门店数量加速收缩、创始人清仓退出，茉酸奶如何走出“泥潭”？

Core Viewpoint - The recent developments surrounding Mo Yogurt, including changes in ownership and a significant reduction in store numbers, raise questions about its operational viability and the strategic intentions of its major shareholder, Junlebao [1][5]. Group 1: Ownership Changes - Mo Yogurt's founder Zhao Bohua has exited the company, while Junlebao has become the second-largest shareholder with approximately 43% ownership after investing about 21,000 yuan [1][7]. - Junlebao previously held a 30% stake in Mo Yogurt and re-entered the company shortly after a brief exit, indicating a strategic interest in the brand [7][8]. Group 2: Store Expansion and Challenges - Mo Yogurt experienced rapid growth, adding 1,368 stores in 2023, bringing the total to 1,682 stores, making it a leader in the fresh yogurt market [2]. - However, the brand faced significant controversies, including the use of non-compliant ingredients and misleading nutritional claims, leading to a decline in store numbers by nearly one-third from its peak [2][4]. Group 3: Strategic Moves and Market Position - In late 2024, Mo Yogurt announced an "organic upgrade" to its products, although the certification process raised questions about the credibility of the certifying body [4]. - Junlebao's involvement in Mo Yogurt is seen as part of its broader strategy to explore new market opportunities and potentially facilitate its own IPO process, which has been ongoing for over 18 months without a submitted prospectus [8][9]. Group 4: Financial Considerations - The valuation of Mo Yogurt has been a topic of discussion, with Junlebao's investment suggesting a low valuation of approximately 500,000 yuan for a company with a thousand-store scale [7]. - Junlebao's financial health is under scrutiny, as its debt ratio was significantly higher than the industry average, raising concerns about its aggressive acquisition strategy [8][9].