New Stock News | Bofi Dairy submitted documents to the Hong Kong Stock Exchange, focusing on the Chinese buffalo milk products sector with a market share of over 30%.

According to the disclosure on July 22nd by the Hong Kong Stock Exchange, Guangxi Baifei Dairy Co., Ltd. (referred to as Baifei Dairy) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with GF SEC as its exclusive sponsor. Company Profile The prospectus shows that Baifei Dairy is a buffalo milk products company strategically focusing on the buffalo milk products sector. It is one of the first companies in China to integrate the entire value chain of buffalo milk products from upstream breeding and milk product development to advanced processing and multi-channel sales. The company has established a differentiated brand portfolio with Baifei La as the leading brand, and Chunfei and Baixiaofei as supplementary brands, covering five core product categories: sterilized milk, formulated milk, pasteurized milk, milk beverages, and fermented milk, with buffalo milk products as the main products for each category. The core brand Baifei La maintains a comprehensive market presence and has established strong brand recognition among consumers. The high-end brand Chunfei targets the high-end market, with its flagship product being "4.3 grams of crystal dream cap buffalo pure milk", while the high cost-effective brand Baixiaofei effectively covers the mass market. According to data from Frost & Sullivan, based on the retail value of liquid buffalo milk in China by 2025, the company's core brand Baifei La ranks first in the Chinese buffalo milk products industry with a market share of 30.1%. The company has established a national multi-channel sales and distribution network covering both online and offline channels, which can widely cover major retail formats in China. During the historical period, the company mainly purchased raw materials from suppliers in China, including raw buffalo milk, raw cow milk and dairy ingredients; packaging materials; and logistics services. In 2023, 2024, 2025, and for the three months ended March 31, 2026, the company's purchases from the top five suppliers accounted for 33.7%, 27.8%, 25.5%, and 28.2% of the total purchases for the same periods, respectively. Financial Information Revenue For the years 2023, 2024, 2025, and for the three months ended March 31, 2026, the company achieved revenues of approximately HK$1.072 billion, HK$1.421 billion, HK$1.614 billion, and HK$493 million, respectively. Profit For the years 2023, 2024, 2025, and for the three months ended March 31, 2026, the company's net profit and comprehensive income for the year/period totaled HK$233 million, HK$310 million, HK$235 million, and HK$57.179 million, respectively. Gross Profit Margin For the years 2023, 2024, 2025, and for the three months ended March 31, 2026, the company's gross profit margins were 36%, 39.9%, 37.7%, and 36.7%, respectively. Industry Overview Dairy products refer to products made using fresh milk or milk derivatives as the main raw materials for human consumption. Dairy products can generally be divided into liquid milk and dry milk products. From 2021 to 2025, the Chinese dairy products market maintained relatively stable growth, with retail sales increasing from RMB 644.1 billion in 2021 to RMB 653.8 billion in 2025, representing a compound annual growth rate of 0.4% over the period. Looking ahead, the Chinese dairy products market is expected to resume stable growth from 2026 onwards, reaching RMB 752.8 billion by 2030, with a compound annual growth rate of approximately 2.9% from 2025 to 2030. By product category, liquid milk remains the largest segment in the Chinese dairy products market, with a market size of RMB 345 billion in 2025, accounting for over 50% of the overall market. Looking ahead, the increasing demand for fresh milk, high-protein milk, and functional dairy products is expected to support the stable growth of the dairy products sector. Buffalo milk products refer to dairy products mainly made from raw buffalo milk and raw cow milk. Generally, buffalo milk products are mixed with Holstein cow milk, as this mixture helps balance nutritional components and enhance taste, making it more appealing to consumers. In recent years, the Chinese buffalo milk products industry has experienced rapid growth, with retail sales increasing from RMB 6.1 billion in 2021 to RMB 8.5 billion in 2025. Compared to Holstein cow milk, the supply of raw buffalo milk is relatively limited due to its production being mainly concentrated in the south region where water resources are abundant, such as Guangxi, Guangdong, and Yunnan. In 2025, liquid buffalo milk accounted for 99% of the total retail sales of buffalo milk products in China. From 2021 to 2025, retail sales of liquid buffalo milk increased from RMB 6 billion to RMB 8.4 billion, and are expected to reach RMB 14.9 billion by 2030, with a compound annual growth rate of 12.0% from 2025 to 2030. In 2025, the market penetration rate of liquid buffalo milk in the overall liquid milk market in China was 2.4%. In comparison, according to data from the OECD-FAO, liquid buffalo milk accounts for approximately 15% of the global liquid milk market. The relatively low penetration rate in China indicates that there is further development potential in the buffalo milk products market. Looking ahead, with the continuous improvement of consumer awareness and the expansion of applications of buffalo milk, it is expected that the penetration rate will increase to 3.9% by 2030. In the liquid buffalo milk market, ambient temperature liquid buffalo milk is the main product category. In 2025, the retail sales of ambient temperature liquid buffalo milk accounted for 90.0% of the entire liquid buffalo milk market. From 2021 to 2025, retail sales of ambient temperature liquid buffalo milk increased from RMB 5.7 billion to RMB 7.6 billion, and are expected to reach RMB 12.7 billion by 2030. Competitive Landscape Based on the retail value of liquid buffalo milk in 2025, the group ranks first in the Chinese buffalo milk products market. The Chinese buffalo milk products market is relatively concentrated. In 2025, the market share of the top five companies in China based on retail sales of liquid buffalo milk is approximately 66.2%, with the group holding a market share of 31.0%. Board of Directors and Management Information The company's board of directors consists of 7 directors, including 3 executive directors, 1 non-executive director, and 3 independent non-executive directors. Ownership Structure As of July 14, 2026, Mr. Wu Shouyun and Mr. Wu Lianqiao, together with Baifei Investment, are considered the controlling shareholders of the company. Mr. Wu Shouyun and Mr. Wu Lianqiao are an acting group. The acting group has the right to exercise approximately 88.39% of the voting rights at the company's general meeting: Baifei Investment directly holds approximately 87.97% of the company's shares, with Mr. Wu Shouyun and Mr. Wu Lianqiao owning approximately 99.59% and 0.41% of Baifei Investment, respectively; Mr. Wu Shouyun directly holds approximately 0.25% of the company's shares; and Mr. Wu Lianqiao directly holds approximately 0.17% of the company's shares. Intermediary Team Exclusive Sponsor: GF Securities (Hong Kong) Co., Ltd. Legal Advisors: Baker McKenzie for Hong Kong and US laws; Kinstellar for Chinese laws; Taihe Taihe for Chinese cybersecurity and data protection laws Legal Advisors for the Exclusive Sponsor: Smithfield Kai Mai for Hong Kong and US laws; Dentons for Chinese laws Auditors and Reporting Accountants: Grant Thornton Hong Kong Limited Industry Consultants: Frost & Sullivan