君乐宝递交港交所上市申请 以全产业链创新驱动高质量发展

Core Viewpoint - Junlebao Dairy Group has submitted its main board listing application to the Hong Kong Stock Exchange, highlighting its position as a leading integrated dairy enterprise in China with a strong brand matrix and a well-established operational model [1] Financial Performance - Junlebao's total revenue is projected to grow from RMB 17.5 billion in 2023 to RMB 19.8 billion in 2024, with RMB 15.1 billion achieved in the first nine months of 2025, indicating steady revenue growth [2] - Adjusted net profit is expected to rise from RMB 600 million in 2023 to RMB 1.16 billion in 2024, reaching RMB 940 million in the first nine months of 2025, with an adjusted net profit margin increasing from 3.4% in 2023 to 6.2% in 2025 [2] Market Presence - Junlebao's sales network covers all 31 provincial-level administrative regions in China, penetrating approximately 2,200 districts and counties, which accounts for about 77% of the total county-level administrative regions [3] - The company has established partnerships with over 5,500 distributors and has successfully entered markets in Hong Kong and Macau, with plans to expand into Southeast Asia [3] Product Focus - The low-temperature liquid milk segment, including fresh milk and low-temperature yogurt, is the fastest-growing area in China's dairy market, with Junlebao leading this growth [4] - Junlebao's "Yuexianhuo" brand has achieved a 24.0% market share in the high-end fresh milk market, while the "Jianchun" brand has become the leading brand in the low-temperature yogurt category [4] Operational Strength - Junlebao operates 33 modern self-owned farms and 20 dairy production facilities, with a dairy cow inventory of 192,000, ranking third in the country [5] - The company achieved a milk source self-sufficiency rate of 66% in 2024, the highest among large integrated dairy enterprises in China [5] Research and Development - Junlebao has established a leading "Scientific Nutrition Research Institute" and collaborates with top research institutions and universities, focusing on product innovation and safety [6] - The company has consistently ranked among the top three domestic infant formula producers from 2020 to 2024, emphasizing high-quality products to meet nutritional needs [6] Industry Outlook - The Chinese dairy market is projected to reach RMB 653.5 billion in 2024, with per capita consumption significantly below the global average, indicating long-term growth potential [7] - The penetration rate of low-temperature liquid milk is expected to increase from 25.3% in 2024 to 31.8% by 2029, representing a key growth avenue [7] - Funds raised from the IPO will be used for factory construction, capacity expansion, brand marketing, and enhancing R&D and digitalization efforts [7]