Group 1 - The company, 乐舒适 (02698.HK), plans to globally offer 90.884 million shares, with 9.0884 million shares available in Hong Kong and 81.7956 million shares for international sale, along with an over-allotment option of 13.6326 million shares [1] - The subscription period for the shares is from October 31 to November 5, with a maximum offer price of HKD 26.20 per share and an entry fee of approximately HKD 5,292.85 for a board lot of 200 shares [1] - The total expected fundraising amount is HKD 2.29 billion, with a net amount of HKD 2.141 billion, which will be used for expanding overall production capacity, upgrading production lines, marketing in Africa, Latin America, and Central Asia, working capital, strategic acquisitions in the hygiene products sector, hiring a renowned management consulting firm from 2026 to 2029, and upgrading the CRM system [1] Group 2 - The company is focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - The projected net profits for the company for the years ending December 31 are USD 18.39 million for 2022, USD 64.68 million for 2023, and USD 95.111 million for 2024 [2]

Group 1 - The company, 乐舒适 (02698.HK), plans to globally offer 90.884 million shares, with 9.0884 million shares available in Hong Kong and 81.7956 million shares for international sale, along with an over-allotment option of 13.6326 million shares [1] - The subscription period for the shares is from October 31 to November 5, with a maximum offer price of HKD 26.20 per share and an entry fee of approximately HKD 5,292.85 for a board lot of 200 shares [1] - The total expected fundraising amount is HKD 2.29 billion, with a net amount of HKD 2.141 billion, which will be used for expanding overall production capacity, upgrading production lines, marketing in Africa, Latin America, and Central Asia, working capital, strategic acquisitions in the hygiene products sector, hiring a renowned management consulting firm from 2026 to 2029, and upgrading the CRM system [1] Group 2 - The company is focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - The projected net profits for the company for the years ending December 31 are USD 18.39 million for 2022, USD 64.68 million for 2023, and USD 95.111 million for 2024 [2]

乐舒适于2025年10月31日至11月5日招股，拟全球发售9088.4万股，其中香港公开发售10%，国际发售 90%。 募集资金约71.4%用于扩大产能及升级生产线，约11.6%用于非洲、拉美及中亚的营销推广，约4.7%用 于战略收购，约0.4%用于升级CRM系统，约2.6%用于市场分析及战略咨询，约9.3%用于营运资金及一 般公司用途。 乐舒适是一家专注于非洲、拉美、中亚等新兴市场的跨国卫生用品公司，主要产品为婴儿纸尿裤、卫生 巾等。在非洲婴儿纸尿裤和卫生巾市场销量排名第一，收入排名第二。 发售价区间为每股24.2—26.2港元，股份将于2025年11月10日在联交所上市。 基石投资者包括BA Sprout Limited、南方基金、富国基金、易方达基金等机构，已同意认购总额约1.39 亿美元的发售股份。 ...

Core Viewpoint - The company, 乐舒适 (02698.HK), is planning a global offering of 90.884 million shares, with a price range of HKD 24.20 to 26.20 per share, targeting to raise approximately HKD 2.141 billion in net proceeds from the offering [1][4]. Group 1: Company Overview - The company is a multinational hygiene products firm focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [2]. - The company holds the leading market share in Africa for baby diapers and sanitary napkins, with respective shares of 20.3% and 15.6% based on 2024 sales volume [2]. - The company has established a strong operational strategy over 15 years, becoming a key player in the hygiene products industry across multiple African countries [2]. Group 2: Offering Details - The company plans to issue 90.884 million shares, with 9.0884 million shares available for sale in Hong Kong and 81.7956 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1]. - The cornerstone investors have agreed to subscribe for shares totaling approximately USD 139 million (around HKD 1.08 billion), representing about 47.14% of the global offering if the over-allotment option is not exercised [3]. - The estimated net proceeds of approximately HKD 2.141 billion will be allocated as follows: 71.4% for expanding production capacity and upgrading production lines, 11.6% for marketing in Africa, Latin America, and Central Asia, 4.7% for strategic acquisitions, 0.4% for upgrading the CRM system, 2.6% for hiring management consulting firms, and 9.3% for working capital and general corporate purposes [4].

Core Viewpoint - The company, 乐舒适 (02698), is set to launch an initial public offering (IPO) from October 31 to November 5, 2025, aiming to raise approximately HKD 2.141 billion for various strategic initiatives [1][2]. Group 1: IPO Details - The company plans to globally offer 90.884 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale, subject to reallocation [1] - The proposed share price ranges from HKD 24.2 to HKD 26.2, with trading expected to commence on November 10, 2025 [1] - The company has secured cornerstone investment agreements totaling approximately USD 139 million from various investors [1] Group 2: Use of Proceeds - Assuming a share price of HKD 25.20 and no exercise of the over-allotment option, about 71.4% of the net proceeds will be used to expand overall capacity and upgrade production lines [2] - Approximately 11.6% is earmarked for marketing and promotional activities in Africa, Latin America, and Central Asia [2] - About 4.7% will be allocated for strategic acquisitions in the hygiene products sector [2] - A small portion, around 0.4%, is intended for upgrading the CRM system and implementing it across various operations [2] - Approximately 2.6% will be used to hire management consulting firms for market and product analysis [2] - The remaining 9.3% is designated for working capital and general corporate purposes [2] Group 3: Company Performance - The company has experienced significant revenue growth, with revenue increasing from USD 320 million in 2022 to USD 411.4 million in 2023, representing a 28.6% increase [3] - Revenue is projected to rise further to USD 454.4 million in 2024, marking a 10.5% increase [3] - Net profit surged from USD 18.4 million in 2022 to USD 64.7 million in 2023, a remarkable increase of 251.7% [3] - For the four months ending April 30, 2025, net profit is expected to reach USD 3.11 million, up 12.5% from USD 2.77 million in the same period of 2024 [3] Group 4: Market Position - The company is a multinational hygiene products firm focusing on emerging markets in Africa, Latin America, and Central Asia, primarily producing baby diapers, pull-ups, sanitary pads, and wet wipes [2] - According to Frost & Sullivan, the company ranks first in market share for baby diapers (20.3%) and sanitary pads (15.6%) in Africa based on 2024 sales volume [2] - The company holds the second position in revenue market share for baby diapers (17.2%) and sanitary pads (11.9%) in Africa for 2024 [2]

Core Viewpoint - The company, LeShuShi (02698), is set to launch an initial public offering (IPO) from October 31 to November 5, 2025, aiming to raise approximately HKD 2.141 billion for expansion and marketing initiatives in emerging markets [1][2]. Group 1: IPO Details - The company plans to issue 90.884 million shares globally, with 10% allocated for public offering in Hong Kong and 90% for international investors, along with a 15% over-allotment option [1]. - The expected price range for each share is HKD 24.2 to 26.2, with trading on the Hong Kong Stock Exchange commencing on November 10, 2025 [1]. Group 2: Use of Proceeds - Approximately 71.4% of the net proceeds is intended for expanding overall production capacity and upgrading production lines [2]. - About 11.6% is earmarked for marketing and promotional activities in Africa, Latin America, and Central Asia [2]. - The company plans to allocate 4.7% for strategic acquisitions in the hygiene products sector and 0.4% for upgrading its CRM system [2]. - Additionally, 2.6% will be used for hiring management consulting firms for market and product analysis, while 9.3% is designated for working capital and general corporate purposes [2]. Group 3: Company Performance - The company has experienced significant revenue growth, with revenue increasing from USD 320 million in 2022 to USD 411.4 million in 2023, representing a 28.6% increase [3]. - Revenue is projected to rise further to USD 454.4 million in 2024, marking a 10.5% increase [3]. - Net profit surged from USD 18.4 million in 2022 to USD 64.7 million in 2023, a remarkable increase of 251.7% [3]. - For the four months ending April 30, 2025, net profit is expected to reach USD 3.11 million, up 12.5% from USD 2.77 million in the same period of 2024 [3]. Group 4: Market Position - The company is a multinational hygiene products firm focusing on rapidly developing emerging markets in Africa, Latin America, and Central Asia, primarily producing baby diapers, sanitary napkins, and wet wipes [2]. - According to Frost & Sullivan, the company ranks first in the African market for baby diapers and sanitary napkins, with market shares of 20.3% and 15.6%, respectively, based on 2024 sales [2]. - In terms of revenue for 2024, the company holds the second position in the African baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% [2].

Core Insights - The article highlights the rapid rise of Leshushi, a Chinese hygiene product company operating in Africa, which has achieved an annual revenue of 3.2 billion yuan from selling diapers and other hygiene products [1][4] - The company has established a significant presence in the African market over 15 years, with a production capacity that includes 8 factories and 51 production lines across 8 African countries [4][8] - Leshushi is set to become the first African consumer goods manufacturer to list on the Hong Kong Stock Exchange, reflecting its growth and recognition in the market [8][12] Market Performance - Leshushi sold nearly 6 billion hygiene products in a year, generating over 3 billion yuan in revenue and nearly 700 million yuan in net profit [4][5] - The company has seen substantial growth in sales, with a year-on-year increase of 22.1% in diaper sales and 55.7% in wet wipes sales from May to August [4][12] - Leshushi holds a leading market share in Africa, with 20.3% in baby diapers and 15.6% in sanitary napkins [5][12] Market Potential - Africa's population dynamics present a significant opportunity, with over 36.5% of global births occurring in Africa in 2024, indicating a strong demand for baby products [11][14] - The penetration rates for baby diapers and sanitary napkins in Africa are low, at 20% and 30% respectively, compared to much higher rates in developed markets, suggesting substantial growth potential [11][12] - The African hygiene product market is projected to grow significantly, with the baby diaper market expected to reach $2.59 billion by 2024 and the sanitary napkin market projected to grow to $1.41 billion by 2029 [14][12] Business Strategy - Leshushi has adopted a multi-tiered pricing strategy to cater to different consumer segments, from low-income to middle-class consumers, ensuring broad market coverage [16][17] - The company has built a robust distribution network by partnering with local distributors and establishing a direct presence in communities, which has proven effective in reaching rural consumers [20][22] - Localized production has been a key focus, with factories established in multiple African countries to reduce costs and improve responsiveness to market demands [27][28] Future Expansion - Leshushi plans to use the funds from its upcoming IPO to expand production capacity in Africa and explore new markets in Latin America, leveraging its successful business model [33][34] - The company aims to replicate its African success in Latin America, where similar demographic and economic conditions exist, indicating potential for growth [34][36] - By focusing on local production and tailored marketing strategies, Leshushi seeks to strengthen its market position and drive further growth in emerging markets [36][37]

Summary of Haoyue Care Conference Call Company Overview - **Company**: Haoyue Care - **Industry**: Personal Care Products Key Points Financial Performance - In the first three quarters of 2025, Haoyue Care's revenue increased by 45.36% to 55 million yuan, but the net profit margin decreased by 8.07% to 5.73% due to a significant rise in sales expenses (up 215% year-on-year) and management expenses (up 41.5%) [2][4] - For Q3 2025, revenue reached 958 million yuan, a year-on-year growth of 31.565%, while net profit fell by 45.36% to 55 million yuan [4] - The gross profit margin was 29.2%, an increase of 2.19 percentage points year-on-year, but the net profit margin decreased by 8.07 percentage points [4] Business Segments - **OEM Business**: Excluding the Sibao business, the OEM segment achieved less than double-digit year-on-year growth in the first three quarters, with diaper OEM business showing increased volume but decreased prices [2][6] - **Self-Brand Products**: The Dafi wet wipes series maintained double-digit growth, while the shoe wipes performed well. The Thai self-brand saw triple-digit revenue growth but faced profitability decline due to increased marketing expenses [2][6] - **Sibao Business**: Revenue remained stable in the first three quarters, but Q3 profits were negative due to early promotional activities and channel expansion [7] Market Trends and Strategies - The diaper OEM business showed a trend of increased volume but decreased prices, indicating a significant contribution to overall revenue [8] - The company is actively expanding overseas markets, with projects in the US and Canada already underway, and more international projects expected in the future [2][14] - To combat competition in the sanitary napkin market, the company is leveraging live streaming on platforms like Douyin to enhance sales and brand influence [5][10] Channel Development - Haoyue Care began expanding offline channels in provinces such as Hunan, Zhejiang, Jiangsu, and Guangdong in Q2 2025, with offline revenue surpassing online [9][10] - The overall offline channel showed a negative growth trend of 4.9%, while the company's own channel had a slightly better performance with a 4.1% decline [7][9] Future Outlook - The company has set market expectations for the growth of its OEM and Sibao businesses over the next 2-3 years, but specific targets were not disclosed due to market uncertainties [5][18] - The overseas factory projects depend on domestic ODI document approvals, with the Tanzania project partially approved and the Peru project lagging behind [16] Product Development - New product launches include the high-margin Attraction series and the Haoyue removable sanitary napkin, with ongoing efforts to optimize product offerings [10][12] - The company is focusing on improving operational efficiency and resource allocation on online platforms, particularly through Douyin and traditional e-commerce channels [17] Conclusion - Haoyue Care is navigating a challenging market environment with strategic expansions and product innovations while managing rising costs and competitive pressures. The focus on overseas growth and channel diversification is expected to play a crucial role in its future performance.

Core Viewpoint - Hong Kong Stock Exchange (HKEX) has opened an office in Riyadh, Saudi Arabia, to enhance communication and collaboration with local partners [1] Group 1: Office Operations - The newly established office in Riyadh has commenced operations, aimed at strengthening engagement with relevant partners in the region [1] Group 2: Market Developments - HKEX has reported that a Dubai-based health products company, Le Shushi, has published its post-hearing information package, indicating a potential upcoming listing [1] - The intention of the first consumer company headquartered in the Middle East to apply for a listing in Hong Kong is seen as an initial success for the exchange [1] - HKEX emphasizes that Hong Kong can provide value-added services for companies in the Middle East [1]

Group 1 - Company Guolian Co., Ltd. (SH 603613) announced its ninth board meeting on October 29, 2025, to review the third quarter report for 2025 [1] - For the first half of 2025, Guolian's revenue composition is as follows: Petrochemical accounts for 56.12%, Grain and Oil Trade 16.11%, Sanitary Products 13.36%, Fertilizer 7.1%, and Glass 5.6% [1] - As of the report date, Guolian's market capitalization is 20.5 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after ten years of stagnation, with technology leading the market's transformation [1] - A new "slow bull" market pattern is emerging, indicating a shift in market dynamics [1]