70后学霸夫妻非洲卖纸尿裤，年收入32亿元，冲刺港股IPO

Core Insights - The meeting between Ghana's Minister of Trade and the SenDa Group in Guangzhou highlights the potential investment opportunities in Ghana, particularly in the manufacturing sector, with a focus on the company LeShuShi, known as the "King of Diapers in Africa" [1] Company Overview - LeShuShi Limited has re-applied for a main board listing on the Hong Kong Stock Exchange after its previous application lapsed in January 2025. The company is backed by a couple who control 64.42% of its shares through Century BVI [2] - The company has established itself as a leader in the African baby diaper and sanitary napkin markets, holding market shares of 20.3% and 15.6% respectively as of 2024 [1] Financial Performance - LeShuShi's revenue is projected to grow from approximately $320 million in 2022 to $454 million in 2024, with a compound annual growth rate exceeding double digits. Net profit is expected to increase from $18 million to $95.1 million during the same period, reflecting a growth rate of over five times [4] - In the first four months of 2025, the company reported revenues of $161 million, a year-on-year increase of 15.5%, and a net profit of $31.1 million, up 12.5% [4] - The gross profit margin has improved significantly, reaching 35.2% in 2024 and 33.6% in the first four months of 2025, attributed to scale effects, product structure optimization, and improved foreign exchange risk management [4][5] Market Positioning - LeShuShi's pricing strategy has allowed it to maintain and even increase prices despite a general decline in average selling prices across its product lines. The company’s flagship diaper brand, Softcare, sells at an average price of 8.78 cents per piece in 2024 [5] - The company has adopted a "volume-driven" approach, with its products priced lower than competitors, which has helped it capture significant market share [5] Strategic Goals - Following the IPO, LeShuShi plans to invest in capacity expansion, production line upgrades, new product development, market expansion, and potential mergers and acquisitions to solidify its market leadership [6] Industry Context - The African market is experiencing strong population growth, with a compound annual growth rate of 1.8% in newborns from 2020 to 2024, presenting significant economic growth potential [8] - China remains Africa's largest trading partner, with trade volume reaching $295.6 billion in 2024, indicating a growing trend of Chinese companies investing in Africa, particularly in manufacturing and local production [8][9] Challenges - Despite its success, LeShuShi faces challenges such as foreign exchange losses, which amounted to $18.3 million from 2022 to 2024, representing 10% of its total net profit during that period [6] - The company currently lacks any currency hedging policies, which may expose it to further risks [6]