IPO周报：2025年首家主板撤单！百菲乳业多次转向终“折戟”

Core Viewpoint - The IPO application of Guangxi Baifei Dairy Co., Ltd. has been withdrawn, marking the first main board withdrawal of the year, attributed to a misalignment between the company's business scale and the current A-share market positioning [1][2]. Group 1: Company Overview - Guangxi Baifei Dairy was established in 2017 and focuses on the research, production, and sales of dairy products and milk-containing beverages, including sterilized milk, modified milk, fermented milk, pasteurized milk, and milk-containing drinks [2]. - The company has experienced significant revenue growth, with main business revenues of 776 million yuan, 1.072 billion yuan, and 1.421 billion yuan from 2022 to 2024, reflecting a compound annual growth rate of 35.32% [2]. Group 2: Sales Channels - Baifei Dairy employs a combined online and offline sales model, with offline distribution being the primary channel, accounting for 75.35%, 71.12%, and 68.77% of main business revenue during the reporting period [3]. - Online sales have increased from 24.14% of main business revenue in 2022 to 30.97% in 2024, indicating a growing emphasis on digital sales channels [3]. Group 3: Profitability - The company's gross profit margins have shown a positive trend, with rates of 27.97%, 35.94%, and 40.39% over the reporting period, indicating relatively high profitability [4].