On August 22, Junlebao Dairy submitted updated listing materials to the Hong Kong Stock Exchange. According to the prospectus, Junlebao recorded operating revenues of RMB 17.546 billion, RMB 19.833 billion, and RMB 20.382 billion in 2023, 2024, and 2025, respectively.

Its revenue increased from RMB 9.951 billion in the first half of 2025 to RMB 10.609 billion in the same period of 2026, representing a year-on-year growth of 6.6%. Breaking down by business segment, revenue from the low-temperature liquid milk sector grew from RMB 6.287 billion in 2023 to RMB 7.581 billion in 2024, and further to RMB 8.648 billion in 2025, reflecting increases of 20.6% and 14.1%, respectively. This segment's revenue rose from RMB 3.937 billion in the first half of 2025 to RMB 4.930 billion in the corresponding period of 2026, up 25.2% year-on-year.

Within this, fresh milk revenue increased from RMB 1.574 billion in 2023 to RMB 2.275 billion in 2024, and further to RMB 3.168 billion in 2025, marking growth of 44.5% and 39.3%, respectively. Fresh milk revenue climbed from RMB 1.313 billion in the first half of 2025 to RMB 2.04 billion in the same period of 2026, a surge of 55.4%. As for low-temperature yogurt, revenue grew from RMB 4.714 billion in 2023 to RMB 5.306 billion in 2024, and further to RMB 5.480 billion in 2025, with increases of 12.6% and 3.3%, respectively. Low-temperature yogurt revenue rose from RMB 2.624 billion in the first half of 2025 to RMB 2.891 billion in the same period of 2026, up 10.2%.

Frost & Sullivan data indicates that, based on China's retail sales in 2025, Junlebao ranked fourth in the national liquid milk market with a 5.9% market share, and claimed the top spot in the low-temperature liquid milk segment with a 15.6% share. In the fresh milk category, Junlebao secured the second position in China's fresh milk market in 2025 with a 13.4% share, while its "Yuexianhuo" brand has become the leading fresh milk brand, capturing an 11.0% market share. In the yogurt segment, Junlebao ranked second in China's low-temperature yogurt market in 2025 with a 17.3% share, and its "Jianchun" brand holds the top position as the leading low-temperature yogurt brand with an 8.0% share.

Additionally, the prospectus reveals that as of June 30, 2026, Junlebao operated 33 farms across China, with its dairy cow inventory further expanding to approximately 198,000 head. According to Frost & Sullivan, Junlebao's cow inventory stood at roughly 196,000 head as of 2025, ranking third nationally by herd size. The farms are equipped with intelligent herd management systems that monitor cow health, feed intake, and milk production metrics, alongside proprietary feed processing facilities that tailor diets to different growth stages of the cattle.

Currently, Junlebao has deployed digital systems across its entire value chain, integrating upstream breeding with downstream production, logistics, and multi-channel sales networks to enhance operational efficiency, visibility, and decision-making capabilities. In the sales and logistics domain, the integrated application of OTW, CRM, and SAP systems supports end-to-end fulfillment management, covering order receipt, transport route planning, warehouse operations, in-transit monitoring, and customer delivery confirmation.