创始人离场，君乐宝接盘：现制酸奶龙头能否触底反弹？

Core Viewpoint - The recent management changes at the fresh yogurt brand "Mo Yogurt" indicate a significant shift from a founder-led model to one dominated by industrial capital, as the company seeks to address challenges and reshape its strategy in the competitive yogurt market [1][3][9]. Company Changes - Founder Zhao Bohua has completely exited from all positions and shareholder status, with co-founder Gu Hao taking over as the legal representative and holding 57.14% of the shares [1]. - Junlebao Group has increased its stake in Mo Yogurt from 30% to 42.86%, becoming one of the two major shareholders alongside Gu Hao [1][8]. Market Position and Challenges - Mo Yogurt, founded in 2014, grew rapidly to over 1,600 stores at its peak, leveraging a health-focused brand image with products like avocado yogurt smoothies [3][6]. - The brand faced significant backlash in 2023 due to high pricing and allegations of using inferior ingredients, leading to a damaged reputation [3][4]. - A food safety crisis in 2024, involving expired ingredients and improper storage practices, further harmed the brand's image and resulted in store closures [4][6]. Strategic Shift - The management transition aims to pivot from aggressive expansion to a focus on supply chain development and product quality, with Junlebao's involvement expected to enhance brand credibility and operational efficiency [7][9]. - Junlebao's investment is seen as a strategic move to secure a stable distribution channel for high-end dairy products, especially in first-tier cities [8]. Future Outlook - The integration of Junlebao's traditional supply chain practices with Mo Yogurt's fast-paced marketing and franchise model presents a management challenge that will need to be navigated carefully [10]. - The success of this strategic shift will be critical in determining whether Mo Yogurt can recover and achieve sustainable growth in a post-consumer investment bubble environment [10].