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].

Summary of Conference Call for Haoyue Care Industry Overview - The childcare subsidy policy, although limited to 3,600 yuan annually, is expected to positively impact birth rates across the country, particularly in populous provinces like Henan, Jiangsu, Zhejiang, Shanghai, and Guangdong, where there is a higher willingness among migrant populations to have newborns [2][3] - The competition in the baby diaper and sanitary napkin markets is intensifying, with new entrants such as internet celebrities and companies like Three Squirrels and Dongfang Zhenxuan increasing their presence, leading to a general rise in terminal sales expenses [2][5] Company Insights - The company has not observed a significant increase in newborn numbers in 2025, contrasting with the order pressure experienced in early 2024 [3] - The introduction of the new product "Jieting" has seen increased promotion on platforms like Douyin, achieving some sales but with a lower ROI conversion rate compared to the previous year due to heightened market competition [6][8] - The company has leveraged its supply chain advantages to ensure wood pulp supply and reduce costs, enabling the rapid launch of new products by the Sibao team [7] Product Development and Market Strategy - New products are focusing on material and process innovations, with higher gross margins and average prices compared to traditional products, leading to a significant increase in order volumes [4][14] - The company has invested heavily in marketing and promotional activities to attract consumers and institutions for product trials, while also updating and integrating production equipment to enhance efficiency [8][9] - The management structure post-acquisition of "Jieting" remains stable, with the original team continuing to oversee operations, ensuring continuity and stability in business operations [10] Financial Performance and Market Trends - The overseas business is expected to maintain good growth, particularly in markets like Thailand, Japan, India, Singapore, Vietnam, Canada, and the United States, with a notable increase in self-owned brand sales [11][12] - The company is focusing on offline sales, which still dominate despite the rise in online sales, and is implementing new strategies for product promotion in physical stores [15] Management and Operational Enhancements - Post-acquisition, the company has shifted its performance evaluation criteria to emphasize sales and market expansion rather than just net profit, aiming to enhance team motivation and overall performance [16]

二、其他说明 公司回购股份的时间、回购股份的数量、回购股份价格及集中竞价交易的委托时间段均符合《回购指 引》的相关规定。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 天津市依依卫生用品股份有限公司（以下简称"公司"）于2025年4月11日召开第三届董事会第十九次会 议，逐项审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回 购公司发行的人民币普通股（A股）用于股权激励或员工持股计划。本次回购资金总额上限为4,000万元 （含），回购资金总额下限为2,000万元（含）。回购股份的价格为不超过人民币26.00元/股，若按照回 购股份价格上限26.00元/股测算，本次回购股份数量区间为769,230股至1,538,461股，占公司目前总股本 比例的区间为0.4160%至0.8321%。具体回购数量以回购期满或回购完成时实际回购的股份数量为准。 回购股份实施期限为自公司董事会审议通过本次回购股份方案之日起12个月内。具体内容详见公司于 2025年4月12日在指定信息披露媒体及巨潮资讯 ...

Core Viewpoint - The sanitary napkin industry is undergoing significant changes due to new regulations and the entry of various new players, raising concerns about product safety and quality [1][5][7]. Industry Overview - The sanitary napkin market has seen an influx of new brands, including those launched by celebrities and influencers, indicating a growing consumer base and market potential [2][3]. - The introduction of the new national standard for sanitary products, effective July 1, 2023, is expected to accelerate industry consolidation and push non-compliant companies out of the market [1][7]. Market Dynamics - The production of disposable sanitary products in China reached 1.20 million tons in 2023, a year-on-year increase of 15.6%, with sales revenue hitting 1.8 trillion yuan, up 18.2% [3]. - The market share of low-priced sanitary napkins has increased, with sales in the under 40 yuan segment rising from 67% to 75% [4]. Regulatory Changes - The new national standard prohibits the use of recycled materials and mandates stricter labeling requirements, which will impact the production and marketing of sanitary napkins [7][9]. - The new regulations are designed to eliminate substandard products and ensure consumer safety, particularly concerning harmful substances like sulfur urea [8][9]. Brand Strategies - Many brands, including established players, are adopting a private label model, while some, like Huang Zitao's brand, are investing heavily in production facilities to ensure quality control [5][6]. - The industry is witnessing a shift towards technology-driven product development, moving away from marketing-driven strategies [1][7]. Consumer Trends - There is a growing consumer demand for high-quality sanitary products, which is driving market prices upward and encouraging brands to innovate [3][4]. - New product concepts, such as probiotic and herbal sanitary napkins, are gaining traction, although their actual benefits may be minimal [3][8]. Quality Control Issues - Reports of product quality issues, such as the presence of black spots in sanitary napkins, highlight the need for improved manufacturing processes and quality control measures [11][12]. - The industry is facing challenges in maintaining product integrity due to inadequate foreign object control technologies [11][13].