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].

纸品消费日益精致、多元，造纸带来的环境问题也不容忽视。全球每年因造纸而砍伐的树木数量惊人， 传统造纸业更是水污染与碳排放的重要源头之一。 因此，引导产业向竹浆等可持续原料转型至关重要。不少纸品企业已开始布局竹浆纸品线，通过"以竹 代木"的环保理念赢得消费者认可。数据显示，46岁至55岁消费者对本色抽纸的偏好指数最高，这种抽 纸是一种以竹浆为主要原料、不经过漂白处理的纸品，从原料到生产过程更环保低碳。市场对天然纸品 的积极接纳，为竹浆纸品的市场推广创造了良好条件。 （文章来源：经济日报） 走进现代家庭，客厅里有抽纸、湿纸巾，厨房里摆放着去油污湿巾、一次性厨房纸等，卫生间里湿厕 纸、洗脸巾等清洁纸品琳琅满目…… 随着生活水平不断提升，曾经"一卷卫生纸满足全家所需"的时代已渐行渐远。如今的纸品种类丰富多 元，已从基础日用进化为适配不同生活场景。数据显示，今年9月以来，悬挂式抽纸成交量同比增长 177%，洗脸巾同比增长101%，湿巾、厨房纸巾等品类也实现高速增长。 消费者用纸需求朝着功能化方向不断细分的同时，纸品也逐渐演变为个人生活方式的载体，悄然重塑着 人们的生活习惯。便携湿巾、香氛纸巾、敏感肌专用面巾等创新品类应 ...

Group 1: Core Insights - The North American personal care market is experiencing intensified competition, with Procter & Gamble showing better profitability compared to revenue, while Kimberly-Clark is seeing efficiency improvements from its transformation efforts [1][2] - In the domestic market, upstream supply chain companies such as Yanjian, Jieya, and Nuobang have reported significant revenue growth of 17%, 107%, and 23% respectively, indicating a recovery in overseas orders [1][3] Group 2: Company Performance - Procter & Gamble reported global revenue of $22.39 billion and net profit of $4.75 billion for FY26Q1, reflecting a year-on-year increase of 3% and 20% respectively, with challenges in the North American market [2] - Kimberly-Clark's Q3 revenue reached $4.15 billion, with a net profit of $450 million, showing a slight revenue increase but a significant decline in net profit due to transformation costs [2] Group 3: Market Trends - The domestic personal care market is facing fierce competition, leading to increased sales expenses and weaker profit growth compared to revenue for many companies [3] - The upgrade of global disposable hygiene materials is accelerating, with a shift from internal competition to external expansion, particularly in the non-woven fabric supply chain [4] Group 4: Investment Recommendations - Companies with established global supply chain layouts, such as Yanjian, are recommended for investment due to the ongoing upgrade trend in overseas hygiene products [4] - Jieya is expected to benefit from increased orders in its wet wipes business, while Sturdy Medical is noted for its stable profitability amid diverse business growth [4]

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]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 10.50 based on a target PE of 35x for 2026 [4][13]. Core Insights - The company has turned around after four years of adjustments, entering a growth phase with improved revenue and profit [4][14]. - For the first three quarters of 2025, revenue, net profit attributable to shareholders, and recurring net profit were RMB 1.55 billion, RMB 111 million, and RMB 75 million, representing year-on-year increases of 12.00%, 246.98%, and 146.48% respectively [4][14]. - The mask category has shown significant growth, leading the overall revenue increase, while the company is expected to gain market share as the industry recovers from a downturn [4][16]. Financial Summary - Revenue projections for 2025-2027 are RMB 2.185 billion, RMB 2.446 billion, and RMB 2.689 billion, with respective growth rates of 12.6%, 11.9%, and 9.9% [3][5]. - Net profit attributable to shareholders is forecasted to be RMB 142 million, RMB 154 million, and RMB 203 million for 2025-2027, with growth rates of 160.0%, 8.5%, and 31.4% [3][5]. - The company's gross profit margin for Q3 2025 was 21.77%, up 2.83% year-on-year, indicating improved operational efficiency [4][14]. Product Category Performance - In H1 2025, revenue from masks, skincare, and wipes was RMB 450 million, RMB 323 million, and RMB 125 million, with year-on-year growth of 21%, 7%, and a decline of 9% respectively [4][15]. - The gross profit margins for masks, skincare, and wipes were 19.01%, 16.67%, and 13.45%, reflecting improvements due to increased capacity utilization and revenue growth [4][15]. Industry Outlook - The cosmetics industry has faced a downturn since 2022, leading to intensified competition and the exit of smaller players, which is expected to benefit leading companies like the report's subject [4][16]. - The company's subsidiary, North Bell, is positioned to attract quality brands and gain market share due to its scale advantages and ongoing R&D investments [4][16].

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 - Leshu Health Limited, a multinational health products company focusing on emerging markets like Africa, has successfully listed on the Hong Kong Stock Exchange on November 10, raising a net amount of HKD 22.29 billion through its IPO [1][4]. Group 1: IPO Details - The IPO price was set at HKD 26.2, with a total of 90.88 million shares issued, resulting in a total fundraising amount of HKD 23.81 billion [1]. - The cornerstone investors include BA Capital, Arc Avenue, Arcane Nexus, and several others, collectively subscribing to USD 139 million [2][3]. Group 2: Financial Performance - For the first four months of 2025, the company reported revenue of USD 161.31 million and a profit of USD 31.1 million [10][11]. - Revenue projections for 2022, 2023, and 2024 are USD 319.9 million, USD 411.4 million, and USD 454.4 million respectively, with corresponding profits of USD 18.39 million, USD 64.68 million, and USD 95.11 million [11][12]. Group 3: Business Strategy - The net proceeds from the IPO will primarily be used to expand overall production capacity and upgrade production lines, with additional funds allocated for global business expansion and operational enhancements [4]. - Leshu Health aims to replicate its "localized products + self-built channels" model in emerging markets to compete for leadership in the global health products sector [4][9]. Group 4: Shareholding Structure - Prior to the IPO, the controlling shareholders, Shen Yanchang and Yang Yanjuan, held 66.42% of the company through Century BVI [15][22]. - Post-IPO, their stake decreased to 54.75%, while other shareholders like Luo Jichao and Wang Dajiang hold 5.69% and 1.48% respectively [24].

Core Viewpoint - Softcare Limited has officially listed on the Hong Kong Stock Exchange, marking the first IPO focused on emerging markets like Africa and Latin America in the Hong Kong market [2] Group 1: Company Overview - Softcare Limited specializes in the development, manufacturing, and sales of hygiene products, including baby diapers, training pants, sanitary napkins, and wet wipes, targeting rapidly developing emerging markets [5] - According to Frost & Sullivan data, Softcare ranks first in the African baby diaper and sanitary napkin markets by sales volume projected for 2024 [5] Group 2: IPO Details - The IPO raised $310 million initially, with a potential total of $350 million if the greenshoe option is fully exercised [2] - 71% of the funds raised will be used to expand Softcare's production capacity and upgrade production lines in emerging markets, which is crucial for solidifying its market position and increasing market penetration [2] Group 3: Role of CICC - CICC served as the lead sponsor and coordinator for the IPO, leveraging its deep understanding of Softcare's business and extensive experience in the consumer sector to attract high-quality cornerstone investors [3] - The company successfully converted orders from top sovereign wealth funds and global long-term funds during the issuance process, ensuring the smooth completion of the IPO [3] Group 4: Strategic Importance - The project exemplifies CICC's commitment to supporting national strategies and facilitating high-quality development for Chinese enterprises abroad, particularly in the context of the Belt and Road Initiative [5] - CICC aims to continue leveraging its professional capabilities and international advantages to inject sustainable financial momentum into Chinese enterprises' global development [5]

Group 1 - The core viewpoint of the article is that LeShuShi has successfully listed on the Hong Kong Stock Exchange, experiencing a significant price increase on its debut [1][2] - The stock opened at HKD 34.98, reached a high of HKD 36.80, and was trading at HKD 34.46 with a 31.53% increase by 10:13 AM [1][2] - The total trading volume was 25.6264 million shares, with a total transaction value of HKD 907 million [2] Group 2 - LeShuShi is a multinational hygiene products company focusing on markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [3] - The company generates most of its revenue from sales to African customers [3] - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper and sanitary napkin markets by sales volume for 2024, with market shares of 20.3% and 15.6% respectively [3] - In terms of revenue for 2024, the company ranks second in the African baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% respectively [3]