非洲细分市场市占率第一，乐舒适IPO故事有何看点？

Group 1: Company Overview - Leshu Shih Limited has submitted a new IPO application to the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors, following a previous application that lapsed in January 2025 [1] - The company specializes in manufacturing hygiene products, including baby diapers, sanitary napkins, and wet wipes, primarily targeting emerging markets in Africa, Latin America, and Central Asia [1] - Over 90% of the company's revenue comes from the African market, where it holds leading market shares in several segments, earning the title "Invisible Personal Care Champion of Africa" [1] Group 2: Financial Performance - Leshu Shih has demonstrated strong financial growth, with revenues of approximately $320 million, $411 million, and $454 million for the years 2022, 2023, and 2024, respectively, and net profits of $18.39 million, $64.68 million, and $95.11 million for the same years [2][3] - In the first four months of 2025, the company continued its growth trajectory, achieving revenues of $161.31 million, a 15% year-on-year increase, and net profits of $31.10 million, a 12.45% increase [2] Group 3: Product and Market Structure - The company operates primarily in four product categories: baby diapers, sanitary napkins, baby pull-ups, and wet wipes, with baby diapers contributing over 70% of total revenue [4] - Leshu Shih has established a multi-brand strategy, with its core brand Softcare positioned as a mid-to-high-end brand, contributing 78.8%, 77.6%, and 78.6% of total revenue from 2022 to 2024 [4] - The company has built a significant sales network across Africa, with 18 branches in 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [4] Group 4: Competitive Advantage - Leshu Shih's products have a notable price advantage compared to competitors, with Softcare baby diapers priced at $0.0927 per piece, significantly lower than Procter & Gamble and Kimberly-Clark [5] - The company has achieved high compound annual growth rates of 17.3% and 30.6% for its core products, baby diapers and sanitary napkins, respectively, since 2022 [5] Group 5: Market Potential - The African hygiene products market is poised for explosive growth, driven by a unique demographic dividend and rapid urbanization, with a projected GDP growth rate of 3.2% in 2024 and 4.1% in 2025 [6] - The market penetration rates for baby diapers and sanitary napkins in Africa are currently around 20% and 30%, respectively, indicating significant growth potential compared to developed markets [7][8] Group 6: Future Outlook - Leshu Shih is expected to continue expanding its production capacity, with plans to use IPO funds to build new factories in several African and Latin American countries [9] - The company aims to solidify its leading position in the African market while actively exploring opportunities in Latin America and Central Asia, with a focus on meeting local consumer needs [10][12]