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China's largest cheese brand, making cheese sticks, slices and other cheese products mainly for children and families.
China's largest cheese brand, making cheese sticks, slices and other cheese products mainly for children and families.
Sells cheese snacks at a premium to children and families through supermarkets and online, and also supplies cheese to the restaurant and bakery trade, giving it a second channel beyond the family snack. Mengniu, China's large dairy group, is its largest shareholder.
In one line: China's answer to Kraft/Babybel in cheese snacks.
Moat: narrow (brand, distribution). Category-creating brand leadership in China's nascent cheese-snack market backed by Mengniu.
Headquarters: Shanghai, China · Employees: 3,232
Size Shanghai Milkground Food Tech (600882.SS) is a China Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $1.55B, the 1588th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥20.56 on 6 Nov 2026.
Performance Over six months the shares fell 0.6%, against -7.6% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 25.6% over the last twelve months (peer median +2.6%); the operating margin is 4.4% (peer median 2.7%).
Valuation It trades at 32.0× forward earnings against a peer median of 23.4× (5th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.1 points above its cost of capital (7.2% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.54B | CN¥5.62B | CN¥4.83B | CN¥5.31B | CN¥4.81B |
| Revenue growth | — | +16% | -9% | +10% | — |
| Gross profit | CN¥2.06B | CN¥1.54B | CN¥1.29B | CN¥1.20B | CN¥1.58B |
| EBITDA | n/a | CN¥525M | CN¥349M | CN¥195M | CN¥258M |
| Net income | CN¥154M | CN¥118M | CN¥114M | CN¥60.1M | CN¥138M |
| Free cash flow | CN¥430M | CN¥134M | CN¥196M | CN¥6.32M | -CN¥653M |
| Capital expenditure | CN¥148M | CN¥361M | CN¥382M | CN¥321M | CN¥507M |
| Total debt | CN¥3.16B | CN¥2.85B | CN¥2.47B | CN¥1.94B | CN¥1.78B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shanghai Milkground Food Tech 600882.SS | $1.55B | -1% | +26% | 4% | 32.0× | 11.1% |
| Bright Dairy & Food 600597.SS | $1.43B | -6% | -3% | 0% | 30.6× | 18.8% |
| Inner Mongolia Yili Industrial 600887.SS | $29.3B | +15% | +2% | 9% | 19.2× | -0.1% |
| Mengniu Dairy 2319.HK | $10.5B | +28% | +3% | 5% | 14.7× | 6.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600882.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.0% | +0.9% | 6th highest of 21 |
| 6-month return | -0.6% | -7.6% | 8th highest of 20 |
| Distance from 52-week high | -31.3% | -20.7% | 5th lowest of 21 |
| Revenue growth (TTM) | +25.6% | +2.6% | 3rd highest of 21 |
| Operating margin | 4.4% | 2.7% | 8th highest of 21 |
| Forward P/E | 32.0× | 23.4× | 5th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 11.1% | 2.9% | 5th most demanding of 12 |
| Growth delivered (Del g) | +14.7% | +7.2% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -3.6 pp | -1.0 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | +0.1 pp | -1.2 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Milkground Food Tech 600882.SS | China | $1.55B | -1% | +26% | 4% | 32.0× | 11.1% | +14.7% |
| Itoham Yonekyu 2296.T | Japan | $1.53B | -13% | +3% | 3% | 13.2× | n/a | n/a |
| Fraser & Neave F99.SI | Singapore | $1.53B | -8% | -3% | 10% | n/a | 0.1% | +4.8% |
| Bright Dairy & Food 600597.SS | China | $1.43B | -6% | -3% | 0% | 30.6× | 18.8% | -1.1% |
| Bega Cheese BGA.AX | Australia | $1.36B | +23% | +7% | 3% | 24.9× | 18.4% | +12.7% |
| MEGMILK SNOW BRAND 2270.T | Japan | $1.36B | +12% | 0% | 3% | 7.5× | n/a | n/a |
| Scandi Standard SCST.ST | Sweden | $1.35B | +38% | +8% | 5% | 27.2× | 1.8% | +7.2% |
| Austevoll Seafood AUSS.OL | Norway | $1.79B | -8% | -1% | 7% | 11.4× | 2.5% | +11.9% |
| Zhejiang Yiming Food 605179.SS | China | $1.27B | +22% | 0% | 2% | n/a | n/a | n/a |
| Bell Food BELL.SW | Switzerland | $1.98B | +42% | +2% | 3% | 10.9× | 2.9% | +4.0% |
| Shandong Oriental Ocean Sci-Tech 002086.SZ | China | $1.17B | +94% | +6% | -35% | n/a | n/a | n/a |
| Ezaki Glico 2206.T | Japan | $2.07B | -11% | +10% | 3% | 35.7× | 7.5% | +1.0% |
| NewPrinces NWL.MI | Italy | $1.16B | +40% | +81% | 1% | n/a | 0.6% | +44.5% |
| Umios 1333.T | Japan | $1.14B | -10% | +3% | 3% | n/a | n/a | n/a |
| China Youran Dairy 9858.HK | Hong Kong | $2.15B | -4% | +7% | -2% | 8.0× | 17.8% | +11.1% |
| Morinaga Milk Industry 2264.T | Japan | $2.21B | -9% | +2% | 6% | 14.4× | n/a | n/a |
| New Hope Dairy 002946.SZ | China | $2.22B | -13% | +7% | 9% | 17.6× | 1.9% | +10.7% |
| Jinzi Ham 002515.SZ | China | $1.06B | -15% | -2% | -11% | 277.0× | n/a | n/a |
| HUANLEJIA Food 300997.SZ | China | $1.06B | -17% | +4% | 7% | 54.7× | n/a | n/a |
| Milky Mist Dairy Food MILKYMIST.NS | India | $2.42B | n/a | +34% | 8% | 79.2× | n/a | n/a |
| Beijing Sanyuan Foods 600429.SS | China | $973M | -29% | 0% | -1% | 23.4× | 24.8% | -2.8% |