IF椰子水母公司通过上市聆讯，原料、产品单一、代工等问题待解

Group 1 - The coconut water market in China is facing risks from rising costs and intensified competition, with IFBH Pte. Ltd. recently surprising the market by passing the Hong Kong Stock Exchange listing hearing in just two months [1] - IFBH's revenue is projected to reach approximately $160 million in 2024, representing an 80.3% year-on-year growth, with 92.4% of its revenue coming from the mainland China market [1] - Despite claiming to be the leading coconut water brand in China with a market share of about 34% in 2024, IFBH operates on a fully outsourced production model, raising concerns about its control over manufacturing and processing [1][2] Group 2 - IFBH's coconut water supply is solely sourced from Thailand through General Beverage, a company owned by its controlling shareholder, which poses risks related to supply chain independence [2] - The company plans to reduce its reliance on General Beverage for raw materials, aiming to decrease its supply share to below 70% by the end of 2025 and further to 50% by 2027 [2] - The beverage market in China is highly competitive, with many brands entering the coconut water segment, leading to increased raw material costs and price wars [3][4] Group 3 - In 2024, IFBH's revenue from coconut water and related products is expected to be $150 million, accounting for 97.5% of total revenue, indicating a heavy reliance on this single product category [3] - To diversify its product offerings, IFBH plans to launch 12 new beverage products in 2024, but these have shown lackluster performance, contributing only 2.2% to total revenue by year-end [3] - The popularity of coconut water has surged due to increased health awareness post-pandemic, but the market is shifting towards new trends like sugar-free tea and traditional health drinks [3]