【食品饮料】低温液态奶头部企业，大单品放量推进全国化——君乐宝招股说明书解读（叶倩瑜/董博文/李嘉祺）

Core Viewpoint - The company has established a strong presence in the dairy market through diversified product offerings and has become a leading brand in various segments, particularly in low-temperature yogurt and high-end fresh milk [4][6][7]. Product Structure - In Q1-Q3 2025, dairy products accounted for 87% of total revenue, with liquid milk and milk powder contributing 61% and 22% respectively. Low-temperature yogurt and fresh milk made up 27.7% and 14.9% of total revenue [5][6]. Revenue Growth - Low-temperature yogurt and fresh milk showed robust growth, with revenues of 42 billion and 22 billion respectively in Q1-Q3 2025. Low-temperature yogurt experienced a 1% year-on-year increase, while fresh milk revenue grew by 41% [6][7]. Brand Development - The company has successfully developed its core brands, with "Jianchun" becoming the leading brand in low-temperature yogurt, achieving a market share of 7.9% by 2024. "Yuexianhuo" has also emerged as a leader in high-end fresh milk, with a market share of 24% [7]. Sales Channels - The primary sales model is through distribution channels, which accounted for approximately 69% of revenue in Q1-Q3 2025. The company is optimizing its distribution system and has reduced the number of distributors to 5,504 [8][9]. National Expansion - The company is actively expanding its national sales network, with significant growth in core regions such as North China, East China, Central China, and South China. Revenue growth in these regions has been positive, with South China seeing a 57.3% year-on-year increase in Q1-Q3 2025 [10].