On November 4, Jule Co., Ltd. (920309.BJ) opened its subscription, with an issue price of 31.92 yuan 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 CITIC Securities serving as its sponsor institution.
According to the prospectus, the company's main business is the research and development, production, and sales of milk-containing beverages and dairy products. Its major products include milk-containing beverages, fermented milk, pasteurized milk, and sterilized milk, which can meet the consumption needs of different groups and scenarios for milk-containing beverages and dairy products. Adhering to the product philosophy of "quality first," the company is committed to becoming a specialty dairy enterprise integrating dairy cattle farming, dairy research and development, production, and sales, providing consumers with healthy, safe, nutritious, and delicious high-quality dairy products through exploring a well-developed industrial chain system, differentiated product matrix, and diversified sales channels.
The company has been deeply engaged in the field of milk-containing beverages and dairy product production for more than 20 years, adhering to the product production principle of "insisting on using raw cow milk," adopting a "differentiated blockbuster single product" competitive strategy, actively developing and cultivating innovative products, and continuously deepening brand building. Since its launch in 1996, the "Suanle Nai" milk-containing beverage product has been deeply loved by consumers and has occupied a leading position in the core market. Fermented milk products such as "Chew Yogurt" and "Da Suan Nai Luo" have gained market recognition for their rich taste and healthy product concepts. "Da Niu Nai Luo" and organic pasteurized milk products rely on high-quality milk sources to bring consumers healthy and fresh dairy consumption experiences. Sterilized milk products, as traditional daily high-frequency consumer dairy products, maintain a place in the market with their stable quality. According to Frost & Sullivan and Head Leopard Research Institute data, in 2024, the company's share in China's milk-containing beverage market was 0.82%, ranking eighth. Its share in China's formulated yogurt 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 upward into the upstream breeding industry to explore, gradually increasing the self-sufficiency rate of fresh milk and controlling food safety from the source. It continuously carries out diversified horizontal construction of sales channels. On the basis of maintaining deep cooperation with existing channels, it actively explores e-commerce and new retail channels to further enhance brand awareness. It formulates vertical promotion strategies for sales channels according to product characteristics, taps core product growth drivers, and lays a foundation for future profit growth around "channel sinking" and "regional breakthroughs." In 2020, through the acquisition of Huifeng Dairy, it strengthened its expansion in the national market.
The company's brand awareness and customer loyalty have continued to improve. The "Jule" trademark (registration certificate number: 1591232) was recognized as a "China Well-Known Trademark" by the State Administration for Industry and Commerce. 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 for many consecutive years. It has also received honors such as "China Brand Food Ingredient Enterprise," "Excellent Quality Management Enterprise," "China Student Milk Production Enterprise," "Sichuan Provincial Key Leading Enterprise in Agricultural Industrialization," "China Dairy Spirit Model Enterprise," and "Most Influential Brand Enterprise." The company has been recognized as a "Sichuan Provincial Enterprise Technology Center." Its subsidiary Huifeng Dairy has won 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, many of the company's products have been included in the "Recommended Catalogue of Local Famous and Excellent Products" of Sichuan Province and Chengdu City, and have won the title of Sichuan Famous Brand Products. Huifeng Dairy's Chew Yogurt series products 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 years 2023, 2024, 2025, and January to June 2026, the company achieved operating revenue of approximately 1.562 billion yuan, 1.641 billion yuan, 1.694 billion yuan, and 933 million yuan, respectively. During the same periods, net profit was approximately 189 million yuan, 233 million yuan, 292 million yuan, and 181 million yuan, respectively.
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