[中报]妙可蓝多(600882):2023年半年度报告摘要（中英文双语版）
原标题:妙可蓝多:2023年半年度报告摘要（中英文双语版） 第一节 重要提示 1.1 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者应当到http://www.sse.com.cn/网站仔细阅读半年度报告全文。 1.2 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3 公司全体董事出席董事会会议。 1.4 本半年度报告未经审计。 1.5 董事会决议通过的本报告期利润分配预案或公积金转增股本预案无 第二节 公司基本情况 2.1 公司简介 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称
2023年半年度报告摘要 2.2 主要财务数据 单位：元 币种：人民币
2023年上半年，国内消费需求呈现复苏趋势，但整体复苏速度依然较慢。公司积极推进各项应对举措，第二季度营业收入环比第一季度呈现改善迹象，但受宏观环境影响，公司奶酪业务收入和整体营业收入同比有所下降。2023年上半年，公司实现营业收入206,597.94万元，较去年同期下降20.35%，其中奶酪业务实现收入164,472.26万元，较去年同期下降19.45%。 2023年半年度报告摘要 在奶酪业务收入下降的同时，主要原材料成本较去年同期上升（包括人民币汇率贬值对进口成本的影响），导致奶酪业务毛利率出现下降，叠加本期锁汇收益减少以及利息净支出较去年同期增加，导致公司归属于母公司股东的净利润出现下降，2023年上半年，公司实现归属于上市公司股东的净利润2,856.71万元，较去年同期下降78.36%。 面对原材料价格波动、人民币汇率贬值、消费复苏较慢等外部环境影响，公司苦练内功，积极采取各项举措，开发新品类拓宽奶酪适用边界、寻找新增长点；通过渠道下沉，不断提升渠道运营能力，同时以管理升级为手段，不断提高组织运营效率。2023年上半年，公司奶酪业务市场占有率仍稳居行业第一，未来公司将持续聚焦奶酪业务，继续保持先发优势，紧密关注市场变化情况，把握市场复苏机遇，进一步巩固奶酪品类领导者地位。 – – 2021 2023年上半年公司营业收入情况 2021 2023年上半年公司归母净利润情况300,000 14,000 13,201.23 259,396.10 12,000 11,184.80 250,000 206,725.27 206,597.94 10,000 200,000 8,000 150,000 6,000 100,000 4,000 2,856.71 50,000 2,000 0 0 2021/6/30 2022/6/30 2023/6/30 2021/6/30 2022/6/30 2023/6/30 2023年半年度报告摘要 （一） 报告期内主营业务运营情况 报告期内公司主营业务分产品情况如下： 单位：万元
1、 奶酪业务收入受消费环境影响有所下降，但收入及毛利占比持续提升顺应中国乳制品消费升级和国产奶酪快速发展趋势，公司始终践行“让奶酪进入每一个家庭”的使命，坚定推行“聚焦奶酪”的总体战略，发展壮大奶酪业务。报告期内公司奶酪业务受消费复苏较慢影响有所下降，奶酪板块实现收入164,472.26万元，较上年同期下降19.45%；受人民币汇率贬值及国际大宗商品价格上涨影响，公司原辅材料和物流成本大幅上涨，公司奶酪板块毛利率有所下滑。但公司持续优化业务结构，奶酪业务收入及毛利占比相比上年同期均有所提升，其中奶酪产品收入占公司主营业务收入比例为79.85%，同比增加0.97个百分点；奶酪产品毛利占公司主营业务毛利比例为98.49%，同比增加3.18个百分点。核心奶酪业务的发展方向、质量及结构均持续向好。 2023年上半年各业务收入同比情况 2023年上半年各业务毛利同比情况 2022 2022 2,500 1,000 2023 2023 894.77 900 2,041.84 2,000 800 700 667.34 1,644.72 1,500 600 500 1,000 400 300 500 200 364.81 251.67 181.87 163.28 100 22.20 21.82 13.83 0 0 –3.57 –100 2023年半年度报告摘要 2023年上半年奶酪收入占比继续提升 2023年上半年奶酪毛利贡献占比继续提升2023年半年度报告摘要 2023年上半年奶酪收入占比继续提升 2023年上半年奶酪毛利贡献占比继续提升–0.53% 7.93% 7.03% 12.22% 2.32%
78.88% 95.31% 79.85% 98.49% 2、 贸易业务占比相对稳定，受原材料价格波动影响毛利率有所下降公司贸易业务全部为公司乳制品生产相关的原辅料贸易。报告期内公司对贸易业务进行战略调整，推行贸易与原料采购合并，并将业务重点向奶酪黄油类转移。2023年上半年，公司贸易业务实现收入25,166.67万元，贸易业务收入占公司主营业务收入比例为12.22%，2022年及2021年同期占比分别为14.09%、15.91%，公司贸易业务收入占比稳定。同时，公司贸易业务受产品价格波动以及去库存影响，报告期内所售产品为原料价格处于高位时购入，贸易业务毛利率较去年同期有所下降。 3、 顺应公司战略发展方向，液态奶业务收入规模呈下降趋势 按照“聚焦奶酪”的整体战略规划，公司进一步丰富奶酪产品种类，扩大奶酪产品产能，液态奶业务收入规模逐步降低。2023年上半年，公司液态奶业务实现收入16,327.72万元，较上年同期下降10.22%，液态奶业务毛利率同比减少3.74个百分点至8.47%。 2023年半年度报告摘要 （二） 报告期内主要经营举措 为推动公司可持续发展，公司紧密围绕“产品引领、品牌占位、渠道精耕、管理升级”四大核心策略，持续聚焦产品引领性开发、加大品牌建设投入力度，不断推进渠道拓展及下沉深耕，进一步推动管理升级。凭借正确的策略和坚定的执行，公司市场份额稳居行业第一，强化了公司在中国奶酪领域的领先优势。 1、 产品引领 公司贯彻“以消费者为导向，用工匠精神，做极致产品”的经营理念，不断加大研发投入，持续提升研发能力。妙可蓝多全新升级的研发中心，具备基础研究、应用研究、产品检测、国际交流等多种功能，为国内最为领先的奶酪研发中心；妙可蓝多质量检测中心通过国家CNAS评审，获得“实验室认可证书”；公司从全球视角出发，聘请国内外资深专家，形成了一支以行业专家领衔的研发团队；前瞻布局引进世界一流生产设备，积极与来自欧洲、澳洲的奶酪公司展开合作，引进先进生产技术；同时，公司围绕乳制品深加工，不断拓展研发领域，与中国营养学会成立了奶酪营养与创新研究中心。公司研发能力的持续提升，为“产品引领”打下了坚实的基础。公司高度重视产品品质，对原料采购、生产加工、产品运输、终端陈列全链路实行严格的全面质量管理，用品质赢得信赖。 2023年半年度报告摘要 2023年，公司非公开发行股票募投项目稳步推进。待募投项目全部建成后，公司将形成上海、天津、吉林、 长春4个城市5间工厂的产能布局，公司将进一步巩固产能优势，满足市场需求。质量检测中心获得“实验室认可证书” “一种奶酪混合搅拌工艺”专利证书随着研发能力和产能配置的提升，公司以消费需求为导向，不断进行“人群破圈”和“场景破圈”，奶酪产品矩阵持续完善，助力经营业绩快速增长。 2023年半年度报告摘要 即食营养奶酪方面，公司低温奶酪产品在保持基础款产品继续领先的同时，不断迭代升级。报告期内，公 司推出了全程有机、66%干酪含量、9.0g优质乳蛋白、原生高钙好吸收的有机奶酪棒新品，以丰富的产品 布局满足消费者不同层次的需求。公司首次推出杯装奶酪新品慕斯奶酪杯，干酪含量超过68%，同时含2.4 倍牛奶蛋白质和2.6倍牛奶钙，在丰富低温奶酪产品形态的同时实现了“场景破圈”和“人群破圈”。此外，公 司常温奶酪产品推出钙多多季节限定款、亮晶晶系列等新品，伴随渠道的不断拓展，迅速成为公司在即食 营养奶酪系列的第二增长极，带动公司核心奶酪棒系列产品以超过40%的市场占有率在业内持续领先。家庭餐桌奶酪方面，公司紧扣“烘焙”和“早餐”场景，持续进行创新升级。由马苏里拉、黄油、奶油芝士组成 的“烘焙三宝”得到了市场广泛认可。《中国居民膳食指南(2022)》首次将奶酪片写进每日膳食组成的必需品， 公司持续主打奶酪“早餐”应用场景，报告期内公司推出哈路蜜煎烤奶酪，甄选北纬43o限定牧场的原制奶 酪，2片相当于200g牛奶的钙和蛋白质。公司致力于将更多奶酪产品推向消费者餐桌，并由此打造公司新 的增长曲线。2023年半年度报告摘要 在餐饮工业奶酪领域，公司继续保持国产大包装马苏里拉奶酪的领先位置，并依托领先的技术和产能优 势，为众多餐饮终端进行产品定制；同时，拥有核心设备优势的大包装奶酪片产品也获得大型连锁终端的 认可。此外，公司在稀奶油、工业用奶酪丁、奶酪酱、奶酪条等领域也斩获颇丰。报告期内，公司推出澳醇 稀奶油新品，并与马迭尔合作推出联名款雪糕产品。公司奶酪产品在西餐、烘焙、茶饮、工业及中餐渠道 获得广泛应用。报告期内公司奶酪板块各产品系列营业收入和毛利率情况如下： 单位：万元
2023年上半年，以奶酪棒为代表的即食营养系列产品和家庭餐桌系列产品受到消费复苏较慢等外部环境影响较为明显。报告期内公司即食营养系列实现收入107,477.62万元，同比下降24.20%；家庭餐桌系列在去年同期高基数影响下收入有所回落，实现营业收入17,401.88万元，同比下降38.69%。而餐饮工业系列凭借公司供应链优势，实现收入39,592.76万元，同比增长16.41%。 公司低温品类奶酪棒凭借高毛利率产品持续迭代升级，常温品类奶酪棒通过渠道拓展及场景破圈持续扩大规模效应，带动公司即食营养系列毛利率有所提升，公司奶酪棒产品稳居细分品类市场占有率第一。受人民币汇率贬值及国际大宗商品价格上涨影响，公司原辅材料成本大幅上涨，家庭餐桌和餐饮工业系列产品毛利率均有所下降；加之公司相对低毛利的餐饮工业系列产品收入占比提升，公司奶酪业务整体毛利率亦相应有所降低。 2023年上半年各类奶酪业务收入同比情况 2023年上半年各类奶酪业务毛利同比情况 2022 2022 1,600 800 2023 2023 734.48 1,417.86 1,400 700 1,200 600 561.32 1,074.78 1,000 500 400 800 600 300 395.93 400 340.12 200 283.85 102.39 174.02 100 200 57.90 52.98 53.05 0 0 2023年半年度报告摘要 2023年上半年各类奶酪业务收入占比情况 2023年上半年各类奶酪业务毛利贡献占比情况2023年半年度报告摘要 2023年上半年各类奶酪业务收入占比情况 2023年上半年各类奶酪业务毛利贡献占比情况7.94% 24.07% 7.95% 6.47%
10.58% 69.44% 82.09% 65.35% 84.11% 2、 品牌占位 报告期内，公司持续加强品牌建设，夯实第一品牌位置。在大传播方面，公司继续由明星代言，与央视、分众等头部媒体合作，保持品牌传播声量，打造第一品牌势能。公司在春节档等营销旺季，投放东方卫视等媒体，高频触达消费者，提升品牌形象。报告期内公司独家冠名东方卫视《妈妈咪呀第八季》，聚焦品牌垂类人群IP做内容营销。同时，公司加大数字媒体的投放，在微信、微博、小红书、下厨房、抖音等多个平台，进行多维度品牌营销，与消费者积极互动，提高品牌认知。在保持品牌声量的同时，公司在线下继续加大终端陈列、营销活动等方面的推广力度。多方位的品牌投入，让“奶酪就选妙可蓝多”的品牌价值诉求深入人心，继续夯实了妙可蓝多奶酪第一品牌的市场地位。在公司委托的第三方品牌调研中，妙可蓝多持续在“无提示第一提及率”等多个维度斩获第一，实现消费者心智占位。 2023年半年度报告摘要 报告期内，公司在奶酪行业的贡献获得了社会各界的高度认可，不仅在国内屡获奖项，更是在国际上崭露 头角。上半年，在2023年中国（国际）乳业技术博览会上，妙可蓝多荣获“2023年度技术进步一等奖”等殊荣； 妙可蓝多有机奶酪棒和金装奶酪片连续斩获四大国际奖项：ITI国际美味奖、国际蒙特奖、iSEE全球食品创 新奖、iSEE全球美味奖。3、渠道精耕 渠道建设方面，公司零售渠道线上线下全域协同，餐饮渠道提供专业产品与服务。报告期内，针对零售渠道，公司坚持“低温做精、常温做广”、电商╱新零售持续创新的策略；渠道深度方面，不断增加陈列面积、丰富终端产品矩阵，持续精耕现代渠道；渠道广度方面，在广泛覆盖大润发、永辉、沃尔玛等全国连锁和区域连锁终端的基础上，强化流通、特渠、烘焙等多渠道开发，拓展新赛道，重构“人、货、场”，不断开拓渠道边界。截至2023年6月30日，公司共有经销商5,016家，销售网络覆盖约80万个零售终端。 电商业务方面，“妙可蓝多”品牌继续扩大奶酪相关产品的线上领先优势。公司深耕天猫、京东、拼多多等传统电商平台；大力发展抖音、快手等兴趣电商平台；同时积极拓展淘鲜达、美团等即时零售业态。公司同时与众多头部KOL和达人形成深度合作伙伴关系。在“618”大促期间，公司产品在天猫、抖音、快手、拼多多等平台获得多类目第一名。 2023年半年度报告摘要餐饮工业方面，公司以“决胜终端，引领中餐”为核心策略，依托研发和产品优势，以及国内领先的定制能力，积极为客户提供一站式解决方案。报告期内，公司终端开发效果明显，已经与尊宝、萨莉亚等国内西式快餐、烘焙领域的头部企业，奈雪、古茗、乐乐茶等头部的茶饮企业，以及外婆家等知名的中餐企业展开合作。同时，公司积极拓展便利店渠道，与罗森等全国便利系统深度技术合作，联合开发产品，进行品牌联动。公司餐饮工业在全国范围内拥有400余家经销商，为更广范围的客户提供服务。 2023年半年度报告摘要 4、 管理升级 (1) 焕新文化，凝聚人心 自2021年妙可蓝多发布焕新版“奋斗者”企业文化以来，公司的愿景、使命和价值观获得了广大员工的认可，以文化凝聚人心，公司的团队战斗力得到了极大的提升。报告期内，面对外部环境挑战，公司上下团结协作，推动业绩持续稳健增长。 (2) 持续推进“数智妙可”建设，提升企业运营效率 2023年公司持续推动“数智妙可”相关工作。完成全国第一家SAP-PECDC系统在全集团范围内的成功上线，覆盖了公司生产、销售、财务、仓储、质量等多个业务模块，同时结合业务中台建设，实现全渠道订单统一管理、全业务库存实时在线，将公司对风险管控、“业财一体”的水平提升到新的高度。资金平台、汇联易报销系统，BI报表平台、人力资源管理平台等外围平台的建设继续推进，公司将持续深化信息化建设，助力企业实现数字化转型。 (3) S&OP体系继续深化，提效降本 报告期内，公司S&OP体系继续深化，从采购到销售的全价值链运营流程和制度再造进一步完善。针对快消品企业特点，在抓规模的同时增柔性，在业务日趋复杂时建规则。随着计划管理的不断完善，公司运营效率持续提升。 2023年半年度报告摘要 (4) 夯实全面质量管理体系，强专业守护品质 作为食品消费领域的品牌公司，产品质量一向为公司高度重视。公司实施全员、全面、全过程的全产业链质量管理，严把质量关，为消费者提供营养、健康、美味的奶酪产品。公司结合多年质量体系运营实践，以消费者和客户需求为导向，以法律法规、质量管理体系标准为基础，形成了妙可蓝多“SDS-ACT质量管理体系”。妙可蓝多旗下五家工厂全部通过了质量管理体系ISO9001、食品安全体系FSSC22000、危害分析与关键控制点(HACCP)等体系认证，其中上海芝享工厂通过了有机产品认证。报告期内，公司建设完成了质量追溯信息系统，产品形成了一物一码追溯系统，实现产业链关键质量追溯信息100%覆盖。 (5) 实施激励计划，保障公司长期经营目标实现 2022年5月16日，公司根据2020年股票期权与限制性股票激励计划授予激励对象的限制性股票第一个解除限售期解除限售条件成就，公司同日对相关激励对象获授的限制性股票按规定解除限售，相关限制性股票的所有权归属至激励对象。 2021年11月30日，公司召开第十一届董事会第三次会议、第十一届监事会第三次会议，审议通过《关于以集– 中竞价交易方式回购公司股份的议案》，拟以集中竞价交易方式回购公司A股股份500 1,000万股，回购期限自2021年11月30日至2022年11月29日。2022年9月23日，公司完成回购，已实际回购公司股份1,000万股，占公司目前股份总数的比例为1.95%。公司本次回购的股份后续将用于实施新的股权激励计划或员工持股计划。 公司以激励计划为手段，构建管理层及核心骨干员工的长期激励与约束机制，为公司长期经营目标的实现提供保障，促使公司整体价值提升。 2023年半年度报告摘要 2.4 前10名股东持股情况表 单位：股
2.5 截至报告期末的优先股股东总数、前10名优先股股东情况表 □ 适用 ? 不适用 2.6 控股股东或实际控制人变更情况 □ 适用 ? 不适用 2.7 在半年度报告批准报出日存续的债券情况 □ 适用 ? 不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情况有重大影响和预计未来会有重大影响的事项 □ 适用 ? 不适用 2023 Interim Report Summary SECTION I IMPORTANT NOTICE 1.1 This interim report summary is extracted from the full text of the interim report. To have a full understanding of the business performance, financial condition and future development planning of the Company, investors should read carefully the full text of the interim report that is published on the website at http://www.sse.com.cn/.1.2 The board of directors (the “Board”), the supervisory committee, the directors, the supervisors and senior management of the Company warrant that there are no false representations or misleading statements contained in, or material omissions from, this interim report; and jointly and severally accept full responsibility for the truthfulness, accuracy and completeness of the information contained therein.1.3 All members of the Board attended the Board meeting. 1.4 This interim report is unaudited. 1.5 Proposal for profit distribution or proposal for conversion of common reserve fund into share capital during the reporting period resolved and approved by the BoardNil SECTION II COMPANY PROFILE 2.1 Company Profile Stock profile Stock type Stock exchange Share abbreviation Stock code Stock abbreviation before change
2023 Interim Report Summary 2.2 Major Financial Data Unit: Yuan Currency: RMB
In the first half of 2023, the domestic consumption demand was showing a recovery trend, while the overall recovery rate was relatively slow. The Company actively promoted various response measures, and the operating income in the second quarter showed signs of improvement compared with that of the first quarter. However, the revenue and overall operating income of our cheese business declined year on year due to the impact of the macro environment. In the first half of 2023, the Company recorded operating income of RMB2,065,979,400, representing a decrease of 20.35% compared with that of the same period of the previous year; in particular, the revenue from cheese segment amounted to RMB1,644,722,600, representing a decrease of 19.45% compared with that of the same period of the previous year.2023 Interim Report Summary While the revenue from cheese segment decreased, the cost of major raw material increased over the same period of the previous year (including the impact of depreciation of the RMB exchange rate on the cost of import), leading to a decrease in the gross profit margin of the cheese business, combined with the decrease in the foreign exchange income lock in the current period and the increase in net interest expense compared with the same period of the previous year, which resulted in a decrease in the net profit attributable to shareholders of the parent company. In the first half of 2023, the Company recorded a net profit attributable to shareholders of the Company of RMB28,567,100, representing a decrease of 78.36% as compared to that of the same period of the previous year. Despite the impact of external environment, such as fluctuation in prices of raw material, depreciation of RMB exchange rate and slow recovery of consumption, the Company endeavored every effort for self-improvement and actively took various measures to develop new categories, expand the applicable boundary of cheese business and seek new growth points. Through channel expansion, the Company continued to enhance its channel operation capability, while improving its organizational operation efficiency through management upgrading. In the first half of 2023, the market share of our cheese business remained top in the industry. In the future, the Company will continue to focus on the cheese business, maintain its first mover advantage, pay close attention to market changes and seize the market recovery opportunities to further consolidate its position as a leader in the cheese category.Net profit attributable to parent company Operating income from 2021 to 2023 from 2021 to 2023 300,000 14,000 13,201.23 259,396.10 12,000 11,184.80 250,000 206,725.27 206,597.94 10,000 200,000 8,000 150,000 6,000 100,000 4,000 2,856.71 50,000 2,000 0 0 2021/6/30 2022/6/30 2023/6/30 2021/6/30 2022/6/30 2023/6/30 Net profit attributable to the parent company Operating income (in RMB0’000) (in RMB0’000) 2023 Interim Report Summary (I) Operation of principal business during the reporting periodThe operations of the principal business of the Company by products during the reporting period are as follows: Unit: RMB0’000
1. Despite the decrease in the revenue from cheese segment resulted from the impact of the consumption environment, the proportion of revenue and gross profit continued to increaseIn line with China’s dairy consumption upgrade and rapid development trend of domestic cheese, the Company has always adhered to the mission of “bringing cheese to every family”, firmly implemented the overall strategy of “focusing on cheese”, and developed and expanded the cheese business. During the reporting period, the Company’s cheese business decreased due to the slow recovery of consumption, and the cheese segment recorded revenue of RMB1,644,722,600, a decrease of 19.45% over the same period of the previous year. Due to the impact of depreciation of RMB exchange rate and the rising prices of international commodities, costs of raw and auxiliary materials and logistics increased heavily, which led to a decline in the gross profit margin of the cheese segment. As the Company further optimized business structure, both the revenue and gross profit contributions from the cheese business increased over the same period of the previous year. In particular, the revenue from cheese products accounted for 79.85% of the revenue generated from the Company’s main business, a year-on-year increase of 0.97 percentage points; and the gross profit of cheese products accounted for 98.49% of the gross profit of the Company’s main business, a year-on-year increase of 3.18 percentage points. The development direction, quality and structure of the core cheese business continued to improve. YoY change of revenue of businesses YoY change of gross profit of businesses in the first half of 2023 in the first half of 2023 Unit: RMB million Unit: RMB million In the first half of 2022 In the first half of 2022 1,000 2,500 In the first half of 2023 In the first half of 2023 894.77 900 2,041.84 2,000 800 667.34 1,644.72 700 1,500 600 500 1,000 400 300 500 200 364.81 251.67 181.87 163.28 100 22.20 21.82 13.83 0 0 –3.57 Cheese Commodity Liquid milk trade Cheese Commodity Liquid milk –100 trade 2023 Interim Report Summary Rising share of revenue from cheese segment Rising share of gross profit contributed in the first half of 2023 by cheese segment in the first half of 20232023 Interim Report Summary Rising share of revenue from cheese segment Rising share of gross profit contributed in the first half of 2023 by cheese segment in the first half of 2023–0.53% 7.93% 7.03% 12.22% 2.32%
78.88% 95.31% 79.85% 98.49% 2. The proportion of trading business was relatively stable, but the gross profit margin declined due to fluctuation in prices of raw material All the Company’s trading businesses are trades on raw materials in relation to the dairy product production of the Company. During the reporting period, the Company strategically adjusted its trading business, implemented the integration of trade and raw material procurement, and shifted its business focus to cheese and butter. In the first half of 2023, the revenue from the Company’s trading segment was RMB251.666,700, representing 12.22% of the revenue from the main business, which is stable as compared to that of 14.09% and 15.91% respectively in the same periods of 2022 and 2021. Meanwhile, as the Company’s trading segment was subject to the product price fluctuation and destocking, and the products sold during the reporting period were made from raw materials purchased at higher costs, the gross profit margin of the trading segment declined from the same period of the previous year.3. The revenue from liquid milk segment showed a downward trend in line with the Company’s strategic development goal Under the overall strategic planning of “focusing on cheese”, the Company further enriched the variety of cheese products and expanded the production capacity of cheese products, and the operating income from liquid milk segment was decreasing gradually. In the first half of 2023, the Company’s liquid milk segment recorded revenue of RMB163,277,200, a year-on-year decrease of 10.22%, and the gross profit margin of the liquid milk segment decreased by 3.74 percentage points to 8.47% on a year-on-year basis.2023 Interim Report Summary (II) Major operating measures during the reporting period In order to promote its sustainable development, the Company continued to focus on leading-edge development of product, increased investment in brand building, continued to promote channel expansion and cultivation and further drove management upgrading, keeping in close up with the four core strategies of “product leadership, brand occupation, extensive channel cultivation and management upgrading”. Due to right strategies and resolute implementation, the Company’s market share remained top in the industry, which strengthened the Company’s leading advantages in the cheese segment in China.1. Product leadership Upholding the business philosophy of “consumer-orientation, craftsman spirit, and producing best-in-class product”, the Company constantly enhanced investment in research and development and maintained research and development capacity improvement. The newly upgraded Milkground R&D Center, which has various functions such as basic research, applied research, product testing, and international exchanges, was the state-of-the-art cheese R&D center in China. Milkground Quality Testing Center has passed the national CNAS review and obtained the “Laboratory Accreditation Certificate”. From a global perspective, the Company engaged senior experts at home and abroad to form a research and development team led by industry experts, and prospectively arranged the introduction of world-class production equipment to conduct cooperation with cheese manufacturers from Europe and Australia and introduce advanced production technology. Meanwhile, the Company constantly expanded the research and development business focusing on the deep processing of dairy products, and has established the Cheese Nutrition and Innovation Research Center with Chinese Nutrition Society. The continuous improvement of research and development capabilities of the Company has laid a solid foundation for “product leadership”. The Company attaches great importance to product quality. It implemented strict full-process quality management on the entire chain from raw material procurement, production and processing, product transportation to terminal display, and gained consumers’ trust with quality. 2023 Interim Report Summary In 2023, the Company’s non-public offering projects were steadily proceeding and after all the fundraising projects are completed, the Company will form a production capacity deployment of 5 factories in 4 cities, being Shanghai, Tianjin, Jilin and Changchun. The Company will further consolidate its capacity advantages to meet market demand.The Quality Inspection Center was accredited “Laboratory Accreditation Certificate” and Patent Certificate for “A Kind of Cheese Mixing Process” (一种奶酪混合搅拌工艺).With the improvement of R&D capabilities and production capacity allocation, and guided by consumer demand, the Company continuously expanded the customer base and application scenarios and continued to improve the portfolio of cheese products to facilitate the rapid growth of business performance.2023 Interim Report Summary In terms of instant nutrition cheese segment, the Company’s low temperature cheese products keep upgrading and iterating while maintaining the leading position among basic products. During the reporting period, the Company launched new organic cheese stick with 66% cheese content, 9.0g high-quality milk protein, original high and easy absorption calcium, to satisfy needs of consumers at difference levels with a rich product portfolio. For the first time, the Company introduced its new Mousse cheese cup with more than 68% cheese content and 2.4 times of milk protein and 2.6 times of milk calcium, and expanded the customer base and application scenarios while enriching the form of low temperature cheese products. In addition, the Company launched room-temperature cheese products such as seasonal limited models full of calcium, bright series and other new products. As the expansion of channel, it quickly become the second fastest growing product under the instant nutritious cheese series of the Company, which have driven the Company’s core cheese lollipop series to maintain the leading position in the industry with a market share of more than 40%.In terms of family consumption cheese, the Company maintained innovation and upgrading in application in the baking and the breakfast scenarios. The “baking trinity” comprising mozzarella, butter and cream cheese is widely recognized by the market. The Chinese Dietary Guidelines (2022) included the cheese slices for the first time as an essential part of daily diet. The Company continuously focused on cheese breakfast application scenarios. During the reporting period, the Company launched Halo honey grilled cheese (哈路蜜 煎烤奶酪), selected the original cheese from the limited ranch at 43o North latitude, 2 pieces of which are equivalent to calcium and protein of 200g milk. The Company is committed to introducing more cheese products to consumers, thereby building a new growth curve of the Company on this basis.2023 Interim Report Summary In terms of catering industry cheese segment, the Company maintained its leading position in domestic large-package mozzarella cheese segment, and customized products for many catering terminals relying on its leading technology and advantage in production capacity. Large-package cheese slice products with core equipment strength have also been acclaimed from large-scale chain terminals. In addition, the Company has also achieved remarkable results in light cream, industrial diced cheese, cheese sauce, cheese bars, among others. During the reporting period, the Company launched a new product of Australian alcohol (澳 醇) whipping cream and collaborated with Modern (马迭尔) to launch a co-branded ice cream product. Its cheese products have been widely used in Western food, baking, tea, industrial and Chinese food channels.The operating income and gross profit margin of each product series of the Company’s cheese segment during the reporting period are as follows: Unit: RMB0’000
In the first half of 2023, the offline sales of instant nutritional products represented by cheese lollipop and the family consumption series were greatly affected by the external environment such as slower consumer recovery. Instant nutrition series recorded revenue of RMB1,074.776.200 during the reporting period, representing a year-on-year decrease of 24.20%. The family consumption series experienced a decline in revenue due to the high base in the same period of the previous year with an operating revenue of RMB174,018,800, representing a year-on-year decrease of 38.69%. Leveraging the Company’s strength in supply chain, the catering industry series achieved revenue of RMB395,927,600, representing a year-on-year increase of 16.41%. Low temperature cheese lollipop continued to iterate and upgrade with high gross profit margin products, and room-temperature cheese lollipop continued to boost economies of scale through channel expansion and breakthroughs in use scenarios, driving an increase in the gross profit margin of the Company’s instant nutrition series. The Company’s cheese lollipop products maintained the first ranking in segmented cheese lollipop market. Affected by the depreciation of the RMB exchange rate and the rise in prices of international commodities, the Company’s cost of raw and auxiliary material has significantly increased, and the gross profit margin of products under family consumption series and catering industry series has decreased. In addition, the proportion of revenue from products under the catering industry series with relatively low gross profit margin has increased, and the overall gross profit margin of the Company’s cheese business has also decreased accordingly. YoY change in revenue of various cheese YoY change in gross profit of various cheese segments in the first half of 2023 segments in the first half of 2023Unit: RMB million Unit: RMB million In the first half of 2022 In the first half of 2022 1,600 800 In the first half of 2023 In the first half of 2023 734.48 1,417.86 1,400 700 1,200 600 561.32 1,074.78 500 1,000 800 400 600 300 395.93 200 400 340.12 283.85 102.39 174.02 100 200 57.90 52.98 53.05 0 0 Instant nutrition Family consumption Catering industry Instant nutrition Family consumption Catering industry series series series series series series 2023 Interim Report Summary Share of revenue from various cheese segments Share of gross profit contributed by various in the first half of 2023 cheese segments in the first half of 20232023 Interim Report Summary Share of revenue from various cheese segments Share of gross profit contributed by various in the first half of 2023 cheese segments in the first half of 20237.94% 24.07% 7.95% 6.47%
series series 69.44% 82.09% 65.35% 84.11% 2. Brand occupation During the reporting period, the Company reinforced brand building and consolidated its position as a No. 1 brand. In terms of large-scale communication, the Company continued to be endorsed by celebrities, and cooperated with leading media such as CCTV and Focus Media to maintain the volume of brand communication and build the first brand potential. In the peak marketing seasons such as the Spring Festival, the Company placed advertisements at Dragon TV and other media to reach consumers at high frequency and enhance the brand image. During the reporting period, the Company exclusively sponsored Dragon TV’s “Super Diva Season 8” (《妈妈咪呀第八季》) and focused on content marketing for the brand’s vertical audience IP. The Company also increased placements in digital media by marketing vertically and horizontally on multiple platforms such as Weibo and WeChat (微信), Xiaohongshu (小红书), Xiachufang (下 厨房) and Tik Tok (抖音), and actively interacted with consumers to increase brand awareness. While maintaining brand influence, the Company endeavored more efforts in promotion offline such as terminal display and marketing events. Multi-faceted brand investment has made the brand value appeal of “Milkground, the best cheese choice” profoundly rooted in people’s mind, which further enhanced its market position as No. 1 cheese brand. In the third-party brand research commissioned by the Company, Milkground has won the first place in multiple aspects such as “No. 1 for No-Prompt Mention Rate”, which raised its brand awareness among consumers. 2023 Interim Report Summary During the reporting period, the Company’s contribution to the cheese industry was highly recognized by all sectors, not only winning numerous awards domestically, but also emerging internationally. In the first half of this year, Milkground won the “2023 First Prize for Technological Progress” and other honors at the 2023 China (National) Dairy Technology Exhibition. Milkground organic cheese stick and boutique cheese slice have won four major international awards, being ITI Superior Taste Award, Monde Selection, iSEE Award and iSEE Taste Award.3. Intensive channel cultivation（未完）  |