“乳业第三”君乐宝IPO：低温业务保持强劲增长 “简醇”、“悦鲜活”成重要增长引擎

Core Viewpoint - Junlebao Dairy Group has officially submitted its main board listing application to the Hong Kong Stock Exchange, marking a significant step towards its public offering and enhancing its market presence and brand image [1][8]. Company Overview - Junlebao ranks third among comprehensive dairy product companies in China, with a market share of 4.3% based on the 2024 retail market data [2][9]. - The company has achieved a revenue scale of 19.832 billion yuan by 2024 [2][9]. - In the low-temperature liquid milk market, Junlebao holds the second position with a market share of 14.5%, and in the low-temperature yogurt market, it also ranks second with a market share of 17.2% [2][9]. Growth Performance - Junlebao has maintained growth despite industry challenges, achieving a revenue growth rate of 13% in 2024, while the median revenue growth rate for listed dairy companies was -8.86% [10]. - The company’s low-temperature yogurt revenue grew by 12.57%, and fresh milk revenue increased by 44.54% in 2024, indicating strong competitive performance [10][3]. Product Innovation - Junlebao has introduced several successful products, including "Jianchun" in 2017 and "Yuexianhuo" in 2019, which have become leading brands in their respective categories [3][10]. - The company has also upgraded its infant formula with the launch of "Youcuibaoai" [3][10]. Market Position and Strategy - The low-temperature fresh milk sector is a key growth area, with Junlebao benefiting from its self-owned farms, achieving a milk source self-sufficiency rate of 66% [11]. - Junlebao's "Yuexianhuo" utilizes advanced sterilization technology to extend shelf life while maintaining nutritional quality, enhancing its distribution capabilities [11]. Distribution and Expansion - Junlebao has established a nationwide sales network covering approximately 2,200 districts, accounting for 77% of China's county-level administrative regions [11]. - The company plans to use funds from its IPO to expand production facilities and enhance supply capabilities in key regions, including new factories in Anhui and Guangdong [12][6]. Revenue Structure - The largest revenue sources for Junlebao are low-temperature yogurt and infant formula, accounting for 27.6% and 22.1% of total revenue, respectively [13]. - The company is also exploring new retail channels, including coffee and tea chains, to reach a broader consumer base [12][13]. Industry Potential - The Chinese dairy market is projected to reach 653.5 billion yuan in 2024, with per capita consumption significantly below the global average, indicating substantial growth potential for the industry [14].