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].

Core Viewpoint - IFBH Limited ("if椰子水") is preparing for its IPO on the Hong Kong Stock Exchange after passing the hearing, following its initial application two months prior [1]. Group 1: Company Overview - IF椰子水, founded in 2013, is a Thailand-based ready-to-drink beverage and ready-to-eat food company, primarily operating under the if and Innococo brands [2]. - The company has maintained the top position in the coconut water beverage market in mainland China for five consecutive years, with a market share of approximately 34% in 2024, significantly surpassing its closest competitor by over seven times [2]. Group 2: Financial Performance - The company's revenue is projected to increase from $87.4 million in 2023 to $157.6 million in 2024, representing an 80.3% growth [3]. - Net profit is expected to rise from $16.8 million in 2023 to $33.3 million in 2024, marking a 98.9% increase [3]. - Coconut water sales are estimated to account for 95.6% of total revenue in 2024, with revenues from mainland China contributing 92.4% of total revenue [4][6]. Group 3: Business Model - The company operates a light asset model, relying on third-party manufacturers for production, logistics providers for transportation, and distributors for sales and delivery [8]. - The top five customers accounted for 97.9% of total sales in 2023 and 97.6% in 2024, indicating a highly concentrated customer base [8]. Group 4: Supply Chain - The main suppliers are contract manufacturers, with the top five suppliers representing 92.3% of total purchases in 2023 and 96.9% in 2024 [8]. - The company has established long-term relationships with its suppliers to ensure stability in supply [8]. Group 5: Investment and Valuation - The company has undergone multiple rounds of financing, with a pre-investment valuation of $140 million prior to the B2 round [11][14]. - In March 2024, the company completed a share exchange agreement, acquiring all shares of IFB Singapore, which became a wholly-owned subsidiary [12][13].

星标 ★ IPO日报 精彩文章第一时间推送 靠着"东方力量"，人少也能干出大事情，特别是当前特朗普对世界各国挥着关税大棒的时候，世界尤其需要中国市场，需要"东 方力量"。 椰子水品牌if的母公司IFBH Limited(下称"IFBH)")对此应该体会深刻——仅凭46名员工，它一年能创造11亿元收入，2024年，一个员 工平均赚到营收2513万元！它的赚钱密码就是——占据中国市场冠军宝座！ IFBH的注册地在新加坡，趁着中国市场的东风，日前它向资本市场又迈出了一步——向港交所提交上市申请，拟香港主板上市，中 信证券担任独家保荐人。 据了解，if目前是椰子水品牌的全球老二，老大Vita Coco三年半之前登陆了美国纳斯达克，现在算是在资本市场上奋起急追。 更有意思的是，相比Vita Coco集齐美洲、欧洲、亚洲等全球市场后称霸，IFBH仅凭"东方力量"就杀入到全球第二。 制图：佘诗婕 凭借中国市场拿下全球第二 资料显示，IFBH是一家植根泰国的即饮饮料及即食食品公司，其前身由泰国知名饮料制造商General Beverage分拆的国际业务独立得 来，业务涵盖了椰子水饮料与植物基零食两大领域。 IFBH于2013 ...