2025
半年度報告中英文雙語版
2025年半年度报告摘要第一节 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 本公司董事会及董事、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—电话021–50188700—办公地址
上海市浦东新区金桥路1398号金台大厦10楼
—电子信箱ir@milkland.com.cn—
2025半年度報告中英文雙語版
2025年半年度报告摘要
2.2 主要财务数据
单位：元 币种：人民币本报告期末
上年度末
本报告期末比上年度末增减(%)调整后调整前总资产8,548,728,606.187,720,899,535.167,720,899,535.1610.72归属于上市公司股东的净资产
4,560,886,298.814,409,235,955.264,409,235,955.263.44
本报告期
上年同期
本报告期比上年同期增减(%)调整后调整前营业收入2,567,164,378.702,377,484,828.421,922,716,236.647.98利润总额176,458,879.6495,157,913.2898,371,170.8685.44归属于上市公司股东的净利润
132,970,122.0571,387,521.5576,778,291.2486.27归属于上市公司股东的扣除非经常性损益的净利润
102,449,285.6756,884,593.6056,884,593.6080.10经营活动产生的现金流量净额
235,887,386.72267,102,884.31240,491,448.22–
11.69
加权平均净资产收益率(%)
2.971.491.77增加1.48个百分点基本每股收益（元╱股）
0.2650.1420.15286.62稀释每股收益（元╱股）
0.2650.1420.15286.62
2025年半年度报告摘要
2.3 经营情况的讨论与分析
2025年上半年，公司依据三年发展战略和年度经营规划，通过TOB和TOC双轮驱动战略的实施，积极部署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
2025年上半年2024年上半年业务收入变动
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213,575.6383.67%75,859.6596.52%35.52%185,962.9482.02%68,845.4497.61%37.02%14.85%减少1.50个百分点贸易22,961.019.00%1,086.371.38%4.73%22,143.139.77%357.450.51%1.61%3.69%增加3.12个百分点液态奶18,726.317.34%1,644.712.09%8.78%18,609.128.21%1,331.131.89%7.15%0.63%增加1.63个百分点合计255,262.95100.00%78,590.73100.00%30.79%226,715.18100.00%70,534.02100.00%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。
2025年半年度报告摘要报告期内，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18,726.31万元，占主营业务收入比例进一步下降。公司稳步推进业务结构优化，主营业务经营质量稳步提升，结构布局持续向好。
2025年上半年奶酪收入占比较去年同期提升二季度奶酪收入同比环比持续增长
7.34%
9.00%
8.21%
9.77%
83.67%
82.02%
80,00060,00040,00020,000
| |
（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。
1、 产品创新
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。
2025年半年度报告摘要报告期内，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
2025年上半年2024年上半年业务收入变动
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
108,337.1150.73%51,857.9868.36%47.87%107,673.1957.90%52,065.7175.63%48.36%0.62%减少0.49个百分点餐饮工业
系列
81,632.6738.22%17,387.8622.92%21.30%59,910.8732.22%11,574.5716.81%19.32%36.26%增加1.98个百分点家庭餐桌
系列
23,605.8511.05%6,613.818.72%28.02%18,378.879.88%5,205.177.56%28.32%28.44%减少0.30个百分点合计213,575.63100.00%75,859.65100.00%35.52%185,962.94100.00%68,845.44100.00%37.02%14.85%减少1.50个百分点2025年上半年，妙可蓝多与蒙牛奶酪双品牌融合协同效应增强，即食营养系列、餐饮工业系列、家庭餐桌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%。
2025年半年度报告摘要
2、 品牌引领
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。
3、 渠道精耕
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。
2025年半年度报告摘要针对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。
4、 管理提效
(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。
2025年半年度报告摘要
(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。
2025年半年度报告摘要
2.4 前10名股东持股情况表
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名股东持股情况股东名称股东性质
持股比例(%)
持股数量
持有有限售条件的股份数量
质押、标记或冻结的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36.63187,569,2220无0柴琇境内自然人14.8676,103,6320质押76,103,632国信证券股份有限公司其他3.1516,137,4950无0上海妙可蓝多食品科技股份有限公司— 2025年员工持股计划
其他1.568,000,0000无0温美华境内自然人1.296,619,4000无0沂源县东里镇集体资产经营管理中心其他1.286,539,9430无0吉林省东秀商贸有限公司境内非国有法人1.035,280,0000质押5,280,000全国社保基金六零二组合其他1.025,233,0010无0亓瑛境内自然人0.874,441,2320无0张耀坤境内自然人0.784,000,0000无0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
2025年半年度报告摘要
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
Shanghai Milkground Food Tech Co., Ltd.2025 Interim Report Summary
2025 Interim Report SummarySECTION 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 andfuture development planning of the Company, investors should read carefully the fulltext 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 directors and senior management of the
Company warrant that there are no false representations or misleading statementscontained in, or material omissions from, this interim report; and jointly andseverally accept full responsibility for the truthfulness, accuracy and completenessof 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 theBoard: Nil.SECTION II COMPANY PROFILE
2.1 Company Profile
Stock profileStock typeStock exchangeShare abbreviationStock code
Stock abbreviationbefore changeA Share
Shanghai StockExchange
Milkground600882GroundshareContact person and
means of contract
Secretary to the BoardSecurities affairs representativeNameXie Yi—Telephone021–50188700—Office address
10/F, Jintai Building, No. 1398,Jinqiao Road, Pudong New Area,Shanghai
—Mailboxir@milkland.com.cn—
2025半年度報告
中英文雙語版
Shanghai Milkground Food Tech Co., Ltd.2025 Interim Report Summary
2025 Interim Report Summary
2.2 Major Financial Data
Unit: Yuan Currency: RMBAt the end of thereporting period
At the end of previous year
Increase ordecrease overthat of the end ofprevious year (%)After adjustmentBefore adjustmentTotal assets8,548,728,606.187,720,899,535.167,720,899,535.1610.72Net assetsattributable toshareholders ofthe Company
4,560,886,298.814,409,235,955.264,409,235,955.263.44
During thereporting period
The same period of previous year
Increase ordecrease overthat of the end ofprevious year (%)After adjustmentBefore adjustmentOperating income2,567,164,378.702,377,484,828.421,922,716,236.647.98Total profit176,458,879.6495,157,913.2898,371,170.8685.44Net profitattributable toshareholders ofthe Company
132,970,122.0571,387,521.5576,778,291.2486.27Net profitattributable toshareholders ofthe Companyafter deductingnon recurringprofit or loss
102,449,285.6756,884,593.6056,884,593.6080.10
Net cash flow from
the operatingactivities
235,887,386.72267,102,884.31240,491,448.22–
11.69
Weighted averagereturn on netassets (%)
2.971.491.77
Increased by 1.48percentage pointsBasic earningsper share(RMB/share)
0.2650.1420.15286.62Diluted earningsper share(RMB/share)
0.2650.1420.15286.62
Shanghai Milkground Food Tech Co., Ltd.2025 Interim Report Summary
2025 Interim Report Summary
2.3 Discussion and Analysis on Operation
In the first half of 2025, in line with its three-year development strategy and annual business plan, theCompany actively implemented a series of business initiatives and achieved an operating income ofRMB2,567.1644 million through the dual-wheel drive strategy of TOB and TOC, with the cheese businessshowing particularly strong performance at 14.85% year-on-year growth. Meanwhile, the Companyconcurrently advanced the implementation of its “extreme cost-efficiency (极致成本)” strategy by carrying outvarious cost-reduction and efficiency-enhancement measures. During the reporting period, it achieved the netprofit attributable to shareholders of the Company of RMB132.9701 million, increased significantly by
86.27% as compared with last year and the net profit attributable to shareholders of the Company after
deducting non-recurring profit or loss reached RMB102.4493 million, increased significantly by 80.10% ascompared with last year. Based on Worldpanel, the market share of the Company’s cheese segmentcontinued to rank first in the industry steadily.(I) Operation of main business during the reporting periodThe operations of the main business of the Company by products during the reporting period are asfollows:
Unit: RMB0’000Productcategory
In the first half of 2025In the first half of 2024Increase or
decrease inoperatingrevenue
Increase ordecrease ingross profit
margin
Operatingrevenue
PercentageGross profitPercentage
Gross profit
margin
Operatingrevenue
PercentageGross profitPercentage
Gross profit
margin
Cheese213,575.6383.67%75,859.6596.52%35.52%185,962.9482.02%68,845.4497.61%37.02%14.85%
Decreased by 1.50percentage pointsCommodity trade22,961.019.00%1,086.371.38%4.73%22,143.139.77%357.450.51%1.61%3.69%
Increased by 3.12percentage pointsLiquid milk18,726.317.34%1,644.712.09%8.78%18,609.128.21%1,331.131.89%7.15%0.63%
Increased by 1.63percentage pointsTotal255,262.95100.00%78,590.73100.00%30.79%226,715.18100.00%70,534.02100.00%31.11%12.59%
Decreased by 0.32percentage 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
2025 Interim Report Summary
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. Theproportion of cheese business revenue in the main operating revenue further increased to 83.67% from
82.02% in the corresponding period of the previous year. The commodity trade business and liquid milk
business reported revenues of RMB229.6101 million and RMB187.2631 million, respectively, with their sharesin the main operating revenue decreasing further. The Company is steadily advancing the optimization of itsbusiness structures. The operational quality of its main business is steadily improving, and its structurallayout continues to improve.
Cheese Revenue ShareIncreased YoY in the first half of 2025
Cheese Revenue Grew YoY and QoQ
in the second quarter of 2025
7.34%
9.00%
CheeseCommodity tradeLiquid milk
8.21%
9.77%
83.67%
82.02%
80,00060,00040,00020,000
3333
| Unit: RMB0’000The first quarterThe second quarter |
(II) Major operating measures during the reporting periodThe Company has been focusing on innovative product development, leveraging its flagship strategy tocontinuously promote brand upgrading and advance potential channel expansion and deep ploughing. Byimplementing the “extreme cost-efficiency” strategy, the Company has effectively reduced costs andenhanced efficiency and its digital transformation have begun to yield results. These initiatives havecontributed to the Company’s continued positive operating results and consolidation of its leading position inthe 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. During thereporting period, the Company was once again won the First Prize for Technological Progress by ChinaDairy Industry Association, with the award-winning project being “Research and application of keytechnology and related devices of Mousse cheese”. Milkground Cream Cheese won the “Innovative ProductAward” at the 27th China International Bakery Exhibition. The Company has been committed to aconsumer-centric approach, consistently driving product innovation, enhancing its cheese product portfolio,and further solidifying its leadership in the cheese industry.
Shanghai Milkground Food Tech Co., Ltd.2025 Interim Report Summary
2025 Interim Report SummaryDuring the reporting period, in terms of instant nutrition cheese segment, the children’s nutritional cheeseseries has established a product matrix encompassing various forms, comprehensively covering children’sconsumption scenarios. For the adult leisure cheese series, new offerings such as Cheese Mini Triangles andCloud Cheese have been launched, along with multiple functional cheese products. Simultaneously, theCompany has been continuously broadened the room temperature cheese product category. Cheese MiniBalls and certain cheese snacks have made their way into bulk snack retail channels. Customized productshave been introduced for membership supermarkets to cater to the consumption scenarios of high-potentialchannels. In the aspect of family consumption cheese scenarios, the sales of mozzarella and cheese sliceshave continued to grow steadily. Butter has also delivered outstanding performance. Meanwhile, spreadablecream cheese meets consumers’ needs for pairing with breakfast items like bread and bagels, furtherenriching the variety of family consumption cheese products and offering consumers a wider array ofcheese-based culinary delights. In the aspect of catering industry cheese series, there has been a notablesurge in the sales of butter and whipping cream, while natural cheese has also garnered recognition frommajor clients. Milkground’s professional cheese division, together with Aishichenxi’s professional dairyproducts, are jointly exploring the highly promising B-end market. Based on the insights of cutting-edgetrends in the market, the Company continued to enrich the innovative applications of cheese, launching avariety 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 segmentduring the reporting period are as follows:
Unit: RMB0’000Item
In the first half of 2025In the first half of 2024Increase or
decrease inoperatingrevenue
Increase ordecrease ingross profitmarginOperatingincomePercentageGross profitPercentage
Gross profitmargin
OperatingincomePercentageGross profitPercentage
Gross profitmarginInstant nutritionseries
108,337.1150.73%51,857.9868.36%47.87%107,673.1957.90%52,065.7175.63%48.36%0.62%
Decreased by 0.49percentage pointsFamily consumption
series
81,632.6738.22%17,387.8622.92%21.30%59,910.8732.22%11,574.5716.81%19.32%36.26%
Increased by 1.98percentage pointsCatering industryseries
23,605.8511.05%6,613.818.72%28.02%18,378.879.88%5,205.177.56%28.32%28.44%
Decreased by 0.30percentage pointsTotal213,575.63100.00%75,859.65100.00%35.52%185,962.94100.00%68,845.44100.00%37.02%14.85%
Decreased by 1.50percentage points
In the first half of 2025, the synergy effect of the integration of the dual brands of Milkground and MengniuDairy will be enhanced, and the instant nutrition series, catering industry series, and family consumptionseries will achieve operating income of RMB1,083.3711 million, RMB816.3267 million and RMB236.0585million, respectively, with all three major cheese product lines continued to grow positively. Among them, thecatering industry series relied on the Company’s supply chain and professional service advantages, with ayear-on-year increase in operating income of 36.26%, and the promotion of domestic cheese process alsobrought about a continuous increase in gross profit margin. The family consumption series benefited fromthe expansion of advantageous items brought about by the deepening of channel cooperation andintegration, marking a 28.44% increase in operating income compared to the previous year.
Shanghai Milkground Food Tech Co., Ltd.2025 Interim Report Summary
2025 Interim Report Summary
2. Brand leadership
During the reporting period, Milkground underwent a systematic upgrade of its brand strategy, successfullytransitioning from children’s cheese products to a comprehensive cheese brand for all consumers. TheCompany 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 silvergeneration, 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 andusage scenarios, thereby solidifying its positioning as a cheese brand for all. The Company drives growthwith an innovative marketing matrix: taking advantage of the holiday economy to create event marketing andcontinue to strengthen brand awareness; carry out diversified marketing, such as linking marathon events topromote new products, jointly publishing cheese research reports with professional institutions, creatingnutrition week projects, etc., to strengthen nutrition endorsement and expand the correlation betweenscenarios 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 witha 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 thebrand’s global vision and professional height; linkage with the Chinese Athletics Association and the FootballAssociation, through the deep binding of the country’s top sports teams and champion players, anchor thecognition of “champion quality” and strengthen the nutritional attributes of products; in-depth cooperationwith China Aerospace Foundation and Universal Beijing Resort to establish high-end brand positioning. Thereare also top children’s IPs such as Paw Patrol, My Little Pony, and Nezha, which deeply penetrate the coresocial scenes of families and children.Media placement adheres to the long-term focus strategy, and continues to occupy the core large-screenmedia such as CCTV, Satellite TV, and Focus Media. At the same time, the Company embraces marketchanges, develops streaming media platforms such as iQiyi and 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.
3. Intensive channel cultivation
In terms of channel construction, for the C-end retail offline channel, we integrate the channel advantages ofdual brands, continue to optimise the layout of dealers across the country, and continuously improve thedealer 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, andmembership stores. During the reporting period, a number of the Company’s customized productsperformed well, won wide recognition from potential energy channels, and achieved a two-way improvementin channel penetration and market feedback.
Shanghai Milkground Food Tech Co., Ltd.2025 Interim Report Summary
2025 Interim Report SummaryFor C-end retail online channel, during the reporting period, the Company laid out online dual brands, andcontinued to make extensive deployment on traditional e-commerce platforms such as JD.com, Tmall, andPinduoduo, while constantly optimising operational efficiency. During the “618” promotion, the Companyleveraged its full e-commerce channel capabilities, driving the integration of brand impact and saleseffectiveness through cross-platform marketing collaboration. The launches of new products in both thechildren’s and adult product lines achieved notable results, maintaining the Company’s leading position in theindustry. The Company also vigorously developed emerging e-commerce platforms such as Tik Tok andKuaishou, and actively expanded instant retail business formats including Meituan Xiaoxiang and PupuSupermarket. For the B-end catering channel, the Company integrated the product and channel advantagesof the dual brands, continued to promote the transformation and upgrading from a product seller to aprofessional dairy servicer, providing customers with one-stop professional dairy solutions with strongtechnology and supply chain capabilities.
4. Management Efficiency Improvement
(1) Building a whole-process management system for the supply chain to improve the efficiency of full-link
managementThe Company continued to improve the whole-process management system of the supply chain, realisedfull-link management from planning, production and sales, and further improved the efficiency of supply chainmanagement through digital intelligence upgrading, laying a solid foundation for the Company’s costreduction and efficiency improvement. Leveraging its accumulated independent research and developmenttechnology in the cheese sector, the Company continuously enhances its innovative capabilities to meetmarket demands while maintaining exceptional product quality. During the reporting period, the Companywas 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 StrategicSupply 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 buildingcore competitiveness. Through collaborative management covering the entire chain, including research anddevelopment, procurement, and manufacturing, the Company has promoted the upgrading of organisationalefficiency and capabilities. The Company has now completed strategic initiation and core layout, introducingspecialized 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 managementsystems, among which two factories continue to run the integrity management system certification, and fivefactories have passed the Halal certification, ensuring the products are well-prepared for export. FollowingCNAS accreditation assessment, the Company obtained CMA accreditation from the Shanghai MarketSupervision Bureau in May this year, marking a further consolidation of its professional expertise andauthority in the field of cheese testing and enabling it to provide professional testing and other services torelevant food enterprises.
Shanghai Milkground Food Tech Co., Ltd.2025 Interim Report Summary
2025 Interim Report Summary
(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 continued toadvance the comprehensive budget management informatization and the construction of digital marketingplatform. The Company promoted the AI-powered business applications to reduce costs and enhanceefficiency, 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 theparent as performance evaluation indicators for the incentive plans, with equal emphasis on steady growth inoperating income and enhanced profitability. The performance indicators set under the Company’s currentincentive plans are designed with a certain degree of challenge, which, on one hand, helps enhance theCompany’s competitiveness and motivate employee engagement, while on the other hand, aligns with theCompany’s future strategic development priorities to ensure high-quality growth and sustainabledevelopment.
Shanghai Milkground Food Tech Co., Ltd.2025 Interim Report Summary
2025 Interim Report Summary
2.4 Shareholding of Top Ten Shareholders
Unit: ShareTotal number of shareholders as at the end of the reporting period (individual)34,343Total number of holders of preference shares with voting rights restored as at the end of
the reporting period (individual)
Shareholding of top ten shareholdersName of shareholders
Nature ofshareholder
Shareholdingratio (%)
Number ofshares held
Number ofrestrictedshares held
Number of sharespledged, marked orfrozenInner Mongolia Mengniu Dairy (Group)
Company Limited (内蒙古蒙牛乳业（集团）股份有限公司)
Domesticnon-state-owned legalperson
36.63187,569,2220Nil0Chai Xiu (柴琇)
Domestic naturalperson
14.8676,103,6320Pledged76,103,632Guosen Securities Co., Ltd.Other3.1516,137,4950Nil0Shanghai Milkground Food Tech Co.,Ltd.–2025 Employee StockOwnership Scheme
Other1.568,000,0000Nil0Wen Meihua (温美华)
Domestic naturalperson
1.296,619,4000Nil0Collective Assets Management Center inDongli Town of Yiyuan County (沂源县东里镇集体资产经营管理中心)
Other1.286,539,9430Nil0Jilin Dongxiu Trade Co., Ltd. (吉林省东秀商贸有限公司)
Domesticnon-state-owned legalperson
1.035,280,0000Pledged5,280,000National Social Security Fund Portfolio
602 (全国社保基金六零二组合)
Other1.025,233,0010Nil0Qi Ying (亓瑛)
Domestic natural
person
0.874,441,2320Nil0Zhang Yaokun (张耀坤)
Domestic naturalperson
0.784,000,0000Nil0Explanation of associations or actions in concert among the
above shareholders
Dongxiu Trade is actually controlled by Ms. Chai Xiu. Save as theaforementioned connection, the Company is not aware of the existenceof any connections of the top ten shareholder.Explanation on holders of preference shares with voting rightsrestored and their shareholding
N/A
Shanghai Milkground Food Tech Co., Ltd.2025 Interim Report Summary
2025 Interim Report Summary
2.5 Total Number of Holders of Preference Shares and Information on Top Ten Holders
of Preference Shares as at the End of the Reporting Period
□ Applicable ? Not applicable
2.6 Change in the Controlling Shareholder or the De Facto Controller
□ Applicable ? Not applicable
2.7 Bonds Subsisting on the Date of Approval of the Interim Report
□ Applicable ? Not applicable
SECTION III SIGNIFICANT EVENTS
The Company shall, based on the principle of materiality, disclose the material changes in the Company’soperating conditions during the reporting period, and matters occurred during the reporting period that havehad 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 languageversions of this report are being provided. In caseof any discrepancies or inconsistency between thetwo versions of this report, the contents of theChinese version shall be the final interpretationand reference.