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]

Core Viewpoint - Shubao International (02569) has gained significant attention in the Hong Kong capital market, with its stock price rising 110% from the IPO price of HKD 0.51 to HKD 1.07, resulting in a market capitalization of approximately HKD 1.07 billion [2] Group 1: Stock Performance - The stock experienced a "four rises and four falls" pattern since its listing, indicating volatility in its trading performance [3] - In the first phase from March 27 to April 24, the stock achieved a 48.98% increase over 18 trading days, with a peak rise of over 56% on the first trading day [4][5] - The second phase from April 28 to May 15 saw a 25.71% increase over 12 trading days, with signs of increased control by mainstream funds as the average daily trading volume decreased [7] - The third phase from May 16 to May 28 showed no net change in stock price despite fluctuations, indicating a strategy to attract new investments while maintaining control [9] - The fourth phase from May 29 to June 9 resulted in a 28.41% increase, with a further decrease in trading volume and turnover rate, suggesting deeper control by mainstream funds [11] Group 2: Company Overview - Shubao International, established in 2010 and headquartered in Fujian, specializes in the research, production, and sales of disposable hygiene products, focusing on baby care, women's care, and adult incontinence [14] - The company is the second-largest exporter of disposable baby care products to Russia, holding a market share of approximately 3.7% in 2023 [14] - In 2024, Shubao International reported revenue of approximately CNY 753 million, a year-on-year increase of 15.01%, although growth has slowed compared to previous years [14] - The baby care segment remains the primary revenue driver, contributing CNY 468 million in 2023, with over CNY 300 million from the Russian market [14] Group 3: Market Potential - The women's care segment is showing growth potential, with the company targeting lower-tier markets through platforms like Pinduoduo and Douyin, achieving a 37% repurchase rate for its menstrual pants [15] - The global women's hygiene products market is projected to reach approximately USD 89.29 billion by 2033, with a compound annual growth rate of about 7.8% from 2024 to 2033 [15] - The adult incontinence market presents significant opportunities, with over 42 million individuals aged 60 and above in China affected, yet the market penetration remains below 5% [16] - Shubao International's strategic focus on emerging consumer segments aligns with current market preferences for high-growth stocks in the Hong Kong market [16]

公司报告 | 年报点评报告 可靠股份（301009） 证券研究报告 自有品牌+ODM 双轮驱动 公司发布年报及一季报 25Q1 公司营收 3 亿同减 1%，归母净利 0.2 亿同增 1.4%，扣非后归母净利 0.2 亿同减 3%。 2024 年营收 11 亿同减 0.3%，归母净利 0.3 亿同增 54%，扣非后归母净利 0.24 亿同增 33%。 24 年公司分产品看， 成人失禁产品收入 5.6 亿同减 1%，毛利率 19.4%同增 3pct； 婴儿产品 4 亿同增 7%，毛利率 21%同增 2pct； 宠物卫生产品 0.7 亿同减 22%，毛利率 22%同增 2pct。 分地区看，境内收入 6.3 亿同增 3%，毛利率 20%同增 4pct； 境外收入 4.5 亿同减 4%，毛利率 22%同增 2pct。 分模式看，自有品牌收入 5 亿同减 0.3%，毛利率 21%同增 4pct； ODM 收入 6 亿同增 1%，毛利率 19%同增 2pct。 自有品牌+ODM 双轮驱动，继续向新市场、新产品、新领域拓展 以产品为本，拓品拓人群：升级吸水巾，大力拓展轻失禁人群和市场。据 国际尿控协会（ICS）的数据显示， ...