Milkground(SH:600882) Xin Lang Cai Jing·2026-01-26 03:14Core Viewpoint - The sudden dismissal of founder Chai Xiu from Miaokelando (600882.SH) marks a significant shift in the company's leadership and direction, transitioning from the "Chai Xiu era" to a more regulated management under Mengniu's influence [1][3][25]. Group 1: Leadership Changes - Chai Xiu was removed from her positions as Vice Chairman, General Manager, and legal representative, indicating a serious internal conflict rather than a voluntary resignation [1][2]. - The new CEO, Kuai Yulong, previously served as CFO and is seen as a professional manager from the Mengniu system, suggesting a shift towards a more structured corporate governance [2][24]. Group 2: Financial Implications - The dismissal was triggered by a significant debt issue involving a fund established by Chai Xiu, which has led to a projected net profit reduction of Miaokelando by 119 to 127 million yuan for 2025 [5][28]. - Kuai Yulong's strategy upon taking office involves clearing historical debts to start with a clean balance sheet, a common tactic among professional managers [6][28]. Group 3: Historical Context - Chai Xiu's entrepreneurial journey began with a bold bet on the cheese market, which was previously dominated by foreign brands, leading to a significant growth period for Miaokelando from 2018 to 2021 [9][10][33]. - The company's rapid expansion was supported by aggressive marketing strategies, including partnerships with popular children's brands, which significantly increased brand recognition and stock value [10][33]. Group 4: Challenges Ahead - The new leadership faces a declining revenue trend, with a reported 8.99% drop in revenue for 2024, marking the first negative growth since the company went public [16][38]. - The competitive landscape has intensified, with the cheese market becoming saturated and brand premiums diminishing, posing significant challenges for future growth [16][38]. Group 5: Future Strategies - Kuai Yulong is expected to implement strict compliance and risk management practices, leveraging Mengniu's supply chain to reduce costs and focusing on B2B channels to drive sales [40][41]. - The shift towards a more conservative and structured approach may lead to a less dynamic company culture, potentially stifling innovation and aggressive market strategies that characterized the previous leadership [42][43].