“学霸夫妻”卖纸尿裤收获一个IPO，市值近200亿

Core Viewpoint - LeShuShi successfully listed on the Hong Kong Stock Exchange on November 10, with an initial offering price of HKD 26.20, opening at a 33.51% increase to HKD 34.98, and closing at a 25.95% increase to HKD 33, resulting in a total market capitalization of HKD 199.94 billion [1] Company Overview - Founded by a couple of graduates from Harbin Engineering University, LeShuShi was established in Guangzhou in 2000, initially focusing on export building materials and daily necessities. In 2009, the company entered the hygiene products market by launching "Softcare" diapers in Ghana, targeting the African market [5] - LeShuShi has evolved into a multinational hygiene products company, focusing on emerging markets in Africa, Latin America, and Central Asia, with its headquarters in Dubai Airport Free Zone. The company specializes in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes under brands such as Softcare, Veesper, Maya, Cuettie, and Clincleer [5] - The company's sales network spans over 30 countries in Africa, Latin America, and Central Asia, with projected sales of 4.123 billion baby diapers and 1.634 billion sanitary napkins in 2024 [5] Market Position - According to Frost & Sullivan, LeShuShi ranks first in market share for baby diapers (20.3%) and sanitary napkins (15.6%) in Africa based on 2024 sales volume, and second in revenue market share (17.2% for diapers and 11.9% for sanitary napkins) [5] - The company has experienced significant revenue growth during the reporting period from 2022 to 2024, with revenues of USD 320 million, USD 411 million, USD 454 million, and USD 161 million respectively, alongside increasing gross margins [6] Product Structure - Baby diapers are the core revenue driver for LeShuShi, contributing 78.4%, 78.7%, 75.3%, and 71.8% of total revenue during the reporting period. Sanitary napkins accounted for 13.5%, 15%, 17%, and 18.5% of total revenue in the same timeframe [6] Growth Potential - The African market presents substantial growth opportunities, with a projected compound annual growth rate of 1.8% for newborns from 2020 to 2024, and a demographic structure where over 50% of the population is under 20 years old, providing a strong demand base for baby hygiene products [6] - The penetration rates for baby diapers (approximately 20%) and sanitary napkins (approximately 30%) in Africa are significantly lower than those in Europe, North America, and China (70%-92%), indicating ample room for market expansion [7] IPO and Investor Confidence - The IPO of LeShuShi attracted a strong lineup of cornerstone investors, including BA Capital, Arcane Nexus, Southern Fund, and others, collectively subscribing to USD 139 million (approximately HKD 1.08 billion) of shares, reflecting institutional confidence in the company's future [7] - The founders control 64.42% of the company through CenturyBVI, ensuring continued leadership in the company's strategic direction [8] Fund Utilization - The company has outlined clear plans for the use of funds raised from the IPO, focusing on capacity expansion and production line upgrades, with approximately 34.5% allocated for new production lines in Ghana and Senegal, expected to significantly enhance local production capabilities [8]