Core Viewpoint - Baifei Dairy is making another attempt to list on the Shanghai Stock Exchange (SSE) after withdrawing its application from the Beijing Stock Exchange (BSE) just six months ago, reflecting its persistent pursuit of capital market opportunities [1][2][5]. Company Overview - Baifei Dairy, a company specializing in buffalo milk products, signed a counseling agreement with Guorong Securities for its IPO on the SSE on May 12, 2023, and changed its listing target from BSE to SSE on May 14, 2023 [1][4]. - The company was listed on the New Third Board in June 2024, and its revenue and net profit growth rates exceeded 30% last year [1][4]. Financial Performance - Baifei Dairy's revenue for 2021, 2022, and 2023 was 714 million, 781 million, and 1.075 billion yuan respectively, showing consistent growth over three years [5]. - In 2024, the company reported a revenue of 1.423 billion yuan, a year-on-year increase of 32.33%, and a net profit of 300 million yuan, also up 32.41% from the previous year [6][7]. Industry Context - The buffalo milk market is experiencing growth, with several companies increasing their product offerings to capture more market share [1][8]. - The buffalo milk industry is primarily concentrated in southern regions of China, particularly Guangxi, which accounts for 85% of the national production [9]. Market Trends - The popularity of buffalo milk has surged since 2020, with many beverage brands incorporating it into their products, indicating a shift towards mainstream acceptance [10]. - E-commerce and live-streaming sales have significantly boosted the visibility and sales of buffalo milk products, with major platforms reporting substantial sales growth [12][15]. Strategic Initiatives - Baifei Dairy is actively expanding its market presence through investments in breeding and production facilities, aiming to enhance its supply chain and production capacity [18]. - The company has established partnerships with e-commerce platforms and influencers to increase brand awareness and sales [13][15].