[年报]妙可蓝多(600882):2023年年度报告摘要（中英双语版）
原标题:妙可蓝多:2023年年度报告摘要（中英双语版）
2 报告期公司主要业务简介 (1) 经营情况讨论与分析 2023年，公司实现营业收入404,903.37万元，其中奶酪业务实现收入313,712.00万元。受市场变化影响，公司营业收入较上年同期下降16.16%，其中奶酪业务收入较上年同期下降18.91%。同时，受原材料市场行情变动及汇率波动等影响，2023年公司实现归属于上市公司股东的净利润6,343.95万元，较去年同期下降53.90%。面对市场变化，公司积极调整经营策略，部署一系列举措，以多种方式积极应对市场变化。根据凯度消费者指数家庭样组，公司奶酪市场占有率进一步提升，稳居行业第一。 2024年，公司将紧密关注市场变化情况，把握市场机遇，始终以引领中国奶酪产业不断创新、不断升级为己任，聚焦奶酪业务，拓宽品类边界，以餐桌奶酪美食为重要场景，以奶酪零食为品类拓展，继续保持行业引领优势，进一步巩固奶酪品类领导者地位。
2023年各业务?入同??况 2023年各业务毛利同??况 2023年各业务?入同??况 2023年各业务毛利同??况
0 –15.31 -1,000 -500 2023年???入占??况 2023年??毛利贡?占??况 2.62% –1.30% 8.27% 2.23% 7.24% 14.04% 2023 2023 12.45% 1.83% 2022 2022 95.94% 80.30% 77.69% 98.68% 按照“聚焦奶酪”的整体战略规划，液态奶营业收入逐步降低。2023年，公司液态奶业务实现收入33,380.71万元，较上年同期下降4.32%。报告期内公司液态奶营业收入占公司主营业务收入比例为8.27%，液态奶产品毛利占公司主营业务毛利比例为2.62%。 ? 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，进一步加强管理升级，推动公司市场份额持续提升，夯实公司在中国奶酪领域的领先优势。 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。公司研发中心顺利投入使用，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；公司质量检测中心通过国家CNAS评审，获得“实验室认可证书”，标志着公司实验室管理水平更加系统化，迈向更高质量的发展阶段；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；公司前瞻布局并引进世界一流生产设备，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，与中国营养学会营养健康研究院合作开展《奶酪摄取对可能肌少症前期老年人的肌肉及营养的改善作用》的联合研究，同时针对国人早餐营养摄入现状进行专项研究并发布了《早餐营养白皮书》，为奶酪行业首创。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。 质量检测中心获得 “一种奶酪混合搅拌工艺” “实验室认可证书” 专利证书 《早餐营养白皮书》随着研发、检测检验能力以及现代化生产能力的提升，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，助力公司巩固奶酪品类领导者地位。 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，推出了全程有机、≥66%干酪含量、9.0g/100g优质乳蛋白、原生高钙好吸收的有机奶酪棒新品，以及醇净配方、≥60%干酪含量、原生高钙、8.0g/100g优质乳蛋白，零防腐剂、零甜味剂、零稳定剂的金装奶酪棒升级款，以丰富的产品布局满足消费者不同层次的需求。同时，公司推出杯装奶酪新品慕斯奶酪杯（≥68%干酪含量，含2.4倍牛奶蛋白质和2.6倍牛奶钙）以及控糖解馋、细腻柔滑口感的奶酪小粒（0蔗糖、≥55%干酪含量、8.6g/100g蛋白质）。常温产品方面，公司推出三支装、散称奶酪棒进入零食量贩渠道，同时不断拓宽常温奶酪产品品类，推出休闲零食芝士时光系列产品，包括小乳酪三角、奶酪布丁、四重奶酪玉米脆片等，产品一经上市就广受好评。伴随常温产品线的不断丰富以及渠道的拓展，奶酪零食已具备成为即食营养奶酪系列第二增长极的潜力。公司继续保持“低温做精，常温做广”的产品策略，在丰富公司奶酪产品形态的同时实现了“场景破圈”和“人群破圈”。 家庭餐桌奶酪方面，公司紧扣“早餐”和“烘焙”的消费场景，不断进行创新升级。公司持续主打奶酪“早餐”应用场景，奶酪片品种进一步丰富。同时率先推出哈路蜜煎烤奶酪。哈路蜜煎烤奶酪是一款符合国人口味、更具营养价值的原制奶酪，2片相当于200g牛奶的钙和蛋白质。由黄油、稀奶油、奶油芝士组成的“烘焙三宝”得到了市场广泛认可。报告期内公司还推出了涂抹奶油芝士，搭配贝果，柔滑细腻、一抹即享。公司不断丰富家庭餐桌产品矩阵，让奶酪美食进入了更多家庭。 哈路蜜煎烤奶酪 再制涂抹奶油芝士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供应链优势，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，公司对稀奶油产品进行升级，同时新开发出的国产原制马斯卡彭奶酪，运用独特创新热灌装工艺，奶香微甜、质地细腻、融合性好、稳定性强。产品一经上市，便得到终端客户的高度认可。公司不断丰富奶酪的创新应用，跨界联合马迭尔合作推出联名款奶酪雪糕产品，与盐津铺子合作推出联名款鳕鱼奶酪肠产品。公司奶酪产品在西餐、烘焙、茶饮咖啡、工业及中餐渠道获得了越来越广泛的应用。 马苏里拉奶酪 稀奶油 马斯卡彭奶酪
公司低温奶酪棒系列凭借高毛利率产品持续迭代升级，常温奶酪棒系列通过渠道拓展及场景破圈持续扩大规模效应，虽然业务收入有所下滑，但毛利率相对平稳，市场占有率稳居第一。受汇率波动及公司原辅材料成本上涨的双重影响，家庭餐桌和餐饮工业系列产品毛利率均有所下降，但整体毛利率下滑幅度保持在可控的范围。 2023年各???业务?入同??况 2023年各???业务毛利同??况 2023年各???业务?入同??况 2023年各???业务毛利同??况
2023年各???业务?入占??况 2023年各???业务毛利贡?占??况 9.38% 7.70% 7.10% 28.31% 21.33% 11.64% 2023 2023 2022 2022 14.06% 64.61% 11.08% 81.26% 60.61% 82.92% 在渠道方面，继续加大终端陈列，保持第一品牌的形象。同时开展季节性主题路演、奶酪巴士进乡镇等多种多样的消费者营销活动，持续提高奶酪产品的市场渗透。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，夯实了妙可蓝多奶酪行业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”“品牌知名度”“品牌美誉度”等多个维度斩获第一，实现消费者心智占位。 央视广告 《妈妈咪呀第八季》 《潮童天下》 妙可蓝多奶酪巴士报告期内，公司积极承担行业领导者的责任，联合中国奶业协会第四次承办2023中国奶酪发展高峰论坛，在会上针对奶酪产业可持续高质量发展提出五点方向，得到同行的积极响应和行业协会的赞誉。在第六届中国国际进口博览会上，公司通过一座长1.76米、高1.01米、宽0.71米、重达800斤的“奶酪牛”，挑战“最大动物奶酪雕塑”吉尼斯世界纪录成功。同年，在上海举办的首届奶酪文化节上，公司积极参与并携多款原制奶酪以及奶酪+糕点、奶酪+烘焙产品亮相，探索奶酪品类消费新场景。 报告期内，公司积极承担行业领导者的责任，联合中国奶业协会第四次承办2023中国奶酪发展高峰论坛，在会上针对奶酪产业可持续高质量发展提出五点方向，得到同行的积极响应和行业协会的赞誉。在第六届中国国际进口博览会上，公司通过一座长1.76米、高1.01米、宽0.71米、重达800斤的“奶酪牛”，挑战“最大动物奶酪雕塑”吉尼斯世界纪录成功。同年，在上海举办的首届奶酪文化节上，公司积极参与并携多款原制奶酪以及奶酪+糕点、奶酪+烘焙产品亮相，探索奶酪品类消费新场景。 2023中国奶酪发展 第六届中国 吉尼斯世界 上海举办的首届 高峰论坛 国际进口博览会 纪录证书 奶酪文化节 3） 渠道精耕 2023年双11战报 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，持续以多种形式不断贯彻企业文化的理念，并对表现杰出的团队与员工进行专项表彰，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，稳居行业第一并持续扩大领先优势。 B、 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。全国第一家SAP-PECDC系统在全公司范围内上线并稳定运行，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，带来了明显的经营效率提升。资金平台、BI报表平台、合同管理、合并报表、对账平台等外围平台的建设继续推进，公司将不断深化信息化及营销数字化建设，赋能业务，助力企业快速高质量发展。 C、 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。针对快消品市场特点，紧跟销售市场需求，实施柔性排产，精准订单保供，最大限度保证产品在市场的新鲜度。随着计划管理的不断完善，公司运营效率持续提升。 D、 夯实全面质量管理体系，强专业守护品质 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”。公司旗下五家工厂全部通过质量管理体系IS09001、食品安全体系认证FSSC22000、危害分析与关键控制点(HACCP)等管理体系认证，上海芝享和芝然工厂在2023年导入并通过了诚信管理体系认证，上海芝享和长春工厂通过了有机产品认证，上海芝然工厂通过了清真认证并出口新加坡，开启了奶酪出口的第一步。同时，公司建设了质量追溯信息系统，产品形成了一物一码追溯系统。公司积极参加政府及行业协会举办的各类质量活动，2023年荣获了上海市奉贤区标准化项目奖励、上海市重点产品质量攻关二等奖等多项质量荣誉及奖励。 年 2023 年度报告摘要 (2) 报告期内公司所处行业情况 ? 国内乳制品行业发展现状 – 经过几十年的发展，我国乳制品行业已经较为成熟，产量基本保持平稳。根据国家统计局数据，2023年1 12月全国乳制品产量为3,054.6万吨，产量基本稳定。 近二十年来，随着人民生活水平和健康饮食意识不断提高，国内乳制品消费经历了从风味乳饮料奶、到液态鲜奶、酸奶、再到奶酪的消费升级，我国目前正处于以“喝奶”为主向“喝奶”与“吃奶”消费并重的发展阶段。随着我国居民消费水平的提高，乳制品市场消费将呈现出功能和口味、营养和健康并重的发展趋势，市场需要更多针对不同消费群体的多层次以及多样化的产品。同时，近年来国家政策亦积极支持优化乳制品产品结构，满足居民消费升级的需要。2018年6月，国务院办公厅印发《关于推进奶业振兴保障乳品质量安全的意见》，明确指出要优化乳制品产品结构，统筹发展液态乳制品和干乳制品，因地制宜发展灭菌乳、巴氏杀菌乳、发酵乳等液态乳制品，支持发展奶酪、乳清粉、黄油等干乳制品。 ? 国内奶酪行业发展现状 经过多年发展，当前我国液态奶、酸奶、奶粉等行业发展已较为成熟，而奶酪受益乳品消费和产业升级，正处于早期成长阶段，预计将成为未来乳制品行业的主要增长点。 2022年2月16日，农业农村部发布《“十四五”奶业竞争力提升行动方案》，提出“鼓励企业开展奶酪加工技术攻关，加快奶酪生产工艺和设备升级改造，提高国产奶酪的产出率，研发适合中国消费者口味的奶酪产品”。随着消费者教育的逐步深入，国内奶酪的市场规模有望进一步扩大。新修订的《食品安全国家标准再制干酪和干酪制品》于2022年12月30日实施。按新国标规定，“再制干酪”的干酪比例要求从大于15%调整为– 大于50%，干酪比例在15% 50%之间称为“干酪制品”，对生产再制干酪的企业提出了更高的要求，有望进一步提升再制干酪的产品品质。2022年9月，妙可蓝多承办的第三届奶酪发展高峰论坛，联合中国奶业协会在论坛期间发布了《奶酪创新发展助力奶业竞争力提升三年行动方案》。根据三年行动方案规划：到2025年，全国奶酪产量达到50万吨，全国奶酪零售市场规模突破300亿元。 作为一家以奶酪为核心业务的A股上市公司，公司依托在产品、品牌、渠道方面的核心竞争力，近几年在奶酪行业的市场占有率稳居第一。根据凯度消费者指数家庭样组，在2023年中国奶酪品牌销售额中，妙可蓝多奶酪市场占有率超过35%，奶酪棒市场占有率更超过40%，公司稳居行业第一并持续扩大领先优势。另根据Euromonitor统计，中国奶酪零售市场品牌市场占有率中，2023年妙可蓝多持续保持排名第一。 ?体??排名?况 ?体???排名?况 作为一家以奶酪为核心业务的A股上市公司，公司依托在产品、品牌、渠道方面的核心竞争力，近几年在奶酪行业的市场占有率稳居第一。根据凯度消费者指数家庭样组，在2023年中国奶酪品牌销售额中，妙可蓝多奶酪市场占有率超过35%，奶酪棒市场占有率更超过40%，公司稳居行业第一并持续扩大领先优势。另根据Euromonitor统计，中国奶酪零售市场品牌市场占有率中，2023年妙可蓝多持续保持排名第一。 ?体??排名?况 ?体???排名?况 年 2023 年度报告摘要 (3) 主营业务及核心产品 公司致力于“让奶酪进入每一个家庭”，经过近几年的快速发展已在行业内建立一定的领先优势。公司主营业务为以奶酪为核心的特色乳制品的研发、生产和销售，其中奶酪产品可以进一步细分为即食营养系列、家庭餐桌系列和餐饮工业系列。同时公司也从事液态奶的研发、生产和销售，以及乳制品贸易业务。公司将坚定推行“聚焦奶酪”战略，集中资源发展更具成长前景的奶酪产品业务。 公司生产产品包括即食营养系列的奶酪棒、成人手撕奶酪条、慕斯奶酪杯、奶酪小粒、儿童成长杯、每日吸奶酪等，家庭餐桌系列的马苏里拉奶酪、奶酪片、奶油芝士、黄油、煎烤奶酪等，餐饮工业系列的马苏里拉奶酪、奶酪片、稀奶油、奶酪酱等，液态奶产品有巴士杀菌乳、发酵乳、常温液态乳等。其中，奶酪棒、奶酪片和马苏里拉奶酪为报告期内核心产品，是公司业绩稳健增长的主要驱动因素。从品类开创者到品类领导者，公司产品力已经过市场检验。 报告期内公司的主营业务未发生重大变化。 报告期内公司的主营业务未发生重大变化。 (4) 经营模式 公司自产业务的经营模式主要为特色乳制品的研发、生产和销售。公司采购奶酪、生鲜乳等原料，进行乳制品的生产加工，并通过经销商、自营电商、大型商场超市、餐饮大客户等渠道对外销售。 公司贸易业务的经营模式为向国内外乳制品供应商采购产品，再向国内客户销售。开展乳制品贸易业务，一方面有利于公司拓宽原辅材料的采购渠道，同时基于库存管理需要，保证原辅料的供应及价格稳定；另一方面为公司广泛参与乳制品行业竞争奠定产品基础、积累客户资源，有利于未来公司乳制品业务可持续发展。
单位：元 币种：人民币
□ 适用 ? 不适用 4 股东情况 4.1 报告期末及年报披露前一个月末的普通股股东总数、表决权恢复的优先股股东总数和持有特别表决权股份的股东总数及前10名股东情况 单位：股 季度数据与已披露定期报告数据差异说明 □ 适用 ? 不适用 4 股东情况 4.1 报告期末及年报披露前一个月末的普通股股东总数、表决权恢复的优先股股东总数和持有特别表决权股份的股东总数及前10名股东情况 单位：股 年度报告披露日前上一月末的普通股股东总数（户） 53,023 截至报告期末表决权恢复的优先股股东总数（户） 0 年度报告披露日前上一月末表决权恢复的优先股股东总数（户） 0
□ 适用 □ 不适用 内??牛 36.43% ?可蓝多 4.3 公司与实际控制人之间的产权及控制关系的方框图 □ 适用 ? 不适用 4.4 报告期末公司优先股股东总数及前10名股东情况 □ 适用 ? 不适用 5 公司债券情况 □ 适用 ? 不适用 第三节重要事项 1 公司应当根据重要性原则，披露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。 报告期内，公司积极推进各项举措，全年实现营业收入404,903.37万元，但整体营业收入同比下降16.16%。 同时，受原材料市场行情波动及汇率波动影响，主要原材料成本较上年同期上升，公司实现归属于上市公司股东的净利润6,343.95万元，同比下降53.90%。 2 公司年度报告披露后存在退市风险警示或终止上市情形的，应当披露导致退市风险警示或终止上市情形的原因。 □ 适用 ? 不适用
2 Main Businesses of the Company during the Reporting Period(1) Discussion and analysis on operation In 2023, the Company recorded operating income of RMB4,049.0337 million, among which the revenue from cheese segment amounted to RMB3,137.12 million. Influenced by the market changes, the operating income of the Company recorded a decrease of 16.16% as compared with that in the same period of the previous year; in particular, the revenue from cheese segment recorded a year-on-year decrease of 18.91%. At the same time, due to changes in the raw material market and exchange rate fluctuations, the net profit attributable to shareholders of the Company amounted to RMB63.4395 million in 2023, a year-on-year decrease of 53.90%. Regardless of market changes, the Company took the initiative to adjust its business strategy and deployed a series of measures against the odds in active response to the market changes. Based on Kantar Worldpanel’s household sample group, the market share of the Company’s cheese segment was further increased, ranking first in the industry steadily.In 2024, the Company will pay close attention to market change to seize opportunities from market, unswervingly taking the responsibility of leading the continuous innovation and upgrading of China’s cheese industry. By emphasizing on cheese products, the Company will focus on the cheese business, expand its categories with cheese snack and continue to maintain its industry leading advantages, so as to further consolidate its leadership in the cheese category.
overall strategy of “focusing on cheese”, and developed and expanded the cheese business. During the reporting period, the Company’s cheese segment recorded revenue of RMB3,137.12 million, a decrease of 18.91% over the same period of the previous year, but the decline in the second half of the year was narrowed as compared to that of the first half of the year; and the gross profit of the cheese products accounted for 98.68% of the gross profit generated from the Company’s main business, an increase of 2.74 percentage points over the same period of the previous year. Due to the fluctuations of raw materials and exchange rate, the costs of major raw materials increased from the same period of the previous year, resulting in a decline in the gross profit margin of the cheese segment as compared to that of last year. YoY change of revenue of businesses in 2023 YoY change of gross profit of businesses in 2023YoY change of revenue of businesses in 2023 YoY change of gross profit of businesses in 2023
–15.31 -1,000 -500 Cheese Commodity Liquid milk Cheese Commodity Liquid milk trade trade Share of gross profit contributed by Share of revenue from cheese segment in 2023 cheese segment in 20232.62% –1.30% 8.27% 2.23% 7.24% 14.04% 2023 2023 12.45% 1.83% Cheese Cheese Commodity trade Commodity trade 2022 2022 Liquid milk Liquid milk 95.94% 80.30% 77.69% 98.68% production process of the Company. 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 2023, the revenue from the Company’s trading segment was RMB567.3108 million. The gross profit of the trading segment declined due to the dual impact of raw material costs and exchange rate. The revenue from the Company’s trading segment accounting for 14.04% of the Company’s revenue from main business, and 12.45% and 15.75% respectively in the same periods of 2022 and 2021. The proportion of revenue from the Company’s trading segment remained stable and the business structure was continued to be optimized. Under the overall strategic planning of “focusing on cheese”, the revenue of operating income from liquid milk segment has been decreased gradually. In 2023, the Company’s liquid milk segment recorded revenue of RMB333,807,100, a year-on-year decrease of 4.32%. During the reporting period, the operating income from the Company’s liquid milk segment accounted for 8.27% of the revenue from the Company’s main business, and the gross profit from liquid milk product accounted for 2.62% of the gross profit from the Company’s main business. ? 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”. These initiatives have promoted the continuous increase of the Company’s market share and consolidated its leading advantages in China’s cheese industry. 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 R&D Center of the Company, a state-of-the-art cheese R&D center in China that has various functions such as basic research, applied research, product testing, and international exchanges, was set in motion successfully. The Quality Testing Center of the Company has passed the national CNAS review and obtained the “Laboratory Accreditation Certificate”, marking a more systematic and higher quality development stage of the Company’s laboratory management level. 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 and introduced advanced production technology. Meanwhile, the Company constantly expanded the research and development business focusing on the deep processing of dairy products, and cooperated with Institute of Nutrition and Health of Chinese Nutrition Society to conduct a joint study on the “Effect of Cheese Intake on Muscle and Nutrition Improvement in the Elderly with possible Pre-sarcopenia (《奶酪摄取对可能肌少症前期老年人的肌肉及营养的改善作用》)”. They also conducted a special study on the current status of breakfast nutrition intake among Chinese people and released the “White Paper on Breakfast Nutrition (《早餐营养白皮书》)”, which was the first of its kind in the cheese industry. 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. 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. The Quality Inspection Center Patent Certificate for was accredited “A Kind of Cheese “Laboratory Mixing Process” “White Paper on Breakfast Accreditation (一种奶酪混合搅拌工艺) Nutrition (《 早餐营养白皮书》)” Certificate”With the improvement of capabilities in R&D, testing and inspection and modern production, the Company continuously expanded the customer base and application scenarios and continued to improve the portfolio of cheese products to help consolidate the Company’s leading position in the cheese industry guided by consumer demand. In terms of instant nutrition cheese segment, the Company’s low temperature cheese products keep upgrading iteratively while maintaining the leading position among basic products. During the reporting period, the Company launched new organic cheese lollipop with ≥66% cheese content, 9.0g/100g high quality milk protein, original high and easy absorption calcium, and the Boutique cheese lollipop with pure formula, ≥60% cheese content, original high calcium, 8.0g/100g high quality milk protein and free of preservatives, sweeteners, and stabilizers, to satisfy needs of consumers at different levels with a rich product portfolio. The Company also introduced its new mousse cheese cup (with ≥68% cheese content, 2.4 times of milk protein and 2.6 times of milk calcium) and the cube cheese featured low sugar, tasty and smooth texture (with zero sucrose, ≥55% cheese content and 8.6g/100g protein). In terms of room-temperature products, the Company launched three cheese lollipop and bulk cheese lollipop to enter into snacks specialty retailers channel. Meanwhile, the Company continued to expand the range of room-temperature cheese products and introduced casual snack cheese time series products, including small triangle cheese, cheese pudding and four-layer cheese nacho, which were widely acclaimed soon after their launch. With the enriching room-temperature products and expanding channels, cheese snacks has enjoyed the potential to become the second growth pole of the instant nutrition cheese series. The Company continues to maintain the product strategy of “refining low temperature segment, expanding room-temperature segment”, and expands customer base and application scenarios while enriching the forms of cheese products of the Company. the breakfast and baking scenarios. The Company continuously focused on cheese breakfast application scenarios and further enriched cheese slices products. At the same time, the Company launched Halumi grilled cheese (哈路蜜煎烤奶酪), which is a natural cheese that meets the Chinese preferences and has more nutritional value, and 2 pieces of which are equivalent to calcium and protein of 200g milk. The “baking trinity” comprising butter, whipping cream and cream cheese is widely recognized by the market. During the reporting period, the Company also launched smear cream cheese, enjoying creamy texture with bagels. The Company keeps enriching family consumption products matrix to introduce cheese to more families. In terms of family consumption cheese, the Company maintained innovation and upgrading in application in the breakfast and baking scenarios. The Company continuously focused on cheese breakfast application scenarios and further enriched cheese slices products. At the same time, the Company launched Halumi grilled cheese (哈路蜜煎烤奶酪), which is a natural cheese that meets the Chinese preferences and has more nutritional value, and 2 pieces of which are equivalent to calcium and protein of 200g milk. The “baking trinity” comprising butter, whipping cream and cream cheese is widely recognized by the market. During the reporting period, the Company also launched smear cream cheese, enjoying creamy texture with bagels. The Company keeps enriching family consumption products matrix to introduce cheese to more families. Halumi grilled cheese (哈路 Processed smear cream cheese 蜜煎烤奶酪) (再制涂抹奶油芝士)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 supply chain. 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 upgraded whipping cream and developed new national natural Mascarpone raw cheese, which adopts a unique and innovative hot-filling process and enjoys a slightly sweet creamy flavour, fine texture, good integration and stability. Once the product was launched, it was highly recognised by the end customers. The Company continues to enrich the innovative application of cheese, cross-border collaborated with Modern (马迭尔) to launch a co-branded ice cream and with Yankershop (盐津铺子) to launch a co-branded cod cheese sausage. Its cheese products have been more and more widely used in Western fast food, baking, tea, coffee, industrial and Chinese food channels. Mozzarella Whipping Mascarpone cheese cream cheese
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