IFBH Limited是來自泰國的飲品公司，專注於椰子水市場，其旗下的if椰子水品牌近年在中國大陸快速崛起，成為市場領導者之一。令人驚訝的是，這家公司在正式申請香港上市時披露，員工人數僅有46人，但年營收卻突破11億元人民幣，淨利超過2億，是目前世界第二大的椰子水飲料公司。這種驚人的效率與產出，引發業界與投資者的高度關注。

這家公司的營運策略核心在於「極致的輕資產模式」。IFBH本身並不參與生產與物流環節，而是將生產全權外包給其前身General Beverage控股的代工廠，物流與倉儲同樣交由第三方完成，未來將規劃分散代工訂單。公司自身只保留品牌經營、產品設計、市場行銷等環節，將主要資源集中於品牌建設與銷售推廣。正因如此，只需極少的人力資源便可支撐龐大的營收結構。

if椰子水之所以能在競爭激烈的飲品市場中突圍而出，與其精準的市場策略密不可分。首先，它迎合都市消費者對健康飲品的需求，打出「天然、低糖、無添加」的概念，迅速搶佔健康飲品市場中的年輕與女性消費群。其次，品牌在行銷層面採取極具效率的打法，不但請來肖戰與趙露思等明星代言，還積極與李佳琦等頭部直播主合作，透過短視頻與社交媒體擴大品牌影響力，以極低的傳統推廣成本換來高曝光度與轉化率。

值得注意的是，IFBH的銷售模式高度集中，其營收有超過97%來自前五大分銷商，這種強依賴少數渠道的模式雖然提升運營效率，但也讓公司承擔較高的集中風險。一旦主要分銷商出現異動，可能會對公司整體營收構成巨大衝擊。同樣地，其生產完全依賴單一代工廠，若供應鏈出現波動，也將影響交付穩定性。

儘管如此，IFBH在市場上的表現仍十分亮眼。自2020年起，其椰子水產品在中國市場市佔率便穩居第一，並連續五年蟬聯銷售冠軍。根據市場統計，截至2024年，if椰子水在中國的市佔率仍達到約34%。其上市申請更在2025年獲得港交所通過，首日掛牌即大漲超過五成，市值突破百億港元，吸引瑞銀、紅杉中國、農夫山泉等資本巨頭參與投資。

然而，隨著競爭者如元氣森林等品牌相繼搶攻椰子水市場，if的市佔率已由高峰時的55%下滑至三成左右。如何保持產品創新與價格彈性，成為其下一階段必須解決的課題。同時，其產品結構高度單一，椰子水品項佔營收比重超過95%，這也限制品牌的橫向擴展與抗風險能力。若未來消費者口味轉變或市場風向變動，極可能導致業績波動。

總體來說，IFBH以極致精簡的團隊、靈活的代工體系與強勢的品牌操作，成功打造出一個椰子水界的獨角獸企業。它的成功是新消費時代中，如何以數位工具與品牌力取代傳統重資產模式的範例，也為後續想進入健康飲品市場的企業提供不同以往的發展路徑。但要持續站穩市場領導地位，仍需面對供應鏈集中、產品過於單一與市場競爭加劇等長期挑戰。

IFBH Limited is a beverage company from Thailand that focuses on the coconut water market. Its flagship brand, if coconut water, has rapidly risen in recent years to become one of the market leaders in mainland China. Surprisingly, during its official application for listing in Hong Kong, the company revealed that it had only 46 employees, yet it achieved annual revenue exceeding RMB 1.1 billion and net profit surpassing RMB 200 million. It is now the world’s second-largest coconut water brand, and this remarkable efficiency and output have attracted significant attention from the industry and investors.

At the core of IFBH’s operational strategy is an "ultra-light asset model." The company itself does not participate in production or logistics but fully outsources manufacturing to a contract factory formerly owned by its predecessor, General Beverage. Logistics and warehousing are also handled by third parties, and IFBH plans to diversify its outsourcing in the future. The company retains only brand management, product design, and marketing functions, concentrating its main resources on brand building and sales promotion. Thanks to this model, the company requires only minimal manpower to sustain its vast revenue structure.

The success of if coconut water in the fiercely competitive beverage market is closely tied to its precise market strategy. First, it caters to urban consumers’ demand for healthy beverages, promoting itself as "natural, low-sugar, and additive-free," quickly capturing the attention of young and female demographics. Second, its marketing approach is highly efficient, enlisting popular celebrities like Xiao Zhan and Zhao Lusi for endorsements and collaborating with top-tier livestream hosts such as Li Jiaqi. Through short videos and social media campaigns, the brand has achieved massive exposure and conversion with minimal traditional advertising expenditure.

It is important to note that IFBH’s sales model is highly concentrated. Over 97% of its revenue comes from its top five distributors. While this enhances operational efficiency, it also exposes the company to significant concentration risk—any changes among these major distributors could severely impact revenue. Similarly, the company’s complete reliance on a single contract manufacturer poses a supply chain risk that could affect delivery stability.

Despite these risks, IFBH has performed exceptionally well in the market. Since 2020, its coconut water products have maintained the leading market share in China, holding the top sales position for five consecutive years. As of 2024, market data indicates that if coconut water held approximately 34% of the Chinese market. Its IPO application was approved by the Hong Kong Stock Exchange in 2025, and on its first trading day, the stock surged by more than 50%, pushing its market value past HKD 10 billion and attracting major investors such as UBS, Sequoia China, and Nongfu Spring.

However, with new competitors like Genki Forest entering the coconut water market, if’s market share has declined from its peak of 55% to around 30%. The company now faces the challenge of maintaining product innovation and pricing flexibility. Additionally, its product line is highly concentrated, with coconut water accounting for more than 95% of its revenue, which limits its ability to expand horizontally or mitigate risk. If consumer preferences shift or market trends change, its performance could fluctuate significantly.

In summary, IFBH has successfully built a unicorn in the coconut water industry through an ultra-lean team, a flexible contract manufacturing system, and aggressive brand operations. Its success represents a new consumption-era paradigm where digital tools and brand strength can replace traditional capital-intensive models. For companies aiming to enter the health beverage market, IFBH offers an alternative development path. However, to maintain its market leadership, it must still address long-term challenges such as supply chain dependency, lack of product diversity, and intensifying competition.