Core Insights - IFBH experienced a rapid rise and subsequent fall in stock price after its IPO, with a peak increase of over 65% on the first trading day, but has since seen a decline of 62% from its peak [1][2][3] Financial Performance - As of the latest closing, IFBH's stock price is HKD 18.05, with a market capitalization of approximately HKD 48.13 billion, reflecting a loss of nearly HKD 80 billion since its peak [2] - For the first half of 2025, IFBH reported total revenue of USD 9,446.40 million, a year-on-year increase of 31.5%, but net profit decreased by 4.8% to USD 1,497.60 million [5][6] - The gross profit margin fell by 4.7% to 33.7% due to the appreciation of the Thai baht against the US dollar [5] Market Dependency and Risks - IFBH's revenue is heavily reliant on the Chinese mainland market, which accounted for 92.6% of total revenue, but growth in this segment has slowed significantly [5][6] - The sales growth of IFBH's main product, coconut water, has also decelerated, with a year-on-year increase of 33.3%, down from 83.7% in the previous period [6][8] - The company faces intensified competition in the coconut water market, leading to a decline in market share and pricing pressures [8][9] Investor Sentiment and Future Outlook - The company’s cornerstone investors, who hold approximately 1.12 billion shares, will have their lock-up period end on December 29, 2025, raising concerns about potential sell-offs that could further depress stock prices [4][12][13] - Despite a strong initial investor backing, the stock has seen a cumulative decline of 38.7% since October 2, 2023, with cornerstone investors facing an average loss of 35.1% [12][13]