Text | Jinwei suspended trading for nearly half a month, but Miaoke Landuo resumed trading but once fell to the limit. On July 15, Miaokelanduo opened lower and moved lower. It once fell to the limit during the session. As of press time, Miaokelanduo fell more than 9%, with a tra

text | Jinwei

suspended trading of for nearly half a month, Miaokelando resumed trading, but once fell to the limit of .

html On July 15, Miaokelanduo opened lower and moved lower. It once hit the limit during the session. As of press time, Miaokelanduo fell more than 9%, with a transaction amount of 420 million and a total market value of 22 billion.

As of the latest data, there are 43,000 shareholders in Miao Ke Landuo. After being suspended for half a month, more than 2 billion yuan was lost as soon as trading resumed. One opening is equivalent to an average loss of 50,000 per household. As the "big cheese" in the Chinese market, what happened to Mioclando?

html On July 1, Miao Ke Landuo disclosed the "Announcement on the Suspension of Planning for the Issuance of Shares to Purchase Assets", stating that it planned to purchase 42.88% of the equity of Jilin Technology to further consolidate and strengthen its main business. On the evening of July 14, Miao Ke Landuo issued a trading resumption announcement.

Before this transaction, Miao Ke Landuo and Inner Mongolia Mengniu held 57.12% and 42.88% of the shares of Jilin Technology respectively. After the completion of this transaction, the listed company will hold 100% equity of Jilin Technology. Since Mengniu is the controlling shareholder of the company, this transaction constitutes a related transaction.

Miao Ke Landuo is mainly engaged in the research and development, production and sales of specialty dairy products with cheese as its core.

In 2021, Inner Mongolia Mengniu bought Miaokelando for 3 billion yuan and became its controlling shareholder. In January this year, Inner Mongolia Mengniu further increased its stake in Miaokelando and currently holds 30% of Miaokelando's shares.

From a financial point of view, after Mengniu took over, Miao Kelanduo’s performance has experienced a round of growth. In 2021, Miaokelanduo's revenue was 4.478 billion yuan, a year-on-year increase of 57.31%; net profit was 154 million yuan, a year-on-year increase of 160.6%.

In the first quarter of 2022, Miao Ke Landuo achieved operating income of 1.286 billion yuan, a year-on-year increase of 35.24%; the net profit attributable to shareholders of the listed company was 73.5237 million yuan, a year-on-year increase of 129.55%. The growth rate declined compared with the same period last year.

As of the end of the first quarter of 2022, the company's net cash flow from operating activities was -132 million yuan, a year-on-year decrease of 135 million yuan, a year-on-year decrease of 4250.31%, and a month-on-month decrease of 472 million yuan. Miao Kelanduo explained that the reasons include the expansion of production scale, increase in prepaid materials, increase in warehousing and logistics expenses, and decrease in contract liabilities.

Miao Ke Landuo’s performance exploded last year, which is inseparable from the massive spending on advertising.

In 2021, Miao Ke Landuo’s sales expenses will reach 1.159 billion yuan, a year-on-year increase of 63.08%. Among them, advertising and promotion expenses were 906 million yuan, a year-on-year increase of 61.5%.

From 2018 to 2020, its advertising expenses were 105 million yuan, 201 million yuan, and 561 million yuan respectively. It can be seen that the investment in advertising expenses is relatively large.

Chai Xiu, chairman of Mioclando, said in an interview that the price war in the cheese segment has started since last year. The specific manifestation is that the price war between cheese stick brands such as , Baijifu , Mioclando, Miaofei and other cheese stick brands has "rolled up" to the point of "buy one, get one free".

Compared with advertising fees, Miao Kelanduo’s R&D investment is pitifully small. In 2021, Miokelanduo spent 40.09 million yuan on research and development, which is less than a fraction of marketing expenses. The total investment in research and development accounted for only 0.9% of operating income. In the first quarter of 2022, Miokelando's R&D expense rate was 0.37%.

Spending money on marketing has really expanded the contact between cheese stick products and consumers and increased sales. However, the nutritional value of cheese sticks has been questioned.

Some people in the industry said that the nutritional content of cheese sticks, a secondary processed product, is not exactly the same as cheese. The difference between the two is somewhat similar to ham sausage and ham.

Secondary processed cheese sticks are processed using various additives on the basis of cheese to create flavors that consumers like. According to the "National Food Safety Standard for Processed Cheese and Cheese Products" issued by the Secretariat of the National Food Safety Standards Review Committee, it is stipulated that products with a cheese proportion between 15% and 50% can only be called "cheese products", and cheese sticks are within this range.

At present, the price war between cheese stick brands such as Baijifu, Mioclando, Miaofei and other cheese stick brands has "rolled up" to the point of "buy one, get one free".

At the same time, due to the inability to innovate more in products, various cheese stick companies focused on packaging - combining popular cartoon IPs to attract children.For example, Miao Kelando's "Paw Paw Team Makes Great Contributions" series, and Miao Fei's "Super Wings" series. The weapon used by

to "fight" in the field of cheese sticks is not nutrition as a "traffic password", but various price wars and fancy marketing wars. Some analysts commented that the so-called "nutritional value" of cheese has become another marketing tool. At this stage, cheese stick companies are still competing on the original "capital thickness" competition.

data shows: Jilin Technology acquired by Miaokelando this time is mainly engaged in the production of specialty dairy products with cheese as the core, and is also an important cheese product production and operation entity of Miaokelando.

Miao Ke Landuo said that after the issuance of shares to purchase a minority stake in Jilin Technology, the listed company will fully own Jilin Technology, eliminating joint investment with major shareholders, enhancing control and independent decision-making power over Jilin Technology, and improving listing The company's overall planning and arrangement capabilities for its subordinate production and operation entities further enhance the overall market competitiveness and profitability of listed companies. I don’t know whether

’s profitability can be improved, but the capital market has already voted with its feet on this acquisition.

In the shareholder group of Standard Miao Ke Landuo, investors are talking a lot about the trend of Miao Ke Landuo. This is the result of wasting such a long time. There are really ten thousand grass mud horses galloping. It can be said that it is the most awesome stock that has been suspended and resumed trading. . Some investors said that Miaokelanduo has fallen in volume and funds are voting with their feet.

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