Micellar Blue Dairy Completes Multiple Business Changes: Kua Yulong Replaces Chai Xiu as Legal Representative

“Cheese’s First Stock” MiaoKeLando Founder Chai Xiu Resigns as Legal Representative

On March 17, the National Enterprise Credit Information Publicity System showed that Shanghai MiaoKeLando Food Technology Co., Ltd. (MiaoKeLando, 600882) recently underwent multiple business changes. Founder Chai Xiu stepped down as legal representative, replaced by Kuai Yulong. Additionally, in the senior management registration section, Chai Xiu’s name was removed, but his name still appears in the director registration.

Chai Xiu had previously been dismissed from MiaoKeLando. On January 25, MiaoKeLando announced that Chai Xiu was removed from the positions of Vice Chairman, General Manager, and Legal Representative, but he remained a director. On the same day, the company also issued announcements regarding the departure and appointment of Vice Chairman, General Manager, and Administrative General Manager, as well as the change of legal representative.

The announcement states that Chai Xiu resigned from his roles as Vice Chairman, General Manager, and Legal Representative on January 23, 2026. After nomination by Chairman Chen Yiyi, review by the Fourth Nomination Committee of the 12th Board of Directors, and approval at the 19th meeting of the 12th Board, Kuai Yulong was appointed as the company’s General Manager, and the legal representative was accordingly changed to Kuai Yulong. As of now, Kuai Yulong does not hold any shares in the company and no longer serves as the company’s Administrative General Manager. He has no related-party relationships with other directors, senior management, shareholders holding over 5%, or the controlling shareholder.

Kuai Yulong, born in 1976, is a Chinese national with permanent residence abroad. He holds a bachelor’s degree and a master’s degree, is a certified Intermediate Accountant, and is recognized as a leading accounting talent in Inner Mongolia. He previously served as Assistant Vice President of China Mengniu Dairy, General Manager of the Cold Chain Business Unit Finance Management Center, Group Finance Department Head, Senior Financial Operations Director, and SAP Project General Manager. He is currently a director, CFO, and General Manager of MiaoKeLando.

On January 25, MiaoKeLando also issued a risk warning stating that due to overdue debts of Jilin Yaohe Economic and Trade Co., Ltd. (“Jilin Yaohe” or “Debtor”) guaranteed by the equity investment fund Shanghai Xiangmin Equity Investment Partnership (Limited Partnership) (“M&A Fund”) and its subsidiaries, the company cannot recover the principal and returns from the fund. The fund and its subsidiaries cannot realize liquidation due to the guarantee. As a result, the company has filed arbitration with the Shanghai International Economic and Trade Arbitration Commission (“Shanghai International Arbitration Center”) regarding Chai Xiu’s failure to fulfill his prior full compensation commitments, and recently received the “Arbitration Acceptance Notice” [Shanghai International Arbitration (2026) No. 175].

In December 2020, Inner Mongolia Mengniu granted a trust loan of 700 million yuan to related party Jilin Yaohe, with the M&A Fund and its subsidiaries providing joint guarantees. When Jilin Yaohe defaulted, Inner Mongolia Mengniu obtained a ruling from the Beijing Arbitration Commission in 2025, ordering Jilin Yaohe to repay the principal and interest. Inner Mongolia Mengniu also holds a 99.99% stake in Changchun Lianxin, which owns 90% of Jilin Zhiren, and has priority rights to proceeds from auction or sale. Additionally, Inner Mongolia Mengniu has initiated takeover procedures for Jilin Zhiren in Australia.

According to the announcement, related party Chai Xiu issued a “Statement on Matters Related to the M&A Fund,” promising that due to guarantee issues causing direct or indirect losses to the listed company (including but not limited to inability to fully and timely recover investments and earnings in the fund), he will fully compensate the company and ensure it does not suffer losses from the guarantee.

MiaoKeLando’s December 26, 2025, announcement states that as of the announcement date, Chai Xiu has not fulfilled his compensation obligations, and the fund’s assets are frozen due to guarantees, preventing liquidation and distribution. The company’s 100 million yuan principal and returns are thus unrecoverable.

Furthermore, the announcement notes that the arbitration regarding Chai Xiu’s previous full compensation commitments has uncertain outcomes, which could impact the company’s net profit; the fair value of other non-current financial assets related to the fund may also fluctuate, potentially causing significant effects on net profit.

Considering factors like income tax, the estimated fair value loss is expected to reduce the company’s net profit attributable to shareholders in 2025 by 119 million to 127 million yuan. As of September 30, 2025, the company’s unaudited net profit attributable to shareholders was 176 million yuan. The potential fair value loss is not expected to turn the company’s net profit for 2025 negative, nor exceed a 50% change year-over-year.

Public information shows that MiaoKeLando was formerly Guangze Co., Ltd., and shifted to the cheese retail market in 2017, relying on children’s cheese sticks as its flagship product. From a small local private enterprise, it has grown into a leading national cheese company. In 2020, Mengniu Dairy became the controlling shareholder through a private placement. In 2024, MiaoKeLando completed the acquisition of 100% of Inner Mongolia Mengniu Cheese Co., Ltd., developing dual brands for consumer markets.

The third-quarter 2025 report shows that Mengniu Dairy, as the largest shareholder, holds 36.77% of MiaoKeLando. Founder Chai Xiu is the second-largest shareholder with 14.92%. On January 27, 2026, MiaoKeLando announced that between December 29, 2025, and January 23, 2026, Mengniu increased its stake via centralized bidding, raising its shareholding from 36.77% to 37.04%, a 0.26% increase. The additional funds came from its own resources, without violating previous commitments or triggering mandatory bid obligations.

According to reports, in 2025, MiaoKeLando clearly outlined a “dual-drive” development strategy of “TO C, TO B, and M&A going global,” aiming to break the past single focus on children’s snacks and build a comprehensive cheese enterprise rather than just a children’s snack brand.

Industry insiders told Pengpai News that under Kuai Yulong’s leadership, MiaoKeLando needs to implement the “dual-drive” strategy effectively. On the consumer side, it should move beyond the “children’s cheese” label, expanding into adult leisure and family dining scenarios to cover all age groups. On the B2B side, it must quickly become a new high-growth driver. Specifically, beyond flagship products like cheese sticks, future innovation should focus on three directions: upgrading the children’s line (high-protein, functional products), expanding the adult line (leisure snacks, meal replacement scenarios), and professionalizing the B2B segment (raw cheese, customized products). Particularly, breakthroughs in raw cheese technology are key to reducing reliance on imports and establishing core barriers.

As of the close on March 17, according to Dazhihui VIP, MiaoKeLando fell 0.86%.

Pengpai News Reporter Wu Yuxin

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Editor: Liu Wanli SF014