Core Viewpoint - Sichuan Jule Food Co., Ltd. has recently completed the guidance acceptance for its IPO application on the Beijing Stock Exchange, marking a significant step after multiple failed attempts in the past [1][5]. Group 1: Company Background - Sichuan Jule Food Co., Ltd. is a subsidiary of Chengdu Jule Enterprise (Group) Co., Ltd., established in 1996, focusing on the dairy beverage and dairy product sectors for over 20 years [1]. - The company has developed a complete industrial chain that includes milk source bases, research and development, production, and market sales, becoming one of the largest dairy enterprises in Southwest China [1]. Group 2: IPO Attempts and Challenges - The company has made four unsuccessful attempts to go public, with internal control deficiencies being a recurring issue highlighted by the Shenzhen Stock Exchange [5][6]. - A significant incident involved the embezzlement of CNY 95.78 million by an employee from 2014 to 2019, which the company failed to detect in a timely manner, leading to regulatory scrutiny and subsequent IPO failures [6]. - The company has also faced questions regarding its research and development expenditures, which are notably low compared to peers, with a research expense ratio of only 0.29% in the first half of 2023 [7]. Group 3: Financial Performance - From 2019 to 2021, the company's revenue grew from CNY 829 million to CNY 1.421 billion, while net profit increased from CNY 111 million to CNY 158 million, indicating a slow growth rate and declining net profit margins [8]. - Projections for 2020 to 2024 show a revenue increase from CNY 994 million to CNY 1.641 billion, with net profit expected to rise from CNY 130 million to CNY 232 million, reflecting a 65.09% increase in revenue over five years [8]. Group 4: Market Dynamics and Future Strategy - Approximately 95% of the company's revenue comes from Sichuan Province, with 70% from Chengdu, indicating a strong regional focus [8]. - The company is shifting its strategy towards yak milk products, aiming to enhance competitiveness in the dairy market, with yak milk identified as a key product for the next 20 years [9][10]. - The yak milk market in China has grown to approximately CNY 2.624 billion, with over 16 million yaks contributing to an annual production of over 900,000 tons [9].

Core Viewpoint - The recent judicial freeze of 32.2 million shares held by the second-largest shareholder of Zhuangyuan Dairy, Ma Hongfu, has raised concerns about the company's governance and financial stability, as it represents 16.47% of the total share capital [2][3][6]. Shareholder Situation - Ma Hongfu's shares were frozen due to a personal arbitration matter involving a debt of 21.27 million yuan, leading to a significant impact on his ability to manage his stake in the company [2][3]. - The freeze includes 32.2 million shares that were already pledged, compounding the challenges for Ma Hongfu in managing his equity [3][6]. - The freeze is set to last for three years, from July 2, 2025, to July 1, 2028, which could limit his influence over company decisions [3][4]. Company Governance - The company has attempted to downplay the impact of the share freeze, asserting that Ma Hongfu is not the controlling shareholder and that it will not affect operational stability [6][8]. - However, the freeze on a significant stake held by a founding member raises questions about governance stability and potential impacts on shareholder rights and decision-making processes [8][6]. Financial Performance - Zhuangyuan Dairy has faced declining financial performance, with net profits falling from 50.48 million yuan in 2021 to a loss of 105 million yuan in 2023, leading to a cash compensation obligation of 20.31 million yuan for Ma Hongfu [11][18]. - The company's operational costs exceeded revenues, with a cost-to-revenue ratio of 101.57% in 2023, worsening to 113.56% in the first three quarters of 2024 [19][21]. Market Position - The company has seen a decline in revenue across its core markets, with significant drops in sales in Gansu and Shaanxi provinces, indicating a loss of market share [19][20]. - Despite increased marketing expenditures, the company has not achieved growth, leading to further financial strain [21].

Overall Summary - The offline retail consumption situation for Q2 2025 shows a general decline in sales across major categories such as food, beverages, alcohol, and daily chemicals, although the rate of decline has narrowed compared to previous quarters [2][4][6]. Group 1: Retail Performance Overview - The analysis is based on data from the "Shangma Ying Brand CT," which monitors offline retail across various city levels and includes over 30,000 brands and 14 million product barcodes [2]. - The overall sales revenue for Q2 2025 is down approximately 7% year-on-year, with a better performance in order volume compared to average spending, indicating consumer pressure on budgets and prices [4][6]. - The price index for food, beverages, alcohol, and daily chemicals shows a gradual recovery, but remains under pressure, with most categories below the baseline index of 100 [4][6]. Group 2: Key Category Insights - In the food category, frozen products like frozen sausages have shown significant market share growth, while dairy products are stabilizing after previous declines [13][22]. - The beverage category has seen strong growth in sports and plant-based drinks, with some products exceeding 30% year-on-year growth, although the overall market remains competitive [17][29]. - The snack category is experiencing a decline in market share due to health trends and new retail formats, with significant drops in sales for various subcategories [14][22]. Group 3: Consumer Behavior and Trends - The average spending per order has increased for certain categories like ready-to-drink juices and plant-based beverages, indicating a shift in consumer preferences towards higher-quality products [34][35]. - The average purchase quantity per order has decreased across all selected categories, suggesting a trend towards larger packaging or a focus on value [40]. - The competitive landscape is intensifying, particularly in the frozen food and beverage sectors, with numerous brands vying for market share [46][47].

证券研究报告 生育政策密集出台或将刺激行业发展，关注北交所母婴行业相关标的 ——北交所消费服务产业跟踪第二十一期（20250706） 投资要点： | 北交所定期报告 | | --- | hyzqdatemark 2025 年 07 月 07 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 政策出台有望鼓励生育，或将刺激母婴行业发展。国务院、各地政府出台育儿补贴、购房优 惠等政策，有望刺激母婴行业的发展。根据国家统计局，2024 年中国出生人口 954 万，为 2017 年以来首次回升，而根据艾媒咨询数据，2018-2024 年中国母婴消费市场规模稳步上升， 2024 年达 76299 亿元。中国乳制品行业规模不断扩大，但奶类产量 2024 年有所下降，根据 南方乳业招股书、灼识咨询数据，2024 年中国乳制品规模约 5216.70 亿元，预计 2026 年达 5966.60 亿元。中国婴幼儿辅食市 ...

瑞财经 吴文婷6月30日，四川菊乐食品股份有限公司（以下简称"菊乐股份"）北交所IPO申请获受理，保荐机构为中信建投证券股份有限公司，保荐代表 人为唐云、张钟伟，会计师事务所为信永中和会计师事务所（特殊普通合伙）。 菊乐股份的主营业务为含乳饮料及乳制品的研发、生产和销售。公司的主要产品包括含乳饮料、发酵乳、巴氏杀菌乳及灭菌乳等，能够满足不同群体、 不同场景对含乳饮料及乳制品的消费需求。 据招股书，2022年-2024年，菊乐股份实现营收分别为14.72亿元、15.62亿元、16.41亿元；归母净利润分别为1.72亿元、1.96亿元、2.32亿元。 | 项目 | 2024年12月31日 | 2023年12月31日 | 2022年12月31日 | | --- | --- | --- | --- | | | /2024年度 | /2023年度 | /2022年度 | | 资产总计(元) | 1.724.890.143.93 | 1.477.813.207.73 | 1.331.247.513.42 | | --- | --- | --- | --- | | 股东权益合计(元) | 1,180,207,940.12 ...

Fundraising Overview - Zhejiang Liziyuan Food Co., Ltd. has been approved to publicly issue convertible bonds totaling RMB 600 million, with a maturity of 6 years and a face value of RMB 100 per bond, resulting in 6 million bonds issued [1] - The actual funds raised after deducting issuance costs of RMB 2,402,075.47 (excluding tax) amount to RMB 597,597,924.53, which were received on June 28, 2023 [1] Fund Allocation Changes - The company has decided to change the allocation of part of the raised funds, specifically RMB 235.57 million, from the original project of expanding the production line for dairy beverages to a new project for processing 1,000 tons of raw milk daily [1][2] - This decision was approved during the board and supervisory meetings held on April 26, 2025 [1] Fund Management and Supervision Agreement - A four-party supervision agreement was signed on June 27, 2025, involving the company, its wholly-owned subsidiary, the bank, and the sponsor, to regulate the management and use of the raised funds [2] - The agreement stipulates that the funds must be stored in a dedicated account and used solely for the specified project [4][5] Account Details - As of June 29, 2025, the company has opened several dedicated accounts at various banks for the management of the raised funds, including accounts at Agricultural Bank of China and Zhejiang Jinhua Chengtai Rural Commercial Bank [2][4] - The balance in the dedicated account for the new project was reported as zero as of June 20, 2025 [5] Regulatory Compliance - The agreement mandates compliance with relevant laws and regulations, including the supervision of fund usage by the sponsor, which has the right to conduct audits and inquiries [5][6] - Any withdrawal exceeding 20% of the net raised funds must be reported to the sponsor, ensuring transparency in fund management [6][7] Legal Framework - The agreement is governed by the laws of the People's Republic of China, with disputes to be resolved through arbitration in Shanghai [8]

李子园 20250627 公司在产品和渠道调整方面有哪些重要工作？ 上半年公司重点优化含乳饮料产品结构，并针对传统流通渠道进行产品调整或 开发。今年推出的新产品维生素水系列，包括维生素 B 和维生素 C 两款产品， 共有三个口味，规格为 500 毫升。这些功能性饮料迎合消费者对营养健康需求， 以 0 脂肪、0 卡路里、0 色素、0 添加为特点。从 3 月到 4 月开始推广，目前 已在便利店、电商及学校渠道铺货，例如 711、罗森、全家、美宜佳等便利店， 以及爱奇艺综艺栏目冠名、电商活动等进行宣传推广。 摘要 李子园受传统渠道人流量减少影响，商超和夫妻老婆店销售下滑，但电 商和便利店系统保持增长，一季度和二季度电商销售增长约 30%- 40%，零食量贩和便利店系统也维持双位数增长。预计上半年整体收入 仍将下滑。 公司通过成本控制和原材料战略储备提升毛利率，一季度毛利率同比提 高 3-4 个百分点，预计上半年净利润增幅将超过 100%。 公司重点优化含乳饮料产品结构，并针对传统流通渠道进行产品调整或 开发，推出维生素水系列，规格为 500 毫升，以 0 脂肪、0 卡路里、0 色素、0 添加为特点，已在便利店、电商 ...

Core Insights - The article emphasizes the importance of understanding the differences between various dairy products to avoid purchasing options that do not meet nutritional needs [2][20]. Group 1: Dairy Product Classification - Dairy products can be categorized into several types, including pasteurized milk, sterilized milk, and flavored milk, each with specific standards [5][8][9]. - Pasteurized milk must be made solely from raw cow or sheep milk and cannot contain any additives, with a protein content of at least 2.9 grams per 100 grams [6][7]. - Sterilized milk is similar but is processed using ultra-high temperature methods, allowing for longer shelf life [10][8]. Group 2: Yogurt Types - Yogurt is classified into fermented milk, sour milk, flavored fermented milk, and flavored sour milk, with the purest forms containing only milk and fermentation cultures [13][15]. - Fermented milk and sour milk must have a protein content of at least 2.9 grams per 100 grams, while flavored varieties may contain additional sugars and flavorings [15][16]. Group 3: Nutritional Considerations - For optimal nutrition, the first ingredient on the label should ideally be raw cow or sheep milk, indicating minimal nutrient loss [22]. - The protein content should be at least 2.9 grams per 100 grams, with lower fat and carbohydrate levels being preferable [22]. - Products labeled with "zero" or "no additives" should be scrutinized, as they may still contain other sugars or additives [23][24]. Group 4: Specialty Dairy Products - Products like A2 milk and water buffalo milk offer higher protein content but come at a significantly higher price, raising questions about their cost-effectiveness [28][30]. - Greek yogurt and Icelandic yogurt are higher in protein due to the removal of whey but may also have higher fat content, necessitating careful consumption [30].

Group 1 - The core viewpoint of the article highlights a significant increase in IPO applications across major exchanges in China, with a total of 113 companies accepted for listing in the first half of the year, and a remarkable fourfold increase in June alone [2][3] - The majority of new IPO applications in June came from the North Exchange, with 54 companies, while the Shanghai and Shenzhen exchanges received 15 and 17 applications respectively [3][4] - The surge in IPO applications in June is attributed to two main factors: the expiration of financial report validity for IPO applications and policy-driven reforms enhancing the inclusivity of the Sci-Tech Innovation Board [2][5] Group 2 - The distribution of new IPO applications shows that 72 companies applied to the North Exchange, 12 to the Sci-Tech Innovation Board, and 13 to the Growth Enterprise Market, indicating a strong preference for the North Exchange among specialized and innovative small and medium enterprises [3][7] - The Sci-Tech Innovation Board has become more inclusive, welcoming unprofitable companies, with several semiconductor firms among the new applicants, reflecting a shift towards supporting technology-driven enterprises [5][6] - The North Exchange is characterized by a focus on high-end equipment manufacturing and new productivity sectors, with many applicants demonstrating strong profitability, particularly in the consumer sector [7][8]

Core Viewpoint - Jule Co., Ltd. has announced a suspension of trading as it applies for an initial public offering (IPO) on the Beijing Stock Exchange, marking its fifth attempt to go public since 2017 [4]. Group 1: IPO Attempts - Jule Co., Ltd. has made four unsuccessful attempts to list on the Shenzhen Stock Exchange from 2017 to 2024, facing various challenges including incomplete documentation and regulatory warnings [5][6]. - The company switched its strategy to apply for an IPO on the Beijing Stock Exchange after failing to secure a listing on the Shenzhen Stock Exchange [6]. Group 2: Financial Performance - Jule Co., Ltd. has shown consistent revenue growth from 2020 to 2024, with revenues of 994 million, 1.421 billion, 1.472 billion, 1.562 billion, and 1.641 billion yuan respectively [7]. - The net profit attributable to the parent company has also increased during the same period, with figures of 130 million, 158 million, 172 million, 196 million, and 232 million yuan [7]. Group 3: Company Background - Jule Co., Ltd. originated from the Chengdu Chemical Pharmaceutical Factory established in 1966 and officially entered the dairy industry in 1996, focusing on dairy beverages and products [7].