以下文章来源于品牌观察官 ，作者曾有为 品牌观察官 . 品牌营销头部自媒体，汇聚前沿案例与策略，为广告、公关及营销人提供每日热点追踪、经典方法论解析及商业趋势洞察 11月10日上午，港交所的铜锣声又一次响起。 作者：曾有为 来源：品牌观察 官 哈工大高材生去一趟非洲就发现了商机，如今名副其实被"称王"。 这次是位特殊的新秀——乐舒适， 开盘价 34.98港元 ，首日暴涨 33.51% ， 募资狂揽23.8亿港元，总市值211.94亿。 | 最高:34.98 | 今开:34.98 | 成交量:1366.14万股 | | --- | --- | --- | | 最低:34.98 | 昨收:26.20 | 成交额:4.83亿 | | 52周最高: 34.98 | 量比: -- | 市盈率(动):29.28 | | 52周景低:1.02 | 委比: 13.17% | 市盈率(静): 28.70 | | 每股收益:1.22 | 股息(TTM): -- | 总股本:6.06亿 | | 每股净资产:6.12 | 股息率(TM): -- | 港股股本:6.06亿 | | 每手股数:200 | 最小价差:0.02 | 货币单位 ...

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].

Core Insights - Softcare Limited successfully listed on the Hong Kong Stock Exchange on November 10, 2025, becoming the first African consumer goods manufacturer to go public in Hong Kong [1] - On its first trading day, the company's stock closed at HKD 34.46, representing a 31.53% increase from the IPO price of HKD 26.20 [1] Company Overview - Founded in 2009, Softcare Limited is a multinational hygiene products company focused on emerging markets such as Africa, Latin America, and Central Asia [3] - The company specializes in the development, manufacturing, and sales of baby diapers, training pants, sanitary napkins, and wet wipes [3] - A significant portion of the company's revenue is derived from sales to African customers, establishing it as a leading player in the hygiene products industry across multiple African countries [3] Market Position - According to a report by Frost & Sullivan, Softcare Limited ranks first in Africa's baby diaper and sanitary napkin markets by volume in 2024, with market shares of 20.3% and 15.6%, respectively [3] - By revenue, the company ranks second in Africa's baby diaper and sanitary napkin markets, holding market shares of 17.2% and 11.9%, respectively [3] - Softcare Limited is the market leader in baby diaper markets in Ghana, Kenya, Côte d'Ivoire, Senegal, Cameroon, and Tanzania, as well as in sanitary napkin markets in Ghana, Senegal, Kenya, and Tanzania [3]

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, 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].

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].