赴港IPO，君乐宝逆势突围

Core Viewpoint - Junlebao Dairy Group has submitted its application for a mainboard IPO in Hong Kong, marking a strategic move amidst cyclical fluctuations in the dairy industry, positioning itself as the third-largest comprehensive dairy enterprise in China by retail revenue in 2024 [1]. Financial Performance - Junlebao's total revenue for the first three quarters of 2023, 2024, and 2025 is approximately CNY 17.546 billion, CNY 19.833 billion, and CNY 15.134 billion respectively, indicating a steady growth trend [3]. - The adjusted net profit is projected to increase from CNY 600 million in 2023 to CNY 1.16 billion in 2024, and reach CNY 940 million in the first nine months of 2025. The adjusted net profit margin is expected to rise from 3.4% in 2023 to 5.9% in 2024, further increasing to 6.2% in the first nine months of 2025 [3]. Market Position - Junlebao's fresh milk brand "Yuexianhuo" is expected to capture a 24.0% market share in the high-end fresh milk market in China by 2024, while its low-temperature yogurt brand "Jianchun" is recognized as the leading brand in the low-temperature yogurt segment [3]. Operational Strategy - The company has established a comprehensive operational model that integrates dairy farming, research and product innovation, production, and distribution channels. As of September 30, 2025, 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 [5]. - Junlebao's R&D efforts are supported by its "Scientific Nutrition Research Institute," collaborating with top research institutions and universities, focusing on areas such as basic research, product innovation, and clinical validation [5]. Market Expansion - The IPO proceeds will primarily be allocated to factory construction, capacity expansion, brand marketing, channel development, and enhancing R&D innovation and digitalization [6]. - 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 [6]. - The company has successfully entered the Hong Kong and Macau markets, with plans to expand into Southeast Asia and other international markets [6]. Industry Outlook - The Chinese dairy market is projected to reach CNY 653.5 billion in 2024, with per capita dairy consumption at 40.5 kg, significantly below the global average, indicating substantial growth potential. The penetration rate of low-temperature liquid milk is expected to rise from 25.3% in 2024 to 31.8% by 2029, representing a key growth channel [8]. - Junlebao's IPO reflects a shift in the Chinese dairy industry from scale expansion to efficiency-driven and brand premium strategies, which may enhance brand recognition internationally and optimize capital structure [9].