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恒安国际上半年收入微降0.2% 管理层:纸巾行业价格战趋稳,尤其看好“即时零售”销售渠道
Mei Ri Jing Ji Xin Wen· 2025-08-23 12:28
8月21日,国内个人卫生用品龙头企业恒安国际(01044.HK,股价24.54港元,市值284.87亿港元)交出 一份营收微降、利润收缩的中期成绩单。财报显示,2025年上半年,公司实现营业收入118.08亿元,同 比略降0.2%;公司权益持有人应占利润约13.73亿元,同比减少2.6%;毛利率由去年同期的33.3%下滑至 32.3%。 中期财报显示,恒安国际三大业务表现分化明显:纸巾业务收入为71.74亿元,同比增长3.2%,占比提 升至60.8%;卫生用品(含卫生巾和纸尿裤)收入为33.04亿元,同比下滑14.4%,占比降至28.0%;其他 业务(含原材料贸易、家居用品及国际业务)收入为13.31亿元,同比增长29.6%。 在当日举行的业绩发布会现场,恒安国际执行董事兼行政总裁许清流在回答《每日经济新闻》记者关于 公司未来增长品类的提问时称,近年随着消费习惯变化,湿厕纸、洗脸巾等品类快速增长,底部抽取式 卫生纸等产品通过优化使用方式打开市场。对此,公司已推出含乳酸的洗脸巾等创新产品。未来恒安国 际会将趋势品、明星品单列分类跟踪市场走势。 许清流表示:"像纸巾、卫生巾、湿巾这类传统产品,在材料工艺、使用方法 ...
中报现场丨恒安国际上半年收入微降0.2% 管理层:纸巾行业价格战趋稳,尤其看好“即时零售”销售渠道
Mei Ri Jing Ji Xin Wen· 2025-08-23 12:21
每经记者|黄婉银 每经实习记者|李旭馗 每经编辑|张海妮 在发布会现场,恒安国际执行董事兼财务总监李伟梁介绍道,今年上半年纸巾业务板块增长主要靠提升销量与产品价格。其中,湿巾业务表现突出,销售额 同比大幅增长23.5%,湿巾业务收入占纸巾业务整体收入的比例已超过11%。 许清流在回应记者提问时表示,他在公司2024年年度业绩发布会上曾提及"行业价格战卷到快卷不动",今年上半年纸巾业务销售额增长但销量基本持平的表 现印证了这一行业趋势。"我们是真的卷不动了,只能靠轻微提价来实现增长。" 上半年,恒安国际卫生用品业务收入下滑主要受行业新品牌入局、传统渠道客流减少及电商平台促销竞争影响。不过,卫生用品业务较2024年下半年环比回 升7.3%,呈复苏势头。 李伟梁提到,上半年国内卫生用品行业竞争激烈,公司卫生巾和纸尿裤业务均受价格战影响而出现下滑。但受惠于成人失禁用品市场规模日益壮大,公司成 人纸尿裤业务在上半年实现了约1%的增长。高端系列同样表现亮眼,卫生巾"天山绒棉"系列销售额达2.9亿元,同比增长26.4%;纸尿裤"Q·MO"系列销售额 达3.4亿元,按年增长6.6%;其他业务收入同比增加约2亿元,李伟梁解释道 ...
金岩高新、海清智元拟港股IPO已获中国证监会接收材料
Zhi Tong Cai Jing· 2025-08-22 13:13
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。 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。 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 提供能够探测人眼可见 ...
广东夫妇IPO:一年收入30亿,非洲行业第一
华尔街见闻· 2025-08-22 11:08
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].
民企外贸成绩单背后的三重“密码”
Xin Hua Ri Bao· 2025-08-20 23:38
Group 1 - In the first seven months of this year, Jiangsu's private enterprises achieved an import and export volume of 1.47 trillion yuan, contributing 1.4 percentage points to the province's overall trade growth, showcasing the resilience and vitality of private enterprises in foreign trade [1] - Private foreign trade enterprises in Jiangsu are enhancing their export resilience through structural optimization, focusing on technology-intensive and green product transformations [2] - Companies like Kangli Elevator and Nantong Kaixuan Sports Goods are innovating their products and expanding their international market presence, with significant export figures reported [2] Group 2 - The green economy is becoming a new growth area for private enterprises, with companies like Wuxi Quanyu Electronics and Wuxi Kaiyuan Household Products expanding their overseas business, particularly in Europe and Japan [3] - The implementation of RCEP has significantly reduced tariffs for companies, enhancing their competitiveness in international markets [3] Group 3 - The flexibility of private enterprises allows them to quickly adapt to changes in overseas markets, leading to successful orders in niche markets, such as inflatable swimming pools and outdoor sports products [4] - Companies like Zhangjiagang Fojijia Food and Suzhou Taoyun Amusement Equipment are leveraging innovative products to capture overseas market opportunities [5][4] Group 4 - Policy support and precise services are crucial for the sustainable development of private foreign trade enterprises, with customs authorities providing guidance and facilitating efficient customs clearance [6][7] - The proactive disclosure policy by customs has helped companies avoid penalties and improve compliance, enhancing their operational efficiency [7] - Companies like New World Pump and HuGong Intelligent Technology are benefiting from credit advantages and policy support, leading to significant export growth [8][6]
今年前7个月拉动全省进出口增长1.4个百分点民企外贸成绩单背后的三重“密码”
Xin Hua Ri Bao· 2025-08-20 23:13
Group 1: Import and Export Performance - In the first seven months of this year, Jiangsu's private enterprises achieved an import and export volume of 1.47 trillion yuan, contributing 1.4 percentage points to the province's overall trade growth [1] - Private enterprises are recognized as a "vanguard" in exploring international markets and seizing overseas orders, demonstrating strong resilience and vitality in foreign trade [1] Group 2: Structural Optimization and Innovation - Jiangsu's private foreign trade enterprises are enhancing their export resilience through structural optimization, focusing on the transition to technology-intensive and green products [2] - Companies like Kangli Elevator are integrating advanced technology into their products, such as smart elevators that provide personalized services and safety features [2] - Nantong Kaixuan Sports Goods Co., Ltd. has been innovating with new materials to enhance international competitiveness, achieving over 9 million yuan in exports in the first five months of the year [2] Group 3: Green Economy and Low-Carbon Initiatives - Private enterprises are increasingly entering the "low-carbon" market, with companies like Wuxi Quanyu Electronics reporting significant growth in lithium battery exports to Europe and South America [3] - Wuxi Kaiyuan Household Products Co., Ltd. has focused on the Japanese market, benefiting from reduced tariffs under RCEP, leading to a 10% year-on-year increase in exports [3] Group 4: Flexibility and Market Responsiveness - The ability of private enterprises to quickly adapt to changes in overseas markets has led to successful ventures in niche markets, such as inflatable swimming pools and outdoor sports products [4][5] - Companies like Suzhou Fuxijia Food Co., Ltd. have successfully exported innovative products to Germany, leveraging unique production techniques to capture overseas market interest [5] Group 5: Policy Support and Competitive Advantages - A series of supportive policies and services have facilitated the steady growth of private foreign trade enterprises, with customs authorities providing guidance and assistance [6][7] - The implementation of proactive disclosure policies by customs has helped companies avoid penalties and reduce costs, enhancing their competitive edge [7] - Jiangsu's private enterprises are benefiting from tax reductions and credit advantages, leading to improved order response times and increased export volumes [8]
非洲细分市场市占率第一,乐舒适IPO故事有何看点?
Zhi Tong Cai Jing· 2025-08-18 06:00
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]
这家来自迪拜的公司称霸非洲,要来中国上市!
Sou Hu Cai Jing· 2025-08-16 00:50
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]
非洲纸尿裤霸主,赴港IPO!背后是一对中国夫妇
Zhong Guo Ji Jin Bao· 2025-08-15 13:18
被誉为"非洲纸尿裤大王"的中国企业乐舒适有限公司(以下简称乐舒适),日前更新招股书,再次冲击港股IPO。 乐舒适曾于今年1月份首次递表,但六个月内未通过聆讯,招股书在7月底失效。 凭借"中国供应链能力+本地化策略",乐舒适在非洲市场快速崛起,2024年占据非洲婴儿纸尿裤市场20.3%(以销量计)的份额,位居行业第一。不过, 仔细梳理其招股书,原材料价格波动风险、业绩增速放缓及上市前突击分红等问题,值得关注。 【导读】"非洲纸尿裤大王"乐舒适更新招股书,再次冲击港股IPO 背靠中国 扎根非洲 乐舒适的创始人为沈延昌,他早在20世纪90年代就"下海"至非洲淘金,并积攒了丰富的贸易经验。 2004年,沈延昌在广州创设森大集团,致力于陶瓷制品、卫生洁具、卫生用品、家用日化、个人护理、五金制品等产品的研发和生产。深耕海外市场二十 余载,森大集团已成长为一家集海外工业制造、国际贸易、实业投资为一体的跨国综合性产业集团,销售覆盖60余个国家和地区。 目前,沈延昌还担任科达制造(600499)(证券代码:600499)的非独立董事。 乐舒适于2022年从森大集团内部拆分独立而来,主要面向非洲市场销售婴儿纸尿裤、拉拉裤和卫生巾 ...
非洲纸尿裤霸主,赴港IPO!背后是一对中国夫妇
中国基金报· 2025-08-15 13:14
Core Viewpoint - LeShuShi, known as the "King of Diapers in Africa," has updated its prospectus and is making another attempt to go public in Hong Kong [2][3]. Group 1: Company Overview - LeShuShi was founded by Shen Yanchang, who has extensive trade experience in Africa since the 1990s. The company was spun off from SenDa Group in 2022 and focuses on the African market for baby diapers, pull-ups, sanitary napkins, and wet wipes [6][7]. - As of April 30, 2025, LeShuShi has established eight production plants and 51 production lines in Africa, with an annual capacity of over 6.3 billion baby diapers and nearly 2.9 billion sanitary napkins [10]. Group 2: Market Position and Strategy - LeShuShi holds a 20.3% market share in the African baby diaper market by volume as of 2024, positioning itself as the industry leader [3]. - The company employs a localized manufacturing strategy, which allows it to maintain lower costs and respond quickly to market demands, giving it a competitive edge against international giants [10]. Group 3: Financial Performance - Revenue projections for LeShuShi are $320 million in 2022, $411 million in 2023, and $454 million in 2024, with net profits of $18 million, $65 million, and $95 million respectively [12][26]. - The company's gross margin and net profit margin improved significantly in 2023, reaching 34.9% and 15.7%, respectively, primarily due to a decrease in raw material prices [16][17]. Group 4: Risks and Concerns - The company faces risks related to raw material price fluctuations, with expectations of rising prices for key materials like fluff pulp and SAP in the coming years [18]. - LeShuShi's performance growth is projected to slow down, with revenue growth expected to drop from 28.6% in 2023 to 10.5% in 2024 [12]. Group 5: Dividend and Funding - Prior to the IPO, LeShuShi engaged in significant dividend payouts, including a $35,300 dividend from its subsidiary in Kenya and a $35 million interim dividend, which raised concerns about the distribution of profits primarily benefiting the founders [22][24]. - The company plans to use the net proceeds from the IPO to expand production capacity, enhance marketing efforts, and pursue strategic acquisitions in the hygiene products sector [24].