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 ...

Group 1 - The white liquor industry continues to experience low-level fluctuations, with the Wind white liquor index showing a weekly decline of 1.17%, and stocks like Yingjia Gongjiu and Jinshiyuan seeing significant drops [1][2][5] - Since the second quarter, four white liquor stocks have seen declines exceeding 10%, indicating that the white liquor sector remains the weakest segment in the overall liquor industry [2][5] - Despite the overall decline, leading companies like Kweichow Moutai and Shanxi Fenjiu have shown resilience, with Moutai's market value increasing by 28.83 billion yuan this week [5][6] Group 2 - Jinshiyuan, a representative of high growth in regional white liquor, has shown signs of performance fatigue, with its stock price declining over 10% since the second quarter [6][7] - The slowdown in Jinshiyuan's growth is attributed to its underperformance in expanding outside its home province, with its out-of-province revenue accounting for only 8.02% of total revenue in 2024 [7][8] - The company is now focusing on optimizing its sales organization for out-of-province markets, particularly targeting areas surrounding Jiangsu to enhance market share [7][8]