五次叩关 IPO 终获突破 菊乐股份北交所上市辅导通过验收

Core Viewpoint - Sichuan Jule Food Co., Ltd. has successfully passed the IPO guidance acceptance for the Beijing Stock Exchange, marking a significant step in its fifth attempt to enter the capital market since 2017 [1] Group 1: Company Background and Market Position - Jule Food, established in 1966, entered the dairy sector in 1996 and has become well-known for its "Suanle Milk" product, achieving a market share of 54.6% in Chengdu and 20.7% in Sichuan, ranking fifth nationally in 2022 according to Nielsen [2] - The company is primarily owned by Jule Group, which holds 45.87% of the shares, with Chairman Tong Enwen as the actual controller [2] - From 2020 to 2024, the company's revenue grew from 994 million to 1.641 billion, and net profit increased from 130 million to 232 million, indicating a continuous growth trend [2] Group 2: Challenges and IPO History - Jule Food has faced significant challenges in its IPO journey, with four failed attempts since 2017 due to various issues, including incomplete materials and regulatory warnings [3] - After realizing the increased scrutiny on the main board, the company shifted its focus to the Beijing Stock Exchange and successfully completed the guidance process in a record time of nine months [3] Group 3: R&D and Innovation - The company has historically had low R&D investment, with expenses of 6.3 million, 4.741 million, and 5.149 million from 2022 to 2024, representing only 0.42%, 0.30%, and 0.31% of revenue, respectively [4] - To meet the Beijing Stock Exchange's requirement for intellectual property, Jule Food has applied for 10 patents since September 2024, with 6 granted, which will be crucial for its IPO process [4] Group 4: Future Prospects and Market Strategy - Regional dairy companies like Jule Food face dual challenges of expanding beyond local markets and avoiding the "post-IPO peak" performance trap [5] - The effectiveness of the funds raised and the implementation of a national expansion strategy will be critical in determining the company's ability to overcome industry challenges if it successfully lists on the Beijing Stock Exchange [5]