上市冲刺阶段董事长离世 菊乐股份走到“十字路口”

Core Viewpoint - The passing of the founder and chairman of Sichuan Jule Food Co., Ltd. (Jule Co.) marks a critical juncture for the company as it approaches its fifth attempt at going public, raising concerns about leadership succession and market positioning [2][4]. Group 1: Leadership Transition - The actual controller and chairman, Tong Enwen, passed away on September 6, 2025, at the age of 78 [1]. - Gao Zhaohui, Tong's son-in-law, has been appointed to assume the chairman's responsibilities since July 2025 due to Tong's health issues [4][3]. - Tong Enwen had initiated leadership succession planning in 2011, ensuring a smooth transition of management [4][3]. Group 2: IPO Attempts and Challenges - Jule Co. has made five attempts to go public, with the latest application submitted to the Beijing Stock Exchange in 2025 [6]. - Previous attempts included four submissions to the Shenzhen Stock Exchange, with applications withdrawn in 2017 and 2019 [6]. - The company faced regulatory scrutiny due to financial irregularities, including a case of fund misappropriation amounting to approximately 95.78 million yuan [6][7]. Group 3: Financial Performance and Market Position - Jule Co.'s revenue for 2022, 2023, and 2024 was reported at 1.472 billion yuan, 1.562 billion yuan, and 1.641 billion yuan, respectively, with net profits of 172 million yuan, 196 million yuan, and 232 million yuan [8]. - The company holds approximately 0.82% market share in China's dairy beverage market, ranking eighth, and 0.97% in the yogurt market, ranking fourth [8]. - The company's revenue dependency on the Sichuan market has decreased from over 90% in 2019-2020 to about 76.03% in 2024, following the acquisition of Heilongjiang Huifeng Dairy [8]. Group 4: Regulatory and Market Expansion Concerns - The Beijing Stock Exchange has raised questions regarding Jule Co.'s market position and expansion capabilities, particularly in light of its reliance on the Sichuan market [9]. - The company's fermented milk business has seen a decline in revenue, dropping from approximately 354 million yuan in 2022 to about 301 million yuan in 2024 [9]. - Experts suggest that while Jule Co. has potential for profitability, its competitive strength remains concentrated in Sichuan, making expansion challenging [10].