君乐宝正式启动港股上市进程，全产业链驱动盈利能力全面提升

Core Viewpoint - Junlebao Dairy Group has submitted its listing application to the Hong Kong Stock Exchange, positioning itself as a leading national dairy enterprise with a diversified product range and integrated operations, ranking third among comprehensive dairy companies in China by retail sales in 2024 [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 a sustained growth trend [1] - Adjusted net profit is expected to increase significantly from RMB 600 million in 2023 to RMB 1.16 billion in 2024, with net profit margin rising from 3.4% to 5.9%, further increasing to 6.2% in the first nine months of 2025 [1] Market Position and Product Innovation - The low-temperature liquid milk segment is the fastest-growing area in China's dairy market, with Junlebao achieving a 24.0% market share in the high-end fresh milk market in 2024, leading the sector [3] - The "Jianchun" brand has successfully created and expanded the zero-sugar yogurt category, maintaining its position as the top brand in China's low-temperature yogurt market, contributing significantly to revenue growth and overall profitability [3] Supply Chain and Production Capacity - Junlebao has established a complete industrial chain with 33 modern self-owned farms and 20 dairy production plants, housing 192,000 dairy cows, ranking third in the country [4] - The company achieved a milk source self-sufficiency rate of 66% in 2024, the highest among large comprehensive dairy enterprises in China, ensuring product quality and creating a competitive advantage [4] Research and Development - The establishment of the "Scientific Nutrition Research Institute" allows Junlebao to collaborate with top research institutions, focusing on innovative product development in areas such as breast milk component analysis and probiotic development [4] Market Expansion and Distribution - Junlebao has built a nationwide sales network covering all 31 provincial-level administrative regions and approximately 2,200 districts and counties, reaching about 77% of the total county-level administrative areas in China [4] - The company collaborates with over 5,500 distributors and has established direct supply partnerships with major retail chains, e-commerce platforms, and specialty stores, ensuring its products are available in around 400,000 low-temperature liquid milk retail terminals and 70,000 formula milk powder retail terminals [4][5] Future Outlook - The Chinese dairy market presents significant growth potential, providing ample opportunities for Junlebao [5] - Funds raised from the Hong Kong listing will be used for factory construction, capacity expansion, brand marketing, channel development, research innovation, and digital transformation, aiming to enhance market leadership and core competitiveness [5]