Investment Timing Analysis Report on IFBH Limited's Hong Kong IPO

Based on the market data I collected and calculations from analytical tools, I have prepared the following detailed investment analysis report for you:

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IFBH International Holdings Limited is a

, not the previously market-misunderstood “BigC Pizza” chain restaurant enterprise[1]. The company is committed to bringing exquisite Thai flavors and fresh experiences to global consumers, with its core products being and related ready-to-eat foods.

• Product Portfolio
  : Centered on the “if” brand coconut water, with the new “if” fruit tea series (including peach tea, lychee tea, lemon tea) launched in 2025
• Supply Chain Advantage
  : Adopts an “asset-light + supplier cooperation” model, with no warehouses, and inventory turnover days controlled within 2-3 days
• Channel Coverage
  : Online channels (e-commerce platforms such as Tmall, JD.com, Douyin, etc.) + offline channels (retail terminals such as supermarkets, convenience stores, with 650,000-700,000 POS store coverage points)
• Brand Strategy
  : Signed top Chinese celebrity Xiao Zhan as the global brand spokesperson, successfully renewed the contract in June 2025

IFBH Limited holds an

in China’s coconut water market:

• Has ranked first in China’s mainland coconut water beverage market for five consecutive years since 2020
• Captured approximately
  34%
  market share in 2024, more than seven times that of the second-largest competitor[2]

Financial Indicator	2023	2024	H1 2025	YoY Change
Revenue (USD 100 million)	0.87	1.58	0.94	+80.3%/+31.5%
Net Profit (USD 10,000)	-	3,331.6	-	-
ROE	-	21%	-	-
ROA	-	45%	-	-
Asset-Liability Ratio	-	17.9%	17.9%	-
Current Ratio	-	-	5.48	-

• High Growth
  : Revenue grew 80.3% YoY in 2024, and 31.5% YoY in H1 2025
• Excellent Profitability
  : ROA reached 45%, indicating extremely high asset operation efficiency
• Financial Stability
  : Asset-liability ratio is only 17.9%, current ratio is 5.48, with no long-term liabilities
• Ample Cash Reserves
  : As of June 30, 2025, cash and cash equivalents reached USD 164 million, representing a 199.4% YoY increase[3]

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Based on the latest market data, the Hong Kong catering sector shows a

:

Stock Code	Company Name	Price-to-Earnings (PE)	Price-to-Book (PB)	Valuation Feature
06862.HK	Haidilao	15.3x	5.9x	Leading enterprise at low position, reasonable valuation
00999.HK	Xiaocaiyuan	15.5x	4.25x	Main board newcomer, undervalued
09922.HK	Jiu Mao Jiu	17.1x	0.8x	Undervalued
09987.HK	Yum China	17.4x	2.84x	Stable leading enterprise
01364.HK	Guming	21.4x	12.6x	High-growth tea beverage brand
09658.HK	Speciality Restaurant International	24.3x	2.94x	Overseas expansion
02097.HK	Mixue Group	25.3x	6.83x	Overvalued

• The overall valuation of the Hong Kong catering sector is in a
  historical low range
  , with a median PE of approximately 18-20x
• It has dropped significantly from the 2021 peak (Haidilao’s PE once reached 1090x)[4]
• Analysts generally believe that the catering sector is a
  relatively scarce valuation depression
  at present

• Hong Kong catering stocks rallied collectively, with Haidilao surging over
  9%
  to hit a recent high
• Jiu Mao Jiu, Green Tea Group and others followed with gains of over 2%
• Market sentiment was boosted by Haidilao founder Zhang Yong reassuming the CEO position[5]

• Zheshang Securities
  : The catering sector is a scarce valuation depression at present, and all brands have strong elasticity compared to 2019
• Guotai Haitong Securities
  : The sector has passed its worst operating period, rational competition has become a consensus, and it is expected to welcome a “Davis Double Play”
• Citi
  : Holds a positive view on Zhang Yong reassuming Haidilao’s helm, maintains a “Buy” rating with a target price of HK$19.7[6]

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2025 became a “big year” for catering enterprises listing on the Hong Kong Stock Exchange, with the following main characteristics:

1. Guming Holdings
   (February): Raised approximately HK$2.6 billion, rose 0.6% on its first trading day, with Tencent and Meituan Dragon Ball as cornerstone investors
2. Mixue Bingcheng
   (March): Raised approximately HK$4 billion,
   oversubscribed 5258 times
   , surged 43.21% on its first trading day, with market capitalization once exceeding HK$100 billion
3. CHAGEE
   (April): Listed on the US NASDAQ, becoming the first Chinese tea beverage brand to list on the US stock market
4. Aunt Shanghai
   (May):
   Oversubscribed 3616 times
   , opened 68.49% higher on its first trading day
5. Green Tea Group, Meet Noodles
   and others successively listed on the Hong Kong Stock Exchange

• Mingming Mangmang
  (merged from Lingshi Mangmang and Zhao Yiming): Passed the HKEX hearing on January 6, 2026
• Banu International
  : Completed announcement update on December 17, 2025
• Yuanji Wonton
  : Submitted listing application in 2025, post-investment valuation is approximately RMB 3.5 billion
• Laoxiang Chicken
  : Applied for Hong Kong listing three times, continuously updating its prospectus

In December 2025, , pointing out issues such as low document quality, exaggerated data, and inadequate performance of duties by sponsors in IPO applications[7].

• The focus of IPO review is shifting from “quantity” to “quality”
• Subsequent enterprises will face stricter scrutiny for listing
• IFBH Limited needs to ensure the completeness and accuracy of information disclosure in its prospectus

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• Ranked first in China’s coconut water market share for five consecutive years (34%)
• 80.3% revenue growth in 2024, with outstanding growth potential
• Extremely healthy financial status (low debt, high liquidity, high ROE)

• Scarcity of targets in the beverage sub-track
  within the Hong Kong catering sector
• Healthy consumption trend benefits the coconut water category
• Forms differentiated competition with Haidilao, Nayuki’s Tea, etc.

• The scale of China’s RTD beverage market continues to expand
• The annual growth rate of the coconut water category is higher than that of the overall beverage market
• Export business covers markets such as Hong Kong, Taiwan, Australia, etc.

• The valuation of Hong Kong catering sector is at a historical low
• Market expectations for consumption recovery are increasing
• Consumption peak season effect before the Spring Festival

• The company name “BigC Catering” is easily confused with “BigC Pizza”, which may lead to investor cognitive bias
• The main business is beverages rather than traditional catering, so investor education needs to be strengthened

• Competition in the coconut water market is intensifying, with more brands entering
• Large beverage enterprises may launch competing products
• Continuous product innovation is required to maintain a leading position

• Accounts receivable turnover days extended from 12 days to 27 days in H1 2025
• Trade receivables surged
  194.4%
  compared to the end of 2024
• Net cash flow from operating activities plummeted
  37.5%
  YoY

• The average daily trading volume of the Hong Kong stock market is limited
• Institutional investors have relatively conservative pricing
• Valuation may be lower than that of the A-share market

• HKEX review is becoming stricter, and the listing schedule may be delayed
• Need to pay attention to further inquiries after the hearing

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Valuation Method	Calculation Result	Notes
PE Method (15-20x)	USD 75-100 million	Based on 2024 net profit of USD 33.31 million
PS Method (2-3x)	USD 50-75 million	Based on 2024 revenue of USD 158 million
Market Comparable Method	Refer to valuations of Guming and Mixue	Industry differences need to be considered

Note: Actual IPO pricing needs to consider market environment and investor feedback

1. Business Model Feasibility
   : IFBH Limited’s asset-light operation model, supply chain efficiency, and leading market share have been verified, with clear business logic.

2. Growth Potential Evaluation
   : The company has sustainable growth capabilities, but needs to pay attention to operating quality signals such as deteriorating accounts receivable. Medium-term growth depends on category expansion and in-depth market penetration.

3. Valuation Environment Judgment
   : The current Hong Kong catering sector is in a valuation depression and has medium-to-long-term allocation value. However, attention should be paid to the overall liquidity of the Hong Kong stock market and institutional investor preferences.

4. Timing Considerations
   :
   • Advantageous Window
     : Rising expectations for consumption recovery, approaching Spring Festival peak season, sector valuation at historical low
   • Risk Window
     : Tighter regulation, intensified competition, liquidity constraints

• Conservative Investors
  : May decide whether to participate after the IPO pricing is released, prioritizing long-term allocation value
• Aggressive Investors
  : May consider accumulating positions on dips during market corrections to seize valuation repair opportunities
• Risk Warning
  : Need to closely track hearing progress, prospectus updates and final pricing

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1. Market Risk
   : Fluctuations in the Hong Kong stock market may affect IPO pricing and post-listing stock performance
2. Competition Risk
   : Intensified competition in the coconut water market may erode market share and profit margins
3. Operating Risk
   : The rapid rise in accounts receivable suggests that credit policies may need to be adjusted
4. Regulatory Risk
   : Tighter HKEX review may lead to listing delays or requirements for supplementary materials
5. Liquidity Risk
   : The average daily trading volume of the Hong Kong stock market is relatively limited, and large transactions may affect stock prices

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[1] IFBH Limited Prospectus - HKEX

[2] Securities Times - IFBH Passes Hearing

[3] East Money - IFBH Limited Overview and Research

[4] Now Finance - Haidilao’s PE Plummets from Over 1000x to Over 10x

[5] Sina Finance - Hong Kong Catering Stocks Rally Collectively

[6] Xueqiu - Haidilao Stock Price and Valuation Data

[7] Tencent News - 2025 Catering Industry Summary

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: This report is for investment reference only and does not constitute specific investment advice. The stock market is risky, and investment requires caution.