君乐宝递交港交所上市申请，以全产业链创新驱动高质量发展

Core Viewpoint - Junlebao Dairy Group has submitted its main board listing application to the Hong Kong Stock Exchange, highlighting its position as a leading comprehensive dairy enterprise in China with a strong brand matrix and integrated operation model [1] Financial Performance - Junlebao achieved a total revenue growth from RMB 17.5 billion in 2023 to RMB 19.8 billion in 2024, with RMB 15.1 billion recorded in the first nine months of 2025, indicating steady revenue growth [3] - The adjusted net profit increased 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 the adjusted net profit margin rising from 3.4% in 2023 to 5.9% in 2024 and further to 6.2% in 2025 [4] Market Coverage and Channel Penetration - 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 [5] - 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 [5] 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 the Chinese 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 market [6] Integrated Operation Model - Junlebao's core competitiveness lies in its integrated operation model covering dairy farming, R&D, production, and distribution, with a self-sufficiency rate of 66% in milk sources by 2024, ranking first among large comprehensive dairy enterprises in China [7] - The company has established a leading R&D platform, collaborating with top research institutions and universities to drive innovation in product development and safety [8] Industry Opportunities - The Chinese dairy market is projected to reach RMB 653.5 billion in 2024, with per capita consumption significantly below the global average, indicating substantial growth potential [9] - The penetration rate of low-temperature liquid milk is expected to increase from 25.3% in 2024 to 31.8% by 2029, representing a key growth avenue [9] - Funds raised from the Hong Kong listing will be used for factory construction, capacity expansion, brand marketing, and further R&D innovation [9]