Di Yi Cai Jing Zi Xun·2026-01-26 14:35Core Viewpoint - The resignation of Chai Xiu, the founder of Miaokelando, marks a significant shift in the company's leadership and indicates a deeper control by Mengniu over the cheese industry leader [2][5]. Group 1: Leadership Changes - Chai Xiu has been removed from the positions of Vice Chairman, General Manager, and Legal Representative, retaining only his role as a director [2][3]. - Kuai Yulong, a professional manager from the Mengniu system, has been appointed as the new General Manager and Legal Representative [2][4]. Group 2: Financial Implications - The removal of Chai Xiu is linked to a long-standing investment-related guarantee dispute, which has adversely affected Miaokelando's financial performance [4][5]. - Due to the issues with the investment fund, the company anticipates a significant impairment loss, estimating a reduction in net profit attributable to shareholders for 2025 by approximately 119 million to 127 million yuan [4]. Group 3: Shareholder Dynamics - Mengniu holds about 37% of Miaokelando's shares, while Chai Xiu remains the second-largest shareholder with 14.92% [4]. - The arbitration against Chai Xiu may impact his shareholding rights, with potential risks of share execution for debt settlement [4][5]. Group 4: Market Reaction - Following the announcement of leadership changes, Miaokelando's stock price fell by 1.77%, closing at 23.33 yuan per share [6].