Core Viewpoint - Shubao International has successfully listed on the Hong Kong Stock Exchange, focusing on the essential consumer goods sector of disposable hygiene products, which are increasingly popular due to their convenience and hygiene [1] Group 1: Company Overview - Established in 2010, Shubao International specializes in the development, production, and sales of personal disposable hygiene products, with three core brands: infant care, women's care, and adult incontinence products [2] - The company offers a diverse product matrix, with over 140 SKUs in infant care, around 20 SKUs in women's care, and over 15 SKUs in adult incontinence products as of September 30, 2024 [2] Group 2: Financial Performance - For the first nine months of 2024, revenue from infant care products reached RMB 286 million, accounting for 55.0% of total revenue; women's care products generated approximately RMB 158 million, representing 30.4%; and adult incontinence products brought in about RMB 14.3 million, making up 2.7% [2] - The revenue composition has improved compared to the fiscal year 2023, where the respective contributions were 71.5%, 17.4%, and 2.1%, indicating a diversification in the company's business structure [2] Group 3: Growth Strategy - Shubao International is expanding its Direct-to-Consumer (D2C) model, leveraging major digital platforms such as Pinduoduo, Tmall, and JD.com, as well as social media platforms like Douyin and Kuaishou [3] - The company operates over 30 self-operated D2C stores, offering a wide range of products under its brands [3] Group 4: International Expansion - The company has established a strong presence in international markets, particularly in Russia, where it is the second-largest Chinese supplier of disposable infant care products [3][4] - Revenue from Russia, China, and Southeast Asia for the first nine months of 2024 was RMB 206 million, RMB 243 million, and RMB 36.7 million, respectively, accounting for 39.6%, 46.6%, and 7.1% of total revenue [4] Group 5: Long-term Outlook - The disposable hygiene products industry is expected to maintain stable demand due to its essential nature, with Shubao International demonstrating high growth potential, evidenced by a 57.7% compound annual growth rate in revenue and a 142.6% compound annual growth rate in net profit from fiscal year 2021 to fiscal year 2023 [4]

Financial Reporting Timeline - The preliminary financial results for the year ending December 31, 2024, will be published in the prospectus appendix on March 19, 2025[2] - The annual report for the year ending December 31, 2024, will be sent to shareholders by April 30, 2025, or earlier[3]

Core Viewpoint - The mother and baby products industry is under scrutiny following the "3·15" event, with Shubao International entering the Hong Kong stock market, highlighting the company's growth and future plans in the sector [1][2]. Company Overview - Shubao International officially listed on the Hong Kong Stock Exchange on March 27, with a share price of HKD 0.67 and a market capitalization of HKD 670 million. The company raised a net amount of HKD 86 million during its IPO [1]. - The company is known for its diaper brand "Ying Shubao" and has a family-oriented management structure, with several family members in key positions [1][3]. Market Performance - The IPO was highly successful, with a subscription rate of 167.09 times for the public offering, resulting in the allocation of 125 million shares [3]. - On its first trading day, Shubao International's stock price increased by 31.37%, closing at HKD 0.67 after reaching a high of HKD 0.82 [1]. Business Strategy - The company plans to expand its product categories and enhance brand recognition, focusing on both baby care and women's hygiene products, which have seen significant growth in revenue share [4]. - Women's hygiene products accounted for 0.4% and 0.5% of total revenue in 2021 and 2022, respectively, but surged to 17.4% in 2023 and 30.4% in the first nine months of 2024 [4]. Financial Allocation - Shubao International intends to allocate approximately HKD 28 million for new production lines, HKD 25 million for non-woven fabric production lines, and HKD 16.4 million for brand marketing [6]. Market Dynamics - The company is the second-largest exporter of disposable baby care products to Russia, holding a 3.7% market share in 2023 [6]. - Revenue from the Russian market increased from 40% in 2021 to 57% in 2023, although there has been a decline in sales in 2024 due to market uncertainties [7]. Future Outlook - The company is shifting focus towards the Chinese D2C market, particularly in women's hygiene products, in response to changing consumer preferences in Russia [7]. - Shubao International aims to expand its reach into Southeast Asia, targeting markets that are large and under-penetrated [7].

Group 1 - Country Garden Services plans to repurchase at least RMB 500 million worth of shares, indicating confidence in its value and potential to boost stock prices [1] - Three Squirrels intends to issue H-shares and list on the Hong Kong Stock Exchange to enhance global brand recognition and supply chain capabilities [2] - China Life aims to promote multi-channel value contribution in 2025, shifting from reliance on individual insurance channels to include bank insurance, group insurance, and internet channels [3] Group 2 - Shubao International's stock surged 31.37% on its first day of trading on the Hong Kong Stock Exchange, reflecting strong investor confidence [4] - FWD Group has applied for a USD 5 billion medium-term note program on the Hong Kong Stock Exchange, indicating its financing needs and market confidence [5]

Core Viewpoint - Shubao International Group Limited (舒宝国际) debuted on the Hong Kong Stock Exchange, opening at HKD 0.49, below the issue price, but closed at HKD 0.67, marking a 31.37% increase from the opening price [1] Group 1: IPO Details - The total number of shares offered by Shubao International was 250,000,000, with 125,000,000 shares allocated for public offering in Hong Kong and 125,000,000 shares for international offering [2] - The final offer price was set at HKD 0.51, resulting in total proceeds of HKD 127.5 million, with net proceeds amounting to HKD 86.0 million after deducting estimated listing expenses of HKD 41.5 million [4][5] Group 2: Use of Proceeds - The net proceeds from the global offering will be allocated as follows: approximately 29.2% for purchasing machinery to establish new production lines for baby care and women's hygiene products; approximately 26.0% for machinery to set up two new non-woven fabric production lines; approximately 17.1% for enhancing brand, marketing, and promotional activities; approximately 17.7% for warehouse upgrades and IT infrastructure investment; and approximately 10.0% for general working capital [5] Group 3: Company Overview - Shubao International is engaged in the development, production, and sale of personal disposable hygiene products, focusing on baby care, women's hygiene, and adult incontinence products, primarily targeting emerging markets in Eurasia [5]