On january 19, 2026, china's leading dairy complexJun loboThe dairy group inc. (known as jun lobo) formally submitted an application to the hong kong joint exchange for listing on the main board. Jun lobo has been working in the dairy industry for 30 years and has successfully seized the opportunities of market growth and is at the forefront of the industry, thanks to his excellent integrated business capability and diversified branding. According to a report by frost & sullivan, a world-renowned industry advisory body, guinevere was ranked third in china's total dairy industry in 2024, reflecting its robust position and comprehensive competitiveness in the industry。
Financial performance: steady growth in income and continued improvement in profitability
From the financial information disclosed in the book of admissions, jun lobo achieved a high-quality development of both size and speed. The group's total income increased from rmb 17. 5 billion in 2023 to rmb 19. 8 billion in 2024 and to rmb 15. 1 billion in january-september 2025, maintaining a steady income growth pattern。
Of even greater concern is the significant increase in their profitability. Integrated operations through industry-wide chainsLow temperature liquid milkThe increase in product share and digitization have driven improvements in operational efficiency, which have resulted in sustained improvements in the profitability of companies. The adjusted net profits increased from rmb 600 million in 2023 to rmb 1. 16 billion in 2024 and rmb 940 million in january-september 2025. The adjusted net profit margin increased from 3. 4 per cent in 2023 to 5. 9 per cent in 2024 and further increased to 6. 2 per cent in the first nine months of 2025, reflecting excellent business quality and profitability。
The national market is all over the place. Channel penetration has great potential
Currently, jun lobo's distribution network covers 31 provincial districts of the country, permeating some 2,200 districts, covering approximately 77 per cent of the total district area of the country and achieving rapid growth in the medium-sized high-consumption markets of china, south china and china. To further exploit market space, jun lobo has strengthened the layout of important markets in the north-west and south-west through the acquisition of regional brands such as “since bridge”. In addition, products such as “enjoy living” have successfully entered the markets of hong kong, china, macao, china, and will in the future use hong kong, australia as a bridgehead, gradually radiationing international markets such as south-east asia, thus laying a solid foundation for an internationalization strategy。
Jun lobo has established a nationwide marketing network that has succeeded in achieving cross-regional, multi-channel market penetration, maintaining long-term and stable cooperation with over 5,500 distributors. On the basis of this network, together with direct supply cooperation with national and regional chains, convenience stores, front-line electrical platforms, mother-and-child stores, chain-to-be shops and large enterprise clients, jun lok po's products cover about 400,000 low-temperature milk retail terminals and 70,000 formula powder retail terminals nationwide。
Focused low temperature milk track, model for growth
Thanks to improved consumer health awareness and technological innovations, and improved cold chain logistics infrastructure, low-temperature liquid milk (including fresh milk and low-temperature yogurt) has become the fastest growing segment of china's dairy market. Jun lobo has long maintained and successfully managed this trend, leading growth on the low-temperature track and becoming the core engine of group performance growth。
In the milk market, jun lobo, who was listed in 2019, has upgraded his technological innovation and product design with a strong peak in china's top milk market in 2024, with a high market share of 24. 0 per cent. Thanks to the excellence of the brand, jun lok po milk continues to grow at an industry-led rate。
In the low-temperature yogurt market, jun lobo's “simplified ol” brand has succeeded in creating and making large-scale sugar cane milk. The idea of a “simplified sugar” brand, which takes it out of intense market competition, not only became china’s first brand of low-temperature yogurt, but also contributed to the rapid growth of the entire group of low-temperature yogurt。
It's the foundation of the whole industry
The core competitiveness of jun lobo is rooted in an integrated business model covering pastoralism, r & d and product innovation, production and distribution channels. As of 30 september 2025, jun lobo had 33 modern pastures and 20 dairy production plants, with a stock of 192,000 pasture cows, the third largest farm in the country. In 2024, group milk was given at a rate of 66 per cent and ranked first among china's large, integrated dairy enterprises. Based on control of high-quality milk sources, jun lobo essentially guarantees the safety and reliability of products and constructs a moat of quality that is difficult to replicate。
R & d innovation is another driver of jun lobo development. On the basis of the core concept of “scientific nutrition”, jun lobo has established an industry-led research and development platform of the scientific nutrition institute, which works in depth with leading national and international scientific institutions and universities. Research and development covers the frontier areas of basic research and product innovation, analysis of breast milk composition, development of home-grown fungi, validation of clinical medical functions, product formulation and optimization of production processes. Jun lok po's baby formula powders and fermented fermented stylists have been assessed by the chinese society of food science and technology as the international leader. Deep research and development has built up the systematization capacity of jun lok po to sustain the success of the development of a single star such as “simplified ol” and “happy living”. At the same time, since its listing in 2014, the milk powder jun lobo has continued to meet the nutritional needs of chinese babies with safe and high-quality products. For the fifth consecutive year, 2020-2024, the country's top three infant and child formula producers。
Accurately seize industry opportunities and open new entry points for high-quality development
The chinese dairy market has great potential. In 2024, china's dairy market reached 653. 5 billion yuan, but the annual consumption of dairy products per capita was only 40. 5 kg, less than one third of the global average, which bodes well for long-term growth. Among them, the penetration of low-temperature liquid milk is expected to increase from 25. 3 per cent in 2024 to 31. 8 per cent in 2029, the main route of structural growth。
Through this trip to the hong kong market, jun lok po will focus on upgrading factories, expanding channels, developing innovations and developing digital intelligence. A number of initiatives will strengthen the development base of guang lokbao and its long-term viability, thereby continuing to provide consumers with dairy products that meet the criteria of “safety, quality, nutrition and health” and further strengthening their competitive advantage in the industry。
