Core Viewpoint - IFBH (06603.HK) has successfully listed on the Hong Kong stock market, experiencing a significant increase of 40.29% in share price, reaching a market capitalization of HKD 10.4 billion [1] Company Overview - IFBH's founder, Pongsak, comes from a prominent Thai family with a strong background in manufacturing, real estate, and hospitality [7] - The company began its operations in Thailand in 2011, focusing on food and beverage, and launched its coconut water brand "if" two years later, which has become a key product [7] Financial Performance - The company is projected to see robust growth in its financial performance, with revenue expected to rise from USD 8.74 million in 2023 to USD 15.76 million in 2024, marking an increase of 80.3% [5] - Gross profit is anticipated to grow from USD 3.03 million to USD 5.79 million, reflecting a 90.7% increase, and improving gross margin from 34.7% to 36.7% [5] - Net profit is expected to surge by 98.9%, increasing from USD 1.68 million to USD 3.33 million, with net profit margin rising from 19.2% to 21.1% [6] Market Demand - The company's performance is significantly influenced by the global demand for health beverages and snacks, particularly coconut water, which accounted for over 85% of international revenue in 2022 [6] - The sales of coconut water are projected to represent 93.8% and 95.6% of total revenue in 2023 and 2024, respectively [6] Shareholder Information - The cornerstone investors for IFBH include major financial institutions such as UBS Group, Southern Fund, and GF International, among others [7] - Daohe Chengguang Private Equity, a client of CITIC Securities International, participated in the international placement, acquiring 846,800 shares valued at HKD 23.54 million [3][4]

Group 1 - IFBH International Holdings Ltd, the second-largest coconut water brand globally, launched its Hong Kong IPO on June 20, backed by a 92.4% revenue contribution from China and an 80% year-on-year growth, making it a rare health consumption stock in the 2025 Hong Kong IPO market [1] - In the Chinese market, IFBH holds a 34% retail market share, significantly surpassing its closest competitor by seven times, while in Hong Kong, it has maintained a 60% market share for nine consecutive years [1] - The company operates with a lean team of only 46 employees and utilizes an outsourcing model for production and distribution, resulting in an increase in gross margin from 34.7% in 2023 to 36.7% in 2024 [1] Group 2 - The company's net cash flow from operating activities for 2024 is projected at $41.75 million, reflecting a 55% year-on-year increase, with cash and cash equivalents at $54.82 million, a remarkable growth of 251.4% [1] - IFBH's growth is heavily reliant on the Chinese market, which contributed 92.4% of its revenue, amounting to $146 million in 2024, with an impressive year-on-year growth of 82.3% [1] - The product line is highly concentrated in coconut water, which accounts for 95.6% of revenue, although the company plans to introduce coconut milk in 2025, which currently represents less than 5% of sales [1] Group 3 - The supply chain is entirely dependent on Thai coconut raw materials, with a significant 18% increase in raw material costs in 2024 due to high temperatures and drought [2] - The market share of IFBH's coconut water has dropped from 55.53% in Q1 2024 to 36.42% in Q1 2025, largely due to price wars initiated by local low-cost competitors [2] Group 4 - Despite having a revenue scale of less than 0.5% of Coca-Cola, IFBH demonstrates a growth curve and profitability that exceed industry averages, showcasing its "small but beautiful" high-growth characteristics [3] - The overall market sentiment is favorable, indicating a bullish trend for new stocks, including IFBH coconut water, which is expected to perform well [3] Group 5 - For new investors looking to participate in the Hong Kong IPO, the first step is to open a brokerage account and fund it using an overseas card; internet brokers like Singapore's ChangQiao or Wealth Broker are recommended for convenience [4][5][6] - The investment highlights for IFBH include being a market leader, high growth performance, and a light asset model, capitalizing on the health beverage trend and employing aggressive marketing strategies for category dominance [6]

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