郭晶晶代言的奶品巨头，要去港交所IPO了

Core Viewpoint - Junlebao Dairy Group has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, aiming to establish itself as the "third pole" in the competitive dairy market dominated by giants Yili and Mengniu [2][3]. Financial Performance - Junlebao's total revenue is projected to grow from RMB 175 billion in 2023 to RMB 198 billion in 2024, with RMB 151 billion achieved in the first nine months of 2025, indicating steady revenue growth [4]. - In comparison, Mengniu's revenue for 2024 is RMB 886.75 billion, while Yili's is RMB 1,153.93 billion, highlighting a significant gap in revenue between Junlebao and these industry leaders [5]. Market Position and Brand Recognition - Junlebao ranks as the third most recognized dairy brand in China, with a market share of only 4.3%, significantly trailing behind Yili and Mengniu [6][8]. - Despite being labeled as part of a "three-legged" competition, the financial scale and market share of Junlebao are not on par with the two giants, indicating a challenging path ahead [8]. Strategic Focus and Product Innovation - Junlebao has strategically avoided direct competition in the saturated milk market, focusing instead on low-temperature yogurt and infant formula, which has allowed it to carve out a niche [9]. - The "Jianchun" brand of low-temperature yogurt has gained traction due to its "zero sugar" positioning, aligning with consumer trends towards healthier options [10]. - In the fresh milk segment, Junlebao's "Yuexianhuo" product has achieved a market share of 24.0%, making it the leader in the high-end fresh milk market [10]. Supply Chain Management - Junlebao boasts a milk source self-sufficiency rate of 66%, the highest among major dairy companies in China, which mitigates the impact of external milk price fluctuations [13]. - The company has invested in breeding technology and has established a breeding company, ensuring lower costs and higher quality for its dairy products [16]. Industry Context and Future Outlook - The challenges faced by Junlebao reflect the broader transition of the Chinese dairy industry from scale expansion to high-quality development [16]. - The success of Junlebao's IPO could validate its differentiated competitive strategy and provide a new model for the industry [17].