据港交所8月12日披露，乐舒适有限公司(简称：乐舒适)向港交所主板递交上市申请，中金公司（601995）、 中信证券、广发证券(香港)为联席保荐人。该公司曾于2025年1月27日递表港交所。 招股书显示，乐舒适是一家专注于非洲、拉美、中亚等地快速发展新兴市场(1)的跨国卫生用品公司，主要从 事婴儿纸尿裤、婴儿拉拉裤、卫生巾和湿巾等婴儿及女性卫生用品的开发、制造和销售。于往绩记录期间， 公司的大部分收入来自向非洲客户的销售。 乐舒适以不同品牌(包括核心品牌Softcare以及Veesper、Maya、Cuettie及Clincleer)提供各种婴儿及女性卫生用 品。作为公司的核心品牌，Softcare定位为中高档品牌，主要面向具有较高消费力、寻求高品质产品的中高 端消费者。Softcare于开始之初作为婴儿纸尿裤及卫生巾品牌推出，其后延伸至其他卫生用品类别，包括于 2018年推出婴儿拉拉裤及湿巾。于往绩记录期间，公司的大部分收入来自Softcare产品。经过多年发展， Softcare已在许多非洲国家成为家喻户晓的婴儿及女性卫生用品知名品牌，并在市场上处于龙头地位。 根据弗若斯特沙利文的资料，(i)以2024年 ...

Core Viewpoint - Leshu Shi Limited has submitted a listing application to the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors. The company previously submitted an application on January 27, 2025 [1]. Group 1: Company Overview - Leshu Shi is a multinational hygiene products company focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [4]. - The company offers various hygiene products under different brands, with its core brand Softcare positioned as a mid-to-high-end brand targeting consumers seeking high-quality products. Softcare has become a well-known brand in many African countries and holds a leading market position [4]. Group 2: Market Position and Performance - According to Frost & Sullivan, as of 2024, the company ranks first in Africa's baby diaper and sanitary napkin markets by sales volume, with market shares of 20.3% and 15.6%, respectively. By revenue, it ranks second in these markets with shares of 17.2% and 11.9% [5]. - The company has established a broad sales network across over 30 countries in Africa, Latin America, and Central Asia, which is considered a competitive advantage. As of April 30, 2025, it has set up 18 sales branches in 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [7]. Group 3: Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024, as well as for the four months ending April 30 for 2024 and 2025, were approximately $320 million, $411 million, $454 million, $140 million, and $161 million, respectively. The corresponding profits for these periods were $18.39 million, $64.68 million, $95.11 million, $27.66 million, and $31.10 million [8]. - The sales volume of baby diapers and sanitary napkins reached approximately 4.123 billion and 1.634 billion units in 2024, reflecting compound annual growth rates of 17.3% and 30.6% since 2022 [7].

Industry and Company Research Summary Industry Overview Glass Fiber Industry - The glass fiber industry is characterized by heavy asset requirements and continuous production, significantly influenced by manufacturing sector conditions and global PMI trends [1][5] - As of the end of 2023, the price war initiated by China Jushi did not sustain, and prices remain at historical lows, necessitating attention to inventory levels to determine price turning points [1][10] - The peak supply period for glass fiber is expected to pass by 2026, with current low prices leading to an optimistic market outlook for the coming years [1][6] - Major players like China Jushi and China National Materials occupy 65% of the global market share, with energy cost differences significantly impacting competitive strength [1][7][8] - Jiangsu Province's inclusion of glass fiber in the "two high" catalog indicates future capacity additions will be limited, potentially promoting supply-demand balance [1][11] Carbon Fiber Industry - The carbon fiber production process is complex with high technical barriers, relying heavily on imported equipment [1][13] - Domestic demand for carbon fiber is projected to exceed 100,000 tons by 2025, while supply is estimated at over 90,000 tons, indicating a dynamic balance despite some import substitution potential [1][14] - The automotive sector is experiencing rapid growth in carbon fiber demand, with mid-range brands beginning to adopt its use [1][16] - The wind power sector is expected to see significant carbon fiber application growth in 2025 due to larger blade sizes and decreasing prices [1][15] - The sports and aerospace sectors continue to show increasing demand for carbon fiber, driven by lifestyle trends and technological advancements [1][18] Key Insights Demand Growth - Glass fiber demand is expected to grow by approximately 6% by 2025, while carbon fiber demand is anticipated to exceed 20% [2] - Glass fiber applications are primarily concentrated in the construction materials sector, accounting for about 25% of demand, whereas carbon fiber applications are more diversified [2] Production Characteristics and Investment Costs - The glass fiber industry requires significant investment, with approximately 120 million yuan needed for 10,000 tons of capacity, while sales revenue for the same amount is around 50 million yuan [3] - The carbon fiber industry faces challenges such as supply surplus and price pressures, with state-owned enterprises dominating the market [3][19] Supply-Demand Dynamics - The glass fiber market is currently in a state of tight balance, with inventory levels being a critical indicator for price movements [10] - The carbon fiber market is expected to maintain a dynamic balance, with demand growth stimulating supply increases [14] Competitive Landscape - In the glass fiber market, China Jushi and China National Materials leverage their procurement and transportation advantages to maintain strong competitive positions [7] - Energy cost disparities significantly affect competitiveness, with companies in regions like Chongqing facing challenges due to higher transportation costs [8][9] Future Outlook - China Jushi's projected reasonable performance for 2025 is 4.6 billion yuan, with potential growth to over 6 billion yuan by 2030, indicating a target market capitalization exceeding 60 billion yuan [12] - The carbon fiber industry is expected to face challenges from supply issues and price pressures, but opportunities for growth exist in emerging markets such as 3C products and low-altitude economies [22] Notable Companies - Military enterprises like Guangwei and Zhongjian are performing well due to strong profitability in their military business [21] - Zhongfu Shenying has shown improved sales in Q2, but its stock price remains constrained by overall industry supply-demand dynamics [23]

Group 1 - Foreign investors are increasingly buying into A-shares, with some stocks nearing the 30% ownership limit, leading to temporary trading suspensions [1][3] - As of August 8, four stocks had foreign ownership exceeding 24%, including Siyuan Electric (26.83%), Shuanghuan Transmission, Huaming Equipment, and Hongfa Technology [1][3] - Siyuan Electric's foreign ownership rose from 24.64% on July 15 to 28.07% by the end of July, triggering a suspension of foreign purchases [3][4] Group 2 - The stocks attracting foreign investment are industry leaders, with Siyuan Electric being a leader in power transmission and transformation equipment, and Huaming Equipment specializing in transformer tap changers [5] - The financial performance of these companies has been strong, with Siyuan Electric reporting a 37.8% increase in revenue to 8.497 billion yuan and a 45.71% rise in net profit to 1.293 billion yuan in the first half of the year [6] - Hongfa Technology and Huaming Equipment also reported revenue growth, with Hongfa achieving 8.347 billion yuan in revenue and a net profit of 964 million yuan, both showing over 10% growth [6] Group 3 - Prominent foreign investors such as Morgan Stanley and Temasek have been identified among the top shareholders of these stocks, indicating strong foreign interest [2][8] - As of the end of June, over 80 foreign institutions held shares in major companies like China Ping An, Wuliangye, and Kweichow Moutai, reflecting a trend of foreign investment in leading firms [11] - The banking sector and state-owned enterprises have also seen significant foreign investment, with major banks like Agricultural Bank and Industrial and Commercial Bank attracting substantial foreign holdings [12][13]

Group 1 - MSCI announced a significant adjustment to its flagship index system, adding 42 stocks and removing 56 existing constituents, effective after the market close on August 26 [1] - The adjustment will impact both developed and emerging market indices, with a focus on optimizing the MSCI Emerging Markets Index [1][4] - The changes are expected to trigger rapid capital flows from passive funds, potentially affecting stock price performance in the short term [1] Group 2 - The MSCI China Index will include 14 new stocks, comprising 5 A-shares and 9 Hong Kong stocks, with notable additions like CITIC Bank and several technology and pharmaceutical companies [3] - CITIC Bank, with a market capitalization exceeding 460 billion yuan and a year-to-date increase of over 20%, is expected to gain international visibility and passive fund allocation due to its inclusion [3] - The MSCI China Index will also remove 17 Chinese stocks, including 14 A-shares and 2 Hong Kong stocks [3] Group 3 - The adjustment reflects MSCI's strategy to balance coverage between developed and emerging markets, emphasizing innovation-driven economies and stable, profitable industry leaders in emerging markets [5] - Over 70% of the new constituents are from technology innovation and pharmaceutical research sectors, aligning with recent strong performances in these areas [5] Group 4 - The global asset management landscape is shifting, with approximately $17 trillion in assets benchmarked to MSCI indices, including $2 trillion in passive funds, indicating that index adjustments can lead to significant capital reallocation [5] - The upcoming adjustment is expected to increase trading volumes and stock price volatility for newly added constituents [5] Group 5 - International interest in Chinese assets is rising, exemplified by the launch of a new ETF focused on China's AI sector by a prominent South Korean investment management firm [7] - Several foreign institutions have upgraded their ratings on the Chinese stock market, indicating a positive outlook for the MSCI China Index [7] Group 6 - Standard & Poor's maintained China's sovereign credit rating at "A+" with a stable outlook, reflecting confidence in the resilience of China's economic growth and debt management [8]

Group 1 - As of July 2025, Hong Kong is expected to have over 1.5 million registered local companies and more than 15,000 non-Hong Kong companies, both reaching historical highs [1] - From January to July 2023, the Hong Kong Investment Promotion Agency assisted 1,333 enterprises in establishing or expanding their businesses in Hong Kong, attracting HKD 174 billion in first-year direct investment and creating over 19,000 new jobs [1] - Hong Kong is positioned as a unique two-way platform that attracts foreign companies to explore the mainland market while assisting mainland enterprises in entering overseas markets [1] Group 2 - The government plans to continue developing more emerging markets beyond the Middle East and ASEAN countries to create business opportunities for Hong Kong and mainland businesses [1] - Kiztopia, a Singapore indoor theme park, opened its first overseas flagship store in Hong Kong in 2022 and has since expanded to four locations, with plans for two more [1] - Kiztopia's Hong Kong director emphasized the strong consumer market and the importance of quality concepts, creativity, and service, highlighting Hong Kong's influence on the Greater Bay Area [1] Group 3 - Xijing Technology, a mainland AI company, established its international headquarters in Hong Kong last year, providing intelligent logistics solutions to 28 countries and regions [2] - The CEO of Xijing Technology believes Hong Kong is the best choice for mainland tech companies to expand internationally, and participation in trade missions helps understand logistics planning and cooperation policies in other countries [2]

Core Insights - China's foreign trade showed a positive trend with a total import and export value of 25.7 trillion yuan in the first seven months of the year, marking a year-on-year growth of 3.5% [1] - Exports increased by 7.3%, while imports decreased by 1.6%, but the decline was less severe than in the first half of the year [1] Group 1: Trade Performance - In July, China's imports and exports grew by 6.7% year-on-year, with exports rising by 8% and imports increasing by 4.8%, indicating a strong monthly performance [2] - The manufacturing sector capitalized on the US-China tariff suspension, contributing significantly to July's export growth [2] - Domestic demand is improving, as evidenced by the gradual recovery in imports due to ongoing consumption-boosting initiatives [2] Group 2: Export Composition - In the first seven months, 60% of exports were mechanical and electrical products, with high-end machine tool exports growing by 23.4% [3] - New green and low-carbon products saw a 14.9% increase in exports, highlighting a shift towards high-quality trade [3] - Notable growth in exports of portable air conditioners and other cooling products, with air conditioner exports to Europe increasing by 28.9% [3] Group 3: Role of Private Enterprises - Private enterprises accounted for 14.68 trillion yuan in imports and exports, a 7.4% increase, representing 57.1% of China's total foreign trade [4] - The number of private enterprises engaged in foreign trade rose by 8.5%, indicating a robust participation in the sector [4] Group 4: Market Diversification - Trade with ASEAN, EU, Africa, and Central Asia grew by 9.4%, 3.9%, 17.2%, and 16.3% respectively, showing diversification in trade partnerships [4] - Trade with countries involved in the Belt and Road Initiative increased by 5.5%, further emphasizing the importance of these markets [4] Group 5: Strategic Adaptation - Companies are actively seeking new markets and adapting to external challenges, with many reporting a backlog of orders into the fourth quarter [5] - The need for innovation and the development of high-tech products is emphasized as essential for enhancing competitiveness in foreign trade [5] - Despite external uncertainties, the diverse market landscape and innovative products provide confidence in achieving foreign trade goals [5]

Core Viewpoint - China's foreign trade is showing a positive trend, with a total import and export value of 25.7 trillion yuan in the first seven months of the year, reflecting a year-on-year growth of 3.5% [1] Group 1: Trade Performance - In July, China's import and export value increased by 6.7% year-on-year, with exports growing by 8% and imports by 4.8%, marking the highest growth rate of the year [2] - The export of high-end machine tools increased by 23.4%, while the export of "new three samples" products, which represent green and low-carbon technologies, grew by 14.9% [3] - The total import and export value of private enterprises reached 14.68 trillion yuan, a year-on-year increase of 7.4%, accounting for 57.1% of China's total foreign trade [4] Group 2: Market Dynamics - The trade with ASEAN, EU, Africa, and Central Asia saw year-on-year growth rates of 9.4%, 3.9%, 17.2%, and 16.3% respectively, indicating a diversification of trade partners [4] - The demand for portable air conditioning units has surged in Europe, with exports of air conditioners increasing by 28.9% [3] Group 3: Strategic Adaptations - Companies are actively seeking new markets and adapting to external pressures, with many private enterprises increasing their international orders despite challenges [5] - The proactive measures taken by enterprises, such as optimizing product combinations and exploring emerging markets, have been crucial in stabilizing foreign trade [2][5]

Core Insights - China's foreign trade showed a positive trend with a total import and export value of 25.7 trillion yuan in the first seven months of the year, marking a year-on-year growth of 3.5% [1] - Exports increased by 7.3%, while imports decreased by 1.6%, but the decline was less severe than in the first half of the year [1] Group 1: Trade Performance - In July, China's total import and export value grew by 6.7% year-on-year, with exports rising by 8% and imports increasing by 4.8%, indicating a strong monthly performance [2] - The manufacturing sector capitalized on the US-China tariff suspension, contributing significantly to July's export growth [2] - Domestic demand is improving, as evidenced by the gradual recovery in imports due to ongoing consumption-boosting initiatives [2] Group 2: Export Composition - In the first seven months, 60% of exports were mechanical and electrical products, with high-end machine tool exports increasing by 23.4% [3] - New green and low-carbon products saw a 14.9% increase in exports, highlighting a shift towards high-quality trade [3] - Notable growth in exports of air conditioners and other cooling products, with air conditioner exports to Europe rising by 28.9% [3] Group 3: Role of Private Enterprises - Private enterprises accounted for 14.68 trillion yuan in imports and exports, a 7.4% increase, representing 57.1% of China's total foreign trade [4] - The number of private enterprises engaged in foreign trade increased by 8.5%, reaching 570,000, which constitutes 87.2% of all trading enterprises [4] Group 4: Market Diversification - Trade with ASEAN, the EU, Africa, and Central Asia grew by 9.4%, 3.9%, 17.2%, and 16.3% respectively, indicating successful market diversification [4] - Trade with countries involved in the Belt and Road Initiative saw a 5.5% increase [4] Group 5: Strategic Adaptation - Companies are actively seeking new markets and adapting to external challenges, with many reporting a backlog of orders into the fourth quarter [5] - The external trade environment remains complex, necessitating innovation and the development of new products to enhance competitiveness [5] - The customs authority expresses confidence in meeting annual foreign trade goals despite external uncertainties [5]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% relative to the market in the next six months [4]. Core Insights - The company is a leading player in the emerging market hygiene products sector, with a strong market share in Africa. In 2023, it held the top position in the African market for baby diapers and sanitary napkins, with market shares of 20.0% and 14.0% respectively [7][10]. - Revenue has been consistently growing, with a 28.6% year-on-year increase in 2023, driven by an expanded sales network and optimized product mix. However, growth slowed to 7.2% in the first three quarters of 2024 due to a decline in product prices [7][20]. - The emerging markets for baby and female hygiene products show significant growth potential, with Africa's newborn population growing at a CAGR of 1.5% from 2019 to 2023, and low market penetration rates for hygiene products [7][38]. Summary by Sections 1. Company Overview - The company, established in 2009, became independent in 2022 and focuses on hygiene products for emerging markets, particularly in Africa, Latin America, and Central Asia. It has a strong presence in the African market [7][10]. 2. Revenue Growth - In 2023, the company achieved revenue of $410 million, a 28.6% increase year-on-year. The growth was attributed to market expansion and product optimization. However, revenue growth slowed to 7.2% in the first three quarters of 2024 due to a 6-11% decline in product prices [20][21]. 3. Market Potential - The company operates in a market with significant growth potential, particularly in Africa, where the penetration rates for baby diapers and sanitary napkins are low compared to developed markets. The CAGR for the African baby diaper market is projected at 8.0% from 2023 to 2028 [38][39]. 4. Product Portfolio - The company has a diverse brand matrix, with its flagship brand, Softcare, contributing significantly to revenue. The average price of its products is approximately 70-80% of that of leading international brands [14][21]. 5. Cost Structure and Profitability - The company's gross margin improved significantly from 23.0% in 2022 to 34.9% in 2023, primarily due to a decrease in raw material costs. The net profit margin also increased to 21.6% in the first three quarters of 2024 [29][34].