Core Insights - The article highlights the innovative approach of Jule Huifeng Youmu Dairy in Heilongjiang, leveraging "technology ranch + all-domain e-commerce" to enhance its market presence during the "Double Eleven" shopping festival [1] Group 1: Technological Advancements - Jule Huifeng Youmu Dairy has transformed traditional farming practices by implementing advanced technologies, such as "0-bacteria mattresses" for cows, personalized health records, and real-time data uploads to a cloud database [3] - The dairy farm is located in a prime milk-producing area, utilizing a feeding strategy that quadruples industry standards, resulting in superior milk quality that exceeds EU standards [3] Group 2: E-commerce Strategy - The company has shifted from a traditional offline market focus to a comprehensive online strategy, establishing a presence on major e-commerce platforms like Tmall, Taobao, and JD, as well as content-driven platforms like Douyin and Xiaohongshu [4] - This transition has allowed the company to create a multi-layered online sales network, enhancing brand transparency and consumer trust through live streaming and real-time product demonstrations [4] Group 3: Product Innovation - Jule Huifeng Youmu Dairy has successfully launched innovative products, such as the "fresh fruit + chewy oatmeal" yogurt, which has consistently ranked among the top sellers on major e-commerce platforms [5] - The company has also developed a range of differentiated products targeting specific consumer segments, achieving high sales volumes during major shopping events like "Double Eleven" and "618" [5] Group 4: Economic Impact - Under the guidance of the Zhaoyuan E-commerce Network Service Center, local enterprises like Jule Huifeng Youmu Dairy are capitalizing on digital trends to stimulate regional economic growth [6] - The center aims to explore effective paths for e-commerce to empower the real economy, thereby driving high-quality development in the region [6]

Core Viewpoint - Sichuan Jule Food Co., Ltd. has once again suspended its IPO process, raising concerns about its future listing prospects following the death of its original controlling shareholder, Tong Enwen [1][3]. Group 1: IPO Process - Jule Food applied for a suspension of its IPO review due to the need for supplementary audits of its financial reports, as per regulations from the Beijing Stock Exchange [2]. - The company has attempted to go public multiple times since 2017, submitting prospectuses to the Shenzhen Stock Exchange in December 2017, August 2019, June 2020, and March 2023, but ultimately withdrew its application in June 2024 [2]. - After transitioning to the New Third Board, Jule Food successfully listed there in September 2024 and subsequently initiated plans for a listing on the Beijing Stock Exchange [2]. Group 2: Financial Performance - Jule Food aims to raise 552 million yuan through its planned listing on the Beijing Stock Exchange, with funds allocated for the expansion of its dairy production base and marketing network upgrades [2]. - The company reported revenues of 1.471 billion yuan, 1.562 billion yuan, and 1.641 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 172 million yuan, 196 million yuan, and 232 million yuan during the same period [4]. Group 3: Market Position and Challenges - In 2024, Jule Food held a market share of 0.82% in China's dairy beverage market, ranking eighth, and a 0.97% share in the blended yogurt market, ranking fourth [4]. - The company heavily relies on the Sichuan province for revenue, with sales from this region accounting for 76.55%, 77.59%, and 76.03% of total revenue from 2022 to 2024 [5]. - Analysts suggest that the company must focus on refined development and product upgrades to navigate the competitive landscape of the dairy industry, which has become increasingly saturated [6].

Core Viewpoint - Jule Co., Ltd. is transitioning to the Beijing Stock Exchange after multiple failed IPO attempts on the Shenzhen Stock Exchange, amid significant leadership changes following the death of its chairman, Tong Enwen [1][2] Group 1: Company Leadership and Ownership - Following the death of chairman Tong Enwen, his daughter, Tong Zhu, inherited 73.35% of the company's shares, becoming the actual controller of Jule Co., Ltd. [1] - Gao Zhaohui, Tong Zhu's spouse, is now the chairman and general manager of the company [1] Group 2: Financial Performance and IPO Plans - Jule Co., Ltd. plans to raise 5.52 billion yuan through its IPO, a reduction of 8.11 billion yuan from previous plans [10] - The company has shown revenue growth of 5.1% and net profit growth of 18.4% for 2024, despite a general industry downturn [7][10] Group 3: Related Party Transactions - Concerns have been raised regarding potential irregularities in related party transactions, including higher sales prices to affiliated companies compared to third-party sales [3][4] - The company has been criticized for "going for the inferior" in transactions, acquiring less profitable subsidiaries while paying additional amounts [4][5] Group 4: Market Position and Competition - Jule Co., Ltd. relies heavily on the Sichuan market, with nearly 76% of its revenue coming from the region, which may limit growth potential [11] - The company faces intense competition from both regional and national dairy giants, with a market share of only 0.31% in the dairy industry from 2020 to 2022 [12] Group 5: Production Capacity and Utilization - The company's production capacity utilization has fluctuated, with rates of 85.29%, 78.44%, and 84.49% from 2022 to 2024 [10] - The industry is experiencing overcapacity, with a decline in national milk production expected in 2024, which may impact Jule Co., Ltd.'s growth [11][12]

Core Viewpoint - The article discusses the challenges faced by Jule Co., Ltd. in its IPO journey, highlighting concerns over related party transactions and the company's financial health amidst industry competition and potential overcapacity [2][7]. Group 1: Company Overview - Jule Co., Ltd. has transitioned to the Beijing Stock Exchange after multiple failed attempts to list on the Shenzhen Stock Exchange over seven years [2]. - The company is known for its popular products "Suanle Milk" and "Chewable Yogurt," which have a strong market presence in Sichuan [2]. Group 2: Leadership Changes - The company's actual controller and chairman, Tong Enwen, passed away on September 6, 2025, leading to his daughter, Tong Zhu, inheriting 73.35% of the shares and becoming the new actual controller [2][3]. - Tong Zhu's spouse, Gao Zhaohui, is now the chairman and general manager of Jule Co., Ltd. [3]. Group 3: Related Party Transactions - Concerns have been raised regarding potential irregularities in related party transactions, particularly the "go for the inferior, leave the superior" practice, where the company may be favoring less profitable subsidiaries [5][6]. - Jule Co., Ltd. has been involved in transactions with its major supplier, Gansu Qianjin Modern Agriculture Development Group, which is also a related party, raising questions about the legitimacy of these dealings [5][6]. Group 4: Financial Performance - Despite a general downturn in the industry, Jule Co., Ltd. reported a revenue growth of 5.1% and a net profit increase of 18.4% for 2024, contrasting with the declining performance of its peers [10]. - The company’s revenue from related parties has been significant, with procurement from related parties accounting for 10% to 16% of total purchases from 2019 to 2021 [6][10]. Group 5: Distribution Channels - Jule Co., Ltd. relies heavily on distributors, with distributor revenue accounting for 75.7% to 70% of total revenue from 2022 to 2024, and distributor gross margins exceeding direct sales [9][10]. - The company has faced scrutiny over the sustainability of its revenue growth, particularly given the unusual performance of certain small distributors that contributed significantly to revenue but had limited operational history [10][11]. Group 6: Capacity Utilization and Market Challenges - The company has experienced fluctuating capacity utilization rates, with figures of 85.29%, 78.44%, and 84.49% from 2022 to 2024, indicating potential inefficiencies [13]. - Jule Co., Ltd. faces significant competition from both regional and national dairy giants, with a heavy reliance on its flagship product "Suanle Milk," which may limit growth prospects [14][15].

Group 1 - The core point of the article is that Sichuan Jule Food Co., Ltd. has officially submitted its application for an initial public offering (IPO) on the Beijing Stock Exchange, marking a significant step in its listing process [1] Group 2 - Sichuan Jule Food Co., Ltd. originated from Chengdu Chemical Pharmaceutical Factory established in 1966 and entered the dairy industry in 1996, becoming one of the early dairy enterprises in China [4] - The company has successfully captured market opportunities by implementing a differentiated product strategy, enhancing product variety, optimizing consumer experience, and improving brand image [4] - From 2020 to 2024, the company's revenue increased from 994 million to 1.641 billion, while net profit rose from 130 million to 232 million, indicating significant growth in scale [4] Group 3 - As a regional dairy enterprise, the company is actively seeking to expand beyond its home market through acquisitions, such as that of Heilongjiang Huifeng Dairy Co., Ltd. [6] - The company has launched key products like "Da Niu Nai Luo" and "Jiao Suan Nai," contributing to revenue growth, and has increased its sales through online platforms like Tmall and JD.com [6] - The company has faced challenges in its previous IPO attempts, which have led to improved operational management and governance practices [6]