机构：华福证券 研究员：李宏鹏/李含稚 国内婴童用品行业品类、层级分化，海外市场规模与格局相对稳定1）国内市场，按产品类型划分的中 国育儿产品市场（包括耐用品、消费品细分市场）规模由2020 年的1,218 亿元增至2024 年的1,441 亿， CAGR 达4.3%。其中，我国婴童用品细分领域中，耐用品2020-2024年CAGR 约7.2%，快于消费品同期 2.6%的CAGR 水平；中高端育儿产品市场2020-2024 年CAGR 约7.4%。渠道结构，我国婴童耐用品线下 渠道占比约60%，电商平台近年竞争加剧、gb 品牌份额下滑。2）海外市场，欧美婴童耐用品行业为稳 定增长的市场，市场集中度较高。 制造端看，全球约6 成婴儿车、8 成的安全座椅来自中国出口。好孩子国际旗下品牌Cybex 在欧洲市场 份额稳居头部，Evenflo 在美国处于第二梯队、行业竞争态势相对稳定。 1994 年启动国际化战略，逐步进入美国、欧洲市场，2009 年成为全球主要市场最大的婴儿车制造商。 2014 年前公司业务以ODM 为主，2014-2017 年通过收购Cybex、Evenflo 及好孩子中国业务，逐步发展 为多国家、 ...

国内婴童用品行业品类、层级分化，海外市场规模与格局相对稳定 1)国内市场，按产品类型划分的中国育儿产品市场(包括耐用品、消费品细分市场)规模由2020年的1,218 亿元增至2024年的1,441亿，CAGR达4.3%。其中，我国婴童用品细分领域中，耐用品2020-2024年 CAGR约7.2%，快于消费品同期2.6%的CAGR水平；中高端育儿产品市场2020-2024年CAGR约7.4%。渠 道结构，我国婴童耐用品线下渠道占比约60%，电商平台近年竞争加剧、gb品牌份额下滑。2)海外市 场，欧美婴童耐用品行业为稳定增长的市场，市场集中度较高。制造端看，全球约6成婴儿车、8成的安 全座椅来自中国出口。好孩子国际旗下品牌Cybex在欧洲市场份额稳居头部，Evenflo在美国处于第二梯 队、行业竞争态势相对稳定。 华福证券发布研报称，预计好孩子国际(01086)2025-2027年归母净利润分别为1.50亿港元、3.44亿港元、 3.85亿港元，增速分别为-58%、+129%、+12%，目前市值对应25年、26年PE约12X、5X，考虑到公司 Cybex品牌成长性良好，Evenflo及gb品牌26年存在盈利优化弹 ...

华福证券发布研报称，预计好孩子国际(01086)2025-2027年归母净利润分别为1.50亿港元、3.44亿港元、 3.85亿港元，增速分别为-58%、+129%、+12%，目前市值对应25年、26年PE约12X、5X，考虑到公司 Cybex品牌成长性良好，Evenflo及gb品牌26年存在盈利优化弹性，估值水平低于可比公司均值，公司当 前估值较低，现金流和EBITDA托底市值安全边际，若未来利润改善、估值水平也有望修复，首次覆盖 给予"买入"评级。 公司成立于1989年，创始人宋郑还先生自主研发设计第一辆童车并创立自主品牌"好孩子"，并于1993年 成为国内童车TOP1品牌。1994年启动国际化战略，逐步进入美国、欧洲市场，2009年成为全球主要市 场最大的婴儿车制造商。2014年前公司业务以ODM为主，2014-2017年通过收购Cybex、Evenflo及好孩 子中国业务，逐步发展为多国家、多品牌运营的婴童耐用品品牌型公司。目前，公司海外业务营收占比 约80%，欧洲及其他市场占约50%，剩余主要为北美市场。完成大规模收购后2018-2024年，营收CAGR 为+0.26%，1H25公司Cybex、Ev ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The domestic baby products market in China is expected to grow from 121.8 billion CNY in 2020 to 144.1 billion CNY in 2024, with a CAGR of 4.3%. The durable goods segment is projected to grow at a CAGR of 7.2%, outpacing the consumer goods segment [3][58]. - The company has successfully transitioned from an ODM model to a global brand, with approximately 80% of its revenue coming from overseas markets, particularly Europe and North America [3][16]. - The company is expected to achieve a record net profit of 356 million HKD in 2024, with a forecasted recovery in profitability in 2026 as external disturbances diminish [4][37]. Summary by Sections Company Overview - Goodbaby International Holdings Limited is a leading global parenting products company, established in 1989, focusing on design, development, manufacturing, marketing, and sales of various child-related products [16][17]. - The company has a comprehensive global presence with over 6,000 employees and operates under three strategic brands: Cybex, gb, and Evenflo [16][17]. Financial Overview - The company has seen fluctuations in net profit, with a significant drop during 2021-2022 due to pandemic-related supply chain disruptions. However, a recovery is anticipated in 2024, with net profit reaching a historical high [4][37]. - Revenue projections for 2025-2027 are 1.50 billion HKD, 3.44 billion HKD, and 3.85 billion HKD, with growth rates of -58%, +129%, and +12% respectively [5][121]. Industry Analysis - The Chinese baby products market is characterized by category and tier differentiation, with a stable growth outlook for the overseas market, particularly in Europe and North America [3][58]. - The report highlights a structural growth opportunity in the baby durable goods sector, with a projected CAGR of 8.4% from 2024 to 2029 [58]. - The competitive landscape in the baby products industry is intensifying, with new brands emerging and existing brands facing pressure due to changing consumer preferences and sales channels [74][76]. Profitability Outlook - The company is expected to benefit from business adjustments, with net profit projected to recover in 2026 as external pressures ease and operational optimizations take effect [4][37]. - Cybex is highlighted as a strong growth driver, with a CAGR of 19.2% from 2014 to 2024, while Evenflo faces challenges due to tariff impacts [91][106].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 好孩子國際控股有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01086 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | 本月底法 ...

Core Insights - The Shanghai Municipal Market Supervision Administration conducted a quality inspection of children's vehicles, revealing that all 30 sampled products passed the quality standards [2][3] - The inspection covered products from six provinces, with 8 batches produced in Shanghai and 22 from other provinces [2] - The inspection was based on the implementation guidelines SHSSXZ0094-2025 for children's vehicle quality supervision [2] Group 1: Inspection Results - A total of 30 batches of children's vehicles were inspected, with no non-compliant products found [2] - The inspection included 2 batches from production, 13 from physical sales, and 15 from e-commerce sales [2] - The products inspected included various types of children's vehicles such as strollers, bicycles, and tricycles [2][3] Group 2: Product Compliance - The inspection confirmed that all sampled products met relevant quality standards [2] - Specific brands and models were listed, including ELITTLE, ROBOT, and others, with details on their manufacturers and sales platforms [2][3] - The certification bodies involved in the inspection included the China Quality Certification Center and Beijing Zhongqing Certification [2][3] Group 3: Consumer Guidance - Consumers are advised to check product manuals and labels for completeness, including manufacturer information and safety warnings [4] - It is recommended to ensure that all parts of the children's vehicles are secure and free from defects [4] - The importance of purchasing CCC-certified products is emphasized, as non-certified products are not allowed for sale [4]

截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 好孩子國際控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01086 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | 本月底 ...

Major Events - Wangshan Wangshui-B (02630) has set its share price at HKD 33.37, with the Hong Kong public offering receiving a subscription rate of 6,238.42 times [1] - WeRide-W (00800) achieved a subscription rate of 73.44 times for its Hong Kong public offering, raising approximately HKD 2.264 billion from the global offering [1] - Pony.ai-W (02026) had a subscription rate of 15.88 times for its Hong Kong public offering, with a share price set at HKD 139 [1] - Joyson Electronics (00699) saw a subscription rate of 147.67 times for its Hong Kong public offering, with an expected listing date of November 6 [1] - Standard Chartered Group (02888) plans to issue USD 1 billion in fixed-rate reset perpetual subordinated or convertible securities [1] - Crystal Tech Holdings (02228) subsidiary AILUX announced a strategic partnership with Eli Lilly to enhance AI-driven bispecific antibody development [1] - Giant Star Legend (06683) signed a sales contract exceeding HKD 100 million for quadruped robots, accelerating the integration of "IP + Robotics + AI" [1] - HAPO-B (02142) entered into an evaluation and licensing agreement with UMOJA BIOPHARMA [1] Financial Data - Hong Kong Exchanges and Clearing (00388) reported a profit attributable to shareholders of HKD 13.419 billion for the first three quarters, a year-on-year increase of 45%, with both revenue and profit reaching record highs [1] - Fubo Group (03738) experienced a total revenue growth of approximately 27% in the third quarter [1] - Goodbaby International (01086) reported a revenue of approximately HKD 6.42 billion for the first three quarters, reflecting a year-on-year decline of 1.1% [1]

Core Viewpoint - Goodbaby International (01086) reported a slight decline in revenue for the nine months ending September 30, 2025, with a decrease of 1.1% to approximately HKD 6.42 billion compared to HKD 6.493 billion in the same period of 2024, reflecting challenges in the macroeconomic environment [1][2]. Revenue Performance - The company's revenue decreased by 1.1% year-on-year, with a 2.5% decline when adjusted for constant currency [1][2]. - The CYBEX brand continued to show robust growth in the third quarter, expanding its global market share despite deteriorating consumer sentiment [2]. - Evenflo brand revenue declined primarily due to a drop in the safety seat category, although growth in the stroller category partially offset this decline [2]. - The gb brand experienced a revenue drop mainly from wholesale channels [2]. - The blue-chip business was significantly impacted by increased tariffs and a sluggish macroeconomic environment, leading to a reduction in orders from blue-chip clients [2]. Product Demand and Innovation - Global demand for the company's products remained resilient, reinforcing its leadership position [3]. - The company has committed to product development and innovation, winning multiple prestigious awards, including three Red Dot Design Awards and two NAPPA Product Innovation Awards [3]. - The company is focused on diversifying and enriching its global multi-channel distribution network, which is crucial for sustainable growth [3]. Outlook - The company anticipates that macroeconomic uncertainties and weak conditions will persist, influenced by prolonged regional geopolitical conflicts and conservative consumer sentiment [3]. - Despite these challenges, the company maintains confidence in its vertically integrated brand strategy aimed at achieving long-term sustainable development [3].

截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 好孩子國際控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01086 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | 本月底 ...