被誉为"非洲纸尿裤大王"的中国企业乐舒适有限公司（以下简称乐舒适），日前更新招股书，再次冲击港股IPO。 乐舒适曾于今年1月份首次递表，但六个月内未通过聆讯，招股书在7月底失效。 凭借"中国供应链能力+本地化策略"，乐舒适在非洲市场快速崛起，2024年占据非洲婴儿纸尿裤市场20.3%（以销量计）的份额，位居行业第一。不过， 仔细梳理其招股书，原材料价格波动风险、业绩增速放缓及上市前突击分红等问题，值得关注。 【导读】"非洲纸尿裤大王"乐舒适更新招股书，再次冲击港股IPO 背靠中国 扎根非洲 乐舒适的创始人为沈延昌，他早在20世纪90年代就"下海"至非洲淘金，并积攒了丰富的贸易经验。 2004年，沈延昌在广州创设森大集团，致力于陶瓷制品、卫生洁具、卫生用品、家用日化、个人护理、五金制品等产品的研发和生产。深耕海外市场二十 余载，森大集团已成长为一家集海外工业制造、国际贸易、实业投资为一体的跨国综合性产业集团，销售覆盖60余个国家和地区。 目前，沈延昌还担任科达制造（600499）（证券代码：600499）的非独立董事。 乐舒适于2022年从森大集团内部拆分独立而来，主要面向非洲市场销售婴儿纸尿裤、拉拉裤和卫生巾 ...

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].