New Hope Dairy Industry targets Hong Kong stock IPO, with revenue of 11.23B yuan in 2025, and ranks first in the Southwest low-temperature liquid dairy products market.

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According to a disclosure made by the Hong Kong Exchanges and Clearing Limited on April 2, New Hope Dairy Co., Ltd. filed an application for a listing on the Main Board of the Stock Exchange, with JPMorgan Chase and China International Capital Corporation as joint sponsors.

As of the close of trading on April 2, New Hope Dairy (002946.SZ) was quoted at RMB 18.09 per share, with a market capitalization of RMB 15.57 billion.

Comprehensive | Prospectus Editor | Arti

This article is for information and communication purposes only and does not constitute any investment advice.

According to the prospectus, New Hope Dairy is a technology-nutrition food company. Upholding the mission of “Fresh and Alive, Making Life Better,” it centers on the “Fresh Cube Strategy,” focusing on the R&D, production, and sales of dairy products and other nutrition foods.

The company is committed to upgrading low-temperature dairy products from traditional nutritional intake into high-frequency healthy consumer goods with more sub-functional capabilities and more consumer application scenarios, providing consumers with fresher, more nutritious, and more emotionally appealing product choices.

Driven by technology to make products fresher, it leads growth in quality and efficiency through biotechnology and digital technology, while also having strong capabilities in acquisitions and integration—thereby improving product quality and operating efficiency and ultimately achieving sustained growth. The company has developed into a leading enterprise with national coverage and regionally leading, multi-brand, and integrated end-to-end industry-chain operations.

As of the latest date of the last practical feasibility, New Hope Dairy has more than 20 major dairy product brands, and has formed differentiated competitive advantages through regionalized deployment.

Specifically, its 24 Hours™ Fresh Milk series has become a national fresh benchmark thanks to its outstanding freshness commitment to “only sell milk on the day of listing.” The premium brand Asahi Vipin® adheres to the concept of cyclical farming; its organic products have obtained multiple organic certifications and represent a leading level of China’s dairy product quality.

In the yogurt segment, Huirun® leverages its proprietary patented strains and 3D embedding technology to create functional probiotic yogurt, becoming a top choice for healthy meal replacements; Chuxin® focuses on simple formulations and health, holding an important position in the zero sugar yogurt market. Such products have enabled the company to achieve major progress in the functional dairy products segment and become a driver for improving profitability.

New Hope Dairy has built an integrated industry chain from pasture to dining table, relying on a distributed capacity layout to achieve “fresh” excellence in delivery. The company achieves a high-quality and stable supply of fresh milk through a combination of 12 self-owned farms, strategically cooperative farms, and stable third-party large-scale commercial farms with long-term cooperation.

The company has 17 dairy processing plants in China. By locating close to consumers, the transportation radius from local farms is typically controlled at around 150 kilometers, ensuring rapid processing and rapid launch of low-temperature fresh milk, low-temperature yogurt, and ambient-temperature milk. At the same time, the company’s low-temperature processes help preserve the active nutritional components in cow’s milk, making the products more natural and more nutritious.

New Hope Dairy has built a three-dimensional omnichannel network that integrates online and offline, adhering to “deep cultivation in regions + breakthroughs nationwide.” With strong acquisition and integration capabilities and a distributed operating model, the company deepens in core regional markets and establishes a leading position, while also extending cold-chain networks through cross-regional expansion to enable nationwide coordinated development.

The company’s distinctive milk-delivery-to-homes network adopts a subscription-based model, and in combination with innovative operating models such as 24 Hours™ Fresh Milk concept stores, it expands the company’s direct reach to consumers. This model is specifically tailored to fresh dairy products with a short shelf life. The company’s diversified channel layout and differentiated operating strategy enable fresh products to reach hundreds of millions of households quickly.

With deep insight into consumer trends and innovation-driven differentiated development, the company has successfully captured opportunities in China’s low-temperature liquid dairy products market, achieving rapid growth. Based on low-temperature dairy product revenue, the company achieved a compound annual growth rate of 10.8% from 2023 to October 2025.

According to a report by Frost & Sullivan, based on retail sales value in 2025, New Hope Dairy ranks fifth in China’s liquid dairy products market and fifth in China’s low-temperature liquid dairy products market, and is ranked first in China among the top five dairy product companies by the growth rate of retail sales value of low-temperature liquid dairy products from 2024 to 2025. Based on the same source, in regional markets, based on retail sales value in 2025, the company is first in the Southwest low-temperature liquid dairy products market, first in the low-temperature fresh milk market, and first in the low-temperature yogurt market.

The company offers a broad range of dairy product assortments to meet consumers’ diverse tastes and nutritional needs. The company’s main product categories include liquid dairy products, including low-temperature fresh milk, low-temperature yogurt, and ambient-temperature dairy products, as well as milk powder products.

Driven by rising health awareness, diversified consumer demand, and the increasingly expanded cold-chain infrastructure, China’s dairy products market is large and continues to grow, with low-temperature fresh milk serving as the main growth engine. According to the Frost & Sullivan report, measured by retail sales value, the China liquid dairy products market is expected to increase from RMB 345 billion in 2025 to RMB 386 billion in 2030, with a compound annual growth rate of 2.3%.

According to the same source, the retail sales value of China’s low-temperature liquid dairy products market is expected to increase from RMB 94.6 billion in 2025 to RMB 123.0 billion in 2030, with a compound annual growth rate of 5.4%. According to the same source, the low-temperature fresh milk category is expanding faster: the market size in 2025 is RMB 40.2 billion, and it is expected to reach RMB 61.7 billion in 2030, with a compound annual growth rate of 8.9%.

Meanwhile, low-temperature yogurt has also maintained steady growth under trends of functionalization, snacking, and flavor innovation. According to the Frost & Sullivan report, the penetration rate of the China low-temperature dairy products market is still far below that of mature markets such as the U.S. and Japan, indicating significant room for future improvement.

During the track record period, sales volume of New Hope Dairy’s liquid dairy products increased, from 1,092.3 thousand tons in 2023 to 1,144.6 thousand tons in 2024, and further to 1,218.2 thousand tons in 2025, consistent with business growth. The average selling price of liquid dairy products decreased from RMB 8.9 per kilogram in 2023 to RMB 8.6 per kilogram in 2024, mainly due to intensified market competition leading the company to increase promotional activities. The average selling price of liquid dairy products remained stable, at RMB 8.6 per kilogram in 2025.

For milk powder products, sales volume and average selling price increased from 1,455 tons and RMB 49.0 per kilogram in 2024 to 1,650 tons and RMB 52.5 per kilogram in 2025, mainly because the company launched new milk powder products with relatively higher pricing in 2025.

On the financial side, New Hope Dairy’s operating revenue increased from RMB 10.987 billion in 2023 to RMB 11.234 billion in 2025, with a compound annual growth rate of 1.1%. The company’s net profit grew from RMB 438 million in 2023 to RMB 755 million in 2025, with a compound annual growth rate of 31.3%. The company’s net profit margin also improved steadily, rising from 4.0% in 2023 to 6.7% in 2025.

The company’s gross profit increased from RMB 3.025 billion in 2024 by 8.4% to RMB 3.278 billion in 2025. The gross profit margin rose from 28.4% in 2024 to 29.2% in 2025.

This time, the amount of proceeds from New Hope Dairy’s Hong Kong IPO is intended to be used for the following purposes, but will be adjusted in light of changes in the evolution of business needs and market conditions: to enhance the company’s brand positioning and expand its sales network; to enhance product innovation and biotechnology and digital capabilities; to upgrade and expand the company’s supply chain infrastructure; and to be used for working capital and other general corporate purposes.

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