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 ...

Core Viewpoint - IFBH Pte. Ltd., the company behind the popular Thai coconut water brand if, is preparing for an IPO on the Hong Kong Stock Exchange, with a significant focus on the Chinese market, which accounts for 92.4% of its revenue [2][3]. Company Overview - IFBH was spun off from General Beverage, a Thai beverage manufacturer, and operates primarily under the brands if and Innococo [2]. - The company has achieved a revenue of $157.6 million and a profit of $33.3 million in 2024, marking year-on-year growth of 80.3% and 98.9% respectively [3]. - IFBH employs a light asset model, having no factories or warehouses, and relies heavily on advertising and logistics for its operations [3][4]. Market Position - IFBH holds the leading market share in the Chinese coconut water market, with a 34% share in 2024, significantly outpacing its nearest competitor [2]. - The company has become the second-largest coconut water company globally due to its success in the Chinese market [2]. Operational Model - As of the end of 2024, IFBH had only 46 employees and maintained minimal inventory valued at $1.044 million, with an average inventory turnover of three days [4]. - The operational costs are primarily focused on advertising and logistics, totaling approximately $11 million, which is about 6.4% of total sales [4]. - The company has a high dependency on a few suppliers and customers, with transactions with the top five suppliers and customers accounting for 96.9% and 97.6% of total transactions respectively [5][9]. Supply Chain Dynamics - IFBH continues to purchase coconut water from its parent company, General Beverage, leading to significant related party transactions, which amounted to $12.4 million and $18.1 million in 2023 and 2024 respectively [9]. - The company aims to reduce its reliance on General Beverage for coconut water procurement to below 70% by the end of 2025 and plans to expand into markets in Australia, the Americas, and Southeast Asia [10]. Competitive Landscape - The coconut water market in China has seen increased competition, with over 50 mainstream brands expected by 2025, a 40% increase from two years prior [15]. - Price competition is intensifying, with the average selling price of coconut water dropping by 23.5% from two years ago [16]. - The industry faces challenges from rising raw material costs, particularly due to adverse weather conditions affecting coconut production in Southeast Asia [18][19]. Financial Performance - Despite the competitive pressures, IFBH's gross margin improved by 2 percentage points to 36.7% in 2024, while its net margin increased by 1.9 percentage points to 21.1% [20]. - The company is considering leveraging its IPO proceeds to accelerate growth outside of the Chinese market, which may provide a strategic advantage in the face of increasing competition [20].