Core Viewpoint - LeShuShi, a leading company focused on health products in emerging markets like Africa and Latin America, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence and capitalize on the growing demand for hygiene products in these regions [1][3]. Company Overview - LeShuShi specializes in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes, with most of its revenue generated from the African market [1][3]. - The company was established as a division of SenDa Group in 2009 and became independent in 2022, focusing on emerging markets [3][4]. - LeShuShi offers various brands, with Softcare being its core brand, positioned as a mid-to-high-end product targeting consumers seeking quality [3][4]. Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper market with a market share of 20.3% and first in the sanitary napkin market with a share of 15.6% based on sales volume [4]. - By revenue, the company ranks second in both the African baby diaper and sanitary napkin markets, with shares of 17.2% and 11.9%, respectively [4]. Financial Performance - LeShuShi's revenue for the years 2022, 2023, 2024, and the first four months of 2025 was approximately $320 million, $411 million, $454 million, and $161 million, respectively [5]. - The company's profits for the same periods were $18.39 million, $64.68 million, $95.11 million, and $31.10 million [5]. - The company has achieved significant growth in sales and revenue, with compound annual growth rates of 17.3% for baby diapers and 30.6% for sanitary napkins since 2022 [5]. Market Potential - Emerging markets like Africa and Latin America show substantial growth potential for hygiene products due to population growth, economic development, and increasing urbanization [6]. - The newborn population in Africa is projected to grow at a compound annual growth rate of 1.8% from 2020 to 2024, indicating a significant market opportunity [6]. Pricing Strategy - LeShuShi adopts a low pricing strategy to quickly capture market share in Africa, with retail prices for baby diapers ranging from 9 to 20 cents per piece, which is lower than competitors [8][9]. - In the sanitary napkin segment, the company's prices range from 4.5 to 8.5 cents per piece, also positioning it competitively against other market players [10][11]. Profit Margins - The company's gross margins for 2022, 2023, 2024, and the first four months of 2025 were 23.0%, 34.9%, 35.2%, and 33.6%, respectively [12]. - Compared to industry leaders like Procter & Gamble and Hengan International, LeShuShi's gross margins are lower, indicating room for improvement in profitability [14][16].

Company Overview - LeShuShi Limited has submitted an application for listing on the Hong Kong Stock Exchange, with China International Capital Corporation, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors [1] - The company specializes in health products in emerging markets such as Africa, Latin America, and Central Asia, focusing on baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - LeShuShi has established a strong presence in over 30 countries, with 18 sales branches in 12 countries and a network of more than 2,800 wholesalers, distributors, supermarkets, and other retailers as of April 30, 2025 [1] Brand Strategy - LeShuShi offers multiple brands to cater to different consumer segments, with its core brand Softcare positioned as a mid-to-high-end brand targeting consumers seeking quality products [2] - The company ranks first in the African market for baby diapers and sanitary napkins, with sales volumes of 4.1227 billion and 1.6343 billion units respectively, experiencing compound annual growth rates of 17.3% and 30.6% since 2022 [2] - The pricing strategy for Softcare diapers is competitive, with an average price of 8.7 cents per diaper, making it the market leader in sales despite its mid-to-high-end positioning [2] Financial Performance - LeShuShi's revenue for the fiscal years 2022 to 2024 and the first four months of 2025 was recorded at $320 million, $411 million, $454 million, and $161 million respectively, with profits of $18.39 million, $64.68 million, $95.11 million, and $31.10 million [3] - The average selling price of Softcare diapers has decreased from 9.27 cents per diaper in 2023 to 8.70 cents in 2025, which may impact brand premium and profit margins in the long term [3]

Core Viewpoint - LeShuShi has submitted its listing application to the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors [1] Company Overview - The company primarily engages in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes, with most revenue derived from African customers [1] - LeShuShi owns multiple brands, including Softcare and Veesper, with Softcare being the core brand positioned in the mid-to-high-end market, recognized as a household name in African countries [1] Market Position - According to Frost & Sullivan, in 2024, LeShuShi ranks first in sales volume in the African baby diaper and sanitary napkin markets, with market shares of 20.3% and 15.6% respectively; it ranks second in revenue for both categories [1] - The company holds leading positions in various segments across African countries such as Ghana, Kenya, and Côte d'Ivoire [1] Distribution Network - LeShuShi has an extensive sales network covering over 30 countries in Africa, Latin America, and Central Asia, encompassing more than 2,800 wholesalers, distributors, and retailers [1]

来源：新浪港股-好仓工作室 乐舒适有限公司是一家专注于非洲、拉美、中亚等地快速发展新兴市场的跨国卫生用品公司，目前正冲 刺港股IPO。本次招股书解读，将聚焦公司关键财务指标与运营情况，为投资者揭示潜在风险与机遇。 业务模式：深耕新兴市场，多品牌协同发展 主营业务 乐舒适主要从事婴儿纸尿裤、婴儿拉拉裤、卫生巾和湿巾等婴儿及女性卫生用品的开发、制造和销售。 从市场布局来看，往绩记录期内大部分收入来自向非洲客户的销售。以2024年数据为例，按销量计，公 司在非洲婴儿纸尿裤和卫生巾市场均排名第一，市场份额分别为20.3%及15.6%；按收入计，在非洲婴 儿纸尿裤市场和卫生巾市场均排名第二，份额分别为17.2%及11.9% 。 商业模式 秉持"以消费者为核心"理念，打造契合当地市场多样化需求的产品，并通过快速迭代满足市场变化。采 用多品牌策略，核心品牌Softcare定位中高端，面向消费力较高、追求高品质的消费者，其他品牌如 Veesper、Maya等迎合不同消费群体，扩大消费者基础。 财务表现：收入利润双增长，增速有所波动 营业收入及变化 时间收入（百万美元）同比变化2022年2023年28.6%2024年10.5% ...

Core Viewpoint - Leshushit Limited has submitted a listing application to the Hong Kong Stock Exchange, focusing on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of hygiene products for infants and women [1] Group 1: Company Overview - Leshushit is a multinational hygiene products company specializing in baby diapers, pull-ups, sanitary napkins, and wet wipes [1] - The company operates under various brands, with Softcare being the core brand targeting mid-to-high-end consumers seeking quality products [1] - Softcare has become a well-known brand in many African countries, holding a leading market position in the hygiene products sector [1] Group 2: Market Position - According to Frost & Sullivan, Leshushit ranks first in Africa's baby diaper and sanitary napkin markets by sales volume, with market shares of 20.3% and 15.6%, respectively [2] - The company ranks second in terms of revenue in the same markets, with shares of 17.2% for baby diapers and 11.9% for sanitary napkins [2] - Leshushit holds the top position in the baby diaper market in Ghana, Kenya, Côte d'Ivoire, Senegal, Cameroon, and Tanzania, and also leads in the sanitary napkin market in Ghana, Senegal, Kenya, and Tanzania [2] Group 3: Sales Network and Growth - The company has established a broad sales network across over 30 countries in Africa, Latin America, and Central Asia, which is considered a competitive advantage [3] - As of April 30, 2025, Leshushit has set up 18 sales branches in 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [3] - The sales volume of baby diapers and sanitary napkins reached approximately 4.123 billion and 1.634 billion units in 2024, growing at compound annual growth rates of 17.3% and 30.6% since 2022 [3] Group 4: Financial Performance - Leshushit's revenue for the fiscal years 2022, 2023, and 2024 was approximately $320 million, $411 million, and $454 million, respectively [3] - The company's profits for the same periods were $18.39 million, $64.68 million, and $95.11 million, respectively [3] - For the four months ending April 30, 2024, and 2025, the company reported revenues of $140 million and $161 million, with profits of $27.66 million and $31.10 million, respectively [3]

Core Viewpoint - LeShuShi Limited has submitted a listing application to the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors. The company previously submitted an application on January 27, 2025 [1]. Group 1: Company Overview - LeShuShi is a multinational hygiene products company focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [4]. - The company generates most of its revenue from sales to African customers, with its core brand Softcare positioned as a mid-to-high-end brand targeting consumers seeking high-quality products [4]. Group 2: Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper and sanitary napkin markets by sales volume, with market shares of 20.3% and 15.6%, respectively, and ranks second by revenue with shares of 17.2% and 11.9% [5]. - The company holds the top position in the baby diaper market in Ghana, Kenya, Côte d'Ivoire, Senegal, Cameroon, and Tanzania, and also leads in the sanitary napkin market in Ghana, Senegal, Kenya, and Tanzania [5]. Group 3: Sales Network and Growth - LeShuShi has established a broad sales network across over 30 countries in Africa, Latin America, and Central Asia, which is considered a competitive advantage [7]. - As of April 30, 2025, the company has set up 18 sales branches in 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [7]. - The sales volume of baby diapers and sanitary napkins reached approximately 4.123 billion and 1.634 billion units in 2024, reflecting compound annual growth rates of 17.3% and 30.6% since 2022 [7]. Group 4: Financial Performance - LeShuShi reported revenues of approximately $320 million, $411 million, $454 million, $140 million, and $161 million for the fiscal years 2022, 2023, 2024, and the four months ending April 30 for 2024 and 2025, respectively [7]. - The corresponding profits for the same periods were $18.39 million, $64.68 million, $95.11 million, $27.66 million, and $31.10 million [7].

Core Viewpoint - Leshu Shi Limited has submitted a listing application to the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors. The company previously submitted an application on January 27, 2025 [1]. Group 1: Company Overview - Leshu Shi is a multinational hygiene products company 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 [4]. - The company offers various hygiene products under different brands, with its core brand Softcare positioned as a mid-to-high-end brand targeting consumers seeking high-quality products. Softcare has become a well-known brand in many African countries and holds a leading market position [4]. Group 2: Market Position and Performance - According to Frost & Sullivan, as of 2024, the company ranks first in Africa's baby diaper and sanitary napkin markets by sales volume, with market shares of 20.3% and 15.6%, respectively. By revenue, it ranks second in these markets with shares of 17.2% and 11.9% [5]. - The company has established a broad sales network across over 30 countries in Africa, Latin America, and Central Asia, which is considered a competitive advantage. As of April 30, 2025, it has set up 18 sales branches in 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [7]. Group 3: Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024, as well as for the four months ending April 30 for 2024 and 2025, were approximately $320 million, $411 million, $454 million, $140 million, and $161 million, respectively. The corresponding profits for these periods were $18.39 million, $64.68 million, $95.11 million, $27.66 million, and $31.10 million [8]. - The sales volume of baby diapers and sanitary napkins reached approximately 4.123 billion and 1.634 billion units in 2024, reflecting compound annual growth rates of 17.3% and 30.6% since 2022 [7].

Core Viewpoint - Baoding Banyangyue Sanitary Products Co., Ltd. has been established with a registered capital of 50,000 RMB, indicating a new player in the sanitary products industry [1] Company Summary - The legal representative of the company is Lü Jiaxing, which may suggest a new leadership direction in the sanitary products market [1] - The company’s business scope includes the manufacturing and sales of paper products, daily necessities, personal hygiene products, and non-medical masks, indicating a diversified product offering [1] - The company is also involved in the sales of textiles, bags, and miscellaneous daily goods, which may enhance its market reach [1] Industry Summary - The establishment of Baoding Banyangyue highlights the ongoing growth and diversification within the sanitary products industry, particularly in the context of increasing demand for hygiene-related products [1] - The inclusion of internet sales in the business scope suggests a strategic move to leverage e-commerce for broader distribution [1]

Core Viewpoint - The implementation of the new national standard for disposable sanitary products in China marks a significant upgrade in quality and safety standards for the industry, with companies like High Clean demonstrating their commitment to high-quality production processes and consumer safety [1][16]. Industry Standards and Compliance - The new national standard, effective from July 1, updates regulations that have not changed in 22 years, focusing on raw material safety, production process control, and physical and chemical indicators [1]. - High Clean's production process exceeds the new standards, with a raw material traceability process that spans three levels of suppliers and verifies over 300 component indicators [2][4]. Quality Control and Innovation - High Clean employs advanced AI visual detection systems that can identify defects as small as 0.5 square millimeters, ensuring that only products meeting stringent quality criteria are released [8]. - The company has implemented a closed-loop system for handling defective products, ensuring 100% destruction of non-compliant items to prevent them from entering the market [10][11]. Product Development and Consumer Focus - High Clean has a history of innovation, responding to diverse consumer needs by enhancing product comfort, absorbency, and safety through various technological advancements [12][13]. - The brand has introduced multiple product iterations, including 100% cotton sanitary pads and advanced moisture-wicking formulations, to address women's health and comfort during menstruation [12]. Social Responsibility and Education - High Clean has initiated educational programs aimed at breaking menstrual stigma and providing knowledge about puberty to over 345,000 girls across China [14]. - The company has committed to donating sanitary products to underserved regions, having already distributed over 1.1 million pads to support women's health and education [16].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% relative to the market in the next six months [4]. Core Insights - The company is a leading player in the emerging market hygiene products sector, with a strong market share in Africa. In 2023, it held the top position in the African market for baby diapers and sanitary napkins, with market shares of 20.0% and 14.0% respectively [7][10]. - Revenue has been consistently growing, with a 28.6% year-on-year increase in 2023, driven by an expanded sales network and optimized product mix. However, growth slowed to 7.2% in the first three quarters of 2024 due to a decline in product prices [7][20]. - The emerging markets for baby and female hygiene products show significant growth potential, with Africa's newborn population growing at a CAGR of 1.5% from 2019 to 2023, and low market penetration rates for hygiene products [7][38]. Summary by Sections 1. Company Overview - The company, established in 2009, became independent in 2022 and focuses on hygiene products for emerging markets, particularly in Africa, Latin America, and Central Asia. It has a strong presence in the African market [7][10]. 2. Revenue Growth - In 2023, the company achieved revenue of $410 million, a 28.6% increase year-on-year. The growth was attributed to market expansion and product optimization. However, revenue growth slowed to 7.2% in the first three quarters of 2024 due to a 6-11% decline in product prices [20][21]. 3. Market Potential - The company operates in a market with significant growth potential, particularly in Africa, where the penetration rates for baby diapers and sanitary napkins are low compared to developed markets. The CAGR for the African baby diaper market is projected at 8.0% from 2023 to 2028 [38][39]. 4. Product Portfolio - The company has a diverse brand matrix, with its flagship brand, Softcare, contributing significantly to revenue. The average price of its products is approximately 70-80% of that of leading international brands [14][21]. 5. Cost Structure and Profitability - The company's gross margin improved significantly from 23.0% in 2022 to 34.9% in 2023, primarily due to a decrease in raw material costs. The net profit margin also increased to 21.6% in the first three quarters of 2024 [29][34].