70后学霸夫妻非洲卖纸尿裤，年收入32亿元，冲刺港股IPO

Core Viewpoint - The article discusses the investment opportunities and market positioning of Leshu Shi, a leading player in the African diaper and sanitary napkin market, as it prepares for its IPO and expands its operations in Africa [1][4]. Company Overview - Leshu Shi, known as the "King of Diapers in Africa," is seeking to list on the Hong Kong Stock Exchange after a previous application lapsed. The company holds the largest market shares in the African baby diaper and sanitary napkin markets, with 20.3% and 15.6% respectively [1][4]. - The company is controlled by a couple who graduated from Harbin Engineering University, holding 64.42% of the shares through Century BVI [2]. Financial Performance - From 2022 to 2024, Leshu Shi's revenue increased from approximately $320 million to $454 million, with a compound annual growth rate exceeding double digits. Net profit surged from $18 million to $95.1 million, reflecting a growth rate of over five times [4]. - In the first four months of 2025, the company reported revenue of $161 million, a year-on-year increase of 15.5%, and net profit of $31.1 million, up 12.5% [4]. - The gross profit margin improved significantly from 23.0% in 2022 to 35.2% in 2024, attributed to scale effects, product structure optimization, and improved foreign exchange risk management [4]. Market Strategy - Leshu Shi has adopted a "volume-driven" strategy, with its Softcare brand diapers priced at only 8.78 cents per piece in 2024, allowing it to maintain competitive pricing while achieving high gross margins [6][5]. - The company has established local production lines in Ghana since 2018, which has helped reduce costs and enhance competitiveness [5]. Industry Context - The African market is experiencing strong population growth, with a compound annual growth rate of 1.8% for newborns from 2020 to 2024, indicating significant economic potential [9]. - China has maintained its position as Africa's largest trading partner for 16 consecutive years, with trade volume reaching $295.6 billion in 2024, reflecting a growing trend of Chinese companies investing in Africa [9][10]. Challenges and Opportunities - Despite its success, Leshu Shi faces challenges such as foreign exchange losses, which amounted to $18.3 million from 2022 to 2024, and the absence of a currency hedging policy [7]. - The Ghanaian government has initiated a "24-hour economy and export plan" to improve the business environment, which could benefit local manufacturers like Leshu Shi [12].