关联交易“去优留劣”？多家“空壳”经销商存疑，菊乐股份8年上市路终落定？

Core Viewpoint - The article discusses the challenges faced by Jule Co., Ltd. in its IPO journey, highlighting concerns over related party transactions and the company's financial health amidst industry competition and potential overcapacity [2][7]. Group 1: Company Overview - Jule Co., Ltd. has transitioned to the Beijing Stock Exchange after multiple failed attempts to list on the Shenzhen Stock Exchange over seven years [2]. - The company is known for its popular products "Suanle Milk" and "Chewable Yogurt," which have a strong market presence in Sichuan [2]. Group 2: Leadership Changes - The company's actual controller and chairman, Tong Enwen, passed away on September 6, 2025, leading to his daughter, Tong Zhu, inheriting 73.35% of the shares and becoming the new actual controller [2][3]. - Tong Zhu's spouse, Gao Zhaohui, is now the chairman and general manager of Jule Co., Ltd. [3]. Group 3: Related Party Transactions - Concerns have been raised regarding potential irregularities in related party transactions, particularly the "go for the inferior, leave the superior" practice, where the company may be favoring less profitable subsidiaries [5][6]. - Jule Co., Ltd. has been involved in transactions with its major supplier, Gansu Qianjin Modern Agriculture Development Group, which is also a related party, raising questions about the legitimacy of these dealings [5][6]. Group 4: Financial Performance - Despite a general downturn in the industry, Jule Co., Ltd. reported a revenue growth of 5.1% and a net profit increase of 18.4% for 2024, contrasting with the declining performance of its peers [10]. - The company’s revenue from related parties has been significant, with procurement from related parties accounting for 10% to 16% of total purchases from 2019 to 2021 [6][10]. Group 5: Distribution Channels - Jule Co., Ltd. relies heavily on distributors, with distributor revenue accounting for 75.7% to 70% of total revenue from 2022 to 2024, and distributor gross margins exceeding direct sales [9][10]. - The company has faced scrutiny over the sustainability of its revenue growth, particularly given the unusual performance of certain small distributors that contributed significantly to revenue but had limited operational history [10][11]. Group 6: Capacity Utilization and Market Challenges - The company has experienced fluctuating capacity utilization rates, with figures of 85.29%, 78.44%, and 84.49% from 2022 to 2024, indicating potential inefficiencies [13]. - Jule Co., Ltd. faces significant competition from both regional and national dairy giants, with a heavy reliance on its flagship product "Suanle Milk," which may limit growth prospects [14][15].