Core Insights - IF Coconut Water, a Thai brand, has achieved remarkable success in the Chinese market, generating annual revenue of 1.156 billion yuan and capturing a 34% market share in 2024, significantly outperforming its competitors [4][11] - The company operates with a lean model, employing only 46 staff members while outsourcing production and logistics, which has been described as a "light asset myth" in the beverage industry [5][10] Company Overview - IFBH Limited, the parent company of IF Coconut Water, submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise over 1 billion HKD [4] - The company has maintained its position as the market leader in coconut water in China for five consecutive years since 2020, with a revenue that is over seven times that of its closest competitor [4][11] Operational Efficiency - The organizational structure of IFBH is highly streamlined, with 20 employees in sales and marketing, 5 in research and development, and 6 in logistics, demonstrating high operational efficiency [5][6] - The company relies heavily on outsourcing, with 96.9% of its procurement coming from five major suppliers, primarily General Beverage, which accounts for over 70% of its production [6][10] Sales and Marketing Strategy - IF Coconut Water's sales are predominantly driven by its top five distributors, which contribute approximately 97.6% of its revenue, with a dual-channel distribution model targeting both online and offline markets [7][10] - The company has invested significantly in marketing, with expenses reaching 7.4 million USD in 2024, primarily focused on the Chinese market, where online advertising and celebrity endorsements play a crucial role [10][14] Market Trends - The coconut water market in Greater China has seen explosive growth, with the market size increasing from 100 million USD in 2019 to 1 billion USD in 2024, reflecting a compound annual growth rate of over 60% [11][13] - The core product, "100% Natural Coconut Water," is positioned as a healthy beverage, appealing to urban professionals and fitness enthusiasts, which has been a key factor in its market penetration [11][13] Challenges and Future Outlook - Despite its success, IF Coconut Water faces challenges, including reliance on Thai suppliers and increasing competition from domestic brands offering lower prices [15][17] - The company's market share has declined from 47.48% in Q1 2023 to 30.33% in Q4 2024, prompting a shift in pricing strategy to remain competitive [17][20] - The sustainability of the light asset model is under scrutiny, as the company must navigate supply chain vulnerabilities and evolving consumer preferences in a competitive landscape [20][21]

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 泰国富二代创办的if椰子水，凭借精准踩中健康消费趋势、轻资产的高效运营模式，以及差异化产品设 计等策略，在中国卖爆了，一年创收10个亿。最近，更是交了招股书，打算闯关港交所。不过，这个 椰子水老大躺着赚钱的好日子结束了，如今正在被9.9元中国同行绞杀。 图片来源：if天猫旗舰店 中国人买爆泰国椰子水 4月20日的晚上，北京朝阳区的一个健身房里，一场私教课结束后，30岁的张笑，拧开一瓶透明塑料瓶 装的椰子水，仰头灌下一大口。饮料进入喉咙后，她扫了一眼瓶身的配料表——100%椰子水。这款名 为if的椰子水，她近段时间以来常喝，因为没有任何添加剂。 距离她1000多公里的安徽，90后然然当天也下单了一箱if椰子水，这是她本月第三次采购，她家饮水 机旁上次购买的一箱if椰子水，如今只剩下一瓶。 if，是当下最火的椰子水，市场份额排名第一，是第二名超吉椰的四倍多。7年前，泰国富二代彭萨克 带领if进入中国市场时，很少有人能够想到，这个品牌会在多年后以迅猛之姿 ...

Core Viewpoint - The surge in popularity of coconut water over the past two years has propelled IFBH Limited, the parent company of the IF coconut water brand, towards the capital market, with significant revenue growth driven primarily by the Chinese mainland market [1][2]. Financial Performance - In 2023, IFBH Limited reported revenues of $87.44 million, with net profits of $16.75 million. For 2024, projected revenues are approximately $158 million, reflecting a year-on-year growth of about 80.32%, while net profits are expected to reach $33 million, a growth of approximately 94.12% [1]. - The Chinese mainland market is the primary revenue driver, with expected revenues of $146 million in 2024, accounting for 92.4% of total revenues [1]. Market Dynamics - The increase in coconut water's popularity in the Chinese mainland has significantly boosted IF's sales, with a noted increase in market penetration [2]. - IF's market share in the coconut water segment rose from 47.48% in Q1 2023 to a peak of 55.53% in Q1 2024, but subsequently declined to 30.33% by Q4 2024, and 36.42% by Q1 2025 due to increased competition [6][7]. Competitive Landscape - The decline in market share is attributed to the rise of competitors, including both established brands and new entrants, such as "Chaoji Coconut," which has seen its market share grow significantly [7]. - Despite the competition, IF remains the largest coconut water brand in the mainland market, although it faces pressure from lower-priced alternatives [6][7]. Pricing Strategy - The average price of coconut water has decreased from 1.91 yuan per 100ml in Q1 2023 to 1.46 yuan in Q1 2025, a decline of 23.5%, while IF's price reduction was only 9.6% [8]. - As of now, IF's pricing strategy positions it slightly above the market average, which may impact its competitiveness [8]. Supply Chain and Production Risks - IFBH Limited relies heavily on Thai coconuts for its products, which poses risks related to climate and geopolitical factors that could affect supply and pricing [8][9]. - The company has expressed concerns about its dependence on third-party suppliers for production and logistics, with a significant portion of its business concentrated among a few key clients [9][10]. Future Growth Strategy - The company plans to use proceeds from its IPO to expand its supplier base and product offerings, including sourcing coconuts from surrounding regions and diversifying into more fruit and vegetable products [11].