<p>（第一财经）12 月 23 日——包括中信证券和中联证券在内的中国证券公司发布研究报告，对非洲个人护理行业的长期增长潜力表示乐观。</p>
<p>这种乐观的前景受到有利的人口结构、低渗透率以及该地区消费升级的明显趋势推动。根据中联证券的数据，非洲的个人护理市场去年达到了 38 亿美元，预计到 2029 年将超过 55 亿美元，并在长期内进一步扩大到超过 100 亿美元。</p>
<p>中联证券将预期增长归因于三个主要因素。首先，非洲享有显著的人口红利，东非和西非的总人口约为 10 亿，平均年龄仅为 18 岁，出生率约为 4%。其次，关键产品的渗透率仍然较低，婴儿尿布和卫生巾的消费者渗透率仅分别约为 20% 和 30%，远低于欧美成熟市场的 70% 至 90%。第三，消费升级的趋势日益明显。</p>
<p>在竞争格局方面，中联证券指出，国际巨头主要集中在南非等相对发达的市场，而中国公司则通过利用性价比优势迅速在东非和西非占据市场份额。报告以 Softcare 为例，指出该公司的尿布售价约为每片 9 到 20 美分，显著低于宝洁的 18 到 25 美分。去年的数据显示，Softcare 在尿布和卫生巾的单位销售市场份额中分别以 20.3% 和 15.6% 位居第一，但按销售额计算则位居第二。</p>
<p>中信证券强调，深度本地化是中国公司在非洲成功的关键。在生产方面，它表示企业需要灵活地在当地建厂，以避免高额关税和物流成本。根据中联证券的数据，截至 2025 年 4 月，Softcare 已在八个非洲国家建立了八个工厂和 51 条生产线，当地员工占其劳动力的 97%，并拥有覆盖 2800 多家各级经销商的分销网络。中信证券表示，具有 “产贸融合” 优势的领先中国公司在该行业的增长中处于有利地位。</p>
<p>Softcare 于 11 月在香港上市，筹集了 24 亿港元（约合 3.062 亿美元），其股价在首个交易日上涨超过 30%。该公司在去年前三季度报告的营业收入为 3.34 亿美元，净利润为 9600 万美元，净利润率为 21.5%。</p>
<p>浙商证券也呼吁投资者关注该行业的机会，表示对领先的中国婴儿护理公司如好月个人护理的发展前景持乐观态度。</p>
<p>编辑：Emmi Laine</p>

浙商证券

<p>中国证券公司，包括中信证券和国联证券，对非洲个人护理行业持乐观态度，认为该行业具有人口结构有利、渗透率低和消费升级等优势。国联证券预测市场将从 38 亿美元增长到超过 100 亿美元。像 Softcare 这样的中国公司凭借成本优势和本地生产正在取得进展。Softcare 最近在香港上市，筹集了 24 亿港元，首日股价上涨 30%。浙商证券强调了在领先的中国婴儿护理公司中的投资机会</p>

<p>(Yicai) Dec. 23 -- Chinese securities firms, including Citic Securities and Sinolink Securities, have released research reports expressing optimism about the long-term growth potential of Africa’s personal care industry.</p>
<div class="lb-trans"><p>（第一财经）12 月 23 日——包括中信证券和中联证券在内的中国证券公司发布研究报告，对非洲个人护理行业的长期增长潜力表示乐观。</p>
</div><p>The bullish outlook is driven by favorable demographics, low penetration rates, and a clear trend toward consumption upgrades across the region. According to Sinolink Securities, Africa’s personal care market reached USD3.8 billion last year and is expected to exceed USD5.5 billion in 2029, before expanding further to more than USD10 billion in the long run, citing data from Frost Sullivan.</p>
<div class="lb-trans"><p>这种乐观的前景受到有利的人口结构、低渗透率以及该地区消费升级的明显趋势推动。根据中联证券的数据，非洲的个人护理市场去年达到了 38 亿美元，预计到 2029 年将超过 55 亿美元，并在长期内进一步扩大到超过 100 亿美元。</p>
</div><p>Sinolink Securities attributed the expected growth to three main factors. First, Africa enjoys a significant demographic dividend, with East and West Africa together home to about one billion people, an average age of just 18, and a birth rate of around 4 percent. Second, penetration rates for key products remain low, with baby diapers and sanitary napkins reaching only about 20 percent and 30 percent of consumers, respectively, far below the 70 percent to 90 percent seen in mature markets in Europe and the US. Third, consumption upgrading is becoming increasingly evident.</p>
<div class="lb-trans"><p>中联证券将预期增长归因于三个主要因素。首先，非洲享有显著的人口红利，东非和西非的总人口约为 10 亿，平均年龄仅为 18 岁，出生率约为 4%。其次，关键产品的渗透率仍然较低，婴儿尿布和卫生巾的消费者渗透率仅分别约为 20% 和 30%，远低于欧美成熟市场的 70% 至 90%。第三，消费升级的趋势日益明显。</p>
</div><p>In terms of the competitive landscape, Sinolink Securities noted that international giants are mainly concentrated in relatively developed markets such as South Africa, while Chinese companies have rapidly gained ground in East and West Africa by leveraging cost-performance advantages. It cited Softcare as an example, noting that the company’s diapers sell for about 9 to 20 US cents per piece, significantly cheaper than those of Procter &amp; Gamble, which are priced at 18 to 25 US cents. Data from last year showed that Softcare ranked first in market share by unit sales for both diapers and sanitary napkins, at 20.3 percent and 15.6 percent, respectively, but placed second by sales value.</p>
<div class="lb-trans"><p>在竞争格局方面，中联证券指出，国际巨头主要集中在南非等相对发达的市场，而中国公司则通过利用性价比优势迅速在东非和西非占据市场份额。报告以 Softcare 为例，指出该公司的尿布售价约为每片 9 到 20 美分，显著低于宝洁的 18 到 25 美分。去年的数据显示，Softcare 在尿布和卫生巾的单位销售市场份额中分别以 20.3% 和 15.6% 位居第一，但按销售额计算则位居第二。</p>
</div><p>Citic Securities emphasized that deep localization is key to the success of Chinese companies in Africa. On the production side, it said firms need to flexibly build factories locally to avoid high tariffs and logistics costs. According to Sinolink Securities, as of April 2025, Softcare had established eight factories and 51 production lines across eight African countries, with local employees accounting for 97 percent of its workforce and a distribution network covering more than 2,800 dealers at various levels. Citic Securities said leading Chinese companies with an “integration of industry and trade” advantage are well positioned to benefit from the sector’s growth.</p>
<div class="lb-trans"><p>中信证券强调，深度本地化是中国公司在非洲成功的关键。在生产方面，它表示企业需要灵活地在当地建厂，以避免高额关税和物流成本。根据中联证券的数据，截至 2025 年 4 月，Softcare 已在八个非洲国家建立了八个工厂和 51 条生产线，当地员工占其劳动力的 97%，并拥有覆盖 2800 多家各级经销商的分销网络。中信证券表示，具有 “产贸融合” 优势的领先中国公司在该行业的增长中处于有利地位。</p>
</div><p>Softcare was listed in Hong Kong in November, raising HKD2.4 billion (USD306.2 million), with its share price rising more than 30 percent on its first trading day. The company reported operating revenue of USD334 million and net profit of USD96 million in the first three quarters of last year, representing a net profit margin of 21.5 percent.</p>
<div class="lb-trans"><p>Softcare 于 11 月在香港上市，筹集了 24 亿港元（约合 3.062 亿美元），其股价在首个交易日上涨超过 30%。该公司在去年前三季度报告的营业收入为 3.34 亿美元，净利润为 9600 万美元，净利润率为 21.5%。</p>
</div><p>Zheshang Securities also urged investors to pay attention to opportunities in the sector, saying it is optimistic about the development prospects of leading Chinese infant care companies such as Haoyue Personal Care.</p>
<div class="lb-trans"><p>浙商证券也呼吁投资者关注该行业的机会，表示对领先的中国婴儿护理公司如好月个人护理的发展前景持乐观态度。</p>
</div><p>Editor: Emmi Laine</p>
<div class="lb-trans"><p>编辑：Emmi Laine</p>
</div>

中国证券公司对非洲的纸尿裤和个人护理行业持乐观态度