菊乐股份五度冲刺IPO：“痴迷”上市7年，掌舵者终圆梦北交所？

Core Viewpoint - Sichuan Jule Food Co., Ltd. (referred to as "Jule") is on the verge of a potential IPO on the Beijing Stock Exchange after a long and challenging journey of seven years and five attempts, marked by multiple failures and regulatory hurdles [1][3]. Company Background - Jule was established in 1985 and entered the dairy industry in 1996, focusing on milk beverages and dairy products, becoming one of the largest dairy companies in Southwest China [4]. - The company has faced significant challenges in its IPO attempts, including failed applications due to incomplete materials, internal control issues, and regulatory warnings [4][5][6]. Recent Developments - Jule's recent announcement of passing the listing guidance acceptance on the Beijing Stock Exchange and quickly disclosing its prospectus marks a significant step forward [3]. - The company has undergone three phases of guidance work in a short time, contrasting with other companies still in compliance work [3]. Financial Performance - Jule's revenue for 2022-2024 is projected to be 14.72 billion, 15.62 billion, and 16.41 billion respectively, with net profits of 1.72 billion, 1.96 billion, and 2.32 billion [11]. - The company has shown improvement in key financial metrics, including gross margin and net profit margin, which are expected to rise from 29.60% to 33.46% and from 11.68% to 13.58% respectively over the same period [11]. Market Position and Challenges - Despite improvements, Jule still lags behind industry giants like Yili and Mengniu, which have revenues in the hundreds of billions [11][12]. - The competitive landscape is intensifying, with major players increasingly focusing on regional markets, putting pressure on local companies like Jule [7][8]. Future Prospects - Jule aims to expand nationally and has made efforts to break regional barriers, including a recent acquisition to establish a presence in Northeast China [8][9]. - The company plans to use IPO proceeds to enhance its production capacity and invest in research and development, particularly focusing on yak milk as a future growth area [10][13]. - The IPO fundraising target has been reduced to 5.52 billion, significantly lower than previous attempts, reflecting the company's evolving financial needs [13].