中国第三大综合性乳企君乐宝港股冲刺IPO，低温液奶增长强劲

Core Viewpoint - Junlebao Dairy, known as the "explosive product harvester" in the dairy industry, has made progress in its IPO plans, submitting an application to the Hong Kong Stock Exchange, aiming to strengthen its competitive edge in a challenging market environment [1] Group 1: Financial Performance - Junlebao's revenue reached RMB 175 billion in 2023, projected to grow to RMB 198 billion in 2024, with a steady growth trend observed [3] - The adjusted net profit is expected to rise from RMB 6 billion in 2023 to RMB 11.6 billion in 2024, reflecting an increase in net profit margin from 3.4% to 5.9% [3] - The company has maintained a robust growth trajectory, with revenue for the first nine months of 2025 reaching RMB 151 billion [3] Group 2: Business Structure - Junlebao's dairy product revenue accounts for nearly 90% of its total income, with low-temperature liquid milk, ambient liquid milk, and milk powder contributing RMB 64.4 billion, RMB 28.1 billion, and RMB 33.5 billion respectively in the first nine months of 2025 [4] - The company holds a 4.3% market share among comprehensive dairy enterprises, ranking third, while its low-temperature liquid milk business has a 14.5% market share, placing it second in the market [4] - Junlebao has established a nationwide sales network covering approximately 77% of China's county-level administrative regions, with over 5,500 distributors [5][6] Group 3: Innovation and R&D - Junlebao has created an integrated operation model covering breeding, research, production, and processing, with 33 modern owned farms and 20 dairy production plants [8] - The company has established a leading R&D platform, collaborating with top research institutions to innovate in various fields, including product formulation and clinical validation [9] - The "Yuexianhuo" series of products has become a market hit, generating revenues of RMB 13.6 billion and RMB 18.8 billion in 2023 and 2024 respectively, with a 38% year-on-year growth [9] Group 4: Market Strategy and Future Plans - Junlebao plans to use IPO proceeds for factory construction, capacity expansion, brand marketing, and R&D, focusing on enhancing local supply capabilities in key markets [13] - The company aims to expand into the B-end market for dairy raw materials, targeting sectors like catering and baking [13] - The Chinese dairy market is projected to grow significantly, with low-temperature liquid milk expected to see a penetration rate increase from 25.3% in 2024 to 31.8% by 2029, indicating structural growth opportunities [14] Group 5: Competitive Landscape - The dairy industry is witnessing a trend of consolidation, providing Junlebao with opportunities for acquisitions to enhance its market position [15] - The company is strategically positioned to leverage its advantages in low-temperature liquid milk and product innovation to respond to the industry's shift towards efficiency, quality, and technology [15]