近日，妙可蓝多公告称，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。天眼查 App显示，柴琇名下共关联10余家企业，其中5家为存续状态，包括上海妙可蓝多食品科技股份有限公 司、广泽地产集团股份有限公司等，柴琇在上述企业中担任董事长、总经理等职务，版图涉及食品、地 产、投资等。 ...

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].

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 | | --- | --- | --- | --- | --- | --- | --- | --- ...

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 ...

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].

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 | | | | | | ...

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 ...

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 ...