君乐宝递表港交所：全产业链自控构筑品质护城河，募资扩产领跑低温奶黄金赛道

Core Viewpoint - Junlebao Dairy Group has submitted its main board listing application to the Hong Kong Stock Exchange, aiming to leverage its integrated operations and diversified brand portfolio for high-quality growth in the dairy industry [1] Group 1: Revenue and Profitability - 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 [2] - The company's adjusted net profit is expected to increase from RMB 600 million in 2023 to RMB 1.16 billion in 2024, reaching RMB 940 million in the first nine months of 2025 [2] - The adjusted net profit margin is forecasted to rise from 3.4% in 2023 to 5.9% in 2024, further increasing to 6.2% in the first three quarters of 2025 [2] Group 2: Sales Network and Market Penetration - Junlebao's sales network covers all 31 provincial-level administrative regions in China, penetrating approximately 2,200 districts and counties, which accounts for 77% of the total county-level administrative regions [3] - The company has established long-term partnerships with over 5,500 distributors and its products are available in around 400,000 low-temperature liquid milk retail terminals and 70,000 milk powder retail terminals nationwide [3] Group 3: Product Leadership and Market Trends - The low-temperature liquid milk segment is the fastest-growing area in China's dairy industry, with sales of low-temperature pure milk increasing by 19.68% year-on-year in Q3 2025 [4] - Junlebao's "Yuexianhuo" brand leads the high-end fresh milk market with a 24.0% market share in 2024, while the "Jianchun" brand has become the top brand in the low-temperature yogurt market with a 7.9% market share [4] Group 4: Quality Control and Innovation - Junlebao operates 33 modern self-owned farms and 20 dairy production plants, with a dairy cow population of 192,000, ranking third in the country [5] - The company achieved a self-sufficiency rate of 66% for milk sources in 2024, the highest among large comprehensive dairy enterprises in China [5] - Junlebao emphasizes scientific nutrition and collaborates with top research institutions for product innovation, successfully launching major products like "Jianchun" and "Yuexianhuo" [5] Group 5: Industry Opportunities and Future Plans - The Chinese dairy market is projected to reach RMB 653.5 billion in 2024, with significant room for growth in per capita dairy consumption, currently at 40.5 kg, compared to the recommended 110-183 kg [6] - The penetration rate of low-temperature liquid milk is expected to rise from 25.3% in 2024 to 31.8% by 2029, indicating a structural growth opportunity in the industry [6] - Funds raised from the IPO will be used for factory construction, capacity expansion, brand marketing, channel development, and digital transformation to support long-term sustainable growth [6]