新兴市场

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民企外贸成绩单背后的三重“密码”
Xin Hua Ri Bao· 2025-08-20 23:38
Group 1 - In the first seven months of this year, Jiangsu's private enterprises achieved an import and export volume of 1.47 trillion yuan, contributing 1.4 percentage points to the province's overall trade growth, showcasing the resilience and vitality of private enterprises in foreign trade [1] - Private foreign trade enterprises in Jiangsu are enhancing their export resilience through structural optimization, focusing on technology-intensive and green product transformations [2] - Companies like Kangli Elevator and Nantong Kaixuan Sports Goods are innovating their products and expanding their international market presence, with significant export figures reported [2] Group 2 - The green economy is becoming a new growth area for private enterprises, with companies like Wuxi Quanyu Electronics and Wuxi Kaiyuan Household Products expanding their overseas business, particularly in Europe and Japan [3] - The implementation of RCEP has significantly reduced tariffs for companies, enhancing their competitiveness in international markets [3] Group 3 - The flexibility of private enterprises allows them to quickly adapt to changes in overseas markets, leading to successful orders in niche markets, such as inflatable swimming pools and outdoor sports products [4] - Companies like Zhangjiagang Fojijia Food and Suzhou Taoyun Amusement Equipment are leveraging innovative products to capture overseas market opportunities [5][4] Group 4 - Policy support and precise services are crucial for the sustainable development of private foreign trade enterprises, with customs authorities providing guidance and facilitating efficient customs clearance [6][7] - The proactive disclosure policy by customs has helped companies avoid penalties and improve compliance, enhancing their operational efficiency [7] - Companies like New World Pump and HuGong Intelligent Technology are benefiting from credit advantages and policy support, leading to significant export growth [8][6]
新兴市场小幅走高 投资者聚焦特朗普泽连斯基会谈
Ge Long Hui A P P· 2025-08-18 11:50
格隆汇8月18日|在特朗普与乌泽连斯基会谈前,新兴市场资产小幅走高,投资者正关注俄乌和平协议 是否会有进展的迹象。MSCI新兴市场股票指数一度上涨0.6%。投资者在本周晚些时候的杰克逊霍尔年 会上也保持谨慎,鲍威尔的讲话可能暗示9月降息的可能性。"风险资产的强劲表现已令人瞩目,估值越 来越显得紧绷。"德银分析师Jim Reid带领的团队在一份报告中写道。瑞银全球财富管理首席投资官 Mark Haefele团队在报告中表示,鉴于谈判立场差距巨大、战场缺乏决定性进展,"我们预计俄乌冲突将 持续到明年。任何谈判进程都会被拉长,因为缺乏信任和目标差距过大,任何协议都可能受到怀疑。" ...
非洲细分市场市占率第一,乐舒适IPO故事有何看点?
Zhi Tong Cai Jing· 2025-08-18 06:00
Group 1: Company Overview - Leshu Shih Limited has submitted a new IPO application to the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors, following a previous application that lapsed in January 2025 [1] - The company specializes in manufacturing hygiene products, including baby diapers, sanitary napkins, and wet wipes, primarily targeting emerging markets in Africa, Latin America, and Central Asia [1] - Over 90% of the company's revenue comes from the African market, where it holds leading market shares in several segments, earning the title "Invisible Personal Care Champion of Africa" [1] Group 2: Financial Performance - Leshu Shih has demonstrated strong financial growth, with revenues of approximately $320 million, $411 million, and $454 million for the years 2022, 2023, and 2024, respectively, and net profits of $18.39 million, $64.68 million, and $95.11 million for the same years [2][3] - In the first four months of 2025, the company continued its growth trajectory, achieving revenues of $161.31 million, a 15% year-on-year increase, and net profits of $31.10 million, a 12.45% increase [2] Group 3: Product and Market Structure - The company operates primarily in four product categories: baby diapers, sanitary napkins, baby pull-ups, and wet wipes, with baby diapers contributing over 70% of total revenue [4] - Leshu Shih has established a multi-brand strategy, with its core brand Softcare positioned as a mid-to-high-end brand, contributing 78.8%, 77.6%, and 78.6% of total revenue from 2022 to 2024 [4] - The company has built a significant sales network across Africa, with 18 branches in 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [4] Group 4: Competitive Advantage - Leshu Shih's products have a notable price advantage compared to competitors, with Softcare baby diapers priced at $0.0927 per piece, significantly lower than Procter & Gamble and Kimberly-Clark [5] - The company has achieved high compound annual growth rates of 17.3% and 30.6% for its core products, baby diapers and sanitary napkins, respectively, since 2022 [5] Group 5: Market Potential - The African hygiene products market is poised for explosive growth, driven by a unique demographic dividend and rapid urbanization, with a projected GDP growth rate of 3.2% in 2024 and 4.1% in 2025 [6] - The market penetration rates for baby diapers and sanitary napkins in Africa are currently around 20% and 30%, respectively, indicating significant growth potential compared to developed markets [7][8] Group 6: Future Outlook - Leshu Shih is expected to continue expanding its production capacity, with plans to use IPO funds to build new factories in several African and Latin American countries [9] - The company aims to solidify its leading position in the African market while actively exploring opportunities in Latin America and Central Asia, with a focus on meeting local consumer needs [10][12]
新股前瞻|非洲细分市场市占率第一,乐舒适IPO故事有何看点?
Zhi Tong Cai Jing· 2025-08-18 06:00
Core Viewpoint - Leshu Comfort Limited is seeking to go public on the Hong Kong Stock Exchange, focusing on emerging markets in Africa, Latin America, and Central Asia, with a strong market presence in Africa's hygiene products sector [1][4]. Financial Performance - The company has shown robust growth, with revenues of approximately $320 million, $411 million, and $454 million for the years 2022, 2023, and 2024, respectively, and net profits of $18.39 million, $64.68 million, and $95.11 million during the same periods [1][2]. - In the first four months of 2025, the company achieved revenues of $161 million, a year-on-year increase of 15%, and net profits of $31.10 million, up 12.45% year-on-year [2]. Product Portfolio - Leshu Comfort's main products include baby diapers, sanitary napkins, baby pull-ups, and wet wipes, with baby diapers contributing over 70% of total revenue [2][3]. - The company operates multiple sub-brands, with Softcare being the core brand, which has maintained a significant market presence in Kenya [2][3]. Market Position and Strategy - Leshu Comfort holds the leading market share in Africa for baby diapers and sanitary napkins, with respective market shares of 20.3% and 15.6% as of 2024 [6]. - The company has established a comprehensive sales network across 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [3][6]. Market Potential - The African hygiene products market is expected to experience significant growth, driven by a demographic dividend and rapid urbanization, with a projected GDP growth rate of 3.2% in 2024 and 4.1% in 2025 [4][5]. - The market penetration rates for baby diapers and sanitary napkins in Africa are currently low, at around 20% and 30%, respectively, indicating substantial growth potential [5][6]. Future Outlook - Leshu Comfort plans to use IPO proceeds to expand production capacity in several African and Latin American countries, aiming to enhance its manufacturing capabilities for ultra-thin baby diapers and sanitary napkins [6][7]. - The company is positioned to capitalize on the growing demand in emerging markets, with expectations of continued revenue growth as urbanization and consumer purchasing power increase [7].
这家来自迪拜的公司称霸非洲,要来中国上市!
Sou Hu Cai Jing· 2025-08-16 00:50
Company Overview - Leshu Shih Co., Ltd. (referred to as "Leshu Shih") has refiled for an IPO on the Hong Kong Stock Exchange, with sponsorship from CICC, CITIC Securities, and GF Securities (Hong Kong) [1] - The company, founded in 2009 and headquartered in Dubai, specializes in hygiene products for emerging markets, particularly in Africa, Latin America, and Central Asia [4][5] - Leshu Shih is recognized as the "King of Diapers in Africa," with annual sales exceeding 4.1 billion diapers and revenue surpassing 3.2 billion yuan [1][9] Market Position - Leshu Shih holds a 20.3% market share in the African diaper market and a 15.6% share in the sanitary napkin market, ranking first in terms of volume [6] - The company operates multiple brands, including Softcare, Veesper, Maya, Cuettie, and Clincleer, catering to different consumer segments [5] - The African market for baby and female hygiene products is projected to have significant growth potential, with a compound annual growth rate (CAGR) of 1.8% for newborns from 2020 to 2024 [4] Financial Performance - Leshu Shih's revenue for the years 2022 to 2024 was approximately 3.2 billion yuan, 2.9 billion yuan, and 3.2 billion yuan respectively, with a net profit of around 689 million yuan in 2024 [8][9] - The company's main revenue source is from diaper sales, accounting for over 70% of total income [10] - The average selling price of Leshu Shih's diapers is 8.29 cents per piece, significantly lower than international brands like Pampers and Huggies [11] Production Capacity - As of April 30, 2025, Leshu Shih has established eight production facilities across Africa, with a total designed capacity of 6.3 billion diapers, 352 million pull-ups, 2.8 billion sanitary napkins, and 9.3 billion wet wipes annually [6][12] - The company has seen a strong growth trend, with sales of diapers and pull-ups reaching 434 million pieces and sanitary napkins 179 million pieces in May 2025, reflecting year-on-year growth of 22.1% and 14.7% respectively [12] Ownership and Management - Leshu Shih was initially a division of the Sen Da Group, founded by Shen Yanchang and Yang Yanjuan in 2004, which has diversified into various sectors beyond hygiene products [12][13] - The founders currently hold 64.42% of Leshu Shih's shares and serve as non-executive directors, guiding the company's overall management and strategy [13]
这家来自迪拜的公司称霸非洲,要来中国上市!
IPO日报· 2025-08-16 00:33
Core Viewpoint - Leshushit Limited, known as the "King of Diapers in Africa," has re-applied for a main board listing on the Hong Kong Stock Exchange after its previous application expired in January 2025. The company is backed by major underwriters including CICC, CITIC Securities, and GF Securities (Hong Kong) [1][2]. Company Overview - Founded in 2009 and headquartered in Dubai, Leshushit focuses on developing, manufacturing, and selling hygiene products in emerging markets such as Africa, Latin America, and Central Asia. The company has become a leading player in the hygiene products industry across multiple African countries [5][6]. Market Potential - The African market for baby and female hygiene products is projected to have the largest growth potential globally, with a compound annual growth rate (CAGR) of 1.8% for newborns from 2020 to 2024. In 2024, Africa is expected to account for 36.5% of global births [5][6]. Market Penetration - The penetration rates for baby diapers and sanitary napkins in Africa are significantly lower than in developed markets, with approximately 20% for diapers and 30% for sanitary napkins in 2024, compared to 70%-86% in Europe, North America, and China [6]. Brand Strategy - Leshushit operates multiple brands to cater to different consumer segments, with its core brand Softcare positioned as a mid-to-high-end product. Softcare has become a well-known brand in many African countries, contributing significantly to the company's revenue [6][7]. Sales Performance - In 2024, Leshushit is projected to sell 4.123 billion baby diapers and 1.634 billion sanitary napkins, with respective CAGRs of 17.3% and 30.6% since 2022. The company's revenue has shown consistent growth, reaching approximately 3.2 billion USD (22.96 billion RMB) in 2022 and 4.54 billion USD (32.57 billion RMB) in 2024 [10][11]. Competitive Pricing - Leshushit's average selling price for baby diapers in 2024 is 8.29 cents per piece, significantly lower than international brands like Procter & Gamble's Pampers and Kimberly-Clark's Huggies, which are priced at 11.58 cents and 11.38 cents per piece, respectively. This competitive pricing strategy is a key factor in its market leadership [12]. Production Capacity - As of April 30, 2025, Leshushit operates eight production facilities across Africa with a total designed capacity of 6.3012 billion baby diapers, 352.1 million baby pull-ups, 2.8541 billion sanitary napkins, and 9.3035 billion wet wipes annually [7][10]. Ownership Structure - Leshushit was initially a division of the SenDa Group, founded by Shen Yanchang and Yang Yanjuan in 2004. The couple currently holds 64.42% of Leshushit's shares and serves as non-executive directors [13][14].
年销4亿美元但毛利率下滑,“非洲纸尿裤大王”乐舒适赴港IPO,原材料涨价成新挑战
Sou Hu Cai Jing· 2025-08-14 08:26
Core Viewpoint - The leading hygiene product company, Leshushit, has refiled its IPO application with the Hong Kong Stock Exchange after its initial submission in January failed to pass the hearing within six months. The company aims to expand its production capacity in emerging markets, particularly in Africa, Latin America, and Central Asia [1][2]. Financial Performance - Leshushit reported revenues of approximately $320 million, $411 million, $454 million, and $161 million for the years 2022, 2023, 2024, and the four months ending April 30, 2025, respectively. The annual/profit figures for the same periods were $18.39 million, $64.68 million, $95.11 million, and $31.10 million [1]. - The company's gross margins during the reporting period were 23.0%, 34.9%, 35.2%, and 33.6% [4][5]. Market Position and Pricing - Leshushit positions its products in the mid-high, mid, and mass markets, with retail prices for baby diapers ranging from 9 cents to 20 cents per piece. In comparison, competitors' prices range from 7 cents to 28 cents [3][4]. - In the African sanitary napkin market, Leshushit's pricing is also lower, with a range of 4.5 cents to 8.5 cents per piece [4]. Challenges - The company faces challenges in profitability and product barriers, as indicated by its lower pricing strategy compared to competitors. The average selling price of baby diapers decreased by 0.01 cents year-on-year, and the gross margin for baby diapers dropped by 2.3 percentage points to 32.9% in the first four months of 2025 [5]. - Leshushit has reported that the cost of raw materials, which accounted for 84.4% to 88.2% of total sales costs during the reporting period, may impact its business performance due to expected price increases for key materials like fluff pulp and SAP [6]. Research and Development - The company's R&D expenditures have been increasing but remain relatively low, with amounts of $200,000, $300,000, $500,000, and $300,000 over the reporting period. The R&D team consists of only four employees [6].
非洲“尿不湿之王”,冲刺IPO!
Zheng Quan Shi Bao· 2025-08-13 09:49
Core Viewpoint - LeShuShi, a leading company focused on health products in emerging markets like Africa and Latin America, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence and capitalize on the growing demand for hygiene products in these regions [1][3]. Company Overview - LeShuShi specializes in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes, with most of its revenue generated from the African market [1][3]. - The company was established as a division of SenDa Group in 2009 and became independent in 2022, focusing on emerging markets [3][4]. - LeShuShi offers various brands, with Softcare being its core brand, positioned as a mid-to-high-end product targeting consumers seeking quality [3][4]. Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper market with a market share of 20.3% and first in the sanitary napkin market with a share of 15.6% based on sales volume [4]. - By revenue, the company ranks second in both the African baby diaper and sanitary napkin markets, with shares of 17.2% and 11.9%, respectively [4]. Financial Performance - LeShuShi's revenue for the years 2022, 2023, 2024, and the first four months of 2025 was approximately $320 million, $411 million, $454 million, and $161 million, respectively [5]. - The company's profits for the same periods were $18.39 million, $64.68 million, $95.11 million, and $31.10 million [5]. - The company has achieved significant growth in sales and revenue, with compound annual growth rates of 17.3% for baby diapers and 30.6% for sanitary napkins since 2022 [5]. Market Potential - Emerging markets like Africa and Latin America show substantial growth potential for hygiene products due to population growth, economic development, and increasing urbanization [6]. - The newborn population in Africa is projected to grow at a compound annual growth rate of 1.8% from 2020 to 2024, indicating a significant market opportunity [6]. Pricing Strategy - LeShuShi adopts a low pricing strategy to quickly capture market share in Africa, with retail prices for baby diapers ranging from 9 to 20 cents per piece, which is lower than competitors [8][9]. - In the sanitary napkin segment, the company's prices range from 4.5 to 8.5 cents per piece, also positioning it competitively against other market players [10][11]. Profit Margins - The company's gross margins for 2022, 2023, 2024, and the first four months of 2025 were 23.0%, 34.9%, 35.2%, and 33.6%, respectively [12]. - Compared to industry leaders like Procter & Gamble and Hengan International, LeShuShi's gross margins are lower, indicating room for improvement in profitability [14][16].
乐舒适再次递表港交所:靠低价策略抢占非洲市场,优势能否扛住竞争?
Jing Ji Guan Cha Bao· 2025-08-13 08:37
Company Overview - LeShuShi Limited has submitted an application for listing on the Hong Kong Stock Exchange, with China International Capital Corporation, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors [1] - The company specializes in health products in emerging markets such as Africa, Latin America, and Central Asia, focusing on baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - LeShuShi has established a strong presence in over 30 countries, with 18 sales branches in 12 countries and a network of more than 2,800 wholesalers, distributors, supermarkets, and other retailers as of April 30, 2025 [1] Brand Strategy - LeShuShi offers multiple brands to cater to different consumer segments, with its core brand Softcare positioned as a mid-to-high-end brand targeting consumers seeking quality products [2] - The company ranks first in the African market for baby diapers and sanitary napkins, with sales volumes of 4.1227 billion and 1.6343 billion units respectively, experiencing compound annual growth rates of 17.3% and 30.6% since 2022 [2] - The pricing strategy for Softcare diapers is competitive, with an average price of 8.7 cents per diaper, making it the market leader in sales despite its mid-to-high-end positioning [2] Financial Performance - LeShuShi's revenue for the fiscal years 2022 to 2024 and the first four months of 2025 was recorded at $320 million, $411 million, $454 million, and $161 million respectively, with profits of $18.39 million, $64.68 million, $95.11 million, and $31.10 million [3] - The average selling price of Softcare diapers has decreased from 9.27 cents per diaper in 2023 to 8.70 cents in 2025, which may impact brand premium and profit margins in the long term [3]
通胀数据对全球资产价格有何启示?
Sou Hu Cai Jing· 2025-08-13 07:46
美国7月通胀数据呈现"整体平稳、核心微升"的特征,这一结果进一步强化了市场对美联储9月启动降息的预期,并成为驱动全球资产价格重定价的核心逻 辑。譬如,鉴于降息预期,美元趋势向下,而投资者对中国经济乐观情绪在升温,因此非常看好新兴市场。 短期来看,宽松预期下风险资产仍具弹性,但需关注核心通胀及政策落地节奏对市场情绪的扰动。 通胀数据平稳,强化降息预期 美国最新公布的2025年7月份年度通胀率维持在2.7%的水平,与6月持平,但低于市场预期的2.8%,二手车价格压力上升,从2.8%的涨幅扩大至4.8%;交通 服务的价格也有所上升,从上个月的涨幅3.4%上升至3.5%;新车价格稍微上涨,而食品价格持平。 另一方面,过去涨幅占比最大的品类住房成本增速放缓,从上个月的3.8%稍微降至3.7%;能源成本降幅进一步扩大,从上个月的-0.8%扩大至-1.6%;成品油 跌幅进一步扩大,汽油价格跌幅从上个月的-8.3%扩大至-9.5%,而燃料油仍下降2.9%,但是天然气价格依然有双位数涨幅,7月份大涨13.8%,不过涨幅已较 上个月缓和,上月为14.2%。 按月比较,美国7月份CPI按月上升0.2%,稍微低于上个月的0.3%,符 ...