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。 ...

君乐宝乳业集团股份有限公司（以下简称"君乐宝"）作为中国领先的综合乳制品企业，已于2026年1月 19日正式向香港联交所递交主板上市申请。君乐宝拥有三十年的行业积累，其高质量发展得益于独特的 全产业链一体化运营模式以及丰富的品牌矩阵，通过在快速增长赛道中的前瞻布局，成功跻身行业头部 阵营。依据全球著名行业咨询机构弗若斯特沙利文（Frost & Sullivan）发布的报告显示，按2024年中国 市场零售额计算，君乐宝在中国综合性乳制品企业中排名第三。此次递交上市申请是其发展历程中的重 要里程碑。 更值得关注的是其盈利能力的显著提升。通过全产业链一体化运营、低温液奶产品占比的提升和数字化 驱动运营效率的改善，使公司的盈利能力持续提升。经调整净利润从2023年的人民币6.0亿元增长至 2024年的人民币11.6亿元，至2025年1-9月的人民币9.4亿元。经调整净利润率从2023年的3.4%提升至 2024年的5.9%，并进一步增至2025年前九个月的6.2%，反映出卓越的经营质量和盈利能力。 全国市场全面布局，渠道渗透潜力巨大 目前，君乐宝的销售网络已覆盖全国31个省级行政区，渗透至约2200个区县，覆盖全国县 ...

2026年1月19日，君乐宝乳业集团股份有限公司（以下简称"君乐宝"）正式向香港联交所主板递交上市 申请。如今，君乐宝已是中国领先的综合乳制品企业，历经三十年发展，依托其卓越的全产业链一体化 运营模式与强大的品牌布局，在高速增长的乳制品市场中精准把握机遇，成长为中国乳制品行业头部企 业之一。根据弗若斯特沙利文（Frost & Sullivan）的报告显示，以2024年中国市场零售额计，君乐宝在 中国综合性乳制品企业内排名第三。此次申请上市，将进一步推动君乐宝的战略拓展。 财报体现：收入稳健增长，盈利能力持续提升 从招股书披露的财报来看，君乐宝实现了规模与速度并重的高质量发展。集团总收入从2023年的人民币 175亿元增长至2024年的人民币198亿元，2025年1-9月达人民币151亿元，保持收入稳健增长态势。 更值得关注的是其盈利能力的显著提升。通过全产业链一体化运营、低温液奶产品占比的提升和数字化 驱动运营效率的改善，使公司的盈利能力持续提升。经调整净利润从2023年的人民币6.0亿元增长至 2024年的人民币11.6亿元，至2025年1-9月的人民币9.4亿元。经调整净利润率从2023年的3.4%提升至 ...

财报体现：收入稳健增长，盈利能力持续提升 从招股书披露的财报来看，君乐宝实现了规模与速度并重的高质量发展。集团总收入从2023年的人民币 175亿元增长至2024年的人民币198亿元，2025年1-9月达人民币151亿元，保持收入稳健增长态势。 更值得关注的是其盈利能力的显著提升。通过全产业链一体化运营、低温液奶产品占比的提升和数字化 驱动运营效率的改善，使公司的盈利能力持续提升。经调整净利润从2023年的人民币6.0亿元增长至 2024年的人民币11.6亿元，至2025年1-9月的人民币9.4亿元。经调整净利润率从2023年的3.4%提升至 2024年的5.9%，并进一步增至2025年前九个月的6.2%，反映出卓越的经营质量和盈利能力。 全国市场全面布局，渠道渗透潜力巨大 目前，君乐宝的销售网络已覆盖全国31个省级行政区，渗透至约2200个区县，覆盖全国县级行政区总数 的约77%，并在华东、华南、华中等高消费力市场实现快速增长。为进一步挖掘市场空间，君乐宝通过 收购"银桥""来思尔"等区域品牌以加强在西北、西南等重要市场的布局。此外，"悦鲜活"等产品已成功 进入中国香港、中国澳门市场，未来将以港澳为桥头堡， ...

全国市场全面布局，渠道渗透潜力巨大 目前，君乐宝的销售网络已覆盖全国31个省级行政区，渗透至约2200个区县，覆盖全国县级行政区总数 的约77%，并在华东、华南、华中等高消费力市场实现快速增长。为进一步挖掘市场空间，君乐宝通过 收购"银桥""来思尔"等区域品牌以加强在西北、西南等重要市场的布局。此外，"悦鲜活"等产品已成功 进入中国香港、中国澳门市场，未来将以港澳为桥头堡，逐步辐射东南亚等国际市场，为国际化战略奠 定坚实基础。 君乐宝乳业集团股份有限公司（以下简称"君乐宝"）作为中国领先的综合乳制品企业，已于2026年1月 19日正式向香港联交所递交主板上市申请。君乐宝拥有三十年的行业积累，其高质量发展得益于独特的 全产业链一体化运营模式以及丰富的品牌矩阵，通过在快速增长赛道中的前瞻布局，成功跻身行业头部 阵营。依据全球著名行业咨询机构弗若斯特沙利文（Frost & Sullivan）发布的报告显示，按2024年中国 市场零售额计算，君乐宝在中国综合性乳制品企业中排名第三。此次递交上市申请是其发展历程中的重 要里程碑。 财报体现：收入稳健增长，盈利能力持续提升 从招股书披露的财报来看，君乐宝实现了规模与速度并 ...

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 competitive edge 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 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 [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 category [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, ensuring product quality and safety [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 IPO aims to raise funds for factory upgrades, channel expansion, R&D innovation, and digital transformation, which will strengthen its competitive advantage in the industry [8].

Core Viewpoint - Junlebao Dairy Group has submitted its main board listing application to the Hong Kong Stock Exchange, showcasing its strong market position and growth potential in the Chinese dairy industry [1][8]. 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 improved profitability [3]. - The 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, demonstrating enhanced operational quality [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][5]. - The company has established long-term stable partnerships with over 5,500 distributors, ensuring extensive market reach across various retail channels [5]. Product Focus - The low-temperature liquid milk segment, including fresh milk and low-temperature yogurt, is the fastest-growing area in the Chinese dairy market, with Junlebao leading this growth [6]. - Junlebao's "Yuexianhuo" brand has captured the top market share in China's high-end fresh milk segment at 24.0% as of 2024, while the "Jianchun" brand has become the leading brand in low-temperature yogurt [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 achieved a milk source self-sufficiency rate of 66% in 2024, the highest among large comprehensive dairy enterprises in China [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]. - 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 for the industry [8].

Core Viewpoint - Junlebao Dairy Group has officially submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in its growth strategy after a period of preparation [3]. Group 1: Company Overview - Junlebao is recognized as an innovative and leading comprehensive dairy product company in China, with a diversified product range and integrated operations developed over 30 years [4]. - According to the prospectus, Junlebao ranks third among comprehensive dairy companies in China by retail sales in 2024, following industry giants Yili and Mengniu [4]. Group 2: Financial Performance - Junlebao's total revenue is projected to grow from RMB 175 billion in 2023 to RMB 198 billion in 2024, with RMB 151 billion reported for the first nine months of 2025, indicating a steady growth trend [4]. - The adjusted net profit is expected to increase from RMB 600 million in 2023 to RMB 1.16 billion in 2024, representing a year-on-year growth of 92.5%, with RMB 940 million reported for the first nine months of 2025 [5]. - The adjusted net profit margin is anticipated to rise from 3.4% in 2023 to 5.9% in 2024, further increasing to 6.2% in the first nine months of 2025, reflecting strong operational quality and profitability [5]. Group 3: Market Presence and Strategy - Junlebao has established a comprehensive sales network covering 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 [5]. - The company has made strategic acquisitions of regional brands like "Yinqiao" and "Laisier" to strengthen its presence in key markets such as Northwest and Southwest China [6]. - Junlebao's products have successfully entered the Hong Kong and Macau markets, with plans to expand into Southeast Asia, laying a solid foundation for its internationalization strategy [6]. Group 4: Product Innovation and Competitive Edge - Junlebao's core competitiveness is rooted in its integrated operation model encompassing dairy farming, research and product innovation, production, and distribution channels [7]. - As of September 30, 2025, Junlebao operates 33 modern owned farms and 20 dairy production facilities, with a dairy cow inventory of 192,000, ranking third in the country [7]. - The company has established an industry-leading "Scientific Nutrition Research Institute" to drive research and innovation, collaborating with top research institutions and universities [7]. Group 5: Brand Development - Junlebao has successfully cultivated star products like "Jianchun" and "Yuexianhuo," demonstrating its systematic capability in nurturing high-quality offerings [8]. - The company has consistently ranked among the top three domestic infant formula manufacturers from 2020 to 2024, meeting the nutritional needs of Chinese infants with safe and high-quality products [8].

Core Viewpoint - Junlebao Dairy Group has submitted its main board listing application to the Hong Kong Stock Exchange, highlighting its position as a leading comprehensive dairy enterprise in China with a strong brand matrix and integrated operation model [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 the adjusted net profit margin rising from 3.4% in 2023 to 5.9% in 2024 and further to 6.2% in 2025 [4] 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 [5] - 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 [5] 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 the Chinese 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 Operation Model - 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% in milk sources by 2024, ranking first among large comprehensive dairy enterprises in China [7] - The company has established a leading R&D platform, collaborating with top research institutions and universities to drive innovation in product development and safety [8] 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 [9] - 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 [9] - Funds raised from the Hong Kong listing will be used for factory construction, capacity expansion, brand marketing, and further R&D innovation [9]