(文/解红娟 编辑/张广凯) "该辟谣的都辟谣了。" 在业内人士看来，尽管目前尚未有官方明确通知，但瑞士联邦食品安全局（BLV）的相关结论，已然变 相坐实了此次涉事ARA（花生四烯酸）原料的供应商正是嘉必优。 近日，瑞士《每日广讯报》（Tages-Anzeiger）报道，瑞士联邦食品安全局（BLV）表示，受污染的微 量原料花生四烯酸（ARA）来自中国供应商，该公司是全球三大ARA生产商之一。 此消息一出，作为国内ARA行业龙头企业的嘉必优，瞬间被推至舆论风口浪尖。 观察者网了解到，全球ARA市场的三大核心生产商分别为荷兰帝斯曼-芬美意、中国嘉必优以及中国润 科生物。在污染事件爆发后，帝斯曼-芬美意、中国润科生物均迅速发声撇清关联，唯有嘉必优始终没 有正面回应。 具体来看，帝斯曼-芬美意明确表示"涉事问题ARA原料并非由其供应"，并称作为全球ARA营养原料的 长期可靠供应商，始终将产品质量与安全置于首位，其生产的life's ARA完全按照全球最高婴配级标准 生产，确保每一步都可控、可溯、可靠。 同时，帝斯曼-芬美意还透露，受此次事件影响，其ARA原料需求激增，公司将全力协调产能以满足市 场需求。 润科生物则发 ...

Core Viewpoint - The resignation of founder Chai Xiu from key positions at Miaokelando marks the end of the "Chai Xiu era" and signifies full control by Mengniu after the acquisition of the cheese company [1][13]. Company Changes - Chai Xiu has been removed from the positions of Vice Chairman, General Manager, and legal representative, retaining only his board member status [1][13]. - Kuai Yulong, a Mengniu executive, has been appointed as the new General Manager, indicating a shift towards a management team of younger professionals [1][13]. Historical Context - Chai Xiu founded Guangze Dairy in 2001, which became a significant player in the dairy market by 2006, capturing 90% of the local market in Jilin Province [14]. - In 2015, he pivoted the company towards cheese, launching the "Miaokelando" brand focused on children's cheese products [2][14]. - Miaokelando became the first cheese company listed on the A-share market in 2016, with revenue growing from 512 million to 1.744 billion yuan from 2016 to 2019, peaking at 5.32 billion yuan in 2023 [4][16]. Financial Issues - The direct cause of Chai Xiu's removal is linked to a long-standing arbitration dispute regarding guarantees for a private equity fund, which he failed to fulfill [5][17]. - Miaokelando reported a significant drop in net profit from 138 million yuan in 2022 to only 6 million yuan in 2023, with a projected decline in 2025 net profit due to the impact of the private equity fund [20][19]. Strategic Direction - The management change is seen as a necessary step for strategic integration under Mengniu's control, with Kuai Yulong's experience expected to enhance resource allocation and business development [1][19]. - Mengniu's resources are anticipated to provide Miaokelando with stable, low-cost raw milk, reducing reliance on imported cheese and improving cost efficiency through joint procurement [24].

普诺凯生物科技有限公司总经理刘永强。 图片为海 澳优海普诺凯进入中国时，国内乳业正处于行业焕新的发展阶段。澳优海普诺凯作为百年乳企，不仅携 独创的 P-59=全面营养+配方入场，更承袭百年精研基因，直接瞄准更接近母乳营养结构的科学研发方 向，自布局之初便秉持长期主义深耕市场，奠定了中国全面营养婴配奶粉的开创者地位。 从荷兰到中国，从蒸汽动力黄油工厂到全面营养+奶粉开创者，澳优海普诺凯不断向下扎根，深研中国 母乳。澳优海普诺凯始终认为，全面营养是科学喂养的第一性原理，并投入大量精力在母乳多样性、母 乳微观成分及协同作用等研究方向深入探索和持续攻坚。为此，澳优海普诺凯从2015年开始便与北京大 学医学部等顶尖机构长期合作开展"生命早期1000天"与"生命早期3000天"等长周期科研项目。 来源：环球网 【环球网消费综合报道】近日，澳优乳业旗下海普诺凯斩获艾媒咨询（iiMedia Research）"2025婴幼儿 全面营养奶粉全国销量第一"及"中国全面营养婴配奶粉开创者"双重认证。作为承载澳优全球化布局与 精研基因的重要载体，这已是其连续三年全面营养奶粉销量榜首，双认证不仅印证了海普诺凯的市场领 先优势，更肯定了 ...

Core Insights - The company "Raising a Cow" aims to achieve over 7 billion yuan in revenue by 2025, representing a growth of approximately 40% from over 5 billion yuan in the previous year, highlighting its strong market performance despite industry challenges [1] - The company has established a comprehensive supply chain with 10 dairy farms and 4 beef farms, maintaining a self-sufficiency rate of over 95% for milk sources, which contributes to its operational efficiency [2] - The Chinese dairy market, valued at over 650 billion yuan, presents significant growth potential, and "Raising a Cow" has developed a diverse product matrix to meet segmented consumer demands [3] Group 1 - The company has achieved a notable market position, ranking among the top ten in the national dairy industry, despite being a relatively young brand established less than ten years ago [1] - The company has a robust offline presence, covering nearly 30 provincial-level administrative regions and entering major retail chains such as Yonghui Supermarket and RT-Mart [1] - The company’s innovative approach includes launching products like A2 β-casein organic milk to cater to specific consumer preferences, supported by ongoing research collaborations with institutions like China Agricultural University [2] Group 2 - The company has built a solid foundation through a twelve-year commitment to a full supply chain, starting with establishing farms before branding [1][2] - The company’s A2 β-casein milk series has ranked first in national sales for three consecutive years, demonstrating its competitive advantage in niche markets [3] - Future strategies include deepening supply chain integration, enhancing digital capabilities, and continuing product innovation to meet diverse consumer needs [3]

Core Viewpoint - The company Miao Ke Lan Duo has removed its founder, Chai Xiu, from key positions amid financial troubles linked to a debt issue involving a company she is associated with, leading to a significant leadership change [1][2][4]. Group 1: Leadership Change - Miao Ke Lan Duo announced the dismissal of founder Chai Xiu from her roles as vice chairman, general manager, and legal representative [1]. - The decision was made during a board meeting where Chai Xiu was absent, and the resolution was passed by the remaining eight directors [1]. - The new leadership will be taken over by the former CEO, Kuai Yulong, who has extensive experience in finance and strategy from his time at Mengniu Group [1]. Group 2: Financial Issues - The catalyst for this leadership change was a debt issue involving Jilin Yaohe, a company backed by a merger fund in which Miao Ke Lan Duo has a stake [2]. - Jilin Yaohe has defaulted on payments owed to Mengniu, leading to financial repercussions for Miao Ke Lan Duo [2]. - The investment in Jilin Yaohe is valued at approximately 129 million yuan, which is expected to reduce the company's net profit by 119 to 127 million yuan in 2025 [4]. Group 3: Ownership and Control - The ownership structure reveals that Jilin Yaohe is linked to Chai Xiu and her husband, Cui Mindong, indicating a conflict of interest [3]. - Mengniu has become the largest shareholder of Miao Ke Lan Duo, while Chai Xiu's ownership stake has decreased to 14.92% [5]. - The company has initiated arbitration against Chai Xiu regarding her previous commitment to compensate for any losses incurred by the company due to her actions [7]. Group 4: Market Context - The cheese market has shifted from a blue ocean to a red ocean, presenting new challenges for Miao Ke Lan Duo as it navigates this leadership transition [7]. - The removal of the founder marks a significant turning point for the company, raising questions about its future direction and strategy in a competitive market [7].

3. 海关：1 月 26 日，海关总署署长孙梅君在署会见哈萨克斯坦总统办公 厅副主任扎纳索娃。双方就落实中哈两国元首战略共识，加强智慧海关合作、 跨境贸易便利化、检验检疫、口岸保通保畅等议题交换意见，达成积极意向。 （资料来源：同花顺） 4. 人力资源保障部：我国将制定《新就业形态劳动者基本权益保障办法》， 进一步明确新就业形态劳动基准和企业劳动保护责任；出台《超龄劳动者基 本权益保障暂行规定》；推动修订《职工带薪年休假条例》，促进用人单位落 实职工带薪年休假制度。（资料来源：同花顺） 5. 香港：香港和上海签订合作协议，成立香港贵金属中央结算系统有限公 司(港金结算公司)。担任主席的财经事务及库务局局长许正宇表示，有逾 10 间本地及海内外银行参与，短期内会召开董事会。为配合黄金市场发展，当 局已将商品交易人才纳入人才清单，相关海外专业人士可透过加分制度申请 来港，同时鼓励企业透过旧人带新人及专业培训，以支持市场长远发展。（资 料来源：同花顺） 6. 财政部：为整治政府采购领域"内卷式"竞争，形成优质优价、良性竞 争的市场秩序，日前，财政部印发《关于推动解决政府采购异常低价问题的 通知》（以下简称"通知"） ...

Core Viewpoint - The recent management change at Miaokelando, known as the "first stock of cheese," has raised concerns among investors, particularly following the dismissal of founder and general manager Chai Xiu due to unfulfilled compensation commitments related to a problematic investment [1][5][6]. Group 1: Management Changes - Chai Xiu was removed from her positions as vice chairman, general manager, and legal representative, with Kuai Yulong, the financial director, taking over as the new general manager and legal representative [1][3]. - Chai Xiu's departure marks a significant shift in the company's leadership, transitioning to a "Mengniu era" as Kuai Yulong is associated with the controlling shareholder, Inner Mongolia Mengniu Dairy [3][7]. - Despite her removal, Chai Xiu retains her shareholding in Miaokelando and continues to participate in board decisions [7]. Group 2: Financial Implications - The company announced that the fair value loss from the problematic investment in a merger fund is expected to reduce the net profit attributable to shareholders by approximately 119 million to 127 million yuan for 2025 [6][8]. - The investment in the merger fund, which involved a 100 million yuan commitment, has become a source of financial strain due to the inability of a related party to repay a 700 million yuan loan [5][6]. Group 3: Strategic Direction - With Kuai Yulong's appointment, the company aims to enhance operational efficiency by leveraging Mengniu's resources, including stable and low-cost raw milk supply, which will reduce reliance on imported cheese [11]. - The collaboration with Mengniu is expected to optimize resource allocation in areas such as channel strategy, product matrix, and brand development [11][12]. - The cheese industry in China is still in its educational phase, with low penetration rates compared to liquid milk, indicating a long road ahead for market growth [12].

1月25日晚，"奶酪第一股"妙可蓝多（600882）（SH600882）发布一则重要人事变动：副董事长、总经 理、法定代表人柴琇被免职，财务总监、行政总经理蒯玉龙接棒，成为新任总经理和法定代表人。 在A股市场上，这样的免职公告并不多见，第二天（26日）妙可蓝多盘中最高跌超4%，截至27日收盘 股价，继续下跌2.36%，报22.78元，最新市值为116亿元。 《每日经济新闻》记者注意到，在这则有关任免议案的董事会上，柴琇并未出席，也未参与投票，其任 期原本要到2027年11月。26日，记者曾多次尝试拨打柴琇私人电话并通过微信发送采访提纲，均未获回 复。 在关于妙可蓝多的多篇公开报道中，61岁的柴琇被称为公司创始人，她去年在公开场合也多次代表公司 讲述妙可蓝多的资本故事。就在公司业绩高速增长之时，柴琇黯然离场，失去了经营权。取而代之的则 是来自控股股东内蒙古蒙牛乳业（集团）股份有限公司（以下简称内蒙蒙牛）的高管蒯玉龙，由此妙可 蓝多也全面进入了"蒙牛时代"。 | | | | | | 是否继续在 | 貨 | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - The core viewpoint of the report is that Mengniu Dairy (02319) is expected to experience a more significant cyclical profit recovery this year compared to its peers in the Chinese consumer staples sector [1] - The sales of the company are projected to return to high single-digit growth from January to February this year, with an overall expected growth of 5% for the year [1] - The operating profit margin is anticipated to expand this year due to the cyclical stabilization of raw milk prices, positive operating leverage, and a relatively low comparison base [1] Group 2 - The target price for Mengniu Dairy has been raised from HKD 18.8 to HKD 21.1, while maintaining a "Buy" rating [1]

Group 1 - The core viewpoint of the article is that Citigroup expects a more significant cyclical profit recovery for Mengniu Dairy (02319) compared to its peers in the Chinese consumer staples sector this year [1] - Citigroup forecasts that the group's sales will recover to high single-digit growth from January to February this year, with an overall expected growth of 5% for the year [1] - The company's operating profit margin is anticipated to expand again this year due to the cyclical stabilization of raw milk prices, positive operating leverage, and a relatively low comparison base [1] Group 2 - The target price for Mengniu Dairy has been raised from HKD 18.8 to HKD 21.1, while maintaining a "Buy" rating [1]