协同释放，盈利高增 妙可蓝多(600882) 公司积极丰富产品矩阵、强化常温产品，整合蒙牛奶酪后加强 C 端渠道多元化及 B 端渠道协同，叠加协同释放、提升费效，2025H1 盈利能力显著增强。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 5,322 | 4,844 | 5,313 | 6,004 | 6,820 | | (+/-)% | 10.2% | -9.0% | 9.7% | 13.0% | 13.6% | | 净利润(归母) | 60 | 114 | 225 | 330 | 437 | | (+/-)% | -56.3% | 89.2% | 97.7% | 46.8% | 32.6% | | 每股净收益(元) | 0.12 | 0.22 | 0.44 | 0.64 | 0.85 | | 净资产收益率(%) | 1.3% | 2.6% | 4.9% | 6.6% | 8.1% | | 市盈率(现价&最 ...

公司预计2025H1 盈利显著提升。公司发布2025H1 业绩预增公告，预计2025H1 实现归母净利1.20-1.45 亿元、同比增长56.29%-88.86%，扣非归母净利0.90-1.15 亿元、同比增长58.22%-102.16%。 2024 年妙可蓝多收购蒙牛奶酪后于同年7 月1 日起并表，与同期经追溯调整后的数据相比，归母净利同 比增长68.10%-103.12%，扣非归母净利增长58.22%-102.16%。报告期内公司盈利能力显著提升，主要得 益于奶酪营收同比上升、原材料成本下降，以及降本增效措施成效显现推动销售费用率同比优化。 本报告导读： 公司积极丰富产品矩阵、强化常温产品，整合蒙牛奶酪后加强C 端渠道多元化及B端渠道协同，叠加协 同释放、提升费效，2025H1 盈利能力显著增强。 投资要点： 投资建议：上 调至"增持"评级。上调公司2025-2027 年EPS 预测至0.44（+0.01）、0.64（+0.01）、0.85 （+0.01）元，分别同比增长97.7%、46.8%、32.6%。参考可比公司平均估值，考虑公司产品及渠道创 新能力较强、合并后协同效应释放提升销售和管理费效，给予公 ...

Core Viewpoint - The company is enhancing its C-end channel diversification and B-end channel synergy after integrating Mengniu Cheese, aiming to enrich its product matrix and strengthen ambient products, which, along with optimized management and improved cost efficiency, is expected to drive a performance turnaround [1]. Investment Highlights - The company is initiating coverage with a "cautious buy" rating, focusing on product innovation and matrix enrichment, accelerating C-end channel diversification, and increasing B-end expansion post-Mengniu integration. Improved management precision is anticipated to significantly enhance net profit margins. EPS is projected to be 0.43, 0.63, and 0.84 yuan for 2025-2027, reflecting year-on-year growth of 94.4%, 45.4%, and 34.6% respectively. Given the expected improvement in net profit margins and substantial growth potential compared to peers, a valuation of 3.1X P/S for 2025 is suggested, corresponding to a fair value of 31.92 yuan per share [2]. Product and Channel Innovation - The company is focusing on its core cheese business, continuously enriching and optimizing its product matrix. C-end cheese sticks are expanding from low-temperature to ambient products, with new product forms being introduced. The B-end operates dual brands with complementary products, leveraging Mengniu's strengths in cream and butter, while the main brand excels in mozzarella, cheese slices, and original cheese. The C-end is diversifying from key accounts to include growth channels like snack wholesale, membership stores, and convenience stores, while the B-end is expanding collaborations with food service and industrial companies. Following Mengniu's acquisition in 2021, the number of retail terminal outlets increased from 600,000 in 2021 to approximately 800,000 in 2022, with further expansion expected [3]. Synergy and Efficiency Enhancement - After integrating Mengniu Cheese, the company is strengthening synergy and mutual empowerment across the entire value chain, from upstream procurement to downstream sales and management. The company is actively promoting refined and precise management operations, with expectations of a noticeable improvement in net profit margins through enhanced sales and management efficiency [3].

奶酪行业逐步走出奶酪棒价格战的影响，增长方式也发生改变。 国内奶酪竞争正在进入新阶段。在近日举行的媒体见面会上，妙可蓝多（600882.SH）行政总裁蒯玉龙表示，随着零食化转型提速和切入B端市场，国内奶 酪行业正在走出奶酪棒价格战的影响，开始重拾增长。 记者了解到，国内奶酪行业新一轮竞争正在转向供应链层面。 零食化带动奶酪重拾增长 "奶酪零食化和B端突围正在拉动奶酪行业恢复增长。"蒯玉龙告诉第一财经记者，在经历了2年多的行业调整后，国内奶酪行业正在发生一系列新变化。 奶酪曾是国内乳制品行业寄予厚望的品类，特别是国内传统液态奶产品增长阶段性见顶，"由喝转吃"也是乳制品转型的主要方向。 蒯玉龙告诉第一财经记者，中国奶酪市场前景可以参考日本奶酪市场发展规律，日本的奶酪消费伴随着老龄化周期出现了量价齐升的趋势，一方面得益于西 式餐饮、含奶酪食品的快速发展；另一方面也与日本奶酪零食化等新趋势有关，后者在佐酒等新场景的刺激下，奶酪零食消费快速发展。从上世纪90年代到 2022年，日本原制和再制奶酪消费额分别增长了2.6倍和1.7倍。 供应链竞争进入议事日程 面对困局，奶酪企业开始重新思考增长路径。2024年以来，国内主要 ...

Group 1 - The China Dairy Industry Association held its 31st annual meeting and the 2025 China Dairy Technology Expo in Nanjing, Jiangsu, showcasing Tetra Pak's innovative packaging solutions and deep processing technologies for dairy products [1] - Tetra Pak's Greater China President emphasized the growing consumer demand for nutrition and health, indicating a shift towards a more precise approach in the dairy industry [1] - The China Nutrition Society released a report highlighting the nutritional health issues faced by the elderly population, stressing the importance of early planning and scientific intervention for nutritional supplementation [1] Group 2 - The diversification of lifestyles has led to new consumption scenarios for dairy products, prompting Tetra Pak to present innovative packaging solutions suitable for various contexts, including small-capacity packaging for snacks and sustainable packaging options [2] - Experts noted that dairy products need to evolve from traditional liquid consumption to a more integrated "drink + food" model, reflecting changing consumer preferences for taste, emotional value, and nutritional functionality [2] - Tetra Pak's deep processing technology supports the transformation of dairy products, enabling the separation and recombination of native components to enhance product experience and brand upgrade [2]

5月23日—25日，2025年中国乳业技术博览会期间，北京商报记者注意到，多家乳企推出精准营养解决方案，成为博览会的一大亮点：伊利 推出养胃气、稳血糖、调气血等针对性产品；蒙牛聚焦功能定位和品牌产品结合；飞鹤发布国内首个母乳低聚糖（HMOs）全谱系结构数据 库；妙可蓝多创新多元化全场景健康食品。近年来，精准营养赛道呈现出快速增长的趋势，业内人士预计到2028年将迎来小高峰，体量达到 千亿。 乳品功能更细分 蒙牛也通过科研创新打造"精准营养"。旗下悠瑞奶粉、三只小牛、迈胜等品牌聚焦于功能定位和品牌产品组合，针对银发营养、零乳糖和运 动营养领域推出了系列化产品，为消费者提供定制级的产品与服务。 在本次博览会上，飞鹤正式发布飞鹤母乳低聚糖（HMOs）全谱系结构数据库。据了解，该数据库是国内首个应用型HMOs数据库，具备全 谱系、高精度、实操性强等特点，突破了HMOs检测与辨认的行业性难题，实现全谱系HMOs的精准分析，极大提升研究速度和效率。飞鹤 方面表示，该数据库将向行业开放，与行业共同深入开展母乳营养研究，推动行业高质量发展。 作为食品加工和包装解决方案提供商，利乐公司通过乳品深加工技术，展示了撕开即食、操作便 ...

来源："科普中国"微信公众号 现代人越来越重视饮食健康了，一日三餐会注意荤素搭配、营养均衡，但生活中总避免不了购买一些预 包装食品，比如饮料、零食、面包等。很多人表示这些食品标签上密密麻麻的小字，很容易看得人头晕 脑胀…… 今天，我们就来教大家阅读食品标签的小技巧，快速避开不健康食品。 3招看懂食品标签的"基本盘" 1 配料表看排名 想看懂配料表，最简单的做法就是看排名：排名越靠前的配料，在食品中含量越大，不过加入量不超过 2%的配料可以不按递减顺序排列。根据这个原则，我们根据配料表的前几项就能选出适合自身健康需 求的食品。 比如，配料表前3位里有白砂糖、果葡糖浆、蔗糖等配料的食品，建议大家在心里亮个红灯，少买少 吃。 再比如在选择粗粮/全麦面包时，我们应该特别关注前1-3位配料，前3位中全麦粉/其他粗粮粉越靠前， 说明其粗粮含量越高，通常膳食纤维含量也更高。 至于有些配料表里一长串不好读不好念的添加剂，则无须担心，合规使用食品添加剂并不会危害健康， 甚至对确保食品安全提供了保障。 盐摄入量不超过5克。根据这些数据，再结合营养标签，就能判断出该款食品是否健康。 根据《中国居民膳食营养素参考摄入量(2023版) ...