Core Viewpoint - Junlebao aims to complete its IPO and achieve sales exceeding 50 billion yuan by 2025, but the timeline appears increasingly uncertain as it has not yet submitted its prospectus despite entering the IPO guidance process in December 2023 [1][3]. Group 1: Company Background and IPO Plans - Junlebao was established in March 2004 in Xuzhou, Jiangsu, focusing on dairy products, including yogurt and milk, with a daily production capacity of 1,200 tons [2]. - The company has been planning for an IPO since 2008, but previous setbacks, including the melamine scandal, delayed these plans [3]. - In December 2023, Junlebao signed an IPO guidance agreement with CICC, but the guidance period has exceeded the industry average of 273 days without a prospectus submission [3]. Group 2: Financial Performance and Challenges - Junlebao has been actively acquiring companies since 2021 to expand its business, including cheese and yogurt brands, but this has led to a high debt burden [4]. - As of 2022, Junlebao's total assets were approximately 21.089 billion yuan, with a net asset of about 4.717 billion yuan, resulting in a debt ratio close to 78%, significantly higher than the industry average of 45.06% [4]. - The company's profitability is concerning, with net profit margins of only 2.2% and 2.9% in 2017 and 2018, respectively, compared to competitors like Feihe, which had margins of 19.68% and 21.55% [5]. Group 3: Food Safety Concerns - Junlebao has a historical association with the Sanlu Group, which was involved in a major food safety scandal in 2008, impacting its brand image [6]. - Consumer complaints related to Junlebao products have been significant, with 1,692 complaints reported, primarily concerning product quality and safety issues [7]. - The company has faced allegations of misleading production dates, raising further concerns about its food safety practices [8].
IPO倒计时招股书仍难产，布局17年的君乐宝，开出了上市的空头支票？
Sou Hu Cai Jing·2025-09-15 11:39