蒙牛真的救了妙可蓝多

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作者|十一编辑| 方乔2026年1月，妙可蓝多股价小幅上涨，市场情绪趋于稳定，这背后是公司连续几个季度的业绩改善，2025年前三季度归母净利润达1.76亿元，同比增长106.88%；仅第三季度就实现净利润4297万元，同比增幅高达214.67%。其增长动力已不再局限于儿童奶酪棒这一单品，而是来自B端与C端同步发力的战略调整，自蒙牛完成对其奶酪业务的整合、持续增持股份，并开放IP资源后，妙可蓝多在...

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方乔2026年1月，妙可蓝多股价小幅上涨，市场情绪趋于稳定，这背后是公司连续几个季度的业绩改善，2025年前三季度归母净利润达1.76亿元，同比增长106.88%；仅第三季度就实现净利润4297万元，同比增幅高达214.67%。其增长动力已不再局限于儿童奶酪棒这一单品，而是来自B端与C端同步发力的战略调整，自蒙牛完成对其奶酪业务的整合、持续增持股份，并开放IP资源后，妙可蓝多在供应链效率、渠道结构和品牌定位上均有明显优化。当前，商务部对欧盟乳制品启动临时反补贴措施，进一步强化了国产奶酪在价格和供应稳定性上的优势。如今，妙可蓝多正尝试从“儿童零食品牌”向覆盖更广人群、更多消费场景的乳品品牌过渡，并提出“共创千亿奶酪赛道”的目标。在行业整体承压的背景下，这家公司能否通过产品、渠道和组织能力的系统性升级，真正打开增长新空间，成为观察中国乳制品结构性转型的一个重要案例。01妙可蓝多最初靠儿童奶酪棒打开市场，2021年销量超过外资品牌百吉福，成为细分品类第一。但此后几年，随着大单品热度下降、乳制品整体需求放缓，公司收入增速明显放缓，甚至出现下滑。2022至2024年间，其面临利润承压、经销商流失等问题，暴露出对单一产品的过度依赖。其转折点出现在蒙牛的深度介入，2021年，蒙牛通过定增成为控股股东；2024年7月，又将旗下奶酪业务以4.48亿元作价注入妙可蓝多，实现奶酪资产统一运营。这次整合不只是股权层面的动作，更带来了实际协同效应。在供应链方面，妙可蓝多开始使用蒙牛在国内的奶源，并共享部分奶酪生产线，推动原制奶酪国产化，降低对进口原料的依赖。据公司披露，2023年起实施的“极致成本”战略，已逐步体现在毛利率改善上。而渠道方面，妙可蓝多借助蒙牛覆盖全国的经销网络，加快向三四线城市渗透，2025年前三季度，其经销渠道收入同比增长5.86%。同时，公司主动减少低效经销商数量，转向聚焦高产出终端，推行“一商两店”模式，提升单个经销商的服务能力和动销效率。于品牌层面上，蒙牛开放了包括奥运、NBA、中国航天在内的多个IP资源，2025年，妙可蓝多陆续推出联名产品，试图弱化“仅适合儿童”的标签，向家庭消费和成人营养场景延伸。此外，公司治理也有所改善，在柴琇主政时期，因信披违规、资金占用等问题多次被监管警示，信息披露评级一度为D级；蒙牛入主后，该评级已回升至B级，运营规范性有所提升。02如今，中国奶酪市场仍处于早期阶段，据《斑马消费》报道，2024年市场规模约209亿元，年人均消费量仅0.17公斤，远低于日本和韩国，而奶酪在乳制品消费中的占比仅为2.62%，而日韩已超9%。这意味着，无论是日常食用还是餐饮应用，都存在较大拓展空间。当前，妙可蓝多的应对策略是双线推进，在C端，公司加快产品迭代，不再只依赖奶酪棒。2025年8月，其“奶酪坚果脆”进入山姆会员店，主打高蛋白、低GI，瞄准职场人群的健康零食需求。B端则是增长更快的部分，据《21Style》报道，2025年上半年，餐饮工业系列收入超过8亿元，同比增长36.26%，公司围绕西式快餐、新茶饮、烘焙、中餐和酒店五大场景，提供马苏里拉、稀奶油、芝士片等定制化产品。在整合蒙牛奶酪原有客户后，妙可蓝多得以服务星巴克、盒马、东方航空等大客户，B端业务更多采用直营或核心经销商直供模式，减少了对传统分销渠道的依赖。而政策环境也在提供助力，于2025年12月，商务部对欧盟部分乳制品加征临时反补贴税，削弱了安佳、百吉福等外资品牌的成本优势。妙可蓝多表示，这有助于其凭借国内原奶价格优势，在供货稳定性和客户服务响应速度上建立差异化竞争力。目前，公司已明确未来三年要打三场“战役”，巩固奶酪棒基本盘、推动成人产品破圈、加速B端市场渗透。而管理层设定的2025至2027年营收目标不低于199亿元，要实现这一目标，不仅需要持续的产品创新和渠道下沉，更依赖于蒙牛在供应链、冷链、品牌背书等方面的长期支持。在乳制品行业整体面临“液态奶过剩、高附加值产品短缺”的结构性矛盾下，妙可蓝多的路径或许能为行业提供一种可行的转型参考。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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