Core Viewpoint - The outdoor sports brand, BERSHKA Outdoor Group Co., Ltd. (referred to as "BERSHKA"), has submitted a new listing application to the Hong Kong Stock Exchange after its initial application expired in April 2025. The company is positioned as a high-performance outdoor lifestyle brand in China and is often referred to as the "alternative to Arc'teryx" on social media [1]. Financial Performance - BERSHKA has experienced rapid revenue growth, with income increasing from 378.5 million RMB in 2022 to 1.766 billion RMB in 2024, representing a growth of nearly 4.67 times over three years. Net profit rose from 24.3 million RMB to 283.1 million RMB during the same period, with adjusted net profit expected to reach 304.3 million RMB in 2024. In the first half of 2025, revenue grew by 62.3% year-on-year to 914.4 million RMB, with a gross margin of 64.2% [2][3]. - The net sales increased from 350.9 million RMB in 2022 to 1.733 billion RMB in 2024, achieving a compound annual growth rate (CAGR) of 122.2%. BERSHKA held a 5.2% market share among local high-performance outdoor apparel brands in mainland China in 2024, and a 1.7% share in the overall market [2]. Product and Sales Channels - BERSHKA's revenue primarily comes from product sales, including clothing, footwear, and accessories, with most sales occurring in mainland China. The company has developed four major product lines: Peak Series, Professional Performance Series, Mountain Series, and Classic Series. Clothing products accounted for 91.1% of revenue in 2024, with a similar proportion of 87% in the first half of 2025 [2]. - The sales channels are mainly online DTC (Direct-to-Consumer), e-commerce platforms, offline DTC sales, and distribution. In the first half of 2025, online DTC sales accounted for 53.6% of revenue, while e-commerce platforms contributed 17.1% [4][5]. Supply Chain and Manufacturing - BERSHKA operates a light asset business model, relying on third-party manufacturers for production. The company has established partnerships with approximately 270 contract manufacturers, primarily located in East and South China. This model allows BERSHKA to focus on product design and brand development while maintaining operational flexibility [7]. - The company has adopted a dual-source strategy for raw material procurement, either sourcing directly from suppliers or allowing manufacturers to procure materials independently. This strategy aims to optimize capital efficiency and reduce fixed costs [7]. Investment and Shareholding Structure - Tencent has invested 300 million RMB in BERSHKA, becoming the largest institutional shareholder with a 10.7% stake. The actual controller of the company, Liu Zhen, and his spouse hold approximately 63.18% of the shares. The company has completed two rounds of investment from various institutional funds, including Qiming Venture Partners [9][10]. - The funds raised from the IPO will be allocated to five main areas: enhancing R&D capabilities, expanding multi-channel sales networks, strategic brand incubation and investment, improving operational and digital infrastructure, and supplementing working capital [10].

Industry Insights - The coconut water market in China is expected to continue its rapid growth, with a projected increase from $49.7 million in 2019 to $1,018.1 million by 2024, reflecting a compound annual growth rate (CAGR) of 82.9% [1] - Over the next five years, the market is anticipated to maintain a strong growth rate of 20.2%, reaching $2,550.4 million by 2029 [1] - Key drivers of this growth include rising health awareness, improved distribution channels, expanded consumer demographics, and customized products [1] - The company is projected to hold a 33.9% market share in the coconut water beverage sector in China by 2024, significantly outpacing the second-largest competitor by over seven times [1] - Per capita consumption of coconut water in China, Hong Kong, and the U.S. is expected to be 0.1, 0.3, and 1.2 liters respectively in 2024, indicating potential for threefold growth in mainland China compared to Hong Kong and twelvefold compared to the U.S. [1] Company Performance - The company reported a revenue of $158 million in 2024, marking an 80.29% year-on-year increase, with a profit of $33 million, up 98.85% [2] - The revenue contributions from the IF and Innococo brands were $131 million and $26 million, accounting for 83.31% and 16.64% of total revenue respectively [2] - Revenue from mainland China and Hong Kong was $146 million and $7 million, representing 92.39% and 4.57% of total revenue [2] - Approximately 50% of the company's sales in mainland China were distributed through online channels, with Tmall, JD, and Douyin contributing 50%, 20%, and 15% of online sales respectively [2] - The company's gross margins improved from 34.70% in 2023 to 36.70% in 2024, while net margins increased from 19.16% to 21.13% [2] - The high net profit margin is attributed to low operating expenses due to the company's light asset model and a stable competitive landscape [2] Profit Forecast and Investment Recommendation - The company is expected to achieve revenues of $200.91 million, $271.34 million, and $355.23 million in 2025, 2026, and 2027, with year-on-year growth rates of 27.44%, 35.06%, and 30.91% respectively [3] - Projected net profits for the same years are $38.59 million, $55.93 million, and $74.71 million, with growth rates of 15.83%, 44.93%, and 33.58% [3] - Corresponding earnings per share (EPS) are forecasted to be $0.14, $0.21, and $0.28, with price-to-earnings (PE) ratios of 27, 18, and 14 times [3] - The company is given a "buy" rating based on these projections [3]

Group 1 - The company Greenheart Group (00094) plans to sell its forestry assets in New Zealand for approximately NZD 134 million (around HKD 615.5 million) to Ingka Investments Forest Assets NZ Limited [1] - The assets for sale include multiple plots of land in New Zealand, related licenses, memorandums of understanding, and various operational data [1] - After the sale, the company will no longer hold forestry land in New Zealand and will shift its focus to a light asset business model, generating revenue primarily from existing and new logging rights, forest management fees, and sales of logs and timber products [1] Group 2 - The company has signed a three-year forest management agreement with the buyer, which is expected to generate additional annual revenue of USD 150,000 (approximately HKD 1.17 million) [1] - Following shareholder approval at a special general meeting, the board intends to declare a special dividend of HKD 0.01 per share to shareholders on the register at a yet-to-be-determined record date [1] - The company has submitted an application to the stock exchange to resume trading of its shares starting from 9:00 AM on September 11, 2025 [2]

Core Viewpoint - Greenheart Group (00094) plans to sell its forestry assets in New Zealand for approximately NZD 134 million (around HKD 615.5 million) to Ingka Investments Forest Assets NZ Limited, marking a strategic shift towards a light asset business model focused on forestry management and timber sales [1] Group 1: Asset Sale Details - The assets being sold include multiple plots of land in New Zealand, relevant licenses, memorandums of understanding, and various operational records [1] - Upon completion of the sale, the company will no longer hold forestry land in New Zealand and will focus on generating revenue from existing and newly acquired logging rights, forest management fees, and sales of logs and timber products [1] Group 2: Financial Implications - The company has signed a three-year forest management agreement with the buyer, which is expected to generate additional annual revenue of USD 150,000 (approximately HKD 1.17 million) [1] - Following shareholder approval at a special meeting, the board intends to declare a special dividend of HKD 0.01 per share to shareholders on the record date to be determined [1] Group 3: Trading Resumption - The company has submitted an application to the Stock Exchange to resume trading of its shares starting from 9:00 AM on September 11, 2025 [2]

Core Viewpoint - IFBH Limited (06603.HK) successfully listed on the Hong Kong Stock Exchange, closing at HKD 39.50, a 42.09% increase from its final offer price of HKD 27.80 [1][4]. Summary by Relevant Sections IPO Details - IFBH issued a total of 41,666,800 shares, with 20,833,400 shares allocated for public offering and 20,833,400 shares for international offering [1]. - The total proceeds from the offering amounted to HKD 1,158.34 million, with net proceeds of HKD 1,073.93 million after deducting estimated listing expenses of HKD 84.41 million [4][5]. Use of Proceeds - Approximately 30% of the net proceeds will enhance the company's warehousing and distribution capabilities - About 22% will be allocated for brand development - Approximately 13% will strengthen the company's market position in mainland China and expand into Australia, the Americas, and Southeast Asia - Around 5% will improve product development capabilities - About 20% will be used to form strategic alliances and acquisitions in Asia, North America, or Australia - Approximately 10% will be allocated for working capital and other general corporate purposes [6]. Company Overview - IFBH is a Thailand-based company specializing in ready-to-drink beverages and ready-to-eat foods, founded in 2013, and is a leader in introducing natural coconut water to mainland China [6]. - The company's products are also popular in other Asian markets, including Hong Kong, Singapore, and Taiwan, and are beginning to enter other global markets [6]. Financial Performance - Revenue for the period from December 8, 2022, to December 31, 2023, was USD 87.4 million, projected to increase by 80.3% to USD 157.6 million in 2024 [7][8]. - The net profit for the same periods was USD 16.8 million and USD 33.3 million, respectively [7]. - The sales of coconut water accounted for 95.6% of the company's revenue in 2024, with sales in mainland China representing 92.4% of total revenue [8][9]. Cash Flow and Operations - The net cash flow from operating activities was USD 26.9 million for the initial period and is expected to rise to USD 41.8 million in 2024 [10]. - The company has achieved rapid expansion with a lean workforce of 46 employees, all located in Thailand and Singapore [11].

Group 1 - IFBH Limited has submitted an IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - IFBH is a Thai food and beverage company specializing in coconut water and plant-based snacks, with over 80% year-on-year growth in revenue and net profit projected for 2024 [2][3] - The company is heavily reliant on the Chinese market, which contributes over 90% of its revenue [2][5] Group 2 - IFBH is the second-largest company in the global coconut water market by retail value, holding a market share of 34% in mainland China and 60% in Hong Kong in 2024 [3] - In 2023, IFBH reported revenue of $87.44 million and a net profit of $16.75 million, with projections for 2024 showing revenue increasing to $157.65 million and net profit rising to $33.32 million [4] - The company operates on a light asset model, relying on third-party manufacturers, logistics providers, and distributors, with only 46 full-time employees as of 2024 [4] Group 3 - The top five customers of IFBH accounted for 97.9% and 97.6% of sales in 2023 and 2024, respectively, indicating a high dependency on a few key clients [5] - The revenue contribution from mainland China was 91.4% in 2023 and is expected to be 92.4% in 2024, while contributions from Hong Kong and other markets remain below 10% [6] - The funds raised from the IPO will be used to enhance warehousing and distribution capabilities, expand into Australia, the Americas, and Southeast Asia, strengthen brand presence in mainland China, and for general corporate purposes [9]