关联交易“去优留劣”？多家“空壳”经销商存疑，菊乐股份8年上市路终落定？

Core Viewpoint - Jule Co., Ltd. is transitioning to the Beijing Stock Exchange after multiple failed IPO attempts on the Shenzhen Stock Exchange, amid significant leadership changes following the death of its chairman, Tong Enwen [1][2] Group 1: Company Leadership and Ownership - Following the death of chairman Tong Enwen, his daughter, Tong Zhu, inherited 73.35% of the company's shares, becoming the actual controller of Jule Co., Ltd. [1] - Gao Zhaohui, Tong Zhu's spouse, is now the chairman and general manager of the company [1] Group 2: Financial Performance and IPO Plans - Jule Co., Ltd. plans to raise 5.52 billion yuan through its IPO, a reduction of 8.11 billion yuan from previous plans [10] - The company has shown revenue growth of 5.1% and net profit growth of 18.4% for 2024, despite a general industry downturn [7][10] Group 3: Related Party Transactions - Concerns have been raised regarding potential irregularities in related party transactions, including higher sales prices to affiliated companies compared to third-party sales [3][4] - The company has been criticized for "going for the inferior" in transactions, acquiring less profitable subsidiaries while paying additional amounts [4][5] Group 4: Market Position and Competition - Jule Co., Ltd. relies heavily on the Sichuan market, with nearly 76% of its revenue coming from the region, which may limit growth potential [11] - The company faces intense competition from both regional and national dairy giants, with a market share of only 0.31% in the dairy industry from 2020 to 2022 [12] Group 5: Production Capacity and Utilization - The company's production capacity utilization has fluctuated, with rates of 85.29%, 78.44%, and 84.49% from 2022 to 2024 [10] - The industry is experiencing overcapacity, with a decline in national milk production expected in 2024, which may impact Jule Co., Ltd.'s growth [11][12]