北京商报讯（记者 孔文燮） 1 月 27 日， 北京商报记者获悉，荷兰皇家菲仕兰旗下美素佳儿品牌发布旗 下首款适度水解奶粉"皇家美素佳儿适度水解奶粉"。据了解，该新品针对婴幼儿的防敏需求，配方通过 双酶靶向（PHF）水解蛋白科技，精准切割致敏蛋白，从源头降低蛋白致敏性，最大程度保留营养成 分，同时还添加了抗敏专用益生菌HN001和强护益生菌BB12，并协同4倍母源级2'-FL型HMO与GOS益 生元组合。菲仕兰专业营养品业务集团总裁林万鹏表示："中国是菲仕兰专业营养品在全球的重要市 场。我们将持续加大研发，未来我们将通过跨境电商渠道，将更多美素佳儿全球最前沿的新品带到中 国。" ...

Core Viewpoint - The report from Dongxing Securities indicates that there are initial signs and a certain basis for an increase in milk prices, driven by a decline in dairy cow inventory and expected short-term reductions in raw milk production [1] Group 1: Dairy Cow Inventory and Production - The domestic dairy cow inventory is projected to decrease to 6.3 million heads in 2024, a year-on-year decline of 4.55%, ending a five-year growth trend [2] - Raw milk production is estimated at 40.79 million tons in 2024, reflecting a year-on-year decrease of 2.8% [2] - Despite the decline in inventory, the average milk yield is expected to reach 9.9 tons per cow, with a compound annual growth rate (CAGR) of 4.51%, indicating a slight increase in overall milk production [2] Group 2: Import and Supply Dynamics - The quantity of imported dairy products has significantly decreased due to price discrepancies, with net imports estimated at 14.35 million tons in December 2024, a reduction of 35.31% compared to December 2021 [3] - The total supply of raw milk in China is projected to decline from a historical high of 59.01 million tons in 2021 to 55.14 million tons in 2024, a year-on-year decrease of approximately 4% [4] - The report suggests that the total supply of dairy products may remain stable but slightly contract in the coming years due to ongoing declines in dairy cow inventory and fluctuating international trade conditions [4] Group 3: Demand Trends - Domestic per capita dairy consumption is expected to be 12.6 kg in 2024, a year-on-year decrease of 4.55%, indicating weak demand [5] - Despite the current weakness, there is potential for growth in dairy product consumption, particularly in high-end products like milk powder and cheese, which are experiencing an upward trend [5] - The rural market is becoming an important growth point, with projected dairy consumption reaching 5.506 million tons in 2025, a decrease of 3.3% from the previous year, but expected to grow to 6.354 million tons by 2029, with a CAGR of 3.65% from 2025 to 2029 [5]

当前妙可蓝多正处于战略转型关键期，2026年公司计划从中等规模食品企业迈入大型生产制造企业，去年前三季度，妙可蓝多实现营收39.57亿元，同期归 母净利1.76亿元，增长106.88%。 1月26日，"奶酪第一股"妙可蓝多发布重磅人事公告，原行政总裁蒯玉龙正式接替创始人柴琇出任公司CEO，柴琇被免去副董事长、总经理及法定代表人职 务，任期终止日期较原定的2027年11月提前。 此次人事调整也标志着妙可蓝多结束创始人主导时代，正式迈入少壮派职业经理人带领的专业化经营新阶段。 孙婉秋 摄 柴琇离任的直接导火索为其关联方通过体外并购基金提供的担保债务逾期，债权人为妙可蓝多第一大股东蒙牛，该事件预计导致公司2025年净利润减少1.19 亿至1.27亿元。尽管柴琇曾承诺个人兜底该基金亏损，但未能履行，这也加速了蒙牛系全面接管进程。同日披露的权益变动公告显示，蒙牛于2025年12月29 日至2026年1月23日期间增持133.22万股，持股比例由36.77%升至37.04%，进一步巩固了控股地位。 对于蒯玉龙的接任，市场并不意外，某种意义上，其过往资历和展现出的能力高度契合当前妙可蓝多的发展需求。 进入妙可蓝多之前，蒯玉 ...

蒙牛对妙可蓝多的控制或步入新阶段。 1月25日，总部位于上海的妙可蓝多公告，柴琇被免副董事长、总经理及法定代表人职务，但继续担任 公司董事。同时，公司聘任蒯玉龙为总经理，法定代表人相应变更为蒯玉龙，其不再兼任公司行政总经 理。 61岁的柴琇为妙可蓝多创始人。 | | | | | | 是否继续在 | 其 | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任 | 离任 | 原定任期 | 离任 | 上市公司 | 体 | 未履行完毕的 | | | 职务 | 时间 | 到期日 | 原因 | 及其控股子公司 | 职 | 公开承诺 | | | 副董事 | | | | 任职 | 务 | | | | 长、总经 | 2026年 | 2027年 | | | Tr | | | 柴秀 | 理以及 法定代 | 1月23日 | 11月17日 | 兔职 | 是 | dt | 是 | | | 表人 | | | | | | | | | | | | | | 黄 11 | | | | 行政总 | 2026 年 | 2027 年 | 工作 | | ﻌ | | | 蒯玉 ...

作者 丨贺泓源 实习生徐鸿儒 编辑丨高梦阳 蒙牛对妙可蓝多的控制或步入新阶段。 1月25日， 总部位于上海的 妙可蓝多公告，柴琇被免副董事长、总经理及法定代表人职务，但继续担任公司董事。同时，公司聘任蒯玉龙为总 经理，法定代表人相应变更为蒯玉龙，其不再兼任公司行政总经理。 61岁的柴琇为妙可蓝多创始人。 | | | | | | 是否继续在 | 날 体 | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任 | 离任 | 原定任期 | 离任 | 上市公司 | | 未履行完毕的 | | | 职务 | 时间 | 到期日 | 原因 | 及其控股子公司 | 职 | 公开承诺 | | | | | | | 任职 | 务 | | | 柴珍 | 副重事 长、总经 理以及 | 2026 年 1月23日 | 2027 年 11月17日 | 免职 | 是 | ロ 書 | 是 | | | 法定代 | | | | | | | | | 表人 | | | | | | | | | 行政总 | 2026 年 | | 工作 | | 直 事 1 | | | | | | ...

此前，蒯玉龙长期担任妙可蓝多的行政总裁兼CFO。在进入妙可蓝多之前，他在蒙牛集团负责财务及战略工作多年。 妙可蓝多方面向财联社记者表示，蒯玉龙具备深厚的乳业从业经历和管理经验，有利于其以高效的资源分配能力，在渠道策略、产品矩阵、 品牌打造方面优化配置，避免资源分散而导致的严重"偏科"。 近日，妙可蓝多（600882.SH）公告称，公司创始人柴琇于1月23日被免去副董事长、总经理职务，仍然担任公司董事，由"蒙牛系"高管蒯 玉龙担任公司总经理。同时，公司法定代表人也由柴琇变更为蒯玉龙。 2020年1月，蒙牛以战略投资者身份出资2.87亿元，取得妙可蓝多5%股权，并对子公司吉林科技增资4.58亿元，获得其42.88%股权，正 式成为妙可蓝多重要股东。随后2020-2025年期间，蒙牛持续加码，逐步提升持股比例，成为妙可蓝多控股股东。 此次，妙可蓝多完成管理层更迭，原创始人柴琇被免去总经理及法定代表人职务，由蒙牛系职业经理人蒯玉龙接任，表明蒙牛对妙可蓝多的 管控已延伸至公司治理与运营体系。 妙可蓝多方面进一步告诉记者，公司将进一步加深与蒙牛的协同。第一，在供应链与奶源体系的协同方面，蒙牛在国内外的牧场资源，可为 妙可 ...

Group 1: Hotel Industry Insights - The hotel industry is entering a new phase characterized by non-linear growth among leading players, driven by expectations of cyclical turning points and capital consolidation, with a long-term focus on scale and efficiency [17][18] - The valuation of hotels follows a three-dimensional framework: macro supply-demand mismatches determine valuation turning points, structural upgrades amplify volatility, and individual company cycles provide alpha opportunities [17] - The current cycle's bottom is marked by increased differentiation within the industry, with leading hotels expected to see RevPAR (Revenue per Available Room) recover as supply stabilizes and demand rebounds, particularly in leisure travel [17][18] Group 2: Social Services Sector - The social services sector has seen a 1.52% increase during the reporting period, outperforming the broader market by 2.71 percentage points, with notable stocks including Tongdao Liepin and Keri International [19][20] - The sector is actively responding to the silver economy, with policies promoting the development of elderly care services and companies like New Oriental launching local interest courses for retirees [21] - The Spring Festival is expected to drive significant travel demand, with predictions of approximately 95 million air passengers during the holiday period, indicating a strong recovery in travel-related services [21] Group 3: Food and Beverage Sector - The food and beverage sector has experienced a decline of 1.37%, with A-share food and beverage indices falling by 1.57%, while H-share indices showed a slight increase [26] - The sector is characterized by differentiated performance, with alcoholic beverages, particularly baijiu, showing stable prices and a focus on demand recovery during the Spring Festival [27] - Recommendations include leading companies in various categories, such as Moutai for baijiu, Yili for dairy, and Nongfu Spring for beverages, highlighting their strong growth potential and market positioning [27][28] Group 4: Pharmaceutical Industry - The pharmaceutical industry is witnessing a robust outflow of innovative drugs and a recovery in the CXO sector, driven by favorable clinical data and supportive policies [33][34] - The domestic supply-demand landscape remains stable, with a focus on innovative drug forms and technologies such as AI in healthcare and brain-machine interfaces, which are expected to see significant growth [35] - Investment recommendations include companies with strong competitive advantages in innovation and cost control, such as Mindray Medical and WuXi AppTec [35][36]

"奶酪第一股"上海妙可蓝多（600882）食品科技股份有限公司(简称"妙可蓝多")1月25日宣布，免去柴琇 副董事长、总经理、法定代表人职务。该公司同日发布的"关于参股并购基金进展及相关风险的提示性 公告""关于拟确认公允价值变动的公告"，揭示了柴琇被免职的真实原因。 根据公告，因妙可蓝多参股基金担保的吉林省耀禾经贸有限公司(简称"吉林耀禾")逾期未清偿对妙可蓝 多控股股东内蒙蒙牛的债务，内蒙蒙牛已对吉林耀禾提起仲裁，未来或启动对相关担保物的资产拍卖。 由于柴琇未履行该基金事项对妙可蓝多的补偿承诺，导致妙可蓝多可能出现财产损失，预计减少2025年 净利润超1亿元。与此同时，妙可蓝多已就柴琇承诺事项提出仲裁申请。 分析认为，柴琇因违规事项被妙可蓝多免职属于正常情况，可减少上市公司潜在风险。截至发稿，蒙牛 方面未对此事发表评论。 创始人柴琇被免职 公告显示，由于妙可蓝多参股的上海祥民股权投资基金合伙企业(简称"并购基金")及其下属主体担保的 吉林省耀禾经贸有限公司(简称"吉林耀禾")，逾期未清偿其对内蒙古蒙牛乳业(集团)股份有限公司(简 称"内蒙蒙牛"，妙可蓝多控股股东)负有的债务。内蒙蒙牛已对吉林耀禾及相关方提 ...

作者：顺安 1月25日晚，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被免职，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。 | | 离任 | 离任 | 原定任期 | 离任 | 是否继续在 上市公司 | 賞 体 | | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 职务 | 时间 | 到期日 | 原因 | 及其控股子公司 | 职 | | | 副董事 | | | | 任职 | 务 | | | | | 2027 年 | | | | | 柴秀 | 长、总经 理以及 | 2026 年 1月23日 | 11月17日 | 免职 | 是 | 直 書 | | | 法定代 | | | | | | | | 表人 | | | | | | | | | | | | | 章 | | | | | | | | 書 | | | 行政总 | 2026 年 | 2027 年 | 工作 | | | | 蒯玉龙 | 经理 | 1月23日 | 11月17日 | 安排 | 是 | 财 | | | | | | | | 务 | | | | | | | | 总 | | | | | | | ...

Core Viewpoint - The recent management changes at Miaokelando, including the removal of founder Chai Xiu and the appointment of Kuai Yulong as CEO, are seen as a strategic move to deepen collaboration with the controlling shareholder, Mengniu Dairy [2][12]. Management Changes - Chai Xiu was removed from the positions of Vice Chairman, General Manager, and Legal Representative on January 23, 2026, but will continue as a board member [5][8]. - Kuai Yulong, previously the CFO and General Manager, has been appointed as the new CEO [8][10]. Financial Implications - Mengniu Dairy increased its stake in Miaokelando from 36.77% to 37.04% by purchasing 1.3322 million shares [2][13]. - Miaokelando anticipates a significant impact on its net profit due to asset impairment related to a partnership fund, estimating a reduction of approximately 119 million to 127 million yuan for the fiscal year 2025 [6]. Strategic Direction - The management transition is expected to enhance operational efficiency and resource allocation within Miaokelando, leveraging Kuai Yulong's extensive experience in finance and strategy [11]. - The company aims to transition from a medium-sized food enterprise to a large-scale manufacturing entity by 2026, necessitating more structured and scientific management practices [10]. Collaboration with Mengniu - The partnership with Mengniu is set to deepen, focusing on supply chain integration, channel penetration, and innovation in product development [15]. - Miaokelando plans to utilize Mengniu's resources for brand marketing and to expand its market presence beyond children's products to a broader audience [15].