Core Viewpoint - IFBH (06603) reported a revenue of 94.464 million USD for the six months ending June 30, 2025, representing a year-on-year increase of 31.49% [1] - The profit attributable to the company's shareholders was 14.976 million USD, a decrease of 4.82% year-on-year [1] - Adjusted net profit was 18.90 million USD, reflecting a year-on-year increase of 13.9% [1] - Earnings per share stood at 6.7 cents [1] Revenue Breakdown - The majority of the company's total revenue came from mainland China, which is expected to remain the primary source of revenue in the foreseeable future [1] - The company anticipates an increase in sales in mainland China due to enhanced marketing efforts and the introduction of more products to meet unmet demand [1]

IFBH(06603)发布截至2025年6月30日止6个月的中期业绩，该集团取得收益9446.4万美元，同比增加 31.49%;母公司拥有人应占溢利1497.6万美元，同比减少4.82%;经调整溢利净额1890万美元，同比增加 13.9%;每股盈利6.7美仙。 于报告期内，中国内地占我们总收益的大部分，我们预期于可见未来中国内地将继续成为我们总收益的 主要来源。由于本集团预期透过线上及线下媒介向现有客户供应更多产品以满足未获满足的需求，加上 本集团加强于中国内地的市场推广工作，预计于中国内地的销售额将会有所增加。 ...

Group 1 - The company's revenue for the six months ending June 30, 2025, was $94.5 million, representing a 31.5% increase compared to the same period in 2024 [1] - Adjusted net profit for the same period was $18.9 million, an increase of 13.9% year-on-year [1] - Coconut water revenue increased by 33.3% year-on-year, driven by the company's efforts to penetrate the mainland China market and a significant increase in sales volume [1] Group 2 - Other beverage revenue saw a substantial increase of 57.2% year-on-year, primarily due to the popularity of drinks such as longan juice, lychee juice, peach juice, and aloe vera grape juice, which collectively accounted for 76.6% of other beverage revenue [1] - Revenue from longan juice, lychee juice, vitamin C peach juice, and aloe vera grape juice increased by 100.0%, 111.4%, 127.1%, and 45.9% respectively [1] - The mainland China market is expected to remain the primary source of total revenue for the company in the foreseeable future, with anticipated increases in sales through both online and offline channels [2]

[Financial Summary](index=1&type=section&id=Financial%20Summary) For the six months ended June 30, 2025, the company's revenue grew by 31.5% year-over-year to $94.5 million, but basic earnings per share decreased by 9.5% due to increased listing expenses; adjusted net profit, excluding non-recurring items, rose by 13.9% to $18.9 million, indicating core business profitability growth [Financial Summary](index=1&type=section&id=Financial%20Summary) For the six months ended June 30, 2025, the company's revenue grew by 31.5% year-over-year to $94.5 million, but basic earnings per share decreased by 9.5% due to increased listing expenses; adjusted net profit, excluding non-recurring items, rose by 13.9% to $18.9 million, indicating core business profitability growth Key Financial Indicators for H1 2025 | Indicator | For the Six Months Ended June 30, 2025 | Year-over-Year Change | | :--- | :--- | :--- | | Revenue | $94.5 million | +31.5% | | Basic Earnings Per Share | $0.067 | -9.5% | | Adjusted Net Profit | $18.9 million | +13.9% | | Adjusted Basic Earnings Per Share | $0.084 | +7.7% | - During the reporting period, listing expenses significantly increased from **$0.9 million** in the prior year to **$4.0 million**, a primary factor in the decline of basic earnings per share[4](index=4&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's interim condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position, reflecting revenue growth, changes in profitability, and a strengthened balance sheet due to listing proceeds [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) During the reporting period, the company's revenue increased by 31.5% to $94.46 million, and gross profit rose by 15.3% to $31.83 million; however, due to a significant increase in administrative expenses, profit before tax slightly decreased by 1.7% to $18.62 million, and profit for the period declined by 4.8% to $14.98 million Interim Condensed Consolidated Statement of Profit or Loss (USD Thousands) | Item | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 94,464 | 71,839 | | Gross Profit | 31,830 | 27,604 | | Profit Before Tax | 18,621 | 18,934 | | Profit for the Period | 14,976 | 15,734 | | Basic Earnings Per Share (US Cents) | 6.7 | 7.4 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the reporting period, the company's total comprehensive income, including other comprehensive income from foreign currency translation, was $14.98 million, slightly lower than $15.73 million in the prior year Interim Condensed Consolidated Statement of Comprehensive Income (USD Thousands) | Item | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for the Period | 14,976 | 15,734 | | Other Comprehensive Income for the Period | 7 | (6) | | Total Comprehensive Income for the Period | 14,983 | 15,728 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets significantly increased to $198 million, primarily due to listing proceeds boosting cash and cash equivalents to $164 million; net assets also grew from $48.09 million to $163 million, reflecting a substantially strengthened financial position Key Balance Sheet Items (USD Thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and Cash Equivalents | 164,117 | 54,818 | | Total Assets | 198,422 | 74,136 | | **Liabilities** | | | | Total Current Liabilities | 34,495 | 25,396 | | **Equity** | | | | Net Assets | 163,078 | 48,089 | | Total Equity | 163,078 | 48,089 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes to the interim condensed consolidated financial information, covering operating segment data, dividends, and changes in share capital, offering further insights into the company's financial structure and performance [3. Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) The company manages and evaluates its business as a single operating segment (beverage and snack sales), with Mainland China being its primary market, contributing the vast majority of revenue and achieving significant growth during the reporting period - Management views the Group's business as a single operating segment for resource allocation and performance assessment[14](index=14&type=chunk) Revenue by Geographical Region (USD Thousands) | Region | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Mainland China | 87,511 | 67,424 | | Hong Kong | 3,997 | 2,496 | | Taiwan | 1,334 | 578 | | Other | 1,622 | 1,341 | | **Total** | **94,464** | **71,839** | [6. Dividends](index=9&type=section&id=6.%20Dividends) During the reporting period, company shareholders approved and paid multiple dividends, including a 2024 final dividend of $28 million and 2025 interim dividends totaling $14 million Dividends Declared and Paid During the Reporting Period (USD Thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | 2024 Final Dividend | 28,000 | - | | 2023 Final Dividend | - | 8,500 | | 2025 Interim Dividend | 12,000 | - | | 2024 Interim Dividend | - | 3,000 | | Dividends Paid from Retained Earnings | 2,000 | - | [12. Share Capital](index=12&type=section&id=12.%20Share%20Capital) During the reporting period, the company's share capital underwent significant changes, including a 1-for-200 share split and a successful listing on the Hong Kong Stock Exchange on June 30, 2025, issuing approximately 41.67 million new ordinary shares and raising approximately $147.6 million in total proceeds - The company effected a **1-for-200 share split** on June 17, 2025[37](index=37&type=chunk) - On June 30, 2025, the company listed on the Main Board of the Hong Kong Stock Exchange, issuing **41,666,800 new shares** and raising approximately **$147.6 million** in total proceeds, with related transaction costs of approximately **$5.6 million**[38](index=38&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operational and financial performance, covering business overview, review of operations, future outlook, and detailed financial review, offering management's perspective on key drivers and strategies [1. Business Overview](index=16&type=section&id=1.%20Business%20Overview) The company is a Thailand-based ready-to-drink beverage and ready-to-eat food company with core brands `if` and `Innococo`, a leader in introducing natural coconut water to Mainland China, expanding across Asia and other global markets, and launched six new products during the reporting period to meet market demand - The company's core brands are `if` (focused on natural healthy Thai beverages) and `Innococo` (a healthy alternative to traditional sports drinks)[51](index=51&type=chunk) - Mainland China is the company's largest market, with products also popular in Asian markets such as Hong Kong, Singapore, and Taiwan[50](index=50&type=chunk) - During the reporting period, the company launched **six new products**, including the `if` tea series, Thai street drinks, and a limited-edition coconut water to celebrate the 50th anniversary of China-Thailand diplomatic relations[51](index=51&type=chunk) [2. Business Review](index=17&type=section&id=2.%20Business%20Review) In H1 2025, total revenue grew by 31.5% year-over-year to $94.5 million, primarily driven by coconut water products which saw a 33.3% revenue increase and accounted for 96.9% of total revenue; the `if` brand was a key growth driver, increasing its revenue contribution from 82.4% to 89.0%, but gross margin declined by 4.7 percentage points to 33.7% due to adverse Thai Baht appreciation Revenue by Brand (USD Thousands) | Brand | H1 2025 | % of Total | H1 2024 | % of Total | | :--- | :--- | :--- | :--- | :--- | | if | 84,083 | 89.0% | 59,174 | 82.4% | | Innococo | 10,381 | 11.0% | 12,594 | 17.5% | | **Total** | **94,464** | **100%** | **71,839** | **100%** | Revenue by Product (USD Thousands) | Product | H1 2025 | % of Total | H1 2024 | % of Total | | :--- | :--- | :--- | :--- | :--- | | Coconut Water | 91,506 | 96.9% | 68,664 | 95.6% | | Other Coconut Water Related | 701 | 0.7% | 1,352 | 1.9% | | Other Beverages | 2,257 | 2.4% | 1,436 | 2.0% | | Plant-Based Snacks | – | – | 387 | 0.5% | | **Total** | **94,464** | **100%** | **71,839** | **100%** | - Gross margin decreased from **38.4% to 33.7%**, primarily due to adverse foreign exchange impacts from the appreciation of the Thai Baht against the US Dollar during the reporting period[56](index=56&type=chunk) - Adjusted net profit (excluding listing expenses) was **$18.9 million**, a **13.9% year-over-year increase**, demonstrating robust core business profitability[56](index=56&type=chunk) [3. Outlook](index=19&type=section&id=3.%20Outlook) The company maintains an optimistic outlook on future market prospects, anticipating continued high growth in the ready-to-drink soft beverage market, especially the coconut water segment, across Greater China and globally; to capitalize on opportunities, five key business strategies include strengthening procurement, enhancing innovation, consolidating the China market while expanding overseas, reinforcing brand building, and pursuing strategic collaborations and M&A - The Greater China coconut water beverage market is projected to grow from **$1.09 billion** in 2024 to **$2.65 billion** by 2029, at a **CAGR of 19.4%**[61](index=61&type=chunk) - The company's future growth strategies include strengthening procurement capabilities, enhancing innovation, consolidating the China market while expanding overseas (Australia, Americas, Southeast Asia), continuous investment in brand building, and pursuing strategic collaborations and mergers and acquisitions[62](index=62&type=chunk) [4. Financial Review](index=20&type=section&id=4.%20Financial%20Review) This section details the company's H1 financial performance, with revenue up 31.5% driven by Mainland China, gross profit up 15.3% but gross margin down due to exchange rates, sales and distribution expenses increasing with revenue, marketing expenses decreasing due to timing, and administrative expenses surging 122.9% due to listing fees, which was the primary cause of net profit decline; listing proceeds significantly boosted cash and bank balances to $164 million [A. Revenue](index=20&type=section&id=A.%20Revenue) Revenue for the reporting period increased by 31.5% year-over-year to $94.5 million, primarily driven by continued penetration in the Mainland China market and increased coconut water sales; revenue in Mainland China, Hong Kong, Taiwan, and Australia grew by 29.8%, 60.1%, 130.8%, and 215.3% respectively - Revenue increased from **$71.8 million to $94.5 million**, a **31.5% year-over-year growth**, primarily attributable to increased coconut water sales in Mainland China[63](index=63&type=chunk) [B. Gross Profit and Gross Margin](index=20&type=section&id=B.%20Gross%20Profit%20and%20Gross%20Margin) Gross profit increased by 15.3% year-over-year to $31.8 million; however, gross margin decreased from 38.4% in the prior year to 33.7%, primarily due to adverse foreign exchange movements from the appreciation of the Thai Baht against the US Dollar - Gross margin decreased by **4.7 percentage points to 33.7%**, primarily due to adverse currency movements from the appreciation of the Thai Baht against the US Dollar[64](index=64&type=chunk) [E. Administrative Expenses](index=21&type=section&id=E.%20Administrative%20Expenses) Administrative expenses surged by 122.9% year-over-year to $6.1 million, primarily due to a $4.0 million increase in non-recurring professional fees related to the listing on the Hong Kong Stock Exchange - Administrative expenses increased from **$2.7 million to $6.1 million**, primarily attributable to a **$4.0 million** increase in non-recurring professional fees related to the listing on the Stock Exchange during the reporting period[68](index=68&type=chunk) [I. Profit for the Period](index=22&type=section&id=I.%20Profit%20for%20the%20Period) Affected by a significant increase in listing-related professional fees, profit for the period decreased by 4.8% from $15.7 million to $15.0 million, with net margin falling from 21.9% to 15.9%; excluding listing fees, adjusted net profit was $18.9 million, a 13.9% year-over-year increase - Profit for the period decreased by **4.8% year-over-year to $15.0 million**, primarily due to increased listing-related professional fees[72](index=72&type=chunk) [J. Cash and Bank Balances](index=22&type=section&id=J.%20Cash%20and%20Bank%20Balances) As of the end of the reporting period, cash and bank balances were $164.1 million, a significant 199.4% increase from $54.8 million at the end of 2024, primarily due to $147.6 million in proceeds from the listing and issuance of ordinary shares, partially offset by $42.0 million in dividends paid - Cash and bank balances increased from **$54.8 million to $164.1 million**, primarily due to net proceeds from the listing[73](index=73&type=chunk) [6. Cash Flows](index=23&type=section&id=6.%20Cash%20Flows) During the reporting period, net cash inflow from operating activities was $9.6 million, a year-over-year decrease; net cash outflow from investing activities was $0.3 million; net cash inflow from financing activities surged to $100 million, primarily from listing proceeds, net of dividend payments and issuance costs; ultimately, cash and cash equivalents at period-end significantly increased to $164 million Cash Flow Statement Summary (USD Thousands) | Item | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 9,596 | 15,345 | | Net Cash Flow Used in Investing Activities | (263) | (10) | | Net Cash Flow from Financing Activities | 99,951 | 5,188 | | **Net Increase in Cash and Cash Equivalents** | **109,284** | **20,523** | - Net cash inflow from financing activities primarily stemmed from **$147.6 million** in proceeds from the issuance of ordinary shares, offset by **$42.0 million** in dividends paid and **$5.6 million** in transaction costs[86](index=86&type=chunk) [Use of Listing Proceeds](index=27&type=section&id=Use%20of%20Listing%20Proceeds) The company listed on June 30, 2025, raising net proceeds of approximately $138 million, all of which remained unutilized as of the reporting period end; funds are planned for strengthening warehousing and distribution capabilities (30%), brand building (22%), market expansion (13%), product development (5%), strategic alliances and acquisitions (20%), and working capital (10%) Planned Use of Listing Proceeds (USD Millions) | Purpose | % of Total | Planned Amount | Amount Utilized | Unutilized Amount | | :--- | :--- | :--- | :--- | :--- | | Strengthening Warehousing and Distribution Capabilities | 30 | 41.4 | 0 | 41.4 | | Brand Building | 22 | 30.4 | 0 | 30.4 | | Market Consolidation and Expansion | 13 | 17.9 | 0 | 17.9 | | Enhancing Product Development Capabilities | 5 | 6.9 | 0 | 6.9 | | Strategic Alliances and Acquisitions | 20 | 27.6 | 0 | 27.6 | | Working Capital and Other | 10 | 13.8 | 0 | 13.8 | | **Total** | **100** | **138.0** | **0** | **138.0** |

Core Viewpoint - The company is the leader in the ready-to-drink coconut water market in mainland China, leveraging its Thai supply chain, dual-brand light asset operation, and strategic partnerships to achieve sustained high growth [1][2]. Financial Projections and Investment Recommendations - The company is expected to achieve EPS of $0.16, $0.20, and $0.26 for the years 2025-2027, respectively. Based on comparable company valuations, a PE of 35x for 2025 is suggested, leading to a target price of HKD 43.96 per share [1]. Market Position and Growth Potential - The company has a market share of nearly 34% in the ready-to-drink coconut water segment in mainland China by 2024 and is the second-largest company in the global coconut water beverage market. It has maintained rapid revenue and profit growth over the past three years, with a projected profit margin of over 20% and a return on equity (ROE) close to 70% in 2024 [1][2]. Competitive Advantages - The company's core competitive advantages include: 1. Strong supply chain rooted in Thailand, allowing for unique product differentiation and lower procurement costs compared to competitors [2]. 2. A light asset model that enables more resources to be allocated to product innovation and brand development, allowing for greater market adaptability [2]. 3. The coconut water category is currently in an upward growth cycle, with the company actively enhancing brand momentum and sales through aggressive marketing strategies [2]. Brand Strategy and Market Expansion - The company operates under two brands, if and Innococo, to achieve differentiated synergy, targeting high-consumption, high-repurchase demographics such as white-collar women and fitness enthusiasts. Strategic partnerships with quality distributors in China are also being pursued to enhance channel penetration and drive explosive growth [2].

Investment Rating - The report assigns a cautious buy rating to the company [5]. Core Views - The company is the leader in the ready-to-drink coconut water market in mainland China, leveraging a Thai supply chain, dual-brand light asset operation, and strategic partnerships with major distributors to achieve sustained high growth [2][10]. Financial Summary - Total revenue is projected to grow from $87.44 million in 2023 to $281.96 million by 2027, reflecting a compound annual growth rate (CAGR) of 19.8% from 2025 to 2027 [4]. - Gross profit is expected to increase from $26.68 million in 2023 to $106.09 million in 2027, with a gross margin improvement from 30.5% to 37.6% [4]. - Net profit is forecasted to rise from $16.75 million in 2023 to $68.12 million in 2027, with a net profit margin increasing from 19.2% to 24.2% [4]. Market Position - The company has maintained a market share of approximately 34% in the coconut water segment in mainland China as of 2024, significantly outpacing its nearest competitor [15][62]. - It ranks as the second-largest company in the global coconut water beverage market [10][62]. Competitive Advantages - The company benefits from a strong supply chain rooted in Thailand, which provides cost advantages and product differentiation that competitors find hard to replicate [32][33]. - The light asset model allows the company to focus resources on product innovation and brand marketing, enhancing operational efficiency [42][43]. Brand Strategy - The dual-brand strategy with "if" and "Innococo" targets different consumer segments, enhancing market penetration and brand recognition [20][24]. - The company has successfully engaged high-profile brand ambassadors to boost brand visibility and sales, with significant sales increases following marketing campaigns [47][48]. Growth Potential - The coconut water market is experiencing explosive growth, driven by increasing consumer awareness of health benefits and a shift towards natural, functional beverages [56][57]. - The company is expanding its market presence beyond mainland China into other Asian markets, with a notable increase in revenue from regions like Hong Kong and Singapore [30][31].

Group 1 - The core viewpoint is that leading companies in the coconut water market have significant supply chain advantages and stable channels, with multi-category collaboration driving growth [1][2] - IFBH (06603) is identified as a leading player in the domestic coconut water market, leveraging a light asset model for cost advantages and enhancing brand influence through celebrity endorsements and cross-industry collaborations [1][2] - The health-driven demand for coconut water is supported by its low sugar content and natural electrolytes, establishing a stable consumption structure across various scenarios such as office (45%), sports (32%), and home (18%) [1][3] Group 2 - The global coconut water market is experiencing rapid expansion, with the market size projected to grow from $2.52 billion in 2019 to $4.99 billion by 2024, reflecting a CAGR of 14.7% [2] - The Greater China market is leading this growth, with a projected increase from $0.1 billion to $1.09 billion, achieving a remarkable compound growth rate of 60.8% [2] - The competitive landscape is evolving, with a shift from a highly concentrated market to a more diversified one, where leading brands like Vita Coco maintain their positions while new entrants like IFBH rapidly gain market share [2] Group 3 - The Chinese coconut water market is transitioning from a high-end niche to mass consumption, with the mainstream price range dropping to 6-8 RMB per 500ml, and distribution expanding to convenience stores and lower-tier cities [3] - The per capita consumption of coconut water in China is currently low at 0.1 liters, indicating significant growth potential compared to markets like the US and Hong Kong [3] - The industry is expected to reach a scale of 18 billion RMB by 2029, driven by expanding consumption habits and increased availability across various channels [3]

Core Viewpoint - IFBH (06603.HK) is scheduled to hold a board meeting on August 21, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the potential declaration of an interim dividend, among other matters [1] Related Events - IFBH plans to hold a board meeting on August 21 to approve interim results [1] - Credit Suisse has initiated coverage on IFBH's parent company with a target price of HKD 43 and an "Outperform" rating [1]

（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 IFBH Limited（「本公司」）董事會（「董事會」）兹通告謹定於2025年8月21日（星 期 四） 舉 行 董 事 會 會 議，藉 以 考 慮 及 通 過 本 公 司 及 其 附 屬 公 司 截 至2025年6月30日 止 的 六 個 月 中 期 業 績 以 供 發 佈，並 考 慮 建 議 派 發 中 期 股 息（如 有），以 及 處 理 其 他 事 項。 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。 IFBH Limited 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； ...

Core Viewpoint - The coconut water market is experiencing high growth potential, with a market size just over $1 billion, indicating room for improvement compared to other beverage categories. The sustainable growth is supported by increasing penetration rates and a focus on high-quality raw materials and stable supply chains [1][2]. Industry Summary - The coconut water industry has a clear division of labor, with raw material attributes determining the stability of the supply chain as a key factor. The market is currently attracting numerous participants, but issues such as substandard products are disrupting market order. Future industry standards are expected to favor companies with high-quality raw material sources and stable supply chains [1]. - The market for coconut water is projected to maintain a high level of prosperity, with significant growth opportunities as the industry becomes more regulated [1]. Company Summary - IFBH is identified as a leading company in the domestic coconut water market, focusing on branding rather than midstream processing or downstream sales. The company has a strong relationship with its main raw material supplier, General Beverage, which enhances its supply chain efficiency [1][2]. - General Beverage is the sole supplier of coconut water raw materials, having established strong partnerships with qualified farmers and local collectors in Thailand. In 2024, IFBH's coconut water sales are expected to reach 132 million liters, accounting for over 45% of Thailand's estimated coconut water production in 2023 [2]. - The company has successfully entered the Chinese market since 2017, enhancing brand recognition through packaging, distribution, and online marketing strategies. This has led to a positive market cycle, with expectations for continued high growth in the future [2]. - Profit forecasts indicate that IFBH's net profit attributable to shareholders is expected to reach $0.43 billion, $0.56 billion, and $0.7 billion for the years 2025-2027, with year-on-year growth rates of +29.5%, +28.77%, and +25.12% respectively, reflecting the high industry growth potential [2].