2025 年 6 月 23 日，妙可蓝多（600882）在接受机构调研时透露，公司奶酪整体市占率已提升至 39% 以上，延续了行业龙头地位。这一数据与 2025 年一季度财报形成呼应 ——尽管 2024 年营收同比下滑 8.99%，但今年一季度营收 12.33 亿元同比增长 6.26%，归母净利润 8239.67 万元同比激增 114.88%，展 现出转型调整后的阶段性成果。然而，收入结构失衡、供应链短板与研发投入不足等深层问题，仍让这 家 "奶酪一哥" 的未来充满变数。 营收 "V 型" 反转下的隐忧 研发投入与市场竞争的双重挤压 尽管公司 "慕斯奶酪关键技术" 荣获行业技术进步一等奖，但研发投入持续萎缩的问题依然突出。2024 年研发费用同比减少10.25%，占营收比例仅 1%，远低于国际乳企 3%-5% 的水平。这导致产品创新乏 力，面对奶酪博士 "高钙低盐" 的差异化竞争，以及 Kiri "甜心小酪" 等进口品牌的冲击，妙可蓝多在中 高端市场的话语权亟待提升。 市场集中度提升的同时，竞争格局愈发白热化。凯度数据显示，2024 年妙可蓝多奶酪市占率超 37%， 但外资品牌 Kiri 销售额突破 5 亿元 ...

Group 1: Industry Overview - The domestic dairy industry is transitioning from liquid to solid products, with current per capita cheese consumption remaining low, indicating significant growth potential [1] - The "Healthy China" policy and weight management needs are driving demand for high-quality protein and dairy fat, further enhancing cheese's role as a natural nutritional carrier [1] - The penetration rate of cheese in Western cuisine, tea and coffee, and baking is continuously increasing, with chain brands frequently using products like mozzarella, cheese sauce, mascarpone, and butter, which is educating consumers and boosting demand [1] Group 2: Market Opportunities - The synergy between B-end (business) and C-end (consumer) demand is expected to create a phenomenon-level product, propelling solid dairy products towards a trillion-level market segment [1] - The ongoing research by industry associations regarding the implementation of cheese policies in schools suggests a trend towards "high-protein dairy products in schools," which could create structural opportunities for cheese in student meals [1] Group 3: E-commerce Strategy - The company is integrating Mengniu cheese for online dual-brand layout and optimizing operations on traditional e-commerce platforms like JD, Tmall, and Pinduoduo, while also expanding into interest e-commerce platforms like Douyin and Kuaishou [2] - In 2024, the company's online sales reached 378 million yuan with a gross margin of 41.56%, and the company plans to continue enhancing collaborations with major platforms [2] - During the "618" shopping festival, the company's e-commerce business performed exceptionally well, ranking first in the cheese/dairy category across all platforms, with strong sales of new products [2] Group 4: IP Cooperation - The company signed an IP rights usage service contract with its controlling shareholder, Mengniu, committing to a total of 52 million yuan in pre-tax expenses from 2025 to 2027 for diverse IP cooperation and brand marketing activities [3] - The collaboration aims to leverage marketing planning, media investment, and consulting services from the controlling shareholder to enhance brand exposure and consumer recognition [3] - The company plans to improve the efficiency of sales expenses while maintaining overall scale stability, focusing on enhancing promotional effectiveness [3]

Core Viewpoint - Miaokelando (SH600882) achieved a remarkable 115% year-on-year growth in net profit attributable to shareholders in the first quarter, significantly outpacing revenue growth, indicating a strong internal growth trend despite industry challenges [1] Financial Performance - In the first quarter, Miaokelando reported revenue of approximately 1.233 billion yuan, a year-on-year increase of over 6%, with cheese business revenue growing by more than 17% [1] - The company's net profit growth rate reached a three-year high for the first quarter, contrasting with previous years where net profit growth was sluggish despite rising revenues [1] Industry Context - The domestic dairy market is facing challenges, with a 2.3% decline in overall dairy sales and a 3.7% drop in liquid milk sales in 2024 [2] - Major dairy companies like Yili, Mengniu, and Guangming reported significant declines in liquid milk revenue, with decreases of 12%, 11%, and 9% respectively [2] - The price of fresh milk continues to decline, with a reported price of 3.08 yuan per kilogram in March 2025, down 1.0% month-on-month and 13.1% year-on-year [2] Strategic Initiatives - Miaokelando's growth strategy includes product innovation, expanding consumption scenarios, and cost control [3][4] - The company has accelerated the launch of new products, diversifying its offerings to include various cheese formats and targeting both children and adults [3] - The expansion of consumption scenarios includes partnerships with restaurants and food brands to incorporate cheese into various dishes, enhancing market penetration [3] - Cost control measures involve sourcing domestic milk to reduce expenses and focusing on developing core products to streamline operations and improve margins [5][6] Value Chain Development - The company emphasizes the importance of managing the entire cheese production value chain, including the utilization of by-products like whey to create high-value products [6] - The development of high-value whey protein products is seen as a key opportunity for growth in the sports nutrition market, which is currently dominated by imports [6] - The focus on deep processing of cheese is expected to enhance the value chain and unlock significant industry potential, transforming the dairy sector [6]

Core Viewpoint - The company Miaokelando (妙可蓝多) achieved a remarkable 115% year-on-year growth in net profit for the first quarter, marking a significant turnaround compared to previous years where profit growth was sluggish despite revenue increases [1][4]. Financial Performance - In the first quarter, Miaokelando reported revenue of approximately 1.233 billion yuan, a year-on-year increase of over 6%, with its core cheese business revenue growing by more than 17% [4]. - The net profit growth significantly outpaced revenue growth, indicating a clear trend of internal growth and improved profitability [4]. Industry Challenges - The dairy industry is facing challenges, particularly in liquid milk sales, which have seen a decline. Major companies like Yili, Mengniu, and Guangming reported year-on-year revenue drops of 12%, 11%, and 9% respectively in their liquid milk segments [5]. - The overall sales of dairy products in China decreased by 2.3% in 2024, with liquid milk sales down by 3.7% [5]. Strategic Initiatives - Miaokelando's growth strategy includes product innovation, expanding consumption scenarios, and cost control [8]. - The company has accelerated the launch of new products, including various cheese formats, to maintain its position in the children's snack market while also targeting adult snacks and family dining [8][9]. - The company is expanding its partnerships with restaurants and beverage brands to incorporate cheese into their offerings, thereby increasing market penetration [9]. Cost Management - Cost control is a key focus for Miaokelando, with efforts to find domestic milk source alternatives to reduce costs. This strategy has been in place for over a year and has shown positive results [10]. - The company aims to create "super products" to streamline operations and reduce costs through economies of scale, focusing on fewer but more impactful product lines [10][11]. Value Chain Development - Miaokelando is working on enhancing its entire value chain, including the utilization of by-products like whey to create high-value products, which can significantly lower production costs [11]. - The company is positioning itself to tap into the growing market for sports nutrition and other high-value dairy products, which are currently dominated by imports [11].