奶酪业务遇冷、上市道阻且长，君乐宝的处境不妙

Core Viewpoint - Junlebao aims to complete its IPO by 2025 with a sales target of 50 billion yuan, but faces significant challenges including high debt, weak profitability, and ongoing food safety issues stemming from past scandals [2][3][12] Company Developments - Junlebao underwent significant personnel changes in May 2025, increasing its investment in its cheese subsidiary, Sikeqi, from 2.25 million yuan to 4.5 million yuan, with new leadership appointed [2] - The company completed a shareholding reform and signed an IPO guidance agreement in December 2023, marking the official start of its A-share IPO process [3] Financial Challenges - Junlebao's total assets were approximately 21.089 billion yuan with a net asset of about 4.717 billion yuan in 2022, resulting in a debt ratio close to 78%, significantly higher than the industry average of 45.06% [6][7] - The company's low profitability is a concern, with a net profit of 307 million yuan in 2018, reflecting a net profit margin of only 3.2% [7] Market Position and Competition - The cheese market is projected to grow significantly, with a market size expected to exceed 30 billion yuan by 2025, but Junlebao has not yet established a strong position in this competitive landscape [9][10] - Major competitors like Yili and Mengniu dominate the cheese market, making it challenging for Junlebao to gain market share [10] Food Safety Issues - Junlebao continues to face scrutiny over food safety, with 1,538 complaints reported, primarily related to product quality and safety concerns [12] - The legacy of the 2008 melamine scandal still impacts consumer trust, posing a risk to the company's IPO plans and overall market reputation [12]