Group 1 - The company, 乐舒适 (02698.HK), is conducting an IPO with a total of 90,884,000 shares available for sale, with 9,088,400 shares allocated for the Hong Kong public offering and 81,795,600 shares for international offering [2][4] - The expected price range for the shares is between HKD 24.20 and HKD 26.20, with a maximum fundraising target of approximately HKD 23.81 billion [4][5] - The IPO is set to take place from October 31, 2025, to November 5, 2025, with the listing date on November 10, 2025 [3][4] Group 2 - The company plans to allocate approximately 71.4% of the net proceeds from the IPO for expanding overall production capacity and upgrading production lines [6] - About 11.6% of the funds will be used for marketing and promotional activities in Africa, Latin America, and Central Asia from 2026 to 2029 [6] - The company has secured 15 cornerstone investors who have collectively subscribed for USD 139 million (approximately HKD 1.08 billion) of the offering [5][6] Group 3 - The major shareholder structure post-IPO indicates that沈延昌 and 杨艳娟, through Century BVI, will hold 54.75% of the shares [7][8] - The company operates multiple brands, including Softcare, Veesper, Maya, Cuettie, and Clincleer, focusing on the development, manufacturing, and sales of hygiene products [8] - According to a report by Frost & Sullivan, 乐舒适 ranks first in the African market for baby diapers and sanitary napkins by volume, with market shares of 20.3% and 15.6%, respectively [8]

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].