Miaoke Blue Ocean's fair value change loss in 2025 exceeds 170 million yuan, and net profit excluding non-recurring gains and losses achieves triple-digit growth.

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Reporter: Fan Qianqian | Editor: Bi Luming

In January this year, the turmoil over the general manager being “removed from office” pushed Suoakebi (SH600882) into the spotlight. Even more concerning for investors is that this turmoil also confirmed a fair value change loss, which is expected to affect the parent-company attributable net profit of listed companies in 2025.

Now, the dust has settled. On March 24, Suoakebi released its 2025 annual report. In 2025, the company achieved revenue of RMB 5.63B, up 16.29% year over year; parent-company attributable net profit was RMB 118 million, up 4.29% year over year; and in the final reporting period, the fair value change loss was RMB 171 million. This is consistent with what Suoakebi previously said in its reply to the regulatory work letter.

However, if you exclude non-recurring gains and losses caused by the fair value change loss, Suoakebi’s 2025 net profit attributable to shareholders after deducting non-recurring items grew 235.94% year over year, and its cheese business growth rate also exceeded two digits. In 2026, the goal of reaching 10 billion yuan in revenue was mentioned again for Suoakebi; judging from the company’s 2025 revenue scale, the gap is still not small. At the same time, going global has also been put on Suoakebi’s agenda. Not long ago, the company disclosed that it signed a memorandum with a Saudi dairy product enterprise to cooperate in expanding the Saudi market for children’s cheese snack foods.

Cheese revenue grows more than 22% year over year

In the sluggish domestic dairy product market, Suoakebi achieved a turnaround in 2025 by relying on its core cheese business.

In 2025, Suoakebi’s cheese revenue share had already risen to over 82%, reaching RMB 4.615 billion in revenue, up 22.84% year over year. Behind this are coordinated efforts from both the B side and the C side. The B side focuses on catering—such as KFC’s parent company Yum China, which is a customer of Suoakebi. The C side focuses on the children’s and adult leisure food segment, as well as the family dinner table—introducing products such as cheese mini-triangles, cheese slices, and domestically produced mild-flavored butter, in addition to cheese sticks.

Image source: announcement screenshot

The increase in the share of the cheese business, which has a high gross margin, also to a certain extent lifted Suoakebi’s net profit. In 2025, Suoakebi’s net profit attributable to shareholders after deducting non-recurring items was RMB 158 million, up 235.94% year over year.

From basic liquid dairy products to high value-added products—that has increasingly become a consensus in the industry. The report “China Dairy Industry Strategic Development Priorities Research Report” released by the China Dairy Association shows that China’s dairy products market exhibits the characteristics of being “large in scale but imbalanced in structure.” The share of processed products such as cheese and butter is only 7.3%, less than one quarter of the average level in developed countries; there is a high dependency on importing key raw materials, forming a structural contradiction of “excess liquid dairy products and a shortage of high value-added products.”

Previously, Inner Mongolia Yili Industrial Group Co., Ltd. stated at a 2024 results briefing that infant formula powder, adult nutrition powder, cheese, and low-temperature products are businesses with relatively strong growth potential and align with future consumption development trends; the company would further focus on these categories. In May last year, Yili also made more attempts in the cheese snack sub-segment market, launching related new products.

Fair value change loss exceeds RMB 170 million

A reporter from the Economic Daily News noted that although Suoakebi’s growth rate of net profit after deducting non-recurring items in 2025 reached triple digits, its parent-company attributable net profit was RMB 118 million, up only 4.29% year over year. Compared with its rapid growth in its 2025 quarterly and semiannual reports, this slowed noticeably.

The key behind it is that the fair value change loss reached RMB 171 million. This result is also not unexpected. As early as January of this year, Suoakebi disclosed a proposed announcement regarding fair value change, in which it said it expected the fair value change to impact parent-company attributable net profit by RMB 119 million to RMB 127 million. It also expected the company’s parent-company attributable net profit in 2025 to be positive, and that the year-over-year change in range would not exceed 50%.

Image source: announcement screenshot

On the same day as this announcement, an important personnel change was released: Vice Chairman, general manager, and legal representative Chai Qiu was dismissed from office; Cai YuLong, CFO and executive general manager, took over and became the new general manager and legal representative.

The relationship between these two matters is that the fair value change loss mainly came from a merger and acquisition fund that the listed company had participated in years ago. In 2025, the M&A fund “went bad,” and Suoakebi was unable to exit in cash. Chai Qiu, who had promised to compensate for all losses, repeatedly failed to fulfill the commitment.

This personnel change has been interpreted by the outside world as Suoakebi officially entering the “Inner Mongolia Mengniu era.” After Inner Mongolia Mengniu Dairy (Group) Co., Ltd. (hereinafter “Inner Mongolia Mengniu”) gained control, it also fully took over operating rights; Cai YuLong previously served at Mengniu. According to an announcement released on the evening of March 24, the newly appointed deputy general manager and CFO Li Jun also came from Mengniu, and previously served as CFO of Inner Mongolia Mengniu’s low-temperature business division.

Now, Suoakebi’s official website homepage has removed related materials about Chai Qiu. Cai YuLong appears more frequently in promotional materials. At Suoakebi’s 10th anniversary celebration in March and the terminal partner development conference, the goal of reaching 10 billion yuan in revenue was mentioned again. Whether Suoakebi, having shaken off its burdens and fully entering the “Inner Mongolia Mengniu era,” can achieve this goal is something the market still needs to wait and see.

Cover image source: Yin Xuexiang

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