Shanghai Milkground Food Tech: Key takeaways of operational update call: clearer growth roadmap

研报英文原文证据摘录

Shanghai Milkground Food Tech: Key takeaways of operational update call: clearer growth roadmap

Global Research

23 July 2026ab

First Read

EquitiesShanghai Milkground Food Tech

Key takeaways of operational update call: clearer China

growth roadmap Food Retailers & Wholesalers

12-month rating Buy

12m price target Rmb25.50

Transition into Mengniu's core dairy deep-processing platform

We hosted Milkground's operational upgrade call yesterday. Management highlighted

the successful transition from founder-led management to Mengniu-led governance, Price (22 Jul 2026) Rmb21.51

resulting in a more institutionalized operating structure. Management also introduced RIC: 600882.SS BBG: 600882 CH

its "13434" cheese ecosystem strategy, spanning three core categories (cheese, milk fat

Trading data and key metrics

and Whey), four nutrition platforms, three growth engines (B2B, B2C and M&A/

overseas expansion), and four core capabilities. More importantly, Milkground has been 52-wk range Rmb28.53-15.99

positioned as Mengniu's core dairy deep-processing platform, which should enhance Market cap. Rmb11.0b/US$1.62b

synergies in raw milk sourcing, quality control, R&D, and branding, supporting its long- Shares o/s 510m (ORDA)

term growth outlook. Free float 71%

Avg. daily volume ('000) 10,180

B2B emerging as the second growth engine Avg. daily value (m) Rmb196.5

B2B revenue now accounts for more than 40% of total sales, with tea beverage and Common s/h equity (12/26E) Rmb4.81b

bakery customers, Western-style restaurant chains, and distributors each contributing P/BV (12/26E) 2.3x

roughly one-third of segment revenue. We view the B2B business as an increasingly Net debt to EBITDA (12/26E) 0.7x

important growth driver. The company's competitive edges are underpinned by its