Research Express | Meco Blue Multi-Party Institutions Conduct Surveys Focus on Cheese Segment Revenue Accounts for Over 82% Accelerating Domestic Substitution

On March 26, Shanghai Maccabee Dairy Foods Technology Co., Ltd. (hereinafter referred to as “Maccabee Dairy Foods”) held its 2025 annual performance briefing, attracting multiple institutional investors to participate. The company’s executive leadership team engaged in in-depth communication with investors on core issues such as strategic focus, business structure, cost control, and industry competition, sending important signals including continued deepening in the cheese category, accelerating domestic substitution, and achieving coordinated development empowered by Mengniu.

Basic Information About the Performance Briefing

Key Takeaway: Strategic Focus on the Cheese Sector; Revenue Share Rises to 82.37%

At the meeting, the company clearly stated that it will treat “continuously focusing on the cheese sector” as a long-term strategic direction. The data shows that in 2025, Maccabee Dairy Foods’ cheese business recorded revenue of RMB 461,522.73 million, up 22.84% year over year. The revenue share increased from 80.12% in 2024 further to 82.37%, becoming the core growth engine.

For non-cheese businesses, the company will optimize according to the approach of “shrinking non-core operations while coordinating the main business”: the trading business will focus on trading cheese raw materials and auxiliary ingredients; the liquid milk business will gradually be scaled back, with resources concentrated to strengthen advantages across the entire cheese industry chain. Backed by Mengniu’s empowerment from Inner Mongolia and the “13434” cheese ecosystem strategy, the company will leverage cheese, milk fat, and whey—the three major product categories—using a two-wheel-drive model on the BC side and overseas expansion through M&A as the growth engines, to consolidate its leading position in the industry.

B-side Domestic Substitution Accelerates; Original-Recipe Cheese Gains Recognition from Top-Tier Customers

Regarding the B-side competitive advantage questions investors focused on, the company said that geopolitical conflicts and anti-subsidy tax policies have accelerated the process of substituting cheese imports. Leveraging advantages in domestically produced raw milk and local supply chains, the company’s original-recipe products such as mozzarella and mascarpone are more competitively priced than imported products from New Zealand and Australia, and have stronger supply stability. These products have already been recognized by top-tier catering customers such as Yum! (Yum Brands).

According to financial data, in 2025 the company’s cheese business gross margin was 33.81%. Although it fell slightly due to changes in business mix and channel expansion, it has overall remained at a relatively strong level. The company plans to further control costs and steadily improve gross margin by leveraging the raw milk and supply chain advantages of its controlling shareholder, Mengniu Inner Mongolia, and combining supply-chain trading for comprehensive balance.

Technological Innovation Builds Barriers; New Products Are Expected to Be a Growth Hotspot

In terms of product differentiation, the company is building competitive moats through technological innovation. Focusing on growth nutrition, dietary nutrition, sports nutrition, and functional nutrition, the company is increasing R&D investment and has already developed multiple new products with unique competitive strengths. Among them, original-recipe mozzarella aligns with catering needs; versatile cheese slices fit household scenarios; and after Jiejiegao was launched, market feedback has been strong, with sales continuing to grow—each has the potential to become a bestseller.

In 2025, the “cheese flavor synergy efficiency improvement mechanism” project that the company participated in research won the Technology Progress Award from the China Dairy Products Industry Association. The company’s new cheese triangle product was selected for “2025 Shanghai featured tourism foods,” and the company’s R&D strength was further recognized by the industry.

Mengniu Increases Its Stake to 37.77%; Synergy Effects Accelerate Release

The announcement shows that Mengniu has completed its shareholding increase plan for Maccabee Dairy Foods. It cumulatively increased its holdings by 5.1005 million shares (accounting for 1.00% of total share capital), bringing its ownership ratio to 37.77%. The company said that Mengniu will, based on the “One Body, Two Wings” strategy, further enhance empowerment in areas such as raw milk and the supply chain, deepening professional complementarity and coordinated development.

In terms of capacity planning, in 2025 the company’s cheese production capacity reached 253,333.03 tons per year, up 5.98% year over year. Investments in the Shanghai and Jilin raised-investment projects have exceeded 80%, and some production lines have already been put into operation. The Changchun project entered the trial production stage in January 2026, providing capacity support for business expansion.

Binding to the FIFA World Cup IP; 2026 Performance Expected to Continue Growing

As the 2026 FIFA World Cup global official cheese, Maccabee Dairy Foods plans to leverage top-tier sports IP to strengthen brand mindshare, launching customized new products such as Jiejiegao and versatile cheese slices, covering viewing-in-the-stands scenarios. The company expects that this cooperation will significantly enhance the brand’s global influence, driving C-end consumption among families and younger groups, while also expanding B-end business and contributing positively to 2026 performance.

Cash Flow and Dividend Issues: Focus on the Main Business to Improve Profitability

Regarding the free cash flow and dividend issues investors are concerned about, the company said that over the past three years, operating cash flow has continued to improve and has remained positive. In the future, the company will improve revenue and profitability through category innovation and channel penetration. Because the parent company’s accumulated undistributed profits are currently negative, it does not meet the conditions for cash dividend payments at present, but it will repay shareholders with performance that continues to grow.

Looking ahead, Maccabee Dairy Foods will continue to deepen its “consumer-oriented” operating philosophy. Relying on technological innovation and advantages across the entire industry chain, in the context of accelerated domestic substitution in the cheese industry, the company will consolidate its leading position and drive long-term value growth.

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