Miaoke Lando's profits surge dramatically; the cheese industry's leading stock has made a comeback?

Ask AI · How MENGNIU’s Empowerment Can Support Miaoke Lando’s Strategic Upgrade?

Produced by | China Visitor Network

Reviewed by | Li Xiaoyan

From “dairy gold” to a regular on the national dining table, China’s cheese market has rapidly risen amid the consumer upgrade wave. As the absolute leader in the domestic cheese sector, Miaoke Lando (600882.SH) once quickly topped the charts with its children’s cheese sticks, but also fell into a dual dilemma of price wars and marketing battles amid industry competition. By 2025, the company delivered impressive results with both revenue and profit increasing, with non-recurring net profit soaring by 235.94% year-on-year, confirming the strong recovery of its core cheese business and signaling a positive shift away from price wars toward high-quality growth. Despite short-term disruptions caused by management changes and legacy issues, under the deep empowerment and strategic upgrade driven by MENGNIU, this “cheese first stock” is entering a new development cycle.

In 2025, Miaoke Lando achieved a total operating revenue of 8B yuan, a year-on-year increase of 16.29%, breaking the 5 billion yuan mark for the first time; net profit attributable to the parent was 118 million yuan, up 4.29%; non-recurring net profit attributable to the parent was 158 million yuan, a significant increase of 235.94% year-on-year, with operational quality markedly improved. This achievement not only reversed the decline in revenue in 2024 but also set the best performance in nearly three years, becoming a growth benchmark in the dairy subdivision.

Looking at the business structure, cheese as the core growth engine continued to exert effort, achieving revenue of 5.63B yuan, up 22.03% year-on-year, accounting for 82.37% of total revenue, further consolidating its leading position. According to Worldpanel consumer index data, in 2025 Miaoke Lando’s market share in China’s packaged cheese brand sales exceeded 38%, with its three core categories—cheese sticks, mozzarella, and cheese slices—ranking first in their segments, maintaining industry leadership.

Quarterly data shows the company’s performance accelerating each quarter, with revenue reaching 4.62B yuan in the fourth quarter, a surge of 34.13% year-on-year, setting a quarterly revenue record. Although quarterly net profit attributable to the parent showed a loss due to non-recurring gains and losses, non-recurring net profit turned profitable, reaching 37.89 million yuan, up 347.78% year-on-year, fully demonstrating the substantive improvement in main business profitability.

Cost optimization is a key signal of the company’s departure from price wars. In 2025, Miaoke Lando’s sales expense ratio decreased by 1.27 percentage points to 17.76%, and management expense ratio decreased by 0.4 percentage points to 5.15%, with significant efficiency improvements. This indicates the company has shifted from the previous “high investment for growth” extensive model to a “refined operation to improve efficiency” high-quality development path, with continuous recovery of profitability.

Facing intensified industry competition and reliance on a single category, Miaoke Lando is accelerating its strategic transformation under MENGNIU’s empowerment, clearly proposing a “C-end + B-end dual-drive + M&A and overseas expansion” development strategy, upgrading from a “children’s cheese stick expert” to a “provider of full-scenario cheese solutions.”

On the C-end, the company takes children’s cheese sticks as its base, continuously expanding consumption scenarios for all ages. On one hand, it consolidates its advantage in the children’s market through star endorsements and IP collaborations; on the other hand, it launches new products such as small cheese triangles, cheese slices, and spreadable cheese, penetrating adult leisure and family dining scenes, enriching its product matrix. In 2025, revenue from the family dining series of cheese saw high growth, with mozzarella and cheese slices sales continuing to rise, effectively breaking the “children’s snack” label.

B-end business has become a new growth pole, showing strong explosive power. In 2025, Miaoke Lando’s catering industrial channel revenue grew by 36.26% year-on-year, becoming a core supplier for top chain restaurant brands like Yum China, and winning industry awards such as the “Excellent Supply Chain Award” and “Golden Pot Award.” Leveraging MENGNIU’s supply chain advantages, the company quickly entered sectors like baking, tea drinks, coffee, and Western fast food, providing customized cheese raw materials, opening up a trillion-level catering market growth space.

Product innovation and R&D investment are also increasing in tandem, injecting momentum for long-term development. In 2025, the company invested 50.76 million yuan in R&D, with multiple achievements winning industry awards. Innovations like “Mousse Cheese Key Technology” continuously upgrade product strength. Meanwhile, the company accelerates domestic substitution of raw materials and auxiliary materials, relying on MENGNIU’s upstream milk source advantages to effectively reduce costs and further enhance market competitiveness.

In January 2026, Miaoke Lando completed a major management adjustment, with founder Chai Xiu stepping down as general manager, and MENGNIU executive Kua Yulong taking over, marking the company’s official entry into the “MENGNIU era.” This adjustment not only optimized corporate governance but also fully released MENGNIU’s synergies in supply chain, channels, and capital, providing a solid foundation for future development.

As the controlling shareholder, MENGNIU continues to inject resources and vitality into Miaoke Lando. In 2021, MENGNIU injected 3 billion yuan into Miaoke Lando through a private placement to resolve capacity bottlenecks; in 2024, Miaoke Lando completed the acquisition of MENGNIU’s cheese business, eliminating intra-industry competition and achieving multi-brand matrix integration. Under MENGNIU’s comprehensive empowerment, Miaoke Lando has achieved qualitative leaps in milk source supply, cost control, and channel expansion, laying a foundation for escaping price wars and improving profitability.

Despite facing legacy issues such as arbitration disputes related to the founder, the estimated fair value change loss to be recognized is expected to reduce net profit attributable to the parent by about 119-127 million yuan in 2025, but the company explicitly states this will not turn net profit negative, and this is a one-time non-recurring gain or loss, not affecting the good development trend of main business. As issues are gradually resolved, the company will lighten its burden and focus on core business development.

Currently, China’s cheese market is shifting from “incremental competition” to “stock enhancement,” with price wars gradually receding, and industry competition focusing more on product strength, channel power, and brand influence. Miaoke Lando, with its first-mover advantage, scale effect, and full industry chain layout, continues to consolidate its leading position amid industry reshuffling.

In terms of competitive landscape, although foreign brands still hold traditional advantages in raw cheese, rising costs and insufficient channel sinking have gradually squeezed their market share. Domestic dairy giants like Yili and MENGNIU are accelerating their布局, but in terms of cheese category professionalism and market penetration, they still lag behind Miaoke Lando. Against this backdrop, Miaoke Lando’s over 38% market share forms an unshakable leading advantage.

In the long term, China’s cheese penetration rate remains low, with broad growth prospects. As residents’ health awareness increases, household consumption scenarios expand, and industrialization of catering advances, the cheese market is expected to continue growing, with the market size projected to surpass 1.68B yuan by 2030. As an industry leader, Miaoke Lando will fully benefit from both industry expansion and increased concentration.

The performance rebound in 2025 marks Miaoke Lando’s successful exit from the shadow of price wars and stepping into a new stage of high-quality growth. Driven by deep empowerment and strategic upgrade from MENGNIU, the company has achieved a “dual-drive” of C-end + B-end, product matrix expansion, and cost efficiency optimization, transforming from “scale expansion” to “value growth.” Although short-term challenges such as management adjustments and legacy issues remain, in the long run, as China’s cheese sector leader with a solid market position, strong profitability, and clear strategic layout, the company’s future prospects are promising. As industry competition continues to optimize, Miaoke Lando is expected to maintain its leadership in the billion-yuan cheese market, writing a new growth legend in China’s dairy subdivision.