Core Viewpoint - Bai Fei Dairy Industry has decided to withdraw its application for the initial public offering (IPO) of its A-shares on the Shanghai Stock Exchange, considering its strategic development plan and after careful analysis with intermediary institutions [1][2][3] Company Overview - Bai Fei Dairy Industry, established in 2017, is a subsidiary of Guangxi Bai Fei Investment Co., Ltd. and is located in Ling Shan County, Guangxi, known as the "hometown of water buffalo milk in China" [1] - The company is engaged in the research, production, and sales of dairy products, including sterilized milk, modified milk, dairy beverages, fermented milk, and pasteurized milk, primarily using water buffalo and Holstein cow milk as raw materials [1] Financial Performance - The revenue projections for Bai Fei Dairy Industry from 2022 to 2024 are as follows: 2022 revenue of 781 million yuan, 2023 revenue of 1.075 billion yuan, and 2024 revenue of 1.423 billion yuan [1] - The net profit attributable to the parent company for the same period is projected to be 115 million yuan in 2022, 226 million yuan in 2023, and 300 million yuan in 2024 [1] IPO Process - On May 12, 2025, Bai Fei Dairy signed a listing guidance agreement with Guorong Securities and changed its listing guidance from the Beijing Stock Exchange to the Shanghai Stock Exchange [1] - The company submitted its application for public offering and listing on the Shanghai Stock Exchange on June 6, 2025, after passing the guidance acceptance by the Guangxi Regulatory Bureau [1] - The IPO plan included issuing no more than 55.17 million shares, aiming to raise a total of 497 million yuan for projects related to smart water buffalo farms and marketing network construction [2] Withdrawal of IPO Application - On January 19, 2026, Bai Fei Dairy's board of directors approved the proposal to withdraw the IPO application, with independent directors expressing their agreement [2] - Following the withdrawal announcement, Bai Fei Dairy's stock has been suspended from trading since June 9, 2025, and will remain suspended until further notice [3]

Group 1: Company Developments - Guyue Longshan stated that its coffee yellow wine product, "Fei Huang Teng Da," is suitable for young consumers and can be consumed in moderation without health concerns [1] - Luckin Coffee's new innovation production center in Qingdao aims to become the largest coffee roasting production base in China, with an expected annual output of 55,000 tons of roasted coffee beans and an annual output value of 3 billion yuan [3] - Baifei Dairy announced plans to establish "Guangxi Baifei Tianrui Dairy Buffalo Breeding Co., Ltd." to develop dairy buffalo breeding, following its recent IPO acceptance on the Shanghai Stock Exchange [4] Group 2: Industry Trends - Cafebreak announced its partnership with the "Su Super" Jiangsu City Football League to enhance brand promotion and fan engagement through various marketing activities [2] - Hu Shang A Yi revealed that the tea beverage market is expected to exceed 400 billion yuan by 2028, with fruit tea and milk tea being the most popular categories among consumers [5]

Core Viewpoint - Baifei Dairy, a representative enterprise in the water buffalo milk industry in Guangxi, has terminated its IPO application for the Beijing Stock Exchange and is now preparing to list on the Shanghai Stock Exchange main board [1][5]. Company Overview - Baifei Dairy, established in 2017, is located in Ling Shan, Guangxi, and is a subsidiary of Guangxi Baifei Investment Co., Ltd. The company engages in the research, production, and sales of dairy products, including sterilized milk, flavored milk, and fermented milk [2]. - The company reported total revenues of 714 million yuan, 781 million yuan, and 1.075 billion yuan for the years 2021, 2022, and 2023, respectively, with net profits of 131 million yuan, 115 million yuan, and 226 million yuan [2]. Recent Developments - In 2024, Baifei Dairy achieved a record revenue of 1.423 billion yuan, a year-on-year increase of 32.33%, and a net profit of approximately 300 million yuan, also up by 32.41% [4]. - The company has faced challenges in its IPO journey, having attempted to list on the New Third Board in 2018, then transitioning to the Shanghai Stock Exchange, and later to the Beijing Stock Exchange before returning to the Shanghai Stock Exchange [4][8]. IPO Challenges - Baifei Dairy's IPO journey has been tumultuous, with multiple attempts and failures attributed to not meeting specific quantitative indicators set by the Beijing Stock Exchange, particularly in R&D investment [8]. - The company’s R&D expenses from 2021 to 2023 were approximately 3.84 million yuan, 3.78 million yuan, and 5.89 million yuan, representing a small percentage of total revenue [8]. Industry Outlook - Analysts express optimism about the water buffalo milk industry, noting the increasing consumer demand for high-quality dairy products. However, they emphasize the need for companies to enhance production capacity and efficiency to avoid remaining niche products [14]. - The market for water buffalo milk is competitive, with several regional brands, but none have emerged as a national leader. Successful IPOs could provide momentum for broader market expansion [14].