Core Viewpoint - The company maintains an "overweight" rating for IFBH (06603) while revising down its EPS forecasts for 2026 and 2027 to $0.12 and $0.15 respectively, with a new forecast of $0.19 for 2028. The target price is set at HKD 16.85 per share based on a PE of 18 times for 2026E [1] Revenue and Profitability - In 2025, the company reported revenue of $176 million, representing a year-over-year increase of 11.89%. However, profit margins were significantly pressured due to the appreciation of the Thai Baht against the US dollar and negative impacts from product mix, leading to a gross margin decline of 3.82 percentage points. The net profit margin decreased by 8.23 percentage points to 12.91%, resulting in a net profit of $22.77 million, down 31.66% year-over-year [1] Brand Performance - The IF brand showed strong performance in 2025, benefiting from ongoing investments in brand building, offline activation, and consumer education, with revenue growth of 26.95% to $167 million, significantly outpacing the industry average. The company expects continued growth potential for the IF brand in the coconut water segment [2] - Conversely, the Innococo brand faced substantial challenges, with revenue declining by 63.15% to $9.67 million due to internal distributor issues and delays in launching new sports drinks. However, corrective measures have been implemented, and the company anticipates a return to growth for Innococo [2] International Market Expansion - The company experienced remarkable performance in international markets in 2025, with revenue growth exceeding 150% in Australia and approximately twofold growth in the Philippines and Laos. The company plans to focus on mature markets with high per capita consumption of coconut water, such as Australia and Indonesia. Additionally, the distribution network in mainland China has expanded from three to seven partners, with strategic collaborations established with COFCO and Watsons, marking a significant milestone for IFB's local business in China [3]

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。 IFBH Limited 1. 自 推 出 以 來， if 品牌之100%椰 子 水 始 終 堅 守「天 然、純 粹」的 產 品 理 念，並 嚴 格 遵 循 生 產 標 準。於 整 個 生 產 過 程 中，產 品 並 無 添 加 任 何 外 源 糖、外 源 水 或 人 工 香 精，所 有 糖 分 均 來 源 於 天 然 椰 子 本 身； 2. 為 持 續 確 保 產 品 質 量，本 集 團 每 年 均 會 委 聘 合 資 格 的 專 業 人 士 及 權 威 檢 測 機 構 對 產 品 開 展 全 面 檢 測。此 前，本 集 團 已 委 聘 世 界 知 名 權 威 檢 測 機 構 Eurofins對 產 品 開 展 全 面 科 學 檢 測。本 集 團 亦 持 有 泰 國 食 品 藥 品 監 督 管 理 局 就 本 集 團 產 品 發 出 的 成 分 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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3月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 06603 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | ...

| 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | | --- | --- | | 已符合適用的公眾持股量要求（見下方） | ✔ | | 未符合適用的公眾持股量要求（見下方） | | | 根據《主板上市規則》第13.32B條或第19A.28B條 / 《GEM上市規則》第17.37B條或第25.21B條（視情況而定）所載的有關股份類別的最低公眾持股量要求為： | | | 適用的公眾持股量門檻 初始指定門檻 - 上市股份所屬類別的已發行股份總數(不包括庫存股份)的25% | | | 額外信息 | | 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2月28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3月3日 | | ...

Core Viewpoint - The report from China Merchants Securities gives IFBH (06603) an "Accumulate" rating, considering the industry is in a growth phase and the potential for significant earnings recovery [1] Financial Performance - In 2025, the company achieved revenue of $176 million (approximately 1.27 billion RMB), a year-on-year increase of 11.9%, while the net profit attributable to shareholders was $23 million (approximately 160 million RMB), a year-on-year decrease of 31.7% [1] - Adjusted net profit for 2025 was $27 million (approximately 190 million RMB), down 22.0% year-on-year [1] - In the second half of 2025, revenue was $82 million, a decline of 4.5% year-on-year, and the adjusted net profit was $84 million, down 55.2% year-on-year, primarily due to a significant drop in revenue from the Innococo brand and increased costs affecting profit margins [1] Brand and Market Performance - The IF brand continued to grow, with revenue of $167 million in 2025, up 26.9% year-on-year, while Innococo's revenue fell to $10 million, down 63.2% year-on-year [2] - In the second half of 2025, IF brand revenue was $83 million, reflecting a slower growth rate of 14.5% year-on-year due to inventory issues [2] - Revenue from mainland China was $159 million, up 9.4% year-on-year, while revenue from Hong Kong and Taiwan was $12 million, up 40% year-on-year, and overseas revenue reached $5 million, up 47.3% year-on-year [2] Cost and Profitability Analysis - The company's gross margin for 2025 was 32.9%, a decrease of 3.8 percentage points year-on-year, influenced by foreign exchange fluctuations and an increase in low-margin product sales [3] - Selling and distribution expenses rose to 5.0% of revenue, up 1.6 percentage points year-on-year, due to increased shipping costs and one-time packaging expenses [3] - Marketing expenses increased to 7.4% of revenue, up 2.7 percentage points year-on-year, driven by new endorsements and higher advertising costs [3] Industry Outlook - The coconut water industry is currently experiencing rapid expansion, with increasing competition, and IF, as a market leader, holds a first-mover advantage [4] - The company is actively expanding its domestic brand and channel presence, and if industry regulations are implemented, it is expected to benefit and maintain its market share [4] - Despite challenges in 2025, including interruptions in Innococo's supply and increased costs, the company anticipates a return to high growth in 2026 as local teams are established and channel adjustments are completed [4]

Core Viewpoint - The report from China Merchants Securities gives IFBH (06603) an "Accumulate" rating, citing the industry's growth phase and significant earnings recovery potential [1] Financial Performance - In 2025, the company is projected to achieve revenue of $176 million (approximately 1.27 billion RMB), a year-on-year increase of 11.9%, while the net profit attributable to shareholders is expected to be $23 million (approximately 160 million RMB), a year-on-year decrease of 31.7% [1] - For the second half of 2025, revenue is expected to be $82 million, a year-on-year decline of 4.5%, and the adjusted net profit is projected to be $84 million, a year-on-year decrease of 55.2% [1] Brand and Market Performance - The IF brand continues to grow, with revenue of $167 million in 2025, a year-on-year increase of 26.9%, while Innococo's revenue is expected to drop to $10 million, a year-on-year decline of 63.2% [2] - In the second half of 2025, IF brand revenue is projected to be $83 million, a year-on-year increase of 14.5%, while Innococo's revenue significantly declined due to internal management issues [2] - Revenue from the mainland China market is expected to be $159 million, a year-on-year increase of 9.4%, while overseas markets are projected to grow by 47.3% [2] Profitability and Cost Structure - The company's gross margin is expected to be 32.9% in 2025, a year-on-year decrease of 3.8 percentage points, primarily due to foreign exchange fluctuations and an increase in low-margin product sales [3] - Selling and distribution expenses are projected to rise to 5.0% of revenue, an increase of 1.6 percentage points, driven by higher shipping and packaging costs [3] - The net profit margin for 2025 is expected to be 12.9%, a year-on-year decrease of 8.2 percentage points [3] Industry Outlook - The coconut water industry is currently experiencing rapid expansion, with increasing competition. IF, as an industry leader, has a first-mover advantage and is actively expanding its domestic brand and channel presence [4] - The company is expected to benefit from industry standardization and maintain its market share, with revenue anticipated to return to high growth in 2026 following adjustments in the Innococo channel [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][9] Core Views - The company is expected to experience a rebound in revenue growth in 2026, driven by the recovery of the innococo brand and the establishment of a local team in China, which will enhance channel services and expansion [9] - The coconut water industry is currently in a growth phase, benefiting from increasing consumer health awareness, and the company holds a leading position with strong brand recognition [9] - The company faced significant pressure in 2025 due to a decline in innococo sales and increased costs, but is projected to recover with improved profit margins and reduced one-time expenses in 2026 [9] Financial Performance Summary - In 2025, the company reported a revenue of approximately 1.76 billion USD (about 12.7 billion RMB), a year-on-year increase of 11.9%, while the adjusted net profit decreased by 22.0% [6][9] - The company's revenue for the second half of 2025 was 0.82 billion USD, down 4.5% year-on-year, primarily due to the significant decline in innococo sales [6][9] - The gross margin for 2025 was 32.9%, a decrease of 3.8 percentage points year-on-year, influenced by foreign exchange fluctuations and increased marketing and listing expenses [6][9] Future Outlook - For 2026, the company is expected to achieve an EPS of 1.07 RMB, with a valuation of 11X, reflecting the potential for significant earnings recovery [9] - The company plans to enhance brand marketing through social media and digital platforms, which is anticipated to increase brand recognition and support revenue growth [9] - The coconut water market is projected to maintain double-digit growth through 2030, providing a favorable environment for the company's expansion [9]

Core Viewpoint - The company IFBH (06603) announced a share buyback plan, indicating a strategic move to enhance shareholder value by repurchasing shares at a total cost of 998,400 HKD for 74,400 shares [1] Group 1 - The company will execute the buyback on February 27, 2026, which reflects its confidence in its financial position and future prospects [1] - The total expenditure for the buyback is 998,400 HKD, which translates to approximately 13.41 HKD per share [1] - The buyback involves 74,400 shares, representing a significant investment in the company's own equity [1]

格隆汇2月27日丨IFBH(06603.HK)公告，2月27日耗资99.8万港元回购7.4万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 確認 FF305 表格類別： 股票 狀態： 新提交 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27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 06603 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫 ...