【看新股】君乐宝港股IPO：低温液奶收入占比近半 近三年累计分红超26亿

Core Viewpoint - Junlebao Dairy Group Co., Ltd. is preparing for an IPO in Hong Kong, aiming to raise funds for production facility upgrades, brand marketing, and channel development [2][10]. Group 1: Company Overview - Junlebao is a leading comprehensive dairy company in China, with well-known brands such as "Jianchun" and "Yuexianhuo" [1]. - The company reported a revenue of 15.134 billion RMB for the first three quarters of 2025, with nearly half of this revenue coming from low-temperature liquid milk products [1][5]. - Junlebao has received multiple rounds of financing from investors including Sequoia China, Spring Capital, and Moutai Jinshi [1]. Group 2: Market Position - According to a report by Frost & Sullivan, Junlebao ranks third among comprehensive dairy companies in China with a market share of 4.3% as of 2024 [3]. - In specific segments, Junlebao holds the second position in the low-temperature liquid milk market and the third position in the fresh milk market for 2024 [3]. Group 3: Financial Performance - The company has shown consistent revenue growth, with revenues of 17.546 billion RMB in 2023, 19.832 billion RMB in 2024, and 15.134 billion RMB in the first three quarters of 2025 [5]. - The net profit attributable to the parent company was -0.21 billion RMB in 2023, 1.017 billion RMB in 2024, and 0.837 billion RMB in the first three quarters of 2025 [5]. - The low-temperature liquid milk segment has seen rapid growth, with revenues reaching 6.437 billion RMB in the first three quarters of 2025, accounting for 42.5% of total revenue [6]. Group 4: Product Segmentation - The revenue from the milk powder segment has been declining, with figures of 5.429 billion RMB in 2023, 5.371 billion RMB in 2024, and 3.345 billion RMB in the first three quarters of 2025, leading to a decrease in its revenue share from 30.9% to 22.1% [8]. - The company’s low-temperature liquid milk products include low-temperature yogurt and fresh milk, with the "Jianchun" brand becoming the top low-temperature yogurt brand since 2022 and "Yuexianhuo" becoming the leading premium fresh milk brand since 2024 [6]. Group 5: Dividend and Shareholder Information - Junlebao has consistently increased its dividend payouts, distributing 3.37 billion RMB in 2023, 5.56 billion RMB in 2024, and 7.32 billion RMB in the first nine months of 2025, totaling over 16 billion RMB [10]. - The founder, Wei Lihua, controls 59.26% of the company’s shares, making him the ultimate controlling party [8][10].