证券研究报告 | 行业周报 gszqdatemark 2025 11 30 年 月 日 乐舒适招股书拆解：非洲卫生用品龙头，受益新兴市场高增长机遇 1. 乐舒适招股书拆解：非洲卫生用品龙头，受益新兴市场高增长机遇 概况：非洲卫生用品行业领军企业。（1）发展历程：2009 年公司作为森 大集团内部业务分部开展业务，2009-18 年陆续完善品牌矩阵，目前有 Softcare（（心品品牌） Veesper（（对秘鲁等拉美市市场品品牌），及 Maya Cuettie Clincleer（为大众市场量身打造品品牌），并相继进入西非 东 非拉市场；2018 年公司在加纳开始本地化生产，目前已在 8 个非洲国家 1 个美丁市洲国家设立了生产工厂，通过（ 本地产 本地销 "经营模式 缩短销售链路。2022 年公司在开曼群岛注册为获豁免有限公司，自森大 集团分拆相关业务。2025 年 11 月 10 日公司在港交所主板上市。（2）业 绩：公司收入由 2022 年品 3.2 亿市元提升至 2024 年品 4.54 亿市元，经 调整净利润由 0.18 亿市元提升至 0.98 亿市元，2022-24 收入/经调整净利 润 CAGR ...

天眼查App显示，近日，河北鑫承卫生用品有限公司成立，法定代表人为冯宁，注册资本600万人民 币，经营范围为一般项目：纸制品制造;纸制品销售;个人卫生用品销售;卫生用品和一次性使用医疗用品 销售;互联网销售（除销售需要许可的商品）;销售代理;国内贸易代理;会议及展览服务;货物进出口;技术 进出口;进出口代理（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - The article highlights the success story of Leshu Shi, a Chinese company that has become a leading player in the African hygiene products market, achieving significant growth and market penetration in a relatively short period [6][9][10]. Company Overview - Leshu Shi was established in 2009 as a small division of a trading company and has since evolved into a multinational giant, selling nearly 6 billion hygiene products annually across over 30 countries [9][20]. - The company went public on November 10, raising HKD 23.8 billion with a market capitalization of HKD 211.94 billion, and its stock price surged by 33.51% on the first day of trading [7][8]. Market Position - By 2024, Leshu Shi became the top seller of baby diapers and sanitary pads in Africa, surpassing international giants like Procter & Gamble and Kimberly-Clark [10][32]. - The company holds a 20.3% market share in the baby diaper segment and a 15.6% share in the sanitary pad segment, making it the "dual champion" in Africa [29][30]. Product Strategy - Leshu Shi's product strategy focuses on essential needs, targeting both baby and female hygiene products, with baby diapers accounting for over 70% of total revenue in 2024 [22][23]. - The company offers a range of products under various brands to cater to different market segments, including Softcare for the mid-to-high-end market and Cuettie for low-income consumers [25][26]. Financial Performance - In 2024, Leshu Shi reported revenues of USD 454.39 million (approximately RMB 3.2 billion) and a net profit of USD 95.11 million (approximately RMB 670 million) [28][29]. - The company has experienced a revenue growth rate of 28.4% from 2022 to 2023, but the growth rate slowed to 10.5% from 2023 to 2024 [80]. Market Opportunity - The African market presents significant growth potential, with a low penetration rate of baby diapers and sanitary pads at 20% and 30%, respectively, compared to over 70% in developed markets [38][39]. - The African population is young, with 36.5% of global births occurring in the region, indicating a continuous demand for baby products [35][36]. Competitive Advantage - Leshu Shi's competitive edge lies in its localized production strategy, which reduces costs and improves efficiency by manufacturing products within Africa [44][45]. - The company has established a deep distribution network, with over 2,000 wholesalers and 400 distributors across 12 countries, ensuring product availability in rural markets [50][53]. Challenges Ahead - Despite its success, Leshu Shi faces challenges such as slowing revenue growth, reliance on low pricing strategies, and potential fluctuations in raw material costs [82][89]. - The company must enhance its research and development capabilities to avoid falling into a low-price competition trap and to innovate its product offerings [93][96].

天眼查App显示，近日，长沙凡点卫生用品有限公司成立，法定代表人为李恒波，注册资本1万人民 币，经营范围为一般项目：母婴用品销售；日用百货销售；日用品销售；纸制品销售；文具用品零售； 互联网销售（除销售需要许可的商品）；玩具销售；家居用品销售；宠物食品及用品批发；宠物食品及 用品零售；个人卫生用品销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，厦门洁白灵卫生用品有限公司成立，法定代表人为梅昭祥，注册资本1万人民 币，经营范围为一般项目：卫生用品和一次性使用医疗用品销售；日用百货销售；化妆品批发；化妆品 零售；个人卫生用品销售；日用杂品销售；个人商务服务；互联网销售（除销售需要许可的商品）；企 业形象策划；咨询策划服务；服装服饰批发；鞋帽批发；母婴用品销售；家具销售；日用陶瓷制品销 售；卫生陶瓷制品销售；玻璃纤维及制品销售；日用玻璃制品销售；办公用品销售；玩具销售；纸制品 销售；技术推广服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：互 联网直播技术服务。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相 关部门批准文件或许可证件为准）。 ...

天眼查App显示，近日，厦门净罗方卫生用品有限公司成立，法定代表人为罗雄，注册资本1万人民 币，经营范围为一般项目：卫生用品和一次性使用医疗用品销售；日用百货销售；化妆品批发；化妆品 零售；个人卫生用品销售；日用杂品销售；个人商务服务；互联网销售（除销售需要许可的商品）；企 业形象策划；咨询策划服务；服装服饰批发；鞋帽批发；母婴用品销售；家具销售；日用陶瓷制品销 售；卫生陶瓷制品销售；玻璃纤维及制品销售；日用玻璃制品销售；办公用品销售；玩具销售；纸制品 销售；技术推广服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：互 联网直播技术服务。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相 关部门批准文件或许可证件为准）。 ...

天眼查App显示，近日，厦门臻卫荣卫生用品有限公司成立，法定代表人为古绍荣，注册资本1万人民 币，经营范围为一般项目：卫生用品和一次性使用医疗用品销售；日用百货销售；化妆品批发；化妆品 零售；个人卫生用品销售；日用杂品销售；个人商务服务；互联网销售（除销售需要许可的商品）；企 业形象策划；咨询策划服务；服装服饰批发；鞋帽批发；母婴用品销售；家具销售；日用陶瓷制品销 售；卫生陶瓷制品销售；玻璃纤维及制品销售；日用玻璃制品销售；办公用品销售；玩具销售；纸制品 销售；技术推广服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：互 联网直播技术服务。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相 关部门批准文件或许可证件为准）。 ...

Group 1 - The core viewpoint of the news is that Yiyi Co., Ltd. experienced a 5.1% decline in stock price, reaching 31.44 CNY per share, with a total market capitalization of 5.813 billion CNY [1] - Yiyi Co., Ltd. specializes in the research, production, and sales of disposable hygiene products and non-woven fabrics, with 93.91% of its revenue coming from pet disposable hygiene products [1] - The company was established on May 10, 1990, and went public on May 18, 2021 [1] Group 2 - According to data, Jin Xin Fund holds a significant position in Yiyi Co., Ltd., with its Jin Xin Core Competitiveness Mixed A Fund (009317) holding 14,500 shares, accounting for 4.82% of the fund's net value [2] - The fund has reported a floating loss of approximately 24,500 CNY as of the latest data [2] - Jin Xin Core Competitiveness Mixed A Fund was established on May 9, 2020, and has a current scale of 9.1382 million CNY, with a year-to-date return of 17.8% [2] Group 3 - The fund manager of Jin Xin Core Competitiveness Mixed A Fund is Tan Jiajun, who has been in the position for 1 year and 37 days [3] - Under Tan's management, the fund has achieved a best return of 26.93% and a worst return of 10.79% during his tenure [3]

Core Viewpoint - The company, Leshush, focuses on the hygiene products industry in emerging markets such as Africa, ranking first in sales of baby diapers and sanitary napkins in Africa in 2024, with market shares ranging from 40% to 60% in East and West Africa. The industry is in a growth phase, with significant potential for penetration increases due to low current market penetration rates compared to mature markets [1][4]. Company Overview - Leshush is a multinational hygiene products company specializing in baby diapers, pull-ups, sanitary napkins, and wet wipes, primarily targeting emerging markets in Africa, Latin America, and Central Asia. The company has evolved from a division of the SenDa Group, which began trading hygiene products in 2009, and has become a leading player in the hygiene products sector in multiple African countries [1][2]. Market Position and Performance - According to Frost & Sullivan, Leshush holds a market share of 20.3% in the baby diaper market and 15.6% in the sanitary napkin market in Africa as of 2024. The company's revenue is projected to grow from $320 million in 2022 to $454 million in 2024, with a CAGR of 19.2%. Adjusted net profit is expected to rise from $18.39 million to $97.67 million during the same period, reflecting a CAGR of 130.5% [1][2]. Product and Channel Strategy - The company has localized its products to meet local consumer preferences and has established a deep distribution network across more than 30 countries in emerging markets. It has built production facilities in eight African countries since 2018, allowing for cost reductions and competitive pricing against international brands [2][3]. Future Outlook - The hygiene products industry in emerging markets is expected to maintain rapid growth, driven by economic development and increasing penetration rates. The current penetration rates for baby diapers and sanitary napkins in Africa are approximately 20% and 30%, respectively, compared to 70%-90% in mature markets [4][5]. Expansion Plans - The company plans to expand its market presence in Latin America, Central Asia, and North and South Africa, leveraging its manufacturing and distribution experience. It aims to increase production capacity and strengthen channel development in regions where it has not yet achieved significant market share [5][6]. Backing and Growth Potential - Leshush is supported by the SenDa Group, which has extensive experience in international markets and a diverse portfolio. The company may pursue acquisitions in the hygiene sector to enhance its product offerings and market reach, benefiting from both organic and inorganic growth strategies [6].

天眼查App显示，近日，深圳市洁优卫生用品有限公司成立，法定代表人为罗水英，注册资本15万人民 币，经营范围为一般经营项目是：日用品销售；卫生用品和一次性使用医疗用品销售；日用化学产品销 售；产业用纺织制成品销售；针纺织品销售；纸制品销售；针纺织品及原料销售；文具用品批发；母婴 用品销售；日用品批发；家居用品销售；日用百货销售；个人卫生用品销售；办公用品销售；文具用品 零售；化妆品批发；化妆品零售；专用化学产品销售（不含危险化学品）；金属制品销售；家用纺织制 成品制造；产业用纺织制成品制造；纸和纸板容器制造；化工产品销售（不含许可类化工产品）；消毒 剂销售（不含危险化学品）；互联网销售（除销售需要许可的商品）；工程和技术研究和试验发展；纸 制品制造；货物进出口；技术进出口。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动），许可经营项目是：无。 ...