Core Insights - IFBH, the parent company of the well-known Thai coconut water brand "if," has been included in the Hong Kong Stock Connect program, effective from September 8, 2025 [1] - The company was established in 2013 and focuses on providing natural and healthy Thai beverages and foods, with its core brands being "if" and "Innococo" [1] - IFBH ranks first in the coconut water beverage market in mainland China by retail sales [1] Financial Performance - For the first half of 2025, IFBH reported total revenue of $94.5 million, a year-on-year increase of 31.5%, outperforming the industry average [2] - Gross profit reached $31.8 million, up 15.3% year-on-year, with a healthy gross margin maintained [2] - Adjusted net profit was $18.9 million, reflecting a 13.9% year-on-year growth, indicating steady improvement in profit quality [2] - Adjusted basic earnings per share were $0.084, a year-on-year increase of 7.7% [2] Market Position and Growth Potential - The coconut water segment is the primary revenue driver for IFBH, contributing $91.5 million in revenue, a significant year-on-year increase of 33.3%, accounting for 96.9% of total revenue [2] - As a leader in both mainland and Hong Kong markets, IFBH is well-positioned to capitalize on the rapid adoption of coconut water [2] - There is still growth potential for coconut water penetration in mainland China, and the company has competitive advantages in procurement, product quality, and brand value [2] - IFBH may further expand its offline business and explore other markets and adjacent product categories [2]
泰国知名椰子水品牌if母公司IFBH(6603.HK)获纳入港股通