Milkground(SH:600882) Xin Lang Cai Jing·2026-01-26 11:51Core Viewpoint - The announcement on January 25 marks a significant shift in the leadership of Miaokelan Duo (600882.SH), as the founder's nearly ten-year era comes to a halt due to a series of executive changes and legal disputes [2][4][10]. Executive Changes - On January 23, Chai Xiu was removed from her positions as Vice Chairman, General Manager, and Legal Representative, while continuing as a director. Kuai Yulong was appointed as the new General Manager and Legal Representative [3][4][19]. - This type of executive change, particularly the removal of a founder from core management roles, is rare in publicly listed companies [4][16]. Legal and Financial Context - On the same day as the executive changes, the company initiated arbitration against Chai Xiu to recover compensation related to previous commitments regarding a merger fund [4][17]. - The company disclosed that a subsidiary it invested in failed to repay debts owed to Mengniu Dairy, leading to Mengniu initiating arbitration and asset recovery procedures [5][17]. - Chai Xiu had previously committed to compensate the company for any losses arising from these guarantees, but this commitment remains unfulfilled [5][17]. Financial Impact - Miaokelan Duo anticipates recognizing a fair value loss of approximately 129 million yuan on non-current financial assets related to the merger fund, and an additional loss of 30.09 million to 40.09 million yuan on a 10% equity investment in Jilin Zhiran [6][18]. - These losses are expected to reduce the company's net profit attributable to shareholders by 119 million to 127 million yuan for the fiscal year 2025, although the company asserts that this will not result in a negative net profit [6][19]. Governance Transition - The company is entering a new phase of management under the "Mengniu system," with Kuai Yulong, who has a background in Mengniu, taking over as General Manager [7][19]. - Kuai Yulong's salary for 2024 is reported to be 3.25 million yuan, reflecting a shift towards professional management [19]. Shareholding Structure - Mengniu Dairy holds approximately 37% of Miaokelan Duo's shares, making it the controlling shareholder, while Chai Xiu remains the second-largest shareholder with a 14.92% stake [8][20]. Business Performance - After two consecutive years of revenue decline, Miaokelan Duo reported a revenue of 3.96 billion yuan for the first three quarters of 2025, marking a 10% year-on-year increase, and a net profit of 176 million yuan, surpassing the total for 2024 [9][21].