IPO周报：2026年首家主板撤单！百菲乳业多次转向终“折戟”

Core Viewpoint - The core viewpoint of the article is that Guangxi Baifei Dairy Co., Ltd. has withdrawn its IPO application, marking the first mainboard withdrawal of the year, due to a misalignment between its business scale and the current A-share market positioning [3][4]. Company Overview - Guangxi Baifei Dairy was established in 2017 and primarily engages in the research, production, and sales of dairy products and milk-containing beverages, including sterilized milk, modified milk, fermented milk, pasteurized milk, and milk-containing beverages [4]. - The company has experienced significant revenue growth, with main business revenues of 776 million yuan, 1.072 billion yuan, and 1.421 billion yuan from 2022 to 2024, reflecting a compound annual growth rate of 35.32% [4]. Sales Channels - Baifei Dairy employs a combined online and offline sales model, with offline distribution being the primary channel. The revenue from offline distribution accounted for 75.35%, 71.12%, and 68.77% of main business income during the reporting period [5]. - Online sales have increased, with their share of main business income rising from 24.14% in 2022 to 30.97% in 2024 [5]. Profitability - The company's gross profit margins have shown improvement, with margins of 27.97%, 35.94%, and 40.39% over the reporting period, indicating a relatively high profitability [5].