乐舒适二闯港交所：IPO前大手笔分红、社保公积金欠缴金额不减反增 关联交易频繁业务独立性待考

Core Viewpoint - The IPO journey of Le Shushi Limited, known as the "King of Diapers in Africa," faces significant challenges, including slowing growth, sustainability of low-price strategies, and increasing social security and housing fund arrears, raising questions about the company's financial health and IPO viability [1][5][16]. Group 1: IPO Challenges - Le Shushi submitted its IPO application to the Hong Kong Stock Exchange in January 2025, but the application expired after six months without passing the hearing [1]. - The company has faced multiple challenges, including performance slowdown and doubts about the necessity of large pre-IPO dividends [1][5]. - The significant dividends paid before the IPO have primarily benefited the controlling couple, Shen Yanchang and Yang Yanjuan, who hold 66.35% of the shares through Century BVI [3][4]. Group 2: Financial Performance - Le Shushi's revenue from 2022 to 2024 was $320 million, $411 million, and $454 million, with growth rates of 29.25% in 2023 and 10.46% in 2024, indicating a notable slowdown [14]. - The net profit surged by 251.7% in 2023 to $64.68 million but dropped to a growth rate of 47.05% in 2024, with a further decline to 12.45% in the first four months of 2025 [14][15]. - The company's gross margin decreased by 2.3 percentage points year-on-year to 32.9% in the first four months of 2025 [12][14]. Group 3: Market Position and Strategy - Le Shushi is a market leader in Africa, holding a 20.3% market share in baby diapers and 15.6% in sanitary napkins as of 2024 [8]. - The company employs a low-price strategy, with retail prices for its products ranging from 9 cents to 20 cents per piece, which has limited profit margins and brand premium capabilities [10][11]. - The highest-selling diaper brand, Softcare, has an average selling price of 8.78 cents per piece, while the second brand, Cuettie, sells for as low as 7.3 cents [12]. Group 4: Corporate Governance and Independence - Le Shushi's frequent related-party transactions with its parent company, Sen Da Group, raise concerns about its operational independence [16][18]. - In 2022, Sen Da Group was the second-largest customer of Le Shushi, purchasing products worth $3.41 million [16]. - The complexity of these transactions poses a challenge for Le Shushi to demonstrate its business independence and sound corporate governance to regulators [18].