A cow's IPO "terminated". The company's products include various types of pure milk, yogurt, milk powder, cheese, and other dairy products, as well as raw cow's milk.

On February 6th, the IPO review status of One Cow Holding Group Co., Ltd. (referred to as "One Cow") on the Shanghai Stock Exchange was changed to "terminated" due to the company and its underwriters withdrawing the application for listing and issuance. According to the prospectus, One Cow is mainly engaged in the research, development, production, and sale of dairy products under the "Adopt a Cow" brand. The products include various types of milk, yogurt, powdered milk, cheese, and fresh milk. The company has established its own high-quality milk source as the starting point and foundation of its business, gradually expanding and deepening its operation through self-branding and self-owned production bases, forming an integrated operation system of dairy products combining online and offline sales. Balanced nutrition is one of the effective methods to improve the national resistance, and dairy products are recognized as healthy and nutritious food. With the transformation and upgrading of the dairy industry and the continuous improvement of residents' quality of life, China's dairy product consumption market has begun to take shape. According to statistics from the China Dairy Industry Association, in 2021, China's dairy product processing enterprises above a certain scale achieved a total operating income of 468.74 billion yuan, an increase of 11.7% compared to the previous year. At the same time, the "National Dairy Industry Development Plan (2016-2020)" also pointed out that China's per capita consumption of dairy products is one-third of the world average and half of the average in developing countries, indicating great potential for improvement. With the entry of socio-economic development into the post-pandemic era, domestic consumers' understanding of the nutritional value of dairy products and their daily consumption habits have further strengthened. For example, the Chinese Nutrition Society released the "Chinese Residents' Dietary Guidelines (2022)" in April 2022, specifically recommending an increase in the daily intake of milk and dairy products from 300 grams to 300-500 grams per person. This indicates that China's dairy product consumption market will have a broader market scale and development space. One Cow starts with its own high-quality milk source as the foundation of its business and controls the quality through self-branding and self-owned production bases, thereby forming a mature business model of integrated online and offline sales and full-industry chain operation. As of the end of June 2022, the company has established 7 modern self-owned and joint-venture dairy farms and 1 intelligent dairy product factory in Hebei, Heilongjiang, Shandong, and other regions. The total number of dairy cows is over 60,000, effectively ensuring a stable supply of high-quality milk source. The company has gradually formed a production model with self-production as the main part and external processing as a supplement, and has been awarded as an "excellent dairy processing enterprise". In terms of finance, One Cow's operating income in 2019, 2020, 2021, and January-June 2022 were approximately 865 million yuan, 1.65 billion yuan, 2.566 billion yuan, and 1.597 billion yuan, respectively. During the same period, the net profits were approximately 105 million yuan, 147 million yuan, 140 million yuan, and 94.195 million yuan, respectively. It should be noted that in the prospectus, One Cow reminds investors to pay attention to the risk of intensified competition in the dairy product industry. In recent years, traditional dairy product companies have gradually begun to strengthen the construction and layout of online sales channels with the promotion and popularization of online sales models. Although the company has a first-mover advantage in the dairy product e-commerce field and the "Adopt a Cow" brand has high awareness and user stickiness, it continuously strengthens its differentiated competitive advantages in terms of brand culture, sales operation, and customer service. However, if the future industry demand growth slows down, the number of market participants continues to increase, leading to further intensified competition in the industry, and the company fails to take effective measures in a timely manner to cope with the competition, it may face the risk of declining market share, slowing growth, and declining business performance. On the other hand, dairy products are fast-moving consumer goods, and factors such as product diversification and brand rejuvenation are favored and focused on by more consumers. With the intensification of future market competition, if the company fails to develop products that meet customer consumption needs in a timely manner, it will have a negative impact on the company's product sales and market development.