Core Viewpoint - The company LeShuShi (02698) has exercised its overallotment option, resulting in the issuance of 13.6326 million shares, which represents approximately 15% of the total shares available for the global offering before the exercise of the overallotment option [1] Group 1 - The overallotment option was fully exercised by the global coordinators and international underwriters on December 5, 2025 [1] - The shares were issued at a price of HKD 26.20 per share, which is the same as the offering price for the global sale [1] - The stabilization period for the global offering ended on December 5, 2025, which is 30 days after the deadline for submitting applications for the Hong Kong public offering [1]

Core Viewpoint - The company, 乐舒适 (02698.HK), announced the full exercise of the over-allotment option as detailed in the prospectus, involving a total of 13,632,600 shares, which represents approximately 15% of the total shares available for sale prior to the exercise of the over-allotment option [1] Group 1 - The over-allotment shares will be issued and allocated by the company at a price of HKD 26.20 per share, excluding various fees [1] - The stabilization period for the global offering ended on December 5, 2025, which is the 30th day after the submission deadline for the Hong Kong public offering application [1] - Further information regarding the stabilization actions taken by the stabilization agent, China International Financial Hong Kong Securities Limited, is included in the announcement [1]

智通财经APP讯，乐舒适(02698)发布公告，招股章程所述的超额配股权已于2025年12月5日由整体协调 人(为彼等本身及代表国际包销商)悉数行使，涉及合共1363.26万股股份，相当于超额配股权获行使前全 球发售项下初步可供提呈发售的发售股份总数约15%。超额配发股份将由公司按每股26.20港元(即全球 发售项下每股发售价)予以发行及配发。此外，有关全球发售的稳定价格期已于2025年12月5日(即提交 香港公开发售申请的截止日期后第30日)结束。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就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。 除本公告另有界定外，本公告所用詞彙與樂舒適有限公司（「本公司」）所刊發日期為2025年10 月31日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告乃根據香港法例第571W章《證券及期貨（穩定價格）規則》第9(2)條作出。本公告僅供參 考，並不構成收購、購買或認購本公司證券的要約或促使任何人士提呈有關要約之邀請。有關 發售股份的任何投資決定應僅依賴招股章程所提供資料作出。 本公司宣佈，招股章程所述之超額配股權已於2025年12月5日（星期五）由整 體協調人（為彼等本身及代表國際包銷商）悉數行使，涉及合共13,632,600股股 份，相當於超額配股權獲行使前全球發售項下初步可供提呈發售的發售股份總 數約15%。超額配發股份將由本公司因悉數行使超額配股權而按每股26.20港元 （不包括1.0%經紀佣金、0.0027%證監會交易徵費、0.00015% ...

Core Viewpoint - The company is a leading player in the African hygiene products market, primarily focused on the sales of diapers, with a well-established brand portfolio targeting emerging markets in Africa, Latin America, and Central Asia [1] Industry Overview - The African hygiene products market is valued at $3.8 billion, characterized by low penetration rates and growth potential. Population growth in emerging markets, along with economic development and improved product awareness, indicates significant room for increased product penetration [2] - According to Frost & Sullivan, the market sizes for diapers, sanitary napkins, and baby pull-ups in Africa are projected to reach $2.59 billion, $0.85 billion, and $0.39 billion respectively by 2024, with expected CAGRs of 7.0%, 10.7%, and 7.6% from 2025 to 2029 [2] - The market is concentrated, with a few international brands and local leaders dominating. The CR5 for baby diapers and women's sanitary napkins is projected to be 61.0% and 41.3% respectively by 2024 [2] Company Competitive Advantages - **Localized Supply Chain**: The company has established local production facilities in multiple African countries, optimizing production processes and reducing logistics costs through local sourcing of raw materials [2] - **Diverse Product Line and Brand Matrix**: The company offers over 340 SKUs and continuously innovates. Its core brand "Softcare" targets the mid-range market, while it also expands horizontally with technology-driven brands and vertically with more affordable options like "Maya" and "Cuettie" [3] - **Extensive Sales Network**: The company has built a comprehensive sales network across Africa, Latin America, and Central Asia, establishing long-term partnerships with wholesalers, distributors, supermarkets, and retailers [3] Financial Forecast and Valuation - The company is projected to achieve net profits of $113 million, $133 million, and $152 million for the years 2025 to 2027, representing year-on-year growth rates of 18.5%, 17.8%, and 14.7% respectively. Corresponding EPS figures are expected to be $0.19, $0.22, and $0.25 [3] - The company is assigned a target P/E ratio of 24x based on comparable companies' average valuations for 2026, leading to a target price of HKD 40.94, with an initial "buy" rating [3]

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].