Core Viewpoint - The Hong Kong IPO market in 2025 is experiencing significant growth, with over 100 IPOs and a fundraising amount exceeding HKD 270 billion, marking a year-on-year increase of 58% and over 223% respectively. This rapid expansion raises questions about which new stocks hold long-term value, with the "Golden Award" for outstanding investment value IPOs providing some guidance for investors [1]. Group 1: Market Overview - The number of IPOs in the Hong Kong market has surpassed 100 as of December 14, 2025, with total fundraising exceeding HKD 270 billion, reflecting a year-on-year growth of 58% and over 223% [1]. - The "Golden Award" for outstanding investment value IPOs has been awarded to 10 companies, including Leshu, focusing on business operations, performance growth, and shareholder value creation [1]. Group 2: Company Profile - Leshu - Leshu, recognized as the first African consumer goods manufacturer listed in Hong Kong, has received the "Annual Outstanding Investment Value IPO" award, signaling its strong investment value and industry recognition [4]. - The company's investment value is supported by two core logical frameworks: deep localization in Africa and the growth dividends of the African market [5]. Group 3: Market Position and Strategy - Leshu has established a strong presence in the African market, focusing on essential products such as baby diapers, sanitary napkins, and wet wipes, benefiting from a deep-rooted local strategy [5][6]. - The company has a comprehensive brand portfolio, with high brand recognition and repurchase rates in the baby diaper and sanitary napkin sectors, indicating strong consumer loyalty [7]. - Leshu's sales network covers over 30 countries in Africa, reaching more than 80% of the local population, which is crucial in a market characterized by fragmented logistics and infrastructure [7]. Group 4: Growth Potential - The African market is experiencing a demographic boom, with a compound annual growth rate (CAGR) of 1.8% for newborns from 2020 to 2024, creating a substantial consumer base for Leshu's products [8]. - The per capita consumption expenditure in Africa is projected to grow at a CAGR of 5.4% from 2020 to 2024, indicating an increasing demand for high-quality products [8]. - The African market for baby diapers and sanitary napkins is expected to grow at a CAGR of 7.9% from 2025 to 2029, significantly outpacing growth in North America, Europe, China, and Japan [8]. Group 5: Expansion and Diversification - Leshu is not only focused on the African market but is also expanding into Latin America, replicating its successful business model [10][11]. - The company has seen significant revenue growth in Peru, with projections indicating a rise from USD 36,300 in 2022 to USD 929,800 in 2024, demonstrating its market potential in Latin America [13]. - Leshu plans to establish new production facilities in various countries, enhancing its ability to respond to market demands and solidifying its competitive edge [13]. Group 6: Product Portfolio and Revenue Stability - The company is diversifying its product offerings, with sanitary napkins showing rapid growth, contributing to revenue stability and resilience [14]. - In the first four months of 2025, revenue from sanitary napkins reached USD 29.94 million, accounting for 18.5% of total revenue, up from 17.3% in the same period in 2024 [15]. - The expansion into additional product categories such as pull-ups and wipes is expected to further strengthen revenue growth and enhance customer lifetime value [15]. Conclusion - Leshu has established a robust growth framework through deep localization in Africa, regional expansion into emerging markets, and product diversification, showcasing sustainable long-term development potential. The recognition from the "Annual Outstanding Investment Value IPO" award underscores its strategic path and operational achievements, positioning it as a key player in the emerging market consumer sector [16].
“非洲消费品制造第一股”乐舒适(02698.HK)的投资逻辑