Investment Rating - The report suggests a cautious subscription for the company’s IPO [1][4]. Core Insights - The company focuses on developing, manufacturing, and selling health products, particularly baby diapers, baby pull-ups, sanitary napkins, and wet wipes, in rapidly growing emerging markets such as Africa, Latin America, and Central Asia [2]. - According to Frost & Sullivan, the company ranks first in the African baby diaper market and sanitary napkin market with market shares of 20.3% and 15.6%, respectively, based on 2024 sales volume [2]. - The company has a strong presence in the African market and is a significant player in emerging markets, benefiting from over 15 years of multinational operational strategy [2]. Market Growth Potential - The market for baby diapers, baby pull-ups, and sanitary napkins in emerging markets is steadily growing. In Africa, the market size is projected to increase from USD 2.9 billion in 2020 to USD 3.8 billion in 2024, with a compound annual growth rate (CAGR) of 6.8% [3]. - The Latin American market is expected to grow from USD 6.9 billion in 2020 to USD 7.7 billion in 2024, with a CAGR of 2.7% [3]. - In Central Asia, the market size is anticipated to rise from USD 0.4 billion in 2020 to USD 0.5 billion in 2024, with a CAGR of 4.5% [3]. Financial Performance - The company reported revenues of USD 411.4 million, USD 454.4 million, and USD 161.3 million for the years ending in 2023, 2024, and the four months ending April 30, 2025, respectively, reflecting year-on-year growth rates of 28.6%, 10.5%, and 15.5% [3]. - Net profits for the same periods were USD 64.7 million, USD 95.1 million, and USD 31.1 million, with year-on-year growth rates of 251.7%, 47.0%, and 12.5% [3]. Valuation - The IPO price range corresponds to a 2024 price-to-earnings (PE) ratio of approximately 19.8 to 21.5 times, indicating a potentially high valuation [4].

Group 1 - The company, 乐舒适 (02698.HK), is conducting an IPO with a total of 90,884,000 shares available for sale, with 9,088,400 shares allocated for the Hong Kong public offering and 81,795,600 shares for international offering [2][4] - The expected price range for the shares is between HKD 24.20 and HKD 26.20, with a maximum fundraising target of approximately HKD 23.81 billion [4][5] - The IPO is set to take place from October 31, 2025, to November 5, 2025, with the listing date on November 10, 2025 [3][4] Group 2 - The company plans to allocate approximately 71.4% of the net proceeds from the IPO for expanding overall production capacity and upgrading production lines [6] - About 11.6% of the funds will be used for marketing and promotional activities in Africa, Latin America, and Central Asia from 2026 to 2029 [6] - The company has secured 15 cornerstone investors who have collectively subscribed for USD 139 million (approximately HKD 1.08 billion) of the offering [5][6] Group 3 - The major shareholder structure post-IPO indicates that沈延昌 and 杨艳娟, through Century BVI, will hold 54.75% of the shares [7][8] - The company operates multiple brands, including Softcare, Veesper, Maya, Cuettie, and Clincleer, focusing on the development, manufacturing, and sales of hygiene products [8] - According to a report by Frost & Sullivan, 乐舒适 ranks first in the African market for baby diapers and sanitary napkins by volume, with market shares of 20.3% and 15.6%, respectively [8]

Group 1 - The company, 乐舒适 (02698.HK), plans to globally offer 90.884 million shares, with 9.0884 million shares available in Hong Kong and 81.7956 million shares for international sale, along with an over-allotment option of 13.6326 million shares [1] - The subscription period for the shares is from October 31 to November 5, with a maximum offer price of HKD 26.20 per share and an entry fee of approximately HKD 5,292.85 for a board lot of 200 shares [1] - The total expected fundraising amount is HKD 2.29 billion, with a net amount of HKD 2.141 billion, which will be used for expanding overall production capacity, upgrading production lines, marketing in Africa, Latin America, and Central Asia, working capital, strategic acquisitions in the hygiene products sector, hiring a renowned management consulting firm from 2026 to 2029, and upgrading the CRM system [1] Group 2 - The company is focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - The projected net profits for the company for the years ending December 31 are USD 18.39 million for 2022, USD 64.68 million for 2023, and USD 95.111 million for 2024 [2]

Group 1 - The company, 乐舒适 (02698.HK), plans to globally offer 90.884 million shares, with 9.0884 million shares available in Hong Kong and 81.7956 million shares for international sale, along with an over-allotment option of 13.6326 million shares [1] - The subscription period for the shares is from October 31 to November 5, with a maximum offer price of HKD 26.20 per share and an entry fee of approximately HKD 5,292.85 for a board lot of 200 shares [1] - The total expected fundraising amount is HKD 2.29 billion, with a net amount of HKD 2.141 billion, which will be used for expanding overall production capacity, upgrading production lines, marketing in Africa, Latin America, and Central Asia, working capital, strategic acquisitions in the hygiene products sector, hiring a renowned management consulting firm from 2026 to 2029, and upgrading the CRM system [1] Group 2 - The company is focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - The projected net profits for the company for the years ending December 31 are USD 18.39 million for 2022, USD 64.68 million for 2023, and USD 95.111 million for 2024 [2]

Core Viewpoint - The company, 乐舒适 (02698.HK), is planning a global offering of 90.884 million shares, with a price range of HKD 24.20 to 26.20 per share, targeting to raise approximately HKD 2.141 billion in net proceeds from the offering [1][4]. Group 1: Company Overview - The company is a multinational hygiene products firm focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [2]. - The company holds the leading market share in Africa for baby diapers and sanitary napkins, with respective shares of 20.3% and 15.6% based on 2024 sales volume [2]. - The company has established a strong operational strategy over 15 years, becoming a key player in the hygiene products industry across multiple African countries [2]. Group 2: Offering Details - The company plans to issue 90.884 million shares, with 9.0884 million shares available for sale in Hong Kong and 81.7956 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1]. - The cornerstone investors have agreed to subscribe for shares totaling approximately USD 139 million (around HKD 1.08 billion), representing about 47.14% of the global offering if the over-allotment option is not exercised [3]. - The estimated net proceeds of approximately HKD 2.141 billion will be allocated as follows: 71.4% for expanding production capacity and upgrading production lines, 11.6% for marketing in Africa, Latin America, and Central Asia, 4.7% for strategic acquisitions, 0.4% for upgrading the CRM system, 2.6% for hiring management consulting firms, and 9.3% for working capital and general corporate purposes [4].

Core Viewpoint - The company, 乐舒适 (02698), is set to launch an initial public offering (IPO) from October 31 to November 5, 2025, aiming to raise approximately HKD 2.141 billion for various strategic initiatives [1][2]. Group 1: IPO Details - The company plans to globally offer 90.884 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale, subject to reallocation [1] - The proposed share price ranges from HKD 24.2 to HKD 26.2, with trading expected to commence on November 10, 2025 [1] - The company has secured cornerstone investment agreements totaling approximately USD 139 million from various investors [1] Group 2: Use of Proceeds - Assuming a share price of HKD 25.20 and no exercise of the over-allotment option, about 71.4% of the net proceeds will be used to expand overall capacity and upgrade production lines [2] - Approximately 11.6% is earmarked for marketing and promotional activities in Africa, Latin America, and Central Asia [2] - About 4.7% will be allocated for strategic acquisitions in the hygiene products sector [2] - A small portion, around 0.4%, is intended for upgrading the CRM system and implementing it across various operations [2] - Approximately 2.6% will be used to hire management consulting firms for market and product analysis [2] - The remaining 9.3% is designated for working capital and general corporate purposes [2] Group 3: Company Performance - The company has experienced significant revenue growth, with revenue increasing from USD 320 million in 2022 to USD 411.4 million in 2023, representing a 28.6% increase [3] - Revenue is projected to rise further to USD 454.4 million in 2024, marking a 10.5% increase [3] - Net profit surged from USD 18.4 million in 2022 to USD 64.7 million in 2023, a remarkable increase of 251.7% [3] - For the four months ending April 30, 2025, net profit is expected to reach USD 3.11 million, up 12.5% from USD 2.77 million in the same period of 2024 [3] Group 4: Market Position - The company is a multinational hygiene products firm focusing on emerging markets in Africa, Latin America, and Central Asia, primarily producing baby diapers, pull-ups, sanitary pads, and wet wipes [2] - According to Frost & Sullivan, the company ranks first in market share for baby diapers (20.3%) and sanitary pads (15.6%) in Africa based on 2024 sales volume [2] - The company holds the second position in revenue market share for baby diapers (17.2%) and sanitary pads (11.9%) in Africa for 2024 [2]

Core Viewpoint - The company, LeShuShi (02698), is set to launch an initial public offering (IPO) from October 31 to November 5, 2025, aiming to raise approximately HKD 2.141 billion for expansion and marketing initiatives in emerging markets [1][2]. Group 1: IPO Details - The company plans to issue 90.884 million shares globally, with 10% allocated for public offering in Hong Kong and 90% for international investors, along with a 15% over-allotment option [1]. - The expected price range for each share is HKD 24.2 to 26.2, with trading on the Hong Kong Stock Exchange commencing on November 10, 2025 [1]. Group 2: Use of Proceeds - Approximately 71.4% of the net proceeds is intended for expanding overall production capacity and upgrading production lines [2]. - About 11.6% is earmarked for marketing and promotional activities in Africa, Latin America, and Central Asia [2]. - The company plans to allocate 4.7% for strategic acquisitions in the hygiene products sector and 0.4% for upgrading its CRM system [2]. - Additionally, 2.6% will be used for hiring management consulting firms for market and product analysis, while 9.3% is designated for working capital and general corporate purposes [2]. Group 3: Company Performance - The company has experienced significant revenue growth, with revenue increasing from USD 320 million in 2022 to USD 411.4 million in 2023, representing a 28.6% increase [3]. - Revenue is projected to rise further to USD 454.4 million in 2024, marking a 10.5% increase [3]. - Net profit surged from USD 18.4 million in 2022 to USD 64.7 million in 2023, a remarkable increase of 251.7% [3]. - For the four months ending April 30, 2025, net profit is expected to reach USD 3.11 million, up 12.5% from USD 2.77 million in the same period of 2024 [3]. Group 4: Market Position - The company is a multinational hygiene products firm focusing on rapidly developing emerging markets in Africa, Latin America, and Central Asia, primarily producing baby diapers, sanitary napkins, and wet wipes [2]. - According to Frost & Sullivan, the company ranks first in the African market for baby diapers and sanitary napkins, with market shares of 20.3% and 15.6%, respectively, based on 2024 sales [2]. - In terms of revenue for 2024, the company holds the second position in the African baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% [2].

Core Viewpoint - The company, 乐舒适 (02698.HK), plans to globally offer 90.884 million shares, with a pricing range of HKD 24.20 to 26.20 per share [1] Group 1: Offering Details - The company intends to issue 90.884 million shares globally, with 9.0884 million shares available for sale in Hong Kong and 81.7956 million shares for international sale [1] - The subscription period for the shares is set from October 31, 2025, to November 5, 2025, with the expected pricing date on November 6, 2025 [1] - The shares are expected to commence trading on the Hong Kong Stock Exchange on November 10, 2025 [1] Group 2: Underwriters - The joint sponsors for the offering include 中金公司 (CICC), 中信证券 (CITIC Securities), and 广发证券 (Guotai Junan Securities) [1]

乐舒适(02698)于2025年10月31日至2025年11月5日招股，拟全球发售9088.4万股股份，其中香港公开发 占10%，国际发售占90%(可予重新分配)，另有15%超额配股权。每股发售价24.2-26.2港元，每手200 股，股份将于2025年11月10日(星期一)上午九时正(香港时间)开始在联交所买卖。 ...

智通财经APP讯，乐舒适(02698)于2025年10月31日至2025年11月5日招股，拟全球发售9088.4万股股 份，其中香港公开发占10%，国际发售占90%(可予重新分配)，另有15%超额配股权。每股发售价24.2- 26.2港元，每手200股，股份将于2025年11月10日(星期一)上午九时正(香港时间)开始在联交所买卖。 ...