Milkground(SH:600882) Chang Jiang Shang Bao·2026-02-02 00:45Core Viewpoint - The founder of Miaokelando, Chai Xiu, has been removed from her positions as vice chairman, general manager, and legal representative due to financial issues and declining performance of the company [2][7]. Group 1: Company Background - Chai Xiu, known as the "Cheese Queen," founded Miaokelando, which became the first publicly listed cheese company in China after a reverse merger in 2015 [3][4]. - The company achieved significant market share in the cheese sector, becoming a household name through aggressive marketing strategies [3][4]. Group 2: Financial Challenges - Miaokelando's performance has declined in 2022 and 2023, with net profits dropping from 1.54 billion yuan in 2021 to 1.35 billion yuan and 600 million yuan in subsequent years [17]. - A significant factor in Chai Xiu's removal was a problematic investment in the Shanghai Xiangmin Fund, which led to a debt crisis when associated companies failed to repay loans [9][10]. Group 3: Transition to New Management - Following Chai Xiu's exit, Miaokelando will fully integrate into the Mengniu Dairy system, which poses both opportunities and challenges for the company [5]. - Mengniu Dairy has acquired a controlling stake in Miaokelando and aims to streamline its operations within its dairy business framework [19][21]. Group 4: Market Position and Future Outlook - Despite the challenges, Miaokelando maintains a leading market share in the cheese sector, significantly outpacing foreign brands [18][22]. - The company reported a net profit of 1.76 billion yuan in the first three quarters of 2025, marking a significant recovery [22]. - However, the cheese market is becoming increasingly competitive, with a decline in demand for children's cheese products, which could impact future growth [23].