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 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]