2025 年 9 月公司与中粮集团旗下中粮名庄荟正式签署战略合作协议，标志着公司在国内市场战略布局 再度提速。一方面依托中粮名庄荟覆盖全国的超百万终端网络与多元渠道资源，助力公司快速突破区域 壁垒，实现产品全域覆盖，为业绩高增与区域拓展奠定坚实基础；另一方面借力央企品牌背书，强化品 牌形象，有助于提升产品全国曝光与消费者认知度。 加强本地化运营，管理效率升级 2025 年 11 月公司与上海西虹桥科创发展有限公司签署合作协议，正式落户虹桥国际中央商务区并设立 If 品牌中国区总部。后续公司将完成上海办公室核心团队搭建，配备销售、市场、营销等关键职能人 员，增设专职渠道管理岗位，针对性解决终端窜货、价格紊乱等行业痛点，全面规范渠道运营秩序，提 升本地化管理与响应效率。 风险提示：宏观经济下行风险、市场竞争加剧风险、成本上涨风险。 2025 年椰子水行业竞争加剧，主品牌 If 椰子水凭借纯天然品质与先发品牌优势，销售表现好于行业及 竞品，持续巩固头部地位，2026 年有望继续领跑赛道。 副品牌 Inno coco 全年销售承压，年底已完成大商整改与合作伙伴扩容，叠加高性价比电解质饮料新品 落地，2026 年有望重 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [4] Core Views - The company has initiated systematic adjustments in core areas such as products, management, and channels since Q4 2025, alongside a share buyback plan that enhances operational confidence, thereby strengthening the fundamental logic [4] - Due to intensified industry competition, the profit forecasts for 2025-2027 have been revised downwards, with expected net profits of $0.33 million (down $0.05 million), $0.48 million (down $0.07 million), and $0.61 million (down $0.10 million) respectively, representing year-on-year growth of 0.3%, 43.0%, and 27.9% [4] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are $186 million, $249 million, and $311 million, with year-on-year growth rates of 17.8%, 34.1%, and 24.6% respectively [9] - The projected P/E ratios for 2025-2027 are 18.7, 13.1, and 10.2 times [9] - The company maintains a gross margin of approximately 32.0% for 2025 and a net margin of 18.0% [9] Market Position and Growth Drivers - The main brand, If Coconut Water, is performing better than the industry and competitors due to its natural quality and first-mover advantage, expected to continue leading the market in 2026 [5] - The secondary brand, Inno Coco, faced sales pressure but has completed major adjustments and expanded partnerships, with new high-value electrolyte beverage products expected to drive growth in 2026 [5] Strategic Partnerships and Expansion - A strategic cooperation agreement was signed with COFCO's subsidiary, which will enhance the company's domestic market strategy by leveraging COFCO's extensive distribution network, facilitating nationwide product coverage [6] - The establishment of the If brand's China headquarters in Shanghai aims to improve local operations and management efficiency, addressing industry challenges such as price disorder and channel management [7]