Miaokelanduo H1 2026 Revenue RMB3.3B, Net Profit RMB151M, Plans RMB102M Dividend

Shanghai Miaokelanduo Food Technology Co. , Ltd. recently released its 2026 semi-annual report. In the first half of the year, the company achieved operating revenue of RMB3.304 billion, up 28.71% year-on-year; net profit attributable to shareholders was RMB151 million, up 13.74%; and net profit excluding non-recurring items was RMB121 million, up 17.87%. Net cash flow from operating activities reached RMB300 million, up 27.38% year-on-year. The company also disclosed an interim profit distribution plan, proposing a cash dividend of RMB0.20 per share (pre-tax), totaling approximately RMB102 million, representing 67.24% of the current period's attributable net profit.

Miaokelanduo's business focus continued to concentrate on cheese. In the first half, cheese business revenue reached RMB2.887 billion, up 28.95% year-on-year, with its share of main business revenue rising to 88.06% from 87.71% in the same period of 2025. Liquid milk and other businesses generated revenue of RMB160 million and RMB232 million, respectively. In the second quarter of 2026, the company achieved revenue of RMB1.678 billion, a record high for a single quarter.

In terms of market share, according to third-party consumer index data, Miaokelanduo's overall market share in packaged cheese products ranked first in the industry during the first half. Among them, market share in the cheese stick category steadily increased; core products such as mozzarella held the top position in their sub-segment; and the cheese slice category overtook foreign brands in market share.

Regarding gross margins, the main business gross margin in the first half was 29.94%, down 0.85 percentage points from the same period in 2025. Cheese business gross margin was 33.24%, down 0.92 percentage points year-on-year, accounting for 97.78% of main business gross profit. Liquid milk and other businesses had gross margins of 7.13% and 4.48%, respectively, down 1.55 percentage points and up 0.81 percentage points year-on-year. Miaokelanduo is a cheese and liquid milk brand group, owning brands such as Miaokelanduo, Guangze, and Aochun Ranch, with products covering cheese sticks, growing cheese, triangle cheese, small cheese bites, and fresh cheese series, as well as butter, whipping cream, and condensed milk for foodservice and industrial customers.