本报记者 梁傲男 "君乐宝选择此时上市，主要是时机已然成熟。其上市目的有三：一是深入推进全国化战略布局；二是 优化资本结构调整；三是通过上市进一步完善管理层股权激励，强化团队动力。"中国农垦乳业联盟专 家组组长宋亮对《证券日报》记者表示。 1月19日晚间，君乐宝乳业集团股份有限公司（以下简称"君乐宝"）正式向香港联交所递交主板上市申 请。招股书显示，君乐宝此次募集资金将主要用于工厂建设和产能扩张升级，品牌营销和渠道建设，进 一步加强研发创新、数智化等。 受益于消费者健康意识提升及工艺技术革新、冷链物流基础设施完善等，低温液奶（包括鲜奶和低温酸 奶）成为中国乳制品市场增长最快的细分领域。君乐宝长期坚守并成功把握这一趋势，在低温赛道领跑 增长，成为集团业绩增长的核心引擎。 据全球著名行业咨询机构弗若斯特沙利文（Frost&Sullivan）报告，按2024年中国市场零售额计，君乐 宝在中国综合性乳制品企业中排名第三。 从招股书披露的数据来看，君乐宝总收入从2023年的175亿元增长至2024年的198亿元，2025年1月份至9 月份，君乐宝总收入达151亿元，保持稳健增长态势。 同时，公司盈利能力持续提升。君乐宝 ...

Core Viewpoint - Zhangyu, a century-old wine company, is facing significant challenges with a sharp decline in revenue and net profit for 2024, raising concerns about its performance in offline retail channels [1][5][4]. Group 1: Company Performance - In 2024, Zhangyu reported a revenue of 3.277 billion yuan, a decrease of 25.26% year-on-year, and a net profit of 305 million yuan, down 42.68%, marking a new low in recent years [5]. - The company's core products, wine and brandy, experienced substantial declines, with wine sales down 12.22% and revenue down 22.32%, while brandy sales plummeted 31.56% with revenue dropping 35.8% [5]. - The company's sales expense ratio reached a near ten-year high of 30.91%, indicating high costs without corresponding revenue growth [6]. Group 2: Inventory and Operational Efficiency - Zhangyu's inventory reached 2.904 billion yuan, a 5% increase year-on-year, with inventory turnover days soaring to 732.8 days, the highest in nearly a decade [6]. - The company is struggling to meet its ambitious revenue targets, with a goal of at least 3.4 billion yuan for 2025, reflecting limited confidence in short-term market recovery [6]. Group 3: Market Position and Competition - The Chinese wine industry is facing a downturn, with market size shrinking from 53.4 billion yuan in 2019 to 15.9 billion yuan in 2024, highlighting the challenges Zhangyu faces [7]. - The termination of anti-dumping measures on Australian wine has led to a 13.6% increase in import volume and a 37.2% increase in import value, intensifying competition for domestic brands [7]. Group 4: Management and Strategy - Zhangyu's management has implemented a stock incentive plan, which has drawn criticism from investors due to the disconnect between management rewards and the company's poor performance [7]. - To attract younger consumers, Zhangyu launched a low-alcohol sparkling wine "Xiao Tao," which has seen limited success in a highly competitive market [9].