Core Viewpoint - LeShuShi Limited, known as the "King of Diapers in Africa," officially listed on the Hong Kong Stock Exchange on November 10, 2023, with a first-day stock price increase of 25.95% [1]. Group 1: Company Overview - Established in 2009, LeShuShi is a multinational hygiene products company focused on the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [1]. - The company began local production in Ghana in 2018 and has since expanded its sales network to over 30 countries in Africa, Latin America, and Central Asia [1]. Group 2: Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper and sanitary napkin markets by volume, with market shares of 20.3% and 15.6%, respectively, and ranks second by revenue with shares of 17.2% and 11.9% [2]. - The company operates multiple brands, with Softcare positioned as a mid-to-high-end brand targeting consumers seeking quality products [2]. Group 3: Financial Performance - Revenue from baby diapers during the reporting period was $251 million, $324 million, $342 million, and $116 million, accounting for 78.4%, 78.7%, 75.3%, and 71.8% of total revenue, respectively [3]. - The company reported total revenues of $320 million, $411 million, $454 million, and $161 million during the reporting period, with net profits of $18.4 million, $64.7 million, $95.1 million, and $31.1 million [5]. Group 4: Regional Sales and Growth - Approximately 90% of LeShuShi's revenue comes from the African market, with West Africa and East Africa contributing significantly to sales [4]. - The company has seen a revenue increase due to rising demand for hygiene products in emerging markets, driven by a large population base and high birth rates [5]. Group 5: Cost Structure and Profitability - The gross profit margins for the reporting periods were 23.0%, 34.9%, 35.2%, and 33.6%, while net profit margins were 5.7%, 15.7%, 20.9%, and 19.3% [6]. - The increase in gross margin is attributed to a decline in raw material prices, which also helped reduce foreign exchange losses [6]. Group 6: Operational Efficiency - The company has eight production facilities across Africa, with a total designed capacity of 6.301 billion baby diapers annually [13]. - The capacity utilization rates for baby diapers were 78.3%, 81.5%, 77.9%, and 67.2% during the reporting periods, indicating room for improvement in production efficiency [13]. Group 7: Shareholder Returns and Governance - The controlling shareholders, Shen Yanchang and Yang Yanjuan, received dividends totaling $3.24 million (approximately 16.6 million yuan) prior to the IPO [12]. - Concerns have been raised regarding the high ownership percentage of the controlling shareholders, which may lead to governance issues and potential conflicts of interest in dividend decisions [11].
“非洲纸尿裤之王”乐舒适登陆港交所：业绩增速放缓，实控人分红1.66亿