君乐宝精准布局细分赛道，为上市进程提供助力

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 strength 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 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 long-term stable partnerships with over 5,500 distributors and has successfully penetrated various retail channels, including supermarkets, convenience stores, and e-commerce platforms [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, 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] Integrated Supply Chain and Innovation - Junlebao operates a fully integrated supply chain, with 33 modern owned farms and 20 dairy production facilities, achieving a self-sufficiency rate of 66% for milk sources, ranking first among large comprehensive dairy enterprises in China [7] - The company has established a leading research platform, collaborating with top research institutions and universities to drive product innovation and ensure high-quality standards [7] Industry Opportunities and Future Growth - The Chinese dairy market is projected to reach RMB 653.5 billion by 2024, with significant growth potential as per capita consumption remains below the global average [8] - Junlebao's upcoming listing aims to raise funds for factory upgrades, channel expansion, research innovation, and digital transformation, which will strengthen its competitive advantage in the industry [8]