奶酪就選妙可藍多

2025

年度報告摘要（中英文雙語版）年度报告*摘要2025

第一节重要提示

1、本年度报告摘要来自年度报告全文，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/网站仔细阅读年度报告全文。

2、本公司董事会及董事、高级管理人员保证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。

3、公司全体董事出席董事会会议。

4、毕马威华振会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。

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

因公司2025年末母公司报表未分配利润为负，公司2025年度拟不分配现金红利，不实施送股或资本公积转增股本。

截至报告期末，母公司存在未弥补亏损的相关情况及其对公司分红等事项的影响?适用　□不适用

截至报告期末，公司母公司财务报表中累计未分配利润为负，根据《中华人民共和国公司法》及《上市公司监管指引第3号—上市公司现金分红》等相关法律法规的规定，公司目前不满足实施现金分红的前提条件。

上??可蓝多?品科技?????司2025年年?报告??1第二节公司基本情况

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—

联系地址上海市浦东新区金桥路1398号金台大厦—

10楼

电话021–50188700—

传真021–50188918—

电子信箱 ir@milkland.com.cn —

2、报告期公司主要业务简介

2.1报告期内公司所处行业情况

(1)产业端：乳制品产业结构转型加快

根据国家统计局数据，2025年1–12月全国乳制品产量为2950.3万吨，产量基本稳定，受消费环境影响，乳制品市场供需依然存在阶段性失衡的问题。根据中国奶业协会2025年发布的《中国奶业战略发展重点课题研究报告》，我国乳制品市场呈现“规模庞大但结构失衡”特征，奶酪、黄油等深加工产品占比仅7.3%，不足发达国家平均水平的四分之一，主要原料进口依赖度较高，形成“液态奶过剩、高附加值产品短缺”的结构性矛盾。因此，亟需加快产业结构转型和产品深加工步伐，推动乳制品行业向价值链高端跃升。

2上??可蓝多?品科技?????司2025年年?报告??年度报告*摘要2025中国政府健康饮食与奶酪产业扶持政策持续加码。2025年4月商务部等12部门印发《促进健康消费专项行动方案》，实施营养健康专项行动，为功能性乳制品、高营养奶酪品类开拓发展空间；农业农村部等3部门出台的《中国食物与营养发展纲要（2025–2030年）》，明确提出培育低温乳品市场、促进奶酪等干乳制品消费，设定2030年人均奶类年消费量47公斤的目标；农业农村部等七部委落地奶业高质量发展相关支持政策，通过财政补贴、金融赋能等方式支持乳企新增奶酪等深加工产能；中国奶业协会发布的《中国奶业奋进2030》

《奶制品结构优化与消费拓展新路径方案》，将奶酪列为精深加工核心发展方向，明确推进国产原制奶酪规模化生产，依托国家“学生饮用奶”计划稳妥推广奶酪试点，丰富品类供给，同时强化乳清联产、乳清蛋白回收与联产工艺应用，优化发酵菌种，推动乳清粉、乳糖等奶酪加工副产品高值化利用，完善奶酪全产业链布局。上述多项政策一起发力，围绕奶酪产业全链条布局，从健康消费引导、深加工产能扶持、生产技术优化到校园场景拓展全方位赋能，为国产奶酪产业高质量发展筑牢政策根基。

贸易反补贴政策为奶酪行业带来关键发展机遇。国务院关税税则委员会根据商务部的建议做出决定，自

2026年2月13日起，对原产于欧盟的进口相关乳制品征收反补贴税，实施期限自2026年2月13日起5年，此举

将直接增加进口产品综合成本，扭转不公平竞争格局。这一政策为国产奶酪释放了进口替代空间，加速推动原制马苏里拉、马斯卡彭等核心品类的国产化进程。

以上政策与贸易红利共同推动我国乳制品行业从规模扩张阶段迈入结构优化阶段，奶酪作为核心深加工品类，成为乳制品行业向价值链高端跃升的关键引擎，液态乳制品向固态乳制品发展的趋势进一步强化。

上??可蓝多?品科技?????司2025年年?报告??3(2)消费端：消费场景扩容，奶酪加速融入多元生态当前奶酪行业需求端呈现“复苏回暖、场景多元”的鲜明特征，根据央视市场研究股份有限公司之Worldpanel消费者指数（以下简称 “Worldpanel消费者指数 ”），2025年奶酪品类市场销售呈现复苏迹象，渗透率有所上升。近几年，奶酪在B端和C端的应用创新不断，奶酪兼具营养健康的功能属性和富含情绪价值的消费体验，深受越来越多消费者的喜爱。奶酪在烘焙、茶饮、咖啡等餐饮场景的“准刚需”属性日益明显，在社交媒体上的话题热度持续攀升，带动更多人尝试奶酪并喜爱奶酪，形成社交传播与消费增长的良性循环。在渠道革新浪潮下，社区店、便利店、即时零售以及会员商超成为消费新风尚，奶酪口味在这些势能渠道和平台广受欢迎，多款芝士口味产品长期位于推荐榜单。

随着年轻人越来越愿意在日常饮食中增加高蛋白食物，来自乳制品的优质蛋白在生活场景中更是加速渗透，也成为日常膳食补充的优选。根据蒙牛与瓦赫宁根大学合作，于《Food Research International》发表关于发酵乳蛋白消化的研究得出结论：发酵提升乳蛋白消化率与肽多样性，进一步验证了乳制品优质蛋白的营养价值。此外，美国农业部与卫生与公众服务部联合发布的《2025–2030年居民膳食指南》也建议提高优质蛋白质摄入量，尤其是乳制品中蛋白质，同时明确将乳脂肪定义为健康脂肪。

奶酪在中西餐、茶咖和烘焙行业的渗透率正在持续提升。中西餐市场中，乳制品已成为品类创新核心载体，在上下游协同创新趋势下，奶酪企业能通过创新产品与全链路协同模式深化场景渗透。根据红餐产业研究院与蒙牛专业乳品（内蒙蒙牛面向餐饮客户开辟的专业餐饮品牌）联合发布的《烘焙品类发展报告2025》，烘焙市场规模扩张且健康化、本土化趋势显著，马斯卡彭等高端奶酪需求攀升，国产原料接受度提升，国内奶酪企业可依托本土供应链提供高品质、清洁标签的原料及解决方案。新茶饮行业头部品牌对产品品质、生产规范及供应链定制创新的高要求，为国内奶酪企业凭借高品质、标准化及定制能力切入茶饮赛道创造契机。同时，B端市场对奶酪的需求也为乳制品深加工各环节副产品拓展了更适配、更多元的应用场景。

4上??可蓝多?品科技?????司2025年年?报告??年度报告*摘要2025

作为一家以奶酪为核心业务的A股上市公司，公司依托在产品、品牌、渠道方面的核心竞争力以及研发和供应链的优势，在奶酪行业的市场占有率持续领先。根据Worldpanel消费者指数，在2025年中国包装奶酪品牌销售额中，妙可蓝多奶酪市场占有率超过38%，其中奶酪棒市场占有率持续增长，稳居行业第一；马苏里拉产品市场占有率亦位居细分市场首位，优势显著；同时妙可蓝多奶酪片市场占有率也呈现超越外资品牌之势。另根据Euromonitor International统计，中国奶酪零售市场品牌市场占有率中，2025年妙可蓝多持续保持第一。多方数据表明奶酪市场份额正在逐步向头部企业集中。

2.2主营业务及核心产品

公司致力于“让奶酪进入每一个家庭”，经过十年的快速发展已在行业内建立一定的领先优势。公司主营业务为以奶酪为核心的特色乳制品的研发、生产和销售，其中奶酪产品可以进一步细分为即食营养系列、家庭餐桌系列和餐饮工业系列。同时公司也从事液态奶的研发、生产和销售，以及乳制品贸易业务。奶酪棒、马苏里拉奶酪、奶酪片、黄油、稀奶油为报告期内核心产品。

即食营养系列

C端家庭餐桌系列餐饮工业系列

B端

上??可蓝多?品科技?????司2025年年?报告??52.3经营模式

公司自产业务的经营模式主要为特色乳制品的研发、生产和销售。公司采购奶酪、生鲜乳等原料，进行乳制品的生产加工，并通过经销商、电商、零食量贩、大型商场超市、餐饮大客户、即时零售等线上线下渠道对外销售。同时，公司结合奶酪产品生产加工业务，也开展与其相关的原辅料贸易业务。

3、经营情况讨论与分析

2025年，公司依据发展战略和年度经营计划，以TOB和TOC双轮驱动，积极部署一系列经营举措，实现营

业收入563295.04万元，较上年同期增长16.29%。其中，第四季度实现营业收入167581.76万元，较上年同期增长34.13%，较第三季度环比增长20.57%，连续三个季度营业收入持续攀升，整体经营增长态势强劲，增长质量与可持续性进一步提升。2025年公司奶酪业务更是持续向好，全年实现收入461522.73万元，同比增长22.84%，为公司整体营业收入增长的主要驱动因素。

公司同步推动各项降本增效战略举措，实现归属于上市公司股东的扣除非经常性损益的净利润15762.00万元，较上年同期大幅增长235.94%。

2025年?司各??营业?入?同?变动?况2023–2025年?司扣?归?净利润?况

18000045%18000

167581.76

15762.00

16000040%16000

138996.84

14000034.13%133383.1635%14000

123333.28

12000030%12000

10000025%10000

8000020%8000

6000015%6000

14.22%4691.93

4000010%4000

9.62%

200006.26%5%2000

717.12

00%0

2025202520252025202320242025

第一季度第二季度第三季度第四季度

扣非归母净利润（万元）

营业收入（万元）同比增速（%，右轴）

6上??可蓝多?品科技?????司2025年年?报告??年度报告*摘要2025

3.1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

2025年2024年业务收入

产品大类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毛利率变动

奶酪461522.7382.37%156017.8596.56%33.81%375699.5880.12%131651.8296.84%35.04%22.84%减少1.23个百分点

贸易62328.7711.12%2527.711.56%4.06%53073.4711.32%1462.461.08%2.76%17.44%增加1.30个百分点

液态奶36494.306.51%3043.811.88%8.34%40139.938.56%2822.222.08%7.03%–9.08%增加1.31个百分点

合计560345.80100.00%161589.37100.00%28.84%468912.98100.00%135936.51100.00%28.99%19.50%减少0.15个百分点

报告期内，公司奶酪业务实现收入461522.73万元，较上年同期增加22.84%。奶酪业务收入占主营业务收入比例由去年同期的80.12%进一步增长至82.37%，贸易业务及液态奶业务分别实现收入62328.77万元及36494.30万元，占主营业务收入比例进一步下降。公司奶酪业务保持了较好的毛利水平，毛利率为33.81%，

同时贸易业务和液态奶业务毛利率分别较去年同期增加1.30及1.31个百分点。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???入占?继续提升2025年?司各?????入?同?变动?况

14000045%

131345.58

116601.5340%

120000

110605.23

6.51%102970.3935%

100000

11.12%8.56%30%

2025年

11.32%8000025%

奶酪

贸易6000020%2024年液态奶15%

40000

10%

80.12%20000

82.37%5%

00%

2025202520252025

第一季度第二季度第三季度第四季度

奶酪业务收入（万元）同比增速（%，右轴）环比增速（%，右轴）上??可蓝多?品科技?????司2025年年?报告??73.2报告期内主要经营举措

公司坚持产品创新，通过旗舰打法，持续深化品牌引领，强化品牌心智，不断推进势能渠道拓展及下沉深耕，落实降本增效，数智化赋能成效渐显，各项经营举措推动公司业绩持续向好，进一步巩固公司奶酪行业领先地位。

(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，公司参与研究的“奶酪风味协同增效机制及产业化关键技术”荣获由上海市人民政府颁发的“上海市科学技术一等奖”；公司获评工信部“2025年度中国消费名品”；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”；奶酪小三角新品入选“2025年上海特色旅游食品”。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。

上海市2025年度中国乳制品工业协会2025年科学技术奖中国消费名品技术进步一等奖上海特色旅游食品

8上??可蓝多?品科技?????司2025年年?报告??年度报告*摘要2025

C端即食营养奶酪方面，公司聚焦精准人群布局、持续优化产品矩阵，针对儿童营养推出奇炫奶酪棒、成长酪乳、后生元成长奶酪杯、捷捷高液体奶酪钙等；针对成人休闲推出明星单品奶酪小三角、云朵芝士杯

等奶酪零食新品，同时布局奶酪坚果脆、奶酪小丸子，精准适配山姆、零食量贩等重点渠道，进一步拓宽了消费场景边界。C端家庭餐桌奶酪方面，公司持续强化品类和技术优势，马苏里拉奶酪、奶酪片、国产淡味黄油贴合家庭需求稳步起量。

成长酪乳捷捷高液体奶酪钙奶酪小三角奶酪坚果脆奶酪小丸子

上??可蓝多?品科技?????司 2025年年?报告?? 9报告期内，B端餐饮工业奶酪领域持续突破、成效显著。依托爱氏晨曦专业乳品与妙可蓝多专业奶酪形成的“两油一酪”全品类优势，聚焦西餐、烘焙、茶咖、工业及中餐五大核心客户群，为B端客户提供一站式奶酪解决方案。其中，国产原制马苏里拉奶酪的推出具有里程碑意义—填补了国产高端原制马苏里拉的市场空白，打破核心品类进口依赖格局，成为推动行业原制化、高品质升级的重要推力，也为行业原制奶酪规模化生产树立标杆；爱氏晨曦马斯卡彭以国产原制工艺与清洁配方，精准适配烘焙、茶咖多元场景，进一步丰富高端原制奶酪供给矩阵，加速餐饮工业领域国产替代进程。

(2)品牌引领

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：针对儿童奶酪棒核心产品，持续在头部媒体集中造势传播，开展奶酪品类营养教育；

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，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；冠名多档热门综艺，深度植入产品优势，借势艺人资源完成新品推广及人群破圈；打造奶酪市集、冠名汉堡节等特色活动，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。

10上??可蓝多?品科技?????司2025年年?报告??年度报告*摘要2025

2025年，妙可蓝多通过构建全域IP矩阵，多维赋能品牌价值升级、深化消费者认知：借势奥林匹克、2026

FIFA世界杯两大全球顶级赛事IP，拉升品牌全球视野与专业调性；正式成为体育?训练局国家队运动员备战保障产品，助力12支中国国家队全力备战；联动NBA赛事、中国国家田径队、中国足协中国之队，通过与顶级体育IP及国家运动队的深度绑定，锚定 “冠军品质 ”认知，强化产品营养属性；成为中国航天事业战略合作伙伴，建立品牌高端定位；更携手汪汪队、小马宝莉、哪吒、北京环球度假区等深受儿童及家庭喜爱的顶流IP，深度渗透家庭与儿童核心社交场景，传递 “守护童心、美味相伴 ”的品牌温度。从赛场到日常，每一个重要时刻妙可蓝多始终陪伴。通过全域IP矩阵联动，实现从品牌认知到品类联想的深度绑定，让“妙可蓝多=奶酪”的用户心智占领持续深化。

公司品牌宣传坚持长期聚焦策略，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，布局抖音、小红书、视频号等社交媒体矩阵，并深化O2O场景化营销，以贴近消费场景的内容与消费者深度互动，实现贴近生意、品效销协同的传播目标。通过全域媒介矩阵的精准布局，持续提升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。

上??可蓝多?品科技?????司2025年年?报告??11(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，大力开发零食量贩、会员超市等势能渠道，同时持续优化终端运营效率。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，在天猫、京东、拼多多等传统电商平台深耕运营、优化效率，大力发展内容电商和即时零售业态。报告期内，新品打新能力进阶，成长奶酪杯突围成为电商大单品，捷捷高液体奶酪钙等表现亮眼，丰富产品矩阵助力业绩增长。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，报告期内马苏里拉、奶酪片、黄油、稀奶油等核心产品同步放量，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

?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”。

?全面启动各项降本增效战略举措，打造企业成本护城河公司全面启动各项降本增效战略举措，将其作为构建核心竞争力的关键护城河，以精益协同、精益生产、精益管理为核心抓手，通过覆盖研发、采购、制造等全链条的协同管理，引入专业管理模型，推动组织效率与能力升维。报告期内，组织效率与人均产出实现双提升。

12上??可蓝多?品科技?????司2025年年?报告??年度报告*摘要2025

?夯实全面质量管理体系，强化专业能力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HALAL认证，为产品出口做好保障。报告期内，公司成为国内首家同时获得CNAS实验室认可和CMA资质认定的奶酪企业，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。

全面上线LIMS系统，推动实验室数字化与体系融合，显著提升检测效率与数据可靠性。

上??可蓝多?品科技?????司2025年年?报告??134、公司主要会计数据和财务指标

4.1近3年的主要会计数据和财务指标

单位：元　币种：人民币

2025年2024年本年比上年增减(%)2023年

总资产8458303696.377720899535.169.557539615207.46

归属于上市公司股东的净资产4561743810.164409235955.263.464740697670.07

营业收入5632950354.384843753794.7016.295322202155.91

利润总额158814909.65160992070.43–1.3582119910.15

归属于上市公司股东的净利润118493733.40113620696.954.2960065609.21归属于上市公司股东的扣除

非经常性损益的净利润157620033.2046919280.55235.947171235.98

经营活动产生的现金流量净额459306102.23530727216.06–13.46263675812.26

加权平均净资产收益率(%)2.6412.464增加0.177个百分点1.229

基本每股收益（元╱股）0.2360.2264.420.119

稀释每股收益（元╱股）0.2350.2263.980.119

4.2报告期分季度的主要会计数据

单位：元　币种：人民币

第一季度第二季度第三季度第四季度

主要财务数据（1–3月份）（4–6月份）（7–9月份）（10–12月份）

营业收入1233332768.291333831610.411389968358.621675817617.06

归属于上市公司股东的净利润82396663.2350573458.8242967940.21–57444328.86归属于上市公司股东的扣除非经常性损

益后的净利润64941077.7337508207.9417276223.1537894524.38

经营活动产生的现金流量净额119790217.60116098646.15249247205.30–25829966.82

14上??可蓝多?品科技?????司2025年年?报告??年度报告*摘要2025

季度数据与已披露定期报告数据差异说明

□适用?不适用

5、股东情况

5.1报告期末及年报披露前一个月末的普通股股东总数、表决权恢复的优先股股东总数和持有特别表决

权股份的股东总数及前10名股东情况

单位：股

截至报告期末普通股股东总数（户）36963年度报告披露日前上一月末的普通股股东总数（户）40385

截至报告期末表决权恢复的优先股股东总数（户）0年度报告披露日前上一月末表决权恢复的优先股股东总数（户）0

上??可蓝多?品科技?????司2025年年?报告??15前十名股东持股情况（不含通过转融通出借股份）

持有有限售质押、标记或冻结情况

股东名称（全称）报告期内增减期末持股数量比例(%)条件股份数量股份状态数量股东性质

内蒙古蒙牛乳业（集团）股份有限公司32210018789132236.840无0境内非国有法人

柴琇07610363214.920质押76100000境内自然人标记4490267冻结9000000

国信证券股份有限公司15459858174795583.430无0国有法人上海妙可蓝多食品科技股份有限公司

—2025年员工持股计划800000080000001.570无0其他

温美华176130073407001.440无0境内自然人

沂源县东里镇集体资产经营管理中心065399431.280无0其他

吉林省东秀商贸有限公司052800001.040质押5280000境内非国有法人

紫金信托有限责任公司468974346897430.920无0国有法人

全国社保基金六零二组合10600045332000.890无0其他

夏斯瑾46890044484000.870无0境内自然人

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

16上??可蓝多?品科技?????司2025年年?报告??年度报告*摘要2025

5.2公司与控股股东之间的产权及控制关系的方框图

?适用□不适用

内??牛

36.84%

?可蓝多

5.3公司与实际控制人之间的产权及控制关系的方框图

□适用?不适用

5.4报告期末公司优先股股东总数及前10名股东情况

□适用?不适用

6、公司债券情况

□适用?不适用

第三节重要事项

1、公司应当根据重要性原则，披露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。

报告期内，公司积极推进各项举措，全年实现营业收入563295.04万元，整体营业收入同比上升16.29%，主要系公司奶酪产品收入增加所致。同时，公司实现归属于上市公司股东的扣除非经常性损益后的净利润

15762.00万元，同比增长235.94%。

2、公司年度报告披露后存在退市风险警示或终止上市情形的，应当披露导致退市风险警示或终止上市情形的原因。

□适用?不适用

上??可蓝多?品科技?????司 2025年年?报告?? 17A n n u a l R e p o r t * S u m m a r y 2025

SECTION I IMPORTANT NOTICE

1. This summary of annual report is extracted from the full text of the annual report.

To 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 annual report for details which is also published on the website at

http://www.sse.com.cn/.

2. The board of directors (the “Board”) the directors and senior management of the

Company warrant that there are no false representations or misleading statements

contained in or material omissions from this annual report; and jointly and

severally accept full responsibility for the truthfulness accuracy and completeness

of the information contained therein.

3. All members of the Board attended the Board meeting.

4. KPMG Huazhen LLP issued a standard unqualified opinion on the audited report of

the Company.

5. Proposal for profit distribution or proposal for conversion of common reserve fund

into share capital during the reporting period considered by the Board

As the Company recorded negative undistributed profit under the statements of the parent company for

2025 the Company proposes not to distribute cash bonus or bonus issue nor convert capital reserve into

share capital for 2025.Relevant information regarding the parent’s uncovered losses as at the end of the reporting

period and their impact on matters such as the Company’s profit distribution

? Applicable　□ Not applicable

As at the end of the reporting period the accumulated undistributed profits in the parent’s financial

statements were negative. According to the provisions of the Company Law of the People’s Republic of

China the Listed Companies Regulatory Guidance No. 3—Cash Dividends Distribution of Listed Companies

and other relevant laws and regulations the Company currently does not meet the prerequisites for

implementing cash dividends.Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report Summary 1SECTION II COMPANY PROFILE

1. Company Profile

Stock profile

Stock type Stock exchange Stock abbreviation Stock code Stock abbreviation

before change

A Share Shanghai Stock Milkground 600882 Groundshare

Exchange

Contact person and

means of contact Secretary to the Board Securities affairs representative

Name Xie Yi —

Contact address 10/F Jintai Building No. 1398 —

Jinqiao Road Pudong New Area

Shanghai

Telephone 021–50188700 —

Fax 021–50188918 —

Mailbox ir@milkland.com.cn —

2. M ain Businesses of the Company during the Reporting Period

2.1 Industry Overview during the Reporting Period

(1) Industry Ends: Structural Transformation of the Dairy Industry Accelerated

According to data from the National Bureau of Statistics China’s dairy production for the period of January

to December 2025 reached 29.503 million tons remaining largely stable. Influenced by the consumer

environment the dairy market continues to face the issue of periodic supply-demand imbalances. As

indicated in the China Dairy Industry Strategic Development Key Research Report released by the DairyAssociation of China in 2025 China’s dairy market is characterized by “large scale but structuralimbalance.” Deep-processed products such as cheese and butter account for only 7.3% of the market less

than one-quarter of the average level in developed countries. And there is a high dependence on importedraw materials creating a structural contradiction featured by a “surplus of liquid milk and a shortage of highvalue-added products.” Therefore there is an urgent need to accelerate industrial structural transformation

and advance product deep processing to propel the dairy industry towards the higher end of the value

chain.

2 Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report SummaryA n n u a l R e p o r t * S u m m a r y 2025

Government support policies for healthy eating and the cheese industry in China have continued to intensify.In April 2025 12 departments including the Ministry of Commerce issued the Special Action Plan for

Promoting Healthy Consumption implementing a special campaign for nutritional health to open up

development space for functional dairy products and high-nutrition cheese categories. The Outline of Food

and Nutrition Development in China (2025–2030) issued by the Ministry of Agriculture and Rural Affairs and

two other departments explicitly proposed cultivating the low-temperature dairy market and promoting the

consumption of dry dairy products like cheese setting a target of 47 kg per capita annual dairy

consumption by 2030. Seven ministries including the Ministry of Agriculture and Rural Affairs implemented

support policies related to high-quality dairy development supporting dairy enterprises in adding new deep-

processing capacity for cheese through financial subsidies and fiscal empowerment. The Dairy Association of

China released China’s Dairy Industry Forges Ahead Towards 2030 and New Pathways for Dairy Structure

Optimization and Consumption Expansion designating cheese as the core direction for deep processing

development. These reports explicitly promote the large-scale production of domestic natural cheese

prudently advance cheese pilot programs leveraging the national “Student Milk” program to enrich category

supply while simultaneously strengthening whey co-production whey protein recovery and co-production

process applications optimizing fermentation strains promoting the high-value utilization of cheese

processing by-products such as whey powder and lactose and improving the entire cheese industry chain

layout. These multiple policies working in concert focus on the entire cheese industry chain — from guiding

healthy consumption supporting deep-processing capacity and optimizing production technology to

expanding into campus scenarios — providing comprehensive empowerment and laying a solid policy

foundation for the high-quality development of the domestic cheese industry.Trade countervailing policies have presented critical development opportunities for the cheese industry.Based on recommendations from the Ministry of Commerce the Customs Tariff Commission of the State

Council decided to impose countervailing duties on relevant dairy products imported from the European

Union effective February 13 2026 for a period of five years. This measure will directly increase the

comprehensive cost of imported products and rectify the unfair competition landscape. This policy has

created import substitution space for domestic cheese accelerating the localization process for core

categories such as natural Mozzarella and Mascarpone.These policies and trade dividends collectively drive China’s dairy industry from a phase of scale expansion

into one of structural optimization. As a core deep-processed category cheese has become a key engine

propelling the dairy industry towards the higher end of the value chain further reinforcing the trend of

transitioning from liquid dairy products to solid dairy products.Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report Summary 3(2) Consumer Ends: Expanding Consumption Scenarios Cheese Accelerates Integration into a

Diverse EcosystemThe current demand side of the cheese industry presents distinct characteristics of “recovery and reboundwith diversified scenarios.” According to the Worldpanel Consumer Index from CTR Market Research Co.Ltd. (hereinafter referred to as the “Worldpanel Consumer Index”) the cheese category market showed signs

of recovery in sales during 2025 with penetration rates increasing. In recent years application innovation for

cheese in both B-end and C-end markets has been continuous. Combining functional nutritional health

attributes with a consumption experience rich in emotional value cheese is increasingly favored by a

growing number of consumers. Its role as a “quasi-essential” ingredient in catering scenarios such as

baking tea drinks and coffee is becoming increasingly evident. Concurrently its popularity on social media

continues to rise driving more people to try and develop a taste for cheese creating a virtuous cycle

between social engagement and consumption growth. Amidst the wave of channel innovation community

stores convenience stores real-time retail and membership-based supermarkets have become new

consumption trends. Cheese flavors are widely popular on these high-potential channels and platforms with

numerous cheese-flavored products consistently appearing on recommendation lists.As younger generations show an increasing willingness to incorporate high-protein foods into their daily

diets high-quality protein from dairy products is accelerating its penetration into everyday life scenarios

becoming a preferred option for daily dietary supplementation. According to research on fermented milk

protein digestion jointly conducted by Mengniu and Wageningen University published in Food Research

International fermentation enhances the digestibility of milk proteins and peptide diversity further validating

the nutritional value of high-quality dairy protein. Additionally the Dietary Guidelines for Americans 2025–

2030 jointly released by the U.S. Department of Agriculture and the Department of Health & Human

Services recommends increasing the intake of high-quality protein particularly protein from dairy products

while explicitly defining milk fat as a healthy fat.Cheese penetration is continuously increasing across Chinese and Western cuisine tea and coffee and

bakery sectors. In the Chinese and Western food service markets dairy products have become core carriers

for category innovation. Under the trend of collaborative innovation between upstream and downstream

players cheese companies can deepen scenario penetration through innovative products and full-chain

collaboration models. According to the 2025 Baking Category Development Report jointly released by

Hongcan Industry Research Institute and Mengniu Professional Dairy (the professional food service brand

established by Inner Mongolia Mengniu for catering clients) the bakery market is expanding with significant

trends towards healthier products and localization. Demand for premium cheeses like Mascarpone is rising

and acceptance of domestic raw materials is increasing. Domestic cheese companies can provide high-

quality clean-label ingredients and solutions leveraging local supply chains. The new tea drink industry’s

leading brands’ high demands for product quality production standards and supply chain customization

innovation create opportunities for domestic cheese companies to enter the tea beverage sector by

leveraging high quality standardization and customization capabilities. Concurrently B-end market demand

for cheese also expands more suitable and diverse application scenarios for by-products from various stages

of dairy deep processing.

4 Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report SummaryA n n u a l R e p o r t * S u m m a r y 2025

As an A-share listed company with cheese as its core business the Company relies on its core

competitiveness in product brand and channel as well as its advantages in R&D and supply chain to

maintain a leading market share in the cheese industry. According to the Worldpanel Consumer Index

among packaged cheese brand sales in China in 2025 Milkground’s cheese market share exceeded 38%.Its market share for cheese lollipop continued to grow firmly ranking first in the industry. Its market share

for Mozzarella products also ranked first in its specific segment demonstrating a significant advantage.Simultaneously Milkground’s market share for cheese slices also showed a trend of surpassing foreign

brands. Furthermore according to Euromonitor International statistics Milkground continued to hold the top

position in brand market share within the Chinese retail cheese market in 2025. Multiple data sources

indicate that market share in the cheese sector is gradually concentrating towards leading enterprises.

2.2 Principal Business and Core Products

The Company is committed to “Cheese for every household!” and has established a certain leading edge in

the industry after rapid development in a decade. The Company’s principal business is the research and

development production and sales of special dairy products with cheese as the core. In particular the

cheese products can be further subdivided into instant nutrition series family consumption series and

catering industry series. Besides the Company is also engaged in the research and development

production and sales of liquid milk as well as dairy products trading business. Cheese lollipop mozzarella

cheese cheese slices butter and cream were the core products during the reporting period.Instant Nutrition Series

C-end

Family Consumption

Series

Catering Industry Series

B-end

Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report Summary 52.3 Business Model

The business model of the Company’s self-operated business mainly encompasses the research

development production and sales of specialty dairy products. The Company purchases cheese fresh milk

and other raw materials to produce and process dairy products and sells them through online and offline

channels such as distributors e-commerce platforms snack food bulk retailers large supermarkets and

department stores key food service accounts and real-time retail. Concurrently in conjunction with its

cheese production and processing operations the Company also engages in the trading of related raw and

auxiliary materials.

3. Discussion and Analysis on Operation

In 2025 guided by its development strategy and annual business plan the Company actively deployed a

series of proactive initiatives driven by the dual-engine approach of serving both business customers (TOB)

and consumer customers (TOC) achieving operating revenue of RMB5632950400 representing a year-on-

year increase of 16.29%. In the fourth quarter revenue reached RMB1675817600 representing a year-on-

year increase of 34.13% and a quarter-on-quarter increase of 20.57% from the third quarter. This marked

the third consecutive quarter of revenue growth underscoring a strong and sustainable upward trajectory.The Company’s cheese business continued to gain momentum throughout the year generating

RMB4615227300 in revenue up 22.84% year-on-year and serving as the primary engine behind the

overall revenue growth.At the same time the Company implemented a range of strategic cost-reduction and efficiency-enhancing

measures. As a result net profit attributable to shareholders of the Company after deducting non-recurring

gains and losses soared to RMB157620000 a remarkable year-on-year increase of 235.94%.Quarterly Revenue in 2025 and YoY Change Net Profit Attributable to the Parent Deducting

Non-recurring Gain or Loss for 2023–2025

18000045%18000

167581.76

15762.00

16000040%16000

138996.84

14000034.13%133383.1635%14000

123333.28

12000030%12000

10000025%10000

8000020%8000

6000015%6000

14.22%4691.93

4000010%4000

9.62%

200006.26%5%2000

717.12

00%0

2025Q1 2025Q2 2025Q3 2025Q4 2023 2024 2025

Net profit attributable to the parent deducting

Operating (RMB0’000) YoY Growth (% right axis) non-recurring gain or loss (RMB ten thousand)

6 Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report SummaryA n n u a l R e p o r t * S u m m a r y 2025

3.1 Operation of the Principal Business during the Reporting Period

The principal business of the Company by products during the reporting period are as follows:

Unit: RMB0’000

2025 2024 Changes in

Operating Gross profit Operating Gross profit operating Changes in gross

Product category revenue Percentage Gross profit Percentage margin revenue Percentage Gross profit Percentage margin revenue profit margin

Cheese 461522.73 82.37% 156017.85 96.56% 33.81% 375699.58 80.12% 131651.82 96.84% 35.04% 22.84% Decrease by 1.23

percentage points

Commodity trade 62328.77 11.12% 2527.71 1.56% 4.06% 53073.47 11.32% 1462.46 1.08% 2.76% 17.44% Increase by 1.30

percentage points

Liquid milk 36494.30 6.51% 3043.81 1.88% 8.34% 40139.93 8.56% 2822.22 2.08% 7.03% –9.08% Increase by 1.31

percentage points

Total 560345.80 100.00% 161589.37 100.00% 28.84% 468912.98 100.00% 135936.51 100.00% 28.99% 19.50% Decrease by 0.15

percentage points

During the reporting period the Company’s cheese business generated revenue of RMB4615227300

representing a year-on-year increase of 22.84%. The proportion of revenue from the cheese business to total

main business revenue further increased to 82.37% from 80.12% in the same period last year while the

proportions from the trading business and liquid milk business further declined with revenues of

RMB623287700 and RMB364943000 respectively. The cheese business maintained a relatively healthy

gross profit margin of 33.81%. Meanwhile the gross profit margins of both the trading business and the

liquid milk business increased by 1.30 percentage points and 1.31 percentage points respectively compared

to the same period last year. The Company steadily advanced the optimization of its business structure

resulting in a steady improvement in the quality of its main business operations and a continuously

improving structural layout.Cheese Revenue Share Increased Quarterly Cheese Revenue and Year-on-Year

Continuously in 2025 Changes for 2025

14000045%

131345.58

116601.5340%

120000

110605.23

102970.3935%

6.51%100000

30%

11.12%8.56%

80000

202525%

11.32%

Cheese 60000 20%

Commodity trade 2024

15%

Liquid milk 40000

10%

20000

80.12%5%

82.37%

00%

2025Q1 2025Q2 2025Q3 2025Q4

Cheese Revenue (RMB0’000) Year-on-Year Growth Rate

(% Right Axis)

Quater-on-Quater Growth Rate

(% Right Axis)

Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report Summary 73.2 M ain Operating Measures during the Reporting Period

The Company remains committed to product innovation and continues to strengthen brand leadership and

consumer perception through flagship strategies. By driving channel expansion deepening market

penetration and enhancing cost efficiency and operational effectiveness the Company is increasingly

realizing the benefits of digital and intelligent empowerment. These strategic initiatives have collectively

contributed to sustained business growth and further cemented the Company’s leading position in the

cheese industry.

(1) Product Innovation

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 thereporting period the research project titled “Cheese Flavor Synergy Enhancement Mechanism and KeyIndustrialization Technologies” in which the Company participated was honored with the “First Prize forShanghai Municipal Science and Technology Award” awarded by the Shanghai Municipal People’s

Government. The Company was also recognized as a “2025 China Famous Consumer Goods Brand” by the

Ministry of Industry and Information Technology. Additionally the Company was again awarded the First

Prize for Technological Advancement by the China Dairy Industry Association this time for its project

“Research and Application of Key Technologies and Related Devices for Mousse Cheese.” Furthermore the

Company’s new mini-triangle cheese product was selected as a “2025 Shanghai Specialty Tourism Food.”

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.Shanghai First Prize for

Municipal Technological

Science and Advancement by the

Technology 2025 China Famous China Dairy Industry 2025 Shanghai Specialty

Award Consumer Goods Brand Association Tourism Food

8 Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report SummaryA n n u a l R e p o r t * S u m m a r y 2025

In the C-end ready-to-eat nutritional cheese segment the Company focuses on targeted consumer

engagement and continuous optimization of its product portfolio. For children’s nutrition the Company has

launched products such as Qixuan cheese lollipop growing yogurt postbiotic growing cheese cups and

Jiejiegao liquid cheese calcium. For adult series the Company introduced new cheese snack items like the

signature Cheese Mini Triangles and Cloud Cheese while also rolling out products such as cheese nut

crisps and Cheese Mini Balls precisely tailored for key channels like Sam’s Club and snack retail stores

thereby further broadening the scope of consumption scenarios. In the C-end family consumption cheese

category the Company continues to strengthen its category advantages and technological expertise.Mozzarella cheese cheese slices and domestic light butter have seen steady volume growth in response to

family-oriented needs.Jiejiegao Liquid

Growing Yogurt Cheese Calcium Cheese Mini Triangles

Cheese Nut Crisps Cheese Mini Balls

Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report Summary 9During the reporting period the Company achieved significant breakthroughs and remarkable results in the

B-end food service and industrial cheese sector. Leveraging the comprehensive “Two Oils One Cheese”

product portfolio formed by the integration of Arla Professional Dairy and Milkground Professional Cheese

the Company focuses on five core customer segments Western cuisine bakery tea and coffee industrial

processing and Chinese cuisine to provide B-end clients with one-stop cheese solutions. Notably the

launch of domestically produced original Mozzarella cheese marked a significant milestone filling a gap in the

high-end domestic original Mozzarella market breaking the reliance on imported core cheese categories and

becoming a key driver in advancing the industry’s shift toward original cheese and high-quality upgrades.This also sets a benchmark for the large-scale production of original cheese within the industry.Furthermore Arla Mascarpone crafted through domestic original production processes and featuring a clean

formula is precisely tailored for diverse bakery tea and coffee scenarios. It further enriches the high-end

original cheese product matrix and accelerates the domestic substitution process in the catering industrial

sector.

(2) Brand Leadership

Milkground has successfully transformed from a children’s cheese brand to one for all consumers through a

systematic brand strategy upgrade. The Company has not only transcended the traditional boundaries of

children and family customer groups reaching a wider customer base including young consumers sports

enthusiasts and the silver-haired population but has also expanded consumption scenarios to encompass

diverse living spaces such as outdoor social gatherings workplace snacking and meal pairings. This has

achieved a dual breakthrough in both target audience and consumption context solidifying its position as a

cheese brand for everyone. The Company drives growth through an innovative marketing matrix. For its core

children’s cheese lollipop products it consistently generates buzz through concentrated promotion in leading

media outlets conducting nutritional education on the cheese category. Leveraging the holiday economy it

creates event-based marketing campaigns to continuously strengthen brand recognition. The Company

implements diverse marketing initiatives such as promoting new products through marathon events and

developing dedicated Nutrition Week programs to enhance nutritional endorsement and expand the

connection between scenarios and consumption. It has sponsored several popular variety shows deeply

integrating product advantages and utilizing celebrity resources to facilitate new product promotion and

audience expansion. By organizing featured activities like cheese markets and sponsoring hamburger

festivals the Company cultivates the cheese consumption market communicates nutritional and functional

values and advances brand upgrading through a series of actions assuming a leadership role in the

category.

10 Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report SummaryA n n u a l R e p o r t * S u m m a r y 2025

In 2025 Milkground built a comprehensive IP matrix to enhance brand value and deepen consumer

engagement across multiple dimensions. By leveraging two of the world’s top sports events — the Olympic

Games and the 2026 FIFA World Cup — the Company elevated its global vision and professional brand

image. It was officially designated as a supplier of reserve assurance products for the Sports Training

Bureau’s national team athletes supporting 12 Chinese national teams in their preparations. Through

partnerships with the NBA games China’s National Athletics Team and the CFA China Team and byaligning closely with top sports IPs and national sports teams Milkground anchored its “championshipquality” perception and reinforced the nutritional attributes of its products. Furthermore as a strategic

partner of China’s aerospace industry the Company solidified its premium brand positioning. Collaborations

with beloved IPs such as PAW Patrol My Little Pony Nezha and Universal Beijing Resort enabled

Milkground to deeply penetrate core social scenarios involving families and children conveying the brand’s

warmth of “guardians of childhood accompanied by deliciousness (守护童心?美味相伴).” From the sports

arena to daily life Milkground accompanies consumers through every key moment. This comprehensive IP

matrix linkage has forged a strong link between brand recognition and category association continuously

solidifying the consumer mindset that “Milkground equals cheese”.The Company adheres to a long-term focused strategy for brand publicity maintaining a sustained presence

across core media including CCTV Satellite TV and Focus Media. Concurrently embracing market

evolution Milkground has expanded to streaming platforms like iQIYI established a presence on social

media matrices such as Douyin Xiaohongshu and video channels and deepened O2O scenario-based

marketing. This allows for in-deep interaction with consumers through content-relevant consumption

scenarios achieving communication goals that align with business objectives and synergize branding

marketing and sales. Through the precise deployment of this comprehensive media matrix Milkground

continuously enhances brand awareness and reputation consolidating its position as the top-of-mind cheese

brand and firmly embedding the brand value proposition of “Milkground the best cheese choice” profoundly

rooted in people’s mind.Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report Summary 11(3) Intensive Channel Cultivation

In terms of channel development for the offline C-end retail channels the Company integrated the channel

advantages of its dual brands continued to optimize the layout of distributors nationwide and steadily

enhanced the distributor service system. It persistently cultivated modern trade channels to improve

operational efficiency vigorously developed momentum channels such as snack retail stores and

membership warehouse clubs and continuously optimized terminal operational efficiency. During the

reporting period several of the Company’s customized products delivered outstanding performance gaining

widespread recognition in momentum channels and achieving a two-way enhancement in both channel

penetration and market feedback. For the online C-end retail channels the Company maintained a dual-

brand presence during the reporting period focusing on operations and optimizing efficiency on traditional

e-commerce platforms such as Tmall JD.com and Pinduoduo while vigorously developing content

e-commerce and instant retail formats. During the reporting period the Company’s capability for launching

new products advanced significantly. The Growing Cheese Cup successfully emerged as a top-selling

e-commerce product and products like Jiejiegao Liquid Cheese Calcium also performed remarkably well

enriching the product matrix and contributing to performance growth. For the B-end catering channels the

Company integrated the product and channel strengths of its brands continuously promoting its

transformation and upgrading from a product seller to a professional dairy service provider. During the

reporting period core products including Mozzarella cheese cheese slices butter and whipping cream

simultaneously scaled up in volume. Leveraging its robust technological and supply chain capabilities the

Company provided customers with one-stop professional dairy solutions.

(4) Management Efficiency Enhancement

? E stablishing a supply chain full-process management system to enhance end-to-end management

efficiency

The Company has continuously improved its supply chain full-process management system achieving end-

to-end management across planning production and sales. Through digital and intelligent upgrades it has

further enhanced supply chain management efficiency laying a solid foundation for cost reduction and

efficiency gains. Leveraging its accumulated proprietary technological expertise in the cheese sector the

Company has consistently evolved its innovation capabilities to meet market demands while maintainingexcellent product quality. During the reporting period the Company was honored with the “Excellent SupplyChain Award” and the “Golden Pot Award” by YumChina and was also recognized as one of the first batch

of “YumChina Strategic Partners”.? F ully implementing a range of strategic cost-reduction and efficiency-enhancing measures to build a

corporate cost advantage

The Company has fully initiated a range of strategic cost-reduction and efficiency-enhancing measures

regarding this as a key competitive moat for building its core competitiveness. Focusing on lean

collaboration lean production and lean management as core drivers the Company has introduced

professional management models through coordinated management covering the entire chain including R&D

procurement and manufacturing. This has propelled organizational efficiency and capability to a higher level.During the reporting period both organizational efficiency and per capita output achieved improvements.

12 Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report SummaryA n n u a l R e p o r t * S u m m a r y 2025

? Strengthening the comprehensive quality management system and enhancing professional capabilities

to empower business operations

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. During the

reporting period the Company became the first cheese enterprise in China that has obtained both CNAS

laboratory accreditation and CMA qualification certification marking a significant milestone that further

solidifies its professional expertise and authority in the field of cheese testing. This enables the Company to

provide professional testing services and related support to food companies across the industry. The

comprehensive implementation of the LIMS system has promoted the integration of laboratory digitalization

with existing systems significantly enhancing testing efficiency and data reliability.Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report Summary 134. Major Accounting Data and Financial Indicators of the Company

4.1 Major accounting data and financial indicators in the past 3 years

Unit: Yuan　Currency: RMB

Increase or decrease

over that of the

2025 2024 previous year (%) 2023

Total assets 8458303696.37 7720899535.16 9.55 7539615207.46

Net assets attributable to shareholders

of the Company 4561743810.16 4409235955.26 3.46 4740697670.07

Operating income 5632950354.38 4843753794.70 16.29 5322202155.91

Total profits 158814909.65 160992070.43 –1.35 82119910.15

Net profit attributable to shareholders of

the Company 118493733.40 113620696.95 4.29 60065609.21

Net profit attributable to shareholders of

the Company after deducting

non-recurring profit or loss 157620033.20 46919280.55 235.94 7171235.98

Net cash flow from operating activities 459306102.23 530727216.06 –13.46 263675812.26

Weighted average return on net assets Increase by 0.177

(%) 2.641 2.464 percentage points 1.229

Basic earnings per share (RMB/share) 0.236 0.226 4.42 0.119

Diluted earnings per share (RMB/share) 0.235 0.226 3.98 0.119

4.2 Major accounting data by quarters during the reporting period

Unit: Yuan　Currency: RMB

Fourth quarter

First quarter Second quarter Third quarter (October to

Major accounting data (January to March) (April to June) (July to September) December)

Operating revenue 1233332768.29 1333831610.41 1389968358.62 1675817617.06

Net profit attributable to shareholders of

the Company 82396663.23 50573458.82 42967940.21 –57444328.86

Net profit attributable to shareholders of

the Company after deducting

non-recurring profit or loss 64941077.73 37508207.94 17276223.15 37894524.38

Net cash flow from operating activities 119790217.60 116098646.15 249247205.30 –25829966.82

14 Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report SummaryA n n u a l R e p o r t * S u m m a r y 2025

Explanation of the difference between quarterly data and disclosed periodic report data

□ Applicable ? Not applicable

5. Information on Shareholders

5.1 Total number of holders of ordinary shares total number of holders of preference shares with

voting rights restored total number of shareholders holding shares with special voting rights

and top ten shareholders at the end of the reporting period and a month before the annual

report disclosure

Unit: Share

Total number of holders of ordinary shares as at the end of the reporting period (individual) 36963

Total number of holders of ordinary shares at the end of the previous month before the

date of publishing the annual report (individual) 40385

Total number of holders of preference shares with voting rights restored as at the end of

the reporting period (individual) 0

Total number of holders of preference shares with voting rights restored at the end of the

previous month before the date of publishing the annual report (individual) 0

Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report Summary 15Shareholding of top ten shareholders (excluding shares lent through securities lending and refinancing)

Increase or Pledged marked or

decrease Number of frozen

during the shares held at Number of

reporting the end of the Percentage restricted Nature of

Full name of shareholders period period (%) shares held Status Number shareholders

Inner Mongolia Mengniu Dairy (Group) 322100 187891322 36.84 0 Nil 0 Domestic non-Company Limited (内蒙古蒙牛乳业（集 state-owned legal团）股份有限公司) person

Chai Xiu (柴琇) 0 76103632 14.92 0 Pledged 76100000 Domestic natural

Marked 4490267 person

Frozen 9000000

Guosen Securities Co. Ltd. 15459858 17479558 3.43 0 Nil 0 State-owned legal

(国信证券股份有限公司) person

Shanghai Milkground Food Tech 8000000 8000000 1.57 0 Nil 0 Other

Company Limited — 2025 ESOP (上海妙可蓝多食品科技股份有限公司

—2025年员工持股计划)

Wen Meihua (温美华) 1761300 7340700 1.44 0 Nil 0 Domestic natural

person

Collective Assets Management Center in 0 6539943 1.28 0 Nil 0 Other

Dongli Town of Yiyuan County (沂源县

东里镇集体资产经营管理中心)

Jilin Dongxiu Trade Co. Ltd. 0 5280000 1.04 0 Pledged 5280000 Domestic non-

(吉林省东秀商贸有限公司) state-owned legal

person

Zijin Trust Co. Ltd. 4689743 4689743 0.92 0 Nil 0 State-owned legal

(紫金信托有限责任公司) person

National Social Security Fund Portfolio 106000 4533200 0.89 0 Nil 0 Other

602(全国社保基金六零二组合)

Xia Sijin (夏斯瑾) 468900 4448400 0.87 0 Nil 0 Domestic natural

person

Explanation of associations or actions in concert among Dongxiu Trade is actually controlled by Ms. Chai Xiu. Save as the aforementioned connection the

the above shareholders Company is not aware of the existence of any connections of the top ten shareholder.Explanation on holders of preference shares with voting N/A

rights restored and their shareholding

16 Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report SummaryA n n u a l R e p o r t * S u m m a r y 2025

5.2 Diagram of the equity and controlling relationship between the Company and the controlling

shareholder

? Applicable □ Not applicable

Inner Mongolia

Mengniu

36.84%

Milkground

5.3 Diagram of the equity and controlling relationship between the Company and the de facto

controller

□ Applicable ? Not applicable

5.4 Total number of holders of preference shares and top ten shareholders at the end of the

reporting period

□ Applicable ? Not applicable

6. Corporate Bond

□ Applicable ? Not applicable

SECTION III SIGNIFICANT EVENTS

1. The Company shall based on the principle of materiality disclose the material changes in the Company’s

operating conditions during the reporting period as well as matters that have had a significant impact

on the Company’s operations during the reporting period and are expected to have a significant

impact in the future.During the reporting period the Company actively advanced various initiatives and recorded operating

income of RMB5632950400 throughout the year. The overall operating income increased by 16.29% year-

on-year mainly due to the increase in revenue from the Company’s cheese products. Meanwhile the

Company recorded a net profit attributable to shareholders of the Company after deducting non-recurring

profit or loss of RMB157620000 a year-on-year increase of 235.94%.

2. If there is a delisting risk warning or circumstance where the listing is terminated within the Company

after the annual report is disclosed the Company should disclose the reasons for the delisting risk

warning or listing termination.□ Applicable ? Not applicable

Shanghai Milkground Food Tech Co. Ltd. 2025 Annual Report Summary 17