if椰子水母公司在香港上市，产品靠代工生产，员工仅46人

Core Viewpoint - IFBH Limited, the parent company of the well-known Thai coconut water brand "if," successfully listed on the Hong Kong Stock Exchange with a strong debut, reflecting significant investor interest and market confidence in its growth potential in the coconut water sector, particularly in mainland China [1][3]. Company Overview - IFBH was established in 2013 and is headquartered in Singapore, having been spun off from General Beverage, a Thai beverage manufacturer [1]. - The company's primary brands are "if" and "Innococo," with a focus on the coconut water market [1]. Market Position - IF is the leading coconut water brand in mainland China, holding a market share of approximately 34% in 2024, significantly surpassing its closest competitor by more than seven times [3]. - The mainland Chinese market is IFBH's largest, contributing to its sustained growth and market leadership over the past five years [3]. Financial Performance - For 2024, IFBH's revenue is projected to be approximately $158 million (around 1.158 billion RMB), representing an 80.32% increase from 2023 [4]. - The net profit for 2024 is expected to be around $33 million (approximately 242 million RMB), showing a year-on-year growth of 94.12% [4]. - Revenue from the mainland Chinese market is anticipated to reach $146 million (about 1.069 billion RMB), accounting for 92.4% of total revenue [4]. Revenue Sources - Coconut water is the primary revenue driver for IFBH, with projected revenue of approximately 1.106 billion RMB in 2024, reflecting an 83.7% year-on-year increase and constituting 95.6% of total revenue [4]. Operational Model - IFBH operates a light asset model, relying on outsourcing production to contract manufacturers, which has enabled rapid expansion with a lean workforce of only 46 employees [5][7]. - The company has 12 contract manufacturers located in Thailand, indicating a reliance on a concentrated geographic production base [7]. Supply Chain and Distribution - IFBH's supply chain is heavily dependent on a few distributors, with the top five customers accounting for 97.9% and 97.6% of sales in 2023 and 2024, respectively [7]. - The company does not operate its own warehouses or distribution centers, instead relying on third-party logistics providers for product distribution [7].