君乐宝深耕乳制品行业跻身领先地位，现已正式递交上市申请

Core Viewpoint - Junlebao Dairy Group has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, highlighting its strong market position and comprehensive competitive edge in the dairy industry after 30 years of operation [1] 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, with adjusted net profit margin increasing from 3.4% in 2023 to 5.9% in 2024 and further to 6.2% in 2025 [3] Market Coverage and Distribution - Junlebao's sales network spans all 31 provincial-level administrative regions in China, penetrating approximately 2,200 districts and counties, covering about 77% of the total county-level administrative regions [4] - The company has established partnerships with over 5,500 distributors and has products available at around 400,000 retail endpoints for low-temperature liquid milk and 70,000 for formula milk [4] Focus on Low-Temperature Liquid Milk - The low-temperature liquid milk segment, including fresh milk and low-temperature yogurt, is the fastest-growing area in China's dairy market, driven by rising health awareness and improved logistics [5] - Junlebao's "Yuexianhuo" brand has achieved a 24.0% market share in the high-end fresh milk market, while the "Jianchun" brand has become the leading brand in the low-temperature yogurt category [6] Integrated Operations and Innovation - Junlebao operates 33 modern owned farms and 20 dairy production facilities, with a dairy cow inventory of 192,000, leading to a self-sufficiency rate of 66% for milk sources [7] - The company has established a leading "Scientific Nutrition Research Institute" for R&D, collaborating with top research institutions and universities to innovate in product development and safety [7] Industry Opportunities and Future Plans - The Chinese dairy market is projected to reach RMB 653.5 billion in 2024, with significant growth potential as per capita consumption remains below the global average [8] - Junlebao plans to use funds from its Hong Kong listing to enhance factory upgrades, channel expansion, R&D innovation, and digital transformation, solidifying its competitive advantage in the industry [8]