Core Viewpoint - The leading hygiene product company, Leshushit, has refiled its IPO application with the Hong Kong Stock Exchange after its initial submission in January failed to pass the hearing within six months. The company aims to expand its production capacity in emerging markets, particularly in Africa, Latin America, and Central Asia [1][2]. Financial Performance - Leshushit reported revenues of approximately $320 million, $411 million, $454 million, and $161 million for the years 2022, 2023, 2024, and the four months ending April 30, 2025, respectively. The annual/profit figures for the same periods were $18.39 million, $64.68 million, $95.11 million, and $31.10 million [1]. - The company's gross margins during the reporting period were 23.0%, 34.9%, 35.2%, and 33.6% [4][5]. Market Position and Pricing - Leshushit positions its products in the mid-high, mid, and mass markets, with retail prices for baby diapers ranging from 9 cents to 20 cents per piece. In comparison, competitors' prices range from 7 cents to 28 cents [3][4]. - In the African sanitary napkin market, Leshushit's pricing is also lower, with a range of 4.5 cents to 8.5 cents per piece [4]. Challenges - The company faces challenges in profitability and product barriers, as indicated by its lower pricing strategy compared to competitors. The average selling price of baby diapers decreased by 0.01 cents year-on-year, and the gross margin for baby diapers dropped by 2.3 percentage points to 32.9% in the first four months of 2025 [5]. - Leshushit has reported that the cost of raw materials, which accounted for 84.4% to 88.2% of total sales costs during the reporting period, may impact its business performance due to expected price increases for key materials like fluff pulp and SAP [6]. Research and Development - The company's R&D expenditures have been increasing but remain relatively low, with amounts of $200,000, $300,000, $500,000, and $300,000 over the reporting period. The R&D team consists of only four employees [6].
年销4亿美元但毛利率下滑，“非洲纸尿裤大王”乐舒适赴港IPO，原材料涨价成新挑战
Sou Hu Cai Jing·2025-08-14 08:26