Group 1 - Different Group plans to officially list on the Hong Kong Stock Exchange on September 23, 2025, with its subsidiary BeBeBus issuing 10,980,900 shares in the IPO [1] - The IPO will consist of 1,098,100 shares for public offering in Hong Kong and 9,882,800 shares for international offering [1] Group 2 - BeBeBus, founded in 2019, has become a well-known brand in the Chinese parenting products market [3] - In the first half of 2025, the company achieved revenue of 726 million yuan, representing a year-on-year growth of 24.7% [3] - Revenue from baby care products reached approximately 307 million yuan, accounting for 42.3% of total revenue, with sales of about 155 million baby diapers and 1.126 million packs of wet and soft towels [3] - The significant growth in baby care product revenue is attributed to an expanded product range, with the number of SKUs increasing from 142 in 2022 to 290 in the first half of 2025 [3]

聯席賬簿管理人及聯席牽頭經辦人 全球發售 聯席保薦人、整體協調人、聯席全球協調人、 股份代號 : 6090 （於開曼群島註冊成立的有限公司） 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 BUTONG GROUP 不同集團 （於開曼群島註冊成立的有限公司） 全球發售 全球發售項下的發售股份數目：10,980,900股發售股份（視乎超額配股權 行使與否而定） 香港發售股份數目：1,098,100股發售股份（可予重新分配） 國際發售股份數目：9,882,800股發售股份（可予重新分配及 視乎超額配股權行使與否而定） 最高發售價：每股發售股份71.20港元，另加1.0% 經紀佣金、0.00015%會財局交易徵費、 0.0027%證監會交易徵費及0.00565% 聯交所交易費（須於申請時以港元繳足， 多繳股款可予退還） 面值：每股發售股份0.0001美元 股份代號：6090 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Focus International, regarding compliance with offshore structure and reverse merger regulations [1][2] - Focus International submitted its listing application to the Hong Kong Stock Exchange on June 26, 2025, with Jianquan Financing Limited as the sole sponsor [1] - The CSRC has requested legal opinions on various compliance aspects, including foreign exchange registration, offshore investment, and tax obligations related to the acquisition of domestic operating entities [1][2] Group 2 - The domestic operating entities, Focus Health and Yuejian Nursing, have not fully paid their registered capital, raising questions about compliance and its impact on the company's operations and debt repayment capabilities [2] - The CSRC is seeking clarification on the pricing basis and compliance of past capital increases and share transfers for the domestic entities, as well as the legality of these transactions [2] - There was a change in control of Yuejian Nursing in May 2022 due to a transfer of shares by two shareholders, and the CSRC is investigating the reasons behind this transfer and any potential shareholding arrangements [2] Group 3 - Focus International primarily engages in the manufacturing and sales of absorbent hygiene products, which are categorized into three types: baby care products, female care products, and adult incontinence products [3] - The company employs a multi-brand strategy to offer a wide range of absorbent hygiene products in China, with brands such as "Cotton Hour," "Focus Baby," and "Baimule" for baby care, and "Weiyue" and "Blue Cotton Flower" for female care [3] - The company is required to disclose the scale of funds raised after the full exercise of the over-allotment option in its prospectus [3]

Company Overview - Reliable Co., Ltd. is located in Lin'an District, Hangzhou, Zhejiang Province, and was established on August 7, 2001. The company went public on June 17, 2021. Its main business involves the design, research and development, production, and sales of disposable hygiene products [1][2]. Financial Performance - For the first half of 2025, Reliable Co., Ltd. achieved operating revenue of 549 million yuan, representing a year-on-year growth of 5.39%. The net profit attributable to the parent company was 28.28 million yuan, reflecting a year-on-year increase of 21.81% [2]. - Cumulative cash dividends since the A-share listing amount to 57.82 million yuan, with 38.79 million yuan distributed over the past three years [3]. Stock Performance - As of August 28, the stock price of Reliable Co., Ltd. was 14.76 yuan per share, down 2.19% during the trading session. The total market capitalization is 4.01 billion yuan [1]. - Year-to-date, the stock price has increased by 38.97%, but it has decreased by 8.95% over the last five trading days. Over the last 20 days, the stock has risen by 6.96%, while it has fallen by 3.60% over the last 60 days [1]. Shareholder Information - As of June 30, the number of shareholders for Reliable Co., Ltd. was 20,000, an increase of 22.52% compared to the previous period. The average number of circulating shares per person is 7,535, which is a decrease of 18.38% from the previous period [2]. Business Segmentation - The company's main business revenue composition includes: adult incontinence products (52.30%), baby care products (38.05%), pet hygiene products (6.14%), and others (3.51%) [1]. - Reliable Co., Ltd. is classified under the Shenwan industry as beauty care - personal care products - daily paper [1]. The company is also associated with several concept sectors, including small-cap stocks, pet economy, medical devices, specialized and innovative enterprises, and multi-child concepts [1].

Group 1 - The core brand BeBeBus is a leader in China's mid-to-high-end durable baby products market, with projected revenue of 1.249 billion RMB in 2024 [1][2] - The company utilizes a dual-channel sales strategy through online platforms and offline distributors, with key products like baby strollers and car seats contributing nearly half of its revenue [1][2] - The company has experienced significant growth, with revenue increasing from 507 million RMB in 2022 to 1.249 billion RMB in 2024, and a stable gross margin of around 50% [4] Group 2 - The company faces multiple risks, including intensified industry competition, declining birth rates, and supply chain dependencies, with the top five brands holding only 18.9% market share [3] - A significant portion of revenue, 65.5% by 2025, is reliant on e-commerce platforms, making the company vulnerable to changes in partnership terms or platform traffic [3] - The company recorded a net profit of 27.22 million RMB in 2023, increasing to 58.52 million RMB in 2024, but has a net debt of 42.8 million RMB due to redeemable preferred shares [4] Group 3 - The company plans to use IPO proceeds to expand production capacity, enter overseas markets, and enhance brand promotion, but the effectiveness of these strategies remains to be seen [1][4] - The company has a growing customer repurchase rate, which increased from 20.1% in 2022 to 40.2% [2] - The company’s cash flow from operating activities was positive at 140 million RMB in 2024, but negative cash flow from investing activities indicates pressure from capacity expansion investments [4]

Core Viewpoint - Focus International Limited, a manufacturer of disposable hygiene products, has submitted a prospectus to the Hong Kong Stock Exchange for a listing on the main board, amidst a competitive market environment for similar companies [2] Company Overview - Focus International was established in 2014 and initially operated as an OEM for international brands in absorbent hygiene products, later developing its own brands [3] - The company’s product categories include baby care products, feminine care products, and adult incontinence products, while also engaging in hygiene product materials business [3][4] - The company plans to cease its adult incontinence product line by August 2024 to optimize resource allocation and focus on higher growth potential core business segments [3] Financial Performance - Focus International has shown significant growth in operating performance over the past three years, with revenues of 181.24 million RMB, 372.32 million RMB, and 447.05 million RMB for the years 2022, 2023, and 2024 respectively [5][6] - Gross profits for the same years were 35.12 million RMB, 87.59 million RMB, and 122.78 million RMB, indicating a rising gross margin trend of approximately 19.4%, 23.5%, and 27.5% [6] - Net profits also increased significantly, with net income and other comprehensive income of 12.27 million RMB, 39.47 million RMB, and 65.61 million RMB for the respective years [6] Market Position and Strategy - The company benefits from growing consumer demand and a multi-brand strategy that has led to rapid expansion in China [7] - Focus International maintains a processing business that serves both domestic and international markets, primarily in Southeast Asia [4][7] - Despite its growth, the company’s gross margin is lower compared to peers like Hengan International and Sofy International, which have gross margins exceeding 30% [7] Ownership Structure - The company is highly concentrated in ownership, with the founder Zhou Hang and his wife holding a combined 99% of the shares, which may raise governance concerns among institutional investors [8][10] - Zhou Hang, the founder and CEO, is notably young at 35 years old, having started the company at 24 [7][10]

Group 1 - The core viewpoint of the article is that Focus International has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to raise funds for expansion and operational improvements [1][6] - Focus International was established in 2014 and initially operated as a contract manufacturer of absorbent hygiene products, gradually expanding into its own brand market in China [1] - The company’s product categories include baby care, feminine care, and adult incontinence products, with notable brands such as "All Cotton Hour" and "Weiyue" [1] Group 2 - Revenue growth has been significant, with figures rising from 181 million yuan in 2022 to 372 million yuan in 2023, and projected to reach 447 million yuan in 2024 [1] - Net profit has also shown steady growth, increasing from 12.27 million yuan in 2022 to 65.61 million yuan in 2024, alongside an improving gross margin from 19.4% to 27.5% over the same period [1] - The brand product business has seen remarkable growth, with its revenue share increasing from approximately 7.4% in 2022 to 35.8% in 2024, while the contract manufacturing business accounts for 24.1% of revenue [4] Group 3 - The funds raised from the IPO will be allocated for land acquisition, new production facilities, equipment purchases, marketing activities, and enhancing IT infrastructure [6] - The company is primarily controlled by the Zhou couple, who collectively hold 99% of the shares, with Zhou Hang holding 59.4% and He Shanshan holding 39.6% [4]

Core Viewpoint - The wave of "her economy" is drawing attention to the absorbent hygiene products sector, with Focus International officially submitting its IPO application to the Hong Kong Stock Exchange on June 26, 2023 [1] Company Overview - Focus International, established in 2014, specializes in the manufacturing and sales of absorbent hygiene products, categorized into three types: baby care products, female care products, and adult incontinence products. The company also sells hygiene product materials [1] - The company employs a multi-brand strategy, primarily offering a diverse range of absorbent hygiene products in China, including brands like "Cotton Hour," "Focus Baby," and "Baimule" for baby care, and "Weiyue" and "Blue Cotton" for female care [1] Financial Performance - The company has experienced significant revenue growth, with total revenues projected to reach RMB 1.81 billion, RMB 3.72 billion, and RMB 4.47 billion for the fiscal years 2022 to 2024, respectively, reflecting a compound annual growth rate (CAGR) of 57.2% [2][3] - Net profits for the same period are expected to be approximately RMB 12.27 million, RMB 39.47 million, and RMB 65.61 million, indicating steady growth in both revenue and profit [2][3] - The gross profit margin has also improved, increasing from 19.4% in 2022 to 27.5% in 2024 [2] Business Segmentation - Focus International's operations are divided into three segments: OEM (Original Equipment Manufacturer) business, brand business, and hygiene product materials. The brand business has seen a significant increase, with revenues growing by 865% from RMB 13.47 million in 2022 to RMB 130 million in 2023, driven by digital marketing and increased penetration in e-commerce channels [3][4] - The revenue contribution from the brand business is expected to surpass that of hygiene product materials for the first time in 2024, marking a shift in the company's revenue structure [4] Market Trends - The overall market for disposable hygiene products in China is projected to grow from RMB 1,442 billion in 2020 to RMB 1,517 billion in 2024, with a CAGR of approximately 1.3% [7] - The female hygiene segment is expected to grow significantly, with sales projected to increase from RMB 613 billion in 2020 to RMB 867 billion in 2024, reflecting a CAGR of 9.1% [6][12] - Conversely, the baby care segment is facing a decline, with sales expected to drop from RMB 714 billion in 2020 to RMB 513 billion in 2024, indicating a CAGR of -7.9% [6][12] Production Capacity - Focus International operates eight production lines in Quanzhou, Fujian, with high utilization rates for baby care products (97.2% for baby pull-ups and 90.1% for diapers) [5] - However, the adult incontinence product line shows low utilization at only 15.8%, indicating potential inefficiencies in production capacity [9][11] Strategic Direction - The company's core strategic focus includes capacity restructuring, channel expansion into county-level maternal and infant stores, and brand upgrading, with plans to allocate 50% of IPO proceeds to brand building and 30% to expand production capacity [12][13] - The company aims to increase its female care business revenue to RMB 500 million within three years, while also addressing the underutilization of its adult product lines [12][13]

中国发展改革报社记者 | 季晓莉 近期，美国总统特朗普不顾国内外反对声音，一直在为他的贸易战政策大厦"添砖加瓦"。4月20日，他 在社交媒体上列举了8项所谓的"非关税作弊"手段，并直接点名欧盟和日本对美国设置了非关税壁垒。 他对积极前来谈判的日本提出了一系列条件，比如将美对日贸易逆差缩减为零，日本要按美国的要求大 规模采购美国商品，而美国对日本加征的关税已涉及钢铁和汽车等重点行业。日本首相石破茂则表示不 打算退让太多。 越来越多的国家不想对美迅速妥协。当地时间4月22日，泰国总理佩通坦表示，泰国将推迟原计划于4月 23日与美国的关税谈判。同一天，越南总理范明政强调与美谈判应确保与越南现在的国际承诺保持一 致，防止"对其他市场产生负面影响"。 美国股债汇"三杀"资金纷纷避险 中国3月已经停止进口美国液化天然气，此前两个月从美国的进口量已大幅下降，第一季度降幅达到 70%。由于中国对所有美国商品加征125%的关税，中国已经转向从印度尼西亚和卡塔尔进口液化天然 气。 据路透社报道，第二架原计划应交付给一家中国航空公司的波音飞机4月21日返回美国。航班追踪网站 AirNav Radar的数据显示，这架737MAX8飞 ...