Group 1 - The core focus of Binzhou's development strategy is to strengthen the real economy by enhancing the "6638N" modern industrial cluster and building a more recognizable modern industrial system by 2026 [1] Group 2 - Traditional industries will be upgraded through high-quality development actions in key manufacturing sectors, with a focus on 45 major projects to establish a world-leading aluminum lightweight materials manufacturing base [3] - The chemical industry will be supported by 48 key projects to create a fine chemical industry base in the Bohai Rim, leveraging companies like Jingbo and Binhua [3] - The textile industry aims to enhance international influence through 30 key projects, supporting companies such as Weiqiao Textile and Yuyue [3] - The food processing and aquaculture sectors will target high-end value chains, with 16 key projects aimed at establishing a national food industry base and high-quality livestock and aquatic product bases [3] Group 3 - Emerging industries will be promoted, with a focus on the Bohai Bay Future Technology Power Industry City and 29 projects in the new energy and new materials sector, targeting over 10% revenue growth [3] - A low-altitude intelligent network platform will be developed, with 20 key projects including a drone processing center to create a low-altitude economic cluster in the Bohai Rim [3] - The scale of emerging industries such as equipment manufacturing, health care, and digital economy will be expanded, with a focus on future industries like advanced materials and hydrogen energy [3] Group 4 - The industrial ecosystem will be optimized through the implementation of over 400 key technological transformation projects, promoting "smart transformation" with 20 intelligent factories [4] - The service industry will be enhanced, with 15 new projects in smart logistics and over 60 large-scale exhibitions planned [4] - The financial sector will see an 8% increase in credit investment, supporting the transformation of financial pilot cities [4] - The technology service industry will be accelerated, with the establishment of 10 service innovation centers to provide full lifecycle services for manufacturing [4]

Core Viewpoint - Zhongtai Securities initiates coverage on Leshushi (02698) with a "Buy" rating, projecting the company to evolve from a leading player in Africa's sanitary products to an international fast-moving consumer goods group rooted in emerging markets, benefiting from the emerging market dividend [1] Group 1: Company Growth Potential - The company is expected to grow into an international fast-moving consumer goods group in emerging markets, leveraging high competitive barriers established in Africa, including supply chain and cost advantages, deep localization, and a cross-regional operational system [1] - The company is projected to achieve revenues of $545 million, $642 million, and $745 million from 2025 to 2027, with year-on-year growth rates of 20%, 18%, and 16% respectively [1] - Net profit attributable to the parent company is expected to reach $114 million, $134 million, and $155 million during the same period, with growth rates of 20%, 17%, and 16% respectively [1] Group 2: Market Characteristics - Africa is characterized as a "grid-like" market with distinct population distributions, cultures, currencies, and business environments, leading to rapid growth but limited market capacity [2] - The African baby diaper and sanitary napkin markets are projected to reach $2.59 billion and $870 million in 2024, with penetration rates of only 20% and 30%, compared to over 80% in mature markets [2] - The market is expected to benefit from increasing birth rates, urbanization, and rising penetration rates, making it the most promising sanitary product market globally [2] Group 3: Competitive Positioning - The company is the leading sanitary product player in Africa, with projected revenues of $450 million in 2024, reflecting a 10.5% increase, and a net profit of $95 million, representing a 47% increase [3] - The company maintains high gross and net profit margins of 35.2% and 20.9%, respectively, while achieving high return on assets (ROA) that significantly outperforms global and domestic industry leaders [3] - The company's competitive edge stems from its deep localization and cross-regional channel management developed over more than a decade [3] Group 4: Strategic Advantages - The company has established a strong brand presence through over 15 years of deep localization in Africa, operating 51 production lines across 8 countries [4] - A robust sales network has been developed through a wholesale model, reaching over 80% of the local population in key operational countries, creating a cross-regional operational moat in the grid-like market [4] - The company plans to expand its production capacity, with an estimated total output value of $890 million, including $510 million in Central Asia and Latin America markets [4]

Core Viewpoint - Zhongtai Securities initiates coverage on Leshu Shi (02698) with a "Buy" rating, projecting the company to evolve from a leading player in the African sanitary products market to an international fast-moving consumer goods group rooted in emerging markets, benefiting from ongoing market growth [1] Group 1: Company Growth Potential - The company is expected to achieve revenues of $545 million, $642 million, and $745 million from 2025 to 2027, with year-on-year growth rates of 20%, 18%, and 16% respectively [1] - Projected net profit attributable to shareholders is $114 million, $134 million, and $155 million for the same period, with growth rates of 20%, 17%, and 16% [1] - The company has established high competitive barriers in Africa through supply chain and cost advantages, deep localization, and a cross-regional operational system, allowing it to continue benefiting from emerging market dividends [1][2] Group 2: Market Characteristics - Africa is characterized as a "grid-like" market with distinct population distributions, cultures, currencies, and business environments, leading to rapid growth but limited market capacity [2] - The African baby diaper and sanitary napkin markets are projected to reach $2.59 billion and $870 million respectively by 2024, with penetration rates of only 20% and 30%, compared to over 80% in mature markets [2] - The market is expected to benefit from increasing birth rates, urbanization, and rising penetration rates, making it the most promising sanitary products market globally [2] Group 3: Financial Performance - The company is projected to generate $450 million in revenue in 2024, reflecting a 10.5% increase, with profits expected to reach $95 million, a 47% increase [3] - The gross margin and net margin are forecasted at 35.2% and 20.9% respectively, positioning the company as the leading sanitary products player in Africa [3] - The company maintains high profitability and return on assets (ROA), significantly outperforming global and domestic industry leaders [3] Group 4: Competitive Advantages - The company has a first-mover advantage with over 15 years of deep localization in Africa, operating 51 production lines across 8 countries [4] - A robust sales network has been established through a wholesale model, reaching over 80% of the local population in key operational countries [4] - The company is expanding its market presence from West Africa to East Africa and is set to replicate its success in the South American market, with plans for new production capacity valued at $890 million [4]

Investment Rating - The report rates the investment in Leshu Comfort (乐舒适) as "Buy" with projected EPS of 0.16 in 2024, increasing to 0.25 by 2027, and a PE ratio decreasing from 24.20 in 2024 to 133.60 in 2027 [6]. Core Insights - The report highlights that SenDa Group is a leading Chinese enterprise in Africa, leveraging its capabilities to empower Leshu Comfort through its channel, product, and market structure [1]. - SenDa Group has established a comprehensive industrial group that integrates overseas manufacturing, international trade, and industrial investment, with a strong presence in various sectors including home decoration materials, fast-moving consumer goods, and hardware [1][12]. - The report draws parallels between SenDa Group's expansion in Africa and Charoen Pokphand Group's (正大集团) historical success in China, suggesting that SenDa Group is poised to replicate this success in emerging markets [5][4]. Summary by Sections SenDa Group: Deepening Localization in Africa - SenDa Group has been operating in Africa for over 20 years, transitioning from traditional trade to localized manufacturing, creating jobs, and driving industry development [12][29]. - The company has established 32 manufacturing operations globally, with sales covering over 60 countries, showcasing its strong global operational capabilities [12][14]. - Key factors for SenDa's success include early identification of the integrated trade and manufacturing model, local production, and strong government-business relationships [32][33]. Empowering Leshu Comfort - SenDa Group provides financial support to Leshu Comfort through loans and advances, enhancing its capital turnover efficiency [3]. - The group offers supply chain and management support, including raw materials, technical assistance, and administrative services [3]. - Leshu Comfort has established a wide sales network across 12 countries with 18 branches and over 2800 wholesalers and retailers [3][39]. Learning from Charoen Pokphand Group's Journey - The report identifies several successful strategies from Charoen Pokphand Group's history, such as seizing market opportunities, extending the industrial chain, and diversifying financing channels [4]. - SenDa Group's current trajectory mirrors that of Charoen Pokphand Group, indicating potential for significant growth in Africa [5]. Market Position and Competitive Advantage - Leshu Comfort's products are competitively priced, with a gross margin of around 30%, making them attractive compared to international brands [38][39]. - The company's localized production strategy allows for rapid response to market demands, reducing shipping times and costs [38][41]. - SenDa Group's investments in local manufacturing not only enhance brand acceptance but also contribute to local economic development [41][42].

Core Viewpoint - The company has mutually agreed to terminate the compliance advisory agreement with Dongwu Securities International Financing Limited due to personnel changes, effective January 12, 2026 [1] Group 1 - The termination of the compliance advisory agreement with Dongwu Securities is a result of key project personnel changes at Dongwu Securities [1] - The company has appointed Ping An Capital (Hong Kong) Limited as the new compliance advisor, effective January 12, 2026, to ensure continuity in compliance advisory services [1] - The appointment of Ping An will remain in effect until the company complies with the relevant listing rules regarding its financial performance for the first complete fiscal year post-listing, or until the agreement is terminated [1] Group 2 - Ping An is a licensed corporation under the Securities and Futures Ordinance of Hong Kong, authorized to conduct regulated activities related to providing advice on corporate finance [1]

Group 1 - The company has mutually agreed to terminate the compliance advisory agreement with Dongwu Securities International Financing Co., Ltd., effective January 12, 2026, due to personnel changes in key projects at Dongwu Securities [1] - Ping An has been appointed as the new compliance advisor for the company, effective from January 12, 2026, until the earlier of the compliance with listing rules or the termination of the agreement with Ping An [1]

Core Viewpoint - The company has mutually agreed to terminate its compliance advisory agreement with Dongwu Securities International Financing Limited due to personnel changes, effective January 12, 2026 [1] Group 1: Termination of Agreement - The compliance advisory agreement with Dongwu Securities was originally signed on January 15, 2025, and will be terminated due to key personnel changes at Dongwu Securities [1] - The key project personnel responsible for compliance at Dongwu Securities has moved to China Ping An Capital (Hong Kong) Limited [1] Group 2: New Compliance Advisor Appointment - The company has appointed Ping An as its new compliance advisor, effective January 12, 2026, to ensure continuity in compliance advisory services [1] - The appointment of Ping An will remain in effect until the company complies with the listing rules regarding its first complete financial year after the initial listing, or until the termination of the agreement, whichever comes first [1] - Ping An is a licensed corporation under the Securities and Futures Ordinance (Cap. 571 of Hong Kong) authorized to conduct regulated activities related to providing advice on corporate finance [1]

鑒於前述東吳證券負責本公司合規工作的關鍵項目人員已於中國平安資本 （香港）有限公司（「平安」）履新，且考慮到本公司對相關合規顧問委聘之連續 性需求及高度重視，董事會進一步宣佈，根據上市規則第3A.27條之規定，平 安已獲委任為本公司新合規顧問，自2026年1月12日起生效，直至(i)根據上市 規則第3A.19條，本公司就其於首次上市日期後開始的首個完整財政年度（即 截至2026年12月31日止財政年度）之財務業績遵守上市規則第13.46條規定之 日期；或(ii)根據其條款終止本公司與平安所訂立之合規顧問協議之日期，以 較早者為準。 平安為一間根據香港法例第571章證券及期貨條例可從事第6類（就機構融資提 供意見）受規管活動的持牌法團。 香港交易及結算所有限公司與香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不因本公告全 部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Softcare Limited 樂舒適有限公司 （股份代號：2698） （於開曼群島註冊成立的有限公司） 更換合規顧問 本公告乃由樂舒適有限公司（「本公司」）根據香港聯合 ...

Summary of the Conference Call for Leshu Comfort Industry Overview - The penetration rates for diapers and sanitary napkins in Africa are currently 23% and 31% respectively, indicating significant growth potential. The compound annual growth rates (CAGR) over the past five years are approximately 6% for diapers and 9% for sanitary napkins. The market size is expected to reach $2.6 billion and $850 million respectively by 2024 [2][4] Company Insights - Leshu Comfort is a leading brand in the African market for diapers and sanitary napkins, with the highest sales volume share in diapers and the second highest sales revenue share, only behind Procter & Gamble. The company also holds the top position in sanitary napkin sales volume [2][6] - The company is positioned in the mid-to-high-end market, offering high cost-performance products with a stable gross margin exceeding 30% [2][6] - In 2024, Leshu Comfort's revenue is projected to reach $450 million, with an adjusted profit of $98 million, a gross margin of 35.2%, and a net profit margin exceeding 20%, showcasing strong profitability driven by low-cost operational strategies [2][8] Competitive Advantages - **Local Production and Channels**: Leshu Comfort has established localized production bases in East and West Africa, enhancing brand recognition and supply chain capabilities. The company plans to expand into Latin America [4][5] - **Market Share**: The company leads in diaper sales volume and ranks second in sales revenue, demonstrating strong brand influence [6] - **Population Growth**: Africa's annual population increase of over 40 million provides a substantial market base for diapers, supported by a youthful demographic structure [4] Financial Performance - The financial performance for 2024 indicates a revenue of $450 million and an adjusted profit of $98 million, translating to approximately 3.2 billion RMB and 700 million RMB respectively. The gross margin stands at 35.2%, with a net profit margin exceeding 20% [8] Future Growth Strategies - Leshu Comfort aims to expand its product range and penetrate new markets, including Latin America. The company plans to enhance existing product line penetration and optimize supply chain management to maintain high gross and net profit margins [3][9] - The company is also focusing on expanding into personal care and household cleaning categories, which hold significant potential in emerging markets [13] Channel Strength - Leshu Comfort has a robust channel network, with over 60% of revenue generated from wholesalers and more than 30% from distributors. The company collaborates with over 2,100 wholesalers and 400 distributors, maintaining long-term relationships [11] Market Environment - The African market is characterized by currency depreciation and instability, making efficient channel turnover and product sales crucial for distributors. Leshu Comfort's high cost-performance products help distributors expand their business with minimal inventory [12] Strategic Use of Funds - The company's funds will be allocated for capacity upgrades, marketing in emerging markets, and potential strategic acquisitions to support ongoing growth and strengthen its industry position [14] Performance Expectations - In the first four months of 2025, the company achieved a 13% revenue growth, with expectations for higher growth throughout the year. Long-term projections suggest the company could maintain double-digit growth rates, with a valuation of approximately 17-18 times earnings for 2026, indicating a favorable position compared to similar companies globally [15]

Group 1 - The core viewpoint of the report is that Leshush (02698) is rated as "Buy" due to its strong position in the African market, benefiting from increased industry penetration and market share growth, particularly in the core category of baby diapers and rapidly growing sanitary napkins, while expanding into emerging markets like Central Asia [1] - The company has established a competitive barrier and sustainability by deeply engaging in the African market, becoming a leading multinational hygiene products company since its establishment in 2009, with a wide network of over 2,800 channel partners across 12 countries [1][2] Group 2 - The hygiene products market in Africa and emerging markets is experiencing robust growth, with the market size for baby diapers and sanitary napkins in Africa expected to grow from $3.8 billion in 2024 to $5.6 billion by 2029, representing a compound annual growth rate (CAGR) of 7.9% from 2025 to 2029 [2] - The Central Asian market for baby diapers and sanitary napkins is projected to grow from $0.4 billion in 2020 to $0.5 billion by 2024, with a CAGR of 4.5%, driven by population growth, urbanization, and increased consumer awareness [2] Group 3 - The company has a strong competitive position in the African and emerging markets for hygiene products, having established the most local factories in Africa since 2018, ensuring a stable supply chain and rapid response [3] - The company covers over 80% of the population in key African countries through a solid sales network, with high channel barriers and strong relationships with wholesalers and distributors [3] - The brand matrix is well-established, with the core brand Softcare and sub-brands like Maya and Cuettie, achieving the highest market shares in Africa for baby diapers and sanitary napkins at 20.3% and 15.6% respectively in 2024 [3]