中国第三乳制品公司递表港交所！ 1月19日，港交所官网披露了君乐宝乳业集团股份有限公司（以下简称为"君乐宝"）的上市申请文件， 中金公司和摩根士丹利为联席保荐人。 东方财富Choice数据显示，当下A+H股的乳业上市公司已经接近30家，而多数公司早早就登上了资本市 场，其中，伊利股份1996年A股上市，蒙牛乳业2004年登上港交所，另外光明乳业、三元股份、皇氏集 团等公司也早已上市。 事实上，君乐宝也早就有上市的打算。早在2019年，河北省奶业振兴工作领导小组曾发布《2019年河北 省奶业振兴工作方案》。上述方案还明确表示要"支持君乐宝乳业集团主板上市，拓展融资渠道"等内 容。 2023年12月，河北证监局曾披露中金公司关于君乐宝的上市辅导备案报告，不过该公司A股上市进程推 进缓慢。两年多过去了，君乐宝最终还是选择了港股作为公司的上市地。 不过，低温酸奶和鲜奶的营业成本也较高，招股书数据显示，2024年包含低温酸奶和鲜奶在内的低温液 奶产品成本占总营业成本的38.8%，而常温液奶产品的占比为23.4%。 2023年、2024年及2025年前三季度，君乐宝营业成本分别为115.43亿元、129.59亿元及102 ...

Core Viewpoint - The company, Baifei Dairy, is attempting to return to the Shanghai and Shenzhen markets after previously withdrawing from the Beijing Stock Exchange, with a focus on its unique water buffalo milk products and impressive growth in revenue and profit despite industry challenges [1][2][5]. Group 1: Company Performance - Baifei Dairy's revenue grew from 781 million yuan in 2022 to 1.423 billion yuan in 2024, while net profit increased from 115 million yuan to 300 million yuan during the same period [1]. - In contrast, the median revenue and net profit decline for ten listed dairy companies in Shanghai and Shenzhen in 2024 were 8.29% and 34%, respectively [1][14]. - The company's gross profit margin in 2024 was 40.14%, significantly higher than the median gross profit margin of its peers by over 15 percentage points [15]. Group 2: Market Position and Strategy - Baifei Dairy focuses on the niche market of water buffalo milk, which is characterized by lower production but higher nutritional value compared to regular cow's milk [12]. - The company has adopted a strategy of third-party procurement for raw milk, which has helped maintain profit margins during a period of declining raw milk prices [13][15]. - As of 2024, Baifei Dairy ranked ninth in revenue among ten listed dairy companies, with a revenue of 1.423 billion yuan and a net profit of 300 million yuan, placing it fourth in terms of net profit [9]. Group 3: Future Prospects - The company has initiated acquisitions and established its own dairy farming operations to secure upstream milk sources, including a recent acquisition of a controlling stake in Ningxia Pufeng Animal Husbandry Co., Ltd. for 60 million yuan [16]. - As of the end of 2024, Baifei Dairy's biological assets increased to 53 million yuan, reflecting a growth of over 300% [17]. - The sustainability of Baifei Dairy's performance remains to be seen, particularly in light of potential fluctuations in raw milk prices [18].