9月29日，贵州南方乳业股份有限公司（下称"南方乳业"）披露北交所第一轮审核问询函回复，就奶源供应链、区域市场依赖、子公司亏损、募资 合理性等核心问题作出回应。 北交所上市申请审核动态显示，其IPO申请于6月24日获北交所受理；7月17日收到首轮问询函。 | 代码 | 874142 | 简称 | 南方乳业 | | --- | --- | --- | --- | | 公司全称 | 贵州南方乳业股份有限公司 | 受理日期 | 2025-06-24 | | 审核状态 | 中止 | 更新日期 | 2025-09-29 | | 保荐机构 | 中信证券股份有限公司 | 保荐代表人 | 申豪,魏宏敏 | | 会计师事务所 | 北京国富会计师事务所 (特殊普通合伙) | 签字会计师 | 刘功,刘宇 | | 律师事务所 | 北京德恒律师事务所 | 签字律师 | 王亚丽,赵雅楠 | | 评估机构 | 湖北众联资产评估有限公司 | 签字评估师 | 胡传清,赵丽君 | 贵州省内主营业务收入占比超九成 作为集养殖、生产、销售于一体的乳制品企业，招股书显示，南方乳业向自有牧场、控股子公司牧场、第三方大型牧场以及专业合作社等采购生 鲜乳。 ...

Core Viewpoint - Guizhou Southern Dairy Co., Ltd. is planning to publicly issue stocks and list on the Beijing Stock Exchange, having passed the guidance acceptance by the China Securities Regulatory Commission [1] Company Overview - Southern Dairy primarily engages in the manufacturing and sales of dairy products and milk-containing beverages, with major products including various low-temperature dairy products, room-temperature dairy products, milk-containing beverages, and fresh milk [4] - The company owns brands such as "Shan Hua," "Hua Du Pasture," and "Gui Cao" [4] Industry Context - Domestic milk production in China has been on the rise, reaching a peak in 2023, but is expected to see a slight decline in 2024 due to an imbalance in supply and demand in the fresh milk market [4] - The industry is projected to achieve supply-demand balance by 2025 [4] Financial Performance - In the reporting period from 2022 to 2024, the company reported revenues of 1.575 billion, 1.805 billion, and 1.817 billion yuan, with net profits of 173 million, 200 million, and 209 million yuan respectively [5] - The company's revenue growth has significantly slowed down, with a year-on-year revenue increase of only 0.65% in the latest reporting period [5] - The gross profit margin improved from 24.44% to 28.15% year-on-year [5] Challenges and Risks - The company faced a significant decrease in investment income, reporting a loss of 7.5949 million yuan, down 83.84% year-on-year, primarily due to losses from associated companies [6] - The company also experienced a substantial increase in losses from asset disposals, amounting to 45.2614 million yuan, a 363.33% increase year-on-year [6] - Southern Dairy's revenue is highly concentrated in Guizhou province, with over 90% of its main business income coming from this region, which poses risks if market conditions change [6] Management Changes - The company has seen two chairmen resign within a year, with the latest chairman resigning due to organizational changes [6] Product Quality Concerns - Southern Dairy has faced issues with product quality, including instances of non-compliance in safety inspections, which could damage its brand image [7][9] - Complaints from consumers regarding product quality have been reported, indicating potential issues in quality control [11]