天眼查App显示，近日，保定市维安卫生用品有限公司成立，法定代表人为张薇，注册资本6万人民 币，经营范围为一般项目：纸制品制造;纸制品销售;日用品销售;食品互联网销售（仅销售预包装食 品）;日用百货销售;化妆品零售;办公用品销售;互联网销售（除销售需要许可的商品）;会议及展览服务; 市场营销策划;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;信息技术咨询服务;食 用农产品零售（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）许可项目：食品销售 （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，具体经营项目以批准文件或许可证件为 准）。 ...

Core Insights - Leshu Shih, known as the "King of Diapers in Africa," officially listed on the Hong Kong Stock Exchange, opening at HKD 34.98 per share, a 33.5% increase, and closing at HKD 33, a 25.95% rise, with a market capitalization of HKD 199.94 billion [4][5] - The company holds the largest market shares in Africa for baby diapers and sanitary napkins, with 20.3% and 15.6% respectively in 2024 [5][6] - Leshu Shih's revenue grew from USD 320 million in 2022 to USD 454 million in 2024, while net profit increased from USD 18 million to USD 95 million during the same period [5][6] Company Overview - Leshu Shih has established 18 sales branches across 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [5] - The company sold a total of 10.8 billion baby diapers from 2022 to 2024, with sales increasing from 2.995 billion in 2022 to 4.123 billion in 2024 [5][6] - The company's revenue from baby diapers decreased from 78.4% of total revenue in 2022 to 71.8% in the first four months of 2025, indicating a diversification in product offerings [6] Financial Performance - Revenue growth slowed significantly in 2024, with a 10.5% increase compared to 28.6% in 2023, and net profit growth decreased from 251.7% to 47.0% [5][6] - In the first four months of 2025, Leshu Shih achieved revenue of USD 160 million, a 15.5% year-on-year increase, and net profit of USD 31 million, up 12.5% [5][6] Investment Insights - The IPO attracted 15 cornerstone investors, raising USD 139 million (approximately HKD 1.08 billion), accounting for 45% of the base offering size [6][7] - Notable investors include Arc Avenue Asset Management and Black Ant Capital, each subscribing USD 20 million, while several prominent funds subscribed amounts ranging from USD 5 million to USD 10 million [7] Market Dynamics - Leshu Shih's rapid growth in Africa is compared to the early foreign brand penetration in the Chinese market, driven by a large young population, economic growth, and urbanization [7][8] - The company faces challenges in local operations, including reliance on imported raw materials, high logistics costs due to weak infrastructure, and an underdeveloped distribution network [8] - To address high operational costs in Africa, the company focuses on building localized capabilities across supply chain, distribution, and talent [8]

Core Viewpoint - LeShuShi (02698) experienced a decline of over 4% on its second day of trading after an initial surge, indicating volatility in its stock performance post-IPO [1] Company Overview - LeShuShi is a multinational hygiene products company focused on rapidly developing emerging markets in Africa, Latin America, and Central Asia, specializing in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [1] - The company achieved a market share of 20.3% in the African baby diaper market and 15.6% in the sanitary napkin market, ranking first in both categories based on 2024 sales [1] - In terms of revenue for 2024, LeShuShi ranks second in the African baby diaper market with a market share of 17.2% and second in the sanitary napkin market with a market share of 11.9% [1] Industry Insights - The emerging markets present significant growth opportunities, and the company holds a leading position within the industry [1] - LeShuShi has established a mature and stable sales network, which is expected to facilitate the replication of its success in other markets [1] - The company benefits from localized factories and a global supply chain system that supports its ongoing healthy operations [1]

Group 1 - The core viewpoint of the article highlights the initial performance of LeShuShi (02698) after its listing, with a significant drop of over 4% on the second day despite a peak increase of 40.46% on the first day, closing at a 25.95% gain [1] - LeShuShi is a multinational hygiene products company focusing 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] - According to Frost & Sullivan, LeShuShi ranks first in the African market for baby diapers and sanitary napkins with market shares of 20.3% and 15.6% respectively, and ranks second in terms of revenue with market shares of 17.2% and 11.9% in the same categories [1] Group 2 - Guo Zheng International previously commented that emerging markets have significant development potential, and the company holds a leading position in the industry [2] - The company has established a mature and stable sales network, which is expected to replicate its success in other markets [2] - Local factories and a global supply chain system support the company's ongoing healthy operations [2]

Core Viewpoint - LeShuShi Limited (02698.HK) was listed on the Hong Kong Stock Exchange, opening at HKD 34.98 and closing at HKD 33, marking a 25.95% increase from the final offer price of HKD 26.20 [1] Fundraising and Use of Proceeds - LeShuShi issued a total of 90,884,000 shares, with 9,088,400 shares for public offering in Hong Kong and 81,795,600 shares for international offering [1] - The total amount raised was HKD 2,381.16 million, with a net amount of HKD 2,228.72 million after deducting estimated listing expenses of HKD 152.44 million [1] - The funds will be used to expand overall production capacity, upgrade production lines, and conduct marketing activities in Africa, Latin America, and Central Asia from 2026 to 2029 [2] - Additional uses include strategic acquisitions in the hygiene products sector, upgrading the CRM system, and hiring management consulting firms for market analysis and strategy execution from 2026 to 2029 [2] Key Investors - The cornerstone investors include Out, BA HM, Arc Avenue, Arcane Nexus, Beijing Shunao, CDH Emerging Markets, HCEP Funds, NewTrails Capital, Southern Fund, and others [2] Financial Performance - LeShuShi's revenue for the years 2022, 2023, 2024, and the first four months of 2025 were USD 320 million, USD 411 million, USD 454 million, and USD 161 million respectively, with corresponding profits of USD 18.39 million, USD 64.68 million, USD 95.11 million, and USD 31.10 million [3] - The net cash generated from operating activities for the same periods were USD 13.57 million, USD 95.98 million, USD 110 million, and USD 32.33 million respectively [4]

Core Viewpoint - LeShuShi, known as the "King of Diapers in Africa," successfully listed on the Hong Kong Stock Exchange, highlighting its strong market position in the African baby diaper and sanitary napkin markets with significant market shares [1][4]. Company Overview - LeShuShi is controlled by a Chinese couple, Shen Yanchang and Yang Yanjuan, who have extensive experience in the African market, having established a presence in various African countries since 2000 [4][9]. - The company has a strong local production capability with 51 production lines across eight African countries, allowing it to meet local demand effectively [5][6]. Market Position - As of 2024, LeShuShi holds the largest market share in Africa's baby diaper market at 20.3% and in the sanitary napkin market at 15.6% [7][8]. - The company benefits from a growing demand for hygiene products in Africa, driven by a high birth rate and low penetration of such products compared to more developed markets [5][6]. Financial Performance - LeShuShi's revenue has shown consistent growth, with figures of $320 million in 2022, $411 million in 2023, and projected revenues of $454 million in 2024 [6][8]. - The company’s net profit has also increased, reaching approximately $9.6 million in 2024, with baby diapers contributing over 70% of total revenue [6][8]. IPO Details - The IPO involved the global issuance of 90.884 million shares at a maximum price of HKD 26.20 per share, raising approximately HKD 2.382 billion [1][13]. - On its first trading day, the stock price surged by 25.95%, closing at HKD 33.00 per share [1][2]. Investor Interest - LeShuShi attracted significant interest from institutional investors, with a subscription rate of 1813.77 times for the public offering and 34.33 times for the international offering [13]. - The company secured 15 cornerstone investors, raising approximately $139 million (around HKD 1.08 billion) during the IPO [13]. Future Plans - Post-IPO, LeShuShi aims to replicate its successful African model in other emerging markets with similar demographic and consumption characteristics, including Latin America [14].

Core Viewpoint - LeShuShi, known as the "King of Diapers in Africa," successfully listed on the Hong Kong Stock Exchange, highlighting its strong market position in the African baby diaper and sanitary napkin markets with significant market shares [1][2]. Group 1: Company Overview - LeShuShi is headquartered in the Dubai Airport Free Trade Zone and was founded by a Chinese couple, Shen Yanchang and Yang Yanjuan, who have extensive experience in the African market [5][9]. - The company has established a strong local presence in Africa, with 51 production lines across eight countries, enabling it to meet local demand effectively [6][9]. Group 2: Market Position and Performance - As of 2024, LeShuShi holds the largest market share in Africa's baby diaper market at 20.3% and in the sanitary napkin market at 15.6% [1][7]. - The company reported revenues of $320 million, $411 million, and $454 million for the years 2022, 2023, and 2024 respectively, with a significant portion of revenue coming from baby diapers [7][8]. Group 3: IPO Details - LeShuShi's IPO involved the global offering of 90.884 million shares at a maximum price of HKD 26.20 per share, raising approximately HKD 23.82 billion [1]. - The stock opened at HKD 33, reflecting a 25.95% increase on the first day of trading, although it later experienced a decline [2][3]. Group 4: Future Growth Strategy - The company plans to replicate its successful "African model" in other emerging markets with similar demographic and consumption characteristics, such as Latin America [15]. - LeShuShi has attracted significant interest from institutional investors, indicating confidence in its growth potential in the fast-moving consumer goods sector in Africa [11][14].

Core Viewpoint - The article highlights the successful IPO of Leshu Shi, a company known as the "King of Diapers in Africa," which has rapidly expanded its market presence in Africa by leveraging a unique business model that combines local manufacturing with global supply chains [6][33]. Group 1: Company Background and Growth - Leshu Shi was spun off from the Guangzhou-based Sen Da Group and has achieved an annual revenue of 3.2 billion RMB, focusing on traditional hygiene products like diapers [8]. - The founders, Shen Yanchang and Yang Yanjuan, initially engaged in trade before identifying significant market opportunities in Africa, particularly in the hygiene product sector [10][12]. - The company was established in 2009, targeting the African market with affordable hygiene products, capitalizing on the low penetration rates of such products in the region [18][20]. Group 2: Market Strategy and Expansion - Leshu Shi transitioned from a "Made in China" model to "Made in Africa" by establishing local production facilities, which significantly reduced costs and improved market responsiveness [22][24]. - The company has built a comprehensive distribution network across 12 countries, reaching over 80% of the core market population, and has become the market leader in both baby diapers and sanitary pads in Africa [25][26]. - By 2024, Leshu Shi's annual revenue reached approximately 454 million USD (around 3.2 billion RMB), with a gross margin of 35.2%, despite offering products at prices 30% lower than competitors [24][26]. Group 3: Competitive Landscape and Future Plans - The African market is becoming increasingly competitive, prompting Leshu Shi to separate from Sen Da Group and pursue an independent IPO to strengthen its market position [29][31]. - The company plans to raise over 2 billion HKD through its IPO to fund capacity expansion, supply chain upgrades, and brand enhancement [31][32]. - With the African population projected to grow significantly, the demand for hygiene products is expected to rise, presenting further growth opportunities for Leshu Shi [30].

Summary of Key Points from Conference Call Records Industry Overview Consumer Sector - The consumer sector has shown a strong rebound after a previous correction, primarily due to a low base effect [2][20] - Companies like Jinjiang, Shou Tour, and others have been recommended as key investment targets [2] Duty-Free Industry - China Duty Free Group (CDFG) has reached a two-year high in stock price, benefiting from favorable policies and a low base effect, with customs data showing a year-on-year growth of 20%-30% in early November [1][4] - The expected valuation for CDFG in 2026 is around 4.8 billion, indicating potential for further growth despite high valuations [4] Hotel Sector - The hotel sector is experiencing a slowdown in supply expansion while demand is increasing, with expectations of a year-on-year positive change by 2026 [5] - Jinjiang and Shou Tour have shown improved performance, with Jinjiang's decline narrowing to just over 2% in Q3 [5] New Consumption in Hong Kong - Companies like Pop Mart and Lao Pu Gold are highlighted as having relatively low valuations, making them attractive investment opportunities [6] - Despite potential deviations in expected growth for 2026, the new consumption sector in Hong Kong remains under 20 times valuation, suggesting room for growth [6] Restaurant and Tea Beverage Sector - The restaurant sector is currently facing low expectations and stock prices, but October saw improvements in same-store sales [7] - The tea beverage sector has shown resilience, with leading companies achieving single to double-digit growth, making them worthy of attention [8] Key Company Insights Recommended Companies - **Gu Ming**: Achieved over 20% same-store GMV growth in Q3, plans to open over 3,000 new stores next year [3][8] - **Mi Xue Ice City**: Rapid growth in domestic and credit card stores, with plans to open around 4,000 new stores next year [3][8] - **Xiao Tai Yang**: Plans to open 2,000 new stores next year, focusing on cost optimization for profit growth [3][8] - **Guo Quan**: Exceeded same-store growth expectations in Q3, with plans to open at least 2,000 new stores next year [3][8] Healthcare and Hygiene Products - Recommended companies in the hygiene sector include Lu Shushi and Stable Medical, both of which have strong market positions and reasonable valuations [9] - Stable Medical is expected to achieve around 1.05 billion in revenue this year, with a projected 20% growth next year [12] Beauty and Personal Care - Recommended companies include La Fang Jia Hua and Juzi Biological, focusing on collagen-related products [13][14] - La Fang Jia Hua is expected to achieve over 1.2 billion in revenue this year, with a growth rate exceeding 30% [14] Additional Insights - The overall sentiment in the consumer sector is currently low, but many companies still have upward valuation potential [19][20] - The duty-free and hotel sectors are showing signs of recovery, with potential for further growth driven by favorable policies and improved consumer sentiment [1][5][4]

Core Viewpoint - LeShuShi Limited, known as the "King of Diapers in Africa," officially listed on the Hong Kong Stock Exchange on November 10, 2023, with a first-day stock price increase of 25.95% [1]. Group 1: Company Overview - Established in 2009, LeShuShi is a multinational hygiene products company focused on the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [1]. - The company began local production in Ghana in 2018 and has since expanded its sales network to over 30 countries in Africa, Latin America, and Central Asia [1]. Group 2: Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper and sanitary napkin markets by volume, with market shares of 20.3% and 15.6%, respectively, and ranks second by revenue with shares of 17.2% and 11.9% [2]. - The company operates multiple brands, with Softcare positioned as a mid-to-high-end brand targeting consumers seeking quality products [2]. Group 3: Financial Performance - Revenue from baby diapers during the reporting period was $251 million, $324 million, $342 million, and $116 million, accounting for 78.4%, 78.7%, 75.3%, and 71.8% of total revenue, respectively [3]. - The company reported total revenues of $320 million, $411 million, $454 million, and $161 million during the reporting period, with net profits of $18.4 million, $64.7 million, $95.1 million, and $31.1 million [5]. Group 4: Regional Sales and Growth - Approximately 90% of LeShuShi's revenue comes from the African market, with West Africa and East Africa contributing significantly to sales [4]. - The company has seen a revenue increase due to rising demand for hygiene products in emerging markets, driven by a large population base and high birth rates [5]. Group 5: Cost Structure and Profitability - The gross profit margins for the reporting periods were 23.0%, 34.9%, 35.2%, and 33.6%, while net profit margins were 5.7%, 15.7%, 20.9%, and 19.3% [6]. - The increase in gross margin is attributed to a decline in raw material prices, which also helped reduce foreign exchange losses [6]. Group 6: Operational Efficiency - The company has eight production facilities across Africa, with a total designed capacity of 6.301 billion baby diapers annually [13]. - The capacity utilization rates for baby diapers were 78.3%, 81.5%, 77.9%, and 67.2% during the reporting periods, indicating room for improvement in production efficiency [13]. Group 7: Shareholder Returns and Governance - The controlling shareholders, Shen Yanchang and Yang Yanjuan, received dividends totaling $3.24 million (approximately 16.6 million yuan) prior to the IPO [12]. - Concerns have been raised regarding the high ownership percentage of the controlling shareholders, which may lead to governance issues and potential conflicts of interest in dividend decisions [11].