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关联交易“去优留劣”?多家“空壳”经销商存疑,菊乐股份8年上市路终落定?
Zhong Guo Ji Jin Bao· 2025-10-11 15:50
在历经7年4次深交所IPO折戟之后,菊乐股份(874569.NQ)转战北交所。10月9日,菊乐股份发布公告 称,该公司拟公开发行股票并在北交所上市,公司股票将继续停牌。 "老成都记忆"是菊乐股份的一大标签,其核心产品"酸乐奶""嚼酸奶"风靡蜀地。然而,在上市的关键十 字路口,菊乐股份的"掌舵人"骤逝。9月8日晚间,菊乐股份公告表示,接公司实际控制人、董事长童恩 文家属的通知,童恩文于2025年9月6日下午去世,享年78岁。 对于身后事,童恩文已有安排。9月19日,公司公告称,菊乐股份已取得《公证书》、童恩文遗嘱及相 关资料,童恩文年仅28岁的女儿TONG ZHU(童竹)完成相关股份继承,合计拥有菊乐股份73.35%股 份,成为公司实际控制人。 此外,TONG ZHU(童竹)的配偶GAO ZHAOHUI(高朝晖)现为菊乐股份董事长、总经理及法定代 表人(代理)。招股书显示,GAO ZHAOHUI(高朝晖)于1972年7月出生,美国国籍,2011年5月进入 四川菊乐食品有限公司(菊乐股份前身)担任董事、总经理,但暂未持有上市公司股份。 不过,在买进卖出的关联交易中,菊乐股份是否存在"去优留劣"的蹊跷情况?公司多家 ...
关联交易“去优留劣”?多家“空壳”经销商存疑,菊乐股份8年上市路终落定?
中国基金报· 2025-10-11 15:47
【导读】关联交易"去优留劣"?多家"空壳"经销商存疑,菊乐股份8年上市路终落定? 见习记者 荧墨 在历经7年4次深交所IPO折戟之后,菊乐股份(874569.NQ)转战北交所。10月9日,菊乐 股份发布公告称,该公司拟公开发行股票并在北交所上市,公司股票将继续停牌。 "老成都记忆"是菊乐股份的一大标签,其核心产品"酸乐奶""嚼酸奶"风靡蜀地。然而,在上 市的关键十字路口,菊乐股份的"掌舵人"骤逝。9月8日晚间,菊乐股份公告表示,接公司实 际控制人、董事长童恩文家属的通知,童恩文于2025年9月6日下午去世,享年78岁。 对于身后事,童恩文已有安排。9月19日,公司公告称,菊乐股份已取得《公证书》、童恩文 遗嘱及相关资料,童恩文年仅28岁的女儿TONG ZHU(童竹)完成相关股份继承,合计拥有 菊乐股份73.35%股份,成为公司实际控制人。 此外,TONG ZHU(童竹)的配偶GAO ZHAOHUI(高朝晖)现为菊乐股份董事长、总经理 及法定代表人(代理)。招股书显示,GAO ZHAOHUI(高朝晖)于1972年7月出生,美国 国籍,2011年5月进入四川菊乐食品有限公司(菊乐股份前身)担任董事、总经理,但暂未 ...
534万年薪,美籍女婿执掌16亿乳企,女婿撑起商业江湖一片天?
3 6 Ke· 2025-09-11 07:25
Group 1 - The core point of the article discusses the succession of leadership in companies, particularly focusing on the case of Jule Co., where the founder's son-in-law took over as chairman after the founder's passing [2][4][10] - Jule Co. is currently in the process of its fifth attempt at an IPO, which has faced multiple challenges in the past due to market conditions and regulatory scrutiny [5][8] - The new chairman, Gao Zhaohui, has a background in IT and has been involved with the company for over a decade, raising questions about his ability to lead the company through the IPO process [4][10] Group 2 - The article highlights a trend in Chinese companies where sons-in-law are increasingly taking over leadership roles, with examples from other companies like Wangsu Technology and Huandong Technology [11][17] - The article notes that in A-share listed family businesses, only 3% have sons-in-law in significant positions, but this percentage is on the rise [25] - The article also references a study indicating that son-in-law successors tend to perform better than other types of successors, such as professional managers or biological sons [26][27]
上市冲刺阶段董事长离世 菊乐股份走到“十字路口”
Xin Jing Bao· 2025-09-10 07:07
Core Viewpoint - The passing of the founder and chairman of Sichuan Jule Food Co., Ltd. (Jule Co.) marks a critical juncture for the company as it approaches its fifth attempt at going public, raising concerns about leadership succession and market positioning [2][4]. Group 1: Leadership Transition - The actual controller and chairman, Tong Enwen, passed away on September 6, 2025, at the age of 78 [1]. - Gao Zhaohui, Tong's son-in-law, has been appointed to assume the chairman's responsibilities since July 2025 due to Tong's health issues [4][3]. - Tong Enwen had initiated leadership succession planning in 2011, ensuring a smooth transition of management [4][3]. Group 2: IPO Attempts and Challenges - Jule Co. has made five attempts to go public, with the latest application submitted to the Beijing Stock Exchange in 2025 [6]. - Previous attempts included four submissions to the Shenzhen Stock Exchange, with applications withdrawn in 2017 and 2019 [6]. - The company faced regulatory scrutiny due to financial irregularities, including a case of fund misappropriation amounting to approximately 95.78 million yuan [6][7]. Group 3: Financial Performance and Market Position - Jule Co.'s revenue for 2022, 2023, and 2024 was reported at 1.472 billion yuan, 1.562 billion yuan, and 1.641 billion yuan, respectively, with net profits of 172 million yuan, 196 million yuan, and 232 million yuan [8]. - The company holds approximately 0.82% market share in China's dairy beverage market, ranking eighth, and 0.97% in the yogurt market, ranking fourth [8]. - The company's revenue dependency on the Sichuan market has decreased from over 90% in 2019-2020 to about 76.03% in 2024, following the acquisition of Heilongjiang Huifeng Dairy [8]. Group 4: Regulatory and Market Expansion Concerns - The Beijing Stock Exchange has raised questions regarding Jule Co.'s market position and expansion capabilities, particularly in light of its reliance on the Sichuan market [9]. - The company's fermented milk business has seen a decline in revenue, dropping from approximately 354 million yuan in 2022 to about 301 million yuan in 2024 [9]. - Experts suggest that while Jule Co. has potential for profitability, its competitive strength remains concentrated in Sichuan, making expansion challenging [10].
上市冲刺阶段董事长离世,菊乐股份走到“十字路口”
Xin Jing Bao· 2025-09-10 07:03
Core Viewpoint - The passing of the founder and chairman of Jule Food Co., Ltd. marks a critical juncture for the company as it approaches its fifth attempt at going public, raising concerns about leadership succession and market positioning [2][5]. Group 1: Leadership Transition - The actual controller and chairman, Tong Enwen, passed away on September 6, 2025, at the age of 78 [1]. - Gao Zhaohui, Tong's son-in-law, has been appointed to assume the chairman's responsibilities since July 2025 due to Tong's health issues [4]. - Tong Enwen had initiated leadership succession planning in 2011, ensuring a smooth transition of management [4]. Group 2: Company History and Achievements - Tong Enwen had a significant career, holding various leadership roles since 1966, including the founding of the "Jule" brand in 1984 [3]. - The company has been recognized for its innovation, particularly in the development of the steviol glycoside extraction process [3]. Group 3: IPO Attempts and Challenges - Jule Food has made five attempts to go public, with the latest application submitted to the Beijing Stock Exchange shortly before Tong's passing [5]. - Previous attempts at listing on the Shenzhen Stock Exchange faced multiple setbacks, including the withdrawal of applications and regulatory issues [5][6]. - The company has faced scrutiny from the China Securities Regulatory Commission due to financial irregularities, which have since been addressed [6]. Group 4: Financial Performance and Market Position - Jule Food's revenue for 2022, 2023, and 2024 was reported at 1.472 billion, 1.562 billion, and 1.641 billion respectively, with net profits of 172 million, 196 million, and 232 million [7]. - The company holds approximately 0.82% market share in China's dairy beverage market, ranking eighth, and 0.97% in the blended yogurt market, ranking fourth [7]. - The company has reduced its reliance on the Sichuan market, with revenue from this region dropping to about 76.03% in 2024 [7][8]. Group 5: Regulatory and Market Expansion Concerns - The Beijing Stock Exchange has raised questions regarding Jule Food's market position and expansion capabilities, particularly in light of its reliance on the Sichuan market [8]. - The company has faced declining revenue in its fermented dairy segment, attributed to increased competition and limited consumer demand [8]. - Experts suggest that while Jule Food has potential for profitability, its competitive strength remains concentrated in Sichuan, making broader market penetration challenging [9].
冲锋IPO!北交所受理菊乐股份上市申请 初心不改只为微光成炬
Quan Jing Wang· 2025-08-13 05:51
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]
菊乐股份“换帅”:78岁实控人因身体原因暂无法履职 女婿代行董事长职责
Sou Hu Cai Jing· 2025-08-09 10:23
Core Viewpoint - The leadership transition at Sichuan Jule Food Co., Ltd. is marked by the appointment of Gao Zhaohui as acting chairman due to the health issues of the current chairman, Tong Enwen, who has been instrumental in the company's growth and development over the years [2][3][6]. Group 1: Leadership Transition - Tong Enwen, the actual controller and chairman of Jule, is temporarily unable to perform his duties due to health reasons [2][3]. - Gao Zhaohui, who has been with the company since 2011 and is related to Tong, has been appointed to fulfill the chairman's responsibilities during this period [2][3]. - The company assures that daily operations are normal and will disclose any further developments as required [2][3]. Group 2: Company Background - Jule was founded in 1984 under Tong Enwen's leadership and has evolved from a pharmaceutical company to a well-known dairy enterprise in Sichuan [6]. - The company gained a foothold in the dairy market with its product "Suanle Milk" in 1996, and as of 2024, it holds 0.82% market share in China's milk beverage market, ranking eighth [6]. - Tong Enwen holds a significant stake in the company, with a total ownership of 42.87%, including 26.51% directly [6]. Group 3: IPO Attempts - Jule has made several attempts to go public, with four unsuccessful IPO attempts since 2017 due to various regulatory and operational challenges [7]. - The company is currently pursuing its fifth IPO attempt, shifting its focus from the Shenzhen Stock Exchange to the Beijing Stock Exchange [7]. Group 4: Financial Performance and Market Dependency - Jule's revenue has shown a steady increase from 1.472 billion yuan in 2022 to 1.641 billion yuan in 2024, with net profits rising from 172 million yuan to 232 million yuan during the same period [8]. - The company heavily relies on the Sichuan market, with revenue contributions from the region being 76.55%, 77.59%, and 76.03% over the last three years [8]. - To mitigate this regional dependency, Jule has made acquisitions to expand its national presence, although competition remains strong within the local market [8].
北交所行业主题报告:北交所乳业:活牛价格反弹先行,原奶周期拐点在即,产业链公司或迎改善
KAIYUAN SECURITIES· 2025-07-23 13:58
Investment Rating - The report gives an investment rating of "Overweight" for the dairy industry, indicating an expectation for the industry to outperform the overall market [65]. Core Insights - The dairy industry is experiencing a cyclical downturn in fresh milk prices, with a potential turning point expected in 2025. The price of fresh milk reached a low of 3.04 yuan/kg in July 2025, following a peak of 4.38 yuan/kg in August 2021. This cycle typically spans approximately eight years [21][30]. - The overall production of dairy products in China has increased from 26.518 million tons in 2014 to 29.618 million tons in 2024, with a compound annual growth rate of 1.11% [32][33]. - The report highlights a trend of consolidation in the dairy supply chain, with larger farms increasingly dominating the market. The number of farms with over 1,000 head of cattle has risen to 12% by 2022 [26][30]. Summary by Sections Dairy Industry Overview - The dairy industry has a long supply chain, including feed, dairy farming, processing, and retail. Major dairy companies are concentrated in regions such as Northwest, North China, and East China, particularly in Inner Mongolia and Zhejiang [3][11][17]. Fresh Milk Price Cycle - The fresh milk price cycle has shown a pattern of peaks and troughs approximately every eight years. The last peak was in February 2014 at 4.27 yuan/kg, followed by a decline that stabilized around 3.4 yuan/kg until 2015. The current cycle began in 2018, peaking in 2021 and declining to 3.04 yuan/kg by July 2025 [21][28][30]. Companies in the Dairy Sector - The report identifies 17 dairy-related companies listed on the New Third Board and the Beijing Stock Exchange. Notable companies include Knight Dairy, Jule Dairy, and Southern Dairy, with Knight Dairy being a listed entity and others in the process of listing [4][35]. - Knight Dairy has shown a steady revenue growth trend, with a revenue of 3.70 billion yuan in Q1 2025, marking a year-on-year increase of 55.88%. However, its net profit has declined by 38.70% [4][39]. - Jule Dairy, known for its "Suanle Milk" product, reported a revenue of 1.641 billion yuan in 2024, a 5.06% increase year-on-year, with a net profit of 232 million yuan, up 18.35% [5][52]. - Southern Dairy, recognized as a key enterprise in Guizhou, achieved a revenue of 1.817 billion yuan in 2024, reflecting a 0.65% growth, with a net profit of 209 million yuan, up 4.36% [6][59].
又一家区域乳企北上IPO,年近八旬董事长的终极一搏?
Sou Hu Cai Jing· 2025-07-01 02:13
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].
五次叩关 IPO 终获突破 菊乐股份北交所上市辅导通过验收
Xin Lang Zheng Quan· 2025-06-27 12:59
Core Viewpoint - Sichuan Jule Food Co., Ltd. has successfully passed the IPO guidance acceptance for the Beijing Stock Exchange, marking a significant step in its fifth attempt to enter the capital market since 2017 [1] Group 1: Company Background and Market Position - Jule Food, established in 1966, entered the dairy sector in 1996 and has become well-known for its "Suanle Milk" product, achieving a market share of 54.6% in Chengdu and 20.7% in Sichuan, ranking fifth nationally in 2022 according to Nielsen [2] - The company is primarily owned by Jule Group, which holds 45.87% of the shares, with Chairman Tong Enwen as the actual controller [2] - From 2020 to 2024, the company's revenue grew from 994 million to 1.641 billion, and net profit increased from 130 million to 232 million, indicating a continuous growth trend [2] Group 2: Challenges and IPO History - Jule Food has faced significant challenges in its IPO journey, with four failed attempts since 2017 due to various issues, including incomplete materials and regulatory warnings [3] - After realizing the increased scrutiny on the main board, the company shifted its focus to the Beijing Stock Exchange and successfully completed the guidance process in a record time of nine months [3] Group 3: R&D and Innovation - The company has historically had low R&D investment, with expenses of 6.3 million, 4.741 million, and 5.149 million from 2022 to 2024, representing only 0.42%, 0.30%, and 0.31% of revenue, respectively [4] - To meet the Beijing Stock Exchange's requirement for intellectual property, Jule Food has applied for 10 patents since September 2024, with 6 granted, which will be crucial for its IPO process [4] Group 4: Future Prospects and Market Strategy - Regional dairy companies like Jule Food face dual challenges of expanding beyond local markets and avoiding the "post-IPO peak" performance trap [5] - The effectiveness of the funds raised and the implementation of a national expansion strategy will be critical in determining the company's ability to overcome industry challenges if it successfully lists on the Beijing Stock Exchange [5]