募资合理性遭监管连环问询，菊乐股份上市路前景未明

Core Viewpoint - The IPO journey of Jule Co., a local dairy company, has faced multiple setbacks, with the latest application being suspended due to outdated financial reports, marking the fifth attempt in seven years [1][2]. Group 1: Company Background - Jule Co. has been attempting to go public since 2017, with applications submitted in 2019, 2020, and 2023, all of which were unsuccessful [2]. - The recent passing of the company's founder, Tong Enwen, has led to a change in control to his daughter, Tong Zhu, who holds Canadian nationality and inherited 73.35% of the company [2]. - The new chairman, Gao Chaohui, who is of American nationality, has been with the company since May 2017 and is expected to lead the company in its IPO aspirations [2]. Group 2: Financial Performance - Jule Co.'s main business includes the research, production, and sales of dairy products, with revenues of 1.472 billion, 1.562 billion, and 1.641 billion yuan from 2022 to 2024, respectively [3]. - The company heavily relies on the Sichuan market, with revenue contributions from the province being 76.55%, 77.59%, and 76.03% over the same period [3][4]. - Despite acquiring Huifeng Dairy in Heilongjiang in 2020 to expand into the Northeast market, revenue from this region has decreased from 152 million to 130 million yuan, indicating challenges in national market expansion [3][4]. Group 3: IPO and Fundraising Plans - Jule Co. plans to raise up to 550 million yuan through its IPO, with funds allocated for production capacity expansion, marketing network upgrades, research center enhancements, and information system improvements [5]. - The expansion project aims to increase production capacity to 12 tons annually, but the company's current capacity utilization rates have not justified this expansion, with rates of 85.29%, 78.44%, and 84.49% from 2022 to 2024 [5][6]. - Regulatory scrutiny has intensified regarding the necessity of the large-scale investments, with the North Exchange questioning the alignment of these plans with current market demands and the company's operational capabilities [6].