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Core Viewpoint - Leshu Shi Limited has re-applied for a listing on the Hong Kong Stock Exchange after its previous application expired in January 2025, with a focus on expanding its business in emerging markets, particularly in Africa, Latin America, and Central Asia [1][9]. Company Overview - Founded by Shen Yanchang, Leshu Shi began as a division of Senda Group, which was established in 2004 and has evolved into a multinational group involved in manufacturing and international trade [2]. - Leshu Shi specializes in the development, manufacturing, and sales of baby and female hygiene products, including diapers, sanitary napkins, and wet wipes, primarily targeting emerging markets [2][3]. Market Position - Leshu Shi's core brand, Softcare, is positioned as a mid-to-high-end brand and has become a well-known name in many African countries, holding the top market share in both baby diapers (20.3%) and sanitary napkins (15.6%) by volume in 2024 [3]. - The company operates in over 30 countries across Africa, Latin America, and Central Asia, with a wide sales network covering more than 2,800 wholesalers, distributors, supermarkets, and other retailers [4]. Financial Performance - The company reported significant revenue growth, with annual revenues exceeding 3.2 billion yuan (approximately $460 million) in 2022, reaching 4.54 billion yuan (approximately $650 million) in 2024 [5][6]. - The net profit for 2022 was approximately 171.3 million yuan (about $24 million), increasing to around 689 million yuan (about $98 million) in 2024 [5][6]. Growth Drivers - The growth in sales is attributed to the expansion of the sales network in existing markets and the penetration into new emerging markets, with a focus on increasing market reach from urban to rural areas [7]. - The emerging markets, particularly Africa, show strong potential for growth due to a high birth rate and increasing demand for quality hygiene products, with a market penetration rate of only about 20% for baby diapers compared to 70%-86% in developed markets [9]. Challenges - The company faces increasing competition in the baby and female hygiene products sector, as the low technical and financial barriers attract more market participants [9][10]. - The rise of e-commerce platforms in emerging markets has intensified competition, leading to issues such as customer diversion and price wars [10]. - Leshu Shi's historically low investment in research and development may hinder its ability to build technological barriers and differentiate its products in a crowded market [10].