新股消息 | 君乐宝递表港交所 位列中国综合性乳制品公司第三

Company Overview - Junlebao Dairy Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CICC and Morgan Stanley as joint sponsors [1] - The company is recognized as one of the leading comprehensive dairy product companies in China, with a diversified product range and integrated operations [4] - Junlebao has successfully captured growth opportunities in the low-temperature liquid milk sector, launching innovative products that align with consumer preferences [4][5] Market Position - By 2024, Junlebao ranks third among comprehensive dairy companies in China, holding a market share of 4.3% [1] - The company is positioned second in the low-temperature liquid milk market with a market share of 14.5% and is expected to grow significantly as this segment is the fastest-growing in the liquid milk market [4][21] - Junlebao's "Yuexianhuo" brand has become the leading brand in the high-end fresh milk market, capturing 24.0% of the market share [5] Product Performance - The "Jianchun" brand has emerged as the top brand in low-temperature yogurt, achieving a market share of 7.9% [5] - The company has maintained a strong presence in the infant formula market, ranking among the top three local brands for five consecutive years, with a market share of 5.0% in 2024 [5] Financial Performance - Junlebao's revenue for the fiscal year 2023 was approximately RMB 17.55 billion, projected to increase to RMB 19.83 billion in 2024 [9] - The gross profit for 2023 was around RMB 6.00 billion, with a gross margin of 34.2%, expected to slightly improve to 34.7% in 2024 [10][12] - The company has reported a net profit of RMB 5.58 million for 2023, with a significant increase anticipated in subsequent years [12] Industry Overview - The Chinese dairy industry is experiencing rapid modernization and growth, driven by urbanization, increased health awareness, and continuous product innovation [13] - Liquid dairy products represent the largest segment of the dairy market, accounting for 54.3% of the total market share in 2024, with a projected market size of RMB 3,550 billion [13][18] - The low-temperature liquid dairy segment is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2025 to 2029, indicating strong market potential [21]