Core Viewpoint - Sichuan Jule Food Co., Ltd. has once again suspended its IPO process, raising concerns about its future listing prospects following the death of its original controlling shareholder, Tong Enwen [1][3]. Group 1: IPO Process - Jule Food applied for a suspension of its IPO review due to the need for supplementary audits of its financial reports, as per regulations from the Beijing Stock Exchange [2]. - The company has attempted to go public multiple times since 2017, submitting prospectuses to the Shenzhen Stock Exchange in December 2017, August 2019, June 2020, and March 2023, but ultimately withdrew its application in June 2024 [2]. - After transitioning to the New Third Board, Jule Food successfully listed there in September 2024 and subsequently initiated plans for a listing on the Beijing Stock Exchange [2]. Group 2: Financial Performance - Jule Food aims to raise 552 million yuan through its planned listing on the Beijing Stock Exchange, with funds allocated for the expansion of its dairy production base and marketing network upgrades [2]. - The company reported revenues of 1.471 billion yuan, 1.562 billion yuan, and 1.641 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 172 million yuan, 196 million yuan, and 232 million yuan during the same period [4]. Group 3: Market Position and Challenges - In 2024, Jule Food held a market share of 0.82% in China's dairy beverage market, ranking eighth, and a 0.97% share in the blended yogurt market, ranking fourth [4]. - The company heavily relies on the Sichuan province for revenue, with sales from this region accounting for 76.55%, 77.59%, and 76.03% of total revenue from 2022 to 2024 [5]. - Analysts suggest that the company must focus on refined development and product upgrades to navigate the competitive landscape of the dairy industry, which has become increasingly saturated [6].