七年冲击四次IPO，第五次菊乐股份能否冲击成功

Core Viewpoint - Sichuan Jule Food Co., Ltd. has recently completed the guidance acceptance for its IPO application on the Beijing Stock Exchange, marking a significant step after multiple failed attempts in the past [1][5]. Group 1: Company Background - Sichuan Jule Food Co., Ltd. is a subsidiary of Chengdu Jule Enterprise (Group) Co., Ltd., established in 1996, focusing on the dairy beverage and dairy product sectors for over 20 years [1]. - The company has developed a complete industrial chain that includes milk source bases, research and development, production, and market sales, becoming one of the largest dairy enterprises in Southwest China [1]. Group 2: IPO Attempts and Challenges - The company has made four unsuccessful attempts to go public, with internal control deficiencies being a recurring issue highlighted by the Shenzhen Stock Exchange [5][6]. - A significant incident involved the embezzlement of CNY 95.78 million by an employee from 2014 to 2019, which the company failed to detect in a timely manner, leading to regulatory scrutiny and subsequent IPO failures [6]. - The company has also faced questions regarding its research and development expenditures, which are notably low compared to peers, with a research expense ratio of only 0.29% in the first half of 2023 [7]. Group 3: Financial Performance - From 2019 to 2021, the company's revenue grew from CNY 829 million to CNY 1.421 billion, while net profit increased from CNY 111 million to CNY 158 million, indicating a slow growth rate and declining net profit margins [8]. - Projections for 2020 to 2024 show a revenue increase from CNY 994 million to CNY 1.641 billion, with net profit expected to rise from CNY 130 million to CNY 232 million, reflecting a 65.09% increase in revenue over five years [8]. Group 4: Market Dynamics and Future Strategy - Approximately 95% of the company's revenue comes from Sichuan Province, with 70% from Chengdu, indicating a strong regional focus [8]. - The company is shifting its strategy towards yak milk products, aiming to enhance competitiveness in the dairy market, with yak milk identified as a key product for the next 20 years [9][10]. - The yak milk market in China has grown to approximately CNY 2.624 billion, with over 16 million yaks contributing to an annual production of over 900,000 tons [9].