Core Insights - IFBH experienced a rapid rise and subsequent fall in stock price after its IPO, with a peak increase of over 65% on the first trading day, but has since seen a decline of 62% from its peak [1][2][3] Financial Performance - As of the latest closing, IFBH's stock price is HKD 18.05, with a market capitalization of approximately HKD 48.13 billion, reflecting a loss of nearly HKD 80 billion since its peak [2] - For the first half of 2025, IFBH reported total revenue of USD 9,446.40 million, a year-on-year increase of 31.5%, but net profit decreased by 4.8% to USD 1,497.60 million [5][6] - The gross profit margin fell by 4.7% to 33.7% due to the appreciation of the Thai baht against the US dollar [5] Market Dependency and Risks - IFBH's revenue is heavily reliant on the Chinese mainland market, which accounted for 92.6% of total revenue, but growth in this segment has slowed significantly [5][6] - The sales growth of IFBH's main product, coconut water, has also decelerated, with a year-on-year increase of 33.3%, down from 83.7% in the previous period [6][8] - The company faces intensified competition in the coconut water market, leading to a decline in market share and pricing pressures [8][9] Investor Sentiment and Future Outlook - The company’s cornerstone investors, who hold approximately 1.12 billion shares, will have their lock-up period end on December 29, 2025, raising concerns about potential sell-offs that could further depress stock prices [4][12][13] - Despite a strong initial investor backing, the stock has seen a cumulative decline of 38.7% since October 2, 2023, with cornerstone investors facing an average loss of 35.1% [12][13]

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 （於 新 加 坡 共 和 國 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6603） 修訂持續關連交易年度上限 修訂持續關連交易年度上限 茲 提 述 招 股 章 程「關 連 交 易」一 節，內 容 有 關（其 中 包 括）IFB商 標 授 權 協 議， 據 此，General Beverage獲授予在泰國內聯同授權產品（包 括（其 中 包 括）果汁飲 料、草 本 飲 料、羅 望 飲 料 及 椰 汁 飲 料）使 用 if 及 Innococo 相關商標的非獨家授 權（「IFB商標授權協議」）。 董事會已審閱及評估IFB商 標 授 權 協 議 項 下 現 有 的 持 續 關 連 交 易，且 由 於 相 關 產 品 的 需 求 及 銷 量 增 長 遠 超 本 公 司 先 前 預 期，現 有 年 度 上 限 將 不 敷 ...

Core Viewpoint - IFBH Limited, the parent company of if coconut water, has seen its stock price decline significantly since its IPO, with a drop of over 30% from the initial offering price and more than 60% from its peak in July 2023 [3] Company Performance - As of June 30, 2025, IFBH reported revenue of $94.46 million, a year-on-year increase of 31.49%, while net profit attributable to shareholders decreased by 4.82% to $14.98 million [3] - The gross profit margin was 33.7%, down 4.7 percentage points year-on-year, primarily due to adverse effects from currency exchange rates [3] - Coconut water revenue increased by 33.3% year-on-year, accounting for 96.9% of total revenue, while other coconut water beverages saw a 48.2% decrease [3] Market Position - IF has maintained a leading position in the coconut water market in Hong Kong for nine consecutive years, with a market share of approximately 60% in 2024 [5] - In mainland China, IF has been the top player in the coconut water beverage market since 2020, with a market share of about 34% in 2024 [5] - The Chinese market accounted for over 90% of IFBH's total revenue, with projected revenues of $79.92 million and $146 million for 2023 and 2024, respectively [5] Competitive Landscape - The market share of IF coconut water in mainland China has been diluted due to the significant increase in competing brands over the past two years [6] - Market share data indicates a decline from 55.53% in Q1 2024 to 30.33% in Q4 2024, with a slight recovery to 36.42% by Q1 2025 [7] - New competitors, including both traditional brands and private labels from supermarkets, have emerged, with "Chaoji Coconut" gaining a market share of 8.21% by Q1 2025 [7] Strategic Developments - In September 2025, IFBH announced a strategic partnership with COFCO Group to expand distribution channels for its Innococo brand [7] - Analysts note that while IF remains a leading brand, it needs to enhance its control over distribution channels to support long-term growth amid increasing competition [8]

Core Viewpoint - IFBH (06603.HK) has experienced a significant decline in its stock price, dropping over 30% from its IPO price of 27.8 HKD, reaching a new low of 19.3 HKD [2]. Group 1 - The stock is currently down more than 7%, trading at 19.42 HKD with a trading volume of 53.07 million HKD [2]. - The decline in stock price indicates a negative market sentiment towards the company since its listing [2]. - The current price represents a significant loss for investors who purchased shares at the IPO price [2].

Core Viewpoint - IFBH's stock has dropped over 30% from its IPO price, reaching a new low of 19.3 HKD, indicating significant market challenges despite its leading position in the coconut water beverage sector [1] Company Summary - IFBH focuses on coconut-based beverages, primarily under the brands if and Innococo [1] - The company has maintained the top position in the coconut water beverage market in mainland China for five consecutive years since 2020, with a projected market share of approximately 34% in 2024, significantly surpassing its second-largest competitor by more than seven times [1] - In Hong Kong, IFBH has been the market leader for nine consecutive years, with a projected market share of 60% in 2024 [1] - Globally, IFBH is expected to be the second-largest coconut water beverage company in 2024 [1] Industry Summary - The coconut water industry is experiencing rapid growth, with increasing competition as new brands emerge and popular brands occupy key market positions [1] - There are indications that smaller companies may exit the market, particularly those that are less competitive [1] - As the industry leader, IFBH possesses a first-mover advantage and emphasizes quality and marketing, although it faces competitive pressures [1] - To support long-term growth, IFBH needs to enhance its channel management capabilities [1]

Core Viewpoint - IFBH's stock has dropped over 30% from its IPO price, reaching a new low of 19.3 HKD, indicating significant market challenges despite its leading position in the coconut water beverage sector [1] Company Summary - IFBH focuses on coconut-based beverages, primarily under the brands if and Innococo [1] - The company has maintained the top position in the coconut water beverage market in mainland China for five consecutive years since 2020, with a market share of approximately 34% in 2024, significantly outpacing its second-largest competitor by over seven times [1] - In Hong Kong, IFBH has been the market leader for nine consecutive years, with a projected market share of 60% in 2024 [1] - Globally, IFBH is positioned as the second-largest coconut water beverage company in 2024 [1] Industry Summary - The coconut water industry is experiencing rapid growth, with an increase in new entrants and popular brands capturing significant market visibility and traffic [1] - Competition is intensifying, particularly as smaller companies show signs of exiting the market [1] - As the industry leader, IFBH possesses a first-mover advantage and a strong brand association with the category, although it faces competitive pressures [1] - To support long-term growth, IFBH needs to enhance its channel management capabilities [1]

Core Viewpoint - IFBH's stock has dropped over 9%, reaching a new low of 20.8 HKD since its listing, which is a 50% decline from its peak [1] Financial Performance - For the first half of the year, IFBH reported revenue of 9,446.4 million USD, an increase of 31.49% year-on-year [1] - The profit attributable to the parent company was 1,497.6 million USD, a decrease of 4.82% year-on-year [1] - The gross profit margin stood at 33.7%, down by 4.7 percentage points compared to the previous year [1] Market Position and Competition - According to招商证券, the Chinese market is fragmented, but IFBH holds a leading market share [1] - Compared to global leader Vita Coco, IFBH has higher upstream stickiness and stronger profitability, but relatively weaker control over downstream operations [1] - The industry is experiencing intensified competition during a rapid growth phase, yet IFBH maintains a relatively stable position as an industry leader with a first-mover advantage in branding and quality-focused marketing [1] - To support long-term growth, IFBH needs to enhance its control over distribution channels [1]

Core Viewpoint - IFBH's stock price has dropped over 9%, reaching a new low of 20.8 HKD since its listing, which is a 50% decline from its peak [1] Financial Performance - In the first half of the year, IFBH reported revenue of 9,446.4 million USD, an increase of 31.49% year-on-year [1] - The profit attributable to the parent company was 1,497.6 million USD, a decrease of 4.82% year-on-year [1] - The gross profit margin was 33.7%, down by 4.7 percentage points year-on-year [1] Market Position and Competition - According to招商证券, the Chinese market is fragmented, with IFBH holding a leading market share [1] - Compared to global leader Vita Coco, IFBH has higher upstream stickiness and stronger profitability, but relatively weaker control over downstream operations [1] - The industry is experiencing intensified competition during a rapid growth phase, but IFBH maintains a relatively stable position as an industry leader with a first-mover advantage in branding and quality-focused marketing [1] - To support long-term growth, IFBH needs to enhance its channel control [1]

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: 2025年10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: 2025年11月3日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | 266,666,800 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 26 ...

Investment Rating - The report provides a positive outlook for the Hong Kong food and beverage sector, indicating potential investment opportunities in resilient companies within the industry [2][9]. Core Insights - The report outlines six phases of the Hang Seng Consumer Staples Index, highlighting the cyclical nature of the industry and the impact of external factors such as economic conditions and policy changes on consumer demand [3][4][28]. - The analysis emphasizes the importance of identifying resilient stocks in the food and beverage sector, particularly in the upstream farming and downstream dairy product industries, as they are expected to benefit from market dynamics and policy support [6][7][53]. Summary by Sections Phase Review of the Hang Seng Consumer Staples Index - Phase 1: Downward trend due to slowing GDP and reduced consumer demand, leading to a decline in the index [3]. - Phase 2: Strong recovery driven by global economic recovery and improved earnings of leading consumer staples companies [3]. - Phase 3: Period of volatility influenced by trade tensions and tightening global liquidity [3]. - Phase 4: Rapid increase in the index due to the rigid demand for essential consumption during the pandemic [3]. - Phase 5: Continuous decline influenced by repeated pandemic disruptions and rising raw material costs [4]. - Phase 6: Valuation recovery initiated by domestic consumption policies and inflow of long-term capital [4][28]. Investment Opportunities in the Food and Beverage Sector - Upstream farming opportunities are highlighted, with a focus on the dairy and beef sectors, where prices are expected to stabilize and rise due to supply constraints and recovering demand [6][44]. - Downstream dairy product opportunities are supported by recent policies aimed at boosting demand and improving market competition, which will benefit leading companies in the sector [7][53]. Investment Recommendations - Companies such as Yurun Agriculture (09858.HK) and Modern Farming (01117.HK) are recommended for their strong cash flow and potential to benefit from the anticipated recovery in raw milk prices [9][57]. - The report suggests that policy support will create upward momentum for companies like Mengniu Dairy (02319.HK) and H&H International Holdings (01112.HK), which are positioned to capitalize on market opportunities [10][57]. - The potential for industry restructuring and the emergence of leading companies is noted, particularly in the coconut water segment, with recommendations for IFBH (06603.HK) [11][58].