刺猬公社 . 互联网内容行业观察与研究 以下文章来源于刺猬公社 ，作者刺猬公社编辑部 来源丨 刺猬公社（ID：ciweigongshe） 作者丨白棉 编辑丨陈梅希 图源丨 Softcare官网 走入肯尼亚一家日化商店，来到日常卫生用品区，一般都能在卫生巾的货架上发现很多熟悉的欧美全球品牌，比如宝洁的护舒宝产品。与此同时，旁边大概率陈列有一些印 有"Softcare"的卫生巾。 对中国用户来说，它的名字过于陌生了。这是肯尼亚目前卖的最好的卫生巾，源头却是一个中国品牌。 "乐舒适（Softcare）"已成为非洲大陆不容忽视的消费品巨头，是如今非洲第一大卫生用品品牌，主营产品有婴儿纸尿裤、卫生巾等卫生用品，专注非洲、拉美、中亚等快速发展的新兴 市场。只做出口，是国内用户对它感到陌生的原因。 但潜力巨大的非洲市场，已经足以将乐舒适抬到IPO的档口。招股书数据显示，在2024年非洲婴儿纸尿裤和卫生巾的销量中，乐舒适的排名均列市场第一，占比分别为20.3%和 15.6%。其中婴儿纸尿裤卖出去超41亿片，卫生巾销量超16亿片。 图源乐舒适招股 书 乐舒适的财务数字也引人注目。2022年至2024年，乐舒适的总收入由约3.2 ...

斑马消费 范建 可靠股份究竟可不可靠？ 近一年多来，"前老板娘"在多次董事会上，密集投出反对票，历数公司存在内部治理、经营投资管理、人事安排等诸多方面存在严重问题。 这些问题真实存在，还是金利伟和鲍佳这对创业夫妻离婚后，留下的后遗症？ 对于鲍佳提出的问题，可靠股份也通过公告做出了说明，并表示已就其指出的关联交易事项，向监管机构作出了汇报。 对于上市公司关联交易的问题，作为持股29.13%的股东，鲍佳已分别于今年5月和6月，致函董事会和监事会，要求召开临时股东大会，审议相关关联交易 议案，但均被否决。其后，她多次致函董事会，要求自行召集股东大会，但始终未能成行。 鲍佳还指出：董事长兼总经理金利伟投资决策随意，主导投资一家亏损企业，且无回购条款。该公司2024年亏损3439万元，今年上半年继续亏损1057万元。 金利伟不顾反对，强行主导的代售杜迪品牌婴儿纸尿裤产品业务，2024年严重亏损1407万元，今年上半年继续亏损310.16万元。 内斗愈演愈烈 最近一年多来，"老年护理第一股"可靠股份（301009.SZ）召开的董事会，一直充满着浓烈的火药味。公司第二大股东、前老板娘、前总经理鲍佳，频频对 董事会的多项重要 ...

在采购领域，公司以销定产，建立了完善的采购管理制度，根据销售计划、生产计划等下单采购；同 时，公司投资参股核心原材料的上游企业，形成稳固的产业链，以打造总成本领先优势。在生产领域， 公司在智能制造方面加大投入，实现工厂数字化、信息化、智能化。在公司自有品牌的销售上，公司实 现了线上线下（300959）全渠道覆盖，线上公司在天猫、京东、拼多多等电商平台上开设官方旗舰店或 专营店，同时积极拓展直播带货、社区团购、抖音、快手以及其他垂直平台等新兴渠道；线下在传统经 销商、直营KA之外，大力拓展长护险和养老机构、医院周边店等新渠道。 公司表示，以"做世界级健康护理行业领导者"为企业愿景，自2001年成立之初，公司通过与全球头部品 牌合作，从婴儿纸尿裤、成人纸尿裤的ODM业务起步，锻造了高效、高质的失禁护理产品研发、制造 能力。通过对国内外人口结构、经济发展、用户习惯、品牌竞争等发展趋势的充分研判，结合日本成人 纸尿裤成熟市场与国内渗透率几乎为零的状况进行对标分析，2008年公司正式进行战略转型，确立了打 造成人失禁护理产品自主品牌的战略定位。 公司指出，采取"研、产、供、销"一体化的经营模式，覆盖从产品研发设计、原材 ...

[Table_IndNameRptType] 轻工纺服 行业周报 长护险推动养老服务多元化，带动产业发展 行业[Table_IndRank] 评级：增 持 报告日期： 2025-08-24 [行业指数与沪深 Table_Chart] 300 走势比较 -15% -10% -5% 0% 5% 10% 15% 20% 轻工制造（申万） 纺织服饰（申万） 沪深300 [分析师：徐 Table_Author] 偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_Report] 相关报告 《行业周报：AI 赋能 Keep,引领健身 智能化变革_20250817》 主要观点： ⚫[Table_Summary] 周专题：长护险推动养老服务多元化，带动产业发展 日本推行介护保险，应对老龄少子养老困境。日本于 1997 年正式通 过《介护保险法》，并在 2000 年 4 月将长期护理保险列入社会保险 体系，实行强制性全民护理保险制度，即 "介护保险"。这一制度 的推出并非偶然，彼时 ...

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]

招股书显示，乐舒适是一家专注于非洲、拉美、中亚等地快速发展新兴市场(1)的跨国卫生用品公司， 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。于往绩 记录期间，公司的大部分收入来自向非洲客户的销售。 智通财经APP获悉，8月22日，中国证监会发布境内企业境外发行证券和上市备案情况表(首次公开发行 及全流通)(截至2025年8月22日)。本周(8月18日-22日)，新增金岩高新、海清智元等公司拟香港IPO获中 国证监会接收材料。与此同时，新增乐舒适、群核科技(Manycore Tech Inc.)两家公司拟香港IPO，在中 国证监会上市备案状态为"补充材料"。 招股书显示，金岩高新在中国专营煤系高岭土，拥有横跨从采矿、研发、加工到生产、销售的全价值链 的整合能力。作为中国煅烧高岭土产品的主要生产商，公司的业务以丰富且优质的煤系高岭土矿产资源 为依托。公司的产品主要包括精铸用莫来石材料和耐火用莫来石材料，这些产品是精铸型壳和耐火材料 的重要材料。公司也销售生焦生粉，客户可进一步加工。 海清智元是一家中国领先的多光谱AI技术企业。依托在多光谱感知与AI算法领域的自研技术，该公司 ...

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].

非洲婴儿纸尿裤/拉拉裤的渗透率仅约20%，卫生巾渗透率仅约30%，只有欧美等发达市场的三分之一。 强劲的经济增速，城镇化带来的消费升级，为行业注入了高成长的预期。 这里是全球最年轻的大陆，人口年龄中位数仅20岁，并拥有全球最高的人口出生率。 巨大的人口红利之上，是极具潜力的市场空白。 在中国与欧美的纸尿裤生意陷入红海竞争的当下，非洲仍然是亟待挖掘的一座富矿。 到2029年，非洲婴儿纸尿裤、拉拉裤、卫生巾市场规模将达到56亿美元，较比五年前增长47%。 这座富矿正被一家来自中国的企业加速开掘。 它就是已经交表港交所的乐舒适有限公司（以下简称：乐舒适），而中金公司、中信证券、广发证券 （香港）为此次联席保荐人。 2024年，乐舒适收入约4.5亿美元（约合人民币32亿元），超40亿片婴儿纸尿裤为其贡献了四分之三的 营收。 这一销售成绩甚至超过了老牌跨国企业宝洁，以20.3%的销量占有率在非洲市场排名第一。 这意味着，非洲每售出的5片婴儿纸尿裤就有1片来自乐舒适。 站稳非洲 乐舒适由森大集团的快消品业务板块分拆而来。 作为最早进入非洲市场的中资企业之一，森大集团业务涵盖海外工业制造、国际贸易与实业投资，已成 为非洲市 ...

Summary of Baia Co., Ltd. Conference Call Company Overview - Baia Co., Ltd. primarily generates revenue from sanitary napkin business, accounting for approximately 90% of total revenue, with the remainder from ODM manufacturing and diaper products [2][3] Key Points and Arguments - **Revenue Growth**: In 2024, Baia achieved a revenue growth of 52% year-on-year, with profits increasing by 21% [3] - **E-commerce Expansion**: The company has significantly increased its e-commerce revenue share from about 14% in 2021 to 47% in 2024, driven by platforms like Douyin [2][3] - **Market Expansion**: Baia is expanding its market presence from its base in Chongqing to regions such as Yunnan, Guizhou, Shaanxi, and further into Hunan, Hubei, Hebei, Shandong, and Jiangsu [3] - **High Management and Employee Ownership**: The CEO holds over 40% of shares, and employee stock ownership exceeds 8%, indicating strong cohesion and motivation within the company [5] - **Industry Growth**: The female hygiene products industry is experiencing low single-digit growth, primarily driven by product price increases, with the market size estimated between 800 billion to 1,000 billion [6] - **Competitive Landscape**: The industry is dominated by three major brands: Sofy, Seven Degrees Space, and Whisper, while Baia is positioned to capture market share through innovative products and marketing strategies [6] Additional Important Insights - **Product Development**: Baia invests heavily in R&D, maintaining a high R&D expense ratio to solidify its product advantages, particularly in high-end product lines like the probiotic series [4][11] - **Channel Strategy**: The company is diversifying its sales channels, focusing on both online and offline markets. Offline sales still account for about 70% of total sales, highlighting the importance of physical retail [7][13] - **Brand Awareness**: There is a need for increased brand promotion in the adult incontinence products market, which is seen as a significant growth opportunity due to an aging population [9] - **Response to Low-Price Competition**: Baia is addressing the challenge of low-priced products in the market by enhancing its product matrix and focusing on high-quality offerings [10] - **Sales Expense Management**: The company has effectively managed its sales expense ratio, which decreased from around 32% to 18-19% between 2016 and 2021, before rising again due to e-commerce growth [15] - **Future Outlook**: The company is expected to maintain rapid revenue growth over the next two to three years, with profit performance likely to exceed revenue growth, improving its valuation [18]

Group 1: Company Overview - Leshu Shih Limited has submitted a new IPO application to the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors, following a previous application that lapsed in January 2025 [1] - The company specializes in manufacturing hygiene products, including baby diapers, sanitary napkins, and wet wipes, primarily targeting emerging markets in Africa, Latin America, and Central Asia [1] - Over 90% of the company's revenue comes from the African market, where it holds leading market shares in several segments, earning the title "Invisible Personal Care Champion of Africa" [1] Group 2: Financial Performance - Leshu Shih has demonstrated strong financial 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 for the same years [2][3] - In the first four months of 2025, the company continued its growth trajectory, achieving revenues of $161.31 million, a 15% year-on-year increase, and net profits of $31.10 million, a 12.45% increase [2] Group 3: Product and Market Structure - The company operates primarily in four product categories: baby diapers, sanitary napkins, baby pull-ups, and wet wipes, with baby diapers contributing over 70% of total revenue [4] - Leshu Shih has established a multi-brand strategy, with its core brand Softcare positioned as a mid-to-high-end brand, contributing 78.8%, 77.6%, and 78.6% of total revenue from 2022 to 2024 [4] - The company has built a significant sales network across Africa, with 18 branches in 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [4] Group 4: Competitive Advantage - Leshu Shih's products have a notable price advantage compared to competitors, with Softcare baby diapers priced at $0.0927 per piece, significantly lower than Procter & Gamble and Kimberly-Clark [5] - The company has achieved high compound annual growth rates of 17.3% and 30.6% for its core products, baby diapers and sanitary napkins, respectively, since 2022 [5] Group 5: Market Potential - The African hygiene products market is poised for explosive growth, driven by a unique demographic dividend and rapid urbanization, with a projected GDP growth rate of 3.2% in 2024 and 4.1% in 2025 [6] - The market penetration rates for baby diapers and sanitary napkins in Africa are currently around 20% and 30%, respectively, indicating significant growth potential compared to developed markets [7][8] Group 6: Future Outlook - Leshu Shih is expected to continue expanding its production capacity, with plans to use IPO funds to build new factories in several African and Latin American countries [9] - The company aims to solidify its leading position in the African market while actively exploring opportunities in Latin America and Central Asia, with a focus on meeting local consumer needs [10][12]