君乐宝赴港IPO：去年前9个月收入151亿元，悦鲜活在高端鲜奶市场份额达24%

Core Viewpoint - Junlebao has filed for an IPO in Hong Kong, revealing significant growth in revenue and market share across various dairy segments in China, indicating strong competitive positioning and future growth potential in the dairy industry. Group 1: Market Position and Growth - Junlebao ranks third among comprehensive dairy companies in China with a market share of 4.3% based on retail sales in 2024 [1] - The company is projected to achieve a revenue increase of 13.0% from 2023 to 2024, significantly outpacing the industry average growth rate [1] - By 2024, Junlebao is positioned as the second-largest player in the low-temperature liquid milk market with a market share of 14.5%, and the market is expected to grow from RMB 897 billion in 2024 to RMB 1,259 billion by 2029, reflecting a compound annual growth rate (CAGR) of 7.2% [1][10] - The company is also the third-largest in the fresh milk market with a market share of 10.6%, and its brand "Yuexianhuo" has become the leading brand in the high-end fresh milk segment with a market share of 24.0% [1] - In the low-temperature yogurt market, Junlebao holds the second position with a market share of 17.2%, while its brand "Jianchun" is the leading brand with a market share of 7.9% [1] Group 2: Financial Performance - Junlebao's total revenue is expected to grow from RMB 175 billion in 2023 to RMB 198 billion in 2024, with RMB 151 billion recorded in the first nine months of 2025 [3] - Adjusted net profit is projected to increase from RMB 6.0 billion in 2023 to RMB 11.6 billion in 2024, with a net profit margin rising from 3.4% to 5.9% [3] - The company has demonstrated a steady growth trajectory in profitability, with an adjusted net profit margin further increasing to 6.2% in the first nine months of 2025 [3] Group 3: Sales Channels and Network - As of September 30, 2025, Junlebao has established partnerships with over 5,500 distributors, with more than half having collaborated for over three years, contributing approximately 82% of revenue from the distributor model [9] - The company's products are available in around 400,000 low-temperature liquid milk retail terminals and 70,000 milk powder retail terminals across China [9] - The sales network covers all 31 provincial-level administrative regions in mainland China, with significant growth in high-consumption markets in East, Central, and South China, maintaining a growth rate of over 15% in these regions [9] Group 4: Supply Chain and Future Plans - 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 [10] - The company aims to use funds raised from the IPO for factory construction, capacity expansion, brand marketing, and enhancing research and development [10] - The low-temperature liquid milk segment is expected to grow faster due to increasing consumer health awareness and improved cold chain infrastructure, with the market share projected to rise from 25.3% in 2024 to 31.8% by 2029 [11]