非洲纸尿裤霸主，赴港IPO！背后是一对中国夫妇

Core Viewpoint - LeShuShi, known as the "King of Diapers in Africa," has updated its prospectus and is making another attempt to go public in Hong Kong [2][3]. Group 1: Company Overview - LeShuShi was founded by Shen Yanchang, who has extensive trade experience in Africa since the 1990s. The company was spun off from SenDa Group in 2022 and focuses on the African market for baby diapers, pull-ups, sanitary napkins, and wet wipes [6][7]. - As of April 30, 2025, LeShuShi has established eight production plants and 51 production lines in Africa, with an annual capacity of over 6.3 billion baby diapers and nearly 2.9 billion sanitary napkins [10]. Group 2: Market Position and Strategy - LeShuShi holds a 20.3% market share in the African baby diaper market by volume as of 2024, positioning itself as the industry leader [3]. - The company employs a localized manufacturing strategy, which allows it to maintain lower costs and respond quickly to market demands, giving it a competitive edge against international giants [10]. Group 3: Financial Performance - Revenue projections for LeShuShi are $320 million in 2022, $411 million in 2023, and $454 million in 2024, with net profits of $18 million, $65 million, and $95 million respectively [12][26]. - The company's gross margin and net profit margin improved significantly in 2023, reaching 34.9% and 15.7%, respectively, primarily due to a decrease in raw material prices [16][17]. Group 4: Risks and Concerns - The company faces risks related to raw material price fluctuations, with expectations of rising prices for key materials like fluff pulp and SAP in the coming years [18]. - LeShuShi's performance growth is projected to slow down, with revenue growth expected to drop from 28.6% in 2023 to 10.5% in 2024 [12]. Group 5: Dividend and Funding - Prior to the IPO, LeShuShi engaged in significant dividend payouts, including a $35,300 dividend from its subsidiary in Kenya and a $35 million interim dividend, which raised concerns about the distribution of profits primarily benefiting the founders [22][24]. - The company plans to use the net proceeds from the IPO to expand production capacity, enhance marketing efforts, and pursue strategic acquisitions in the hygiene products sector [24].