证券代码：600882 证券简称：妙可蓝多 公告编号：2025-040 上海妙可蓝多食品科技股份有限公司 关于为全资子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、担保情况概述 公司分别于2024年12月13日召开第十二届董事会第二次会议、第十二届监事 会第二次会议及2024年12月30日召开2024年第四次临时股东大会，审议通过《关 于2025年度融资及担保额度预计的议案》，自2025年1月1日至2025年12月31日期 间，公司及合并报表范围内的子公司（以下简称"子公司"）拟对子公司提供担 保合计不超过25亿元，其中：为资产负债率70%以上的子公司提供的担保不超过 20亿元；为资产负债率低于70%的子公司提供的担保不超过5亿元。相关事项的 具体内容详见公司2024年12月14日披露的《关于2025年度融资及担保额度预计的 公告》（公告编号：2024-100）。上述审议额度不等于公司实际的担保金额，实 本次担保是否有反担保：否。 对外担保逾期的累计数量：无。 际担保金额在上述审议额度内视公司和子 ...

妙可蓝多创始人、CEO（首席执行官）柴琇也强调，只有拥有核心大单品才能降本。她还在业绩会上透 露，奶酪产品距离极致成本还有5%左右的空间。"这是阶段性的，不是一蹴而就的，它是全公司协同的 结果，如果说哪个方面贡献最大，一个是研发，一个是采购，但更多的是协同。" 今年1月中旬，妙可蓝多官宣了新一届高管团队，其中有6名都是新上任的高管。陈易一在业绩交流会上 表示，新高管有三大特点，其一是涵盖老中青三代，4名都是80后，行业要持续走下去需要年轻人接 班；其二是来自五湖四海，"任何一个组织从0到1再到10甚至到100，一定要有包容的态度"；其三是来 自销售一线的高管占比达到50%。 相较于营收，妙可蓝多一季度归母净利润的表现更为亮眼。妙可蓝多在一季报中表示，一季度归母净利 润增长的其中一个原因是公司优化产品结构,且奶酪收入较上年同期增加致整体毛利率上升。 那么从目前妙可蓝多的发展来看，将从哪些方面来提升毛利率水平？妙可蓝多董事长陈易一在业绩交流 会上表示，从企业的经营管理来说，应该追求的是经营性的可比毛利提升，而不是行业周期性的毛利改 善，同时产品营收规模的提升才能更好地分摊成本，提升毛利率。 每经记者 范芊芊 每经 ...

业绩冰火两重天：结构优化驱动盈利改善 2024 年，妙可蓝多（600882.SH）在复杂的市场环境中交出一份 "增利不增收" 的成绩单：全年营收 48.44 亿元，同比下降 8.99%，但净利润逆势增长 89.16% 至 1.14 亿元。这一矛盾现象背后，是公司主 动调整业务结构、优化成本的战略选择。2025 年一季度，随着产品结构升级与降本增效措施显效，公 司营收同比增长 6.26% 至 12.33 亿元，净利润激增 114.88% 至 8239.67 万元。 2025 年一季度的业绩反转，则源于三大核心动能：产品结构升级、费用精细化管理，以及渠道与供应 链协同。此外，公司通过收购蒙牛奶酪实现业务整合，2024 年餐饮工业系列收入同比增长。 责任编辑：AI观察员 隐忧浮现：增长背后的三大风险点 尽管短期业绩回暖，妙可蓝多仍面临多重挑战： 结语 妙可蓝多 2024 年的业绩波动，是传统消费品企业在行业变革期的典型缩影 —— 短期阵痛源于战略调 整，长期价值则取决于转型成效。2025 年一季度的复苏信号，印证了公司 "聚焦奶酪主业、优化成本结 构、依托蒙牛生态" 战略的有效性。然而，在研发投入、债务风险、项目进 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has demonstrated stronger-than-expected profit release, with significant improvements in profitability driven by increased cheese business revenue, improved gross margin, and reduced advertising expenses [5][6] - The dual-brand strategy with Mengniu is beginning to show positive effects, enhancing market presence and product innovation [6][9] Financial Performance - In Q1 2025, total revenue and net profit attributable to shareholders were 1.233 billion and 82 million yuan, respectively, representing year-on-year growth of 6.3% and 114.9% [5] - The gross margin and net margin for Q1 2025 were 31.49% and 6.68%, showing increases of 2.8 and 3.4 percentage points year-on-year [5] - The operating cash flow for Q1 2025 was 120 million yuan, reflecting a year-on-year decrease of 29.7% [5] Business Segments - Revenue from cheese, trading, and liquid milk products in Q1 2025 was 1.030 billion, 101 million, and 95 million yuan, with year-on-year growth rates of 31%, 23%, and 17% respectively [6] - The cheese business continues to grow rapidly, supported by product innovations and a focus on expanding the consumer base [6] Distribution Channels - In Q1 2025, revenue from distribution, direct sales, and trading channels was 959 million, 165 million, and 101 million yuan, with year-on-year increases of 31%, 26%, and 23% respectively [7] - The company has a stable network of 8,046 distributors, with a net increase of 249 distributors [7] Regional Performance - Revenue from the North, Central, and South regions in Q1 2025 was 464 million, 514 million, and 248 million yuan, with year-on-year growth rates of 24%, 33%, and 32% respectively [7] Earnings Forecast - The company is expected to see further improvements in profitability due to capacity ramp-up and cost control, with projected EPS for 2025-2027 at 0.42, 0.62, and 0.80 yuan, corresponding to PE ratios of 63, 42, and 33 times [9][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has demonstrated stronger-than-expected profit release and initial effects of its dual-brand strategy [1] - The first quarter of 2025 showed significant growth in revenue and net profit, driven by increased cheese business income and improved gross margins [5] - The company is positioned as a leading player in the cheese market, with expectations for further profitability improvements due to operational efficiencies and market expansion [9] Summary by Sections Financial Performance - In Q1 2025, total revenue and net profit attributable to shareholders were 1.233 billion and 82 million yuan, respectively, representing year-on-year increases of 6.3% and 114.9% [5] - The gross margin and net margin for Q1 2025 were 31.49% and 6.68%, showing improvements of 2.8 and 3.4 percentage points year-on-year [5] - The operating cash flow for Q1 2025 was 120 million yuan, reflecting a year-on-year decrease of 29.7% [5] Business Segments - Revenue from cheese, trading, and liquid milk products in Q1 2025 was 1.030 billion, 101 million, and 95 million yuan, with year-on-year growth rates of 31%, 23%, and 17%, respectively [6] - The cheese business continues to grow rapidly, supported by product innovations and a dual-brand strategy with Mengniu [6] Distribution Channels - In Q1 2025, revenue from distribution, direct sales, and trading channels was 959 million, 165 million, and 101 million yuan, with year-on-year increases of 31%, 26%, and 23% [7] - The company has a stable network of 8,046 distributors, with a net increase of 249 distributors [7] Profitability Forecast - The company is expected to see further improvements in profitability, with projected EPS of 0.42, 0.62, and 0.80 yuan for 2025, 2026, and 2027, respectively [9] - The current stock price corresponds to PE ratios of 63, 42, and 33 for the years 2025, 2026, and 2027 [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong performance in Q1 2025, achieving revenue of 1.233 billion yuan, a year-on-year increase of 6.26%, and a net profit attributable to shareholders of 82.4 million yuan, up 114.88% year-on-year [1][3] - The cheese business has significantly increased its share of total revenue, accounting for 83.53% of total revenue, up from 67.61% in the same period last year [3] - The company has shown strong operational momentum following the integration of Mengniu Cheese, with a focus on optimizing product structure and enhancing brand presence [3] Revenue and Profitability - In Q1 2025, the company’s revenue from liquid milk, cheese, and dairy product trading was 94.84 million yuan, 1.03 billion yuan, and 101 million yuan, respectively [3] - The gross margin for Q1 was 31.49%, an increase of 2.83 percentage points year-on-year, attributed to product structure optimization and increased cheese revenue [3] - The net profit margin for Q1 reached 6.68%, up 3.38 percentage points year-on-year, indicating a significant increase in net profit [3] Market Position and Growth Potential - The company is positioned as the market leader in the cheese sector, with expectations for continued growth driven by domestic raw milk utilization and the maturation of production processes [3] - The forecasted EPS for 2025-2027 is 0.41, 0.57, and 0.82 yuan, corresponding to P/E ratios of 64X, 46X, and 32X respectively, indicating strong growth potential [3][4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong performance in Q1 2025, achieving revenue of 1.233 billion yuan, a year-on-year increase of 6.26%, and a net profit attributable to shareholders of 82.4 million yuan, up 114.88% year-on-year [1][3] - The cheese business has significantly increased its share of total revenue, accounting for 83.53% of total revenue, compared to 67.61% in the same period last year [3] - The company has shown strong operational momentum following the integration of Mengniu Cheese, with a focus on optimizing product structure and enhancing brand presence [3] Revenue and Profitability - In Q1, the company's gross margin was 31.49%, an increase of 2.83 percentage points year-on-year, attributed to product structure optimization and increased cheese revenue [3] - The sales expense ratio decreased to 16.80%, down 2.68 percentage points year-on-year, reflecting cost control efforts [3] - The net profit margin for Q1 reached 6.68%, an increase of 3.38 percentage points year-on-year [3] Financial Forecast - The company expects EPS for 2025, 2026, and 2027 to be 0.41 yuan, 0.57 yuan, and 0.82 yuan respectively, corresponding to P/E ratios of 64X, 46X, and 32X [3][4] - Projected total revenue for 2025 is 5.38 billion yuan, with a year-on-year growth rate of 11.1% [4] - The company anticipates a significant increase in net profit, with projections of 212 million yuan for 2025, reflecting an 86.6% year-on-year growth [4] Market Position and Strategy - The company is positioned as the market leader in the cheese sector, with expectations of benefiting from industry growth and domestic raw material substitution [3] - The company is actively developing various sales channels, including retail and B2B, to enhance market penetration and service capabilities [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [5][11]. Core Views - The company focuses on cheese production, with a significant increase in revenue and net profit in Q1 2025, achieving a revenue of 1.233 billion yuan, a year-on-year increase of 6.26%, and a net profit of 82 million yuan, a year-on-year increase of 114.88% [3][5]. - The cheese segment generated 1.03 billion yuan in revenue in Q1 2025, accounting for 84.02% of total revenue, indicating a clear strategic focus on cheese [5]. - The company is optimizing its business structure and enhancing operational quality, with a clear direction for its main business development [5]. Financial Performance Summary - For 2025, the company is projected to achieve a revenue of 5.305 billion yuan, with a year-on-year growth of 9.5%, and a net profit of 199 million yuan, reflecting a year-on-year growth of 75% [4][9]. - The gross margin is expected to improve to 30.6% in 2025, with a net margin of 3.7% [4][9]. - The earnings per share (EPS) is projected to be 0.39 yuan in 2025, increasing to 0.82 yuan by 2027 [4][9]. Business Strategy and Market Position - The company is enhancing its channel strategies, focusing on both offline and online retail channels, including traditional e-commerce platforms and interest-based e-commerce platforms [5]. - The company is also developing new channels such as baking, snacks, and membership stores to expand its market reach [5]. - The major shareholder is Inner Mongolia Mengniu Dairy (Group) Co., Ltd., holding 36.63% of the shares, which indicates strong backing in the dairy industry [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2025 revenue of 1.23 billion yuan, a year-on-year increase of 6.3%, and a net profit of 80 million yuan, up 114.9% year-on-year, indicating a significant improvement in net profit margin [7] - The cheese business showed strong growth, with expected revenue growth of over 15% year-on-year in Q1 2025, driven by the synergy from the merger with Mengniu Dairy [7] - The company's gross margin improved by 2.8 percentage points to 31.5% in Q1 2025, attributed to a higher proportion of high-margin cheese products and a reduction in low-margin liquid milk business [7] - The forecast for revenue has been adjusted downwards for 2025-2027 to 5.3 billion, 6.1 billion, and 7.0 billion yuan respectively, while net profit forecasts have been raised to 260 million, 400 million, and 560 million yuan respectively for the same period [7] Financial Summary - Total revenue for 2023 is projected at 5.32 billion yuan, with a year-on-year growth of 10.2% [1] - The net profit for 2023 is expected to be 600.7 million yuan, reflecting a year-on-year decline of 56.35% [1] - The latest diluted EPS for 2025 is projected at 0.50 yuan per share, with a P/E ratio of 54.46 [1] - The company’s total assets are estimated to reach 8.48 billion yuan by 2025, with total liabilities of 3.82 billion yuan [8]

Core Insights - The company achieved significant growth in both revenue and net profit in Q1 2025, demonstrating strong market performance and efficient operational management [1][2] Financial Performance - In Q1 2025, the company reported revenue of 1.233 billion yuan, a year-on-year increase of 6.26% [2] - The net profit attributable to shareholders reached 82.40 million yuan, marking a substantial year-on-year increase of 114.88% [2] Market Strategy and Product Innovation - The company's growth is supported by its deep focus on the cheese market, with increased investment in product innovation, launching new products that cater to family consumption and health needs [4] - Collaborations with major retailers and e-commerce platforms have expanded the company's product coverage and market penetration [4] Strategic Outlook - The company has a clear strategic layout and long-term development plan centered around cheese, anticipating a diversified product innovation and consumption expansion in the Chinese cheese market [5] - The CEO highlighted that policies promoting domestic demand and high-quality consumption trends provide certainty for the development of the cheese industry in China [7] Competitive Advantages - The company aims to enhance its core competitive capabilities across four dimensions: innovation in cheese snacks, product innovation for B2B and family dining, building a self-sufficient supply chain, and optimizing cost efficiency across all operational aspects [7]