南方乳业完成北交所上市辅导，直面上市政策收紧

Core Viewpoint - Nanfang Dairy has completed its listing guidance for the Beijing Stock Exchange (BSE) but faces challenges due to tightening listing policies and sluggish performance growth, raising uncertainties about its ability to successfully list [1][5]. Group 1: Company Background and Listing Progress - Nanfang Dairy is a subsidiary of Guiyang Agricultural Investment Development Group, established in 2017, and has undergone significant restructuring to enhance its market position [2]. - The company initially aimed for an IPO on the Shanghai Stock Exchange but shifted its focus to the BSE due to regulatory changes and completed its listing guidance with CITIC Securities [3][4]. Group 2: Financial Performance - Nanfang Dairy's revenue and net profit growth have slowed, with projected revenues of 1.817 billion in 2024, a mere 0.65% increase from the previous year, and net profit growth of 4.36% [5]. - The company ranks 20th among 36 listed dairy companies in terms of revenue, indicating a competitive but challenging market position [5]. Group 3: Market Presence and Expansion Efforts - Approximately 92% of Nanfang Dairy's revenue comes from the Guizhou province, with only about 4.63% from outside the province, highlighting a significant regional concentration risk [6][7]. - The company has implemented a "going out" strategy to expand its market presence beyond Guizhou, including community group purchases and e-commerce initiatives, but has seen limited success in increasing its provincial revenue share [7]. Group 4: Regulatory Environment and Industry Trends - The tightening of IPO regulations, particularly the implementation of a comprehensive registration system and the "827" policy, has led many companies, including Nanfang Dairy, to seek listings on the BSE as an alternative [8][9]. - The BSE has raised its listing requirements, focusing on innovation and specific financial metrics, which may pose additional challenges for traditional dairy companies like Nanfang Dairy [9].