新股速递| if椰子水今起招股，年赚11亿，中国内地占九成，UBS等豪华基石加持

Core Viewpoint - The company IFBH Limited, established in 2013, has successfully introduced coconut water products to the Chinese market and is expanding its product lines, including the rapidly growing Innococo brand, which combines coconut water with electrolyte water for the sports drink segment [1][4]. Company Overview - IFBH Limited is headquartered in Singapore and was spun off from General Beverage, a Thai beverage manufacturer [1]. - The company plans to raise funds through an IPO, with a global offering of approximately 41.67 million shares, priced between HKD 25.30 and HKD 27.80 per share [3]. Fundraising and Use of Proceeds - The funds raised will be used for supply chain diversification, new product development, market expansion, and repayment of potential debts related to agreements [4]. - Key cornerstone investors include UBS AM Singapore, Black Dragon, and several other funds [4][5]. Product Portfolio - The main product, if coconut water, accounts for 95.6% of revenue, with various packaging sizes. The product has a gross margin increase from 34.4% to 36.6% [8]. - The Innococo brand, launched in 2022, has a gross margin increase from 36.9% to 37.4% [8]. Financial Performance - The company reported a revenue of USD 158 million (approximately RMB 1.16 billion) for 2024, with a net profit increase from USD 16.75 million to USD 33.32 million [10]. - The company holds a 34% market share in the coconut water market in mainland China and 60% in Hong Kong, significantly outperforming competitors [11]. Competitive Advantages - The company benefits from a supply chain advantage, with over 90% of raw materials sourced from Thailand at a cost 18% lower than competitors [12]. - The business model is based on outsourcing production and logistics, allowing for a lean operational structure [12]. - The company employs a sterile cold-filling technology that extends product shelf life to 12 months, creating a technological moat [15]. Marketing Strategy - The company has engaged in strategic marketing partnerships, including signing a celebrity endorsement deal that significantly boosted sales [16]. - The brand has established a strong recognition in the market, with a high repurchase rate of 38% [16]. Industry Trends - The ready-to-drink soft beverage market in Greater China is projected to grow from USD 131.4 billion in 2024 to USD 185.4 billion by 2029, with coconut water being the fastest-growing segment [17]. - The price of coconuts is expected to remain stable between USD 450 and USD 500 per ton [18].