Core Viewpoint - The company, 乐舒适 (02698), is set to launch an initial public offering (IPO) from October 31 to November 5, 2025, aiming to raise approximately HKD 2.141 billion for various strategic initiatives [1][2]. Group 1: IPO Details - The company plans to globally offer 90.884 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale, subject to reallocation [1] - The proposed share price ranges from HKD 24.2 to HKD 26.2, with trading expected to commence on November 10, 2025 [1] - The company has secured cornerstone investment agreements totaling approximately USD 139 million from various investors [1] Group 2: Use of Proceeds - Assuming a share price of HKD 25.20 and no exercise of the over-allotment option, about 71.4% of the net proceeds will be used to expand overall capacity and upgrade production lines [2] - Approximately 11.6% is earmarked for marketing and promotional activities in Africa, Latin America, and Central Asia [2] - About 4.7% will be allocated for strategic acquisitions in the hygiene products sector [2] - A small portion, around 0.4%, is intended for upgrading the CRM system and implementing it across various operations [2] - Approximately 2.6% will be used to hire management consulting firms for market and product analysis [2] - The remaining 9.3% is designated for working capital and general corporate purposes [2] Group 3: Company Performance - The company has experienced significant revenue growth, with revenue increasing from USD 320 million in 2022 to USD 411.4 million in 2023, representing a 28.6% increase [3] - Revenue is projected to rise further to USD 454.4 million in 2024, marking a 10.5% increase [3] - Net profit surged from USD 18.4 million in 2022 to USD 64.7 million in 2023, a remarkable increase of 251.7% [3] - For the four months ending April 30, 2025, net profit is expected to reach USD 3.11 million, up 12.5% from USD 2.77 million in the same period of 2024 [3] Group 4: Market Position - The company is a multinational hygiene products firm focusing on emerging markets in Africa, Latin America, and Central Asia, primarily producing baby diapers, pull-ups, sanitary pads, and wet wipes [2] - According to Frost & Sullivan, the company ranks first in market share for baby diapers (20.3%) and sanitary pads (15.6%) in Africa based on 2024 sales volume [2] - The company holds the second position in revenue market share for baby diapers (17.2%) and sanitary pads (11.9%) in Africa for 2024 [2]

Core Viewpoint - The company, LeShuShi (02698), is set to launch an initial public offering (IPO) from October 31 to November 5, 2025, aiming to raise approximately HKD 2.141 billion for expansion and marketing initiatives in emerging markets [1][2]. Group 1: IPO Details - The company plans to issue 90.884 million shares globally, with 10% allocated for public offering in Hong Kong and 90% for international investors, along with a 15% over-allotment option [1]. - The expected price range for each share is HKD 24.2 to 26.2, with trading on the Hong Kong Stock Exchange commencing on November 10, 2025 [1]. Group 2: Use of Proceeds - Approximately 71.4% of the net proceeds is intended for expanding overall production capacity and upgrading production lines [2]. - About 11.6% is earmarked for marketing and promotional activities in Africa, Latin America, and Central Asia [2]. - The company plans to allocate 4.7% for strategic acquisitions in the hygiene products sector and 0.4% for upgrading its CRM system [2]. - Additionally, 2.6% will be used for hiring management consulting firms for market and product analysis, while 9.3% is designated for working capital and general corporate purposes [2]. Group 3: Company Performance - The company has experienced significant revenue growth, with revenue increasing from USD 320 million in 2022 to USD 411.4 million in 2023, representing a 28.6% increase [3]. - Revenue is projected to rise further to USD 454.4 million in 2024, marking a 10.5% increase [3]. - Net profit surged from USD 18.4 million in 2022 to USD 64.7 million in 2023, a remarkable increase of 251.7% [3]. - For the four months ending April 30, 2025, net profit is expected to reach USD 3.11 million, up 12.5% from USD 2.77 million in the same period of 2024 [3]. Group 4: Market Position - The company is a multinational hygiene products firm focusing on rapidly developing emerging markets in Africa, Latin America, and Central Asia, primarily producing baby diapers, sanitary napkins, and wet wipes [2]. - According to Frost & Sullivan, the company ranks first in the African market for baby diapers and sanitary napkins, with market shares of 20.3% and 15.6%, respectively, based on 2024 sales [2]. - In terms of revenue for 2024, the company holds the second position in the African baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% [2].

Core Viewpoint - The company, 乐舒适 (02698.HK), plans to globally offer 90.884 million shares, with a pricing range of HKD 24.20 to 26.20 per share [1] Group 1: Offering Details - The company intends to issue 90.884 million shares globally, with 9.0884 million shares available for sale in Hong Kong and 81.7956 million shares for international sale [1] - The subscription period for the shares is set from October 31, 2025, to November 5, 2025, with the expected pricing date on November 6, 2025 [1] - The shares are expected to commence trading on the Hong Kong Stock Exchange on November 10, 2025 [1] Group 2: Underwriters - The joint sponsors for the offering include 中金公司 (CICC), 中信证券 (CITIC Securities), and 广发证券 (Guotai Junan Securities) [1]

乐舒适(02698)于2025年10月31日至2025年11月5日招股，拟全球发售9088.4万股股份，其中香港公开发 占10%，国际发售占90%(可予重新分配)，另有15%超额配股权。每股发售价24.2-26.2港元，每手200 股，股份将于2025年11月10日(星期一)上午九时正(香港时间)开始在联交所买卖。 ...

智通财经APP讯，乐舒适(02698)于2025年10月31日至2025年11月5日招股，拟全球发售9088.4万股股 份，其中香港公开发占10%，国际发售占90%(可予重新分配)，另有15%超额配股权。每股发售价24.2- 26.2港元，每手200股，股份将于2025年11月10日(星期一)上午九时正(香港时间)开始在联交所买卖。 ...

聯席保薦人、保薦人兼整體協調人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 樂舒適有限公司 Softcare Limited （於開曼群島註冊成立的有限公司） 股份代號 : 2698 全球發售 重要提示 閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 Softcare Limited 樂舒適有限公司 （於開曼群島註冊成立的有限公司） 全球發售 | 全球發售項下的發售股份數目 | ： | 90,884,000股股份（視乎超額配股權行使 | | --- | --- | --- | | | | 與否而定） | | 香港發售股份數目 | ： | 9,088,400股股份（可予重新分配） | | 國際發售股份數目 | ： | 81,795,600股股份（可予重新分配及 | | | | 視乎超額配股權行使與否而定） | | 最高發售價 | ： | 每股發售股份26.20港元，另加1.0% | | | | 經紀佣金、0.0027%證監會交易 | | | | 徵費、0.00565%聯交所交易費及 | | | | 0.00015%會財局交易徵費（須於申請 | | | | 時以港元繳足，多繳款項可予 ...

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。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。本公告並非招股章 程。潛在投資者在決定是否投資發售股份前，務請細閱招股章程，以了解有關本公司及下述全 球發售的詳細資料。有關發售股份的任何投資決定應僅依賴招股章程所載資料作出。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區）發佈、刊 發、派發。本公告並非且不擬構成或組成在美國境內或於任何其他司法權區要約出售任何證券 或招攬購買或認購任何證券的一部分。發售股份並無亦不會根據1933年《美國證券法》（經不時 修訂）（「美國證券法」）或美國任何州或其他司法權區的證券法登記，亦不得在美國境內提呈發 售、出售、質押或以其他 ...

Core Viewpoint - Shandong Weiqiao Textile Technology Co., Ltd. has successfully integrated advanced automation and intelligent systems in its production processes, leading to significant competitive advantages in the textile industry [1][3]. Group 1: Company Overview - Weiqiao Textile is a leading player in the textile industry, with its yarn and cotton fabric production capacities ranking first globally [1]. - In the 2024 Fortune Global 500 list, Weiqiao Group achieved a sales revenue of 520.2 billion yuan in 2023, placing it at 175th [1]. - The company reported an 8.2% year-on-year increase in export revenue in the first quarter of this year, despite challenging domestic and international market conditions [1]. Group 2: Technological Innovations - The company has developed a full cotton deodorizing composite functional fabric, combining deodorizing and antibacterial properties while maintaining comfort [2]. - Weiqiao Textile has launched dozens of high-tech, high-value-added products annually to meet market demands [2]. - The introduction of the self-developed I3.0 intelligent management system, which utilizes 150,000 sensors for real-time data collection, has transformed traditional production methods [3]. Group 3: Environmental and Production Efficiency - Weiqiao Textile has achieved a breakthrough in dyeing technology that eliminates the need for water in the dyeing process, addressing pollution concerns [4]. - The company emphasizes digital transformation, technological innovation, market diversification, and energy conservation as key strategies to enhance competitiveness [4]. - Continuous investment in intelligent upgrades of key processes aims to improve automation and efficiency in production [4].

Financial Performance - Revenue for the six months ended June 30, 2023, was approximately RMB 7,951,000,000, a decrease of about 4.1% compared to the same period last year[4]. - Gross profit was approximately RMB 22,000,000, compared to a gross loss of approximately RMB 419,000,000 in the same period last year[4]. - The net loss attributable to the company's owners was approximately RMB 504,000,000, an improvement from a net loss of approximately RMB 650,000,000 in the same period last year[4]. - Loss per share was approximately RMB 0.42, compared to RMB 0.54 in the same period last year[4]. - For the six months ended June 30, 2023, the group's revenue was approximately RMB 7,951,000,000, a decrease of about 4.1% compared to the same period in 2022[17]. - The group reported a net loss attributable to shareholders of approximately RMB 504,000,000, primarily due to rising production costs from fluctuating cotton prices[17]. - The company reported a loss before tax of RMB 425,970 thousand, which is an improvement from a loss of RMB 648,490 thousand in the prior year[65]. - Total comprehensive loss for the period was RMB 505,552 thousand, compared to RMB 651,114 thousand in the same period last year, indicating a reduction in losses[65]. - The company reported a net loss of RMB 504,331 for the six months ended June 30, 2023, compared to a net loss of RMB 650,036 in the same period of 2022, showing an improvement of approximately 22.5%[97]. Operational Highlights - The company is advancing its smart and automated transformation, with ongoing projects in intelligent textile production lines and automatic yarn feeding systems[9]. - The company has made progress in innovation, with a key project achieving international leading technology status and two projects selected for Shandong Province's first batch of technology innovation projects in 2023[9]. - Textile product revenue was approximately RMB 5,912,000,000, an increase of about 8.7% year-on-year, driven by a recovering domestic market and increased sales volume[17]. - The group’s cotton yarn production increased by about 8.0% to approximately 216,000 tons, while denim fabric production rose by about 22.2% to approximately 33,000,000 meters[23]. - The company plans to strengthen technological innovation and expand sales channels while focusing on functional product development and green transformation in the second half of 2023[10]. Market Conditions - Domestic retail sales of clothing, shoes, and textiles in China increased by approximately 12.8% year-on-year, reaching about RMB 683.4 billion[11]. - China's textile and apparel export value was approximately USD 142.7 billion, a year-on-year decrease of about 8.3%, with a slowdown of approximately 20.5 percentage points compared to the same period last year[11]. - The average price index for China's cotton 3128B was approximately RMB 15,942 per ton, a year-on-year decrease of about 28.2%[12]. - The outlook for the second half of 2023 indicates uncertainty in global economic recovery, but strengthening internal demand is expected to support the textile industry in China[42][43]. Financial Position - The cash outflow from operating activities for the six months ended June 30, 2023, was approximately RMB 1,376 million, with cash and cash equivalents amounting to RMB 10,110 million, a decrease of about 11.3% from RMB 11,402 million as of December 31, 2022[33][34]. - The debt-to-asset ratio as of June 30, 2023, was approximately 30.8%, compared to 32.1% as of December 31, 2022[35]. - Non-current assets as of June 30, 2023, amounted to RMB 9,047,749 thousand, a decrease from RMB 9,361,045 thousand as of December 31, 2022[66]. - Current assets totaled RMB 15,240,925 thousand, down from RMB 16,143,129 thousand at the end of 2022[66]. - The total equity attributable to the owners of the company decreased to RMB 16,807,703 thousand from RMB 17,312,034 thousand, reflecting a reduction of about 2.91%[67]. - The company’s total assets less current liabilities were RMB 17,386,366 thousand, down from RMB 17,845,276 thousand, reflecting a decrease of approximately 2.57%[67]. Expenses and Costs - Administrative expenses were approximately RMB 169,000,000, a slight decrease of about 1.2% compared to the previous year[28]. - Other expenses increased significantly by approximately 746.2% to about RMB 220,000,000, mainly due to impairment provisions for certain power assets[29]. - Financial costs rose to approximately RMB 120,000,000, an increase of about RMB 52,000,000 compared to the previous year, reflecting increased bank borrowings[30]. - The total employee cost for the six months ended June 30, 2023, was approximately RMB 1,740 million, a reduction of about 20.5% from RMB 2,189 million in the previous year[37]. - Research and development costs for the six months ended June 30, 2023, were RMB 201,946, a decrease from RMB 318,850 in the same period of 2022, representing a reduction of about 36.6%[94]. Shareholder Information - The board of directors proposed no interim dividend for the six months ended June 30, 2023, consistent with the previous year[52]. - Brandes Investment Partners, L.P. holds 41,333,000 H shares, representing approximately 9.99% of the issued H shares as of June 30, 2023[46]. - Mellon Financial Corporation owns 41,073,100 H shares, accounting for about 9.93% of the issued H shares as of June 30, 2023[46]. - Zhang Hongxia, the executive director and chairperson, has a beneficial interest of 17,700,400 domestic shares, which is approximately 2.27% of the total issued domestic shares as of June 30, 2023[49]. Compliance and Governance - The audit committee reviewed the interim results and financial statements for the six months ended June 30, 2023, ensuring compliance with relevant accounting standards[53]. - The remuneration committee approved the remuneration proposals for directors and senior management for the fiscal year 2023[54]. - The nomination committee is responsible for reviewing the board's structure and composition annually, ensuring alignment with the company's strategy[55]. - The company has adopted a code of conduct for securities transactions by directors and supervisors, confirming compliance during the reporting period[57].

Financial Performance - Revenue for the six months ended June 30, 2023, was approximately RMB 7,951 million, a decrease of about 4.1% compared to the same period last year[2]. - Gross profit for the period was approximately RMB 22 million, compared to a gross loss of approximately RMB 419 million in the same period last year[2]. - The net loss attributable to the company's owners was approximately RMB 504 million, an improvement from a net loss of RMB 650 million in the same period last year[2]. - Basic and diluted loss per share was approximately RMB 0.42, compared to RMB 0.54 in the same period last year[2]. - The company reported a pre-tax loss of RMB 425 million for the period, compared to a pre-tax loss of RMB 648 million in the same period last year[3]. - Other income and gains for the period were RMB 152 million, slightly down from RMB 164 million in the same period last year[3]. - The group reported a pre-tax loss of RMB 425,970 thousand for the first half of 2023, compared to a pre-tax loss of RMB 648,490 thousand in the same period of 2022, showing an improvement in financial performance[17][18]. - The company incurred a loss of RMB 504,331 thousand for the six months ended June 30, 2023, compared to a loss of RMB 650,036 thousand for the same period in 2022, reflecting a reduction in losses[27]. - The company’s electricity and steam revenue was approximately RMB 2,039,000,000, a decrease of about 28.5% year-on-year due to reduced demand[59]. Assets and Liabilities - Total current assets amounted to RMB 15,240 million, a decrease from RMB 16,143 million as of December 31, 2022[5]. - Total current liabilities were RMB 6,902 million, down from RMB 7,658 million as of December 31, 2022[5]. - The company's total equity attributable to owners was RMB 16,807 million as of June 30, 2023, compared to RMB 17,312 million at the end of 2022[6]. - Non-current assets were valued at RMB 9,047 million, a decrease from RMB 9,361 million as of December 31, 2022[4]. - Total assets as of June 30, 2023, were RMB 24,288,685 thousand, a decrease from RMB 25,504,185 thousand as of December 31, 2022[21]. - The carrying amount of right-of-use assets was approximately RMB 309,993,000 as of June 30, 2023, down from RMB 320,323,000 as of December 31, 2022[31]. - The total accounts payable as of June 30, 2023, was RMB 694,318,000, down 28.4% from RMB 968,611,000 as of December 31, 2022[41]. - The company’s bank borrowings amounted to approximately RMB 1,259,000,000 as of June 30, 2023, a decrease of 16.6% from RMB 1,511,000,000 as of December 31, 2022[43]. Cash Flow - For the six months ended June 30, 2023, the company reported a net cash outflow from operating activities of RMB (1,376,033) thousand, compared to RMB (642,339) thousand for the same period in 2022[8]. - The net decrease in cash and cash equivalents was RMB (1,292,054) thousand, compared to RMB (784,695) thousand in the same period of 2022[8]. - The company ended the period with cash and cash equivalents of RMB 10,109,959 thousand, down from RMB 10,781,134 thousand at the end of June 2022[8]. - As of June 30, 2023, the group's cash and cash equivalents were approximately RMB 10,110 million, a decrease of about 11.3% from approximately RMB 11,402 million at the end of 2022[73]. Revenue Breakdown - Revenue from cotton yarn sales increased to RMB 2,847,688 thousand, up 15.1% from RMB 2,474,531 thousand in 2022[15]. - Revenue from fabric sales was RMB 2,644,879 thousand, slightly up from RMB 2,619,927 thousand in 2022[15]. - Revenue from denim sales rose to RMB 419,628 thousand, an increase of 21.1% from RMB 346,261 thousand in 2022[15]. - Revenue from electricity and steam sales decreased to RMB 2,038,947 thousand, down 28.5% from RMB 2,852,315 thousand in 2022[15]. - The textile segment generated external revenue of RMB 5,912,195 thousand, while the power and steam segment generated RMB 2,671,414 thousand, indicating a significant drop in the power and steam segment compared to RMB 3,478,704 thousand in the previous year[17][18]. - Textile product revenue was approximately RMB 5,912,000,000, an increase of about 8.7% year-on-year, driven by a recovering domestic market[59]. Operational Efficiency - The company is advancing automation and smart manufacturing projects to enhance production efficiency[52]. - The company has initiated key national projects focused on automation technology in the textile industry[53]. - The average utilization hours of the power generation units decreased by 578 hours to approximately 1,787 hours compared to the same period last year[65]. - The gross profit from electricity and steam sales decreased by approximately 32.9% to about RMB 108 million, with a gross profit margin of 5.3%, down 0.3 percentage points year-on-year[66]. Research and Development - Research and development costs amounted to RMB 201,946 thousand for the first half of 2023, down from RMB 318,850 thousand in the same period of 2022, suggesting a reduction in investment in R&D[25]. - The group spent approximately RMB 345,490,000 on property, plant, and equipment for the six months ended June 30, 2023, compared to RMB 260,955,000 for the same period in 2022, representing a 32.4% increase[28]. Governance and Compliance - The company did not declare any dividends for the six months ended June 30, 2023, consistent with the previous year[26]. - An audit committee was established to review the financial reporting process and internal controls, consisting of three independent non-executive directors[91]. - The remuneration committee approved the remuneration proposals for directors and senior management for the fiscal year 2023[92]. - A nomination committee was formed to review the board's structure and recommend changes as necessary[93]. - The company adhered to the principles of the Corporate Governance Code during the six months ended June 30, 2023[94]. Market Outlook - The outlook for the second half of 2023 indicates uncertainty in global economic recovery, with a focus on enhancing domestic demand in the textile industry[80]. - The group plans to strengthen industrial upgrading and innovation to achieve high-quality development, while maintaining a balance between domestic and international sales[80]. - The group aims to explore markets along the "Belt and Road" initiative and enhance production automation and green production levels[80]. - The group will optimize product structure based on market demand, leveraging its integrated advantages in production, learning, and research[80].