Miaoke Blue Ocean's non-recurring net profit is expected to increase by 236% in 2025. The new General Manager, Kuai Yulong, will receive a salary of 3.63 million yuan.

**Rui Caijing Liu Ziying **Recently, Miocool Blueberry (SH600882) released its 2025 annual report.

In 2025, Miocool Blueberry achieved operating revenue of RMB 5.633 billion, up 16.29% year over year; net profit attributable to shareholders of listed companies was RMB 118 million, up 4.29% year over year; and net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was RMB 158 million, up 235.94% year over year.

During the reporting period, Miocool Blueberry’s cheese business generated revenue of RMB 4.615 billion, up 22.84% from the same period last year. The proportion of cheese business revenue in main business revenue increased further from 80.12% in the same period last year to 82.37%. Revenue from the trading business and the liquid milk business was RMB 623 million and RMB 365 million, respectively, and their proportions in main business revenue further declined. The company’s gross margin for the cheese business was 33.81%, down 1.23 percentage points from the same period last year. Meanwhile, the gross margins for the trading business and the liquid milk business were 4.06% and 8.34%, respectively, up 1.30 and 1.31 percentage points from the same period last year.

Miocool Blueberry mainly sells cheese products and liquid milk products through the distribution model. In 2025, distribution revenue accounted for 70.40% of main business revenue, down 7.93 percentage points from 2024. During the same period, the company added 2,007 distributors; the sales newly added by these distributors in that year totaled RMB 378 million, accounting for 9.59% of total distribution revenue. The company also reduced 3,757 distributors; the sales from the reduced distributors in the previous year totaled RMB 245 million, accounting for 6.22% of total distribution revenue.

Miocool Blueberry stated that after Mengniu’s cheese business was incorporated into the company, the company comprehensively reviewed its previously non-active customers for Mengniu’s cheese. At the same time, it effectively integrated the customers for the previously Mengniu’s cheese business with the company’s TOB and TOC end customers, which is why the number of distributors decreased.

It is worth noting that on January 25, Miocool Blueberry announced that Cai Xiu was removed from the positions of vice chairman, general manager, and legal representative; and that Kuai Yulong stepped down as executive general manager due to work arrangements. On the same day, the board of directors appointed Kuai Yulong as the new general manager, and the legal representative was correspondingly changed to Kuai Yulong.

Kuai Yulong was born in 1976. He is currently a director and general manager of the company. He previously served as executive general manager and financial controller of the company, as well as assistant vice president of China Mengniu Dairy Co., Ltd., head of the group finance department, senior director of financial operations, group SAP project general manager, and general manager of the finance management center of the shelf-stable business unit, and head of the strategy management department, among other roles.

According to data from Oriental Fortune, from 2022 to 2025, the compensation Kuai Yulong received from Miocool Blueberry was RMB 2.911 million, RMB 3.038 million, RMB 3.256 million, and RMB 3.63 million, respectively.

Related company: Miocool Blueberry sh600882