Group 1 - The company is rated as "Buy" with a target price of HKD 40.94 based on a P/E of 24x for 2026 [3][5] - The company is a leading player in the African hygiene products market, focusing on baby diapers, sanitary napkins, and wet wipes, with a well-established brand portfolio [1][14] - The company has a market share of 20.3% in the African baby diaper market and 15.6% in the sanitary napkin market, ranking first in both categories [2][14] Group 2 - The African hygiene products market is projected to reach USD 3.8 billion by 2024, with significant growth potential due to low penetration rates [2][39] - The market for baby diapers, sanitary napkins, and baby pull-ups in Africa is expected to grow at CAGRs of 7.0%, 10.7%, and 7.6% from 2025 to 2029, respectively [2] - The company has established a localized supply chain, a diverse product brand matrix, and a wide sales network, enhancing its competitive edge [2][3]

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: | 2025年11月30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: | 2025年12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 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | 1,000,000,000 | USD ...

Core Insights - The city of Zouping in Shandong Province has rapidly transformed its economy and industrial structure, achieving significant milestones in industrial upgrading and innovation-driven development [1][17] - Zouping has been recognized as one of the top ten industrial counties in Shandong and is set to become a core area of the Jinan metropolitan area by 2024 [1][17] - The manufacturing sector in Zouping is undergoing a "three transformations" leap, focusing on digitalization, automation, and green development [2][5][17] Industrial Upgrading - Zouping's manufacturing industry has seen a production efficiency increase of over 38%, with labor requirements reduced by 80% compared to traditional models [2] - The Wei Qiao Textile Group has established a complete industrial chain in textiles, leveraging green and intelligent technologies to lead the industry [3][17] - The Shandong Innovation Group is a leader in the recycling of aluminum, implementing a full-process carbon footprint tracking system and collaborating with major automotive brands [6][17] - The Guangfu Group has launched the world's largest φ530 special steel pipe production line, expected to generate an annual output value of 5 billion yuan [7][17] Digital Transformation - Zouping's manufacturing enterprises are adopting digital and intelligent solutions to enhance efficiency, with automated systems in warehouses and production lines [4][17] - The integration of advanced technologies in production processes is enabling Zouping to transition from traditional manufacturing to high-end, green, and clustered production [7][17] Rural and Urban Integration - Zouping is exploring rural-urban integration through the development of unique local industries, such as traditional crafts and eco-tourism, to enhance economic collaboration [9][10][17] - The city is fostering new business models that combine online and offline sales, significantly boosting local entrepreneurship and income [8][10] Social Welfare and Community Services - Zouping is enhancing its social services, particularly in elderly care, through a smart elderly care platform that provides personalized services [12][13][17] - The city has implemented a one-stop service center in its hospital, reducing patient wait times by 62% and improving overall healthcare accessibility [14][15][17] - Community initiatives, such as volunteer programs and local engagement activities, are strengthening social bonds and enhancing the quality of life for residents [16][17]

Core Viewpoint - The company, Leshush, focuses on the hygiene products industry in emerging markets such as Africa, ranking first in sales of baby diapers and sanitary napkins in Africa in 2024, with market shares ranging from 40% to 60% in East and West Africa. The industry is in a growth phase, with significant potential for penetration increases due to low current market penetration rates compared to mature markets [1][4]. Company Overview - Leshush is a multinational hygiene products company specializing in baby diapers, pull-ups, sanitary napkins, and wet wipes, primarily targeting emerging markets in Africa, Latin America, and Central Asia. The company has evolved from a division of the SenDa Group, which began trading hygiene products in 2009, and has become a leading player in the hygiene products sector in multiple African countries [1][2]. Market Position and Performance - According to Frost & Sullivan, Leshush holds a market share of 20.3% in the baby diaper market and 15.6% in the sanitary napkin market in Africa as of 2024. The company's revenue is projected to grow from $320 million in 2022 to $454 million in 2024, with a CAGR of 19.2%. Adjusted net profit is expected to rise from $18.39 million to $97.67 million during the same period, reflecting a CAGR of 130.5% [1][2]. Product and Channel Strategy - The company has localized its products to meet local consumer preferences and has established a deep distribution network across more than 30 countries in emerging markets. It has built production facilities in eight African countries since 2018, allowing for cost reductions and competitive pricing against international brands [2][3]. Future Outlook - The hygiene products industry in emerging markets is expected to maintain rapid growth, driven by economic development and increasing penetration rates. The current penetration rates for baby diapers and sanitary napkins in Africa are approximately 20% and 30%, respectively, compared to 70%-90% in mature markets [4][5]. Expansion Plans - The company plans to expand its market presence in Latin America, Central Asia, and North and South Africa, leveraging its manufacturing and distribution experience. It aims to increase production capacity and strengthen channel development in regions where it has not yet achieved significant market share [5][6]. Backing and Growth Potential - Leshush is supported by the SenDa Group, which has extensive experience in international markets and a diverse portfolio. The company may pursue acquisitions in the hygiene sector to enhance its product offerings and market reach, benefiting from both organic and inorganic growth strategies [6].

Core Viewpoint - The successful IPO of Leshushit, known as the "King of Diapers in Africa," on the Hong Kong Stock Exchange highlights the potential of Chinese brands in emerging markets, driven by a strategy of "branding" and "localization" [1][3]. Company Overview - Leshushit has established a strong market presence in Africa, holding a 20.3% market share in the baby diaper segment and a 15.6% share in the sanitary napkin market as of 2024 [1]. - The company has generated significant revenue, with annual earnings projected to reach $450 million by 2024, reflecting a steady growth trajectory [6]. Business Strategy - The company began its journey in 2009 by launching its first diaper brand, Softcare, in Ghana, focusing on local needs and differentiating itself from competitors [3]. - Leshushit has developed a diverse brand portfolio, including brands like Maya and Veesper, catering to various consumer segments across different regions [3]. - The company has established eight production bases and 51 production lines in Africa, with an annual capacity exceeding 6.3 billion diapers and 2.8 billion sanitary napkins [4]. Financial Performance - Revenue figures for Leshushit from 2022 to 2024 are projected to be $320 million, $410 million, and $450 million, respectively, indicating a consistent upward trend [6]. - The company reported a 15.5% year-on-year revenue growth in the first four months of the current year, with gross profit expected to reach $160 million in 2024, showcasing a compound annual growth rate of 47.6% [6]. Market Potential - The global baby products market is expected to grow significantly, reaching $355.9 billion by 2025 and $475.2 billion by 2030, with emerging markets like Africa and Latin America leading the growth [9]. - The increasing awareness of child-rearing practices among young parents is driving demand for high-quality baby products, creating opportunities for brands like Leshushit [11]. Future Plans - Proceeds from the IPO will be primarily allocated to capacity upgrades, marketing, and strategic acquisitions, with over 70% directed towards new factory construction in Ghana and Senegal [8]. - The company aims to replicate its successful "branding + localization" model in other emerging markets, including Latin America and Central Asia [8].

Core Insights - Softcare Limited successfully listed on the Hong Kong Stock Exchange on November 10, 2025, becoming the first African consumer goods manufacturer to go public in Hong Kong [1] - On its first trading day, the company's stock closed at HKD 34.46, representing a 31.53% increase from the IPO price of HKD 26.20 [1] Company Overview - Founded in 2009, Softcare Limited is a multinational hygiene products company focused on emerging markets such as Africa, Latin America, and Central Asia [3] - The company specializes in the development, manufacturing, and sales of baby diapers, training pants, sanitary napkins, and wet wipes [3] - A significant portion of the company's revenue is derived from sales to African customers, establishing it as a leading player in the hygiene products industry across multiple African countries [3] Market Position - According to a report by Frost & Sullivan, Softcare Limited ranks first in Africa's baby diaper and sanitary napkin markets by volume in 2024, with market shares of 20.3% and 15.6%, respectively [3] - By revenue, the company ranks second in Africa's baby diaper and sanitary napkin markets, holding market shares of 17.2% and 11.9%, respectively [3] - Softcare Limited is the market leader in baby diaper markets in Ghana, Kenya, Côte d'Ivoire, Senegal, Cameroon, and Tanzania, as well as in sanitary napkin markets in Ghana, Senegal, Kenya, and Tanzania [3]

Core Viewpoint - LeShuShi (02698) experienced a decline of over 4% on its second day of trading after an initial surge, indicating volatility in its stock performance post-IPO [1] Company Overview - LeShuShi is a multinational hygiene products company focused on rapidly developing emerging markets in Africa, Latin America, and Central Asia, specializing in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [1] - The company achieved a market share of 20.3% in the African baby diaper market and 15.6% in the sanitary napkin market, ranking first in both categories based on 2024 sales [1] - In terms of revenue for 2024, LeShuShi ranks second in the African baby diaper market with a market share of 17.2% and second in the sanitary napkin market with a market share of 11.9% [1] Industry Insights - The emerging markets present significant growth opportunities, and the company holds a leading position within the industry [1] - LeShuShi has established a mature and stable sales network, which is expected to facilitate the replication of its success in other markets [1] - The company benefits from localized factories and a global supply chain system that supports its ongoing healthy operations [1]

Group 1 - The core viewpoint of the article highlights the initial performance of LeShuShi (02698) after its listing, with a significant drop of over 4% on the second day despite a peak increase of 40.46% on the first day, closing at a 25.95% gain [1] - LeShuShi is a multinational hygiene products company focusing 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] - According to Frost & Sullivan, LeShuShi ranks first in the African market for baby diapers and sanitary napkins with market shares of 20.3% and 15.6% respectively, and ranks second in terms of revenue with market shares of 17.2% and 11.9% in the same categories [1] Group 2 - Guo Zheng International previously commented that emerging markets have significant development potential, and the company holds a leading position in the industry [2] - The company has established a mature and stable sales network, which is expected to replicate its success in other markets [2] - Local factories and a global supply chain system support the company's ongoing healthy operations [2]

Core Viewpoint - LeShuShi Limited (02698.HK) was listed on the Hong Kong Stock Exchange, opening at HKD 34.98 and closing at HKD 33, marking a 25.95% increase from the final offer price of HKD 26.20 [1] Fundraising and Use of Proceeds - LeShuShi issued a total of 90,884,000 shares, with 9,088,400 shares for public offering in Hong Kong and 81,795,600 shares for international offering [1] - The total amount raised was HKD 2,381.16 million, with a net amount of HKD 2,228.72 million after deducting estimated listing expenses of HKD 152.44 million [1] - The funds will be used to expand overall production capacity, upgrade production lines, and conduct marketing activities in Africa, Latin America, and Central Asia from 2026 to 2029 [2] - Additional uses include strategic acquisitions in the hygiene products sector, upgrading the CRM system, and hiring management consulting firms for market analysis and strategy execution from 2026 to 2029 [2] Key Investors - The cornerstone investors include Out, BA HM, Arc Avenue, Arcane Nexus, Beijing Shunao, CDH Emerging Markets, HCEP Funds, NewTrails Capital, Southern Fund, and others [2] Financial Performance - LeShuShi's revenue for the years 2022, 2023, 2024, and the first four months of 2025 were USD 320 million, USD 411 million, USD 454 million, and USD 161 million respectively, with corresponding profits of USD 18.39 million, USD 64.68 million, USD 95.11 million, and USD 31.10 million [3] - The net cash generated from operating activities for the same periods were USD 13.57 million, USD 95.98 million, USD 110 million, and USD 32.33 million respectively [4]

Core Viewpoint - LeShuShi, known as the "King of Diapers in Africa," successfully listed on the Hong Kong Stock Exchange, highlighting its strong market position in the African baby diaper and sanitary napkin markets with significant market shares [1][4]. Company Overview - LeShuShi is controlled by a Chinese couple, Shen Yanchang and Yang Yanjuan, who have extensive experience in the African market, having established a presence in various African countries since 2000 [4][9]. - The company has a strong local production capability with 51 production lines across eight African countries, allowing it to meet local demand effectively [5][6]. Market Position - As of 2024, LeShuShi holds the largest market share in Africa's baby diaper market at 20.3% and in the sanitary napkin market at 15.6% [7][8]. - The company benefits from a growing demand for hygiene products in Africa, driven by a high birth rate and low penetration of such products compared to more developed markets [5][6]. Financial Performance - LeShuShi's revenue has shown consistent growth, with figures of $320 million in 2022, $411 million in 2023, and projected revenues of $454 million in 2024 [6][8]. - The company’s net profit has also increased, reaching approximately $9.6 million in 2024, with baby diapers contributing over 70% of total revenue [6][8]. IPO Details - The IPO involved the global issuance of 90.884 million shares at a maximum price of HKD 26.20 per share, raising approximately HKD 2.382 billion [1][13]. - On its first trading day, the stock price surged by 25.95%, closing at HKD 33.00 per share [1][2]. Investor Interest - LeShuShi attracted significant interest from institutional investors, with a subscription rate of 1813.77 times for the public offering and 34.33 times for the international offering [13]. - The company secured 15 cornerstone investors, raising approximately $139 million (around HKD 1.08 billion) during the IPO [13]. Future Plans - Post-IPO, LeShuShi aims to replicate its successful African model in other emerging markets with similar demographic and consumption characteristics, including Latin America [14].