北京商报讯（记者 孔文燮）2月13日，IFBH发布公告称，预计截至2025年12月31日止年度净利润将较 2024年同期减少约27%至32%，而本年度经调整净利润（非国际财务报告准则计量）（不包括上市相关 专业费用）预计将较2024年同期减少约20%至25%。 公告表示，预期于本年度录得的净利润及经调整净利润减少主要由于营运及战略两种因素结合。较小的 品牌之一的Innococo的业绩受到暂时营运挑战，而非潜在产品需求的重大影响，导致收入同比大幅下 降，从而影响本集团的整体收入增长。此外，本集团的毛利率于期内受到不利外汇变动的影响，但同时 对Innococo进行战略营销投资（包括委聘新品牌大使及产品推出促销活动），以加强品牌的市场地位及 推动未来增长。本集团已采取战略性行动加强营运及提升执行能力，使Innococo在未来可持续增长。 ...

董事会认为，预期于本年度取得的净利润及经调整净利润减少主要由于营运及战略两种因素结合。公司 较小的品牌之一的Innococo的业绩受到暂时营运挑战，而非潜在产品需求的重大影响，导致收入同比大 幅下降，从而影响集团的整体收入增长。此外，集团的毛利率于期内受到不利外汇变动的不利影响，但 同时对Innococo进行战略营销投资(包括委聘新品牌大使及产品推出促销活动)，以加强品牌的市场地位 及推动未来增长。集团已采取战略性行动加强营运及提升执行能力，使Innococo在未来可持续增长。 IFBH(06603)公布，该集团预计2025年净利润将较2024年同期减少约27%至32%，而本年度经调整净利 润预计将较2024年同期减少约20%至25%。 ...

董事会认为，预期于本年度取得的净利润及经调整净利润减少主要由于营运及战略两种因素结合。公司 较小的品牌之一的Innococo的业绩受到暂时营运挑战，而非潜在产品需求的重大影响，导致收入同比大 幅下降，从而影响集团的整体收入增长。此外，集团的毛利率于期内受到不利外汇变动的不利影响，但 同时对Innococo进行战略营销投资(包括委聘新品牌大使及产品推出促销活动)，以加强品牌的市场地位 及推动未来增长。集团已采取战略性行动加强营运及提升执行能力，使Innococo在未来可持续增长。 智通财经APP讯，IFBH(06603)公布，该集团预计2025年净利润将较2024年同期减少约27%至32%，而本 年度经调整净利润预计将较2024年同期减少约20%至25%。 ...

Core Viewpoint - IFBH (06603.HK) expects a significant decrease in net profit for the fiscal year ending December 31, 2025, with an anticipated decline of approximately 27% to 32% compared to the same period in 2024 [1] Financial Performance - The adjusted net profit (non-IFRS measure) is projected to decrease by about 20% to 25% year-on-year [1] - The decline in both net profit and adjusted net profit is attributed to operational and strategic factors [1] Brand Performance - The performance of Innococo, one of the company's smaller brands, has faced temporary operational challenges, leading to a substantial year-on-year revenue decline [1] - The overall revenue growth of the group has been negatively impacted by the poor performance of Innococo [1] Strategic Actions - The group has experienced adverse effects on its gross margin due to unfavorable foreign exchange movements [1] - Strategic marketing investments are being made in Innococo, including hiring new brand ambassadors and promotional activities for product launches, aimed at strengthening the brand's market position and driving future growth [1] - The company has taken strategic actions to enhance operations and improve execution capabilities to ensure sustainable growth for Innococo in the future [1]

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。 本公司董事（「董 事」）會（「董事會」）謹此通知本公司股東（「股 東」）及 潛 在 投 資 者， 根據對本集團截至2025年12月31日止年度（「本年度」）的未經審核綜合管理賬目 及 目 前 可 得 其 他 資 料 的 初 步 評 估，預 計 本 年 度 淨 利 潤 將 較2024年同期減少約 27%至32%，而 本 年 度 經 調 整 淨 利 潤（非 國 際 財 務 報 告 準 則 計 量）（不 包 括 上 市 相 關 專 業 費 用）（「經調整淨利潤」）預計將較2024年同期減少約20%至25%。 承董事會命 IFBH Limited 執行董事兼行政總裁 Pongsakorn Pongsak （股 份 代 號：6603） 盈利警告 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 ...

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 本 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。 承董事會命 IFBH Limited 執行董事兼行政總裁 Pongsakorn Pongsak 香 港，2026年2月11日 於 本 公 告 日 期， 董 事 會 包 括：(i)執行董事Pongsakorn Pongsak先 生、Metaphon Pornanektana女士及Vipada Kanchanasorn女士；(ii)非執行董事Tawat Kitkungvan先生； 及(iii)獨立非執行董事Thavee Thaveesangsakulthai先 生、Songvilai Jiraphothong女 士、 Pathamakorn Buranasin女士及Supansa Kusonpattana Piriyaporn女 士。 （於 新 加 坡 共 和 國 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6603） 董事會召開日期 IF ...

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 | | ...

Investment Highlights - Company IFBH (06603) is rated as outperforming the industry with a target price of HKD 22.00, based on a P/E valuation method corresponding to a 2026 P/E of 23 times [1] - The company holds the largest market share in the coconut water industry in China, benefiting from the health beverage consumption trend, which is expected to drive significant growth in the sector [1] - The retail scale of the coconut water industry in China is projected to reach RMB 9.962 billion by 2025, with a CAGR of 17% from 2025 to 2029, potentially nearing RMB 20 billion by 2029 [1] Market Dynamics - The increase in the number of brands in the coconut water sector is invigorating the industry, with consumer perception shifting as coconut water becomes more mainstream, competing alongside regular juice beverages [1] - Leading brands like IF and Jiaguoyuan are expected to maintain high market shares due to their supply chain and brand-building capabilities [1] Company Strategy - IFBH focuses on brand operation and has built a competitive moat in the category by adopting a light-asset model, outsourcing production to third parties, which enhances operational efficiency [1] - The company aims to establish its IF brand as the market leader in the coconut water sector in China by 2025 [1] Differentiation and Growth Potential - The company plans to leverage Thai flavors to enhance product innovation, addressing market concerns about product homogenization [2] - In 2025, the company will expand its distribution network by partnering with COFCO, which is expected to optimize its distribution channels by 2026 [2] - The establishment of a China headquarters in Shanghai by the end of 2025 is aimed at improving local market adaptation [2] Financial Projections - Earnings per share (EPS) are projected to be USD 0.1, 0.13, and 0.15 for 2025, 2026, and 2027 respectively, with a CAGR of 22% [2] - The company is currently trading at 17.6 and 14.8 times the P/E for 2026 and 2027, respectively, with a target price of HKD 22, indicating a 29% upside potential from current levels [2]

Core Viewpoint - The company maintains a "buy" rating while adjusting profit forecasts for 2025-2027 due to intensified industry competition, despite improvements in fundamentals and growth drivers [1] Group 1: Fundamental Improvements - Since Q4 2025, the company has initiated systematic adjustments in core areas such as products, management, and channels, alongside a buyback plan to enhance operational confidence [1] - The adjusted net profit forecasts for 2025-2027 are $0.33 billion (-$0.05), $0.48 billion (-$0.07), and $0.61 billion (-$0.10), reflecting year-on-year growth of +0.3%, +43.0%, and +27.9% respectively [1] Group 2: Brand Differentiation and Growth - The main brand, If Coconut Water, is expected to outperform the industry and competitors due to its natural quality and first-mover advantage, continuing to lead the market in 2026 [1] - The secondary brand, Inno Coco, faced sales pressure but has completed major adjustments and expanded partnerships, with new high-value electrolyte drinks expected to drive growth in 2026 [1] Group 3: Strategic Partnerships and Expansion - In September 2025, the company signed a strategic cooperation agreement with COFCO Group, enhancing its domestic market strategy and leveraging COFCO's extensive network of over one million terminals for rapid regional expansion [1] - The partnership is expected to strengthen brand image and increase product visibility and consumer awareness nationwide [1] Group 4: Localized Operations and Management Efficiency - In November 2025, the company established its China headquarters in the Hongqiao International Central Business District, focusing on building a core team for sales, marketing, and channel management [2] - The initiative aims to address industry challenges such as channel disorder and pricing issues, enhancing local management and response efficiency [2]

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]