cheese
say
2024
年度报告摘要
PB
上??可蓝多?品科技?????司2024年年?报告??
第一节重要提示
1、 本年度报告摘要来自年度报告全文，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/网站仔细阅读年度报告全文。
2、 本公司董事会、监事会及董事、监事、高级管理人员保证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。
3、 公司全体董事出席董事会会议。
4、 毕马威华振会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。
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
因公司2024年末合并报表及母公司报表未分配利润为负，公司2024年度拟不分配现金红利，不实施送股或资本公积转增股本。第二节公司基本情况
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
A股上海证券交易所妙可蓝多600882广泽股份联系人和联系方式董事会秘书证券事务代表
姓名谢毅罗再强联系地址上海市浦东新区金桥路1398号金台大厦10楼
上海市浦东新区金桥路1398号金台大厦10楼
电话021–50188700021–50188700
传真021–50188918021–50188918电子信箱ir@milkland.com.cnir@milkland.com.cn
上??可蓝多?品科技?????司2024年年?报告??
2、 报告期公司主要业务简介
（一） 国内乳制品行业发展现状
根据国家统计局数据，2024年1–12月全国乳制品产量为2,961.80万吨，产量基本稳定。然而，受消费环境的影响，乳制品市场出现了供需阶段性失衡和消费需求不振的问题。根据2024年中国奶业协会发布的《中国奶业战略发展重点课题研究报告》，2023年我国人均乳制品消费量仅相当于世界平均水平的三分之一左右，其中干乳制品在奶类产品中的消费占比仅约为22.6%，总体消费水平仍较低。因此，有必要进一步优化我国乳制品生产和消费结构。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。中国营养学会2022年发布《中国居民膳食指南(2022)》，建议中国居民每人每天摄入300至500克乳制品，并将奶酪列为日常饮食必需品之一；2024年中央一号文件明确提出要扩大乳制品消费，支持优化乳制品产品结构，以满足居民消费升级的需求；2025年中央一号文件明确提出“推进肉牛、奶牛产业纾困，稳定基础产能”，并将“落实灭菌乳国家标准”“支持奶业养殖加工一体化”列为重点任务。相关国家部委研究所，以及《人民日报》《经济日报》等央媒也刊登促进奶业振兴发展的相关文章，明确提出要发展具有中国特色的干乳制品产业，让奶酪等干乳制品成为消费者餐桌上的新选择，从而提升居民乳制品摄入量。
（二） 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、奶粉等细分行业发展已较为成熟，而奶酪受益乳品消费和产业升级以及政策推动，正处于早期成长阶段，逐渐成为未来乳制品行业的主要增长点之一。
年度报告摘要
上??可蓝多?品科技?????司2024年年?报告??
虽然最近两年奶酪产业的发展受到整体消费环境影响，但是乳制品产业升级趋势、“喝奶”与“吃奶”并行的消费趋势以及奶酪渗透率提升趋势并未改变。近几年，奶酪在B端和C端的应用创新不断，奶酪营养健康的功能属性和富含情绪价值的体验赢得越来越多消费者的拥趸。奶酪在烘焙、茶饮、咖啡等餐饮场景的“准刚需”属性日益明显，在社交媒体上的话题热度持续攀升，带动更多人尝试奶酪并喜欢上奶酪，形成社交传播与消费增长的良性循环。在渠道革新浪潮下，社区零售、便利店、即时零售、折扣化业态以及会员模式成为消费新风尚，奶酪口味在势能渠道和平台广受欢迎，多款芝士口味产品进入必买榜单。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，在奶酪行业的市场占有率持续领先。根据凯度消费者指数家庭样组，在2024年中国奶酪品牌销售额中，妙可蓝多奶酪市场占有率超过37%，奶酪棒市场占有率持续增长，稳居行业第一。另根据Euromonitor统计，中国奶酪零售市场品牌市场占有率中，2024年妙可蓝多持续保持排名第一。多方数据表明奶酪市场份额正在逐步向头部企业集中。
（三） 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、鳕鱼奶酪条、奶酪小粒、慕斯奶酪杯、新鲜奶酪、儿童成长杯、每日吸奶酪、芝士时光系列奶酪零食等，家庭餐桌系列的马苏里拉奶酪、奶酪片、涂抹奶油奶酪、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、厚乳芝士、奶酪酱、原制奶酪等，液态奶产品有巴氏杀菌乳、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。
上??可蓝多?品科技?????司2024年年?报告??
报告期内公司的主营业务未发生重大变化。
C端
B端
成人奶酪休食
蒙牛奶酪C端系列
爱氏晨曦B端系列
儿童即食营养
家庭餐桌系列
餐饮工业系列
（四） 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、餐饮大客户等线上线下渠道对外销售。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。
年度报告摘要
上??可蓝多?品科技?????司2024年年?报告??
3、 经营情况讨论与分析
2024年，公司紧密关注市场变化情况，把握市场机遇，调整经营策略，部署推动一系列经营举措，实现营业收入484,375.38万元，其中奶酪业务持续向好、同比正增长。公司也同步推进各项降本增效措施，报告期内实现归属于上市公司股东的净利润11,362.07万元，较上年同期大幅增长89.16%。公司经营活动产生的现金流量净额显著改善，达到53,072.72万元，较上年同期大幅增长101.28%。根据凯度消费者指数家庭样组，公司奶酪市场占有率持续稳居行业第一。
（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
产品大类
2024年2023年
业务收入变动毛利率变动业务收入占比毛利占比毛利率业务收入占比毛利占比毛利率
奶酪375,699.5880.12%131,651.8296.84%35.04%351,371.9174.50%124,501.5898.93%35.43%6.92%减少0.39个百分点贸易53,073.4711.32%1,462.461.08%2.76%81,610.8017.30%–
765.69
–
0.61%
–
0.94%
–
34.97%
增加3.70个百分点液态奶40,139.938.56%2,822.222.08%7.03%38,685.508.20%2,107.611.67%5.45%3.76%增加1.58个百分点合计468,912.98100.00%135,936.51100.00%28.99%471,668.21100.00%125,843.50100.00%26.68%–
0.58%
增加2.31个百分点
公司继续围绕“聚焦奶酪”总体战略，大力发展奶酪业务。报告期内，公司奶酪业务实现收入375,699.58万元，较上年同期增加6.92%；贸易业务战略性收缩，实现收入53,073.47万元，较上年同期减少34.97%；液态奶业务实现收入40,139.93万元。公司稳步推进业务结构优化，主营业务发展方向愈发明确，经营质量稳步提升，结构布局持续向好，整体毛利率呈改善趋势。
上??可蓝多?品科技?????司2024年年?报告??
（二） 报告期内主要经营举措
公司聚焦产品创新性开发，持续推动品牌升级，不断推进渠道拓展及下沉深耕，进一步提升管理增效，数智化升级亦初显成效，各项举措推动公司经营业绩持续向好，巩固奶酪行业领先地位。
1、 产品创新
公司持续提升研发能力，与国内多所高校和研究机构保持紧密合作，推动公司产品研发创新，丰富产品矩阵，提高产品竞争力。公司参与研究的“奶酪风味协同增效机制及产业化关键技术”荣获由上海市人民政府颁发的“上海市科学技术一等奖”；“UHT再制干酪关键技术的研究与开发”列入由中国食品工业协会发布的“食品工业营养健康行动标志性成果”名录；“马斯卡彭奶酪关键技术及其相关装置的研究与应用”获得中国乳制品工业协会和国际乳品联合会中国国家委员会联合颁发的“技术进步一等奖”，马斯卡彭还被评为“第二十一届中国国际农产品交易会最受欢迎产品”；鳕鱼奶酪条荣获“2024上海伴手礼”荣誉称号。质量方面，2024年公司的“近红外光谱技术在奶酪及相关产品中快速检测的技术应用”经过上海市食品学会科技成果鉴定，评价为国内领先。公司坚定以消费者为导向，不断进行产品创新，持续完善奶酪产品矩阵，进一步巩固奶酪行业领导者地位。
上海市科学技术一等奖
“UHT再制干酪关键技术的研究与开发”
列入“食品工业营养健康行动标志性
成果”名录
马斯卡彭被评为“第二十一届中国国际农产品交易会最受欢
迎产品”
鳕鱼奶酪条荣获“2024上海伴手礼”
年度报告摘要
上??可蓝多?品科技?????司2024年年?报告??
报告期内，即食营养奶酪方面，经典低温奶酪棒升级为0添加防腐剂配方，推出“冻梨奶酪棒”等限定口味产品、0蔗糖奶酪小粒、一口奶酪以及原制手撕奶酪等新品，尤其是奶酪小粒赢得消费者普遍认可，市场占有率实现快速突破。公司同时不断拓宽常温奶酪产品品类，推出年轻人的第一口咸味奶酪零食鳕鱼奶酪条以及休闲零食芝士时光系列产品。春节期间上市多样化的礼盒、礼袋类产品，发展送礼场景。家庭餐桌奶酪方面，国产黄油产品表现优异，奶酪片和马苏里拉市场占有率进一步提升，强化公司在家庭餐桌领域的品牌影响力。公司下半年推出的家庭餐桌奶酪新品，满足中国消费者早餐和面包、贝果等搭配的需求，进一步丰富家庭餐桌奶酪品类，为消费者呈上更多奶酪美食选择，上市以来广受好评。餐饮工业奶酪方面，报告期内，在黄油和稀奶油领域也表现优异。公司基于市场前沿趋势的洞察，不断丰富奶酪的创新应用，推出多款季节限定新品，为B端客户提供全方位奶酪解决方案，新品上市成功率显著提高，助力大客户稳健增长。报告期内，继推出马斯卡彭国产原制奶酪后，公司在生产工艺方面继续取得新的突破。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
项目
2024年2023年
业务收入变动毛利率变动业务收入占比毛利占比毛利率业务收入占比毛利占比毛利率
即食营养系列204,987.5354.56%96,280.8273.14%46.97%198,656.2956.54%98,169.7278.85%49.42%3.19%减少2.45个百分点餐饮工业系列131,251.0834.94%24,753.8318.80%18.86%115,106.6532.76%16,197.5313.01%14.07%14.03%增加4.79个百分点家庭餐桌系列39,460.9710.50%10,617.178.06%26.91%37,608.9810.70%10,134.338.14%26.95%4.92%减少0.04个百分点合计375,699.58100.00%131,651.82100.00%35.04%351,371.91100.00%124,501.58100.00%35.43%6.92%减少0.39个百分点
上??可蓝多?品科技?????司2024年年?报告??
2024年，公司完成蒙牛奶酪业务整合，协同效应显现，三大奶酪产品系列均实现正增长。报告期内公司即食营养系列实现收入204,987.53万元，同比增加3.19%；餐饮工业系列凭借公司供应链及专业化服务优势，实现收入131,251.08万元，同比增长14.03%，毛利率明显提升；家庭餐桌系列实现营业收入39,460.97万元，同比增加4.92%。
2、 品牌引领
报告期内，妙可蓝多通过系统化品牌战略升级，构建”欢乐、营养、专业、健康”四位一体的核心价值体系。面对消费市场结构性变革，公司在延续已有成功经验的基础上，以创新营销矩阵驱动增长：启用全新品牌代言人，利用明星营销、粉丝营销，加速品牌年轻化进程，助力奶酪产品破圈；联动美术馆，以艺术策展式营销，顺应时代新审美，让奶酪更时尚；与众多知名品牌开展异业合作，为奶酪拓展更多新场景；围绕重点时令、热点营销期、新品上市期，打造营销大事件；孵化多项重点营销IP，如奶酪市集、奶酪黄金屋等，坚持培育市场，向消费者传播奶酪营养价值，承担起品类引领者的责任。媒介投放坚持长期聚焦策略，持续占位分众、央视、卫视核心大屏媒体，大曝光、高频次、广覆盖；与此同时，拥抱市场变化，开拓抖音、小红书、视频号等社交媒体创新模式，以场景化的内容与消费者积极互动，提高品牌的认知度与美誉度，巩固奶酪品类第一心智，让“奶酪就选妙可蓝多”品牌价值诉求深入人心。报告期内，妙可蓝多品牌获得了社会各界的高度认可，先后获得“2024福布斯中国年度好品牌TOP 50”“2024正和岛年度标杆企业”等多个奖项和认证。
3、 渠道精耕
渠道建设方面，针对零售线下渠道，整合双品牌的渠道优势，优化经销商在全国的布局，不断完善经销商服务体系。持续精耕现代渠道，改善经营效率，大力开发烘焙、零食量贩、母婴、会员店等势能渠道。报告期内，充分利用品牌代言人形象、周边等，助力渠道精耕，让更多消费者通过终端渠道认知妙可蓝多品牌形象。
年度报告摘要
上??可蓝多?品科技?????司2024年年?报告??
针对零售线上渠道，报告期内，整合蒙牛奶酪，线上双品牌布局，在京东、天猫、拼多多等传统电商平台持续深耕，不断优化运营效率。大力发展抖音、快手等兴趣电商平台，积极拓展美团、饿了么、朴朴等即时零售业态。2024年电商事业部与京东战略签约，推动线上线下营销的全面合作以及服务体验的全方位升级。针对B端餐饮渠道，公司整合双品牌的产品及渠道优势，持续推动由产品销售商向专业乳品服务商的转型升级，以强大的技术和供应链能力，为客户提供一站式解决方案。
4、 管理增效
(1) 完成蒙牛奶酪合并，整合提效协同发展
报告期内，公司收购蒙牛奶酪100%股权后，启动管理融合，人才与组织形成强大聚合力，奶酪业务深度协同，实现提质增效、融合发展。通过整合打通产业链上下游、双品牌运作，公司奶酪品类领导者地位进一步巩固。
(2) 打造供应链全过程管理体系，数智化升级提升效率
报告期内公司不断完善供应链全过程管理体系，从计划、生产、销售实现全链路管理，通过数智化升级进一步提升供应链管理效率，为公司的降本增效打下坚实基础。
(3) 夯实全面质量管理体系，强专业赋能业务
公司不断精进和完善妙可蓝多“SDS-ACT质量管理体系”，旗下工厂全部成熟运行IS09001、FSSC22000、HACCP等质量管理体系，其中两家工厂持续运行诚信管理体系认证，四家工厂通过清真认证，为产品出口做好保障，同时成功完成大客户全面、严格质量审核并成为其合作伙伴。
(4) 持续推进“数智妙可”建设，提升企业运营效率
公司持续推动“数智妙可”相关工作，先后启动全面预算管理信息化项目和数字营销平台项目。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。
上??可蓝多?品科技?????司2024年年?报告??
4、 公司主要会计数据和财务指标
4.1 近3年的主要会计数据和财务指标
单位：元 币种：人民币
2024年
2023年
本年比上年增减(%)
2022年调整后调整前调整后调整前
总资产7,720,899,535.167,539,615,207.466,832,507,412.832.408,267,760,121.227,442,886,257.24归属于上市公司股东的净资产4,409,235,955.264,740,697,670.074,302,543,727.03–
6.99
4,911,725,527.464,452,308,347.57营业收入4,843,753,794.705,322,202,155.914,049,033,690.89–
8.99
4,917,820,889.824,829,537,951.87归属于上市公司股东的净利润113,620,696.9560,065,609.2163,439,534.1889.16134,868,951.72137,606,981.26归属于上市公司股东的扣除非经常性损益的净利润46,919,280.557,171,235.987,171,235.98554.2769,128,447.5869,128,447.58经营活动产生的现金流量净额530,727,216.06263,675,812.26279,153,516.68101.28–151,332,527.21–204,840,831.98加权平均净资产收益率（%）2.4641.2291.432增加1.235个百分点3.0523.113基本每股收益（元╱股）0.2260.1190.12689.920.2660.271稀释每股收益（元╱股）0.2260.1190.12689.920.2660.271
4.2 报告期分季度的主要会计数据
单位：元 币种：人民币第一季度（1–3月份）
第二季度（4–6月份）
第三季度（7–9月份）
第四季度（10–12月份）营业收入1,160,690,731.041,216,794,097.381,216,911,939.851,249,357,026.43归属于上市公司股东的净利润38,344,962.7733,042,558.7813,654,985.3828,578,190.02归属于上市公司股东的扣除非经常性
损益后的净利润30,889,942.8125,994,650.795,328,573.45–15,293,886.50经营活动产生的现金流量净额170,314,597.9396,788,286.38214,777,054.5848,847,277.17
年度报告摘要
上??可蓝多?品科技?????司2024年年?报告??
季度数据与已披露定期报告数据差异说明? 适用 □ 不适用公司于报告期内通过同一控制下的企业合并取得蒙牛奶酪100%股权，对前期已披露季度财务数据进行了重述。
5、 股东情况
5.1 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名股东情况截至报告期末普通股股东总数（户）43,886年度报告披露日前上一月末的普通股股东总数（户）41,445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
上??可蓝多?品科技?????司2024年年?报告??
前十名股东持股情况（不含通过转融通出借股份）
股东名称（全称）
报告期内增减
期末持股数量
比例(%)
持有有限售条件的股份数量
质押、标记或冻结情况
股东性质股份状态数量内蒙古蒙牛乳业（集团）股份有限公司403,600187,569,22236.630无0境内非国有法人柴琇076,103,63214.860质押76,103,632境内自然人沂源县东里镇集体资产经营管理中心06,539,9431.280无0其他温美华3,350,2005,579,4001.090无0境内自然人吉林省东秀商贸有限公司05,280,0001.030质押5,280,000境内非国有法人亓瑛–368,7334,822,5320.940无0境内自然人全国社保基金六零二组合4,427,2004,427,2000.860无0其他夏斯瑾2,941,4003,979,5000.780无0境内自然人香港中央结算有限公司1,276,7253,495,4650.680无0境外法人寻常（上海）投资管理有限公司—
汇玖3号私募证券投资基金–1,417,5003,366,3540.660无0其他上述股东关联关系或一致行动的说明东秀商贸系柴琇女士实际控制的公司，除前述关联关系外，公司未知前10名股东之间是否存在
其他关联关系。表决权恢复的优先股股东及持股数量的说明不适用
年度报告摘要
上??可蓝多?品科技?????司2024年年?报告??
5.2 公司与控股股东之间的产权及控制关系的方框图
? 适用 □ 不适用
内??牛
?可蓝多
36.63%
5.3 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
5.4 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
6、 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484,375.38万元，整体营业收入同比虽下降8.99%，主要为公司战略性收缩贸易业务。同时公司实现归属于上市公司股东的净利润11,362.07万元，同比上升
89.16%，主要得益于报告期内公司主要原材料成本较上年同期下降及公司同步推进的各项降本增效措施。
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
PB
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
SECTION I IMPORTANT NOTICE
1. This summary of annual report is extracted from the full text of the annual report.
To have a full understanding of the business performance, financial condition andfuture development planning of the Company, investors should read carefully the fulltext of the annual report for details, which is also published on the website athttp://www.sse.com.cn/.
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 falserepresentations or misleading statements contained in, or material omissions from,this annual report; and jointly and severally accept full responsibility for thetruthfulness, accuracy and completeness of the information contained therein.
3. All members of the Board attended the Board meeting.
4. KPMG Huazhen LLP issued a standard unqualified opinion on the audited report of
the Company.
5. Proposal for profit distribution or proposal for conversion of common reserve fund
into share capital during the reporting period considered by the Board.As the Company recorded negative undistributed profit under the combined statements and the statementsof the parent company for 2024, the Company proposes not to distribute cash bonus or bonus issue, norconvert capital reserve into share capital.SECTION II COMPANY PROFILE
1. Company Profile
Stock profile
Stock typeStock exchangeShare abbreviationStock codeStock abbreviation
before changeA ShareShanghai
Stock Exchange
Milkground600882GroundshareContact person and
means of contactSecretary to the BoardSecurities affairs representativeNameXie YiLuo ZaiqiangContact address10/F, Jintai Building, No. 1398,
Jinqiao Road, Pudong New Area,Shanghai
10/F, Jintai Building, No. 1398,Jinqiao Road, Pudong New Area,ShanghaiTelephone021–50188700021–50188700Fax021–50188918021–50188918Mailboxir@milkland.com.cnir@milkland.com.cn
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
2. Main Businesses of the Company during the Reporting Period
(I) Development status of the domestic dairy industryAccording to the National Bureau of Statistics, the national production of dairy products was basically stableat 29,618,000 tonnes from January to December 2024. However, due to the influence of the consumptionenvironment, the dairy products market has experienced a periodic imbalance between supply and demandand sluggish consumer demand. According to the Research Report on Key Issues for the StrategicDevelopment of China’s Dairy Industry published by the Dairy Association of China in 2024, China’s percapita consumption of dairy products in 2023 was only about one-third of the world’s average, of which drydairy products accounted for only about 22.6 per cent of dairy products, indicating an overall low level ofconsumption. Therefore, it is necessary to further optimise the production and consumption structure of dairyproducts in China.In recent years, national policies have also actively supported the optimisation of dairy product structure tomeet the needs of residents’ consumption upgrade. The Dietary Guidelines for Chinese Residents (2022)issued by the Chinese Nutrition Society in 2022 recommended that each Chinese resident consume 300 to500 grams of dairy products per day, and listed cheese as one of the daily dietary necessities. The CentralGovernment’s No. 1 document (中央一?文件) of 2024 explicitly proposed to expand the consumption ofdairy products and support the optimisation of the dairy product structure to satisfy residents’ needs forconsumption upgrading. The Central Government’s No. 1 document (中央一号文件) of 2025 furtheremphasised “promoting the relief of the beef and dairy cattle industries and stabilising the basic productioncapacity”, with key tasks including “the implementation of the national standard for sterilised milk” and“support for the integration of dairy farming and processing”. Relevant state ministries and researchinstitutes, as well as central media outlets such as The People’s Daily (人民日报) and Economic Daily (经济日报), have also published articles promoting the revitalisation and development of the dairy industry. Thesearticles clearly propose the development of the dry dairy industry with Chinese characteristics, so as tomake cheese and other dry dairy products a new choice on consumers’ dining tables, thus increasingresidents’ dairy product intake.(II) Development status of domestic cheese industryAfter years of development, China’s liquid milk, yoghurt, milk powder and other industry segments havebeen more mature, while the cheese industry, benefiting from the upgrading of dairy consumption, industrialadvancement, and policy support, is in the early stage of growth, and gradually become one of the maingrowth points of the dairy industry in the future.
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
Although the development of the cheese industry has been affected by the overall consumer environment inthe last two years, the trend of upgrading the dairy industry, the parallel consumption trend of “drinkingmilk” and “eating milk” and the trend of increasing the penetration rate of cheese remain unchanged. Inrecent years, cheese has been constantly innovated in B-end and C-end applications, and its functionalattributes of nutrition and health as well as its emotional appeal have won more and more consumers’support. The “quasi-demand” attribute of cheese in baking, tea, coffee and other catering scenarios hasbecome more and more obvious. Its popularity on social media continues to climb, driving more people totry cheese and like cheese, forming a virtuous cycle of social communication and consumption growth. Amidthe wave of channel innovation, community retail, convenience stores, instant retail, discount stores andmembership mode have become the new trend of consumption, and cheese-flavour products are popular inpotential channels and platforms, with a number of cheese-flavour products entering the must-buy list.As an A-share listed company with cheese as its core business, the Company continues to lead the marketshare in the cheese industry based on its core competitiveness in products, brands and channels. Based onKantar Worldpanel’s household sample group, among the sales of Chinese cheese brands in 2024, themarket share of Milkground Cheese exceeds 37%, with its cheese lollipop market share continuing to grow,solidifying its position as the industry leader. In addition, according to Euromonitor statistics, in the brandmarket share of China’s cheese retail market, Milkground continued to rank first in 2024. Multiple sources ofdata indicate that the market share of cheese is gradually concentrating towards top enterprises.
(3) Principal business and core products
The Company is committed to “Cheese for every household!”, and has established a certain leading edge inthe industry after rapid development in recent years. The Company’s principal business is the research anddevelopment, production and sales of special dairy products with cheese as the core. In particular, thecheese products can be further subdivided into instant nutrition series, family consumption series andcatering industry series. Besides, the Company is also engaged in the research and development,production and sales of liquid milk, as well as dairy products trading business. The Company will firmlyimplement the strategy of “focusing on cheese” and concentrate resources on developing the cheeseproduct segment with more growth prospects.The Company’s products include cheese lollipop, shredded cheese bars for adults, cod cheese bar, cubecheese, Mousse cheese cup, fresh cheese, growing cups for children, daily sucking cheese, cheese timeseries cheese snacks and others under the instant nutrition series, mozzarella cheese, cheese slices,spreadable cream mini cheese, butter, grilled cheese and others under family consumption series, mozzarellacheese, cheese slices, light cream, thick cream cheese, cheese sauce, original cheese and others under thecatering industry series. Liquid milk products comprise pasteurized milk, fermented milk, room-temperatureliquid milk and the like. Of which, cheese lollipop, cheese slices and mozzarella cheese were the coreproducts during the reporting period.
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
During the reporting period, there was no material change in the principal business of the Company.
C-end
B-end
Adult’s cheese
snacks
Mengniu CheeseC-end Series
AishichenxiB-end Series
Children’s instantnutrition
Familyconsumption series
Cateringindustry series
(4) Business model
The business model of the Company’s self-operated business is mainly the research and development,production and sales of specialty dairy products. The Company purchases cheese, fresh milk and other rawmaterials to produce and process dairy products, and sells them through online and offline channels such asdistributors, self-operated e-commerce platforms, large supermarkets and major catering customers. Thebusiness model of the Company’s trading segment is to purchase products from domestic and foreign dairysuppliers and sell them to domestic customers.
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
3. Discussion and analysis on operation
In 2024, the Company has closely monitored changes in market conditions, seized market opportunities,adjusted its business strategies, and deployed and promoted a series of business initiatives. The Companyhas achieved an operating revenue of RMB4,843.7538 million, of which the cheese business continued to befavourable with positive year-on-year growth. The Company has also been simultaneously promoting variousmeasures to reduce costs and increase efficiency, and achieved the net profit attributable to shareholders ofthe Company of RMB113.6207 million during the reporting period, increased significantly by 89.16% ascompared with last year. The net cash flow from operating activities of the Company improved significantlyto RMB530.7272 million, increased significantly by 101.28% as compared with last year. Based on KantarWorldpanel’s household sample group, the market share of the Company’s cheese segment continued torank first in the industry steadily.
(1) Operation of the principal business during the reporting period
The principal business of the Company by products during the reporting period are as follows:
Unit: RMB0’000
Productcategory
20242023
Changes inoperatingrevenueChanges in grossprofit marginOperatingrevenuePercentage
GrossprofitPercentage
GrossprofitmarginOperatingrevenuePercentage
GrossprofitPercentage
Gross profitmargin
Cheese375,699.5880.12%131,651.8296.84%35.04%351,371.9174.50%124,501.5898.93%35.43%6.92%decrease by 0.39
percent pointsCommoditytrade
53,073.4711.32%1,462.461.08%2.76%81,610.8017.30%–
765.69
–
0.61%
–
0.94%
–
34.97%
increase by 3.70
percent pointsLiquid milk40,139.938.56%2,822.222.08%7.03%38,685.508.20%2,107.611.67%5.45%3.76%increase by 1.58
percent pointsTotal468,912.98100.00%135,936.51100.00%28.99%471,668.21100.00%125,843.50100.00%26.68%–
0.58%
increase by 2.31
percent points
The Company has continued to focus on the overall strategy of “focusing on cheese” and vigorouslydevelop its cheese business. During the reporting period, the Company’s cheese business achieved revenueof RMB3,756.9958 million, representing an increase of 6.92% as compared with the corresponding period ofthe previous year. The trading business, which underwent strategic shrinkage, achieved revenue ofRMB530.7347 million, representing a decrease of 34.97% as compared with the corresponding period of theprevious year. The liquid milk business achieved revenue of RMB401.3993 million. The Company is steadilyadvancing the optimization of its business structure, with a clearer direction for the development of itsprincipal business. The quality of its operations is steadily improving, and its structural layout continues toimprove. The overall gross profit margin is showing an improving trend.
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
(2) The main operating measures during the reporting period
The Company has been focusing on innovative product development, continuously promoting brandupgrading and advancing channel expansion and deep ploughing. Efforts to enhance management efficiencyand digital transformation have begun to yield results. These initiatives have contributed to the Company’scontinued positive operating results and consolidation of its leading position in the cheese industry.
1. Product innovation
The Company has been continuously improving its research and development capabilities, and hasmaintained close cooperation with many domestic universities and research institutes to promote productdevelopment and innovation, enrich the product matrix and improve product competitiveness. The Companyhas participated in the research of multiple technologies, among which the “Cheese Flavor SynergyEnhancement Mechanism and Key Industrialization Technologies” won the “First Prize for Science andTechnology Shanghai Municipality” awarded by the Shanghai Municipal People’s Government; “Researchand Development of Key Technologies for UHT Processed Cheese” has been included in China NationalFood Industry Association’s list of “Landmark Achievements of Nutrition and Health Actions in the FoodIndustry”; “Research and application of key technology and related devices of Mascarpone cheese” won the“First Prize for Technological Progress” jointly awarded by China Dairy Industry Association and ChineseNational Committee of the International Dairy Federation, and mascarpone was also evaluated as the “theMost Popular Product at the 21st China International Agricultural Products Fair”; Cod Cheese Lollipop wonthe title of “2024 Shanghai Souvenir”. In terms of quality, in 2024, the Company’s “Technical Application ofNear Infrared Spectroscopy Technology for Rapid Detection of Cheese and Related Products” wasappraised by the Shanghai Society of Food Science as a leading technology achievement in China. TheCompany has been committed to a consumer-centric approach, consistently driving product innovation,enhancing its cheese product portfolio, and further solidifying its leadership in the cheese industry.
First Prize forScience andTechnology ShanghaiMunicipality
“Research and Developmentof Key Technologies forUHT Processed Cheese”has been included in the list of“Landmark Achievements ofNutrition and Health Actions
in the Food Industry”
Mascarpone cheese
was honoredas “the Most Popular
Product at the21st China InternationalAgricultural Products Fair”
The Cod CheeseLollipop have beenawarded the title of“2024 Shanghai
Souvenir”
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
During the reporting period, in terms of instant nutrition cheese segment, Milkground continued to upgradethe classic low-temperature cheese lollipop into additive-free formula and launched limited flavors such as“frozen pear”, as well as new products such as zero sucrose cube cheese, one-bite cheese and naturalstring cheese. In particular, the cube cheese has won the general recognition of consumers, and the marketshare has achieved a rapid breakthrough. The Company keeps expanding room temperature cheeseproducts category, and a variety of new products such as cod cheese lollipop, a first-bite savory cheesesnack, and leisure snacks such as the cheese time series products have been launched for youngconsumers. During the Spring Festival, a variety of gift boxes and bags were introduced to cater to thegifting market. In the aspect of family consumption cheese scenarios, domestic butter achieved excellentperformance, and cheese slices and mozzarella further increased their market share, strengthening theCompany’s brand presence in the family consumption segment. In the second half of the year, theCompany launched new family consumption cheese products tailored to meet the needs of Chineseconsumers for breakfast pairings with bread, bagels, and more. This initiative further enriches the variety offamily consumption cheese scenarios, presenting consumers with a wider array of cheese delicacies. Sincetheir introduction, these products have received widespread acclaim. In the aspect of catering industrycheese series, during the reporting period, Milkground achieved excellent performance in butter and lightcream. Based on the insights of cutting-edge trends in the market, the Company continued to enrich theinnovative applications of cheese, launching a variety of new season-specific products to provide B-endclients with a full range of cheese solutions, and the success rate of new product launches has beensignificantly improved, which contributed to the steady growth of our major customers. During the reportingperiod, following the launch of domestically produced original Mascarpone cheese, the Company hasachieved new breakthroughs in production technology.The operating revenue and gross profit margin of each product series of the Company’s cheese segmentduring the reporting period are as follows:
Unit: RMB0’000
Item
20242023
Changes inoperatingrevenueChanges ingross profit marginOperatingrevenuePercentage
GrossprofitPercentage
GrossprofitmarginOperatingrevenuePercentageGross profitPercentage
Gross profitmargin
Instant nutritionseries
204,987.5354.56%96,280.8273.14%46.97%198,656.2956.54%98,169.7278.85%49.42%3.19%decrease by 2.45
percent pointsCatering industry
series
131,251.0834.94%24,753.8318.80%18.86%115,106.6532.76%16,197.5313.01%14.07%14.03%increase by 4.79
percent pointsFamily
consumptionseries
39,460.9710.50%10,617.178.06%26.91%37,608.9810.70%10,134.338.14%26.95%4.92%decrease by 0.04
percent pointsTotal375,699.58100.00%131,651.82100.00%35.04%351,371.91100.00%124,501.58100.00%35.43%6.92%decrease by 0.39
percent points
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
In 2024, the Company successfully integrated the cheese business of Mengniu Dairy, and the synergisticeffects became evident, with all three major cheese product lines achieving growth. During the reportingperiod, the Company’s instant nutrition series generated revenue of RMB2,049.8753 million, an increase of
3.19% year-on-year. Leveraging its supply chain and professional service advantages, the catering industry
series achieved revenue of RMB1,312.5108 million, a year-on-year increase of 14.03%, with a notableimprovement in gross margin. The family consumption series realised revenue of RMB394.6097 million,marking a 4.92% increase compared to the previous year.
2. Brand leadership
During the reporting period, Milkground underwent a systematic upgrade of its brand strategy, establishing acore value system that integrates “joy, nutrition, professionalism and health”. In response to structuralchanges in the consumer market, the Company built on its existing successes and drove growth through aninnovative marketing matrix, including: introducing a new brand ambassador and accelerating the brand’srejuvenation process through celebrity and fan marketing to drive the expansion of cheese products;collaborating with art galleries to create exhibition-style marketing campaigns, aligning with contemporaryaesthetics and making cheese more fashionable; partnering with numerous well-known brands to explorenew consumption scenarios for cheese products; focusing on key seasons, marketing hotspots, and newproduct launches to create major marketing events; cultivating several key marketing IPs, such as theCheese Market and Cheese Gold House, to consistently educate the market and communicate thenutritional value of cheese to consumers, fulfilling its role as a category leader.Media placement adheres to the long-term focus strategy, and continues to occupy the core large-screenmedia such as Focus Media, CCTV and Satellite TV, ensuring large exposure, high frequency and widecoverage. At the same time, we embrace market changes, develop innovative social media models such asDouyin, Xiaohongshu and WeChat Video Channel, engaging consumers with scenario-based content toenhance brand awareness and reputation. This reinforced the brand’s position as the top choice for cheese,making the brand value of “Milkground, the best cheese choice” profoundly rooted in people’s mind. Duringthe reporting period, the Milkground brand has been highly recognised by all sectors of society and hassuccessively won many awards and certifications such as “2024 Forbes China Good Brand of the Year TOP50” and “2024 Zhenghe Island Benchmarking Enterprise of the Year”.
3. Intensive channel cultivation
In terms of channel construction, for the retail offline channel, we integrate the channel advantages of dualbrands, optimise the layout of dealers across the country, and continuously improve the dealer servicesystem. We continue to intensively cultivate modern channels, improve operational efficiency, and vigorouslydevelop potential energy channels such as bakery, snacks specialty retailers, maternity, and membershipstores. During the reporting period, we made full use of the image of the brand ambassador and relatedmerchandise to support intensive channel cultivation, so that more consumers could recognise the brandimage of Milkground through terminal channels.
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
For retail online channel, during the reporting period, the Company integrated Mengniu cheese, laid outonline dual brands, and continued to make extensive deployment on traditional e-commerce platforms suchas JD.com, Tmall, and Pinduoduo, while constantly optimising operational efficiency. The Company alsovigorously developed emerging e-commerce platforms such as Tik Tok and Kuaishou, and actively expandedinstant retail business formats including Meituan, Ele.me and Pupu. In 2024, the e-commerce division signeda strategic contract with JD.com to promote comprehensive cooperation in online and offline marketing andall-round upgrading of service experience. For the B-end catering channel, the Company integrated theproduct and channel advantages of the dual brands, continued to promote the transformation and upgradingfrom a product seller to a professional dairy servicer, providing customers with one-stop solutions withstrong technology and supply chain capabilities.
4. Management Efficiency
(1) Completion of the merger of Mengniu Cheese Business, integration to improve efficiency and synergistic
developmentDuring the reporting period, the Company acquired 100% equity interest in Mengniu Cheese and initiatedmanagement integration, which resulted in the formation of a strong convergence of talents andorganisations and deep synergy in the cheese business, achieving quality enhancement, efficiency andintegrated development. Through the integration of the upstream and downstream of the industrial chain anddual-brand operation, the Company’s position as a leader in the cheese category has been furtherconsolidated.
(2) Building a whole-process management system for the supply chain, and upgrading digital intelligence
to improve efficiencyDuring the reporting period, the Company continued to improve the whole-process management system ofthe supply chain, realised full-link management from planning, production and sales, and further improvedthe efficiency of supply chain management through digital intelligence upgrading, laying a solid foundation forthe Company’s cost reduction and efficiency improvement.
(3) Improving integrated quality management system, strengthening profession and empowering business
The Company keeps improving and perfecting the “SDS-ACT Quality Management System’ of Milkground,and all of its factories are proficiently running IS09001, FSSC22000, HACCP and other quality managementsystems, among which two factories continue to run the integrity management system certification, and fourfactories have passed the Halal certification, ensuring the products are well-prepared for export. At the sametime, we have successfully completed comprehensive and strict quality audits of our major customers andbecome their partners.
(4) Constantly promoting the construction of “Digital Intelligence Milkground”, and improving operational
efficiencyThe Company continued to promote the work related to “Digital Intelligence Milkground”, and successivelylaunched the comprehensive budget management informatization project and the digital marketing platformproject. The Company will continue to deepen the construction of informatization and marketingdigitalization, empower business, and help enterprises develop rapidly and with high quality.
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
4. Major Accounting Data and Financial Indicators of the Company
4.1 Major accounting data and financial indicators in the past 3 years
Unit: Yuan Currency: RMB
2024
2023Increase or decrease
over that of theprevious year (%)
2022After adjustmentBefore adjustmentAfter adjustmentBefore adjustment
Total assets7,720,899,535.167,539,615,207.466,832,507,412.832.408,267,760,121.227,442,886,257.24Net assets attributableto shareholdersof the Company4,409,235,955.264,740,697,670.074,302,543,727.03–
6.99
4,911,725,527.464,452,308,347.57Operating income4,843,753,794.705,322,202,155.914,049,033,690.89–
8.99
4,917,820,889.824,829,537,951.87Net profit attributable
to shareholdersof the Company113,620,696.9560,065,609.2163,439,534.1889.16134,868,951.72137,606,981.26Net profit attributableto shareholders of theCompany after deductingnon-recurring profit or loss46,919,280.557,171,235.987,171,235.98554.2769,128,447.5869,128,447.58Net cash flow from the
operating activities530,727,216.06263,675,812.26279,153,516.68101.28–151,332,527.21–204,840,831.98Weighted average returnon net assets (%)2.4641.2291.432
increase by 1.235percent points3.0523.113Basic earnings per share(RMB/share)0.2260.1190.12689.920.2660.271Diluted earnings per share(RMB/share)0.2260.1190.12689.920.2660.271
4.2 Major accounting data by quarters during the reporting period
Unit: Yuan Currency: RMBFirst quarter(Januaryto March)
Second quarter
(Aprilto June)
Third quarter
(Julyto September)
Fourth quarter(October toDecember)Operating revenue1,160,690,731.041,216,794,097.381,216,911,939.851,249,357,026.43Net profit attributable to shareholders
of the Company38,344,962.7733,042,558.7813,654,985.3828,578,190.02Net profit attributable to shareholders
of the Company after deducting
non-recurring profit or loss30,889,942.8125,994,650.795,328,573.45–15,293,886.50Net cash flow from the operating
activities170,314,597.9396,788,286.38214,777,054.5848,847,277.17
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
Explanation of the difference between quarterly data and disclosed periodic report data?Applicable □ Not applicableThe Company acquired 100% equity interest in Mengniu Cheese through a business combination under thecommon control during the reporting period, and has restated the disclosed quarterly financial data of theprevious period.
5. Information on Shareholders
5.1 Total number of holders of ordinary shares, total number of holders of preference shares with
voting rights restored, total number of shareholders holding shares with special voting rightsand top ten shareholders at the end of the reporting period and a month before the annualreport disclosureTotal number of holders of ordinary shares as at the end of the reporting period (individual)43,886Total number of holders of ordinary shares at the end of the previous monthbefore the date of publishing the annual report (individual)41,445Total number of holders of preference shares with voting rights restoredas at the end of the reporting period (individual)0Total number of holders of preference shares with voting rights restoredat the end of the previous month before the date of publishing the annual report(individual)0
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
Shareholding of top ten shareholders (excluding shares lent through securities lending and refinancing)
Full name of shareholders
Increase orDecreaseduring theReportingperiod
Number ofsharesheld at theend of theperiodPercentage(%)Number ofrestrictedshares held
Pledged,marked or frozen
Nature ofshareholdersStatusNumberInner Mongolia Mengniu Dairy
(Group) Company Limited(內蒙古蒙牛乳業（集團）股份有限公司)
403,600187,569,22236.630Nil0Domestic
non-state-ownedlegal personChai Xiu (柴琇)076,103,63214.860Pledged76,103,632Domestic natural
personCollective Assets Management Centerin Dongli Town of Yiyuan County(沂源县東里镇集体資產經營管理中心)
06,539,9431.280Nil0Other
Wen Meihua (溫美华)3,350,2005,579,4001.090Nil0Domestic natural
personJilin Dongxiu Trade Co., Ltd.(吉林省東秀商贸有限公司)
05,280,0001.030Pledged5,280,000Domestic
non-state-owned
legal personQi Ying (亓瑛)–368,7334,822,5320.940Nil0Domestic natural
personNational Social Security Fund
Portfolio 602(全国社保基金六零二组合)
4,427,2004,427,2000.860Nil0OtherXia Sijin (夏斯瑾)2,941,4003,979,5000.780Nil0Domestic natural
personHong Kong Securities Clearing
Company Limited(香港中央结算有限公司)
1,276,7253,495,4650.680Nil0Overseas legal
personOrdinary (Shanghai) Investment
Management Co., Ltd.—Huijiu No. 3 Private SecuritiesInvestment Fund(寻常 (上海) 投資管理有限公司— 汇玖3号私募证券投資基金)
–1,417,5003,366,3540.660Nil0Other
Explanation of associations or actions in concert
among the above shareholders
Dongxiu Trade is actually controlled by Ms. Chai Xiu. Save as the aforementioned connection,the Company is not aware of the existence of any connections of the top ten shareholder.Explanation on holders of preference shares withvoting rights restored and their shareholding
N/A
Shanghai Milkground Food Tech Co., Ltd.2024 Annual Report Summary
5.2 Diagram of the equity and controlling relationship between the Company and the controlling
shareholder? Applicable □ Not applicable
Inner MongoliaMengniu
Milkground
36.63%
5.3 Diagram of the equity and controlling relationship between the Company and the de facto
controller
□ Applicable ? Not applicable
5.4 Total number of holders of preference shares and top ten shareholders at the end of the
reporting period
□ Applicable ? Not applicable
6. Corporate bond
□ Applicable ? Not applicable
SECTION III SIGNIFICANT EVENTS
1. The Company shall, based on the principle of materiality, disclose the material changes in the Company’s
operating conditions during the reporting period, as well as matters that have had a significant impact
on the Company’s operations during the reporting period and are expected to have a significant
impact in the future.During the reporting period, the Company actively promoted various measures and recorded operatingincome of RMB4,843.7538 million, representing a year-on-year decrease of 8.99%, which was mainly due tothe Company’s strategic shrinkage of its trading business. Meanwhile, the Company recorded a net profitattributable to shareholders of the Company of RMB113.6207 million, representing a year-on-year increaseof 89.16%, which was mainly attributable to the decrease in the cost of the Company’s major raw materialsduring the reporting period as compared with the previous year and the Company’s simultaneous promotionof various cost-cutting and efficiency-enhancing measures.
2. If there is a delisting risk warning or circumstance where the listing is terminated within the Company
after the annual report is disclosed, the Company should disclose the reasons for the delisting risk
warning or listing termination.
□ Applicable ? Not applicable