君乐宝逆势扩张：增持茉酸奶，在长三角扩产

Core Viewpoint - In contrast to competitors like Yili and Mengniu, Junlebao is increasing its investments, indicating confidence in the market despite overall industry contraction [1][4]. Group 1: Company Developments - Junlebao has made a strategic investment in the fresh yogurt brand, Mo Suan Nai, acquiring a 30% stake and establishing a partnership for collaboration in various areas including supply chain and product development [1]. - The founder of Mo Suan Nai, Zhao Bohua, has stepped down from all management roles, with Gu Hao taking over as the legal representative and holding 57.14% of the shares, while Junlebao holds 42.86% through its subsidiary [1]. - Mo Suan Nai is recognized as the largest fresh yogurt chain in China, with over 1,600 stores, primarily located in first and second-tier cities [1]. Group 2: Market Context - The dairy market is experiencing a significant downturn, with a 16.8% year-on-year decline in sales across all channels as reported by NielsenIQ, highlighting the challenges faced by dairy companies [2]. - Junlebao's expansion efforts, including a new liquid milk production base in the Yangtze River Delta with an annual capacity of 450,000 tons, reflect its strategy to capitalize on market opportunities despite the overall contraction [3]. Group 3: IPO Progress - Junlebao has initiated its IPO process, as indicated by the filing with the Hebei Securities Regulatory Bureau, suggesting that the company's expansion and investment strategies may be linked to its plans for going public [4][5].