作为一家专注于非洲、拉美及中亚等新兴市场的卫生用品龙头企业，乐舒适凭借本土化策略和低价优势 迅速崛起，同时业绩增速放缓、核心业务收入占比下滑、研发投入不足等问题也引发市场对品牌出海压 力的关注。 非洲纸尿裤领军企业乐舒适冲刺IPO 乐舒适有限公司（以下简称乐舒适）日前更新招股书，宣布再次冲击港股IPO，此前1月份首次递表时 由于六个月内未通过聆讯招股书于7月底失效。 今年上半年舒宝国际、焦点国际、乐舒适等纸尿裤企业先后向资本市场发起冲击，从中可以看到在国内 纸尿裤生意进入红海竞争的时期，一些品牌通过专注国外市场实现了弯道超车。 说起乐舒适大多数国内消费者可能并不熟悉，这个品牌是由森大集团的快消品业务板块分拆而来。2009 年乐舒适作为沈延昌、杨艳娟夫妇创办的森大集团内部业务分部开展业务，彼时主要通过广州森大开展 销售快消卫生用品的业务，而森大集团早期以向非洲、南美等新兴市场出口建材、日用品等起家。 2009年森大集团在加纳推出Softcare婴儿纸尿裤，随后将品类陆续延伸至卫生巾、婴儿拉拉裤及湿巾。 转折来自于2018年，乐舒适开始在非洲建设生产设施开启自有品牌生产之路，逐渐构建起集开发、制造 及销售为一体的 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has received IPO applications from companies including Jinyan High-tech and Haiqing Zhiyuan for listings in Hong Kong [1][2] - Jinyan High-tech specializes in coal-based kaolin, integrating mining, R&D, processing, production, and sales, and is a major producer of calcined kaolin products in China [1] - Jinyan High-tech's products include materials for precision casting and refractory applications, supported by rich and high-quality coal-based kaolin resources [1] Group 2 - Haiqing Zhiyuan is a leading Chinese company in multispectral AI technology, offering products that detect both visible and invisible physical information [2] - The company's solutions enhance perception and security monitoring for clients in various sectors, including software and IT services, telecommunications, and IoT [2] - LeShuShi focuses on emerging markets in Africa, Latin America, and Central Asia, developing and selling hygiene products such as baby diapers and sanitary napkins [2] - Manycore Tech Inc. is a leading provider of cloud-native spatial design software, utilizing AI technology and GPU clusters for immersive design experiences [2]

Core Viewpoint - The article emphasizes the untapped potential of the African market for baby diapers and sanitary products, highlighting the significant growth opportunities amidst intense competition in other regions like China and Europe [1][6]. Group 1: Market Potential - Africa is the youngest continent with a median age of only 20 years and the highest birth rate globally [2]. - The penetration rates for baby diapers and sanitary pads in Africa are approximately 20% and 30%, respectively, which are only one-third of those in developed markets [4]. - The market for baby diapers, pull-ups, and sanitary pads in Africa is projected to reach $5.6 billion by 2029, representing a 47% increase from five years ago [6]. Group 2: Company Overview - Leshushit Limited, a Chinese company, is rapidly capitalizing on this market potential and has filed for listing on the Hong Kong Stock Exchange [7]. - In 2024, Leshushit is expected to generate approximately $450 million in revenue, with over 40 billion baby diapers contributing to three-quarters of its revenue [8]. - Leshushit has achieved a market share of 20.3% in the African baby diaper market, surpassing established multinational companies like Procter & Gamble [9][32]. Group 3: Competitive Advantages - Leshushit has established a strong local presence, operating in over 30 countries with more than 14 years of experience in key markets [15]. - The company has built a complex distribution network to reach consumers effectively, which serves as a competitive barrier against new entrants [18]. - Leshushit has initiated local manufacturing in eight African countries, becoming the largest local manufacturer of hygiene products in the region [23]. Group 4: Growth Strategy and Challenges - The company plans to invest over $1.8 billion in expanding production capacity across 12 countries, including new factory construction and equipment procurement [24]. - However, Leshushit is experiencing a slowdown in growth, with revenue and net profit growth rates projected at 10.5% and 46.2% for 2024, down from 28.4% and 261% in 2023 [26]. - The company has adopted a low-price strategy, pricing its products at 40%-75% of international brands, which has contributed to its market share growth [29]. Group 5: Cost and Currency Risks - The cost of raw materials, which account for over 80% of total costs, is critical for maintaining the company's pricing strategy [34]. - Leshushit has not hedged against raw material costs, and a 5% increase in these costs could lead to a pre-tax profit decline of $12.6 million [38]. - The company has faced currency exchange losses amounting to $18.3 million from 2022 to 2024, representing 10% of its total net profit during that period [44].

Core Insights - The African market presents significant growth opportunities for baby diapers and sanitary products, with low penetration rates compared to developed markets [2][3] - LeShuShi Ltd, a Chinese company, is rapidly expanding its presence in Africa, achieving substantial sales and market share [3][4] Industry Overview - Africa has the youngest population globally, with a median age of 20 years and the highest birth rate [1] - The penetration rates for baby diapers and sanitary pads in Africa are approximately 20% and 30%, respectively, significantly lower than in developed markets [2] - The market for baby diapers, pull-ups, and sanitary pads in Africa is projected to reach $5.6 billion by 2029, a 47% increase from five years ago [2] Company Profile - LeShuShi Ltd, spun off from SenDa Group, is one of the earliest Chinese companies to enter the African market [5] - The company generated approximately $450 million in revenue in 2024, with over 40 billion diapers contributing to three-quarters of its revenue [3][4] - LeShuShi holds a 20.3% market share in the African baby diaper market, surpassing Procter & Gamble [3][15] Competitive Advantages - LeShuShi has established a strong distribution network across over 30 countries, with 18 sales branches and more than 2,800 customers [10] - The company has localized manufacturing capabilities, operating production facilities in eight African countries, which helps reduce supply chain costs [11] - The company’s pricing strategy, offering products at 40%-75% lower prices than international brands, has contributed to its market share growth [15] Growth Strategy - LeShuShi plans to invest over $1.8 billion in expanding production capacity across 12 countries, including new factory construction and equipment upgrades [12] - The company aims to penetrate underrepresented markets in Central Africa and rural areas, leveraging its existing strengths in East and West Africa [17] Financial Performance - In 2024, LeShuShi's revenue and net profit growth rates are expected to slow to 10.5% and 46.2%, respectively, compared to much higher rates in 2023 [14] - The company has seen a significant increase in gross margin, rising from 22.2% to 35.2% over two years, driven by declining raw material costs [15] Market Challenges - The company faces potential cost pressures as raw material prices are projected to rise by 5%-7% over the next five years [16] - Currency exchange risks are a concern, as the company’s procurement is primarily in USD and RMB, while sales are in local currencies [17]

Core Viewpoint - Leshu Comfort Limited is seeking to go public on the Hong Kong Stock Exchange, focusing on emerging markets in Africa, Latin America, and Central Asia, with a strong market presence in Africa's hygiene products sector [1][4]. Financial Performance - The company has shown robust growth, with revenues of approximately $320 million, $411 million, and $454 million for the years 2022, 2023, and 2024, respectively, and net profits of $18.39 million, $64.68 million, and $95.11 million during the same periods [1][2]. - In the first four months of 2025, the company achieved revenues of $161 million, a year-on-year increase of 15%, and net profits of $31.10 million, up 12.45% year-on-year [2]. Product Portfolio - Leshu Comfort's main products include baby diapers, sanitary napkins, baby pull-ups, and wet wipes, with baby diapers contributing over 70% of total revenue [2][3]. - The company operates multiple sub-brands, with Softcare being the core brand, which has maintained a significant market presence in Kenya [2][3]. Market Position and Strategy - Leshu Comfort holds the leading market share in Africa for baby diapers and sanitary napkins, with respective market shares of 20.3% and 15.6% as of 2024 [6]. - The company has established a comprehensive sales network across 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [3][6]. Market Potential - The African hygiene products market is expected to experience significant growth, driven by a demographic dividend and rapid urbanization, with a projected GDP growth rate of 3.2% in 2024 and 4.1% in 2025 [4][5]. - The market penetration rates for baby diapers and sanitary napkins in Africa are currently low, at around 20% and 30%, respectively, indicating substantial growth potential [5][6]. Future Outlook - Leshu Comfort plans to use IPO proceeds to expand production capacity in several African and Latin American countries, aiming to enhance its manufacturing capabilities for ultra-thin baby diapers and sanitary napkins [6][7]. - The company is positioned to capitalize on the growing demand in emerging markets, with expectations of continued revenue growth as urbanization and consumer purchasing power increase [7].

Core Viewpoint - Leshu Shi Limited, a company specializing in hygiene products, has submitted its IPO application to the Hong Kong Stock Exchange, highlighting its significant revenue from the African market, where it has become a household name despite being relatively unknown in China [4][12]. Company Background - Leshu Shi was founded by a couple, Shen Yanchang and Yang Yanjuan, who have a history of engaging with the African market through their previous company, Sen Da Group, which focused on international trade and manufacturing [4][6][10]. - The company began its operations in 2009 as a division of Sen Da Group, initially selling baby diapers in West Africa and has since expanded its product offerings [8][10]. Financial Performance - Leshu Shi reported revenues exceeding 3 billion yuan (approximately 450 million USD) in 2024, with baby diapers accounting for 75.3% of its total revenue [12][14]. - The company has experienced rapid growth, with a compound annual growth rate of 17.3% for baby diapers and 30.6% for sanitary napkins since 2022 [14]. Market Position - Leshu Shi holds a leading market share in Africa, with 20.3% in the baby diaper segment and 15.6% in the sanitary napkin segment, positioning it as a dominant player in the local market [14]. - The company has established a strong local presence with eight production facilities and 51 production lines across Africa, enabling it to maintain competitive pricing [14]. Strategic Approach - The company employs a low-cost strategy to cater to local consumers, with an average price of 8.29 cents (approximately 0.59 yuan) per baby diaper in 2024, making its products accessible to a broader audience [14]. - Leshu Shi's success is attributed to its localized production model, which helps reduce costs and meet the specific needs of the African market [14][19]. Industry Context - The article highlights a broader trend of Chinese companies successfully entering international markets, particularly in Africa, where demand for affordable consumer goods is growing [16][19]. - The competitive landscape is evolving, with a shift from merely offering lower prices to focusing on product innovation and meeting local consumer needs [19].

Company Overview - Leshu Shih Co., Ltd. (referred to as "Leshu Shih") has refiled for an IPO on the Hong Kong Stock Exchange, with sponsorship from CICC, CITIC Securities, and GF Securities (Hong Kong) [1] - The company, founded in 2009 and headquartered in Dubai, specializes in hygiene products for emerging markets, particularly in Africa, Latin America, and Central Asia [4][5] - Leshu Shih is recognized as the "King of Diapers in Africa," with annual sales exceeding 4.1 billion diapers and revenue surpassing 3.2 billion yuan [1][9] Market Position - Leshu Shih holds a 20.3% market share in the African diaper market and a 15.6% share in the sanitary napkin market, ranking first in terms of volume [6] - The company operates multiple brands, including Softcare, Veesper, Maya, Cuettie, and Clincleer, catering to different consumer segments [5] - The African market for baby and female hygiene products is projected to have significant growth potential, with a compound annual growth rate (CAGR) of 1.8% for newborns from 2020 to 2024 [4] Financial Performance - Leshu Shih's revenue for the years 2022 to 2024 was approximately 3.2 billion yuan, 2.9 billion yuan, and 3.2 billion yuan respectively, with a net profit of around 689 million yuan in 2024 [8][9] - The company's main revenue source is from diaper sales, accounting for over 70% of total income [10] - The average selling price of Leshu Shih's diapers is 8.29 cents per piece, significantly lower than international brands like Pampers and Huggies [11] Production Capacity - As of April 30, 2025, Leshu Shih has established eight production facilities across Africa, with a total designed capacity of 6.3 billion diapers, 352 million pull-ups, 2.8 billion sanitary napkins, and 9.3 billion wet wipes annually [6][12] - The company has seen a strong growth trend, with sales of diapers and pull-ups reaching 434 million pieces and sanitary napkins 179 million pieces in May 2025, reflecting year-on-year growth of 22.1% and 14.7% respectively [12] Ownership and Management - Leshu Shih was initially a division of the Sen Da Group, founded by Shen Yanchang and Yang Yanjuan in 2004, which has diversified into various sectors beyond hygiene products [12][13] - The founders currently hold 64.42% of Leshu Shih's shares and serve as non-executive directors, guiding the company's overall management and strategy [13]

Core Viewpoint - The leading hygiene product company, Leshushit, has refiled its IPO application with the Hong Kong Stock Exchange after its initial submission in January failed to pass the hearing within six months. The company aims to expand its production capacity in emerging markets, particularly in Africa, Latin America, and Central Asia [1][2]. Financial Performance - Leshushit reported revenues of approximately $320 million, $411 million, $454 million, and $161 million for the years 2022, 2023, 2024, and the four months ending April 30, 2025, respectively. The annual/profit figures for the same periods were $18.39 million, $64.68 million, $95.11 million, and $31.10 million [1]. - The company's gross margins during the reporting period were 23.0%, 34.9%, 35.2%, and 33.6% [4][5]. Market Position and Pricing - Leshushit positions its products in the mid-high, mid, and mass markets, with retail prices for baby diapers ranging from 9 cents to 20 cents per piece. In comparison, competitors' prices range from 7 cents to 28 cents [3][4]. - In the African sanitary napkin market, Leshushit's pricing is also lower, with a range of 4.5 cents to 8.5 cents per piece [4]. Challenges - The company faces challenges in profitability and product barriers, as indicated by its lower pricing strategy compared to competitors. The average selling price of baby diapers decreased by 0.01 cents year-on-year, and the gross margin for baby diapers dropped by 2.3 percentage points to 32.9% in the first four months of 2025 [5]. - Leshushit has reported that the cost of raw materials, which accounted for 84.4% to 88.2% of total sales costs during the reporting period, may impact its business performance due to expected price increases for key materials like fluff pulp and SAP [6]. Research and Development - The company's R&D expenditures have been increasing but remain relatively low, with amounts of $200,000, $300,000, $500,000, and $300,000 over the reporting period. The R&D team consists of only four employees [6].

Core Viewpoint - The article discusses the IPO process of Le Shushi Co., a Chinese manufacturer of diapers and sanitary products focused on the African market, highlighting its market leadership and growth potential in the region [2][11]. Company Overview - Le Shushi Co. has submitted its IPO application for the second time in 2023, updating its operational performance for 2024 and Q1 2025 [2]. - The company ranks first in the African baby diaper market with a market share of 20.3% and in the sanitary napkin market with a share of 15.6% for 2024 [2]. - Revenue projections for Le Shushi from 2022 to 2024 are $320 million, $411 million, and $454 million respectively, with net profits of $17 million, $63 million, and $96 million [2]. Market Position - Le Shushi is recognized as an "invisible champion" in the African consumer market, similar to Transsion Holdings, facing similar growth challenges [3]. - The company has established itself as a leader in several African countries, including Ghana, Kenya, Côte d'Ivoire, Senegal, Cameroon, and Tanzania [2]. Business Strategy - The founder, Shen Yanchang, initially entered the African market in the 1990s and transitioned from trading to direct sales and manufacturing [4][5]. - Le Shushi adopted a "trade and manufacturing integration" strategy, establishing local production facilities to reduce costs and improve supply chain efficiency [7]. - By 2025, the company plans to have eight production plants and 51 production lines in Africa, with an annual capacity of over 6.3 billion diapers and nearly 2.9 billion sanitary napkins [7]. Financial Performance - From 2022 to 2023, Le Shushi's revenue grew from $320 million to $411 million, a 28.6% increase, while net profit surged by 251.7% [9]. - However, revenue growth slowed to 10.46% in 2024, with net profit growth decreasing to 52.82% [9]. - The company has distributed dividends totaling $35.35 million in 2024, primarily benefiting the founders [10]. Future Plans - Le Shushi aims to use the funds raised from its IPO to expand production capacity and upgrade existing production lines [11]. - The company is also looking to enter new markets in Latin America and Central Asia through acquisitions and direct investments [11].

Core Viewpoint - Leshu Shih, a leading company focused on hygiene 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 - Leshu Shih primarily develops, manufactures, and sells baby and female hygiene products, including diapers, pull-ups, sanitary pads, 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]. Product and Market Positioning - Leshu Shih offers various hygiene products under different brands, with its core brand Softcare positioned as a mid-to-high-end brand targeting consumers seeking quality products [5]. - According to Frost & Sullivan, Leshu Shih ranks first in the African baby diaper market with a market share of 20.3% and first in the sanitary pad market with a share of 15.6% based on sales volume [5][8]. Financial Performance - The company has experienced rapid growth in sales and revenue, with baby diaper and sanitary pad sales projected to reach 4.123 billion and 1.634 billion units, respectively, in 2024, reflecting compound annual growth rates of 17.3% and 30.6% since 2022 [6]. - Revenue figures for the years 2022, 2023, 2024, and the first four months of 2025 are approximately $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 [6]. Market Potential - Emerging markets like Africa and Latin America show significant growth potential for hygiene products due to population growth, economic development, urbanization, and increasing education levels [8]. - The newborn population in Africa is expected to grow at a compound annual growth rate of 1.8% from 2020 to 2024, with a projected 48.2 million births in 2024, representing 36.5% of the global total [8]. Pricing Strategy - Leshu Shih 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 [11][12]. - The company’s pricing for sanitary pads also reflects a similar strategy, with prices between 4.5 and 8.5 cents per piece, positioning it competitively against other market players [14][15]. Profit Margins - The company operates on a "low-margin, high-volume" model, with gross margins of 23.0%, 34.9%, 35.2%, and 33.6% for the years 2022, 2023, 2024, and the first four months of 2025, respectively [11][16]. - Comparatively, major competitors like Procter & Gamble and Hengan International report significantly higher gross margins, indicating potential challenges in profitability for Leshu Shih [17][18].