Core Viewpoint - Shubao International has successfully listed on the Hong Kong Stock Exchange, focusing on the essential consumer goods sector of disposable hygiene products, which are increasingly popular due to their convenience and hygiene [1] Group 1: Company Overview - Established in 2010, Shubao International specializes in the development, production, and sales of personal disposable hygiene products, with three core brands: infant care, women's care, and adult incontinence products [2] - The company offers a diverse product matrix, with over 140 SKUs in infant care, around 20 SKUs in women's care, and over 15 SKUs in adult incontinence products as of September 30, 2024 [2] Group 2: Financial Performance - For the first nine months of 2024, revenue from infant care products reached RMB 286 million, accounting for 55.0% of total revenue; women's care products generated approximately RMB 158 million, representing 30.4%; and adult incontinence products brought in about RMB 14.3 million, making up 2.7% [2] - The revenue composition has improved compared to the fiscal year 2023, where the respective contributions were 71.5%, 17.4%, and 2.1%, indicating a diversification in the company's business structure [2] Group 3: Growth Strategy - Shubao International is expanding its Direct-to-Consumer (D2C) model, leveraging major digital platforms such as Pinduoduo, Tmall, and JD.com, as well as social media platforms like Douyin and Kuaishou [3] - The company operates over 30 self-operated D2C stores, offering a wide range of products under its brands [3] Group 4: International Expansion - The company has established a strong presence in international markets, particularly in Russia, where it is the second-largest Chinese supplier of disposable infant care products [3][4] - Revenue from Russia, China, and Southeast Asia for the first nine months of 2024 was RMB 206 million, RMB 243 million, and RMB 36.7 million, respectively, accounting for 39.6%, 46.6%, and 7.1% of total revenue [4] Group 5: Long-term Outlook - The disposable hygiene products industry is expected to maintain stable demand due to its essential nature, with Shubao International demonstrating high growth potential, evidenced by a 57.7% compound annual growth rate in revenue and a 142.6% compound annual growth rate in net profit from fiscal year 2021 to fiscal year 2023 [4]
舒宝国际在港上市：深耕刚需消费品赛道 发展后劲充足