Core Viewpoint - Recent developments at Miaokelando (600882) highlight significant management changes, financial challenges, and strategic partnerships aimed at market expansion. Management Changes - On January 23, 2026, the company’s board removed founder Chai Xiu from the positions of vice chairman, general manager, and legal representative, while retaining him as a director. Kuai Yulong, previously an executive at Mengniu, was appointed as the new general manager and legal representative. This change aims to enhance corporate governance and align with the strategic direction of the controlling shareholder, Mengniu [2]. Financial Situation - The company plans to fully recognize a fair value change loss of approximately 129 million yuan related to its investment in the Shanghai Xiangmin Equity Investment Fund, due to underlying asset debt defaults. This is expected to reduce the net profit attributable to shareholders for 2025 by approximately 119 million to 127 million yuan. Additionally, arbitration has been initiated against the original promisor Chai Xiu for failing to fulfill compensation commitments, which may impact net profit depending on the outcome [3]. Capital Movements - From December 29, 2025, to January 23, 2026, Inner Mongolia Mengniu Dairy Co., Ltd. increased its shareholding in the company by approximately 1.3322 million shares, raising its ownership from 36.77% to 37.04%. This reflects the controlling shareholder's confidence in the company [4]. Business Development - On February 8, 2026, the company signed a memorandum of cooperation with Saudi dairy company SADAFCO to jointly explore the cheese business in the Saudi market. The collaboration may involve trade, brand licensing, or the establishment of a joint venture, with formal agreement negotiations to be closely monitored. Analysts from institutions like Founder Securities view this as beneficial for overseas market expansion [5]. Performance Overview - According to the third-quarter report for 2025, the company achieved a net profit attributable to shareholders of 176 million yuan for the first three quarters, representing a year-on-year increase of 106.88%. However, concerns arise from a high proportion of accounts receivable and a 72.18% increase in interest-bearing liabilities, indicating potential debt risks. The overall performance for 2025 may be affected by the aforementioned impairment, but it is expected that net profit will not turn negative [6].

方正证券研报指出，妙可蓝多拟合作沙特领先乳企SADAFCO，国际化或将开启新征程。公司于2026年 2月8日与沙特阿拉伯上市公司SADAFCO签署合作备忘录，拟共同开拓奶酪品类在沙特市场的业务机 遇。该合作事项与公司现有业务具有良好协同效应，符合公司"聚焦主业"与"并购出海"的战略发展方 向。若本备忘录得以顺利实施，该合作项目的推进将有助于提升公司在行业内的竞争优势，有利于公司 拓展海外市场，预计将对公司未来经营发展产生积极影响。此外，减值计提及核心高管变更落地，利空 悉数出尽。对应当前PE分别111/36/25X，给予"推荐"评级。 ...

我们预计公司25-27 营业收入分别55.6/65.5/78.0 亿元，分别同比增长15%/18%/19%；预计25-27 归母净 利润分别为1.1/3.2/4.6 亿元，分别同比增长-7%/207%/42%，对应当前PE 分别111/36/25X，给予"推荐"评 级。 事件：妙可蓝多于2026 年2 月10 日发公告，公司于2026 年02 月08 日与Saudia Dairy & Foodstuff Company（以下简称"SADAFCO"）签署备忘录。 拟合作沙特领先乳企，国际化迈向新征程。公司于2026 年2 月8 日与沙特阿拉伯上市公司SADAFCO 签 署合作备忘录，拟共同开拓奶酪品类在沙特市场的业务机遇。SADAFCO 成立于1976 年，2024 年营收 55 亿元，市值约135 亿元。双方拟聚焦儿童奶酪零食（特别是奶酪棒）在沙特市场的开发、商业化与分 销，结合妙可蓝多的研发与生产能力，以及SADAFCO 在当地的渠道、运营与消费者偏好数据优势。合 作模式可能包括贸易、品牌许可、特许权使用费或组建合资公司，具体形式待进一步协商。目前本备忘 录为框架性、意向性文件，不具法律约束力，不涉及具体投 ...

公司与SADAFCO签署备忘录，旨在共同探索并开拓儿童奶酪棒在沙特市场的业务机遇。拟合作事项与 公司现有业务具有良好协同效应，符合公司"聚焦主业"与"并购出海"的战略发展方向。若此次备忘录得 以顺利实施，该合作项目的推进将有助于提升公司在行业内的竞争优势，有利于公司拓展海外市场，预 计将对公司未来经营发展产生积极影响。 妙可蓝多是一家中国领先的奶酪公司，主要从事奶酪产品的生产与销售业务。SADAFCO是一家总部位 于沙特阿拉伯的地区领先食品制造商、分销商及营销商，在中东地区拥有强大的运营能力、营销能力， 拥有覆盖牛奶、番茄酱、冰淇淋等产品的分销网络，并以其旗舰品牌"SAUDIA"推广其核心产品。双方 认同利用各自的市场领导地位与专业优势能够带来互惠利益，并期望探索在奶酪品类开展潜在合作的可 能性。 智通财经APP讯，妙可蓝多(600882.SH)发布公告，公司于2026年2月8日与Saudia Dairy & Foodstuff Co. (简称"SADAFCO")签署了备忘录。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。 ...

公司与SADAFCO签署备忘录，旨在共同探索并开拓儿童奶酪棒在沙特市场的业务机遇。拟合作事项与 公司现有业务具有良好协同效应，符合公司"聚焦主业"与"并购出海"的战略发展方向。若此次备忘录得 以顺利实施，该合作项目的推进将有助于提升公司在行业内的竞争优势，有利于公司拓展海外市场，预 计将对公司未来经营发展产生积极影响。 智通财经APP讯，妙可蓝多(600882.SH)发布公告，公司于2026年2月8日与Saudia Dairy & Foodstuff Co. (简称"SADAFCO")签署了备忘录。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。 妙可蓝多是一家中国领先的奶酪公司，主要从事奶酪产品的生产与销售业务。SADAFCO是一家总部位 于沙特阿拉伯的地区领先食品制造商、分销商及营销商，在中东地区拥有强大的运营能力、营销能力， 拥有覆盖牛奶、番茄酱、冰淇淋等产品的分销网络，并以其旗舰品牌"SAUDIA"推广其核心产品。双方 认同利用各自的市场领导地位与专业优势能够带来互惠利益，并期望探索在奶酪品类开展潜在合作的可 能性。 ...

证券代码：600882 证券简称：妙可蓝多 公告编号：2026-013 上海妙可蓝多食品科技股份有限公司关于与 Saudia Dairy & Foodstuff Company 签署备忘录的公 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。 风险提示： 1、本次签署的备忘录为双方基于初步合作意愿而达成的框架性、意向性约 定，不涉及具体投资金额与合作期限，不具有法律约束力，不包含任何正式承诺， 具体合作模式尚存在不确定性； 2、项目可能受国家或地区政策调整、市场环境变化及前期审批程序等不可 预见因素或不可抗力影响，是否实施存在一定的不确定性，公司将根据相关事项 的进展情况履行相应的信息披露义务。敬请广大投资者注意投资风险； 3、双方同意在签署日起六（6）个月内完成关于拟议合作的讨论，但经双方 书面协议可延长此期限；如双方在此期限内未能协商一致，存在协议终止风险； 4、任何一方均有权决定不再继续推进拟议事宜（提前 30 日向另一方发出书 面通知即可），无需承担违约责任。 上海妙可蓝多食品科技股份有限公司（以下简称"公司"或"妙 ...

每经AI快讯，2月10日，妙可蓝多（600882）(600882.SH)公告称，公司于2月8日与Saudia Dairy&Foodstuff Company(SADAFCO)签署了备忘录，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。 ...

Core Viewpoint - The removal of founder Chai Xiu from her managerial positions marks a significant transition for Miaokelan Duo into a new era under Mengniu's leadership, indicating a shift towards a more professional management approach [2][12]. Management Changes - On January 25, Miaokelan Duo announced that Chai Xiu was removed from her roles as vice chairman, general manager, and legal representative, retaining only her position as a board member. Kuai Yulong from the Mengniu system was appointed as the new CEO, suggesting a new phase of development led by younger professional managers [2][3]. - Chai Xiu's management strategies had faced internal controversies, and her gradual marginalization began after Mengniu's acquisition of the company [3][9]. Financial Implications - Chai Xiu remains a significant shareholder, holding 15.96% of the company alongside her associated party, while Mengniu holds 37.04% of Miaokelan Duo's shares [5][6]. - A guarantee dispute related to a past investment has negatively impacted Miaokelan Duo's financial performance, with estimated losses of approximately 119 to 127 million yuan in net profit due to asset impairment [10]. Historical Context - Chai Xiu founded Guangze Dairy in 2001, which dominated local dairy production. The company shifted focus to cheese in 2007 and became the first A-share listed company centered on cheese in 2016, achieving peak revenue of 5.32 billion yuan in 2023 [7][8]. - Mengniu's interest in Miaokelan Duo grew as it sought to compete with Yili, leading to a series of share acquisitions that culminated in Mengniu becoming the controlling shareholder [8][9]. Market Opportunities - Miaokelan Duo is currently experiencing growth in the B-end market, with a 14.22% year-on-year revenue increase to 1.39 billion yuan in Q3 2025, driven by domestic cheese market demand [13]. - Factors contributing to this growth include an oversupply of domestic raw milk and the increasing quality of domestic cheese production, which is approaching international standards [14]. Production and Equipment - The cost of domestic cheese production equipment has significantly decreased, with production lines costing between 3 to 5 million yuan compared to 20 million yuan for imported lines, enhancing profitability for domestic producers [15]. - The B-end market for cheese is expanding, particularly in Western and Korean cuisines, with major fast-food chains like KFC and Pizza Hut planning significant store expansions in China [16]. Competitive Landscape - Despite the advantages provided by Mengniu, Miaokelan Duo faces challenges from international competitors, necessitating rapid scaling to leverage economies of scale against lower-cost foreign dairy products [17].

Core Viewpoint - The removal of founder Chai Xiu from her managerial positions marks a significant transition for Miaokelando into a new era under Mengniu's influence, indicating a shift towards professional management and a focus on balanced business development [3][12]. Management Changes - On January 25, Miaokelando announced that Chai Xiu was removed from her roles as Vice Chairman, General Manager, and legal representative, retaining only her position as a board member. Kuai Yulong from the Mengniu system was appointed as the new CEO, signifying a leadership change towards a younger, professional management team [3][4]. - Chai Xiu's management strategies had faced internal criticism, and her gradual marginalization began after Mengniu's acquisition of the company [4][9]. Financial Implications - A significant factor in Chai Xiu's removal was a guarantee dispute related to an investment exceeding 100 million yuan, which has negatively impacted Miaokelando's financial performance. The estimated asset impairment could reduce net profit by approximately 119 million to 127 million yuan [10]. - Despite the leadership change, Chai Xiu remains a significant shareholder, holding 15.96% of the company alongside her associated party [6]. Market Position and Performance - Miaokelando experienced a peak revenue of 5.32 billion yuan in 2023, but sales have since entered a decline, with expectations for recovery starting in 2025 [7][8]. - The company is currently seeing growth in the B-end market, with a 14.22% year-on-year revenue increase to 1.39 billion yuan in Q3 2025, driven by domestic cheese market demand [13]. Industry Trends - The domestic cheese market is benefiting from an oversupply of raw milk and lower milk prices, allowing for profit margins in local cheese production. The production equipment for cheese is also becoming increasingly localized, reducing costs significantly compared to imported lines [14]. - The B-end market for cheese is expanding, particularly in Western and Korean cuisine, with major fast-food chains like KFC and Pizza Hut planning significant new store openings in China [15]. Competitive Landscape - While Miaokelando has advantages in raw materials and technology under Mengniu's support, the company faces long-term challenges from lower-cost overseas dairy production. To remain competitive, Miaokelando must scale operations effectively [16].

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