以下文章来源于品牌观察官 ，作者曾有为 品牌观察官 . 品牌营销头部自媒体，汇聚前沿案例与策略，为广告、公关及营销人提供每日热点追踪、经典方法论解析及商业趋势洞察 11月10日上午，港交所的铜锣声又一次响起。 作者：曾有为 来源：品牌观察 官 哈工大高材生去一趟非洲就发现了商机，如今名副其实被"称王"。 这次是位特殊的新秀——乐舒适， 开盘价 34.98港元 ，首日暴涨 33.51% ， 募资狂揽23.8亿港元，总市值211.94亿。 | 最高:34.98 | 今开:34.98 | 成交量:1366.14万股 | | --- | --- | --- | | 最低:34.98 | 昨收:26.20 | 成交额:4.83亿 | | 52周最高: 34.98 | 量比: -- | 市盈率(动):29.28 | | 52周景低:1.02 | 委比: 13.17% | 市盈率(静): 28.70 | | 每股收益:1.22 | 股息(TTM): -- | 总股本:6.06亿 | | 每股净资产:6.12 | 股息率(TM): -- | 港股股本:6.06亿 | | 每手股数:200 | 最小价差:0.02 | 货币单位 ...

Core Viewpoint - Luxurious Comfort, a multinational hygiene products company, is set to launch an IPO from October 31 to November 5, aiming to raise up to HKD 2.38 billion, marking a significant milestone as the first company headquartered in the Middle East to list in Hong Kong [1][2]. Company Overview - Founded by a couple from the "post-70s" generation, Shen Yanchang and Yang Yanjuan, Luxurious Comfort is known as the "King of Diapers in Africa" and has established a strong presence in the African market [1][4]. - The company is headquartered in the Dubai Airport Free Zone and has become the leading manufacturer of hygiene products in Africa, with a total of 8 production facilities and 51 production lines [2][3]. Financial Performance - Luxurious Comfort has seen a steady increase in revenue, achieving USD 320 million in 2022, USD 411 million in 2023, and projected revenue of USD 454 million in 2024 [3]. - The company sold approximately 10.8 billion diapers over three years, with sales of 2.995 billion diapers in 2022, 3.714 billion in 2023, and an expected 4.123 billion in 2024 [2][3]. Market Position - In the African market, Luxurious Comfort holds the largest market share for baby diapers at 20.3% and for sanitary napkins at 15.6% based on 2024 sales volume [3]. - The company ranks second in revenue market share for baby diapers at 17.2% and sanitary napkins at 11.9% in Africa [3]. Growth Strategy - The company plans to allocate over 70% of the IPO proceeds for capacity expansion and production line upgrades, with approximately 34.5% earmarked for new production lines in Ghana and Senegal [5][6]. - Luxurious Comfort aims to replicate its successful localized product and self-built channel model in Latin America and Central Asia, with about 11.6% of the funds designated for marketing and promotional activities in these regions [6].

Core Insights - LeShuShi Limited is preparing for an IPO on the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors [1][3] - The company is the largest manufacturer of hygiene products in Africa, leading in both the baby diaper and sanitary napkin markets by production volume in 2024 [1][3] Company Overview - LeShuShi focuses on emerging markets in Africa, Latin America, and Central Asia, specializing in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [3] - The company holds the largest market share in Africa for baby diapers at 20.3% and sanitary napkins at 15.6% based on 2024 sales volume [3] - LeShuShi has established a broad sales network across over 30 countries, which is considered a competitive advantage [3] Financial Performance - The company's revenue grew from $320 million in 2022 to $454 million in 2024, reflecting a compound annual growth rate (CAGR) of 19.2% [6] - For the four months ending April 30, 2025, revenue increased by 15.5% to $161.31 million compared to the same period in the previous year [6] - The sales volume for baby diapers and sanitary napkins reached 4.122 billion and 1.634 billion units respectively in 2024, with respective CAGR of 17.3% and 30.6% since 2022 [3] Brand Strategy - LeShuShi offers various brands, including its core brand Softcare, which targets mid-to-high-end consumers seeking quality products [4] - Softcare has become a well-known brand in many African countries, establishing a leading market position [4] Sales and Distribution - As of April 30, 2025, LeShuShi has set up 18 sales branches in 12 countries, supported by over 2,800 wholesalers, distributors, supermarkets, and other retailers [3]

Core Viewpoint - Leshushit Limited is preparing for an IPO on the Hong Kong Stock Exchange, with CICC, CITIC Securities, and GF Securities (Hong Kong) as joint sponsors. The company is the largest local manufacturer of sanitary products in Africa, ranking first in both the baby diaper and sanitary napkin markets in Africa based on 2024 production volume [1][3]. Company Overview - Leshushit is a multinational sanitary products company focused on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, pull-ups, sanitary napkins, and wet wipes [3]. - The company has established a broad sales network across over 30 countries in Africa, Latin America, and Central Asia, which is considered a competitive advantage [3]. Market Position - According to Frost & Sullivan, Leshushit ranks first in the African baby diaper and sanitary napkin markets with market shares of 20.3% and 15.6%, respectively, based on 2024 sales volume. In terms of revenue, the company ranks second in both markets with shares of 17.2% and 11.9% [3]. - The company has achieved rapid growth, with baby diaper and sanitary napkin sales reaching 4.122 billion and 1.634 billion units in 2024, respectively, reflecting compound annual growth rates of 17.3% and 30.6% since 2022 [3]. Brand Strategy - Leshushit offers various baby and women's hygiene products under different brands, including its core brand Softcare, which targets mid-to-high-end consumers seeking quality products. Softcare has become a well-known brand in many African countries [4]. Financial Performance - The company has demonstrated stable growth and improving profitability, with revenue increasing from $320 million in 2022 to $454 million in 2024, representing a compound annual growth rate of 19.2%. For the four months ending April 30, 2025, revenue rose by 15.5% to $161.31 million compared to the same period in the previous year [6][7]. - The financial data shows a consistent increase in gross profit, with gross profit rising from $73.53 million in 2022 to $160.15 million in 2024 [7].

Core Viewpoint - Leshu Shi Limited has re-applied for a listing on the Hong Kong Stock Exchange after its previous application expired in January 2025, with a focus on expanding its business in emerging markets, particularly in Africa, Latin America, and Central Asia [1][9]. Company Overview - Founded by Shen Yanchang, Leshu Shi began as a division of Senda Group, which was established in 2004 and has evolved into a multinational group involved in manufacturing and international trade [2]. - Leshu Shi specializes in the development, manufacturing, and sales of baby and female hygiene products, including diapers, sanitary napkins, and wet wipes, primarily targeting emerging markets [2][3]. Market Position - Leshu Shi's core brand, Softcare, is positioned as a mid-to-high-end brand and has become a well-known name in many African countries, holding the top market share in both baby diapers (20.3%) and sanitary napkins (15.6%) by volume in 2024 [3]. - The company operates in over 30 countries across Africa, Latin America, and Central Asia, with a wide sales network covering more than 2,800 wholesalers, distributors, supermarkets, and other retailers [4]. Financial Performance - The company reported significant revenue growth, with annual revenues exceeding 3.2 billion yuan (approximately $460 million) in 2022, reaching 4.54 billion yuan (approximately $650 million) in 2024 [5][6]. - The net profit for 2022 was approximately 171.3 million yuan (about $24 million), increasing to around 689 million yuan (about $98 million) in 2024 [5][6]. Growth Drivers - The growth in sales is attributed to the expansion of the sales network in existing markets and the penetration into new emerging markets, with a focus on increasing market reach from urban to rural areas [7]. - The emerging markets, particularly Africa, show strong potential for growth due to a high birth rate and increasing demand for quality hygiene products, with a market penetration rate of only about 20% for baby diapers compared to 70%-86% in developed markets [9]. Challenges - The company faces increasing competition in the baby and female hygiene products sector, as the low technical and financial barriers attract more market participants [9][10]. - The rise of e-commerce platforms in emerging markets has intensified competition, leading to issues such as customer diversion and price wars [10]. - Leshu Shi's historically low investment in research and development may hinder its ability to build technological barriers and differentiate its products in a crowded market [10].

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].