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 - The company Jule Co., Ltd. has faced significant challenges in its attempts to go public, including a recent suspension of its IPO application due to expired financial reports, marking its fifth unsuccessful attempt in seven years [1][5]. Group 1: IPO Attempts and Developments - Jule Co., Ltd. has submitted its IPO application multiple times since 2017, with four previous attempts at the Shenzhen Stock Exchange before shifting focus to the Beijing Stock Exchange in June 2023 [1][4]. - The Beijing Stock Exchange raised inquiries regarding Jule Co., Ltd.'s application in July 2023, but the company has not yet responded or disclosed any information [1]. - The company’s IPO application was recently suspended due to the expiration of its financial reports [1]. Group 2: Leadership Changes - Following the death of the founder and former actual controller Tong Enwen on September 6, 2023, his shares were inherited by his daughter Tong Zhu, who now holds 26.51% of the company's total shares [3]. - On October 13, 2023, the company announced the election of Gao Zhaohui as the new chairman and legal representative, who has been viewed as the successor to Tong Enwen [3]. - Gao Zhaohui, who has held various positions in well-known companies, has been with Jule Co., Ltd. since 2011 and is currently the highest-paid executive with an annual salary of 5.3419 million yuan for 2024 [3]. Group 3: Company Background - Jule Co., Ltd. was founded in Chengdu and is known for its product "Suanle Milk," which has been a nostalgic brand for many in Sichuan [4]. - The founder, Tong Enwen, had a long-standing ambition to take the company public, which has now become a significant challenge following the recent leadership changes and IPO setbacks [5].

Core Viewpoint - The company Jule Co., Ltd. has faced significant challenges in its IPO journey, including the recent suspension of its application due to expired financial reports and the death of its founder, Tong Enwen, marking its fifth failed attempt to go public [1][3]. Company Developments - Jule Co., Ltd. has appointed Gao Zhaohui as the new chairman following the death of Tong Enwen, who was also the founder and had a strong desire to take the company public [2][3]. - Gao Zhaohui, who has extensive experience in various well-known companies, is seen as a potential successor capable of continuing the company's IPO efforts [2][3]. Financial Performance - Jule Co., Ltd. has shown revenue growth from 2020 to 2024, with revenues of 9.94 billion, 14.21 billion, 14.72 billion, 15.62 billion, and 16.41 billion respectively, and net profits of 1.3 billion, 1.58 billion, 1.72 billion, 1.96 billion, and 2.32 billion [4]. - The company's R&D expenditures from 2022 to 2024 were approximately 630 million, 474.1 million, and 514.9 million, representing a low percentage of revenue at 0.43%, 0.3%, and 0.31% respectively, which is below industry averages [4]. Innovation and Compliance Issues - The North Exchange has raised concerns regarding Jule Co., Ltd.'s innovation capabilities, particularly questioning the company's independent R&D capacity and the relevance of its patents to its main business [5][8]. - The company has been criticized for its low R&D investment and lack of innovative products, which are essential for meeting the North Exchange's requirements for listing [8]. IPO Challenges - Jule Co., Ltd. plans to raise 5.52 billion through its IPO, but this amount has decreased by 8.11 billion from previous applications, raising questions about the necessity and rationale of the fundraising projects [8]. - The company’s production capacity utilization rates from 2022 to 2024 were 85.29%, 78.44%, and 84.49%, indicating that the company has not fully optimized its production capabilities [8].

Core Viewpoint - Jule Co., Ltd. has suspended its IPO application on the Beijing Stock Exchange due to the expiration of its financial report, marking the fifth failed attempt to go public, compounded by the recent death of its founder, Tong Enwen [2][4]. Group 1: Company Leadership Changes - Following the death of Tong Enwen, Gao Zhaohui has been elected as the new chairman and legal representative of Jule Co., Ltd., also taking on key roles in various board committees [3]. - Gao Zhaohui, who is Tong Enwen's son-in-law, has extensive experience in notable companies and has been viewed as a successor capable of continuing the company's strategic vision [3][4]. Group 2: Financial Performance - Jule Co., Ltd. has shown consistent revenue growth from 2020 to 2024, with revenues increasing from 994 million to 1.641 billion yuan, and net profits rising from 130 million to 232 million yuan during the same period [5]. - Despite the growth in revenue, the company's R&D expenditure has been low, with amounts of approximately 6.3 million, 4.741 million, and 5.149 million yuan from 2022 to 2024, representing only 0.43%, 0.30%, and 0.31% of revenue, respectively [5]. Group 3: Innovation and R&D Challenges - The Beijing Stock Exchange has raised concerns regarding Jule Co., Ltd.'s innovation capabilities, questioning the company's independent R&D capacity and the relevance of its patents to its core business [6]. - The company has been criticized for its low R&D investment compared to industry standards, which may hinder its ability to meet the exchange's requirements for innovation [8]. Group 4: IPO Application and Market Conditions - Jule Co., Ltd. plans to raise 552 million yuan through its IPO, but this amount has decreased by 811 million yuan from its last application, raising questions about the necessity and rationale of the fundraising projects [8]. - The company aims to invest 278 million yuan in the expansion of its production base, which is projected to generate annual revenues of 935 million yuan upon completion, with an internal rate of return of 24.77% [8].

Core Viewpoint - The company Jule Co., Ltd. has faced significant challenges in its IPO journey, including the recent suspension of its application due to expired financial reports and the death of its founder, Tong Enwen, marking the fifth failed attempt to go public [1][3]. Group 1: Company Developments - Jule Co., Ltd. has announced the election of Gao Zhaohui as the new chairman following the death of Tong Enwen, who was also the founder [2]. - Gao Zhaohui, who is Tong Enwen's son-in-law, has extensive experience in various well-known companies and has been with Jule Co. since 2011 [2]. - The company has established four specialized committees within its board, with Gao Zhaohui holding key positions in three of them [2]. Group 2: Financial Performance - Jule Co., Ltd. has shown revenue growth from 9.94 billion in 2020 to 16.41 billion in 2024, with net profits increasing from 1.3 billion to 2.32 billion during the same period [4]. - The company's R&D expenses have been relatively low, with figures of approximately 630 million, 474.1 million, and 514.9 million from 2022 to 2024, representing only 0.43%, 0.30%, and 0.31% of revenue respectively [4]. Group 3: IPO Challenges - The North Exchange has raised concerns regarding Jule Co.'s compliance with innovation and financial metrics necessary for listing, particularly questioning the company's R&D capabilities and the relevance of its patents [5][6]. - The company plans to raise 5.52 billion through its IPO, but this amount has decreased by 8.11 billion from previous applications, raising doubts about the necessity and rationale of the fundraising projects [8]. - The proposed investment of 2.78 billion for the expansion of the Chengdu dairy production base is expected to generate annual revenue of 9.35 billion, with an internal rate of return of 24.77% [8].

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 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]

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].

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].