Core Viewpoint - IFBH Limited, the parent company of if coconut water, has seen its stock price decline significantly since its IPO, with a drop of over 30% from the initial offering price and more than 60% from its peak in July 2023 [3] Company Performance - As of June 30, 2025, IFBH reported revenue of $94.46 million, a year-on-year increase of 31.49%, while net profit attributable to shareholders decreased by 4.82% to $14.98 million [3] - The gross profit margin was 33.7%, down 4.7 percentage points year-on-year, primarily due to adverse effects from currency exchange rates [3] - Coconut water revenue increased by 33.3% year-on-year, accounting for 96.9% of total revenue, while other coconut water beverages saw a 48.2% decrease [3] Market Position - IF has maintained a leading position in the coconut water market in Hong Kong for nine consecutive years, with a market share of approximately 60% in 2024 [5] - In mainland China, IF has been the top player in the coconut water beverage market since 2020, with a market share of about 34% in 2024 [5] - The Chinese market accounted for over 90% of IFBH's total revenue, with projected revenues of $79.92 million and $146 million for 2023 and 2024, respectively [5] Competitive Landscape - The market share of IF coconut water in mainland China has been diluted due to the significant increase in competing brands over the past two years [6] - Market share data indicates a decline from 55.53% in Q1 2024 to 30.33% in Q4 2024, with a slight recovery to 36.42% by Q1 2025 [7] - New competitors, including both traditional brands and private labels from supermarkets, have emerged, with "Chaoji Coconut" gaining a market share of 8.21% by Q1 2025 [7] Strategic Developments - In September 2025, IFBH announced a strategic partnership with COFCO Group to expand distribution channels for its Innococo brand [7] - Analysts note that while IF remains a leading brand, it needs to enhance its control over distribution channels to support long-term growth amid increasing competition [8]