Milkground(SH:600882) Mei Ri Jing Ji Xin Wen·2026-01-26 06:41Core 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 "removal" rather than voluntary resignation, and she has not fulfilled her 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][12]. - Chai Xiu remains the second-largest shareholder with a 14.92% stake, while the largest shareholder, Mengniu Dairy, holds approximately 37% [9]. 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 losses for the company [2][3]. - The company expects to recognize a fair value change loss of 129 million yuan related to its investment in the merger fund, which will significantly impact its net profit [5][6]. - The anticipated fair value change loss is expected to reduce the company's net profit for 2025 by 119 million to 127 million yuan, although it is projected that the net profit will remain positive [7]. Group 3: Company Performance - Miaokelando's main business, cheese sticks, has shown signs of recovery after two years of declining revenue, achieving 3.96 billion yuan in revenue in the first three quarters of 2025, a 10% increase [13]. - The company reported a net profit of 176 million yuan for the first three quarters of 2025, surpassing the total net profit of 114 million yuan for the entire year of 2024 [13].