China Fund News reporter Lu Yuan
In 2023, revenue and net profit will both decline, and net profit will continue to decline in the past three years, the "first cheese stock" Miaokeland will usher in a new leader.
Chen Yiyi, the new chairman, is currently the vice president and head of strategic management of Mengniu Dairy, and has previously served in well-known domestic and foreign enterprises such as Nestle, International Paper, and China Resources Venture.
The 50-year-old new coach took office
Microcolando announced on the evening of May 17 that the board of directors received Lu Minfang's resignation application on April 25. Due to changes in work arrangements, Lu Minfang applied for resignation as a director and chairman of the board of directors from the date of election of new directors at the general meeting of shareholders of the company, and also resigned as a member of the nomination committee of the board of directors and a member of the strategy committee of the board of directors. After the resignation takes effect, Lu Minfang will no longer hold any position in the company and its subsidiaries.
On May 17, Microcolando held the 2023 annual general meeting of shareholders to elect new directors, and Lu Minfang's resignation as a director, chairman, member of the nomination committee of the board of directors and member of the strategy committee of the board of directors has officially taken effect after the election of the new directors.
On the same day, the board of directors of the company agreed to elect Chen Yiyi as the chairman of the board of directors, a member of the nomination committee of the board of directors and the chairman of the strategy committee of the board of directors, and the term of office is the same as that of the directors of the 11th board of directors.
According to the data, Chen Yiyi, 50 years old, graduated from Fudan University, and is currently the vice president and head of strategic management of China Mengniu Dairy Co., Ltd., a non-executive director and a member of the strategy and development committee of China Modern Dairy Holdings Co., Ltd., and a director of Shanghai Mengniu Biotechnology R&D Co., Ltd. and other subsidiaries of China Mengniu Dairy Co., Ltd.
Prior to joining China Mengniu Dairy Co., Ltd., Mr. Chen worked for a number of well-known international companies such as Nestle, International Paper, Tetra Pak Sidel and China Resources Ventures, as well as listed companies in Hong Kong and Mainland China, and held senior management positions such as Vice President of Strategy and President.
In the past three years, net profit has continued to decline
At the end of March, Mengniu Dairy announced that in accordance with the group's strategic arrangement, Lu Minfang was promoted to vice chairman, stepped down as the company's president and continued to serve as executive director. Gao Fei, the 47-year-old former senior vice president and head of the room temperature business unit, took over as president and served as executive director.
In the more than 7 years he has served as the president of Mengniu, Lu Minfang has completed the leap of Mengniu from more than 50 billion yuan to nearly 100 billion yuan. In 2017, Lu Minfang also proposed the goal of "double 100 billion", that is, revenue and market value will reach 100 billion in 2020.
However, from 2021 to 2023, Mengniu's revenue growth will be slow and will not exceed 100 billion yuan, and its net profit will decline by 9.31% in 2023; The market value has also continued to decline in the past two years, and is currently 66.1 billion.
In the same period, the revenue of the old rival Yili grew steadily and reached 126.2 billion yuan in 2023, and the net profit also continued to grow steadily.
Judging from the operation of Microcolando, the company's revenue will decline by 16.16% and net profit will plummet by 53.9% in 2023, which is the first time since 2016 that revenue and net profit have declined, and net profit has continued to decline in the past three years.
In the first quarter of 2024, Microcoland's revenue is still declining, down 7.14% year-on-year; Net profit increased by 70.63% year-on-year, but the main reason was the decrease in related expenses.
In this case, the share price of Microcolando plummeted 82% from its high of 84.5 yuan in 2021, and the current stock price is 15.3 yuan, with a market value of 7.857 billion.
Editor: Captain
Review: Muyu