外贸“倒爷”做成“非洲巨头”，年入32亿冲刺IPO！

Core Viewpoint - The article discusses the IPO process of Le Shushi Co., a Chinese manufacturer of diapers and sanitary products focused on the African market, highlighting its market leadership and growth potential in the region [2][11]. Company Overview - Le Shushi Co. has submitted its IPO application for the second time in 2023, updating its operational performance for 2024 and Q1 2025 [2]. - The company ranks first in the African baby diaper market with a market share of 20.3% and in the sanitary napkin market with a share of 15.6% for 2024 [2]. - Revenue projections for Le Shushi from 2022 to 2024 are $320 million, $411 million, and $454 million respectively, with net profits of $17 million, $63 million, and $96 million [2]. Market Position - Le Shushi is recognized as an "invisible champion" in the African consumer market, similar to Transsion Holdings, facing similar growth challenges [3]. - The company has established itself as a leader in several African countries, including Ghana, Kenya, Côte d'Ivoire, Senegal, Cameroon, and Tanzania [2]. Business Strategy - The founder, Shen Yanchang, initially entered the African market in the 1990s and transitioned from trading to direct sales and manufacturing [4][5]. - Le Shushi adopted a "trade and manufacturing integration" strategy, establishing local production facilities to reduce costs and improve supply chain efficiency [7]. - By 2025, the company plans to have eight production plants and 51 production lines in Africa, with an annual capacity of over 6.3 billion diapers and nearly 2.9 billion sanitary napkins [7]. Financial Performance - From 2022 to 2023, Le Shushi's revenue grew from $320 million to $411 million, a 28.6% increase, while net profit surged by 251.7% [9]. - However, revenue growth slowed to 10.46% in 2024, with net profit growth decreasing to 52.82% [9]. - The company has distributed dividends totaling $35.35 million in 2024, primarily benefiting the founders [10]. Future Plans - Le Shushi aims to use the funds raised from its IPO to expand production capacity and upgrade existing production lines [11]. - The company is also looking to enter new markets in Latin America and Central Asia through acquisitions and direct investments [11].