Group 1 - The core viewpoint of the report is that Leshush (02698) is rated as "Buy" due to its strong position in the African market, benefiting from increased industry penetration and market share growth, particularly in the core category of baby diapers and rapidly growing sanitary napkins, while expanding into emerging markets like Central Asia [1] - The company has established a competitive barrier and sustainability by deeply engaging in the African market, becoming a leading multinational hygiene products company since its establishment in 2009, with a wide network of over 2,800 channel partners across 12 countries [1][2] Group 2 - The hygiene products market in Africa and emerging markets is experiencing robust growth, with the market size for baby diapers and sanitary napkins in Africa expected to grow from $3.8 billion in 2024 to $5.6 billion by 2029, representing a compound annual growth rate (CAGR) of 7.9% from 2025 to 2029 [2] - The Central Asian market for baby diapers and sanitary napkins is projected to grow from $0.4 billion in 2020 to $0.5 billion by 2024, with a CAGR of 4.5%, driven by population growth, urbanization, and increased consumer awareness [2] Group 3 - The company has a strong competitive position in the African and emerging markets for hygiene products, having established the most local factories in Africa since 2018, ensuring a stable supply chain and rapid response [3] - The company covers over 80% of the population in key African countries through a solid sales network, with high channel barriers and strong relationships with wholesalers and distributors [3] - The brand matrix is well-established, with the core brand Softcare and sub-brands like Maya and Cuettie, achieving the highest market shares in Africa for baby diapers and sanitary napkins at 20.3% and 15.6% respectively in 2024 [3]