70后中国夫妻，非洲卖纸尿裤，狂揽200亿

Core Viewpoint - The article highlights the successful IPO of Leshu Shi, a company known as the "King of Diapers in Africa," which has rapidly expanded its market presence in Africa by leveraging a unique business model that combines local manufacturing with global supply chains [6][33]. Group 1: Company Background and Growth - Leshu Shi was spun off from the Guangzhou-based Sen Da Group and has achieved an annual revenue of 3.2 billion RMB, focusing on traditional hygiene products like diapers [8]. - The founders, Shen Yanchang and Yang Yanjuan, initially engaged in trade before identifying significant market opportunities in Africa, particularly in the hygiene product sector [10][12]. - The company was established in 2009, targeting the African market with affordable hygiene products, capitalizing on the low penetration rates of such products in the region [18][20]. Group 2: Market Strategy and Expansion - Leshu Shi transitioned from a "Made in China" model to "Made in Africa" by establishing local production facilities, which significantly reduced costs and improved market responsiveness [22][24]. - The company has built a comprehensive distribution network across 12 countries, reaching over 80% of the core market population, and has become the market leader in both baby diapers and sanitary pads in Africa [25][26]. - By 2024, Leshu Shi's annual revenue reached approximately 454 million USD (around 3.2 billion RMB), with a gross margin of 35.2%, despite offering products at prices 30% lower than competitors [24][26]. Group 3: Competitive Landscape and Future Plans - The African market is becoming increasingly competitive, prompting Leshu Shi to separate from Sen Da Group and pursue an independent IPO to strengthen its market position [29][31]. - The company plans to raise over 2 billion HKD through its IPO to fund capacity expansion, supply chain upgrades, and brand enhancement [31][32]. - With the African population projected to grow significantly, the demand for hygiene products is expected to rise, presenting further growth opportunities for Leshu Shi [30].