半 年 度 報 告
中 英 文 雙 語 版
第 一 节 重 要 提 示
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第 二 节 公 司 基 本 情 况
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
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上海妙可蓝多食品科技股份有限公司 2025 年半年度报告摘要 1
单 位 ：元 币 种 ：人 民 币
上年度末 本报告期末比
本报告期末
调整后 调整前 上 年 度 末 增 减(%)
总资产 8,548,728,606.18 7,720,899,535.16 7,720,899,535.16 10.72
归属于上市公司
股东的净资产
上年同期 本报告期比
本报告期 调整后 调整前 上 年 同 期 增 减(%)
营业收入 2,567,164,378.70 2,377,484,828.42 1,922,716,236.64 7.98
利润总额 176,458,879.64 95,157,913.28 98,371,170.86 85.44
归属于上市公司
股东的净利润
归属于上市公司
股东的扣除非
经常性损益的
净利润
经营活动产生的
–11.69
现金流量净额
加权平均净资产
增 加1.48个 百 分 点
收 益 率(%)
基本每股收益
（元 ╱ 股）
稀释每股收益
（元 ╱ 股）
推 动 一 系 列 经 营 举 措，实 现 营 业 收 入256,716.44万 元，其 中 奶 酪 业 务 持 续 向 好、同 比 增 长14.85% 。同 时，
公司同步推动“极致成本”战略落实各项降本增效措施，报告期内实现归属于上市公司股东的净利润13,297.01
万 元，较 上 年 同 期 大 幅 增 长86.27% ，实 现 归 属 于 上 市 公 司 股 东 的 扣 除 非 经 常 性 损 益 的 净 利 润10,244.93万
元，较 上 年 同 期 大 幅 增 长80.10% 。根 据Worldpanel消 费 者 指 数，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 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 变动
奶酪 213,575.63 83.67% 75,859.65 96.52% 35.52% 185,962.94 82.02% 68,845.44 97.61% 37.02% 14.85% 减少1.50个百分点
贸易 22,961.01 9.00% 1,086.37 1.38% 4.73% 22,143.13 9.77% 357.45 0.51% 1.61% 3.69% 增加3.12个百分点
液态奶 18,726.31 7.34% 1,644.71 2.09% 8.78% 18,609.12 8.21% 1,331.13 1.89% 7.15% 0.63% 增加1.63个百分点
合计 255,262.95 100.00% 78,590.73 100.00% 30.79% 226,715.18 100.00% 70,534.02 100.00% 31.11% 12.59% 减少0.32个百分点
注 ：上 表 中 合 数 与 各 列 分 项 数 据 直 接 相 加 之 和 的 尾 数 差 异，系 因 四 舍 五 入 所 致。
上海妙可蓝多食品科技股份有限公司 2025 年半年度报告摘要 3
报 告 期 内，公 司 奶 酪 业 务 实 现 收 入213,575.63万 元，较 上 年 同 期 增 加14.85% 。奶 酪 业 务 收 入 占 主 营 业 务 收
入 比 例 由 去 年 同 期 的82.02%进 一 步 增 长 至83.67% ，贸 易 业 务 及 液 态 奶 业 务 分 别 实 现 收 入22,961.01万 元 及
升，结 构 布 局 持 续 向 好。
（二） 报 告 期 内 主 要 经 营 举 措
公 司 聚 焦 产 品 创 新 开 发，通 过 旗 舰 打 法，持 续 推 动 品 牌 升 级，不 断 推 进 势 能 渠 道 拓 展 及 下 沉 深 耕，通 过“极
致 成 本”战 略 落 实 降 本 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。
公 司 研 发 能 力 持 续 提 升，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。报 告 期 内，公 司 再 次 荣 获 中 国 乳 制 品 工 业 协 会 技 术 进 步 一 等 奖，本 次 获 奖 项 目 为“慕
斯 奶 酪 关 键 技 术 及 其 相 关 装 置 的 研 究 与 应 用” ；妙 可 蓝 多 奶 油 芝 士 荣 获 第27届 中 国 国 际 焙 烤 展“创 新 产 品
奖” 。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。
报 告 期 内，即 食 营 养 奶 酪 方 面，儿 童 营 养 奶 酪 系 列 已 形 成 涵 盖 多 款 不 同 形 态 产 品 的 矩 阵，全 面 覆 盖 儿 童 食
用 场 景 ；成 人 休 闲 奶 酪 系 列 推 出 奶 酪 小 三 角、云 朵 芝 士 等 新 品 以 及 多 款 功 能 奶 酪 产 品。公 司 同 时 不 断 拓 宽
常 温 奶 酪 产 品 品 类，奶 酪 小 丸 子 以 及 部 分 奶 酪 零 食 入 驻 零 食 量 贩 渠 道 ；针 对 会 员 超 市 推 出 定 制 化 产 品 适 配
高 势 能 渠 道 的 消 费 场 景。家 庭 餐 桌 奶 酪 方 面，马 苏 里 拉 与 奶 酪 片 销 量 持 续 增 长，黄 油 表 现 优 异，涂 抹 奶 油
奶 酪 满 足 消 费 者 早 餐 和 面 包、贝 果 等 搭 配 的 需 求，进 一 步 丰 富 了 家 庭 餐 桌 奶 酪 品 类，为 消 费 者 呈 上 更 多 奶
酪 美 食。餐 饮 工 业 奶 酪 方 面，黄 油 和 稀 奶 油 销 量 显 著 增 长，原 制 奶 酪 也 获 得 大 客 户 的 认 可。妙 可 蓝 多 专 业
奶 酪 与 爱 氏 晨 曦 专 业 乳 品 共 同 开 拓B端 极 具 潜 力 的 市 场，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。
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 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 变动
即食营养
减少0.49个百分点
系列
餐饮工业
增加1.98个百分点
系列
家庭餐桌
减少0.30个百分点
系列
合计 213,575.63 100.00% 75,859.65 100.00% 35.52% 185,962.94 100.00% 68,845.44 100.00% 37.02% 14.85% 减少1.50个百分点
系列分别实现营业收入108,337.11万元、81,632.67万元、23,605.85万元，三大奶酪产品系列均延续正增长。
其 中，餐 饮 工 业 系 列 凭 借 公 司 供 应 链 及 专 业 化 服 务 优 势，营 业 收 入 同 比 增 长36.26% ，同 时 国 产 奶 酪 进 程 推
进 亦 带 来 毛 利 率 持 续 提 升 ；家 庭 餐 桌 系 列 受 益 于 渠 道 合 作 深 化 及 整 合 带 来 的 优 势 品 项 扩 充，营 业 收 入 同 比
增 加28.44% 。
上海妙可蓝多食品科技股份有限公司 2025 年半年度报告摘要 5
报 告 期 内，妙 可 蓝 多 通 过 系 统 化 品 牌 战 略 升 级，成 功 实 现 从 儿 童 奶 酪 向 全 民 奶 酪 的 升 级 跨 越。公 司 不 仅 突
破 传 统 儿 童 及 家 庭 客 群 边 界，触 达 年 轻 消 费 者、运 动 爱 好 者、银 发 人 群 等 更 广 泛 客 群，更 将 消 费 场 景 拓 展
至户外社交、职场零食、餐饮搭配等多元生活空间，完成人群与场景的双重破圈，夯实全民奶酪品牌定位 ；
公 司 以 创 新 营 销 矩 阵 驱 动 增 长 ：借 势 假 日 经 济 打 造 事 件 营 销，持 续 强 化 品 牌 认 知 ；开 展 多 元 营 销，如 联 动
马 拉 松 赛 事 推 广 新 产 品、联 合 专 业 机 构 发 布 奶 酪 研 究 报 告，打 造 营 养 周 专 案 等，加 强 营 养 背 书，拓 展 场 景
与 消 费 的 关 联 性 ；打 造 奶 酪 市 集、精 致 路 演 等 特 色 活 动，培 育 奶 酪 消 费 市 场、传 递 营 养 与 功 能 价 值，以 系
列 动 作 推 进 品 牌 升 级，担 当 品 类 引 领。
公 司 联 动 十 大IP ，多 维 赋 能 品 牌 价 值 升 级 ：借 势 奥 运、世 界 杯、NBA三 大 全 球 顶 级 赛 事，拉 升 品 牌 全 球 视
野与专业高度 ；联动中国田协、足协，通过国家顶级运动队与冠军选手的深度绑定，锚定“冠军品质”认知，
强 化 产 品 营 养 属 性 ；与 中 国 航 天 基 金 会 和 北 京 环 球 度 假 区 深 度 合 作，建 立 品 牌 高 端 定 位 ；更 有 汪 汪 队、小
马 宝 莉、哪 吒 等 儿 童 顶 流IP加 持，深 度 渗 透 家 庭 与 儿 童 核 心 社 交 场 景。
媒介投放坚持长期聚焦策略，持续占位央视、卫视、分众等核心媒体 ；与此同时，公司拥抱市场变化，开拓
爱奇艺等流媒体平台以及抖音、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 牌 第 一 心 智，让“奶 酪 就 选 妙 可 蓝 多”的 品 牌 价 值 诉 求 深 入 人 心。
渠 道 建 设 方 面，针 对C端 零 售 线 下 渠 道，整 合 双 品 牌 的 渠 道 优 势，继 续 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、母 婴、零 食 量 贩、会 员 超 市 等 势
能 渠 道。报 告 期 内，公 司 多 款 定 制 产 品 表 现 亮 眼，赢 得 势 能 渠 道 广 泛 认 可，实 现 了 渠 道 渗 透 与 市 场 反 馈 的
双 向 提 升。
针 对C端 零 售 线 上 渠 道，报 告 期 内 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。“618大 促”期 间，公 司 电 商 全 渠 道 发 力，通 过 多 平 台 营 销 联 动 驱 动 品 效 合 一，儿 童 线、成 人
线 推 新 效 果 明 显，持 续 领 跑 行 业。公 司 大 力 发 展 抖 音、快 手 等 兴 趣 电 商 平 台，积 极 拓 展 美 团 小 象、朴 朴 超
市 等 即 时 零 售 业 态。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 专 业 乳 品 解 决 方 案。
(1) 打 造 供 应 链 全 过 程 管 理 体 系，提 升 全 链 路 管 理 效 率
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。公 司 凭 借 在 奶 酪 领 域 的 自 主 研 发 技 术 积 累，不 断 进 化
适 应 市 场 需 求 的 创 新 能 力 以 及 卓 越 的 产 品 品 质。报 告 期 内，公 司 荣 获 百 胜 中 国 颁 发 的“卓 越 供 应 链 奖”和“金
锅 奖”两 项 荣 誉，并 成 为 首 批“百 胜 和 羹 之 友” 。
(2) 全 面 启 动“极 致 成 本”战 略，打 造 企 业 成 本 护 城 河
公 司 全 面 启 动“极 致 成 本”战 略，将 其 作 为 构 建 核 心 竞 争 力 的 关 键 护 城 河，通 过 覆 盖 研 发、采 购、制 造 等 全
链 条 的 协 同 管 理，推 动 组 织 效 率 与 能 力 升 维。目 前 公 司 已 完 成 战 略 启 动 与 核 心 布 局，引 入 专 业 管 理 模 型，
推 动 各 业 务 板 块 制 定 落 地 措 施，为 战 略 深 化 筑 牢 根 基。
(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ISO9001、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，五 家 工 厂 通 过 清 真 认 证，为 产 品 出 口
做 好 保 障。公 司 继 通 过CNAS评 审 之 后，于 今 年 五 月 份 通 过 了 上 海 市 场 监 督 管 理 局 的CMA资 质 认 定，标 志
着 公 司 在 奶 酪 检 测 领 域 的 专 业 能 力 与 权 威 性 得 到 进 一 步 夯 实，可 以 为 相 关 食 品 企 业 提 供 专 业 检 测 等 服 务。
上海妙可蓝多食品科技股份有限公司 2025 年半年度报告摘要 7
(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，继 续 推 进 全 面 预 算 管 理 信 息 化 和 数 字 营 销 平 台 建 设，全 公 司 层 面 推 广
使 用AI赋 能 业 务、降 本 增 效，助 力 企 业 快 速、高 质 量 发 展。
(5) 推 出 期 权 与 员 工 持 股 计 划，增 强 团 队 凝 聚 力 和 向 心 力
报 告 期 内，公 司 推 出《2025年 股 票 期 权 激 励 计 划》和《2025年 员 工 持 股 计 划》，同 时 设 定 营 业 收 入 与 归 母 净 利
润 为 激 励 计 划 业 绩 考 核 指 标，营 业 收 入 的 稳 健 增 长 和 盈 利 能 力 的 增 强 并 重。公 司 本 次 激 励 计 划 设 定 的 考 核
指 标 具 有 一 定 挑 战 性，一 方 面 有 助 于 提 升 公 司 竞 争 能 力 以 及 调 动 员 工 工 作 积 极 性，另 一 方 面，能 聚 焦 公 司
未 来 发 展 战 略 方 向，保 障 公 司 有 质 量 增 长 和 可 持 续 发 展。
单 位 ：股
截至报告期末股东总数（户） 34,343
截至报告期末表决权恢复的优先股股东总数（户） 0
前10名股东持股情况
持有有限
持股比例 质押、标记或
股东名称 股东性质 持股数量 售条件的
(%) 冻结的股份数量
股份数量
内蒙古蒙牛乳业（集团）股份有限公司 境内非国有法人 36.63 187,569,222 0 无 0
柴琇 境内自然人 14.86 76,103,632 0 质押 76,103,632
国信证券股份有限公司 其他 3.15 16,137,495 0 无 0
上海妙可蓝多食品科技股份有限
其他 无
公司 — 2025年员工持股计划
温美华 境内自然人 1.29 6,619,400 0 无 0
沂源县东里镇集体资产经营管理中心 其他 1.28 6,539,943 0 无 0
吉林省东秀商贸有限公司 境内非国有法人 1.03 5,280,000 0 质押 5,280,000
全国社保基金六零二组合 其他 1.02 5,233,001 0 无 0
亓瑛 境内自然人 0.87 4,441,232 0 无 0
张耀坤 境内自然人 0.78 4,000,000 0 无 0
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
上述股东关联关系或一致行动的说明
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
上海妙可蓝多食品科技股份有限公司 2025 年半年度报告摘要 9
□ 适 用 不 适 用
□ 适 用 不 适 用
□ 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
SECTION I IMPORTANT NOTICE
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/.
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.
fund into share capital during the reporting period resolved and approved by the
Board: Nil.
SECTION II COMPANY PROFILE
Stock profile
Stock abbreviation
Stock type Stock exchange Share abbreviation Stock code
before change
Shanghai Stock
A Share Milkground 600882 Groundshare
Exchange
Contact person and
Secretary to the Board Securities affairs representative
means of contract
Name Xie Yi —
Telephone 021–50188700 —
Office address Jinqiao Road, Pudong New Area, —
Shanghai
Mailbox ir@milkland.com.cn —
Shanghai Milkground Food Tech Co., Ltd. 2025 Interim Report Summary 1
Unit: Yuan Currency: RMB
At the end of previous year Increase or
At the end of the decrease over
reporting period that of the end of
After adjustment Before adjustment
previous year (%)
Total assets 8,548,728,606.18 7,720,899,535.16 7,720,899,535.16 10.72
Net assets
attributable to
shareholders of
the Company
The same period of previous year Increase or
During the decrease over
reporting period After adjustment Before adjustment that of the end of
previous year (%)
Operating income 2,567,164,378.70 2,377,484,828.42 1,922,716,236.64 7.98
Total profit 176,458,879.64 95,157,913.28 98,371,170.86 85.44
Net profit
attributable to
shareholders of
the Company
Net profit
attributable to
shareholders of
the Company 102,449,285.67 56,884,593.60 56,884,593.60 80.10
after deducting
non recurring
profit or loss
Net cash flow from
the operating 235,887,386.72 267,102,884.31 240,491,448.22 –11.69
activities
Weighted average
Increased by 1.48
return on net 2.97 1.49 1.77
percentage points
assets (%)
Basic earnings
per share 0.265 0.142 0.152 86.62
(RMB/share)
Diluted earnings
per share 0.265 0.142 0.152 86.62
(RMB/share)
In the first half of 2025, in line with its three-year development strategy and annual business plan, the
Company actively implemented a series of business initiatives and achieved an operating income of
RMB2,567.1644 million through the dual-wheel drive strategy of TOB and TOC, with the cheese business
showing particularly strong performance at 14.85% year-on-year growth. Meanwhile, the Company
concurrently advanced the implementation of its “extreme cost-efficiency (极致成本)” strategy by carrying out
various cost-reduction and efficiency-enhancement measures. During the reporting period, it achieved the net
profit attributable to shareholders of the Company of RMB132.9701 million, increased significantly by
deducting non-recurring profit or loss reached RMB102.4493 million, increased significantly by 80.10% as
compared with last year. Based on Worldpanel, the market share of the Company’s cheese segment
continued to rank first in the industry steadily.
(I) Operation of main business during the reporting period
The operations of the main business of the Company by products during the reporting period are as
follows:
Unit: RMB0’000
In the first half of 2025 In the first half of 2024 Increase or Increase or
Product decrease in decrease in
Operating Gross profit Operating Gross profit
category Percentage Gross profit Percentage Percentage Gross profit Percentage operating gross profit
revenue margin revenue margin
revenue margin
Decreased by 1.50
Cheese 213,575.63 83.67% 75,859.65 96.52% 35.52% 185,962.94 82.02% 68,845.44 97.61% 37.02% 14.85%
percentage points
Increased by 3.12
Commodity trade 22,961.01 9.00% 1,086.37 1.38% 4.73% 22,143.13 9.77% 357.45 0.51% 1.61% 3.69%
percentage points
Increased by 1.63
Liquid milk 18,726.31 7.34% 1,644.71 2.09% 8.78% 18,609.12 8.21% 1,331.13 1.89% 7.15% 0.63%
percentage points
Decreased by 0.32
Total 255,262.95 100.00% 78,590.73 100.00% 30.79% 226,715.18 100.00% 70,534.02 100.00% 31.11% 12.59%
percentage points
Note: The minor discrepancies between the totals in the above table and the sum of individual items are due to rounding adjustments.
Shanghai Milkground Food Tech Co., Ltd. 2025 Interim Report Summary 3
During the reporting period, the Company’s cheese business achieved revenue of RMB2,135.7563 million,
representing an increase of 14.85% as compared with the corresponding period of the previous year. The
proportion of cheese business revenue in the main operating revenue further increased to 83.67% from
business reported revenues of RMB229.6101 million and RMB187.2631 million, respectively, with their shares
in the main operating revenue decreasing further. The Company is steadily advancing the optimization of its
business structures. The operational quality of its main business is steadily improving, and its structural
layout continues to improve.
Cheese Revenue Share Cheese Revenue Grew YoY and QoQ
Increased YoY in the first half of 2025 in the second quarter of 2025
Unit: RMB0’000
Cheese
Commodity trade 82.02%
Liquid milk
3 3 3 3
The first quarter The second quarter
(II) Major operating measures during the reporting period
The Company has been focusing on innovative product development, leveraging its flagship strategy to
continuously promote brand upgrading and advance potential channel expansion and deep ploughing. By
implementing the “extreme cost-efficiency” strategy, the Company has effectively reduced costs and
enhanced efficiency and its digital transformation have begun to yield results. These initiatives have
contributed to the Company’s continued positive operating results and consolidation of its leading position in
the cheese industry.
The Company has been continuously improving its research and development capabilities, and has
maintained close cooperation with many domestic universities and research institutes to promote product
development and innovation, enrich the product matrix and improve product competitiveness. During the
reporting period, the Company was once again won the First Prize for Technological Progress by China
Dairy Industry Association, with the award-winning project being “Research and application of key
technology and related devices of Mousse cheese”. Milkground Cream Cheese won the “Innovative Product
Award” at the 27th China International Bakery Exhibition. The Company 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.
During the reporting period, in terms of instant nutrition cheese segment, the children’s nutritional cheese
series has established a product matrix encompassing various forms, comprehensively covering children’s
consumption scenarios. For the adult leisure cheese series, new offerings such as Cheese Mini Triangles and
Cloud Cheese have been launched, along with multiple functional cheese products. Simultaneously, the
Company has been continuously broadened the room temperature cheese product category. Cheese Mini
Balls and certain cheese snacks have made their way into bulk snack retail channels. Customized products
have been introduced for membership supermarkets to cater to the consumption scenarios of high-potential
channels. In the aspect of family consumption cheese scenarios, the sales of mozzarella and cheese slices
have continued to grow steadily. Butter has also delivered outstanding performance. Meanwhile, spreadable
cream cheese meets consumers’ needs for pairing with breakfast items like bread and bagels, further
enriching the variety of family consumption cheese products and offering consumers a wider array of
cheese-based culinary delights. In the aspect of catering industry cheese series, there has been a notable
surge in the sales of butter and whipping cream, while natural cheese has also garnered recognition from
major clients. Milkground’s professional cheese division, together with Aishichenxi’s professional dairy
products, are jointly exploring the highly promising B-end market. Based on the insights of cutting-edge
trends in the market, the Company continued to enrich the innovative applications of cheese, launching a
variety of new season-specific products to provide B-end clients with a full range of cheese solutions.
The operating revenue 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 2025 In the first half of 2024 Increase or Increase or
decrease in decrease in
Item Operating Gross profit Operating Gross profit
Percentage Gross profit Percentage Percentage Gross profit Percentage operating gross profit
income margin income margin
revenue margin
Instant nutrition Decreased by 0.49
series percentage points
Family consumption Increased by 1.98
series percentage points
Catering industry Decreased by 0.30
series percentage points
Decreased by 1.50
Total 213,575.63 100.00% 75,859.65 100.00% 35.52% 185,962.94 100.00% 68,845.44 100.00% 37.02% 14.85%
percentage points
In the first half of 2025, the synergy effect of the integration of the dual brands of Milkground and Mengniu
Dairy will be enhanced, and the instant nutrition series, catering industry series, and family consumption
series will achieve operating income of RMB1,083.3711 million, RMB816.3267 million and RMB236.0585
million, respectively, with all three major cheese product lines continued to grow positively. Among them, the
catering industry series relied on the Company’s supply chain and professional service advantages, with a
year-on-year increase in operating income of 36.26%, and the promotion of domestic cheese process also
brought about a continuous increase in gross profit margin. The family consumption series benefited from
the expansion of advantageous items brought about by the deepening of channel cooperation and
integration, marking a 28.44% increase in operating income compared to the previous year.
Shanghai Milkground Food Tech Co., Ltd. 2025 Interim Report Summary 5
During the reporting period, Milkground underwent a systematic upgrade of its brand strategy, successfully
transitioning from children’s cheese products to a comprehensive cheese brand for all consumers. The
Company not only breaks through the boundaries of traditional children’s and family customer groups,
reaches a wider range of customers such as young consumers, sports enthusiasts, and the silver
generation, but also expands the consumption scene to diversified living spaces such as outdoor socializing,
workplace snacks, and catering matching, achieving breakthrough in both consumer demographics and
usage scenarios, thereby solidifying its positioning as a cheese brand for all. The Company drives growth
with an innovative marketing matrix: taking advantage of the holiday economy to create event marketing and
continue to strengthen brand awareness; carry out diversified marketing, such as linking marathon events to
promote new products, jointly publishing cheese research reports with professional institutions, creating
nutrition week projects, etc., to strengthen nutrition endorsement and expand the correlation between
scenarios and consumption; create special activities such as Cheese Market and exquisite roadshows,
cultivate the cheese consumer market, convey nutritional and functional value, promote brand upgrading with
a series of actions, and take on the role of category leadership.
The Company collaborates with the top ten IPs to empower brand value upgrades in multiple dimensions:
taking advantage of the three world’s top events of the Olympics, World Cup and NBA, to enhance the
brand’s global vision and professional height; linkage with the Chinese Athletics Association and the Football
Association, through the deep binding of the country’s top sports teams and champion players, anchor the
cognition of “champion quality” and strengthen the nutritional attributes of products; in-depth cooperation
with China Aerospace Foundation and Universal Beijing Resort to establish high-end brand positioning. There
are also top children’s IPs such as Paw Patrol, My Little Pony, and Nezha, which deeply penetrate the core
social scenes of families and children.
Media placement adheres to the long-term focus strategy, and continues to occupy the core large-screen
media such as CCTV, Satellite TV, and Focus Media. At the same time, the Company embraces market
changes, develops streaming media platforms such as iQiyi and innovative social media models such as
Douyin, Xiaohongshu and WeChat Video Channel, engaging consumers with scenario-based content to
enhance 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.
In terms of channel construction, for the C-end retail offline channel, we integrate the channel advantages of
dual brands, continue to optimise the layout of dealers across the country, and continuously improve the
dealer service system. We continue to intensively cultivate modern channels, improve operational efficiency,
and vigorously develop potential energy channels such as bakery, maternity, snacks specialty retailers, and
membership stores. During the reporting period, a number of the Company’s customized products
performed well, won wide recognition from potential energy channels, and achieved a two-way improvement
in channel penetration and market feedback.
For C-end retail online channel, during the reporting period, the Company laid out online dual brands, and
continued to make extensive deployment on traditional e-commerce platforms such as JD.com, Tmall, and
Pinduoduo, while constantly optimising operational efficiency. During the “618” promotion, the Company
leveraged its full e-commerce channel capabilities, driving the integration of brand impact and sales
effectiveness through cross-platform marketing collaboration. The launches of new products in both the
children’s and adult product lines achieved notable results, maintaining the Company’s leading position in the
industry. The Company also vigorously developed emerging e-commerce platforms such as Tik Tok and
Kuaishou, and actively expanded instant retail business formats including Meituan Xiaoxiang and Pupu
Supermarket. For the B-end catering channel, the Company integrated the product and channel advantages
of the dual brands, continued to promote the transformation and upgrading from a product seller to a
professional dairy servicer, providing customers with one-stop professional dairy solutions with strong
technology and supply chain capabilities.
(1) Building a whole-process management system for the supply chain to improve the efficiency of full-link
management
The Company continued to improve the whole-process management system of the supply chain, realised
full-link management from planning, production and sales, and further improved the efficiency of supply chain
management through digital intelligence upgrading, laying a solid foundation for the Company’s cost
reduction and efficiency improvement. Leveraging its accumulated independent research and development
technology in the cheese sector, the Company continuously enhances its innovative capabilities to meet
market demands while maintaining exceptional product quality. During the reporting period, the Company
was honored with two awards from YumChina, namely the “Excellence in Supply Chain Award (卓 越 供 应 链
奖)” and the “Golden Pot Award (金锅奖)”, and was also recognized as one of the first “YumChina Strategic
Supply Chain Partners (百 胜 和 羹 之 友)”.
(2) Fully launching the “extreme cost-efficiency (极致成本)” strategy to build a cost moat for the enterprise
The Company has fully launched its “extreme cost-efficiency (极致成本)” strategy as a key moat for building
core competitiveness. Through collaborative management covering the entire chain, including research and
development, procurement, and manufacturing, the Company has promoted the upgrading of organisational
efficiency and capabilities. The Company has now completed strategic initiation and core layout, introducing
specialized management models to promote each business unit in formulating and implementing measures,
thereby solidifying the foundation for further strategic deepening.
(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 ISO9001, FSSC22000, HACCP and other quality management
systems, among which two factories continue to run the integrity management system certification, and five
factories have passed the Halal certification, ensuring the products are well-prepared for export. Following
CNAS accreditation assessment, the Company obtained CMA accreditation from the Shanghai Market
Supervision Bureau in May this year, marking a further consolidation of its professional expertise and
authority in the field of cheese testing and enabling it to provide professional testing and other services to
relevant food enterprises.
Shanghai Milkground Food Tech Co., Ltd. 2025 Interim Report Summary 7
(4) Constantly promoting the construction of “Digital Intelligence Milkground”, and improving operational
efficiency
The Company continued to promote the work related to “Digital Intelligence Milkground”, and continued to
advance the comprehensive budget management informatization and the construction of digital marketing
platform. The Company promoted the AI-powered business applications to reduce costs and enhance
efficiency, and helped enterprises develop rapidly and with high quality.
(5) Launching stock options and employee stock ownership scheme to enhance team cohesion and unity
During the reporting period, the Company launched the “2025 Stock Option Incentive Scheme” and the
“2025 Employee Stock Ownership Scheme”, setting operating income and net profit attributable to the
parent as performance evaluation indicators for the incentive plans, with equal emphasis on steady growth in
operating income and enhanced profitability. The performance indicators set under the Company’s current
incentive plans are designed with a certain degree of challenge, which, on one hand, helps enhance the
Company’s competitiveness and motivate employee engagement, while on the other hand, aligns with the
Company’s future strategic development priorities to ensure high-quality growth and sustainable
development.
Unit: Share
Total number of shareholders as at the end of the reporting period (individual) 34,343
Total number of holders of preference shares with voting rights restored as at the end of
the reporting period (individual)
Shareholding of top ten shareholders
Number of Number of shares
Nature of Shareholding Number of
Name of shareholders restricted pledged, marked or
shareholder ratio (%) shares held
shares held frozen
Domestic
Inner Mongolia Mengniu Dairy (Group)
non-state-
Company Limited (内蒙古蒙牛乳业 36.63 187,569,222 0 Nil 0
（集团）股份有限公司)
owned legal
person
Domestic natural
Chai Xiu (柴琇) 14.86 76,103,632 0 Pledged 76,103,632
person
Guosen Securities Co., Ltd. Other 3.15 16,137,495 0 Nil 0
Shanghai Milkground Food Tech Co.,
Ltd.– 2025 Employee Stock Other 1.56 8,000,000 0 Nil 0
Ownership Scheme
Domestic natural
Wen Meihua (温美华) 1.29 6,619,400 0 Nil 0
person
Collective Assets Management Center in
Dongli Town of Yiyuan County (沂源 Other 1.28 6,539,943 0 Nil 0
县东里镇集体资产经营管理中心)
Domestic
Jilin Dongxiu Trade Co., Ltd. (吉林省东 non-state-
秀商贸有限公司)
owned legal
person
National Social Security Fund Portfolio
Other 1.02 5,233,001 0 Nil 0
Domestic natural
Qi Ying (亓瑛) 0.87 4,441,232 0 Nil 0
person
Domestic natural
Zhang Yaokun (张耀坤) 0.78 4,000,000 0 Nil 0
person
Dongxiu Trade is actually controlled by Ms. Chai Xiu. Save as the
Explanation of associations or actions in concert among the
aforementioned connection, the Company is not aware of the existence
above shareholders
of any connections of the top ten shareholder.
Explanation on holders of preference shares with voting rights
N/A
restored and their shareholding
Shanghai Milkground Food Tech Co., Ltd. 2025 Interim Report Summary 9
of Preference Shares as at the End of the Reporting Period
□ Applicable Not applicable
□ Applicable Not applicable
□ Applicable Not applicable
SECTION III SIGNIFICANT EVENTS
The Company shall, based on the principle of materiality, disclose the material changes in the Company’s
operating conditions during the reporting period, and matters occurred during the reporting period that have
had and are expected to have a significant impact on the Company’s operations in the future.
□ Applicable Not applicable
本 报 告 同 时 提 供 中 文 版 与 英 文 版，若 两 版 本 间 存
在 任 何 差 异 或 不 一 致 之 处，概 以 中 文 版 之 内 容 作
为 最 终 解 释 与 参 考 依 据。
The Chinese language and English language
versions of this report are being provided. In case
of any discrepancies or inconsistency between the
two versions of this report, the contents of the
Chinese version shall be the final interpretation
and reference.
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