Milkground(SH:600882) Mei Ri Jing Ji Xin Wen·2026-01-26 06:39Core Viewpoint - The recent leadership changes at Miaokelan Duo, 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 [2][3][6]. 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 not fulfilled her public commitments [2][3]. - 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 [2][11]. - Chai Xiu remains the second-largest shareholder with a 14.92% stake, while the largest shareholder, Mengniu Dairy, holds approximately 37% [11]. Group 2: Arbitration and Financial Impact - Miaokelan Duo has initiated arbitration against Chai Xiu due to issues related to a merger fund, specifically concerning debts owed by Jilin Yaohua to Inner Mongolia Mengniu Dairy [3][6]. - Chai Xiu had previously committed to compensating the company for any losses arising from the merger fund but has not provided a clear plan for fulfilling this commitment [4][5]. - The company anticipates significant fair value changes in its non-current financial assets related to the merger fund, estimating a loss of 129 million yuan, which could reduce the net profit for 2025 by 119 million to 127 million yuan [7][8]. Group 3: Company Performance - Miaokelan Duo's revenue for the first three quarters of 2025 reached 3.96 billion yuan, marking a 10% increase, with a net profit of 176 million yuan, surpassing the total net profit of 114 million yuan for 2024 [13]. - Despite the leadership changes and ongoing arbitration, the company is expected to maintain a positive net profit for 2025 [9].