君乐宝递交港股上市申请，加速全国渠道拓展与国际化布局

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 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]. - The company has established partnerships with over 5,500 distributors and has successfully entered the Hong Kong and Macau markets, with plans to expand into Southeast Asia [4]. Product Focus - The low-temperature liquid milk segment, including fresh milk and low-temperature yogurt, is the fastest-growing area in China's dairy market, with Junlebao leading this growth [6]. - 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]. 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 has a self-sufficiency rate of 66% for milk sources, the highest among large comprehensive dairy enterprises in China, ensuring product quality and safety [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]. - Junlebao's upcoming IPO aims to raise funds for factory upgrades, channel expansion, R&D innovation, and digital transformation, which will strengthen its competitive advantage in the industry [8].