公司深度研究 | IFBH 椰风乘势千帆竞，龙头领航拓新机 IFBH（6603.HK）首次覆盖报告 产业链：原料稳定采购存壁垒，监管缺位竞争加剧 印尼与菲律宾贡献全球 51%椰子产量，但由于甜度较低而不适于鲜饮；泰国 椰子以香水椰为代表，甜度显著更高；越南椰子甜度居中且价格相对较低， 泰国/越南椰子产量分别占全球 2%/3%且基本稳定，供给端有限情况下出口 量需求激增致供不应求、价格高企。 市场：对标美国椰子水发展，健康化趋势下快速增长 1）2019-2025 年我国椰子水市场规模 CAGR 达 55%，我们预计较低基数下 天然健康消费属性将驱动其保持 20-30%快速增长。 2）美国椰子水龙头企业 Vita Coco 上/下游分别与大供应商/分销商绑定，通 过差异化品牌定位与调整品牌调性，多年保持美国市场份额 40%-50%；同 时加大国际市场布局，在英国市场市占率超 70%。 IFBH：原料与品牌均具优势，龙头地位难以动摇 1）公司上游原料采购与加工均由第三方完成，一般采集商在 2025 年前仅 General Beverage 一家，其从 2 位当地采集商与 33 位居民处采购原料， 2025/2027 ...

Group 1 - The company focuses on the high-potential coconut water sector, with dual brands if and Innococo driving synergistic growth, maintaining the largest market share in mainland China, benefiting from industry expansion and Thailand's upstream and midstream competitive advantages, with projected net profits of 38, 55, and 71 million USD for 2025-2027, representing year-on-year growth of 14.7%, 44.2%, and 28.4% respectively [1] - The coconut water market in mainland China is experiencing high demand due to increased health awareness and significant capital influx, with a projected CAGR of 82.9% from 2019 to 2024, and an expected market size of 2.55 billion USD by 2029 [1][2] - IFBH is the leading brand in the coconut water market, expected to capture 33.9% of the market share in mainland China by 2024, with the industry showing a trend of leading brands at the top and fragmentation at the bottom [1] Group 2 - The company positions itself as a provider of pure, high-quality coconut water, with if as the flagship brand contributing the majority of revenue, while Innococo aims to become a second growth driver in the future [2] - The company has enhanced its brand influence through marketing strategies including celebrity endorsements, cross-industry collaborations, and social media promotions, significantly increasing its presence in the domestic market [2] - The company leverages Thailand's upstream and midstream supply chain to establish competitive barriers, ensuring high-quality, low-cost raw material supply and optimizing production costs through partnerships with local beverage factories [2]

Core Viewpoint - IFBH's stock price plummeted by 14.97% at the market opening on August 22, following disappointing mid-term financial results, marking the largest drop since its listing and a historical low for the stock [2][3][4]. Financial Performance - For the first half of the year, IFBH reported revenue of $94.464 million, a year-on-year increase of 31.5%, but net profit fell by 4.8% to $14.976 million, indicating a situation of "increased revenue but decreased profit" [4][9]. - The gross profit margin decreased to 33.7%, down 4.7 percentage points from the same period last year [5][9]. Revenue Breakdown - Coconut water sales surged by 33.3% to $91.506 million, accounting for 96.9% of total revenue, while other coconut-related beverages saw a significant decline of 48.2% [7]. - The flagship brand "if" experienced a revenue increase of 42.1% to $84.083 million, representing 89% of total revenue, while the "Innococo" brand's revenue decreased by 17.6% to $10.381 million [7]. Regional Performance - The largest market for IFBH is mainland China, where revenue grew by 29.8%, contributing 92.6% to total revenue [8]. - Other markets, including Hong Kong and Taiwan, also showed potential for growth, with revenues of $3.997 million and $1.334 million respectively [8]. Cost and Profitability Issues - The decline in profit margins was attributed to the appreciation of the Thai baht against the US dollar and increased administrative expenses, which rose by 122.9% to $6.064 million due to listing-related costs [9][10]. - Sales and distribution expenses increased by 48.4% to $3.359 million, driven by rising logistics costs [10][11]. Future Outlook - Despite short-term profit challenges, IFBH remains optimistic about future growth, focusing on enhancing procurement capabilities, innovation, and expanding its market presence in Australia, the Americas, and Southeast Asia [11]. - The company anticipates that the coconut water segment will be one of the fastest-growing areas within the beverage market, driven by rising health consciousness and plant-based dietary trends [11].

Core Insights - IFBH reported its first half-year financial results since its listing, showing a revenue of $94.46 million, a year-on-year increase of 31.5% [2] - The company’s coconut water revenue reached $91.51 million, growing by 33.3%, and accounted for 96.9% of total revenue [2] - The mainland China market remains the primary revenue source, contributing over 92% of total income, with a year-on-year growth of approximately 30% [2] Financial Performance - The net profit for the first half of the year decreased by about 5% to $14.976 million, while the gross margin fell by 4.7 percentage points to 33.7% [3] - The decline in gross margin was attributed to the appreciation of the Thai Baht against the US dollar, which negatively impacted the financial results [3] - The reduction in net profit was mainly due to professional fees related to the company's listing [3]

Core Viewpoint - IFBH Limited, known for its coconut water brand "if," successfully listed on the Hong Kong Stock Exchange with a significant opening increase, reflecting strong market interest and demand for its products [1][2]. Company Overview - IFBH Limited was founded by Pongsakorn Pongsak, a member of a prominent Thai business family, and has rapidly grown in the beverage sector, particularly in the coconut water market [5][7]. - The company achieved a remarkable revenue of over 1 billion yuan with only 46 employees, resulting in an impressive revenue per employee of approximately 25 million yuan [2]. Market Performance - The coconut water market in China is projected to grow from 5 billion yuan in 2019 to over 260 billion yuan by 2025, indicating a 50-fold increase in just five years [9]. - IF has captured significant market shares, leading the coconut water market in Hong Kong with a 60% share and in mainland China with a 34% share as of 2024 [8]. Competitive Landscape - The success of IF has attracted numerous competitors, including international brands like Vita Coco and domestic giants such as Wahaha and Uni-President, intensifying market competition [10]. - The number of coconut water brands in the market is expected to rise from 32 to over 50 between 2023 and 2025, leading to increased price competition [10]. Pricing and Revenue Trends - The average price of coconut water has decreased by 23.5% from Q1 2023 to Q1 2025, impacting the overall market dynamics [12]. - Despite a stable average price for IF's products, the company faces pressure from the overall price decline in the market [13]. Supply Chain and Production Challenges - IF's production heavily relies on a Thai contract manufacturer, which poses risks related to quality control and supply chain management [15]. - Rising costs of raw materials, particularly coconuts, have led to price adjustments, with a suggested retail price increase of approximately 20% in August 2024 [14].

Group 1 - IFBH Limited was successfully listed on the Hong Kong Stock Exchange on June 30, 2025 [2] - Ernst & Young acted as the reporting accountant and sustainability advisor for IFBH Limited, receiving high recognition from the management and other intermediaries [2] - IFBH Limited is a leading ready-to-drink juice company based in Thailand, focusing on coconut water beverages and foods [2] Group 2 - IFBH Limited holds the largest market share in the coconut water beverage market in mainland China and Hong Kong for 2024, according to a report by Frost & Sullivan [2] - The company is the second largest in the global coconut water beverage market for 2024 [2]

Core Viewpoint - IFBH, the parent company of "if coconut water," successfully listed on the Hong Kong Stock Exchange, achieving a strong market debut with significant investor interest and a high opening price [1][2] Group 1: Company Overview - IFBH was founded in 2013 and launched its flagship product, if coconut water, in the Chinese mainland market in 2017 [1] - The company is backed by a Thai beverage manufacturer and has a strong market presence in China and Singapore, with plans for further expansion into East Asia and globally [1][2] - The company operates under a light asset model, outsourcing production and packaging to third-party manufacturers, which allows for greater flexibility and scalability [3] Group 2: Financial Performance - IFBH's revenue for 2023 and 2024 is projected to be approximately $87.44 million and $158 million, respectively, with net profits of about $16.75 million and $33.32 million [2] - The company holds a dominant position in the Chinese coconut water market, with an estimated market share of 34% in 2024, significantly outpacing its nearest competitor [2] Group 3: IPO and Fund Utilization - The IPO raised approximately HKD 1.074 billion, with planned allocations of funds including 30% for enhancing warehousing and distribution capabilities, 22% for brand building, and 20% for strategic alliances and acquisitions [4] - The company aims to strengthen its market position in China while expanding into Australia, the Americas, and Southeast Asia [4]

Core Viewpoint - IFBH Limited, the parent company of the well-known Thai coconut water brand "if," successfully listed on the Hong Kong Stock Exchange with a strong debut, reflecting significant investor interest and market confidence in its growth potential in the coconut water sector, particularly in mainland China [1][3]. Company Overview - IFBH was established in 2013 and is headquartered in Singapore, having been spun off from General Beverage, a Thai beverage manufacturer [1]. - The company's primary brands are "if" and "Innococo," with a focus on the coconut water market [1]. Market Position - IF is the leading coconut water brand in mainland China, holding a market share of approximately 34% in 2024, significantly surpassing its closest competitor by more than seven times [3]. - The mainland Chinese market is IFBH's largest, contributing to its sustained growth and market leadership over the past five years [3]. Financial Performance - For 2024, IFBH's revenue is projected to be approximately $158 million (around 1.158 billion RMB), representing an 80.32% increase from 2023 [4]. - The net profit for 2024 is expected to be around $33 million (approximately 242 million RMB), showing a year-on-year growth of 94.12% [4]. - Revenue from the mainland Chinese market is anticipated to reach $146 million (about 1.069 billion RMB), accounting for 92.4% of total revenue [4]. Revenue Sources - Coconut water is the primary revenue driver for IFBH, with projected revenue of approximately 1.106 billion RMB in 2024, reflecting an 83.7% year-on-year increase and constituting 95.6% of total revenue [4]. Operational Model - IFBH operates a light asset model, relying on outsourcing production to contract manufacturers, which has enabled rapid expansion with a lean workforce of only 46 employees [5][7]. - The company has 12 contract manufacturers located in Thailand, indicating a reliance on a concentrated geographic production base [7]. Supply Chain and Distribution - IFBH's supply chain is heavily dependent on a few distributors, with the top five customers accounting for 97.9% and 97.6% of sales in 2023 and 2024, respectively [7]. - The company does not operate its own warehouses or distribution centers, instead relying on third-party logistics providers for product distribution [7].

Core Viewpoint - The company IFBH Limited, established in 2013, has successfully introduced coconut water products to the Chinese market and is expanding its product lines, including the rapidly growing Innococo brand, which combines coconut water with electrolyte water for the sports drink segment [1][4]. Company Overview - IFBH Limited is headquartered in Singapore and was spun off from General Beverage, a Thai beverage manufacturer [1]. - The company plans to raise funds through an IPO, with a global offering of approximately 41.67 million shares, priced between HKD 25.30 and HKD 27.80 per share [3]. Fundraising and Use of Proceeds - The funds raised will be used for supply chain diversification, new product development, market expansion, and repayment of potential debts related to agreements [4]. - Key cornerstone investors include UBS AM Singapore, Black Dragon, and several other funds [4][5]. Product Portfolio - The main product, if coconut water, accounts for 95.6% of revenue, with various packaging sizes. The product has a gross margin increase from 34.4% to 36.6% [8]. - The Innococo brand, launched in 2022, has a gross margin increase from 36.9% to 37.4% [8]. Financial Performance - The company reported a revenue of USD 158 million (approximately RMB 1.16 billion) for 2024, with a net profit increase from USD 16.75 million to USD 33.32 million [10]. - The company holds a 34% market share in the coconut water market in mainland China and 60% in Hong Kong, significantly outperforming competitors [11]. Competitive Advantages - The company benefits from a supply chain advantage, with over 90% of raw materials sourced from Thailand at a cost 18% lower than competitors [12]. - The business model is based on outsourcing production and logistics, allowing for a lean operational structure [12]. - The company employs a sterile cold-filling technology that extends product shelf life to 12 months, creating a technological moat [15]. Marketing Strategy - The company has engaged in strategic marketing partnerships, including signing a celebrity endorsement deal that significantly boosted sales [16]. - The brand has established a strong recognition in the market, with a high repurchase rate of 38% [16]. Industry Trends - The ready-to-drink soft beverage market in Greater China is projected to grow from USD 131.4 billion in 2024 to USD 185.4 billion by 2029, with coconut water being the fastest-growing segment [17]. - The price of coconuts is expected to remain stable between USD 450 and USD 500 per ton [18].

Core Viewpoint - The company IFBH Limited is poised for significant growth in the coconut water market, driven by increasing health awareness and a strong market presence in China and Hong Kong, with plans for an IPO on the Hong Kong Stock Exchange [1][2][10]. Company Overview - IFBH Limited, rooted in Thailand, has a history dating back to 2013 and has recently restructured its business to focus on its coconut water brands, if and Innococo [2][3]. - The company has achieved remarkable revenue growth, with projected revenues of $158 million (approximately 1.15 billion RMB) in 2024, marking an 80.3% increase from the previous year [3][4]. Market Position - IF is the second-largest player in the global coconut water market, with a market share of approximately 34% in mainland China and 60% in Hong Kong as of 2024 [2][3]. - The coconut water market in China is experiencing rapid growth, with a compound annual growth rate (CAGR) of 60.8% from 2019 to 2024, expected to surpass $1 billion in retail sales by 2024 [5][10]. Financial Performance - The company reported revenues of $87.44 million (approximately 638 million RMB) in 2023 and is projected to achieve $158 million (approximately 1.15 billion RMB) in 2024, with net profits increasing from $16.75 million (approximately 122 million RMB) to $33.32 million (approximately 243 million RMB) [3][4]. - Cash flow from operating activities reached $41.75 million, a 55% increase year-on-year, with cash and cash equivalents growing by 251.42% to $54.82 million [4]. Operational Strategy - IFBH employs a light asset model, outsourcing production, logistics, and sales to third-party partners, which allows for cost advantages and operational flexibility [7]. - The company's gross margin improved from 34.7% in 2023 to 36.7% in 2024, indicating effective cost management in a competitive beverage industry [7]. Supply Chain and Risks - The company relies heavily on a few suppliers for its raw materials, with the top five suppliers accounting for 92.3% of total purchases in 2023, raising concerns about supply chain stability [9]. - The concentration of production in Thailand exposes the company to geopolitical risks, which could impact its supply chain if political or trade policies change [8]. Competitive Landscape - The coconut water market is becoming increasingly competitive, with numerous brands entering the space, leading to price wars that could compress profit margins [13]. - Despite lower pricing compared to competitors like Vita Coco, the introduction of lower-priced products by retailers poses a challenge to IFBH's market position [13]. Future Outlook - The company faces pressure to complete its IPO by December 31, 2026, due to a share subscription agreement that includes a buyback obligation if the IPO is not completed [14][15]. - The coconut water industry is projected to continue growing, with global market size expected to reach $8.46 billion by 2029, driven by increasing health consciousness among consumers [10].