Milkground(SH:600882) Mei Ri Jing Ji Xin Wen·2026-01-26 06:35Core Viewpoint - The recent leadership changes at Miaokelando, including the dismissal of founder Chai Xiu and the appointment of Kuai Yulong as the new general manager, are linked to ongoing arbitration related to a merger fund, which may significantly impact the company's financial performance [1][2][3]. Group 1: Leadership Changes - Chai Xiu was dismissed from her positions as vice chairman, general manager, and legal representative on January 23, 2026, due to "dismissal" rather than voluntary resignation, and she has unfulfilled public commitments [1]. - Kuai Yulong has been appointed as the new general manager and legal representative, with a term lasting until the end of the twelfth board of directors [1]. - Chai Xiu remains a significant shareholder, holding 14.92% of the company, while the largest shareholder, Mengniu Dairy, holds approximately 37% [6]. Group 2: Arbitration and Financial Impact - Miaokelando has initiated arbitration against Chai Xiu due to her failure to fulfill commitments related to a merger fund, which has resulted in financial liabilities for the company [2][3]. - The company anticipates recognizing a fair value change loss of 129 million yuan related to the merger fund investments, which is expected to significantly impact net profit [4]. - The estimated loss from the fair value change is projected to reduce the company's net profit for 2025 by 119 million to 127 million yuan [4]. Group 3: Financial Performance - For the first three quarters of 2025, Miaokelando reported revenue of 3.96 billion yuan, a 10% increase, and a net profit of 176 million yuan, surpassing the total net profit of 114 million yuan for 2024 [8]. - As of September 30, 2025, the company's unaudited net profit was 176 million yuan, and the anticipated fair value change loss is not expected to turn the net profit negative [5].