On September 21, Miao Ke Landuo (600882.SH) issued an announcement that the board of directors announced on September 21月20On the same day, I received the resignation report submitted by Chai Xiu. Chai Xiu stated in his resignation report, “In order to support the company’s stable operations and long-term development, I apply to resign from the relevant positions of the company’s 12th non-independent director and the special committee of the board of directors.” After his resignation, Chai Xiu no longer holds any position in the company and its subsidiaries.
Chai Xiu, the founder of Mioclando, was once known as the “Queen of Cheese” and had previously been removed from the company’s core management positions. As of the date of the announcement, Chai Xiu directly held 76.1036 million shares of the company, and its concerted person Jilin Dongxiu Trading Co., Ltd. held 5.28 million shares of the company. The total shareholding accounted for 16.01% of the company’s total share capital.Still an important shareholder of listed companies.
The announcement also reminded that Chai Xiu still has public commitments that have not yet been fulfilled. This commitment does not belong to the agreement related to shareholding increase. Even if he has resigned, he still needs to continue to perform corresponding obligations in accordance with regulatory rules and manage the shares of listed companies under his name in compliance.
The company stated that this resignation will not cause the number of board members to fall below the legal minimum requirement. The resignation will officially take effect on the day it is delivered to the board of directors. The company’s operations and the operations of the board of directors will not be affected. The director by-election process will be initiated in the future.
On January 25 this year, Miaokelando announced that the board of directors voted to pass a resolution to directly remove Chai Xiu from the three core management positions of vice chairman, general manager, and legal representative. At that time, he only retained his director seat.At the same time, the company appointed Kuai Yulong as the general manager, and the legal representative was accordingly changed to Kuai Yulong, who no longer serves as the company’s administrative general manager.
After Mengniu took over and gained control of the listed company in 2021, Miao Kelan’s management gradually iterated.Kuai Yulong once served as a senior executive of Mengniu. He joined Mengniu as the financial director of Miao Ke Lando and was promoted to administrative general manager in 2025.
The listed company also disclosed to the public that the underlying entity of the M&A fund in which Miao Ke Landuo participated had overdue debts and related guarantee matters failed to achieve liquidation and distribution. The company’s investment is facing the risk of loss and is expected to have a negative impact of approximately 119 million yuan to 127 million yuan in net profit attributable to the parent company in 2025. The company announced that Chai Xiu had previously issued a balance compensation commitment for the investment. Due to the failure to fulfill the commitment, the listed company submitted an arbitration application to the Shanghai International Economic and Trade Arbitration Commission and claimed relevant rights.
For more than half a year after being removed from the executive position, Chai Xiu remained on the board of directors as a director and the second largest shareholder, but the differences between the two parties continued to become public. In August this year, Chai Xiu cast the only dissenting vote during the board review of Miaokelando’s 2026 semi-annual report.
According to data from the semi-annual report, Miao Ke Landuo’s revenue in the first half of the year was 3.304 billion yuan, a year-on-year increase of 28.71%, and the net profit attributable to the parent company was 151 million yuan, a year-on-year increase of 13.74%. The performance growth was achieved, but it was not recognized by all directors.Chai Xiu raised three objections to the semi-annual report: First, he believed that the content of Chai Xiu’s commitments listed in the semi-annual report was inconsistent with the actual commitment content; second, the semi-annual report deliberately implicated the related transactions between the company and Mu Shuo Breeding as Mu Shuo Breeding as an affiliate of Chai Xiu;Third, there is great uncertainty in the authenticity of the “Instructions on Matters Related to M&A Funds”. Therefore, we have objections to the company’s investment of 100 million yuan in investment fund partnerships and the relevant statements in previous announcements.。
Public information shows thatChai Xiu is the founder of Mioclando. He once led Mioclando to rise through the cheese stick product.Enter the capital market and build the brand into a leading enterprise in the domestic cheese category.The compound annual growth rate of revenue from 2018 to 2021 exceeds 50%.
From 2022 to 2023, Miao Ke Landuo’s profits have been under pressure for two consecutive years. In 2022, revenue increased but net profit attributable to the parent company fell by 12.32% year-on-year. In 2023, both revenue and net profit attributable to the parent company declined, with net profit attributable to the parent company falling by 53.90% year-on-year.
According to the company’s annual report and its response to the regulatory letter from the Shanghai Stock Exchange, the continuous weakening of performance is caused by the superposition of multiple factors: raw materials are highly dependent on overseas imports, international bulk commodities and exchange rate fluctuations push up raw material procurement costs, and high-priced inventory in the early stage continues to drag down gross profit margins; the core single product children’s cheese sticks have encountered fierce competition in the industry, and the sales volume of the main C-end products has dropped significantly; at the same time, the product structure has changed, and the proportion of low-margin B-end catering products has increased, further dragging down the overall profitability.
After Mengniu becomes the controlling shareholder, it will complete the acquisition of the entire equity of Mengniu Cheese in 2024, eliminate internal peer competition, and integrate to form a multi-brand product matrix; realize resource sharing on the channel side, in addition to traditional supermarkets, leverage the Mengniu system to quickly enter emerging channels such as snack wholesalers, membership stores, and instant retail; on the product side, promote SKU simplification, on the one hand, upgrade the basic plate of children’s cheese sticks, on the other hand, expand new categories such as adult meals and sports nutrition, and break away from reliance on a single children’s category.
After two consecutive years of revenue decline, Miao Ke Lan Duo’s performance will pick up in 2025.The company achieved operating income of 5.633 billion yuan, a year-on-year increase of 16.29%; net profit attributable to shareholders of listed companies was 118 million yuan, a year-on-year increase of 4.29%; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 158 million yuan, a significant year-on-year increase 235.94%; the cheese core business achieved revenue of 4.615 billion yuan, a year-on-year increase of 22.84%, and the cheese business revenue share increased to 82.37%. Affected by the investment losses related to previous equity participation in M&A funds, the increase in net profit attributable to the parent company was dragged down.
On September 21, Miao Ke Landuo (600882.SH) issued an announcement that the board of directors announced on September 21月20On the same day, I received the resignation report submitted by Chai Xiu. Chai Xiu stated in his resignation report, “In order to support the company’s stable operations and long-term development, I apply to resign from the relevant positions of the company’s 12th non-independent director and the special committee of the board of directors.” After his resignation, Chai Xiu no longer holds any position in the company and its subsidiaries.
Chai Xiu, the founder of Mioclando, was once known as the “Queen of Cheese” and had previously been removed from the company’s core management positions. As of the date of the announcement, Chai Xiu directly held 76.1036 million shares of the company, and its concerted person Jilin Dongxiu Trading Co., Ltd. held 5.28 million shares of the company. The total shareholding accounted for 16.01% of the company’s total share capital.Still an important shareholder of listed companies.
The announcement also reminded that Chai Xiu still has public commitments that have not yet been fulfilled. This commitment does not belong to the agreement related to shareholding increase. Even if he has resigned, he still needs to continue to perform corresponding obligations in accordance with regulatory rules and manage the shares of listed companies under his name in compliance.
The company stated that this resignation will not cause the number of board members to fall below the legal minimum requirement. The resignation will officially take effect on the day it is delivered to the board of directors. The company’s operations and the operations of the board of directors will not be affected. The director by-election process will be initiated in the future.
On January 25 this year, Miaokelando announced that the board of directors voted to pass a resolution to directly remove Chai Xiu from the three core management positions of vice chairman, general manager, and legal representative. At that time, he only retained his director seat.At the same time, the company appointed Kuai Yulong as the general manager, and the legal representative was accordingly changed to Kuai Yulong, who no longer serves as the company’s administrative general manager.
After Mengniu took over and gained control of the listed company in 2021, Miao Kelan’s management gradually iterated.Kuai Yulong once served as a senior executive of Mengniu. He joined Mengniu as the financial director of Miao Ke Lando and was promoted to administrative general manager in 2025.
The listed company also disclosed to the public that the underlying entity of the M&A fund in which Miao Ke Landuo participated had overdue debts and related guarantee matters failed to achieve liquidation and distribution. The company’s investment is facing the risk of loss and is expected to have a negative impact of approximately 119 million yuan to 127 million yuan in net profit attributable to the parent company in 2025. The company announced that Chai Xiu had previously issued a balance compensation commitment for the investment. Due to the failure to fulfill the commitment, the listed company submitted an arbitration application to the Shanghai International Economic and Trade Arbitration Commission and claimed relevant rights.
For more than half a year after being removed from the executive position, Chai Xiu remained on the board of directors as a director and the second largest shareholder, but the differences between the two parties continued to become public. In August this year, Chai Xiu cast the only dissenting vote during the board review of Miaokelando’s 2026 semi-annual report.
According to data from the semi-annual report, Miao Ke Landuo’s revenue in the first half of the year was 3.304 billion yuan, a year-on-year increase of 28.71%, and the net profit attributable to the parent company was 151 million yuan, a year-on-year increase of 13.74%. The performance growth was achieved, but it was not recognized by all directors.Chai Xiu raised three objections to the semi-annual report: First, he believed that the content of Chai Xiu’s commitments listed in the semi-annual report was inconsistent with the actual commitment content; second, the semi-annual report deliberately implicated the related transactions between the company and Mu Shuo Breeding as Mu Shuo Breeding as an affiliate of Chai Xiu;Third, there is great uncertainty in the authenticity of the “Instructions on Matters Related to M&A Funds”. Therefore, we have objections to the company’s investment of 100 million yuan in investment fund partnerships and the relevant statements in previous announcements.。
Public information shows thatChai Xiu is the founder of Mioclando. He once led Mioclando to rise through the cheese stick product.Enter the capital market and build the brand into a leading enterprise in the domestic cheese category.The compound annual growth rate of revenue from 2018 to 2021 exceeds 50%.
From 2022 to 2023, Miao Ke Landuo’s profits have been under pressure for two consecutive years. In 2022, revenue increased but net profit attributable to the parent company fell by 12.32% year-on-year. In 2023, both revenue and net profit attributable to the parent company declined, with net profit attributable to the parent company falling by 53.90% year-on-year.
According to the company’s annual report and its response to the regulatory letter from the Shanghai Stock Exchange, the continuous weakening of performance is caused by the superposition of multiple factors: raw materials are highly dependent on overseas imports, international bulk commodities and exchange rate fluctuations push up raw material procurement costs, and high-priced inventory in the early stage continues to drag down gross profit margins; the core single product children’s cheese sticks have encountered fierce competition in the industry, and the sales volume of the main C-end products has dropped significantly; at the same time, the product structure has changed, and the proportion of low-margin B-end catering products has increased, further dragging down the overall profitability.
After Mengniu becomes the controlling shareholder, it will complete the acquisition of the entire equity of Mengniu Cheese in 2024, eliminate internal peer competition, and integrate to form a multi-brand product matrix; realize resource sharing on the channel side, in addition to traditional supermarkets, leverage the Mengniu system to quickly enter emerging channels such as snack wholesalers, membership stores, and instant retail; on the product side, promote SKU simplification, on the one hand, upgrade the basic plate of children’s cheese sticks, on the other hand, expand new categories such as adult meals and sports nutrition, and break away from reliance on a single children’s category.
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