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].

《中国民航报》、中国民航网 记者路泞 通讯员龚生宏、南江 报道：近日，在青海机场有限公司玉树机 场分公司与首都航空公司的紧密协作下，玉树至北京航班正式开通货物收运业务。这一举措不仅为两地 货物流通打开全新格局，更让玉树的生态瑰宝得以跨越山海，以最新鲜的姿态抵达首都市场，为经贸合 作与乡村振兴注入强劲动能。 执飞此航线的JD5639/40航班每日往返一班，形成精准高效的空中物流闭环07:55从北京首都机场起飞， 13:00准时降落在玉树巴塘机场；经过短暂周转后，14:00从玉树整装出发，19:15便能将雪域好物送达北 京。朝发夕至能转圜的空中快线，让玉树深藏的生态宝藏挣脱地理限制，实现与一线城市消费市场的无 缝对接。 玉树至北京货运通道的开通，为当地四大类特色物产搭建起快速输出的空中走廊，从雪域牧场到有机田 园的自然馈赠，有机畜产品作为玉树的金字招牌，将通过航班实现极速新鲜直达直抵首都，辐射华北腹 地。其中包括国家地理标志认证的牦牛冷鲜肉，富含蛋白质与氨基酸，低脂高蛋白的特性深受健康饮食 群体青睐；采用传统工艺制作的藏系羊肉制品，经过排酸处理后全程冷链运输，最大程度保留草原风 味。还有手工炼制的酥油、牦牛酸奶等 ...

Group 1 - The article discusses the social aspect of travel, emphasizing that the author prefers to travel for social gatherings rather than for the sake of tourism itself [1] - The author has recently joined a travel group to explore the northwest region, highlighting the importance of seizing travel opportunities before becoming too busy with work [2] - The primary audience for the travel group consists of teachers, indicating a demographic trend in travel preferences [4] Group 2 - The travel group included mostly older individuals, with the author noting the age dynamics and the benefits of age-related discounts [5] - The author contrasts the vitality of older travelers with their own fatigue, suggesting a generational difference in energy levels during travel [6] - The travel experience included a mix of regional cuisines, reflecting the diverse culinary landscape of the area visited [6] Group 3 - The author expresses a preference for natural landscapes over cultural sites, with specific mentions of favorite locations such as Qinghai Lake and Chaka Salt Lake [8] - The article critiques the tourism infrastructure in Qinghai compared to Yunnan, indicating potential areas for improvement in the local tourism industry [8] - A notable observation is the prevalence of traditional smoking among older travelers, which adds a cultural layer to the travel experience [11]

第一天：成都 - 叠溪海子 - 黄龙 清晨，我从成都出发，乘坐旅游大巴前往本次旅程的第一站——叠溪海子。沿途的风景逐渐从城市的喧 嚣转变为乡村的宁静，青山绿水间点缀着零星的村落，宛如一幅水墨画卷。叠溪海子是一处高山湖泊， 湖水清澈见底，四周群山环绕，倒映在湖面上，形成了一幅绝美的画面。我沿着湖边的小径漫步，感受 着微风拂面的惬意，仿佛置身于人间仙境。 前言 作为一个热爱旅行的人，我一直对四川的山水风光和人文底蕴心驰神往。2025年夏天，我终于有机会踏 上了这片神奇的土地，开启了一段难忘的五天四夜之旅。从成都的悠闲到九寨沟的绝美，从黄龙的奇幻 到峨眉山的庄严，再到乐山大佛的震撼，每一处风景都让我流连忘返。下面，我将详细分享我的行程安 排和旅行体验，希望能为计划前往四川的朋友们提供一些参考。 下午，我们继续前往黄龙风景区。黄龙以其独特的钙化池景观闻名于世，五彩池、争艳池等景点在阳光 的照射下呈现出绚丽的色彩，宛如一条金色的巨龙蜿蜒在山谷之中。我沿着栈道缓缓前行，每一步都能 看到不同的风景，令人叹为观止。晚上，我们入住黄龙附近的酒店，为第二天的九寨沟之旅养精蓄锐。 四川旅游 攻略 （导游甜甜13194975118热 ...

Core Viewpoint - Jule Foods Co., Ltd. has attempted to go public on the Beijing Stock Exchange after failing to list on the Shenzhen Stock Exchange for seven years, indicating a potential improvement in its financial fundamentals and a new strategy for growth [3][6]. Group 1: Company Background - Jule Foods, established in 1985, is a subsidiary of Chengdu Jule Enterprise Group and has been in the dairy industry since 1996, focusing on a complete industrial chain from milk sourcing to production and sales [5]. - The company has developed a significant product line, including its flagship product, "Suanle Milk," which has rapidly expanded its market presence in Sichuan, covering 98% of the county-level markets [5]. Group 2: IPO Attempts - Jule Foods has made five attempts to go public since 2017, facing various challenges including incomplete documentation, regulatory warnings, and financial issues, leading to multiple withdrawals of its IPO applications [6][8]. - The latest attempt to list on the Beijing Stock Exchange has been marked by the completion of its IPO guidance, raising questions about the improvements in its financial metrics [6][8]. Group 3: Financial Performance - The company's revenue has shown a notable increase from 8.29 billion in 2019 to an estimated 16.41 billion by 2024, representing a growth of 65.09% over five years [8]. - However, the net profit margin has fluctuated, with a decrease observed from 13.39% in 2019 to 11.12% in 2021, before showing signs of recovery [8]. - In 2024, Jule Foods is projected to generate 12.40 billion in revenue from Sichuan, accounting for 76.03% of total revenue, indicating a heavy reliance on the regional market [8]. Group 4: Business Structure and Innovation - The company’s main business, dairy beverages, accounted for 58.2% of total revenue in 2024, with a gross margin exceeding 40% [9]. - Jule Foods is exploring innovation through the development of yak milk products, aiming to establish a "second curve" for growth, with the yak milk market in China reaching approximately 2.624 billion in 2023 [11][12]. - The company has registered multiple subsidiaries to enhance its competitive edge in the dairy market, focusing on yak milk as a key product for the next 20 years [11]. Group 5: Market Challenges - Analysts have raised concerns about the sustainability of the dairy beverage market amid changing consumer trends, questioning whether Jule Foods can maintain growth in its core business [10]. - The limited market size for yak milk and the challenging conditions for its production may pose risks to the company's future performance and investor interest [12].

Core Points - The article depicts the life of highland herders in Shangri-La, Yunnan, highlighting the challenges and changes they face in their traditional lifestyle [1][2][3] - It emphasizes the generational shift in work and lifestyle choices, with younger members opting for modern jobs or businesses instead of traditional herding [5][6] - The narrative illustrates the communal aspects of their culture, showcasing gatherings and shared activities among different ethnic groups [10] Group 1: Lifestyle and Challenges - The highland herders live in remote areas without modern amenities, leading to a lifestyle that is both beautiful and challenging [1][2] - The quality of sheep wool is crucial for income, but the market for livestock has been negatively impacted by imported meat [6][9] - There is a noticeable decline in traditional practices, such as wool processing, as fewer people engage in these activities [6][9] Group 2: Generational Changes - Younger generations, like Amu and Bangzhi, have explored opportunities in urban areas but are now returning to their hometowns with new business ideas [5][6] - The article highlights the contrast between the older generation's reliance on traditional herding and the younger generation's inclination towards modern entrepreneurship [5][6] Group 3: Community and Culture - The article describes communal activities, such as sheep shearing and evening gatherings around a campfire, which foster a sense of belonging among the herders [10] - Different ethnic groups, including the Tibetan, Naxi, and Pumi, come together to celebrate their shared culture through music and communal meals [10]

Core Insights - The event aimed to deepen cooperation between Qinghai and Shanghai, promoting high-quality agricultural and livestock products from Qinghai into the Shanghai market [1] - A team of experts conducted a comprehensive survey of Qinghai's unique industries, including yak meat, cold-weather vegetables, salmon, and goji berries, to enhance their market branding [3][4] Group 1: Industry Opportunities and Challenges - Qinghai's yak meat is recognized for its high-protein, low-fat "highland organic" quality, aligning with Shanghai's health consumption trends, but faces challenges such as low brand recognition and consumer misconceptions about meat quality [3] - The cold-weather vegetables from Qinghai, despite their superior quality and international exports, lack recognition in the Shanghai market compared to products from Yunnan and Shandong [3] - The cold-water salmon industry in Qinghai, being the largest breeding base in the country, has potential for transformation by developing high-value products like fish oil and caviar [4] - The goji berry industry in the Qaidam Basin suffers from low pricing by external buyers, leading to a loss of profit for local producers, highlighting the need for better branding and market understanding [4] Group 2: Strategic Recommendations - Experts suggested enhancing brand storytelling and developing convenient products that cater to urban family consumption habits to improve the market presence of Qinghai's yak meat [3] - The establishment of a regional brand for cold-weather vegetables is crucial to communicate their "highland organic" story and meet the premium positioning of quality supermarkets [3] - A shift in strategy for goji berries is recommended, focusing on market demand research and reverse product development to retain pricing power and brand value [4] Group 3: Implementation and Standards - The event culminated in the release of the "Qinghai Agricultural and Livestock Quality Product System Standard - 'Huqing Quality Product' Standard" 1.0, which serves as a guideline for Qinghai enterprises to align with Shanghai market standards [7] - The new standard expands its coverage from Guoluo Prefecture to the entire Qinghai province, facilitating better market access and product quality alignment for local producers [7] - The Shanghai Consumption Assistance Alliance plans to continue supporting the branding efforts of Qinghai's green organic agricultural products to enhance their presence in Shanghai and the Yangtze River Delta [7]

Group 1 - The second live e-commerce competition in Tibet successfully concluded, focusing on the theme "Tibetan products go out, good goods from Tibet come online" [1][2] - The competition attracted over 140 hosts from seven prefectures in Tibet, achieving a total sales revenue of 13.8588 million yuan, with 8.8166 million yuan in the preliminary round and 5.0422 million yuan in just two hours during the finals [1] - The Director of the Tibet Autonomous Region Commerce Department announced that the online retail sales of physical goods in Tibet are projected to reach 19.47 billion yuan in 2024, a year-on-year increase of 79.8%, accounting for 20.6% of total retail sales [1] Group 2 - The competition recognized 11 "excellent hosts," 6 "Tibetan product star promoters," and 1 "retired military Tibetan product star promoter" [2] - Future plans include enhancing e-commerce logistics infrastructure, strengthening live e-commerce talent training, and promoting the integration of live e-commerce with cultural tourism and specialty agriculture [2]

中新网青海海北6月29日电题：青海：STC认证助力"青字号"产品驶上出青"快车道" 作者张海雯 "刚察藏羊和牦牛是获国家农产品地理标志认证品牌，在今年四月份获得了香港STC的认证证书和检测 报告。"28日，青海省海北州一家企业负责人普毛东吉向赴青海调研考察的香港媒体代表团表示，此举 标志着公司的产品品质取得了国际权威机构的认可，"为刚察特色农畜产品开拓国际市场奠定了重要基 础。" 2024、2025年，青海省和香港持续开展经贸交流活动，进一步深化了青港两地各领域合作。应青海省商 务厅邀请，香港媒体代表团于6月24日至7月1日赴青开展调研考察。 据悉，STC香港优质"正"印认证是香港市场备受欢迎的产品质量标志，获得该认证的产品在英国、加拿 大、澳大利亚等53个英联邦国家及地区互相认可。 近年来，青海50家农畜产品加工企业的55个产品获此认证，进入港澳市场，并出口至50多个国家和地 区，为"青字号"产品进入国际市场拿到了"通行证"。 6月18日，香港STC青海实验室在青海省西宁市揭牌成立，青港两地实现检测认证技术优势互补和检测 结果互认，实现"青海检测、香港发证"模式，为"青字号"产品走向国际市场开启"快车道"。 ...

Core Insights - The article highlights the significant progress made in the development of Naqu, Tibet, through targeted aid efforts from Liaoning Province, focusing on improving living conditions, healthcare, education, and economic empowerment. Group 1: Healthcare Improvements - Naqu Municipal People's Hospital has successfully completed its first coronary angiography and stent implantation surgeries, marking a significant advancement in local medical capabilities [2] - The number of advanced surgeries performed at the hospital reached 918 in 2024, an increase of 82.5% compared to the previous year [2] - The establishment of a "trauma center" and the completion of five key medical centers have strengthened healthcare services for the local population [2] Group 2: Education Initiatives - Liaoning's "team-based" educational support has brought quality educational resources closer to students in northern Tibet, enhancing local teaching quality [3] - Naqu's second high school achieved the highest teaching quality in the region for 2023 and second place for 2024, demonstrating the effectiveness of the educational support [3] - The establishment of a cultural work station and a research base school has facilitated ongoing educational resource exchange between Liaoning and Naqu [3] Group 3: Infrastructure Development - Significant investments have been made in infrastructure projects, including water, electricity, and road improvements, enhancing the living conditions of local residents [4] - The construction of a 7.28-kilometer main road has become a landmark for entering the city, showcasing the impact of municipal support [3][4] Group 4: Economic Empowerment - Liaoning Province has invested 935 million yuan in 131 aid projects, focusing on key industries such as cultural tourism and clean energy, driving economic growth in Naqu [5] - The province's investment in local industries has created over 8,000 direct jobs and increased the income of more than 13,000 herders [5] - The sales of local specialty products, such as barley toast, have reached 460 million yuan, further supporting local employment [5] Group 5: Cultural Exchange and Community Building - Liaoning has fostered a talent pool in Naqu through educational initiatives and community engagement, enhancing local capabilities [7] - Cultural exchanges, including performances by Naqu's art troupe in Liaoning, have strengthened ties between the two regions [7] - The opening of the Anduo Tangula Exhibition Hall showcases the cultural and historical connections between Tibet and the mainland, promoting mutual understanding [8]