乳业巨头君乐宝冲刺港股IPO，全产业链建设与低温赛道布局构成增长引擎

Core Viewpoint - Junlebao Dairy Group has submitted its main board listing application to the Hong Kong Stock Exchange, marking a significant step in its high-quality development journey and providing insights into the structural changes in China's dairy consumption market [1] Group 1: Financial Performance - Junlebao has demonstrated impressive financial performance, achieving a total revenue of 19.8 billion yuan in 2024 and 15.1 billion yuan in the first nine months of 2025, indicating steady revenue growth [1] - The company's net profit is projected to increase from 600 million yuan in 2023 to 1.16 billion yuan in 2024, and 940 million yuan in the first nine months of 2025, reflecting excellent operational quality and profitability [1] Group 2: Competitive Advantages - The core competitiveness of Junlebao lies in its comprehensive full-industry chain layout, with 33 modern self-owned farms and 20 dairy production plants, ranking third in the country for livestock scale [2] - The company achieved a milk source self-sufficiency rate of 66% in 2024, leading among large comprehensive dairy enterprises in China, ensuring product quality and creating significant industry barriers [2] Group 3: Growth Drivers - Junlebao is strategically focusing on the low-temperature liquid milk segment, with its "Yuexianhuo" fresh milk capturing a 24% market share in 2024, making it the top player in China's high-end fresh milk market [3] - The "Jianchun" brand, known for its "zero sugar" positioning, has become the leading brand in China's low-temperature yogurt segment, contributing to the rapid growth of Junlebao's low-temperature yogurt product line [3] Group 4: Market Penetration - Junlebao has established a sales network covering 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 [4] - The company maintains long-term stable partnerships with over 5,500 distributors, covering around 400,000 low-temperature liquid milk retail terminals and 70,000 formula milk powder retail terminals, showcasing strong channel management capabilities [4] Group 5: Research and Development - R&D innovation is another driving force for Junlebao, which has established an industry-leading "Scientific Nutrition Research Institute" and collaborates with top research institutions and universities [5] - The "Youcuibaoai" infant formula milk powder and Jianchun flavored fermented milk have been recognized as internationally leading products, providing systematic support for the continuous cultivation of star products [5] Group 6: Industry Outlook - The Chinese dairy market has significant potential, with a projected market size of 653.5 billion yuan in 2024, while the per capita annual consumption of dairy products is only 40.5 kg, less than one-third of the global average [6] - 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 avenue for the industry [6] - Junlebao's IPO reflects the capital market's focus on the company's revenue scale, profitability, positioning in core growth segments, and control over the full industry chain, marking a significant event in the high-quality development phase of China's dairy industry [6]