截至2025 年9 月30 日，君乐宝在中国运营了20 座乳制品生产工厂，并辅以精选的第三方生产合作伙伴 网络。君乐宝的乳制品生产工厂配备先进的生产设备和现代化加工技术，实现高度自动化与数字化的生 产运营，确保稳定的生产效率与一贯的高质量标准。通过广泛且高效配置的生产网络，君乐宝有效覆盖 全国核心市场，并依托全国销售渠道保障及时交付与高效分销，为持续增长与市场竞争力奠定坚实基 础。 全产业链一体化运营模式，为产品品质奠定了坚实的基础，也是君乐宝长远发展的生命线。根据弗若斯 特沙利文报告，我们是全球首家通过A+认证的婴幼儿配方奶粉生产企业，此后又通过BRCGS AA+与 IFS认证；2018年我们荣获国家市场监管总局颁发的「中国质量奖提名奖」，成为首批获此殊荣的乳企 之一 。根据弗若斯特沙利文报告，君乐宝亦是首个进入港澳市场的国产婴幼儿配方奶粉品牌。在鲜奶 市场，君乐宝"悦鲜活"2024年强势登顶中国高端鲜奶市场份额第一，市占率高达24.0%。在低温酸奶市 场，君乐宝"简醇"品牌凭借"零蔗糖"的精准定位，成功开创并做大零蔗糖酸奶品类，不仅成为中国低温 酸奶第一品牌，更助力君乐宝低温酸奶全品类快速增长。 近年来， ...

在中国乳制品行业竞争日益激烈的背景下，此次君乐宝乳业集团向港交所递交上市申请，不仅是一次对 资本市场的冲击，更是对其"科学营养"创新理念与全产业链模式的一次系统性成果展示。作为行业前三 的综合性乳企，君乐宝凭借对低温细分赛道的精准布局和强大的产品创新力，走出了独具特色的发展道 路，此次冲刺上市让其成长路程再受关注。 君乐宝的业绩增长在于成功把握了消费升级趋势，尤其在低温液奶领域建立了显著优势，已成为中国乳 制品市场增长较快的细分领域。在此赛道，君乐宝凭借"悦鲜活"和"简醇"两大明星品牌实现了领跑。 2024年，君乐宝位列中国鲜奶市场前三位，市场份额达10.6% 。2024年，「悦鲜活」已成为高端鲜奶品 牌，在高端鲜奶市场份额达24.0% 。"简醇"零蔗糖酸奶则成功开创并做大了零蔗糖酸奶品类，成为中国 低温酸奶品牌。两大销量核心引擎不仅驱动了公司收入增长，其更高的产品溢价也直接带动了整体盈利 能力的显著提升，成为公司财务表现亮眼的关键。 强大的核心竞争力根植于其"从牧草到餐桌"的全产业链一体化运营。截至2025年9月底，君乐宝拥有33 座自有牧场和20个生产工厂，奶牛存栏量全国前三，2024年奶源自给率高达66 ...

2026年1月19日，中国领先的综合性乳制品企业君乐宝乳业集团正式向香港联交所递交主板上市申请， 标志着这家深耕行业三十年的乳业巨头迈入资本化发展的新阶段。根据全球知名咨询机构弗若斯特沙利 文的报告，按2024年中国市场零售额计，君乐宝已稳居中国综合性乳制品企业第三位，展现了其在行业 中的坚实地位和强劲竞争力。 从招股书披露的财务数据来看，君乐宝实现了规模与效益的双重提升。集团总收入从2023年的175亿元 稳健增长至2024年的198亿元，2025年前三季度已达151亿元，呈现出良好的增长态势。更引人注目的是 其盈利能力的飞跃，经调整净利润从2023年的6.0亿元大幅提升至2024年的11.6亿元，净利润率也从 3.4%优化至5.9%，并在2025年前九个月进一步增至6.2%。不难看出，君乐宝通过全产业链一体化运 营、产品结构优化和数字化改造所带来的经营质量实质性改善。 君乐宝的增长与其在低温液奶赛道的精准布局密不可分。作为中国乳制品市场增长最快的细分领域，低 温液奶已成为君乐宝业绩增长的核心引擎。旗下"悦鲜活"品牌在2024年以24.0%的市场份额登顶中国高 端鲜奶市场第一。"简醇"品牌则凭借"零蔗糖"定 ...

Core Viewpoint - Junlebao Dairy Group has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, highlighting its strong market position and comprehensive competitiveness in the dairy industry after 30 years of operation [1] Financial Performance - Junlebao's total revenue is projected to grow from RMB 17.5 billion in 2023 to RMB 19.8 billion in 2024, with RMB 15.1 billion achieved in the first nine months of 2025, indicating steady revenue growth [3] - Adjusted net profit is expected to rise 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 adjusted net profit margin increasing from 3.4% in 2023 to 5.9% in 2024 and further to 6.2% in 2025 [3] Market Coverage and Distribution - Junlebao's sales network covers all 31 provincial-level administrative regions in China, penetrating approximately 2,200 districts and counties, which is about 77% of the total county-level administrative regions [4] - 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 [4] 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 China's 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 Operations and Innovation - Junlebao operates 33 modern self-owned farms and 20 dairy production plants, with a dairy cow inventory of 192,000, ranking third in the country [7] - The company has established a leading "Scientific Nutrition Research Institute" for R&D, collaborating with top research institutions and universities to drive product innovation and quality assurance [7] Industry Opportunities and Future Development - The Chinese dairy market is projected to reach RMB 653.5 billion in 2024, with significant growth potential as per capita consumption remains below the global average [8] - Funds raised from the Hong Kong listing will be invested in factory upgrades, channel expansion, R&D innovation, and digital transformation to strengthen Junlebao's competitive advantage in the industry [8]

市场空间广阔，国际化视野开启未来篇章 全国纵深布局，渠道渗透力奠定增长基础 广泛的覆盖并未耗尽君乐宝的增长潜力。从县级行政区渗透率看，依然存在可观的空白市场待开拓。在 国内市场纵深发展的同时，君乐宝已迈出国际化探索的步伐。悦鲜活等产品成功进入中国香港、中国澳 门市场，并以港澳地区作为桥头堡，为未来辐射东南亚乃至更广阔的海外市场积累了宝贵经验，奠定了 长远基础。 君乐宝的销售网络展现出出众的广度与深度。截至2025年9月30日，公司业务已覆盖中国内地全部31个 省级行政区，产品触达约2200个区县，实现对全国县级行政区约77%的覆盖。在高消费力的华东、华中 及华南市场，君乐宝液奶产品展现出强劲的增长动能，相关区域在2024年及2025年前九个月的收入增速 均保持在15%以上。为强化区域市场地位并挖掘增长潜力，君乐宝通过战略性收购持续完善版图。 对"银桥"与"来思尔"等区域知名品牌的整合，显著巩固了其在西北与西南市场的根基，体现了公司以全 国性品牌引领与区域性品牌深耕相结合的战略智慧。 此次赴港申请上市，无疑将为君乐宝注入新的发展动能。凭借已经构筑的全国性深度分销网络、稳固的 渠道伙伴关系以及清晰的区域与国际化拓 ...

公司主营业务为以多品牌全产业链一体化运营的时尚鞋履服饰业务。报告期内，面对国内时尚女鞋消费 市场存量竞争加剧、消费需求与消费渠道持续分化等行业态势，公司主要通过（1）聚焦爆品与趋势品 类，积极提升品效；（2）研产销体系高效协同，持续降本增效；（3）加速全渠道转型升级，提升用户 消费体验等重要举措，最终实现提质增效、扭亏为盈。 格隆汇1月28日丨天创时尚(603608.SH)公布，经财务部门初步测算，预计公司2025年度实现归属于母公 司所有者的净利润为1,200万元到1,600万元，与上年同期相比，将实现扭亏为盈。预计公司2025年度实 现归属于母公司所有者的扣除非经常性损益后的净利润为1,000万元到1,400万元。 ...

Core Viewpoint - Junlebao Dairy Group has submitted its main board listing application to the Hong Kong Stock Exchange, marking a significant milestone in its development as a leading comprehensive dairy enterprise in China [1] Financial Performance - Junlebao's total revenue is projected to grow from RMB 17.5 billion in 2023 to RMB 19.8 billion in 2024, with RMB 15.1 billion achieved in the first nine months of 2025, indicating steady revenue growth [3] - Adjusted net profit is expected to rise from RMB 600 million in 2023 to RMB 1.16 billion in 2024, reaching RMB 940 million in the first nine months of 2025, reflecting a significant improvement in profitability [3] - Adjusted net profit margin increased from 3.4% in 2023 to 5.9% in 2024, further rising to 6.2% in the first nine months of 2025, showcasing excellent operational quality and profitability [3] Market Presence and Distribution - 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 [4] - The company has established partnerships with over 5,500 distributors and has direct supply collaborations with national and regional chain supermarkets, convenience stores, and major e-commerce platforms [4] - Junlebao's products are available at around 400,000 retail endpoints for low-temperature liquid milk and 70,000 retail endpoints for formula milk powder [4] Focus on Low-Temperature Liquid Milk - The low-temperature liquid milk segment, including fresh milk and low-temperature yogurt, is the fastest-growing sub-sector in China's dairy market, driven by rising health awareness and improved logistics [5] - Junlebao's "Yuexianhuo" brand has achieved a 24.0% market share in the high-end fresh milk market, ranking first in China [5] - The "Jianchun" brand of low-temperature yogurt has successfully created and expanded the zero-sugar yogurt category, becoming the leading brand in this segment [6] Integrated Operations and Innovation - Junlebao's core competitiveness lies in its integrated operation model covering dairy farming, R&D, production, and distribution [7] - The company operates 33 modern owned farms and 20 dairy production facilities, with a dairy cow inventory of 192,000, ranking third in the country [7] - Junlebao's self-sufficiency rate for milk sources reached 66% in 2024, the highest among large comprehensive dairy enterprises in China [7] Industry Opportunities and Future Plans - The Chinese dairy market is projected to reach RMB 653.5 billion in 2024, with per capita consumption significantly below the global average, indicating long-term growth potential [8] - 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 [8] - Funds raised from the Hong Kong listing will be used for factory upgrades, capacity expansion, brand marketing, and R&D innovation, supporting Junlebao's long-term strategy [8]

Core Viewpoint - Junlebao Dairy Group has submitted its listing application to the Hong Kong Stock Exchange, aiming to further its strategic expansion as a leading comprehensive dairy enterprise in China, ranked third among its peers by retail sales in 2024 [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 an adjusted net profit margin rising from 3.4% in 2023 to 5.9% in 2024 and further to 6.2% in 2025 [3] 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 [4] - The company has established long-term stable partnerships with over 5,500 distributors, enabling its products to reach around 400,000 retail endpoints for low-temperature liquid milk and 70,000 for formula milk [4] 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 China's dairy market, with Junlebao leading this trend [5] - Junlebao's "Yuexianhuo" brand has become the top player in the high-end fresh milk market with a market share of 24.0% in 2024 [5] Innovation and Supply Chain - Junlebao operates 33 modern self-owned farms and 20 dairy production plants, with a dairy cow inventory of 192,000, achieving a self-sufficiency rate of 66% in 2024, the highest among large comprehensive dairy enterprises in China [7] - The company has established a leading "Scientific Nutrition Research Institute" for R&D, collaborating with top research institutions and universities, which supports the development of high-quality products [7] Industry Growth Potential - The overall scale of China's dairy market reached RMB 653.5 billion in 2024, with per capita consumption at 40.5 kg, significantly below the global average, indicating substantial long-term growth potential [8] - The penetration rate of low-temperature liquid milk is expected to rise from 25.3% in 2024 to 31.8% by 2029, serving as a key growth driver for the industry [8] Strategic Investment Plans - The funds raised from the IPO will primarily be allocated to factory construction and capacity expansion, brand marketing and channel network development, as well as R&D innovation and digital capabilities [8]

Core Viewpoint - Junlebao Dairy Group has submitted its main board listing application to the Hong Kong Stock Exchange, marking a new phase in its development as a leading comprehensive dairy enterprise in China [1] Financial Performance - Junlebao's total revenue is projected to grow from RMB 17.5 billion in 2023 to RMB 19.8 billion in 2024, with RMB 15.1 billion achieved in the first nine months of 2025, indicating steady revenue growth [3] - Adjusted net profit is expected to rise 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 adjusted net profit margin increasing from 3.4% in 2023 to 5.9% in 2024 and further to 6.2% in 2025 [3] Market Presence - Junlebao's sales network covers all 31 provincial-level administrative regions in China, penetrating approximately 2,200 districts and counties, which is about 77% of the total county-level administrative regions [4] - The company has established partnerships with over 5,500 distributors and has products available at around 400,000 retail terminals for low-temperature liquid milk and 70,000 for formula milk [4] Product Focus - The low-temperature liquid milk segment, including fresh milk and low-temperature yogurt, is the fastest-growing area in China's dairy market, with Junlebao leading this growth [5] - 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 low-temperature yogurt brand in China [5][6] Competitive Advantage - 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% for milk sources as of 2024 [7] - The company has established a leading R&D platform, collaborating with top research institutions and universities, which supports product innovation and quality assurance [7] Industry Outlook - 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 [8] - Junlebao's upcoming listing aims to raise funds for factory construction, capacity upgrades, brand promotion, and enhancing R&D capabilities, which will support sustainable growth [8]

Core Viewpoint - Junlebao Dairy Group has submitted its main board listing application to the Hong Kong Stock Exchange, marking a significant milestone in its development as a leading comprehensive dairy enterprise in China [1] Financial Performance - Junlebao's total revenue is projected to grow from RMB 17.5 billion in 2023 to RMB 19.8 billion in 2024, with RMB 15.1 billion achieved in the first nine months of 2025, indicating steady revenue growth [3] - Adjusted net profit is expected to rise 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 adjusted net profit margin increasing from 3.4% in 2023 to 5.9% in 2024 and further to 6.2% in 2025 [3] Market Presence - 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 [4] - The company has established partnerships with over 5,500 distributors and has successfully entered the Hong Kong and Macau markets, with plans to expand into Southeast Asia [4] Product Focus - The low-temperature liquid milk segment, including fresh milk and low-temperature yogurt, is the fastest-growing area in China's dairy market, with Junlebao leading this growth [5][6] - Junlebao's "Yuexianhuo" brand has captured 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 category [5][6] Operational Strength - Junlebao operates 33 modern self-owned farms and 20 dairy production facilities, with a dairy cow inventory of 192,000, ranking third in the country [7] - The company has a self-sufficiency rate of 66% for milk sources, the highest among large comprehensive dairy enterprises in China [7] 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 [8] - 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 [8] - Funds raised from the listing will be used for factory upgrades, capacity expansion, brand marketing, and research innovation, supporting Junlebao's long-term strategy [8]