我们预计公司25-27 营业收入分别55.6/65.5/78.0 亿元，分别同比增长15%/18%/19%；预计25-27 归母净 利润分别为1.1/3.2/4.6 亿元，分别同比增长-7%/207%/42%，对应当前PE 分别111/36/25X，给予"推荐"评 级。 事件：妙可蓝多于2026 年2 月10 日发公告，公司于2026 年02 月08 日与Saudia Dairy & Foodstuff Company（以下简称"SADAFCO"）签署备忘录。 拟合作沙特领先乳企，国际化迈向新征程。公司于2026 年2 月8 日与沙特阿拉伯上市公司SADAFCO 签 署合作备忘录，拟共同开拓奶酪品类在沙特市场的业务机遇。SADAFCO 成立于1976 年，2024 年营收 55 亿元，市值约135 亿元。双方拟聚焦儿童奶酪零食（特别是奶酪棒）在沙特市场的开发、商业化与分 销，结合妙可蓝多的研发与生产能力，以及SADAFCO 在当地的渠道、运营与消费者偏好数据优势。合 作模式可能包括贸易、品牌许可、特许权使用费或组建合资公司，具体形式待进一步协商。目前本备忘 录为框架性、意向性文件，不具法律约束力，不涉及具体投 ...

Group 1 - Yunnan Baiyao plans to invest 137 million yuan in the second phase of its oral liquid project to meet growing market demand for its products [1] - Hanma Technology's subsidiary intends to increase capital by 575 million yuan in Shanghai Suoda and transfer 100% of its shares for 485 million yuan [2] - JiaoKong Technology won a contract worth 16.8 million euros for a project in Turkey, expected to be operational by December 2028 [3] Group 2 - Hanhui Technology's shareholder plans to reduce their stake by up to 1.86% [4] - Haisheng Pharmaceutical reported a 32.72% increase in revenue and a 36.89% increase in net profit for 2025 [5] - Oukang Pharmaceutical's net profit for 2025 decreased by 48.21% despite a 7.73% increase in revenue [6] Group 3 - Huaihe Energy expects a net profit of 1.684 to 1.784 billion yuan for 2025, a year-on-year increase of 96.31% to 107.97% [7] - Watson Bio received approval for clinical trials of its varicella vaccine [8] - ShunNa Co. plans to reduce its stake by up to 1% [9] Group 4 - Chutianlong intends to raise up to 760 million yuan through a private placement [10] - Yifang Technology's shareholders plan to reduce their holdings by up to 34,830 shares [12] - Yunjigroup's subsidiary signed an EPC contract worth 1.331 billion yuan [13] Group 5 - Jianghuai Automobile reported a 2.14% decrease in January sales [15] - Lifan Pharmaceutical participated in a national procurement program and aims to be selected for three products [16] - Magu Technology's shareholder plans to reduce their stake by up to 3% [17] Group 6 - Jianghuai Automobile's private placement raised approximately 3.5 billion yuan, with investor Ge Weidong subscribing for 1 billion yuan [18] - Huichuan Technology expects a net profit increase of 16% to 26% for 2025 [19] - Hezhong China reported a 10.24% decrease in January consolidated revenue [20] Group 7 - Zhongjian Technology plans to invest 30 million yuan in a new fund focused on new energy [22] - Kanda New Materials intends to invest 646 million yuan in a new production project [23] - Yuegui Co.'s subsidiary obtained a mining license [25] Group 8 - TBG Technology plans to invest 1.53 billion yuan in a new project [27] - Xiexin Integration stated it currently lacks production capacity in the "space photovoltaic" sector [28] - Shibao Testing's controlling shareholder plans to transfer 8.5% of the company's shares [29] Group 9 - TeBao Bio reported a 31.18% increase in revenue and a 25.39% increase in net profit for 2025 [30] - Guoke Tiancai reported a 14.73% increase in revenue and a 17.94% increase in net profit for 2025 [31] - Miaokelando signed a memorandum with SADAFCO to explore the children's cheese snack market in Saudi Arabia [32] Group 10 - Tangrenshen reported a 25.6% decrease in January sales revenue [33] - Northeast Securities received approval to establish a subsidiary in Hong Kong [34] - Yiyi Co. terminated its asset acquisition plan due to changes in the target company's performance [35] Group 11 - Wushang Group's major shareholder plans to reduce their stake by up to 3% [36] - Weigang Technology's shareholder plans to reduce their stake by up to 2.98% [37] - Yutong Technology plans to acquire 51% of Huayan Technology for 449 million yuan [38] Group 12 - Huasan Pharmaceutical's shareholder plans to reduce their stake by up to 3% [39] - Runbei Hangke's major shareholder plans to reduce their stake by up to 3% [41] - Huada Technology plans to acquire 100% of Huayi Microelectronics for 2.996 billion yuan [42] Group 13 - ST Lifang's stock will resume trading after completing self-inspection work [43]

Core Viewpoint - Miaokelando (600882.SH) has signed a memorandum with Saudia Dairy & Foodstuff Company (SADAFCO) to explore and expand the market for children's cheese snacks (specifically cheese sticks) in Saudi Arabia [1] Company Summary - The collaboration aims to leverage both companies' strengths to penetrate the Saudi market for children's dairy products [1] - This partnership indicates a strategic move by Miaokelando to diversify its product offerings and expand its geographical reach [1] Industry Summary - The children's snack market, particularly in dairy products, is experiencing growth potential in the Middle East, highlighting an opportunity for companies to innovate and capture market share [1] - The focus on cheese snacks aligns with global trends towards healthier snack options for children, which may drive demand in the region [1]