A-share IPO | Jule Co., Ltd. (920309.BJ) opens for subscription, ranking fourth in China's formulated sour milk beverage market

On November 4, Jule Co., Ltd. (920309.BJ) opened for subscription, with an issue price of RMB31.92 per share, a subscription cap of 499,700 shares, and an issue price-to-earnings ratio of 11.99 times. It is listed on the Beijing Stock Exchange, with China Securities Co., Ltd. as its sponsor. According to the prospectus, the company's main business is the research and development, production, and sales of milk-containing beverages and dairy products. The company's main products include milk-containing beverages, fermented milk, pasteurized milk, and sterilized milk, which can meet the consumption needs of different groups and different scenarios for milk-containing beverages and dairy products. Adhering to the product philosophy of "quality first," the company is committed to becoming a distinctive dairy production enterprise spanning the entire industry chain, integrating dairy cattle farming, dairy research and development, production, and sales, through exploring a well-developed industry chain system, a differentiated product matrix, and diversified sales channels, providing consumers with healthy, safe, nutritious, and delicious high-quality dairy products. The company has been deeply engaged in the field of milk-containing beverage and dairy product production for more than 20 years. With "insisting on using raw milk" as its product production principle, the company adopts a "differentiated blockbuster single product" product competition strategy, actively develops and cultivates innovative products, and continuously deepens brand building. The "Suanle Nai" milk-containing beverage product launched in 1996 has been well received by consumers and occupies a leading position in its core market; fermented milk products such as "Jiao Suan Nai" and "Da Suan Nai Luo" have gained market recognition for their rich taste and healthy product concepts, respectively; "Da Niu Nai Luo" and organic-series pasteurized milk products, relying on high-quality milk sources, bring consumers a healthy and fresh dairy consumption experience; sterilized milk products, as traditional daily high-frequency consumer dairy products, have secured a place in the market with their stable quality. According to data from Frost & Sullivan and LeadLeo Research Institute, in 2024, the company's share of China's milk-containing beverage market was 0.82%, ranking eighth; the company's share of China's formulated sour milk beverage market was 0.97%, ranking fourth. The company attaches great importance to the quality of fresh milk raw materials. Through cooperation with large-scale pastures in the Northwest region, it ensures the quality and stability of fresh milk supply, and extends exploration into the upstream farming industry to gradually increase the self-sufficiency rate of fresh milk and control food safety from the source; it continues to carry out diversified horizontal construction of sales channels, actively opening up e-commerce and new retail channels on the basis of maintaining in-depth cooperation with existing channels to further enhance brand awareness; it formulates vertical sales channel promotion strategies based on product characteristics, taps the core growth drivers of products, and lays a foundation for the company's future profit growth around "channel sinking" and "regional breakthroughs." In 2020, through the acquisition of Huifeng Dairy, the company strengthened its expansion in the national market. The company's brand awareness and customer loyalty have continued to improve. The "Jule" trademark (Registration No.: 1591232) has been recognized as a "China Well-Known Trademark" by the State Administration for Industry and Commerce; for many consecutive years, it has been awarded the title of "National Key Leading Enterprise in Agricultural Industrialization" by eight ministries and commissions including the Ministry of Agriculture and Rural Affairs, the National Development and Reform Commission, the Ministry of Finance, and the China Securities Regulatory Commission, and has received honors such as "China Brand Food Ingredient Enterprise," "Excellent Quality Management Enterprise," "China Student Milk Production Enterprise," "Key Leading Enterprise in Agricultural Industrialization of Sichuan Province," "Model Enterprise of the Chinese Dairy Spirit," and "Most Influential Brand Enterprise." The company has been recognized as a "Sichuan Provincial Enterprise Technology Center"; its subsidiary Huifeng Dairy has received titles such as "Provincial Key Leading Enterprise in Agricultural Industrialization" and "Provincial Digital Demonstration Benchmark Enterprise for Small and Medium-Sized Enterprises." After years of accumulation, multiple products of the company have been included in the "Recommended Catalog of Local Famous and Excellent Products" of Sichuan Province and Chengdu City, and have won the title of Sichuan Famous Brand Products; the Jiao Suan Nai series products of Huifeng Dairy were selected into the list of typical achievements of the national food industry "Three Products" special action (Heilongjiang Province). In terms of financials, for the 2023, 2024, and 2025 fiscal years and January-June 2026, the company achieved operating revenue of approximately RMB1.562 billion, RMB1.641 billion, RMB1.694 billion, and RMB933 million, respectively; during the same periods, net profit was approximately RMB189 million, RMB233 million, RMB292 million, and RMB181 million, respectively.