Core Viewpoint - The removal of founder Chai Xiu from her managerial positions marks a significant transition for Miaokelan Duo into a new era under Mengniu's leadership, indicating a shift towards a more professional management approach [2][12]. Management Changes - On January 25, Miaokelan Duo announced that Chai Xiu was removed from her roles as vice chairman, general manager, and legal representative, retaining only her position as a board member. Kuai Yulong from the Mengniu system was appointed as the new CEO, suggesting a new phase of development led by younger professional managers [2][3]. - Chai Xiu's management strategies had faced internal controversies, and her gradual marginalization began after Mengniu's acquisition of the company [3][9]. Financial Implications - Chai Xiu remains a significant shareholder, holding 15.96% of the company alongside her associated party, while Mengniu holds 37.04% of Miaokelan Duo's shares [5][6]. - A guarantee dispute related to a past investment has negatively impacted Miaokelan Duo's financial performance, with estimated losses of approximately 119 to 127 million yuan in net profit due to asset impairment [10]. Historical Context - Chai Xiu founded Guangze Dairy in 2001, which dominated local dairy production. The company shifted focus to cheese in 2007 and became the first A-share listed company centered on cheese in 2016, achieving peak revenue of 5.32 billion yuan in 2023 [7][8]. - Mengniu's interest in Miaokelan Duo grew as it sought to compete with Yili, leading to a series of share acquisitions that culminated in Mengniu becoming the controlling shareholder [8][9]. Market Opportunities - Miaokelan Duo is currently experiencing growth in the B-end market, with a 14.22% year-on-year revenue increase to 1.39 billion yuan in Q3 2025, driven by domestic cheese market demand [13]. - Factors contributing to this growth include an oversupply of domestic raw milk and the increasing quality of domestic cheese production, which is approaching international standards [14]. Production and Equipment - The cost of domestic cheese production equipment has significantly decreased, with production lines costing between 3 to 5 million yuan compared to 20 million yuan for imported lines, enhancing profitability for domestic producers [15]. - The B-end market for cheese is expanding, particularly in Western and Korean cuisines, with major fast-food chains like KFC and Pizza Hut planning significant store expansions in China [16]. Competitive Landscape - Despite the advantages provided by Mengniu, Miaokelan Duo faces challenges from international competitors, necessitating rapid scaling to leverage economies of scale against lower-cost foreign dairy products [17].

Core Viewpoint - The removal of founder Chai Xiu from her managerial positions marks a significant transition for Miaokelando into a new era under Mengniu's influence, indicating a shift towards professional management and a focus on balanced business development [3][12]. Management Changes - On January 25, Miaokelando announced that Chai Xiu was removed from her roles as Vice Chairman, General Manager, and legal representative, retaining only her position as a board member. Kuai Yulong from the Mengniu system was appointed as the new CEO, signifying a leadership change towards a younger, professional management team [3][4]. - Chai Xiu's management strategies had faced internal criticism, and her gradual marginalization began after Mengniu's acquisition of the company [4][9]. Financial Implications - A significant factor in Chai Xiu's removal was a guarantee dispute related to an investment exceeding 100 million yuan, which has negatively impacted Miaokelando's financial performance. The estimated asset impairment could reduce net profit by approximately 119 million to 127 million yuan [10]. - Despite the leadership change, Chai Xiu remains a significant shareholder, holding 15.96% of the company alongside her associated party [6]. Market Position and Performance - Miaokelando experienced a peak revenue of 5.32 billion yuan in 2023, but sales have since entered a decline, with expectations for recovery starting in 2025 [7][8]. - The company is currently seeing growth in the B-end market, with a 14.22% year-on-year revenue increase to 1.39 billion yuan in Q3 2025, driven by domestic cheese market demand [13]. Industry Trends - The domestic cheese market is benefiting from an oversupply of raw milk and lower milk prices, allowing for profit margins in local cheese production. The production equipment for cheese is also becoming increasingly localized, reducing costs significantly compared to imported lines [14]. - The B-end market for cheese is expanding, particularly in Western and Korean cuisine, with major fast-food chains like KFC and Pizza Hut planning significant new store openings in China [15]. Competitive Landscape - While Miaokelando has advantages in raw materials and technology under Mengniu's support, the company faces long-term challenges from lower-cost overseas dairy production. To remain competitive, Miaokelando must scale operations effectively [16].

Core Viewpoint - The control of Mengniu over Miaokelando (600882) appears to be entering a new phase following the dismissal of founder Chai Xiu from key positions, with Kuai Yulong appointed as the new general manager [1][10]. Management Changes - Chai Xiu has been removed from the positions of vice chairman, general manager, and legal representative as of January 23, while still retaining his role as a director [1][3]. - Kuai Yulong, who has a strong background with Mengniu, has been appointed as the new general manager, with the legal representative role also changing to him [1][3]. Financial Impact - The dismissal of Chai Xiu is linked to a historical investment guarantee dispute that has negatively impacted Miaokelando's performance, leading to significant asset impairment losses estimated to reduce net profit by approximately 119 million to 127 million yuan [4]. - The company reported a revenue increase of 14.22% year-on-year to 1.39 billion yuan for Q3 2025, with net profit rising by 214.67% to 42.97 million yuan [7]. Market Dynamics - The growth is attributed to the B-end market, particularly in the mozzarella cheese sector, where domestic products are replacing imports [8]. - Mengniu's extensive upstream resources are providing stability in raw milk supply and cost, enhancing the competitiveness of domestic cheese products [8][9]. Stock Performance - Following the management changes, Miaokelando's stock price fell by over 2%, with a current market capitalization of 11.6 billion yuan [11].

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 | | | | | | ...

21世纪经济报道记者贺泓源、实习生徐鸿儒 蒙牛对妙可蓝多（600882）的控制或步入新阶段。 1月25日，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。柴琇为妙 可蓝多创始人。 蒯玉龙则有着浓郁的蒙牛背景。他于2021年随蒙牛入股担任妙可蓝多任财务总监，2025年升任行政总经 理。作为控股股东，蒙牛目前持股超37%。截至2025年末，柴琇依旧为妙可蓝多第二大股东，算上一致 行动人吉林省东秀商贸总计持股15.96%。 需要注意的，基于柴琇被免职，其与蒙牛关系显得有些尴尬。 另据21世纪经济报道记者了解，柴琇对妙可蓝多的种种经营策略，在内部也遭遇了越来越多争议。 眼下，妙可蓝多终于回归增长区间。 2025年三季度，该公司营收同比增长14.22%至13.90亿元；归母净利润同比增长214.67%至4297万元。 背后是B端市场推动，尤其是在马苏里拉奶酪市场实现国产替代。 对此，有头部乳业高管向21世纪经济报道记者解释，蒙牛更庞大的上游牧场资源，对妙可蓝多稳定原奶 规模与成本起到很大帮助。尤其现在的奶价 ...

公告显示，马苏里拉奶酪应用场景已从传统披萨拓展至沙拉、零食、烘焙、中式菜肴等多元领域，妙可蓝多未来将聚焦原 制化升级与国产化深化两大方向，依托公司长春、金山工厂及蒙牛奶立方项目的产能协同，叠加欧盟反补贴政策带来的替代机 遇，国产马苏里拉奶酪在餐饮加工与家庭消费场景的渗透率将进一步提高，持续巩固品类优势。 本报讯 （记者张文湘 见习记者占健宇）1月23日，上海妙可蓝多食品科技股份有限公司（以下简称"妙可蓝多"）在投资者 关系调研活动中披露，2025年公司B端业务发展超预期，马苏里拉奶酪作为规模最大的核心品类，成为关键增长引擎。 （编辑 郭之宸） ...

Core Insights - Chinese dairy companies are reshaping their influence in the global competition landscape, transitioning from scale expansion to technology-driven growth [2][3] Group 1: Industry Trends - The 8th China International Import Expo (CIIE) serves as a platform for leading Chinese dairy companies like Yili, Mengniu, and Bright Dairy to integrate global resources and enhance international influence [1] - The Chinese dairy industry is experiencing a structural transformation, with a growing demand for functional dairy products driven by an aging population [4][5] Group 2: Technological Advancements - Miaokelando's launch of the first domestically produced mozzarella cheese marks a significant breakthrough, reducing reliance on imports and enhancing product affordability [2] - Yili has developed a technology that increases the retention rate of lactoferrin in ambient milk from less than 10% to over 90%, showcasing advancements in dairy processing [3] Group 3: Product Innovations - Several dairy companies are focusing on functional products targeting the elderly and children, with new offerings such as high-calcium probiotic goat milk powder and specialized nutrition products for cancer patients and Alzheimer's prevention [5][6][8] Group 4: Global Supply Chain Development - The CIIE acts as a bridge for Chinese companies to expand their global resource integration, with Bright Dairy enhancing its supply chain through its New Zealand subsidiary [6] - Yili has established a broad global collaborative network, with 15 innovation centers worldwide and a commitment to transforming research outcomes into market-ready products [8]

Core Viewpoint - The 8th China International Import Expo (CIIE) showcases the commitment of China to high-level opening-up, with Mengniu Group highlighting its innovative achievements in the dairy industry and its intention to deepen global partnerships for high-quality upgrades in the sector [1][2][12] Group 1: Event Overview - The CIIE features 4,108 enterprises from 138 countries and regions, with an exhibition area exceeding 430,000 square meters, marking a new record in scale [2] - Mengniu Group, a consistent participant for eight years, presents its brands, including the cheese brand Miaokelando, emphasizing its role in advancing dairy production capabilities [1][4] Group 2: Product Innovation and Consumer Engagement - Mengniu's Miaokelando brand showcases its cheese products, including the Australian-origin cheese brand "Baolaosi," and engages visitors with interactive experiences like the "Cheese Stretch Challenge" [4][6] - The brand aims to integrate cheese into traditional Chinese cuisine through continuous product innovation, catering to diverse consumer needs across all age groups [6][7] Group 3: Industry Development and Global Cooperation - The expo serves as a platform for industry innovation, with Mengniu hosting a seminar on the evolution and upgrading trends in the dairy industry, focusing on global collaboration [8] - Mengniu has established a comprehensive innovation system with international research centers and partnerships, addressing various fields such as animal feed, dairy science, and product innovation [8] Group 4: Sustainability and Global Reach - Mengniu operates overseas production bases in countries like New Zealand and Australia, with a global annual production capacity exceeding 14 million tons, exporting to regions including Southeast Asia and Europe [10] - The company actively promotes sustainable development, exemplified by its signing of China's first "zero deforestation" soybean order during the expo, reflecting its commitment to global sustainability [10]

Summary of the Conference Call for Miaokelando Industry Overview - The Chinese cheese market is in a growth phase, with a projected market share of 30% for Miaokelando by 2024, significantly surpassing competitors [2][5] - The cheese consumption per capita in China is only 0.2 kg, which is 1/4 of South Korea and less than 1/9 of Japan, indicating substantial growth potential [4][8] - The cheese industry is expected to reach a production volume of 500,000 tons and a retail market value exceeding 30 billion yuan by 2025 [2][11] Company Position and Strategy - Miaokelando has maintained its leading position in the Chinese cheese market since 2021, with a market share that exceeds the combined share of its second and third competitors [5][13] - The company is focusing on channel integration and B-end solutions to drive growth and efficiency [2][15] - Miaokelando's financial performance has improved significantly, with a focus on core products like cheese sticks leading to substantial revenue growth and increased profit margins [2][17] Key Growth Drivers - The demand for cheese is driven by both B-end (business) and C-end (consumer) markets, with the B-end market for Western fast food expected to reach 600 billion yuan by 2024 [12] - The company is expanding its B-end market by forming strategic partnerships with restaurant brands and optimizing fermentation processes [3][22] - The supply-side dynamics, including supportive industry policies and technological advancements, are expected to drive the growth of high-value-added dairy products like cheese [10][22] Competitive Landscape - Local brands are gaining market share in the Chinese cheese market, with Miaokelando surpassing foreign brands in 2021 [2][13] - The concentration of the market is increasing, with local brands' share rising from 52% in 2008 to an expected 66% in 2024 [13] Financial Performance - Since its restructuring in 2016, Miaokelando has seen a compound annual growth rate (CAGR) of 54% in revenue from 2018 to 2021, with gross margins increasing from 27% to 38% [17] - Despite a revenue decline in 2023 due to the pandemic, the company expects a recovery in 2024 following the integration of Mengniu's business [17] Product and Market Expansion - Miaokelando's core products include cheese sticks, cheese slices, and mozzarella cheese, with a strategic focus on original cheese products [18] - The company is expanding its product line to include ready-to-eat snacks and has established a distribution network covering approximately 7800 distributors and 800,000 retail terminals [20] Future Outlook - The long-term growth outlook for Miaokelando is positive, driven by B-end solutions and continuous investment in deep processing technologies [22][24] - The company aims to diversify its product offerings and enhance its market presence across different consumer segments, including expanding into all-age demographics [24] Conclusion - The cheese market in China presents significant growth opportunities, and Miaokelando is well-positioned to capitalize on these trends through strategic partnerships, product innovation, and market expansion efforts [24]

Core Insights - The Chinese cheese market is entering a rapid growth phase, with a projected market size of 100 billion yuan accelerating towards realization [1][2] - The company, Miaokelando, aims to leverage innovation as a driving force and adopt a dual "to B to C" strategy to cover all demographics and scenarios [1] Industry Development - The shift in consumer focus towards cheese is attributed to consumption upgrades, advancements in domestic breeding technology, competitive milk prices, and increased participation from dairy companies [2] - The company predicts that the cheese market will expand due to the transition from milk powder to liquid milk and yogurt, now moving towards cheese [2] Company Strategy - Miaokelando is focusing on breaking the stereotype of cheese as merely a children's snack by introducing products for various age groups, including functional products for children and innovative combinations for young adults [1] - The company is actively pursuing a dual-channel strategy, with a significant growth rate of over 30% in the food service channel, addressing the needs of major international chains and local dining innovations [1] Competitive Landscape - The company opposes price wars, emphasizing that such strategies harm both businesses and consumers, and advocates for value creation and innovation to address competition [2] - Miaokelando is investing over 50 million yuan annually in R&D to ensure product quality and develop unique flavors [2] Supply Chain and Cost Management - The company is developing two core strategies: extreme quality through significant R&D investment and extreme cost management via centralized procurement and supply chain collaboration [2] - The company maintains a commitment to not exploit suppliers, compromise product quality, or diminish employee benefits [2] International Expansion - The company views international expansion as an inevitable path, currently exporting cheese products to regions like Saudi Arabia and Southeast Asia [2] - There are plans to explore overseas mergers, acquisitions, or technology partnerships to bring foreign technologies to China and promote Chinese products abroad [2]