非洲母婴市场霸主，学霸夫妻乐舒适冲刺港股IPO

Core Insights - The company Leshu Shi, founded by entrepreneurs Shen Yanchang and Yang Yanjuan, is making strides towards an IPO in Hong Kong, focusing on the African maternal and infant market with its sanitary napkin and diaper products [1][3] - Leshu Shi has established itself as a leader in the African market, achieving significant sales and revenue growth, with 2024 sales volume reaching 5.757 billion units and revenue of $454 million (approximately 3.2 billion RMB) [3][4] - The founders have maintained control over the company without relying on external capital, which is a rare approach in the current investment climate [3][4] Financial Performance - Leshu Shi's revenue figures for 2022, 2023, and 2024 are $320 million, $411 million, and $454 million respectively, with corresponding net profits of $18.39 million, $64.68 million, and $95.11 million [3][4] - Despite a slowdown in revenue growth in 2024, the company has successfully increased its net profit, indicating effective management of profit margins [3][4] Challenges and Strategy - The company faces challenges due to raw material costs, which account for over 80% of total sales costs, making it vulnerable to price fluctuations [4] - Leshu Shi has a relatively small R&D team of only four employees and a modest R&D expenditure of $500,000 in 2024, focusing primarily on maintaining low prices and high quality [4] - The founders aim to position Leshu Shi as the "Chinese version of Procter & Gamble," seeking to expand globally post-IPO [4]