Company Overview - IFBH Limited, the parent company of the If coconut water brand, is set to list on the Hong Kong Stock Exchange, having passed the hearing on June 15, 2023, with CITIC Securities as a joint sponsor [2] - The company was founded in 2013 by Pongsakorn Pongsak, who holds a 77.64% stake through General Beverage [2][4] - IFBH operates on a light asset model, focusing on brand development, product innovation, and market promotion while relying on third-party manufacturers and distributors for production and logistics [15][16] Financial Performance - For the fiscal year 2024, IFBH reported revenues of approximately RMB 1.11 billion (USD 158 million) and a net profit of around RMB 233 million (USD 33.3 million), representing year-on-year growth of 80.3% and 98.9%, respectively [12] - Coconut water accounted for 95.6% of the company's revenue in 2024, with sales in China contributing over 92% of total revenue [13] Market Position - IF has been the market leader in the coconut water segment in mainland China for five consecutive years since 2020, with a market share of approximately 34% in 2024 [9][14] - The company also leads the Hong Kong market with a share of about 60% [14] Industry Trends - The coconut water beverage market in Greater China has seen significant growth, expanding from USD 102 million in 2019 to USD 1.093 billion in 2024, with a compound annual growth rate of 60.8% [10] - The competitive landscape is intensifying, with over 50 brands entering the coconut water market, leading to price sensitivity among consumers [21][22] Challenges - IF faces risks of declining market share due to increasing competition and price sensitivity, with projections indicating a potential drop below 25% if a low-cost product line is not introduced by 2025 [3][22] - The company's reliance on a limited number of distributors and manufacturers poses operational risks, as the top five distributors account for 97.6% of sales [17][24]
泰国富二代在中国卖椰子水，46名员工年入11亿，“只是椰子的搬运工”
Sou Hu Cai Jing·2025-06-20 00:41