EF001 免責聲明 | 公告全部或任何部份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。 | 香港交易及結算所有限公司及香港聯合交易所有限公司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，概不對因 | | --- | --- | | | 股票發行人現金股息公告 | | 發行人名稱 | IFBH Limited | | 股份代號 | 06603 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止之末期股息 (更新) | | 公告日期 | 2026年3月27日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新股東批准日期、派息金額及公司預設派發貨幣、匯率、除淨日、為符合獲取股息分 派而遞交股份過戶文件之最後時限、暫停辦理股份過戶登記手續之日期、記錄日期、股 | | 息派發日及股息所涉及的代扣所得稅 | | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31 ...

IFBH Limited （於新加坡共和國註冊成立的有限公司） 公司註冊編號：202407593W （股份代號：6603） 本代表委任表格所涉及的 股份數目 （附註1） 將 於2026年4月29日（星期三）舉行的股東週年大會代表委任表格 本人╱吾等 （附註2） 地址為 乃IFBH Limited（「本公司」）已發行股本的登記股份持有人，茲委任大會主席 （附註3） 或 地址為 （電郵地址 （附註2） ： ） 為本人╱吾等之代表，代表本人╱吾等出席於2026年4月29日（星期三）下午三時正假座Straits Room, The Fullerton Hotel, 1 Fullerton Square, Singapore 049178及通過電子方式召開的本公司股東週年大會（「股東週年大會」）（及其任何續會）。 請 在 適 當 欄 內 勾 選「✓」號，以 表 明 閣下於投票表決時的意願 （附註4） 。 | | 普通決議案 | 贊成 | 反對 | | --- | --- | --- | --- | | 1. | 省覽、考慮及採納本公司截至2025年12月31日止年度的經審核綜合財務 | | | | | 報表、董事會報告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不 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 通 告 全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 IFBH Limited 茲通告IFBH Limited（「本公司」）謹訂於2026年4月29日（星 期 三）下午三時正假座 Straits Room, The Fullerton Hotel, 1 Fullerton Square, Singapore 049178及透過電子設施 方 式 舉 行 股 東 週 年 大 會，藉 以 處 理 以 下 事 項： 一般事項 1. 省 覽、考 慮 及 採 納 本 公 司 截 至2025年12月31日止財政年度的經審核綜合財 務 報 表、董 事 會 報 告 及 核 數 師 報 告。 （第1號 決 議 案） 2. 宣派截至2025年12月31日止財政年度的末期免稅（一級）股息每股0.026美元。 （第2號 決 議 案） – 1 – 3. 批准及追認截至2025年12月31日止財政年度的董事袍金88,341美 元（ ...

此乃要件 請即處理 閣 下 對本通函的任何方面或應採取的行動 如有任何疑問，應諮詢股票經紀或其他註 冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓 名下所有IFBH Limited之 股 份，應 立 即 將 本 通 函 連 同 隨 附 之 代 表 委 任 表 格 送 交 買 主 或 承 讓 人 或 經 手 買 賣 或 轉 讓 之 銀 行、股 票 經 紀 或 其 他 代 理 商， 以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 通 函 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。 IFBH Limited （於新加坡共和國註冊成立的有限公司） 公司註冊編號：202407593W （股份代號：6603） (1)建議重選董事； (2)建議授出發行股份之一般授權； (3)建議授出購回股份之一般授權； (4)建議授出一般授權以根據首次公開發售後股份激勵計劃授出的 獎勵提呈及授出獎勵以及配發及發行股份 ...

（股 份 代 號：6603） IFBH Limited （於 新 加 坡 共 和 國 註 冊 成 立 的 有 限 公 司） 公 司 註 冊 編 號：202407593W 香港交易及結算所有限公司及香港聯合交易所有限公司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依賴該等內容而引致的任何損失承擔任何責任。 建議修訂章程 本公告乃由IFBH Limited（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）根據香港聯 合交易所有限公司證券上市規則（「上市規則」）第13.51(1)條 作 出。 本公司董事（「董 事」）會（「董事會」）擬於本公司應屆股東週年大會（「股東週年大 會」）上對本公司的章程作出若干修訂（「建議修訂」）。 目 前，本 公 司 的 章 程 規 定，本 公 司 須 於 緊 接 上 一 財 政 年 度 後 四(4)個月內舉行股 東 週 年 大 會，且 所 有 股 東 大 會 均 須 在 新 加 坡 舉 行。 鑒 於 本 公 司 股 份 於 聯 交 所 上 市，上 ...

IFBH Limited （於新加坡共和國註冊成立的有限公司） 股份代號 Stock Code : 6603 公司註冊編號 Company registration number: 202407593W (Incorporated in the Republic of Singapore with limited liability) 2025 ENVIRONMENTAL, SOCIAL, AND GOVERNANCE 環 境、社會及管 治 報 告 目錄 | 主要摘要 | 2 | | --- | --- | | 關於本報告 | 3 | | 關於IFBH | 4 | | 重要性評估 | 5 | | 管治 | 6 | | 環境 | 8 | | 社會 | 19 | | 附錄一：績效表 | 29 | | 附錄二：香港交易所《環境、社會及管治報告 | 32 | | 守則》索引 | | 主要摘要 2024 2025 176百萬美元 同比變動 +12% 收益 已售產品 2024 2025 同比變動 +8% 346百萬瓶 2 環境、社會及管治報告2025 IFBH Limited 關於本報告 報告概覽 重要性 本報告集中闡述 ...

釋義 DEFINITIONS IFBH Limited （於新加坡共和國註冊成立的有限公司） 股份代號 Stock Code : 6603 (Incorporated in the Republic of Singapore with limited liability) 公司註冊編號 Company registration number: 202407593W 2025 ANNUAL REPORT 年 報 CONTENTS 目錄 2 釋義 Definitions 6 公司資料 Corporate Information 8 主席報告 Chairman's Statement 14 管理層討論與分析 Management Discussion and Analysis 35 企業管治報告 Corporate Governance Report 61 董事及高級管理層履歷 Biographies of Directors and Senior Management 71 董事會報告 Directors' Statement 89 獨立核數師報告 Independent Auditor's Report 97 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 11.87 and a fair value of HKD 15.58 [6]. Core Insights - The coconut water segment is expected to be one of the fastest-growing sub-sectors in soft drinks, driven by health trends and consumer preferences for natural beverages [29]. - The company is positioned well in the market due to its strong brand recognition and effective channel strategies, which align with consumer preferences for health-oriented products [51]. - The report forecasts significant growth in the company's net profit, projecting a year-on-year increase of 17% in 2025, 21% in 2026, and 19% in 2027, reaching USD 0.27 million, USD 0.32 million, and USD 0.38 million respectively [4]. Summary by Sections 1. Development Potential of Coconut Water - Coconut water is recognized for its natural, healthy, and low-sugar attributes, making it a preferred choice over sugary beverages [16]. - The market for coconut water is rapidly expanding, with a compound annual growth rate (CAGR) of 60.8% in Greater China from 2019 to 2024, indicating strong demand [20]. - The report highlights that the coconut water market in China is expected to exceed RMB 200 billion in the long term, driven by a shift towards healthier beverage options [33]. 2. Competitive Advantage of IFBH - IFBH has established a strong brand presence and occupies a leading position in the coconut water market, benefiting from its early entry and brand recognition [51]. - The company effectively utilizes a light-asset model, allowing for rapid expansion while maintaining low operational costs [51]. - The competitive landscape includes various players, but IFBH's established supply chain and marketing strategies provide it with a significant edge [41]. 3. Strategic Product and Channel Management - The company plans to enhance its dual-brand strategy with "IF+Innococo" to differentiate its product offerings [9]. - There is substantial room for expansion in offline channels, particularly in key accounts and potential direct sales channels [9]. - The report emphasizes the importance of managing distributor relationships and expanding the sales team to regain market share [9]. 4. Financial Projections - The company is projected to achieve a revenue of USD 158 million in 2024, with a growth rate of 80.3% [4]. - EBITDA is expected to reach USD 40 million in 2024, with a gradual increase in subsequent years [4]. - The report anticipates a recovery in profit margins as cost pressures ease and currency fluctuations are excluded from the analysis [9].

Core Viewpoint - The article discusses the trust crisis faced by IFBH, a coconut water company founded by Thai entrepreneur Pongsakorn Pongsak, following a report that questioned the authenticity of its "100% coconut water" claim, leading to significant stock price fluctuations and concerns about its business model and reliance on the Chinese market [4][6][7][11]. Group 1: Company Overview - Pongsakorn Pongsak, the founder of IFBH, is the son of a textile tycoon and has built a successful coconut water brand, "if," which generated approximately $158 million in revenue for 2024 [5][19]. - IFBH operates with a remarkably lean workforce of only 46 employees, yet it has achieved high revenue, showcasing an extreme light-asset operational model [19][21]. - The company has a significant market presence, holding a 34% market share in mainland China and 60% in Hong Kong, making it the leading coconut water brand in these regions [15][20]. Group 2: Trust Crisis and Market Reaction - A report by the Beijing News raised concerns about the authenticity of IFBH's products, indicating the presence of external water and sugar in their coconut water, which led to a trust crisis for the brand [6][11]. - Following the report, IFBH's stock price dropped by 22.81% over a few days, despite the company issuing statements to reaffirm the purity of its products [11][12]. - The company's market capitalization has significantly decreased from a peak of approximately HKD 130 billion to around HKD 30 billion, reflecting investor concerns [12][17]. Group 3: Business Model and Market Dynamics - IFBH's business model relies heavily on outsourcing, with no in-house production or warehousing, which allows for high profit margins despite potential risks associated with supplier concentration [22][23]. - The coconut water market in China is rapidly growing, with projections indicating a compound annual growth rate of 13%-19% from 2025 to 2030, intensifying competition from both international and local brands [29]. - The company's marketing strategy has effectively targeted younger consumers through collaborations with popular influencers and celebrities, enhancing brand visibility [25][26]. Group 4: Challenges and Future Strategies - The heavy reliance on the Chinese market poses risks for IFBH, as any market fluctuations could significantly impact its business [28]. - The company is beginning to localize its operations in China by expanding its distributor network and establishing a local subsidiary to enhance sales execution and distribution management [32][33]. - Despite plans for local production and increased operational investment, the transition from a light-asset to a heavier asset model may strain profitability, as evidenced by a 31.7% decline in net profit despite revenue growth [34].

Core Viewpoint - IFBH, a Thai beverage company known for its "100% coconut water," is facing a significant trust crisis following a report indicating the presence of external water and sugar in its products, which contradicts its branding claims [4][6][5]. Company Overview - IFBH, founded by Pongsakorn Pongsak, has achieved remarkable revenue of approximately $158 million (about 1.16 billion RMB) in 2024 with a net profit of $33.3 million (about 245 million RMB) while employing only 46 people, showcasing an extraordinary efficiency in human capital [5][11]. - The company has dominated the coconut water market in China, holding a market share of about 34% in 2024, significantly outpacing its nearest competitor [9][12]. Market Performance - Following the trust crisis, IFBH's stock price dropped by 22.81% from March 2 to March 4, 2024, and despite a brief recovery, it has remained significantly lower than its peak market valuation of approximately 130 billion HKD [8][10]. - The company's stock has fallen below its initial public offering price, closing at 11.93 HKD as of March 12, 2024 [10]. Business Model - IFBH operates on a light asset model, relying heavily on outsourcing for production, logistics, and distribution, which has allowed it to maintain a gross margin of around 35% and a net profit margin of about 20% [12][11]. - The company has no manufacturing facilities or large sales teams, instead depending on external partners for sourcing and distribution, which has led to a high concentration of sales and procurement with a few key partners [12][11]. Growth and Challenges - The coconut water market in China is projected to grow significantly, with a compound annual growth rate (CAGR) of 13%-19% from 2025 to 2030, presenting both opportunities and increased competition for IFBH [15]. - The company has begun to localize its operations in China by expanding its distributor network and establishing a local subsidiary to enhance its market presence and control [16][17]. Product Performance - IFBH's other product, Innococo, has not performed as well as expected, with its revenue declining significantly in 2025 compared to 2024, highlighting vulnerabilities in its distribution model [16][17]. - The company has increased its marketing expenditure significantly to support Innococo, indicating a strategic pivot to bolster its product portfolio amidst competitive pressures [16].