恢复审核不等于上岸，菊乐股份外籍掌舵 + 区域依赖下能否圆了上市梦？

Core Viewpoint - Sichuan Jule Food Co., Ltd. has received approval from the Beijing Stock Exchange to resume its listing review after a three-month hiatus due to expired financial reports, but the company's path to IPO remains uncertain amid management turmoil and regional dependency issues [1] Group 1: IPO Journey - The company's IPO attempts began in December 2017, but it has faced multiple setbacks, including a hasty withdrawal of its initial application due to incomplete materials [3] - Subsequent attempts in August 2019 and June 2020 were halted due to serious compliance issues, including fund misappropriation and financial audit errors, leading to regulatory warnings [4] - After four failed attempts at the Shenzhen Stock Exchange, the company shifted to the New Third Board in September 2024 and initiated guidance for listing on the Beijing Stock Exchange, which was accepted on June 30, 2025, only to be paused again due to the expiration of financial reports [5] Group 2: Compliance and Governance Issues - The company has faced deep-rooted compliance and governance issues, highlighted by a significant fund misappropriation case from 2014 to 2019, totaling approximately 95.78 million yuan [5] - The company failed to disclose this major issue in its IPO application in July 2019, along with other significant financial discrepancies, leading to a regulatory warning from the China Securities Regulatory Commission [5] - The latest review announcement indicates ongoing risks regarding the company's ability to pass the Beijing Stock Exchange's review, reflecting lingering concerns from regulators about its historical compliance issues [6] Group 3: Management Changes - The company experienced a significant management change with the death of its founder and actual controller, Tong Enwen, in September 2025, creating uncertainty for the company's future [6] - Gao Zhaohui, the founder's son-in-law and a U.S. national, was appointed as the new chairman, raising concerns about the ability to navigate local market demands and maintain strategic focus [7] - Market analysts suggest that the new management's foreign background may complicate future capital transactions and governance, especially in light of the company's regional market dependency [9] Group 4: Financial Performance and Market Dependency - Despite revenue growth from approximately 1.472 billion yuan in 2022 to about 1.641 billion yuan in 2024, the company remains heavily reliant on the Sichuan market, with over 76% of its revenue coming from the region [10] - The company's attempt to expand into the Northeast market through the acquisition of Heilongjiang Huifeng Dairy has not yielded expected results, with revenue from this region declining from approximately 152 million yuan in 2022 to about 130 million yuan in 2024 [10] - Analysts emphasize that the company's heavy regional dependency could hinder its valuation in the capital market, as a significant portion of its revenue is not replicable outside its home market [10]