New Stock News | Focus International files second application with the Hong Kong Stock Exchange, mainly engaged in manufacturing and selling disposable sanitary products.

According to the disclosure by the Hong Kong Stock Exchange on March 31, Focus International Limited (referred to as Focus International) submitted its listing application to the Hong Kong Stock Exchange main board, with Jianquan Financing Limited being its exclusive sponsor. This is the company's second time submitting documents to the Hong Kong Stock Exchange. Company Profile The prospectus shows that the company is mainly engaged in the manufacturing and sale of disposable hygiene products, as well as the sale of materials for disposable hygiene products. The company was established in 2014 and initially operated as an OEM for disposable hygiene products under overseas local brands. During this initial stage, the company accumulated expertise in manufacturing disposable hygiene products that meet international standards. With the technical expertise and quality control standards accumulated through OEM experience, the company expanded its capabilities to develop and promote its own brands in the Chinese market. During the reporting period, the company's disposable hygiene products included three categories: (i) baby care products, (ii) feminine care products, and (iii) adult incontinence products. The company also sells materials for disposable hygiene products. The company adopts a multi-brand strategy, with All Cotton Hour, Focus Baby, and Belem Le for its baby care products, and Wei Yue and Blue Cotton Flower for its feminine care products. In May 2024, the company discontinued the Tico-Band adult incontinence brand product line to optimize resource allocation and focus on core business segments with higher growth potential. The company believes that this shutdown reflects a strategic resource restructuring, moving human resources, R&D, and capital resources from low-profit-margin, slow-growing product lines to fast-growing brand baby care and feminine care markets. Although the company has discontinued its own brand of adult incontinence products, it continues to manufacture adult incontinence products for third-party customers on an OEM basis. In 2024, the company's retail sales of disposable hygiene products in the Chinese market accounted for approximately 0.1% market share. The company's branded baby care products include baby diapers and pull-up pants. The company produces and sells baby care products in sizes ranging from newborn to XXXXL, up to nine varieties. The company's All Cotton Hour brand focuses on the high-end market positioning, while the Focus Baby and Belem Le brands focus on providing products for the mass market. During the reporting period, the company offered a total of more than 47 SKUs of baby diapers and pull-up pants. In addition to sanitary napkins, the company's branded feminine care products also include disposable period panties, designed to absorb liquids, prevent menstrual blood leakage, and have absorption capabilities. During the reporting period, the company offered a total of more than 32 SKUs of feminine care products. The company's branded feminine care products are marketed under the Wei Yue and Blue Cotton Flower brands. Before May 2024, the company promoted the Tico-Band as its independent brand for adult incontinence products (including adult diapers). In May 2024, to prioritize the company's product supply, it underwent strategic business streamlining and discontinued the sale of Tico-Band adult incontinence products. Although the company no longer operates its own brand of adult incontinence products, it continues to provide OEM manufacturing services for such products to third-party customers. During the reporting period, the company offered a total of more than 3 SKUs of adult incontinence products. The company's production facility located in Quanzhou, Fujian Province supports the production, storage, and storage of disposable hygiene products and the storage of raw materials purchased by the company. As of December 31, 2025, the company's production facility operated a total of 8 production lines. Although most of the company's production lines are designed for specific product types and are not interchangeable, the company has a dual-use production line purchased in January 2021 that can produce adult pull-up pants and disposable period panties, counting female care products and adult incontinence products as one production line each. Apart from the initial stage of loading raw materials and the final stage of packaging operations, the company's production line is largely automated. Financial Information Revenue For the fiscal years 2023, 2024, and 2025, the company's revenue was approximately RMB 372 million, RMB 447 million, and RMB 533 million, respectively. Profit For the fiscal years 2023, 2024, and 2025, the company's annual profits and other comprehensive income were RMB 39.467 million, RMB 65.605 million, and RMB 80.908 million, respectively. Gross Profit Margin For the fiscal years 2023, 2024, and 2025, the company's gross profit margin was 23.5%, 27.5%, and 28.6%, respectively. Industry Overview Despite facing multiple challenges such as economic fluctuations, the impact of the COVID-19 pandemic, and fluctuations in raw material prices, the position of the Asian market as a key growth region for disposable hygiene products continues to be consolidated. This growth trend is mainly driven by several factors, including population growth, aging populations in multiple economies, and continued improvement in hygiene awareness. In terms of sales, the size of the Asian disposable hygiene products market has grown from approximately USD 91.6 billion in 2020 to approximately USD 98.9 billion in 2024, with a compound annual growth rate of approximately 1.9%. It is expected that this market will continue to expand and reach approximately USD 132.9 billion by 2029, with a compound annual growth rate of approximately 6.1% from 2024 onwards. Countries like Japan and South Korea are facing severe aging populations, leading to an increasing demand for adult diapers and incontinence products. The adult disposable hygiene products market is the fastest-growing segment in the Asian disposable hygiene products market. Its market size has increased from approximately USD 7 billion in 2020 to approximately USD 9.1 billion in 2024, with a compound annual growth rate of approximately 6.8%. It is expected that this market will continue to expand, reaching approximately USD 16 billion by 2029, with a compound annual growth rate of approximately 11.9% from 2024 onwards. In terms of sales, the size of the Asian baby and infant care disposable hygiene products market (the largest segment in the overall Asian disposable hygiene products market) has increased from approximately USD 44.3 billion in 2020 to approximately USD 45.5 billion in 2024, with a compound annual growth rate of approximately 0.7%. Despite a gradual decline in birth rates in Asia in recent years, resulting in a decrease in the target baby and infant populations, the baby care disposable hygiene products market continues to expand. This growth is mainly driven by upward price adjustments, increased usage frequency, and increased penetration. These factors have fully offset the impact of a shrinking user base. Particularly, the ongoing trend towards higher-end products, such as consumers shifting towards more functional and higher-value products, and an increasing awareness of hygiene and convenience, have led to an increase in per capita consumption. At the same time, the increasing purchasing power and expanding distribution channels in developing markets further drive market penetration, especially in lower-tier cities and rural areas. Therefore, despite the headwinds of demographic structure, the overall market maintains stable growth. Looking ahead, it is expected that the market will continue to expand, reaching approximately USD 55.7 billion by 2029, with a compound annual growth rate of approximately 4.1% from 2024 onwards. This growth expectation will be driven by the continued trend towards higher-end products, increased product penetration, and an increase in per capita consumption in major Asian markets. The size of the Asian disposable hygiene products market is estimated based on a comprehensive analysis of regional macroeconomic trends, changes in population structure, and evolving hygiene consumer behaviors, and references to public statistical data and authoritative industry databases. Continued economic growth in Asia remains the fundamental driver of demand in this industry. According to data from the International Monetary Fund (IMF), Asia's GDP is expected to grow at a compound annual growth rate of 5.3% from 2020 to 2024 and is projected to accelerate to 5.8% from 2024 to 2028. The solid economic foundation provides support for the continued growth of the Asian disposable hygiene products market. China's sales output of disposable hygiene products divided by exports and domestic sales The revenue generated from the production of disposable hygiene products (reflecting production and sales value) increased from RMB 95.1 billion in 2020 to RMB 110.2 billion in 2024, with a compound annual growth rate of 3.8%. It is expected to further increase to approximately RMB 148.9 billion by 2029, with a compound annual growth rate of 6.2% from 2024 onwards. Currently, the value of exports has significantly increased, from approximately RMB 13.6 billion in 2020 to approximately RMB 22.2 billion in 2024, with a high compound annual growth rate of 13.0%. It is predicted that exports will continue to grow, reaching approximately RMB 31.5 billion by 2029, with a compound annual growth rate of 7.2% from 2024 onwards. In addition, the proportion of exports to total production and sales value increased from approximately 14.3% in 2020 to 20.1% in 2024, and is expected to increase to 21.2% by 2029. Market size and growth of China's export market for disposable hygiene products The value of exports of disposable hygiene products increased significantly from approximately RMB 13.6 billion in 2020 to approximately RMB 22.2 billion in 2024, with a compound annual growth rate of approximately 13.0%. This upward trend is expected to continue, with exports projected to reach approximately RMB 31.5 billion by 2029, with a compound annual growth rate of approximately 7.2% from 2024 onwards. The export market for baby care disposable hygiene products is one of the fastest-growing segments in the export market for disposable hygiene products, increasing from approximately RMB 7.5 billion in 2020 to approximately RMB 13.7 billion in 2024, with a compound annual growth rate of approximately 16.3%. It is expected that this market will continue to expand, reaching approximately RMB 19.3 billion by 2029, with a compound annual growth rate of approximately 7.1% from 2024 onwards. Board of Directors Information The board consists of seven directors, including four executive directors and three independent non-executive directors. Shareholding Structure As of the latest practicable date (March 23, 2026), Mr. Zhou, through his wholly-owned company Wansheng Shi Yi, owns approximately 59.4% of the company's shares. Wansheng is Mr. Zhou's investment holding entity and has no other business operations besides holding shares in the company. On the other hand, as of the latest practicable date, Ms. He holds approximately 39.6% of the company's shares through her wholly-owned company Wan Rong Shi Yi. Wan Rong is Ms. He's investment holding entity and, besides holding shares in the company, has no other business operations. As of the latest practicable date, Wansheng and Wan Rong hold approximately 59.4% and 39.6% of the company's shares, respectively. Therefore, for compilation purposes and according to listing rules, Mr. Zhou, Ms. He, Wansheng, and Wan Rong are considered the controlling shareholders of the company. Intermediary Team Exclusive Sponsor: Jianquan Financing Limited; Legal Counsel: ZM Lawyers, Tianyuan Law Firm, Aojie Law Firm, Hogan Lovells International LLP; Exclusive Sponsor and Legal Counsel: King & Wood Mallesons, Jingtian & Gongcheng Law Firm; Reporting Accountant and Independent Auditor: Foursight Mazars Certified Public Accountants Limited; Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch.