Core Viewpoint - Cathay Securities initiates coverage on Leshushi (02698) with a "Buy" rating, highlighting the company's rapid growth in overseas markets and its position as an industry leader poised to benefit from growth dividends, alongside expected capacity ramp-up [1] Group 1: Company Overview - Leshushi is the leading player in the African hygiene products market, with key products including baby diapers, sanitary napkins, baby pull-ups, and wet wipes, projected to generate 75% and 17% of revenue from baby diapers and sanitary napkins respectively in 2024 [1] - The company has been operating since 2009 as a division of Senda Group and has established a leading position in Africa through a brand matrix and local production capacity, officially listing on the Hong Kong Stock Exchange on November 10, 2025 [1] Group 2: Market Potential - The African hygiene products market is expected to grow at a CAGR of 7.9% from 2024 to 2029, the highest globally, with a highly concentrated market for baby diapers and sanitary napkins, where Leshushi ranks second in sales value with market shares of 17.2% and 11.9% respectively, and first in sales volume with shares of 20.3% and 15.6% [2] Group 3: Competitive Advantages - Leshushi has a comprehensive brand coverage across various price segments, with high brand recognition and repurchase rates in both baby diapers and sanitary napkins, achieving 89.0% and 95.4% recognition respectively [3] - The company has over 15 years of experience in the African market, with a sales network covering more than 30 countries, reaching over 80% of the local population [3] - Leshushi ranks first in production capacity for both baby diapers and sanitary napkins in Africa, achieving 100% local supply as of 2024 [3] Group 4: Future Outlook - On the revenue side, the demand for hygiene products in emerging markets presents significant growth potential, with Leshushi expected to further increase its market share. The company also has room for improvement in capacity utilization, with funds raised earmarked for capacity expansion [4] - On the profit side, the company's gross margin is projected to improve in 2023 and 2024, with brand upgrades and structural optimization expected to enhance profitability, offsetting potential adverse fluctuations in raw material costs [4]

Investment Rating - The report assigns an "Accumulate" rating to the company [6]. Core Insights - The company is a leading player in the African hygiene products market and has officially listed on the Hong Kong Stock Exchange. The emerging market for hygiene products shows high growth potential, and the company is expected to maintain strong performance [2][11]. Financial Summary - Total revenue is projected to grow from $411.37 million in 2023 to $669.08 million by 2027, reflecting a compound annual growth rate (CAGR) of 28.6% in 2023 and a gradual decline to 12.9% by 2027 [4]. - Net profit is expected to increase significantly from $64.68 million in 2023 to $147.41 million in 2027, with a remarkable growth of 251.7% in 2023 [4]. - The company’s price-to-earnings (PE) ratio is forecasted to be 3.32 in 2023, dropping to 16.22 by 2027, indicating a potential increase in valuation as earnings grow [4]. Industry Overview - The African hygiene products market is expected to grow at a CAGR of 7.9% from 2024 to 2029, positioning it as the fastest-growing market globally [11]. - The market is highly concentrated, with the company holding a market share of 17.2% in baby diapers and 11.9% in sanitary napkins by revenue, while leading in sales volume with 20.3% and 15.6% respectively [11][19]. Competitive Advantages - The company has a comprehensive brand portfolio covering various price segments, with high brand recognition and repurchase rates in the baby diaper and sanitary napkin categories [11][19]. - It has established a robust distribution network across over 30 countries in Africa, reaching more than 80% of the local population [11][19]. - The company achieves 100% local production in Africa, which enhances its supply chain efficiency and cost-effectiveness [11][19]. Future Outlook - Revenue growth is anticipated to be driven by increasing market share in emerging markets and improved production capacity utilization [11][19]. - Profit margins are expected to benefit from brand upgrades and structural optimization, offsetting potential adverse fluctuations in raw material prices [11][19]. Earnings Forecast - The company’s earnings per share (EPS) are projected to be $0.17, $0.21, and $0.24 for the years 2025, 2026, and 2027 respectively [11][15]. - Revenue from key products such as baby diapers, pull-ups, sanitary napkins, and wet wipes is expected to grow significantly, with specific growth rates of 10.1%, 37.2%, 24.8%, and 37.7% respectively from 2025 to 2027 [15][16]. Valuation Analysis - The report suggests a target price of $5.19 per share (equivalent to 40.36 HKD), based on a PE ratio of 30x for 2025, reflecting the company's strong growth potential in overseas markets [11][17].

Group 1 - The company LeShuShi (02698) announced the issuance of 13.6326 million shares on December 10, 2025, following the full exercise of the over-allotment option [1]

Core Viewpoint - LeShuShi (02698) announced the issuance of 13.6326 million shares on December 10, 2025, following the full exercise of the over-allotment option [1] Group 1 - The company will issue a total of 13.6326 million shares [1] - The issuance is scheduled for December 10, 2025 [1] - The shares are being issued as a result of the full exercise of the over-allotment option [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 樂舒適有限公司 呈交日期： 2025年12月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02698 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存 ...

Group 1 - The core viewpoint of the article highlights that LeShuShi (02698) has seen a stock price increase of over 4%, currently trading at HKD 31.28, with a trading volume of HKD 19.53 million [1] - LeShuShi has fully exercised its over-allotment option, raising an additional net amount of HKD 345 million, bringing the total IPO fundraising to HKD 2.738 billion [1] - The company focuses on the hygiene products sector in emerging markets, particularly in Africa, where the penetration rates for baby diapers and sanitary pads are significantly lower compared to mature markets, indicating substantial growth potential [1] Group 2 - According to CITIC Securities, the penetration rates for baby diapers and sanitary pads in Africa are approximately 20% and 30% respectively, compared to 70%-90% in mature markets, suggesting a large room for growth [1] - The rapid economic growth in emerging markets is expected to drive an increase in penetration rates for hygiene products [1] - LeShuShi, backed by the SenDa Group, may have opportunities for future integration of fast-moving consumer goods assets [1]

每经AI快讯，乐舒适(02698.HK)涨超4%，截至发稿涨4.27%，报31.28港元，成交额1953.28万港元。 ...

Core Viewpoint - LeShuShi (02698) has seen a stock price increase of over 4%, currently trading at 31.28 HKD, with a trading volume of 19.53 million HKD. The company has fully exercised its over-allotment option, raising a net amount of 345 million HKD from the IPO, bringing total fundraising to 2.738 billion HKD [1]. Company Summary - LeShuShi has fully exercised its 15% over-allotment option, involving a total of 13.6326 million shares at an offer price of 26.20 HKD [1]. - The company focuses on the hygiene products sector in emerging markets, particularly in Africa [1]. - The company is backed by SenDa Group, which may present future integration opportunities with fast-moving consumer goods assets [1]. Industry Summary - According to CITIC Securities, the penetration rates for baby diapers and sanitary pads in Africa are approximately 20% and 30%, respectively, compared to 70%-90% in mature markets, indicating significant growth potential [1]. - The rapid economic growth in emerging markets is expected to drive an increase in penetration rates for hygiene products [1]. - LeShuShi aims to further expand in Latin America, Central Asia, and North and South Africa, leveraging its manufacturing and channel expertise [1].

Group 1 - The core point of the article is that LeShuShi (02698) has seen a stock price increase of over 4% following the announcement of the full exercise of its over-allotment option and the completion of its price stabilization actions [1] - LeShuShi's overall coordinator fully exercised a 15% over-allotment option, involving a total of 13.6326 million shares, raising an additional net amount of HKD 345 million at a price of HKD 26.20 per share [1] - As a result, LeShuShi's total IPO fundraising has increased to HKD 2.738 billion [1] Group 2 - The company focuses on the hygiene products industry in emerging markets such as Africa, where the penetration rates for baby diapers and sanitary pads are only about 20% and 30%, respectively, compared to 70%-90% in mature markets, indicating significant growth potential [1] - The rapid economic growth in emerging markets is expected to drive an increase in penetration rates for hygiene products [1] - LeShuShi has advantages in product manufacturing and channel development, which may allow it to further expand in Latin America, Central Asia, and North and South Africa [1] - The company is backed by the SenDa Group, which may present opportunities for future integration of fast-moving consumer goods-related assets [1]

Group 1 - The company LeShuShi (02698.HK) announced that on December 5, the overall coordinators fully exercised the 15% over-allotment option, involving a total of 13.6326 million shares [4] - The offering price was set at HKD 26.20, raising an additional HKD 357 million, with a net fundraising amount of HKD 345 million [4] - Following this, the total IPO fundraising for LeShuShi increased to HKD 2.738 billion [4] Group 2 - Before the full exercise of the over-allotment option, the total number of issued shares was 515 million, representing 85.00% of the company's issued capital [5] - After the full exercise, the total number of issued shares increased to 619.5166 million, with the over-allotment shares accounting for approximately 16.87% of the total [5] - The stabilization period related to the global offering ended on the same day, during which the stabilization agent, China International Capital Corporation, did not trade any shares in the market [5]