Core Viewpoint - Junlebao Dairy Group has submitted its main board listing application to the Hong Kong Stock Exchange, marking a significant milestone in its development and aiming to enhance market expansion, R&D, and internationalization efforts [1][3]. 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 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, reflecting a significant improvement in profitability [4]. - The adjusted net profit margin increased from 3.4% in 2023 to 5.9% in 2024, further rising to 6.2% in the first nine months of 2025, showcasing excellent operational quality and profitability [4]. Market Coverage and Channel Penetration - 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 [5][7]. - The company has established long-term stable partnerships with over 5,500 distributors and has successfully penetrated around 400,000 retail terminals for low-temperature liquid milk and 70,000 for formula milk [7]. Product Focus and Growth Drivers - The low-temperature liquid milk segment, including fresh milk and low-temperature yogurt, is the fastest-growing segment in China's dairy market, driven by rising health awareness and improved logistics [7]. - Junlebao's "Yuexianhuo" brand has achieved a market share of 24.0% in the high-end fresh milk market, while the "Jianchun" brand has successfully created and expanded the zero-sugar yogurt category [7]. Industry Position and Innovation - Junlebao operates 33 modern self-owned farms and 20 dairy production plants, with a dairy cow stock of 192,000, ranking third in the country [8]. - The company has a self-sufficiency rate of 66% for milk sources, the highest among large comprehensive dairy enterprises in China, ensuring product quality and safety [8]. - Junlebao has established a leading R&D platform, collaborating with top research institutions and universities, which has enabled the development of high-quality products like "Youcuibaoai" infant formula and "Jianchun" flavored fermented milk [9]. Market Potential and Future Plans - The Chinese dairy market is projected to reach RMB 653.5 billion in 2024, with per capita consumption at only 40.5 kg, indicating significant long-term growth potential [10]. - 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 [10]. - Funds raised from the Hong Kong listing will primarily be used for factory construction, capacity expansion, brand marketing, channel development, and enhancing R&D and digitalization efforts [10].
领军乳企君乐宝拟赴港上市 全产业链布局驱动高增长
Mei Ri Jing Ji Xin Wen·2026-01-20 06:37