证券研究报告 IFBH（6603.HK）：椰子水空间广阔，公 司产品市场品牌端持续加码、龙头地位显著 ➢ 行业端：中国市场有望继续保持高速增长，IF稳居市场首位。中国内地椰子水行业由2019年的49.7百万美元（3.54亿元）增长至2024年的 1018.1百万美元（72.49亿元），复合年增长率为82.9%，预计未来五年将按20.2%的复合年增长率保持强劲增长，至2029年时将达2550.4百 万美元（183.63亿元）。行业增长主要由健康意识提升、分销渠道改善、消费群体扩展、定制化产品等因素推动。按零售额计算，公司于2024 年在中国内地椰子水饮料公司中排名第一，市场占有率达33.9%，领先第二大公司逾七倍。国内含糖茶、能量饮料和包装水龙头市占率分别为 29%、39.4%、15.4%；美国椰子水龙头Vitacoco市占率为34.5%，对标其他成熟软饮品类和美国椰子水市场来看，我们预计未来IF市占率提 升空间有限。2024年中国、中国香港和美国的椰子水年人均消费量分别为0.1、0.3、1.2升 。仅从消费量来看，若对标香港，内地椰子水市场 或还有3倍的增长空间。若不考虑IF未来市占率的提升，则IF中远期增长 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Tianye Co., Ltd. for the first half of 2025, showing a revenue increase but a significant decline in net profit [1][2]. - In the first half of 2025, Tianye Co., Ltd. achieved an operating income of approximately 266 million yuan, representing a year-on-year growth of 12.73% [1]. - The net profit attributable to shareholders was approximately 16.37 million yuan, reflecting a year-on-year decrease of 38.80% [1]. - The net cash flow from operating activities was approximately 22.40 million yuan, which is a year-on-year increase of 14.29% [1]. Group 2 - As of June 30, 2025, Tianye Co., Ltd. had total assets of 1.648 billion yuan, an increase of 4.53% from the beginning of the year [2]. - The total liabilities were 437 million yuan, which is a 14.43% increase compared to the beginning of the year [2]. - The equity attributable to the parent company was 1.211 billion yuan, reflecting a growth of 1.37% from the beginning of the year [2]. Group 3 - Tianye Co., Ltd. primarily engages in the research, production, and sales of tropical fruit and vegetable products, including raw fruit juice, frozen fruits and vegetables, and fresh fruits [2]. - The company has four modern factories located in key tropical fruit and vegetable production areas in China, including Beihai, Hainan, Panzhihua, and Jingmen [2]. - Tianye Co., Ltd. serves major B-end clients, including well-known companies such as Nayuki Tea and Coca-Cola, but faces significant operational pressure due to declining PPI [3]. - The company's gross profit margin for the reporting period was 20.68%, down from 25.64% in the same period last year, primarily due to low pricing for its flagship mango juice product [3]. - To cope with intense market competition, the company is optimizing its product and customer structure, increasing the production of lychee juice, and expanding its orange juice business [3].

Group 1 - The company's revenue for the six months ending June 30, 2025, was $94.5 million, representing a 31.5% increase compared to the same period in 2024 [1] - Adjusted net profit for the same period was $18.9 million, an increase of 13.9% year-on-year [1] - Coconut water revenue increased by 33.3% year-on-year, driven by the company's efforts to penetrate the mainland China market and a significant increase in sales volume [1] Group 2 - Other beverage revenue saw a substantial increase of 57.2% year-on-year, primarily due to the popularity of drinks such as longan juice, lychee juice, peach juice, and aloe vera grape juice, which collectively accounted for 76.6% of other beverage revenue [1] - Revenue from longan juice, lychee juice, vitamin C peach juice, and aloe vera grape juice increased by 100.0%, 111.4%, 127.1%, and 45.9% respectively [1] - The mainland China market is expected to remain the primary source of total revenue for the company in the foreseeable future, with anticipated increases in sales through both online and offline channels [2]