来源 ：证券之星 今年1月，上市公司妙可蓝多（600882.SH）发布的一则"罢免"创始人柴琇的公告，引发市场关注。根据 公告，柴琇被免去公司副董事长、总经理以及法定代表人职务，仅保留董事身份。蒙牛系高管蒯玉龙接 任公司总经理和法定代表人。 证券之星注意到，柴琇被免职的直接诱因，是其未能履行此前对上市公司作出的足额补偿承诺。该承诺 源于一笔可追溯至2018年的陈年投资。截至今年1月25日，柴琇尚未履行前述足额补偿的相关承诺，且 未提供履行前述足额补偿承诺的明确方案或预期，导致上市公司面临最高达1.69亿元的资产减值损失。 如今柴琇虽已离场，但围绕这笔旧账的追偿才刚刚开始，距离承诺的兑现依旧遥远。 01． 奶酪第一股遭遇"黑天鹅" 事件的源头，可追溯至妙可蓝多对一家名为"上海祥民股权投资基金合伙企业"（下称"祥民基金"）的出 资。2018年，妙可蓝多出资1亿元，认购该基金6.67%的份额。历经多次股权变更，至2021年，该基金 的出资结构已演变为：吉林耀禾经贸有限公司（下称"吉林耀禾"）作为劣后级合伙人，认缴出资比例高 达91.63%；妙可蓝多作为有限合伙人，认缴比例为8.21%。 证券之星了解到，问题出在20 ...

短期内中国乳制品需求疲弱，但中长期人均消费仍有提升空间。低温产 品在三四线城市渗透带来结构性机会，乳深加工产品发展及产能释放将 显著消耗原奶。 奶价变化直接影响下游乳品企业收入和盈利。低迷期企业经历戴维斯双 杀，复苏期迎来戴维斯双击。预计 2026 年出现新一轮周期拐点， 2027-28 年深加工产能释放将迎来戴维斯双击。 乳制品行业深度《原奶价格周期向上，板块配置价值愈 显》20260223 摘要 2008 年以来，中国奶价呈现周期性波动，受春节需求、冬季供给下降 等因素影响，1 月达到高峰，4-5 月跌至谷底。三聚氰胺事件、口蹄疫 和疫情等偶发事件也显著扰动奶价。 国内原奶供给受奶牛存栏量和单产影响，饲料价格、补贴政策、环保政 策和养殖预期影响存栏量，育种和饲喂技术影响单产。进口乳制品价格 对国内奶价有替代作用。 国内种奶牛场存栏量自 2023 年增长，但胚胎量下降预示未来扩群或放 缓。规模化养殖比例接近 80%，提高了生产效率。新西兰等地的进口大 包粉价格直接影响国内原奶市场。 牛肉价格上涨对奶价周期产生影响，但短期内（2026 年）奶价难以大 幅回升，养殖场经营压力仍然存在。玉米价格上涨可能带动生鲜乳 ...

南方财经2月24日电，妙可蓝多(600882.SH)2月14日发布公告，回复了上海证券交易所下发的监管工作 函。交易所主要关注公司参与投资的祥民基金（原渤海华美八期基金）相关事项及其巨额公允价值变动 损失的确认时点。问询函首先质疑公司时任实控人柴琇及其关联方是否实际控制该基金。公司回复承 认，自2020年6月柴琇配偶控制联祥消防（持有基金劣后级合伙人吉林耀禾100%股权）后，结合吉林耀 禾高达91.63%的认缴出资比例及对底层资产董事会的控制，柴琇方面实际控制了祥民基金及其境外底 层资产，直至2025年4月债权人蒙牛启动资产接管。对于基金为何为实控人关联方债务提供担保，公司 解释称，吉林耀禾持有基金绝大部分权益，其债务需以所持基金及底层资产权益抵押，而资产无法拆分 抵押。公司因享有年化14%的优先收益权，且获得了柴琇及控股股东内蒙蒙牛的补偿承诺，故在决策层 面予以同意。公司认为该担保仅为参股基金的行为，不构成上市公司对外担保，决策程序在当时具有合 规性。但公司也指出，后续基金管理人存在履职不完善的情况。针对巨额损失（对基金投资1.28亿元、 对底层公司吉林芝然10%股权投资0.3-0.4亿元）为何在2025年 ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

证券代码：600882 证券简称：妙可蓝多 公告编号：2026-016 上海妙可蓝多食品科技股份有限公司 关于确认公允价值变动损失相关事项监管工作函的 回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海妙可蓝多食品科技股份有限公司（以下简称"公司"或"妙可蓝多"） 于近日收到上海证券交易所上市公司管理一部下发的《关于上海妙可蓝多食品科 技股份有限公司确认公允价值变动损失相关事项的监管工作函》（上证公函【2026】 0135 号）（以下简称"《工作函》"）。公司收到《工作函》后高度重视，根 据《工作函》的要求及时组织相关部门对《工作函》所列事项进行了认真核查、 逐项落实。现就有关事项具体回复如下： 一、根据前期公告，2018 年公司出资 1 亿元认购前述基金 6.67%的 LP 份 额；基金总规模 15 亿元，GP 为渤海华美、联祥消防，管理人为渤海华美；2020 年 6 月，渤海华美退出，新增普通合伙人深圳普泰，并担任管理合伙人；同时 公司时任实际控制人柴琇配偶控制的主体收购联祥消防 100%股权，此时联祥消 防及 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The dairy processing industry in China is entering a new development stage, driven by low raw milk prices, increasing demand for processed dairy products, and supportive government policies [25][41][46] - The per capita consumption of dairy products in China is significantly lower than that of developed countries, indicating substantial growth potential in the market, particularly for processed dairy products like cheese and butter [31][34][40] - The global market for cheese is projected to reach nearly $200 billion by 2025, with significant growth expected in butter and cream markets as well [52][56][59] Summary by Sections 1. Development of Dairy Processing in China - Dairy processing involves complex processes to convert raw milk into high-value products, with a focus on separating and purifying effective components [15] - The current structure of dairy consumption in China is heavily skewed towards liquid milk, with processed products like cheese and butter having a much lower market share compared to developed countries [25][30] 2. Global Perspective on Dairy Products - The market for basic processed dairy products, such as butter, cream, and cheese, is large, and Chinese companies should focus on freshness and customization to differentiate themselves [47][48] - The global cheese market is expected to grow significantly, with Europe being the largest consumer market, driven by demand in the food service sector [52][53] 3. Domestic Expansion of Dairy Processing - Over 20 dairy companies are currently expanding or building new processing lines, with an expected increase in raw milk processing capacity of over 300,000 tons from 2026 to 2027 [25] - The long-term competition in the dairy processing industry will hinge on resource allocation, technology, and distribution channels, with leading companies likely to maintain a competitive edge [25][46] 4. Government Support and Market Trends - The Chinese government is actively promoting the development of dairy processing, with policies aimed at increasing the consumption of processed dairy products [41][45] - The trend towards higher consumption of processed dairy products aligns with changing consumer habits, particularly among younger generations [40][41]

出品：新浪财经上市公司研究院 作者：郝显 在"撤换"创始人柴琇之后，妙可蓝多又祭出一招。2月10日公司宣布于2026年2月8日与Saudia Dairy & Foodstuff Co．（以下简称"SADAFCO"）签署了备忘录。 SADAFCO是沙特头部食品公司，从事食品制造、分销及营销，拥有覆盖牛奶、番茄酱、冰淇淋等产品 的分销网络，公告称"双方拟进行合作，共同探索并拓展儿童奶酪零食（特指奶酪棒）在沙特的市场。" 此前妙可蓝多刚刚经历过资产减值和核心高管的更换，妙可蓝多参股基金提供担保的吉林省耀禾经贸有 限公司债务逾期，加上基金底层资产吉林芝然乳品科技有限公司因澳洲底层资产业绩下滑，面临减值。 两项资产减值，预计将减少妙可蓝多2025年归母净利润约1.19亿元至1.27亿元。 遭遇C端市场停滞的妙可蓝多，将破局的关键放在了"B端"以及"出海"。出海市场会成为公司新的增长 引擎吗？ 出海市场能否破局？ 妙可蓝多与SADAFCO本次合作剑指国际化。公告称，"双方将相互合作，以拓展儿童奶酪零食在沙特 的市场。通过利用各自优势，包括但不限于妙可蓝多的生产与研发能力，以及SADAFCO在当地的分销 网络、运营能力与商 ...

Core Viewpoint - The collaboration between Miaokelando and SADAFCO marks a significant step in Miaokelando's international expansion, aiming to penetrate the Middle Eastern market, particularly in the children's cheese segment [1][2]. Group 1: Partnership Details - Miaokelando has signed a framework agreement with SADAFCO, a prominent Saudi dairy company, to engage in comprehensive cooperation including product innovation, localization, distribution, and marketing [1]. - SADAFCO will provide insights into Saudi consumer preferences, while Miaokelando will adapt its technology to meet local tastes [1]. - If successful in the Saudi market, the partnership plans to expand throughout the Gulf Cooperation Council (GCC) region, potentially opening up the entire Middle Eastern market [1]. Group 2: Company Background - SADAFCO, established in 1976 and listed on the Saudi Stock Exchange, specializes in the production and sale of dairy products and other food items, with its flagship brand "SAUDIA" being widely recognized [2]. - As of February 9, 2026, SADAFCO's total market capitalization is approximately 7.296 billion Saudi Riyals (around 13.5 billion RMB), with projected revenues of about 2.963 billion Saudi Riyals (approximately 5.5 billion RMB) for the fiscal year 2024 [2]. Group 3: Strategic Implications - The partnership is seen as a way for Miaokelando to accelerate its internationalization process, transitioning from a leading Chinese cheese brand to a global player [2]. - The Middle Eastern market is characterized by high per capita consumption capacity and strong demand for quality snacks, representing a "new blue ocean" for Chinese food exports [2].

证券日报网讯 2月11日，妙可蓝多发布公告称，公司2025年12月31日以闲置募集资金2，000.00万元购买 光大银行"2025年挂钩汇率对公结构性存款定制第十二期产品651"，已于2026年2月11日到期赎回，收回 本金2，000.00万元，实现收益4.21万元，年化收益率1.85%。截至本公告日，公司使用闲置募集资金进 行现金管理的尚未到期余额为14.00亿元，未超董事会授权额度。 （文章来源：证券日报） ...

证券日报网讯2月11日，妙可蓝多（600882）在互动平台回答投资者提问时表示，公司募投项目此前调 整进度是主动适配市场，无实质性障碍，具体建设和投产情况请以公司公开披露的信息为准。公司新投 建的产能主要为高增长产品产能及新开发产品产能，目前奶酪产品没有需要淘汰的老旧产能。2025年前 三季度，公司马苏、奶酪片等品类增长显著，部分定制化产品因契合餐饮创新需求而呈现供不应求态 势，整体增长主要得益于下游场景需求的持续旺盛。 ...