HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Junlebao Dairy Group / Equity Capital Markets

<ul>
<li>Junlebao deliberately avoided the red sea market dominated by peers. This category-based offensive approach enabled Junlebao to achieve victories in segmented markets. However, the biggest risks lie in cost end. </li>
<li>The core contradiction in valuation is how much premium the market would pay for its "high-growth potential" and " leadership in specific segments" to offset the discount caused by risks.</li>
<li>If Yili and Mengniu launch more aggressive price or resource competition in low-temperature market segment, it will directly squeeze Junlebao's profit margin. Valuation of Junlebao could be lower than peers.  </li>
</ul>


Junlebao deliberately avoided the red sea market dominated by peers. This category-based offensive approach enabled Junlebao to achieve victories in segmented markets. However, the biggest risks lie in cost end. 
The core contradiction in valuation is how much premium the market would pay for its "high-growth potential" and " leadership in specific segments" to offset the discount caused by risks.
If Yili and Mengniu launch more aggressive price or resource competition in low-temperature market segment, it will directly squeeze Junlebao's profit margin. Valuation of Junlebao could be lower than peers.  


Pre-IPO Junlebao Dairy Group - The Strength and the Concerns

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/junlebao-dairy-group-co-ltd" target="_blank" data-smartkarma-citation="entities:46329:1" rel="noopener">Junlebao Dairy Group (JNLBDCZ CH)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and Huatai.</li>
<li>Junlebao Dairy Group (JDG) is a dairy company in China with over 30 years of development, operating across diversified dairy product categories supported by a fully integrated value chain.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), JDG is  ranked third among integrated dairy companies by retail value in 2024, with a market share of 4.3%.</li>
</ul>



Junlebao Dairy Group (JNLBDCZ CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and Huatai.
Junlebao Dairy Group (JDG) is a dairy company in China with over 30 years of development, operating across diversified dairy product categories supported by a fully integrated value chain.
According to Frost &amp; Sullivan (F&amp;S), JDG is  ranked third among integrated dairy companies by retail value in 2024, with a market share of 4.3%.


Aequitas: Junlebao Dairy Group Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, A/H lsitings show no signs of slowing down, despite CNY fast approaching.</li>
<li>On the placement front, Japan deals accounted for the bulk of the flows this week</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, A/H lsitings show no signs of slowing down, despite CNY fast approaching.
On the placement front, Japan deals accounted for the bulk of the flows this week


Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

China

Junlebao Dairy Group Co. Ltd. manufacture and distribute dairy products. The Company produces infantand toddler formula, cold yogurt, room-temperature milk, and more. Junlebao Dairy Group also engages in animal husbandry and bother businesses.

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Junlebao Dairy Group (JNLBDCZ CH)

Pre-IPO Junlebao Dairy Group - The Strength and the Concerns

Junlebao's strategic focus on niche markets has led to success, but risks remain in cost management and competition from industry giants....

Xinyao (Criss) Wang

Aequitas: Junlebao Dairy Group Pre-IPO Tearsheet

Junlebao Dairy Group plans to raise over US$100m in Hong Kong IPO, led by Morgan Stanley and Huatai, positioned as a top integrated dairy company...

Hong Jie Seow

Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Junlebao Dairy Group - The Strength and the Concerns

​Junlebao's strategic focus on niche markets has led to success, but risks remain in cost management and competition from industry giants....

Xinyao (Criss) Wang

Aequitas: Junlebao Dairy Group Pre-IPO Tearsheet

​Junlebao Dairy Group plans to raise over US$100m in Hong Kong IPO, led by Morgan Stanley and Huatai, positioned as a top integrated dairy company...

Hong Jie Seow

Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Junlebao's strategic focus on niche markets has led to success, but risks remain in cost management and competition from industry giants....

Junlebao Dairy Group plans to raise over US$100m in Hong Kong IPO, led by Morgan Stanley and Huatai, positioned as a top integrated dairy company...