君乐宝上市申请递交，以全产业链与科技创新驱动乳制品行业高质量发展

Core Viewpoint - Junlebao Dairy Group has submitted its main board listing application to the Hong Kong Stock Exchange, showcasing its strong market position and growth potential in the Chinese dairy industry [1][8]. 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 [3]. - 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 improved profitability [3]. - 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, demonstrating enhanced operational quality [3]. Market Presence - 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 [4][5]. - The company has established long-term stable partnerships with over 5,500 distributors, ensuring extensive market reach across various retail channels [5]. Product Focus - The low-temperature liquid milk segment, including fresh milk and low-temperature yogurt, is the fastest-growing area in the Chinese dairy market, with Junlebao leading this growth [6]. - Junlebao's "Yuexianhuo" brand has captured the top market share in China's high-end fresh milk segment at 24.0% as of 2024, while the "Jianchun" brand has become the leading brand in low-temperature yogurt [6]. Operational Strength - 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 [7]. - The company achieved a milk source self-sufficiency rate of 66% in 2024, the highest among large comprehensive dairy enterprises in China [7]. Industry Outlook - The Chinese dairy market is projected to reach RMB 653.5 billion in 2024, with per capita consumption significantly below the global average, indicating substantial growth potential [8]. - 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 for the industry [8].