股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 樂舒適有限公司 | | | | | | 呈交日期: | 2026年2月3日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02698 | 說明 | | | | | 增加 / 減少 (-) | | | | USD | | | --- | --- | --- | --- | --- | --- | | 上月底結存 本月底結存 | 1,000,000,000 1,000,000,000 | USD USD | 0.0001 0.0001 | USD USD | 100,000 100,000 | 本月底法定/註冊股本總額： USD 100,000 FF ...

Investment Rating - The report gives a "Buy" rating for the company, Softcare, for the first time [6]. Core Insights - Softcare is a multinational hygiene products company focused on emerging markets, particularly in Africa, Latin America, and Central Asia. It has established itself as a leader in the African baby diaper and sanitary napkin markets, holding market shares of 20.3% and 15.6% respectively as of 2024 [6][13]. - The company has experienced rapid revenue and profit growth due to the establishment of local production facilities in Africa, with projected revenues of $454 million in 2024, reflecting a year-on-year growth of 10.5% [5][17]. - The African market is expected to see significant growth in the hygiene products sector, driven by a young population, increasing urbanization, and rising disposable incomes [19][28]. Summary by Sections Company Overview - Softcare launched its first product, Softcare baby diapers, in Ghana in 2009 and has since expanded its brand portfolio to include Maya, Veesper, Cuettie, and Clincleer, catering to various consumer segments [10][13]. - The company has established eight production facilities across different African countries, enhancing its manufacturing capabilities and supply chain efficiency [10][41]. Market Potential - The African economy is projected to grow at a rate of 4.1% in 2025, which is higher than the global average, providing a favorable environment for the growth of hygiene products [19]. - The young population in Africa, with over 60% under the age of 30, and a birth rate of approximately 3.2% from 2020 to 2024, is expected to drive demand for baby products [23][24]. Competitive Advantages - Softcare has a well-defined brand matrix and has received multiple awards, enhancing its brand recognition and consumer trust [36][37]. - The company operates a robust distribution network with over 2,800 wholesalers, distributors, and retailers across Africa, Latin America, and Central Asia, ensuring extensive market reach [45][46]. - The local production strategy allows Softcare to reduce costs and improve product quality, with a significant increase in gross margins for its products from 2022 to 2024 [43][41]. Financial Projections - The company forecasts revenues of $534 million in 2025, with a compound annual growth rate (CAGR) of 17% from 2025 to 2027 [5][6]. - The projected net profit for 2024 is $95 million, with a significant increase in profitability expected in the coming years [5][17].

Group 1 - The core viewpoint of the article highlights the recognition of Shandong Weiqiao Textile Technology Co., Ltd. and Shandong Hongtuo Industrial Co., Ltd. for their digital transformation projects in the manufacturing sector, as part of Shandong Province's "Gongfu Baijing" initiative for 2025 [1][3] - The "Gongfu Baijing" project aims to promote high-quality development in manufacturing by focusing on three main directions: technology empowerment, chain transformation, and carrier empowerment, while selecting leading transformation benchmark cases in various subfields such as industrial internet, safety production, green low-carbon initiatives, 5G factories, and digitalization of supply chains [1] - The inclusion of these companies in the project is a dual recognition of their technological innovation and practical efforts in "smart transformation and digital upgrade" [1] Group 2 - The Weiqiao Textile project focuses on intelligent upgrades across the entire textile supply chain, while the Hongtuo Industrial project emphasizes digital empowerment for safety management, aligning with industry transformation needs and national strategic directions [2] - Both companies aim to leverage this recognition to deepen the integration of digital technology with the real economy, driving a "smart and green" transformation in traditional industries and injecting momentum into high-quality development in manufacturing [2]

Core Viewpoint - The report from China Merchants Securities initiates coverage on Leshu Shi (02698) with a "strong buy" investment rating, highlighting the company's robust growth and profitability driven by localized production and distribution in emerging markets, particularly Africa [1] Group 1: Company Overview - The company is a leading cross-border hygiene product platform focused on emerging markets, primarily selling baby diapers and sanitary napkins, with the highest sales in Africa [1] - The founders maintain concentrated control, and the core management team possesses extensive experience in emerging markets and fast-moving consumer goods [1] - The company has transitioned from a trading model to localized supply, manufacturing, and deep distribution, establishing a competitive advantage in production, supply, and sales [1] Group 2: Financial Performance - The company has demonstrated stable high revenue growth, with projected revenues of $320 million, $411 million, and $454 million for 2022-2024, reflecting year-on-year growth rates of 28.59% and 10.46% [2] - Adjusted net profit is expected to rise significantly, with growth rates of 251.71% and 51.00% for 2023 and 2024, respectively [2] - The product structure is centered on baby diapers, which accounted for 71.8% of revenue in early 2025, while sanitary napkins and training pants are also growing [2] Group 3: Profitability Metrics - The company's gross margin is projected to increase from 23.0% in 2022 to 35.2% in 2024, driven by lower raw material costs and a higher proportion of higher-margin products [3] - The net profit margin is also on the rise, reaching 20.15% in early 2025, attributed to improved gross margins, optimized expense ratios, and reduced foreign exchange losses [3] Group 4: Market Expansion and Competitive Advantage - The company is positioned to benefit from the expansion of emerging markets, driven by high birth rates and low penetration rates in hygiene products, particularly in Africa, where the market is expected to grow at a CAGR of approximately 8% from 2025 to 2028 [4] - The competitive advantage lies in deep localization, with the company establishing a comprehensive production, supply, and sales system that covers 80% of the local population through 51 production lines across eight countries [4] - The company has achieved leading sales in baby diapers and sanitary napkins in Africa, supported by a cost-effective product strategy and extensive distribution networks [4]

Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Leshushi (02698), highlighting its sustained high growth and profitability driven by localized production and distribution in emerging markets, particularly Africa [1] Group 1: Company Overview - The company is a leading cross-border hygiene product brand focused on emerging markets, primarily selling baby diapers and sanitary napkins, with the highest sales in Africa [1] - The founders maintain concentrated control, and the core management team has experience in emerging markets and fast-moving consumer goods, with a combined ownership of approximately 27.79% [1] Group 2: Financial Performance - The company is expected to achieve a revenue CAGR of 19% and a net profit CAGR of 130% from 2022 to 2024, with projected revenues of $320 million, $411 million, and $454 million for those years, respectively [2] - The adjusted net profit is forecasted to grow significantly, with year-on-year increases of 251.71% and 51.00% in 2023 and 2024, respectively [2] - The gross margin is projected to improve from 23.0% in 2022 to 35.2% in 2024, driven by lower raw material costs and a higher proportion of higher-margin products [3] Group 3: Market Dynamics - The company is positioned to benefit from the expansion of emerging markets, driven by high birth rates and low penetration rates in hygiene products, particularly in Africa, where the market is expected to grow at a CAGR of approximately 8% from 2025 to 2028 [4] - The company has established a competitive advantage through deep localization in operations, with a network of 51 local production lines across eight countries, covering 80% of the local population [4]

Investment Rating - The report gives a "Strong Buy" investment rating for the company [2][7]. Core Insights - The company has achieved sustained high growth and improved profitability through deep localization in emerging markets, with a projected CAGR of 19% for revenue and 130% for adjusted net profit from 2022 to 2024 [6][7]. - The company is a leading cross-border hygiene product platform focused on emerging markets, primarily in Africa, Latin America, and Central Asia, with a strong competitive advantage in its core product categories [6][12]. Company Overview - The company specializes in hygiene products, primarily baby diapers and sanitary napkins, holding the number one sales position in Africa for these categories [6][12]. - The company has transitioned from a trade model to localized supply, manufacturing, and deep distribution, establishing a competitive edge in production, supply, and sales [6][12][14]. Financial Analysis - Revenue is projected to grow from $320 million in 2022 to $454 million in 2024, with respective year-on-year growth rates of 28.59% and 10.46% [20][21]. - Adjusted net profit is expected to rise significantly, with growth rates of 251.71% and 51.00% for 2023 and 2024, respectively [21][24]. - The company’s gross margin is expected to improve from 23.0% in 2022 to 35.2% by 2024, driven by lower raw material costs and a higher proportion of higher-margin products [29][30]. Market Expansion - The company is well-positioned to benefit from the expansion of the hygiene product market in emerging economies, particularly in Africa, where high birth rates and low penetration rates present significant growth opportunities [40][41]. - The African hygiene market is projected to grow at a CAGR of approximately 8% from 2025 to 2029, with the company poised to capture a significant share due to its established presence [42][43]. Competitive Advantages - The company has built a strong moat through deep localization, with 51 production lines across eight African countries, covering 80% of the local population [50][51]. - The company’s early entry into the market has allowed it to establish a comprehensive production, supply, and sales system, enhancing its competitive position [50][51].

Core Viewpoint - Leshu Shih is the leading multinational brand in Africa for diapers and sanitary napkins, with significant growth potential in emerging markets, particularly in Africa and Latin America [1][2][3] Company Overview - Leshu Shih was established in 2009 and is set to be listed on the Hong Kong Stock Exchange in November 2025 [1] - The company's main products include baby diapers, sanitary napkins, baby pull-ups, and wet wipes, with revenue contributions of 75%, 17%, 5%, and 3% respectively by 2024 [1] - In 2024, the company is projected to achieve revenues of $454 million and a net profit of $95 million, with a CAGR of 19% for revenue and 127% for net profit from 2022 to 2024 [1] Market Analysis - The emerging market for sanitary products is growing rapidly, particularly in Africa, which has a high birth rate and low penetration rates [1] - The African market for baby diapers, pull-ups, and sanitary napkins is expected to reach $3.8 billion in 2024, with a CAGR of 6.8% from 2020 to 2024, significantly outpacing growth in developed markets [1] - The Latin American sanitary products market is projected to be $7.7 billion in 2024, approximately double that of Africa, but with a slower growth rate of 2.7% CAGR from 2020 to 2024 [1] Competitive Advantages - Leshu Shih has the most extensive local production and sales network in Africa, which helps reduce tariffs and transportation costs [2] - The pricing strategy for baby diapers ranges from 9 to 20.2 cents per piece, and sanitary napkins from 4.5 to 8.5 cents per piece, significantly lower than competitors [2] - The company operates 18 sales branches across 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [2] - Leshu Shih has developed a multi-brand and product matrix tailored to the African market, offering diverse product options compared to international brands [2] Growth Potential - Leshu Shih is estimated to have over five times growth potential, primarily driven by market expansion in Africa and initial steps in Latin America and Central Asia [3] - The company aims to replicate its successful African market strategy in other regions, with a simplified projection estimating a potential scale of $2.72 billion [3] Profit Forecast and Investment Rating - The company is expected to achieve net profits of $113 million, $133 million, and $153 million from 2025 to 2027, with corresponding year-on-year growth rates of 19.3%, 17.4%, and 15.1% [3] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 23, 20, and 17 times respectively, with an initial "buy" rating assigned [3]

Summary of the Conference Call for LeShuShi Company Overview - LeShuShi's main products include baby diapers (approximately 75% of revenue), sanitary napkins (17-18%), training pants (about 5%), and wet wipes (around 3%) [2][4] Industry Insights - The African market has a young population structure and high birth rates, leading to a continuous increase in demand for hygiene products. The average annual growth rate of the relevant industry in East, Central, and West Africa over the past five years has been about 8%, and this growth rate is expected to be maintained over the next five years [2][5] Competitive Position - In the diaper sector, LeShuShi is very close to the market leader Procter & Gamble (P&G). In the sanitary napkin sector, LeShuShi ranks second, with sales slightly higher than P&G, although there is still a gap in market share. LeShuShi has a competitive advantage in diaper products, with superior product quality compared to competitors, which may threaten P&G's market position in the long term [2][6] Future Development Plans - LeShuShi plans to deepen its presence in East, Central, and West Africa while expanding into the Latin American market alongside its parent company, SenDa Group. A production line is being established in Peru, expected to be operational by 2026, with plans to gradually enter surrounding countries and potentially use trade methods to enter emerging markets in Central Asia [2][7] Financial Projections - Revenue and profit growth for LeShuShi is expected to remain between 15% and 20% over the next few years. Projected profits are approximately $110 million in 2026, increasing to about $130 million in 2027, and reaching $150 million by the end of 2027. Corresponding price-to-earnings ratios for the next two years are expected to be 19 times and 17 times, respectively [2][8] Operational Barriers - LeShuShi's operational barriers are primarily related to overseas management, including production line layout, labor management, and supply chain management. The company effectively manages local employees and ensures a smooth supply of raw materials while mitigating risks from exchange rate fluctuations and foreign exchange controls. These capabilities are supported by the experience and resources accumulated by its parent company, SenDa Group [3][9][10]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Leshu Shi, is the leading multinational brand in Africa for baby diapers and sanitary napkins, with significant growth potential in emerging markets [6][12]. - The company has established a strong local production and sales network, allowing it to offer competitive pricing and respond quickly to market demands [6][12]. - The report estimates that Leshu Shi has the potential for over five times growth, driven by market expansion in Africa and initial steps into Latin America and Central Asia [6][12]. Summary by Sections Company Overview - Leshu Shi was founded in 2009 and went public in November 2025, focusing on baby diapers, sanitary napkins, baby pull-ups, and wet wipes, with revenue shares of 75%, 17%, 5%, and 3% respectively in 2024 [12]. - The company holds a market share of 20.3% in baby diapers and 15.6% in sanitary napkins in Africa, leading the market [12]. - Revenue and net profit for 2024 are projected at $454.39 million and $95.11 million, respectively, with a CAGR of 19% for revenue and 127% for net profit from 2022 to 2024 [1][12]. Emerging Market Insights - The African market for sanitary products is growing rapidly due to high birth rates and low penetration rates, with a projected CAGR of 6.8% from 2020 to 2024 [6][40]. - The report highlights that the African market for baby diapers is expected to grow from $2 billion in 2020 to $2.6 billion in 2024, with a CAGR of 6.2% [42][45]. - In contrast, the Latin American market is larger but growing at a slower pace, with a CAGR of 2.3% for baby diapers from 2020 to 2024 [55]. Competitive Positioning - Leshu Shi's competitive advantage stems from its localized production, which reduces costs and enhances market responsiveness [6][12]. - The company has developed a multi-brand strategy that differentiates its offerings from international competitors, providing a diverse range of products tailored to local needs [6][12]. - The report indicates that Leshu Shi's market share in the African sanitary napkin market is also strong, with a projected sales volume of 1,606 million pieces in 2024, representing a 15.6% market share [52][53]. Growth Potential - The report suggests that Leshu Shi could achieve a market scale of $2.72 billion in the long term, indicating significant growth potential [6][12]. - The company is actively expanding its production capacity and sales networks in Africa, with plans to replicate its success in Latin America and Central Asia [6][12]. - The financial forecasts predict a net profit of $113.42 million in 2025, with a corresponding P/E ratio decreasing from 40.84 in 2023 to 17.24 in 2027 [1].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Leshu Shi, is the leading multinational brand in Africa for baby diapers and sanitary napkins, with significant market shares of 20.3% and 15.6% respectively in 2024 [6][12]. - The company has established a strong local production and sales network, which enhances its competitive edge through cost efficiency and rapid market response [6][12]. - The report estimates that Leshu Shi has the potential for over five times growth, projecting a market scale of $2.72 billion in the long term [6][12]. Summary by Sections Company Overview - Leshu Shi was founded in 2009 and went public in November 2025, focusing on baby diapers, sanitary napkins, baby pull-ups, and wet wipes, with revenue contributions of 75%, 17%, 5%, and 3% respectively in 2024 [6][12]. - The company has a concentrated ownership structure, with the founders holding 53.55% of the shares [23]. Emerging Market Hygiene Products Industry - The African hygiene products market is characterized by high birth rates and low penetration rates, leading to a projected CAGR of 6.8% from 2020 to 2024 [40][39]. - The report highlights that the African market for baby diapers is expected to grow from $2 billion in 2020 to $2.6 billion in 2024, with a CAGR of 6.2% [45]. Competitive Positioning - Leshu Shi has built a multi-brand product matrix that differentiates it from international competitors, allowing it to cater to diverse consumer needs [6][12]. - The company has a robust local production strategy, with eight production bases and 51 production lines across eight African countries, significantly reducing costs [19][12]. Financial Projections - Revenue is projected to grow from $411.37 million in 2023 to $746.10 million by 2027, with a CAGR of 19% [1]. - Net profit is expected to increase from $64.68 million in 2023 to $153.23 million by 2027, reflecting a CAGR of 127% [1][12].