EPISODE · Aug 9, 2026 · 9 MIN
百菲乳业年入16亿！水牛奶龙头冲刺港股IPO，增收不增利暗藏隐患
from AI解研说
广西跑出细分乳业巨头！国内水牛乳市占第一的百菲乳业正式冲击港股IPO，2025年营收突破16亿，稳居小众赛道龙头地位。背靠稀缺水牛奶品类，坐拥31%市场份额，渠道覆盖全国近30省市。但光鲜业绩之下隐患重重：营收持续增长，净利润却大幅下滑，销售费用三年暴涨近3倍，高度依赖网红直播营销；奶源外采占比超八成，供应链稳定性不足；赛道体量狭小、行业竞争加剧，同时股权高度集中，家族控股超88%。本期深度拆解百菲乳业IPO真相，看懂小众网红乳业的增长红利与致命短板！
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百菲乳业年入16亿！水牛奶龙头冲刺港股IPO，增收不增利暗藏隐患
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