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: | 2026年1月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | IFBH Limited (於新加坡共和國註冊成立的有限公司) | | | | 呈交日期: | 2026年2月2日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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) | 06603 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 266,666,800 | | 0 | | ...

机构：中金公司 研究员：王文丹/王雪骄/陈文博 首次覆盖 投资亮点 首次覆盖IFBH（06603）给予跑赢行业评级，目标价22.00 港元，基于PE 估值法，对应2026 年P/E 为23 倍，公司在中国椰子水行业中市占率第一。理由如下： 健康饮品消费趋势下，我们认为椰子水行业仍有较大的增长空间。椰子水天然健康属性满足健康饮品消 费趋势，渠道渗透率提升和产品创新驱动行业增长。根据灼识咨询，预计中国椰子水行业零售规模2025 年为99.62 亿元，25-29 年CAGR 有望达到17%，2029 年行业规模或接近200 亿元。 品牌数量增加，激发行业活力。消费者认知来看，椰子水不再是小众轻奢饮品，已回到普通果汁饮料的 竞争序列。在行业内品牌数量增加的背景下，if、佳果源等头部品牌有望依靠供应链、品牌建设维持较 高的市场份额。 风险 原材料价格波动风险，竞争加剧风险，产品质量和安全问题，销售渠道依赖风险，汇率波动风险，对单 一产品、单一市场依赖、新品建设不及预期的风险。 IFBH 专注品牌运营，构筑品类护城河。公司起家于泰国，通过轻资产模式专注品牌运营，将生产制造 等重资产环节交给第三方，因此运营效率较高。公司通 ...

2025 年 9 月公司与中粮集团旗下中粮名庄荟正式签署战略合作协议，标志着公司在国内市场战略布局 再度提速。一方面依托中粮名庄荟覆盖全国的超百万终端网络与多元渠道资源，助力公司快速突破区域 壁垒，实现产品全域覆盖，为业绩高增与区域拓展奠定坚实基础；另一方面借力央企品牌背书，强化品 牌形象，有助于提升产品全国曝光与消费者认知度。 加强本地化运营，管理效率升级 2025 年 11 月公司与上海西虹桥科创发展有限公司签署合作协议，正式落户虹桥国际中央商务区并设立 If 品牌中国区总部。后续公司将完成上海办公室核心团队搭建，配备销售、市场、营销等关键职能人 员，增设专职渠道管理岗位，针对性解决终端窜货、价格紊乱等行业痛点，全面规范渠道运营秩序，提 升本地化管理与响应效率。 风险提示：宏观经济下行风险、市场竞争加剧风险、成本上涨风险。 2025 年椰子水行业竞争加剧，主品牌 If 椰子水凭借纯天然品质与先发品牌优势，销售表现好于行业及 竞品，持续巩固头部地位，2026 年有望继续领跑赛道。 副品牌 Inno coco 全年销售承压，年底已完成大商整改与合作伙伴扩容，叠加高性价比电解质饮料新品 落地，2026 年有望重 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [4] Core Views - The company has initiated systematic adjustments in core areas such as products, management, and channels since Q4 2025, alongside a share buyback plan that enhances operational confidence, thereby strengthening the fundamental logic [4] - Due to intensified industry competition, the profit forecasts for 2025-2027 have been revised downwards, with expected net profits of $0.33 million (down $0.05 million), $0.48 million (down $0.07 million), and $0.61 million (down $0.10 million) respectively, representing year-on-year growth of 0.3%, 43.0%, and 27.9% [4] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are $186 million, $249 million, and $311 million, with year-on-year growth rates of 17.8%, 34.1%, and 24.6% respectively [9] - The projected P/E ratios for 2025-2027 are 18.7, 13.1, and 10.2 times [9] - The company maintains a gross margin of approximately 32.0% for 2025 and a net margin of 18.0% [9] Market Position and Growth Drivers - The main brand, If Coconut Water, is performing better than the industry and competitors due to its natural quality and first-mover advantage, expected to continue leading the market in 2026 [5] - The secondary brand, Inno Coco, faced sales pressure but has completed major adjustments and expanded partnerships, with new high-value electrolyte beverage products expected to drive growth in 2026 [5] Strategic Partnerships and Expansion - A strategic cooperation agreement was signed with COFCO's subsidiary, which will enhance the company's domestic market strategy by leveraging COFCO's extensive distribution network, facilitating nationwide product coverage [6] - The establishment of the If brand's China headquarters in Shanghai aims to improve local operations and management efficiency, addressing industry challenges such as price disorder and channel management [7]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Insights - The company has initiated systematic adjustments in core areas such as products, management, and channels since Q4 2025, alongside a share buyback plan that enhances operational confidence. The fundamental logic has been strengthened, although profit forecasts for 2025-2027 have been revised downwards due to increased industry competition. Expected net profits for 2025-2027 are projected at $0.33 billion (-$0.05), $0.48 billion (-$0.07), and $0.61 billion (-$0.10), representing year-on-year growth of 0.3%, 43.0%, and 27.9% respectively. The current stock price corresponds to P/E ratios of 18.7, 13.1, and 10.2 for the respective years [4] Summary by Sections Business Performance - The coconut water industry is experiencing intensified competition in 2025. The main brand, If Coconut Water, is performing better than the industry and competitors due to its natural quality and first-mover advantage, and is expected to continue leading the market in 2026. The secondary brand, Inno Coco, faced sales pressure throughout the year but has completed major adjustments and expanded partnerships, with new high-value electrolyte beverage products expected to drive growth in 2026, creating a second growth curve for the company [5] Strategic Partnerships - In September 2025, the company signed a strategic cooperation agreement with COFCO's subsidiary, COFCO Mingzhuanghui, marking a significant acceleration in its domestic market strategy. This partnership leverages COFCO Mingzhuanghui's extensive network of over one million terminals and diverse channel resources to help the company overcome regional barriers and achieve nationwide product coverage, laying a solid foundation for high growth and regional expansion. Additionally, the collaboration enhances brand image through the endorsement of a state-owned enterprise, improving national exposure and consumer recognition [6] Operational Efficiency - In November 2025, the company established its China headquarters in the Hongqiao International Central Business District through a partnership with Shanghai Xihongqiao Science and Technology Development Co., Ltd. This move will facilitate the building of a core team in Shanghai, including sales, marketing, and channel management personnel, aimed at addressing industry challenges such as channel disorder and price inconsistencies, thereby enhancing localized management and response efficiency [7] Financial Summary - The company's projected revenue for 2023A is $87 million, with a year-on-year growth of 0.0%. For 2024A, revenue is expected to reach $158 million, reflecting a growth of 80.3%. The estimates for 2025E, 2026E, and 2027E are $186 million, $249 million, and $311 million respectively, with corresponding year-on-year growth rates of 17.8%, 34.1%, and 24.6%. The net profit for 2023A is projected at $17 million, with a growth of 0.0%, and is expected to reach $33 million in 2024A, maintaining the same level in 2025E, before increasing to $48 million and $61 million in 2026E and 2027E respectively, with growth rates of 43.0% and 27.9% [9]

机构：招商证券 研究员：陈书慧/任龙 椰子水行业当前正处于风口期，行业快速扩容的同时竞争加剧，IF 作为行业龙头，品牌具备先发优 势。当前在竞争下公司更加积极的布局国内品牌和渠道，未来若行业规范落地公司有望受益并保持份额 领先地位。公司25 年受innococo 中断发货，及汇率、费用等影响业绩承压，26 年有望收入重归高增态 势，利润修复弹性大。我们预计公司25-26 年EPS 分别0.68、1.16 元人民币，对应26 年估值14X，考虑 到行业处于成长期+业绩修复弹性大，给予"增持"评级。 26 年展望：收入加速增长，盈利有望修复。26 年看，公司收入端预计重回高增态势。一方面主品牌IF 具备先发优势消费者品牌认知强，行业快速增长期有望保持较快增速；另一方面innococo 原渠道大商已 恢复供货，此外公司积极寻求渠道拓展，已与中粮名庄荟、屈臣氏等渠道商签约进行合作，有望加速 innococo 产品的渗透和布局。利润端看，26 年椰子原浆成本价格预计稳中有降，毛利率有望改善，同 时一次性上市辅导及咨询等费用缩减将带动利润率修复。此外，公司25 年预计税率同比增加，主要在 于上市费用无法抵扣，26 年税率 ...

Core Viewpoint - The coconut water industry is currently in a growth phase, with increasing competition. IF, as an industry leader, has a first-mover advantage and is actively expanding its domestic brand and channel presence. The company is expected to benefit from industry standardization and maintain its market share [1]. Group 1: Financial Performance - In H2 2025, the company's overall performance is under pressure due to exchange rate fluctuations and increased costs. The main brand IF's revenue growth has slowed compared to the first half of the year, while the innococo brand faced a significant decline due to supply chain disruptions [2]. - The gross margin is expected to decline in H2 2025 due to the appreciation of the Thai baht against the US dollar, and increased marketing expenses from new endorsements and promotional activities are impacting profits [2]. - For 2026, the company anticipates a return to high revenue growth, driven by the strong brand recognition of IF and the recovery of the innococo supply chain. Collaborations with major distributors are expected to enhance product penetration [2]. Group 2: Market Strategy - The company is focusing on strengthening brand education and increasing consumer awareness of its products' natural attributes through targeted marketing on platforms like Xiaohongshu. It is also advocating for industry standards to eliminate low-quality brands, which could increase market concentration [3]. - The company has established a China office in Shanghai and formed a dedicated team for market maintenance and channel expansion, with plans to continue developing domestic channels. It is currently collaborating with seven contract manufacturers, including General Beverage, and is considering domestic production to optimize its supply chain [3].

IFBH（06603.HK） 经营逐步改善，关注业绩弹性 消费品/食品饮料 椰子水行业当前正处于风口期，行业快速扩容的同时竞争加剧，IF 作为行业龙 头，品牌具备先发优势。当前在竞争下公司更加积极的布局国内品牌和渠道， 未来若行业规范落地公司有望受益并保持份额领先地位。公司 25 年受 innococo 中断发货，及汇率、费用等影响业绩承压，26 年有望收入重归高增 态势，利润修复弹性大。我们预计公司 25-26 年 EPS 分别 0.68、1.16 元人民 币，对应 26 年估值 14X，考虑到行业处于成长期+业绩修复弹性大，给予"增 持"评级。 增持（上调） 目标估值：NA 当前股价：18.43 港元 证券研究报告 | 公司点评报告 2026 年 01 月 25 日 基础数据 | 总股本（百万股） | 265 | | --- | --- | | 香港股（百万股） | 265 | | 总市值（十亿港元） | 4.9 | | 香港股市值（十亿港元） | 4.9 | | 每股净资产（港元） | 0.6 | | ROE（TTM） | 20.4 | | 资产负债率 | 17.8% | | 主要股东 | Pongsa ...

相关事件 IFBH(06603.HK)1月23日耗资286万港元回购15.4万股 IFBH(06603.HK)1月22日耗资265.5万港元回购14.5 万股 格隆汇1月23日丨IFBH(06603.HK)公告，1月23日耗资286万港元回购15.4万股。 ...

IFBH(06603)公布，2026年1月23日耗资约286.01万港元回购15.4万股股份。 ...