经济观察报记者 张晓晖 2026年1月23日，上海妙可蓝多食品科技股份有限公司（600882.SH，下称"妙可蓝多"）召开第十二届董事会第十九次会议。这次会议本来应该有9名董事出 席。但是在妙可蓝多1月25日晚间发布的公告显示，该会议有一名董事缺席。 缺席者是妙可蓝多创始人、副董事长兼总经理柴琇，柴琇同时还是妙可蓝多的法定代表人。当日董事会的一项重要议案，是免去柴琇的副董事长、总经理和 法定代表人的职务。 妙可蓝多在公告中称，公司未在规定期限内收到董事柴琇的书面表决票，也未收到柴琇委托其他董事出席本次会议的相关文件，根据公司《董事会议事规 则》等相关规定，视为柴琇未出席本次会议。会议由董事长陈易一先生主持。 最终8名董事投票表决，一致通过柴琇的免职议案。 与此同时，妙可蓝多董事会聘任新的总经理和法定代表人蒯玉龙。 柴琇的任职本应至2027年11月17日，在免职公告中，虽然妙可蓝多对柴琇提请仲裁，但还是衷心感谢柴琇为公司发展所做出的贡献。 公开信息显示，柴琇出生于1965年，吉林省延边州人，现为上海市第十六届人大代表，曾获长春市十大巾帼创业人、吉林省三八红旗手、福布斯中国杰出商 界女性等荣誉。柴琇2001年在吉 ...

Core Viewpoint - The recent dismissal of founder Chai Xiu from key positions at Miaokelan Duo raises concerns about the company's governance and future direction, especially in light of ongoing financial challenges and legal disputes [2][4]. Group 1: Management Changes - On January 23, Chai Xiu was removed from his roles as Vice Chairman, General Manager, and Legal Representative, but remains a board member. Kuai Yulong has been appointed as the new General Manager [2]. - Chai Xiu, the founder, previously led the company to significant growth, with a compound annual growth rate of over 50% from 2018 to 2021 [3]. Group 2: Financial Performance - Miaokelan Duo reported a revenue of 3.96 billion yuan for the first three quarters of 2025, marking a 10% increase, and a net profit of 176 million yuan [4]. - The company anticipates a significant reduction in net profit for 2025, estimating a loss of 119 million to 126.6 million yuan due to fair value changes [5]. Group 3: Legal and Financial Risks - The company is involved in arbitration due to Chai Xiu's failure to fulfill a commitment related to a debt guarantee, which may impact the company's net profit [4]. - The arbitration process has been initiated against Chai Xiu, with the outcome remaining uncertain and potentially affecting the company's financial standing [4].

Core Viewpoint - Yantai City is implementing a series of consumer promotion activities and policies to stimulate economic growth and enhance consumer spending during the upcoming Spring Festival, with a focus on innovation and community engagement. Group 1: Economic Initiatives - Yantai plans to issue a second round of 10 million yuan in consumer vouchers from February 10 to February 23, targeting various sectors such as dining and shopping to meet diverse consumer needs during the Spring Festival [1][2] - The city aims to promote consumption through a 2 billion yuan fund for replacing old consumer goods, which is expected to drive 13.6 billion yuan in consumption [1] - Yantai has been recognized as a national pilot city for "three new" consumption initiatives and has attracted 25 brand flagship stores, including InterContinental Hotels and Paris Baguette [1] Group 2: Consumer Events - A large-scale lantern festival titled "Joyful Colors: Lanterns Illuminate Yantai" is set to open on February 10, featuring 53 large light installations and various cultural performances [2] - The "Mountain and Sea Reunion: Citywide Shopping" New Year goods fair will take place on January 31, offering a one-stop shopping platform with 450 standard exhibition booths [2] - The "Happy Special Train: Community Market" initiative will launch on February 7, focusing on community residents and rural consumers, with at least 20 mobile sales vehicles participating [2] Group 3: Promotional Activities - During the nine-day Spring Festival holiday, Yantai will host 133 unique promotional events, including discounts, special sales, and cultural exhibitions, to enhance consumer engagement [3] - Local businesses are encouraged to offer special services such as New Year discounts, family reunion meals, and intangible cultural heritage experiences to attract consumers [3]

【突发！#妙可蓝多创始人被免职#】2026年1月25日晚间，妙可蓝多发布公告称，公司副董事长、总经 理以及法定代表人柴琇离任。妙可蓝多行政总经理蒯玉龙接任总经理一职，并担任公司法定代表人。 《中国经营报》记者注意到，柴琇原定任期到期日为2027年11月17日，此次离任原因为"免职"。 不过，妙可蓝多依然在公告中提到："对柴琇女士为公司发展所作出的贡献表示衷心感谢！" 妙可蓝多在公告中表示，公司对并购基金出资形成的其他非流动金融资产，预计存在公允价值变动损 失，预计将对公司净利润造成重大影响。 "考虑所得税等影响因素，上述拟确认公允价值变动损失预计减少公司 2025年度归属于上市公司股东净 利润11911.08万元—12661.08万元。截至2025 年9月30日，公司未经审计的归属于上市公司股东的净利 润为17593.81万元，上述拟确认公允价值变动损失事项，预计不会导致公司2025年归属于上市公司股东 的净利润由正转负。"妙可蓝多在公告中如此表示。 值得关注的是，妙可蓝多同步披露的另一则公告也与柴琇有关。 该公告提到，妙可蓝多参股的上海祥民股权投资基金合伙企业（有限合伙）（以下简称"并购基金"）及 其下属主 ...

2026年1月25日晚间，妙可蓝多发布公告称，公司副董事长、总经理以及法定代表人柴琇离任。妙可蓝 多行政总经理蒯玉龙接任总经理一职，并担任公司法定代表人。 《中国经营报》记者注意到，柴琇原定任期到期日为2027年11月17日，此次离任原因为"免职"。 不过，妙可蓝多依然在公告中提到："对柴琇女士为公司发展所作出的贡献表示衷心感谢！" 业内有声音称，柴琇此次被免职比较突然，或与上述事件有关。 妙可蓝多在公告中表示，公司对并购基金出资形成的其他非流动金融资产，预计存在公允价值变动损 失，预计将对公司净利润造成重大影响。 "考虑所得税等影响因素，上述拟确认公允价值变动损失预计减少公司 2025年度归属于上市公司股东净 利润11911.08万元—12661.08万元。截至2025 年9月30日，公司未经审计的归属于上市公司股东的净利 润为17593.81万元，上述拟确认公允价值变动损失事项，预计不会导致公司2025年归属于上市公司股东 的净利润由正转负。"妙可蓝多在公告中如此表示。 妙可蓝多是我国知名奶酪品牌，也是A股唯一以奶酪为核心业务的上市公司，柴琇是创始人。早在2021 年4月，妙可蓝多拟向蒙牛定增募资不超30 ...

Core Viewpoint - The report from Cinda Securities indicates that Bailong Chuangyuan is expected to achieve record high performance in both 2025 and Q4 2025, driven by further capacity release and continuous growth in sales [1] Industry Summary - The food and beverage market is anticipated to experience a peak in the launch of new products this year, particularly with the introduction of D-alloheptulose, following the adoption of allulose by brands like Nayuki's Tea and Mengniu's UHT probiotic drink [1] - There is a clear global trend towards healthier food options, which is expected to sustain the growth of multiple products offered by the company, while the penetration rate still has room for improvement, indicating potential future growth [1] Company Summary - The company is actively expanding its production capacity both domestically and internationally, which is aimed at supporting global sales and growth while reducing costs [1] - Earnings per share (EPS) projections for the company are set at 0.87, 1.11, and 1.45 yuan for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios (PE) of 28X, 22X, and 17X for those years [1] - The company maintains a "buy" rating based on its growth prospects and market positioning [1]

Core Viewpoint - The report from Cinda Securities indicates that Bailong Chuangyuan is expected to achieve record high performance in both 2025 and Q4 2025, driven by further capacity release and continuous growth in sales [1] Industry Summary - The food and beverage market is anticipated to experience a peak in the launch of new products this year, particularly with the introduction of D-alloheptulose, following the adoption of allulose by brands like Nayuki's Tea and Mengniu's probiotic drink [1] - There is a clear global trend towards healthier food options, which is contributing to sustained sales growth for multiple products within the industry, while there remains potential for increased market penetration [1] Company Summary - The company is actively expanding its production capacity both domestically and internationally, which supports its global sales and growth while also focusing on cost reduction [1] - Earnings per share (EPS) projections for the company are estimated at 0.87, 1.11, and 1.45 yuan for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 28X, 22X, and 17X for those years [1] - The company maintains a "buy" rating based on its growth opportunities in the medium term [1]

Core Insights - The news highlights the decline of high-priced ice cream brands like Zhong Xuegao, which is facing bankruptcy, while affordable ice creams under 10 yuan are dominating the market [4][6]. Group 1: Market Trends - Affordable ice creams are becoming the mainstream in the market, with prices below 10 yuan being the most popular [1][3]. - In various convenience stores and ice cream wholesale shops, the majority of ice creams sold are priced between 1 yuan and 10 yuan, with average prices around 3 yuan [1][3]. - Online platforms also reflect this trend, with many best-selling ice creams priced under 10 yuan, indicating a shift in consumer preference towards lower-priced options [3][4]. Group 2: Company Performance - Zhong Xuegao has recently filed for bankruptcy due to its inability to pay debts, with its products now limited in availability [4]. - Haagen-Dazs, another premium brand, is experiencing a decline in store traffic and has closed several locations, indicating challenges in maintaining its market position [4][6]. - The high profit margins of brands like Haagen-Dazs are becoming unsustainable in the current market environment, as consumers are increasingly opting for lower-priced alternatives that offer similar quality [6]. Group 3: Consumer Preferences - There is a growing demand for healthier ice cream options, with consumers showing interest in low-sugar and plant-based products [7][8]. - Companies are encouraged to innovate and adapt to changing consumer behaviors, focusing on quality and price competitiveness to ensure sustainable growth [7][8]. - The market is shifting towards mid-to-high-end products, with a focus on real quality rather than inflated prices, as consumers become more health-conscious [7][8].

Core 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].

Core 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].