以全产业链为基石，君乐宝蓄力港股IPO开启发展新篇章

Core Viewpoint - Junlebao Dairy Group has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, highlighting its position as a leading integrated dairy enterprise in China with a strong market presence and growth potential [2]. 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 [4]. - The company's 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 5.9% in 2024 and further to 6.2% in 2025 [4]. Market Expansion - Junlebao's sales network covers all 31 provincial-level administrative regions in China, penetrating approximately 2,200 districts and counties, which is about 77% of the total county-level administrative regions [6]. - The company has successfully entered the Hong Kong and Macau markets and plans to expand into Southeast Asia, leveraging its established sales network and partnerships with over 5,500 distributors [6]. 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 trend [8]. - Junlebao's "Yuexianhuo" brand has captured a 24.0% market share in the high-end fresh milk segment, while its "Jianchun" brand has become the leading brand in the low-temperature yogurt category [8]. 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 [11]. - The company has a self-sufficiency rate of 66% for milk sources, ensuring product quality and safety, supported by a robust research and development platform [11]. Industry Outlook - The Chinese dairy market is projected to reach RMB 653.5 billion by 2024, with per capita consumption significantly below the global average, indicating substantial long-term growth potential [13]. - 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 [13].