Core Viewpoint - IFBH, a Thai beverage company, is expanding its presence in the Greater China market, focusing on coconut water, which is experiencing strong growth globally and particularly in China [1][2]. Group 1: Company Overview - IFBH was founded in 2013 by Pongsakorn Pongsak and has introduced the "if" brand to mainland China, with additional markets in Hong Kong, Taiwan, and Singapore [1]. - The company operates two main brands: "if" and "Innococo," with "if" contributing the majority of revenue in 2024, while "Innococo" is gradually increasing its share due to higher profit margins [1]. - In terms of regional sales, mainland China accounts for 92.4% of revenue, Hong Kong 4.6%, and other regions 3.0% [1]. Group 2: Market Growth - The global coconut water beverage market is projected to grow at a compound annual growth rate (CAGR) of 14.7% from 2019 to 2024, with a forecasted CAGR of 11.1% from 2024 to 2029 [1]. - China is a major consumer of coconut water, with retail sales expected to represent 21.9% of the global total in 2024, and the Greater China region is experiencing the fastest growth in the market, with a CAGR of 60.8% from 2019 to 2024 [1]. Group 3: Market Position - IFBH has maintained the leading market share in mainland China for five consecutive years, reaching 34% in 2024, which is over seven times that of the second competitor [2]. - In Hong Kong, IFBH has led the market for nine years with a share of approximately 60%, also surpassing the second competitor by over seven times [2]. - Globally, IFBH ranks second in market share at 7.5%, with the highest retail sales growth rate among the top five coconut water companies, achieving 81% in 2024 [2]. Group 4: Business Strategy - The company employs a light-asset model, focusing on supply chain management and outsourcing production to ensure product quality while minimizing costs [2]. - IFBH benefits from a stable supply chain, with General Beverage as its main supplier and co-manufacturer, providing coconut water raw materials at 18% lower costs compared to competitors [2]. - The company is expanding its product matrix with innovative offerings such as sparkling coconut water, coconut coffee, and coconut green tea to meet diverse consumer demands [3]. Group 5: Future Outlook - The company plans to accelerate its global expansion into markets such as Australia, the Americas, and Southeast Asia, enhancing its innovation capabilities [3]. - Revenue projections for 2025-2027 are estimated at $212 million, $275 million, and $344 million, with year-on-year growth rates of 34.52%, 29.66%, and 24.96% respectively [3].