with limited innovation [3][6] Financial Performance - Yili and Mengniu lead the industry in revenue, achieving 115.4 billion yuan and 94 billion yuan respectively in 2024, with most companies maintaining gross margins above 14% [6][7] - The highest gross margin is reported by H&H International at 60.65%, while Tianrun Dairy, Guangming Dairy, and Pinwa Foods have margins below 20% [6][7] - Earnings per share show significant variation, with Yili at 1.33 yuan, followed by Panda Dairy, Guangming Dairy, Yantang Dairy, and New Dairy, while smaller companies like Miaokelan Duo and Tianrun Dairy report lower earnings [10][11] Market Dynamics - The cheese industry in China is experiencing a tiered development, with Miaokelan Duo as the core leader, while Yili and Mengniu focus on children's cheese products [6][11] - Regional companies like Guangming and Sanyuan are concentrating on local markets, while others like Huangshi and Yantang are testing niche cheese products with limited scale [6][11] - The market is characterized by a reliance on imported raw materials and intense competition, necessitating innovation and localization of supply chains for future growth [6][11] Strategic Planning - Leading companies are enhancing their supply chain integration and focusing on differentiated innovation, while regional brands are honing in on local market needs [14][19] - Miaokelan Duo aims to deepen its market presence in children's cheese and expand into adult health snacks, while Yili plans to leverage its channel advantages to grow its cheese segment [17][19] - Companies like Tianrun and Guangming are exploring unique product offerings and regional partnerships to strengthen their market positions [17][19]

Summary of Conference Call on National Childcare Subsidy Policy Industry Overview - The conference call discusses the impact of the national childcare subsidy policy on various industries, particularly focusing on the maternal and infant products market, including companies like Feihe, Jianhe International, Aoyou Dairy, and Mengniu Dairy [1][3][5]. Key Points and Arguments 1. **Childcare Subsidy Policy Implementation**: Starting January 1, 2025, the government will provide a monthly subsidy of 300 yuan for children under three years old, applicable to those born after January 1, 2022 [2][6]. 2. **Impact on Maternal and Infant Products Market**: The subsidy is expected to enhance family consumption capacity, benefiting retail companies like Aiyingshi and Haiziwang significantly [1][5]. 3. **Feihe's Financial Performance**: Feihe anticipates a revenue of 20.7 billion yuan in 2024, a 6.2% increase year-on-year, with a net profit of 3.65 billion yuan, up 11% [1][3]. 4. **Jianhe International's Strategy**: The company has diversified its product offerings, with infant nutrition accounting for about half of its revenue. It has expanded its market presence, particularly in lower-tier cities, and aims to increase customer acquisition through promotional events [7][10]. 5. **Aoyou Dairy's Market Position**: Aoyou Dairy leads in the goat milk powder segment and has secured 70% of its raw milk costs, ensuring stable profit margins amid the new policy [8][4]. 6. **Mengniu Dairy's Growth Potential**: Although Mengniu's infant formula business is relatively small, its organic milk powder products are expected to benefit from the subsidy, potentially increasing sales and profitability [9][4]. 7. **Retail Sector Dynamics**: The retail sector, especially maternal and infant products, is poised for growth due to the subsidy, with companies like Aiyingshi and Haiziwang expanding their store networks and product offerings [10][5]. 8. **Consumer Electronics Impact**: Companies like Bear Electric are expected to benefit from the subsidy, with significant growth in maternal and infant appliances, projecting over 40% growth in related product sales [18][3]. 9. **Clothing Market Influence**: The subsidy is likely to boost clothing consumption, particularly in the children's apparel sector, with an estimated increase in spending on children's clothing due to the financial support [19][20]. 10. **Healthcare and Medical Products**: The conference also highlights the potential benefits for healthcare products related to infants, including vaccines and medical services, as the demand for these products is expected to rise with the increase in newborns [16][17]. Other Important Insights - The national subsidy policy represents a significant shift from previous local pilot programs, providing a more inclusive and direct financial support mechanism for families [6][12]. - The policy is expected to stimulate demand across various sectors, including retail, healthcare, and consumer electronics, creating a ripple effect in the economy [12][18]. - Companies are adapting their strategies to leverage the new policy, focusing on expanding product lines and enhancing customer engagement through innovative marketing approaches [7][10]. This summary encapsulates the key discussions and insights from the conference call regarding the national childcare subsidy policy and its implications across various industries.