来源 | 大象IPO 近期，港交所官网披露，乐舒适有限公司（以下简称：乐舒适）二次递表港交所，申请主板上市，由中 金公司、中信证券、广发证券（香港）联合保荐。此前，公司在2025年1月递表已失效，这是失效后的 再一次申请。 这家来自迪拜的公司堪称"非洲纸尿裤之王"，靠着性价比高年销售超过41亿片纸尿裤，年营收已高达32 亿元以上，年归母净利润6.89亿元。 在非洲卖纸尿裤 乐舒适的创始人为沈延昌，他早在20世纪90年代就"下海"至非洲淘金，并积攒了丰富的贸易经验。 2004年，沈延昌在广州创设森大集团，致力于陶瓷制品、卫生洁具、卫生用品、家用日化、个人护理、 五金制品等产品的研发和生产。深耕海外市场二十余载，森大集团已成长为一家集海外工业制造、国际 贸易、实业投资为一体的跨国综合性产业集团，销售覆盖60余个国家和地区。 公开资料显示，2009年起，乐舒适作为森大集团的内部业务分部开始销售快消卫生用品。2022年，乐舒 适独立于森大集团其他业务部门，自行开展业务。目前，乐舒适已发展为一家专注于非洲、拉丁美洲及 中亚等新兴市场的国际卫生用品公司，主要开发、制造及销售婴儿及女性卫生用品（包括婴儿纸尿裤、 婴儿拉拉裤 ...

Core Viewpoint - Softcare, a Chinese brand, has become the leading sanitary product brand in Africa, capitalizing on the growing demand for affordable hygiene products in emerging markets [6][7][28]. Group 1: Company Overview - Softcare is the top-selling sanitary pad brand in Kenya, with a market share of 15.6% in Africa's sanitary products sector [7]. - The company is a subsidiary of SenDa Group, which has been operating in Africa since 2004 and has established a strong distribution network over the years [12][13]. - Softcare's revenue is projected to grow from approximately $320 million in 2022 to over $450 million by 2024, with net profit increasing from $18.4 million to $95.1 million during the same period [10]. Group 2: Market Dynamics - Africa has the fastest population growth globally, with a significant demand for hygiene products, yet the penetration rates for baby diapers and sanitary pads remain low at 20% and 30%, respectively [23][24]. - The average price of sanitary pads in Nigeria has tripled from 450 Naira in 2021 to 1500 Naira in 2024, indicating a growing market but also highlighting affordability issues for many women [26]. - The African e-commerce market is expanding rapidly, with platforms like Jumia leading the way, and the overall e-commerce revenue expected to reach $15.2 billion in 2024 [38]. Group 3: Competitive Strategy - Softcare leverages China's manufacturing advantages to offer products at about one-third the price of Western brands, making them accessible to a broader consumer base [28][31]. - The company has established local production facilities in eight African countries, which helps reduce costs associated with labor, tariffs, and logistics [31][33]. - Softcare employs a dual-brand strategy, offering both budget-friendly options and premium products to cater to different consumer segments [34]. Group 4: Challenges and Future Outlook - Despite its rapid growth, Softcare faces challenges such as increased competition from both local and international brands, as well as a potential slowdown in growth rates [36][37]. - The company has submitted a second IPO application after its initial attempt failed, indicating its intent to secure funding for further expansion [42].

Group 1: Company Overview - Leshu Shih Limited has submitted a new IPO application to the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors, following a previous application that lapsed in January 2025 [1] - The company specializes in manufacturing hygiene products, including baby diapers, sanitary napkins, and wet wipes, primarily targeting emerging markets in Africa, Latin America, and Central Asia [1] - Over 90% of the company's revenue comes from the African market, where it holds leading market shares in several segments, earning the title "Invisible Personal Care Champion of Africa" [1] Group 2: Financial Performance - Leshu Shih has demonstrated strong financial growth, with revenues of approximately $320 million, $411 million, and $454 million for the years 2022, 2023, and 2024, respectively, and net profits of $18.39 million, $64.68 million, and $95.11 million for the same years [2][3] - In the first four months of 2025, the company continued its growth trajectory, achieving revenues of $161.31 million, a 15% year-on-year increase, and net profits of $31.10 million, a 12.45% increase [2] Group 3: Product and Market Structure - The company operates primarily in four product categories: baby diapers, sanitary napkins, baby pull-ups, and wet wipes, with baby diapers contributing over 70% of total revenue [4] - Leshu Shih has established a multi-brand strategy, with its core brand Softcare positioned as a mid-to-high-end brand, contributing 78.8%, 77.6%, and 78.6% of total revenue from 2022 to 2024 [4] - The company has built a significant sales network across Africa, with 18 branches in 12 countries, covering over 2,800 wholesalers, distributors, supermarkets, and other retailers [4] Group 4: Competitive Advantage - Leshu Shih's products have a notable price advantage compared to competitors, with Softcare baby diapers priced at $0.0927 per piece, significantly lower than Procter & Gamble and Kimberly-Clark [5] - The company has achieved high compound annual growth rates of 17.3% and 30.6% for its core products, baby diapers and sanitary napkins, respectively, since 2022 [5] Group 5: Market Potential - The African hygiene products market is poised for explosive growth, driven by a unique demographic dividend and rapid urbanization, with a projected GDP growth rate of 3.2% in 2024 and 4.1% in 2025 [6] - The market penetration rates for baby diapers and sanitary napkins in Africa are currently around 20% and 30%, respectively, indicating significant growth potential compared to developed markets [7][8] Group 6: Future Outlook - Leshu Shih is expected to continue expanding its production capacity, with plans to use IPO funds to build new factories in several African and Latin American countries [9] - The company aims to solidify its leading position in the African market while actively exploring opportunities in Latin America and Central Asia, with a focus on meeting local consumer needs [10][12]

Core Viewpoint - Leshushit Limited, known as the "King of Diapers in Africa," has re-applied for a main board listing on the Hong Kong Stock Exchange after its previous application expired in January 2025. The company is backed by major underwriters including CICC, CITIC Securities, and GF Securities (Hong Kong) [1][2]. Company Overview - Founded in 2009 and headquartered in Dubai, Leshushit focuses on developing, manufacturing, and selling hygiene products in emerging markets such as Africa, Latin America, and Central Asia. The company has become a leading player in the hygiene products industry across multiple African countries [5][6]. Market Potential - The African market for baby and female hygiene products is projected to have the largest growth potential globally, with a compound annual growth rate (CAGR) of 1.8% for newborns from 2020 to 2024. In 2024, Africa is expected to account for 36.5% of global births [5][6]. Market Penetration - The penetration rates for baby diapers and sanitary napkins in Africa are significantly lower than in developed markets, with approximately 20% for diapers and 30% for sanitary napkins in 2024, compared to 70%-86% in Europe, North America, and China [6]. Brand Strategy - Leshushit operates multiple brands to cater to different consumer segments, with its core brand Softcare positioned as a mid-to-high-end product. Softcare has become a well-known brand in many African countries, contributing significantly to the company's revenue [6][7]. Sales Performance - In 2024, Leshushit is projected to sell 4.123 billion baby diapers and 1.634 billion sanitary napkins, with respective CAGRs of 17.3% and 30.6% since 2022. The company's revenue has shown consistent growth, reaching approximately 3.2 billion USD (22.96 billion RMB) in 2022 and 4.54 billion USD (32.57 billion RMB) in 2024 [10][11]. Competitive Pricing - Leshushit's average selling price for baby diapers in 2024 is 8.29 cents per piece, significantly lower than international brands like Procter & Gamble's Pampers and Kimberly-Clark's Huggies, which are priced at 11.58 cents and 11.38 cents per piece, respectively. This competitive pricing strategy is a key factor in its market leadership [12]. Production Capacity - As of April 30, 2025, Leshushit operates eight production facilities across Africa with a total designed capacity of 6.3012 billion baby diapers, 352.1 million baby pull-ups, 2.8541 billion sanitary napkins, and 9.3035 billion wet wipes annually [7][10]. Ownership Structure - Leshushit was initially a division of the SenDa Group, founded by Shen Yanchang and Yang Yanjuan in 2004. The couple currently holds 64.42% of Leshushit's shares and serves as non-executive directors [13][14].

Core Viewpoint - Leshu Shih, a leading company focused on hygiene products in emerging markets like Africa and Latin America, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence and capitalize on the growing demand for hygiene products in these regions [1][3]. Company Overview - Leshu Shih primarily develops, manufactures, and sells baby and female hygiene products, including diapers, pull-ups, sanitary pads, and wet wipes, with most of its revenue generated from the African market [1][3]. - The company was established as a division of Senda Group in 2009 and became independent in 2022, focusing on emerging markets [3]. Product and Market Positioning - Leshu Shih offers various hygiene products under different brands, with its core brand Softcare positioned as a mid-to-high-end brand targeting consumers seeking quality products [5]. - According to Frost & Sullivan, Leshu Shih ranks first in the African baby diaper market with a market share of 20.3% and first in the sanitary pad market with a share of 15.6% based on sales volume [5][8]. Financial Performance - The company has experienced rapid growth in sales and revenue, with baby diaper and sanitary pad sales projected to reach 4.123 billion and 1.634 billion units, respectively, in 2024, reflecting compound annual growth rates of 17.3% and 30.6% since 2022 [6]. - Revenue figures for the years 2022, 2023, 2024, and the first four months of 2025 are approximately $320 million, $411 million, $454 million, and $161 million, respectively, with profits of $18.39 million, $64.68 million, $95.11 million, and $31.10 million [6]. Market Potential - Emerging markets like Africa and Latin America show significant growth potential for hygiene products due to population growth, economic development, urbanization, and increasing education levels [8]. - The newborn population in Africa is expected to grow at a compound annual growth rate of 1.8% from 2020 to 2024, with a projected 48.2 million births in 2024, representing 36.5% of the global total [8]. Pricing Strategy - Leshu Shih adopts a low pricing strategy to quickly capture market share in Africa, with retail prices for baby diapers ranging from 9 to 20 cents per piece, which is lower than competitors [11][12]. - The company’s pricing for sanitary pads also reflects a similar strategy, with prices between 4.5 and 8.5 cents per piece, positioning it competitively against other market players [14][15]. Profit Margins - The company operates on a "low-margin, high-volume" model, with gross margins of 23.0%, 34.9%, 35.2%, and 33.6% for the years 2022, 2023, 2024, and the first four months of 2025, respectively [11][16]. - Comparatively, major competitors like Procter & Gamble and Hengan International report significantly higher gross margins, indicating potential challenges in profitability for Leshu Shih [17][18].

Core Viewpoint - LeShuShi, a leading company focused on health products in emerging markets like Africa and Latin America, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence and capitalize on the growing demand for hygiene products in these regions [1][3]. Company Overview - LeShuShi specializes in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes, with most of its revenue generated from the African market [1][3]. - The company was established as a division of SenDa Group in 2009 and became independent in 2022, focusing on emerging markets [3][4]. - LeShuShi offers various brands, with Softcare being its core brand, positioned as a mid-to-high-end product targeting consumers seeking quality [3][4]. Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper market with a market share of 20.3% and first in the sanitary napkin market with a share of 15.6% based on sales volume [4]. - By revenue, the company ranks second in both the African baby diaper and sanitary napkin markets, with shares of 17.2% and 11.9%, respectively [4]. Financial Performance - LeShuShi's revenue for the years 2022, 2023, 2024, and the first four months of 2025 was approximately $320 million, $411 million, $454 million, and $161 million, respectively [5]. - The company's profits for the same periods were $18.39 million, $64.68 million, $95.11 million, and $31.10 million [5]. - The company has achieved significant growth in sales and revenue, with compound annual growth rates of 17.3% for baby diapers and 30.6% for sanitary napkins since 2022 [5]. Market Potential - Emerging markets like Africa and Latin America show substantial growth potential for hygiene products due to population growth, economic development, and increasing urbanization [6]. - The newborn population in Africa is projected to grow at a compound annual growth rate of 1.8% from 2020 to 2024, indicating a significant market opportunity [6]. Pricing Strategy - LeShuShi adopts a low pricing strategy to quickly capture market share in Africa, with retail prices for baby diapers ranging from 9 to 20 cents per piece, which is lower than competitors [8][9]. - In the sanitary napkin segment, the company's prices range from 4.5 to 8.5 cents per piece, also positioning it competitively against other market players [10][11]. Profit Margins - The company's gross margins for 2022, 2023, 2024, and the first four months of 2025 were 23.0%, 34.9%, 35.2%, and 33.6%, respectively [12]. - Compared to industry leaders like Procter & Gamble and Hengan International, LeShuShi's gross margins are lower, indicating room for improvement in profitability [14][16].

Company Overview - LeShuShi Limited has submitted an application for listing on the Hong Kong Stock Exchange, with China International Capital Corporation, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors [1] - The company specializes in health products in emerging markets such as Africa, Latin America, and Central Asia, focusing on baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - LeShuShi has established a strong presence in over 30 countries, with 18 sales branches in 12 countries and a network of more than 2,800 wholesalers, distributors, supermarkets, and other retailers as of April 30, 2025 [1] Brand Strategy - LeShuShi offers multiple brands to cater to different consumer segments, with its core brand Softcare positioned as a mid-to-high-end brand targeting consumers seeking quality products [2] - The company ranks first in the African market for baby diapers and sanitary napkins, with sales volumes of 4.1227 billion and 1.6343 billion units respectively, experiencing compound annual growth rates of 17.3% and 30.6% since 2022 [2] - The pricing strategy for Softcare diapers is competitive, with an average price of 8.7 cents per diaper, making it the market leader in sales despite its mid-to-high-end positioning [2] Financial Performance - LeShuShi's revenue for the fiscal years 2022 to 2024 and the first four months of 2025 was recorded at $320 million, $411 million, $454 million, and $161 million respectively, with profits of $18.39 million, $64.68 million, $95.11 million, and $31.10 million [3] - The average selling price of Softcare diapers has decreased from 9.27 cents per diaper in 2023 to 8.70 cents in 2025, which may impact brand premium and profit margins in the long term [3]

Core Viewpoint - LeShuShi has submitted its listing application to the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors [1] Company Overview - The company primarily engages in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes, with most revenue derived from African customers [1] - LeShuShi owns multiple brands, including Softcare and Veesper, with Softcare being the core brand positioned in the mid-to-high-end market, recognized as a household name in African countries [1] Market Position - According to Frost & Sullivan, in 2024, LeShuShi ranks first in sales volume in the African baby diaper and sanitary napkin markets, with market shares of 20.3% and 15.6% respectively; it ranks second in revenue for both categories [1] - The company holds leading positions in various segments across African countries such as Ghana, Kenya, and Côte d'Ivoire [1] Distribution Network - LeShuShi has an extensive sales network covering over 30 countries in Africa, Latin America, and Central Asia, encompassing more than 2,800 wholesalers, distributors, and retailers [1]

智通财经获悉，据港交所8月12日披露，乐舒适有限公司(简称：乐舒适)向港交所主板递交上市申请， 中金公司、中信证券、广发证券(香港)为联席保荐人。该公司曾于2025年1月27日递表港交所。 招股书显示，乐舒适是一家专注于非洲、拉美、中亚等地快速发展新兴市场(1)的跨国卫生用品公司， 主要从事婴儿纸尿裤、婴儿拉拉裤、卫生巾和湿巾等婴儿及女性卫生用品的开发、制造和销售。于往绩 记录期间，公司的大部分收入来自向非洲客户的销售。 乐舒适以不同品牌(包括核心品牌Softcare以及Veesper、Maya、Cuettie及Clincleer)提供各种婴儿及女性卫 生用品。作为公司的核心品牌，Softcare定位为中高档品牌，主要面向具有较高消费力、寻求高品质产 品的中高端消费者。Softcare于开始之初作为婴儿纸尿裤及卫生巾品牌推出，其后延伸至其他卫生用品 类别，包括于2018年推出婴儿拉拉裤及湿巾。于往绩记录期间，公司的大部分收入来自Softcare产品。 经过多年发展，Softcare已在许多非洲国家成为家喻户晓的婴儿及女性卫生用品知名品牌，并在市场上 处于龙头地位。 根据弗若斯特沙利文的资料，(i)以2024年 ...

据港交所8月12日披露，乐舒适有限公司(简称：乐舒适)向港交所主板递交上市申请，中金公司（601995）、 中信证券、广发证券(香港)为联席保荐人。该公司曾于2025年1月27日递表港交所。 招股书显示，乐舒适是一家专注于非洲、拉美、中亚等地快速发展新兴市场(1)的跨国卫生用品公司，主要从 事婴儿纸尿裤、婴儿拉拉裤、卫生巾和湿巾等婴儿及女性卫生用品的开发、制造和销售。于往绩记录期间， 公司的大部分收入来自向非洲客户的销售。 乐舒适以不同品牌(包括核心品牌Softcare以及Veesper、Maya、Cuettie及Clincleer)提供各种婴儿及女性卫生用 品。作为公司的核心品牌，Softcare定位为中高档品牌，主要面向具有较高消费力、寻求高品质产品的中高 端消费者。Softcare于开始之初作为婴儿纸尿裤及卫生巾品牌推出，其后延伸至其他卫生用品类别，包括于 2018年推出婴儿拉拉裤及湿巾。于往绩记录期间，公司的大部分收入来自Softcare产品。经过多年发展， Softcare已在许多非洲国家成为家喻户晓的婴儿及女性卫生用品知名品牌，并在市场上处于龙头地位。 根据弗若斯特沙利文的资料，(i)以2024年 ...