内容概要：儿童滑板车是一种适合儿童使用的滑板车，具有轻便、易操作、安全等特点。它能促进宝宝 下肢和腰部肌肉发育，有效锻炼呼吸系统和心血管系统，提高反应速度，增强宝宝的身体平衡和协调能 力。近年来，随着家庭消费观念的升级和儿童户外活动的普及，儿童滑板车市场正展现出强劲的发展潜 力。数据显示，2024年中国儿童滑板车行业市场规模达到21.2亿元，同比上涨6.5%。随着儿童滑板车的 不断发展，未来行业内企业将不断改进的产品设计和技术创新，将会有越来越多的产品进入市场，以满 足不同消费群体的需求，进而扩大行业市场空间。 相关上市企业：中路股份（600818）、上海凤凰（600679）、好孩子国际（01086）、九号公司-WD （689009）等。 相关企业：迈古贸易(上海)有限公司、迪卡侬(上海)体育用品有限公司、高乐宝科技(上海)有限公司、好 孩子儿童用品有限公司、杭州白贝壳实业股份有限公司、可优比母婴用品有限公司、深圳酷骑智能自行 车科技有限公司、浙江磐安新奥特童车制造有限公司等。 关键词：儿童滑板车行业产业链、儿童滑板车行业市场规模、儿童滑板车行业竞争格局、儿童滑板车行 业发展趋势 一、儿童滑板车行业相关概述 ...

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: 2026年1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2月3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 | 本月底法定 ...

Core Insights - The domestic baby products market in China is projected to grow from 121.8 billion yuan in 2020 to 144.1 billion yuan by 2024, with a CAGR of 4.3% [1] - The global baby products market, particularly in Europe and North America, shows stable growth with high market concentration [1] - The company has transitioned from an ODM model to a global brand, significantly increasing its international presence and brand portfolio [2] Domestic Market Analysis - The Chinese baby products market is segmented into durable goods and consumables, with durable goods expected to grow at a CAGR of 7.2% from 2020 to 2024, outpacing consumables at 2.6% [1] - The mid-to-high-end baby products market is anticipated to grow at a CAGR of 7.4% during the same period [1] - Offline channels account for approximately 60% of the durable goods market, while competition on e-commerce platforms has intensified, leading to a decline in market share for certain brands [1] International Market Analysis - Approximately 60% of baby strollers and 80% of safety seats globally are exported from China [1] - The company’s brands, Cybex and Evenflo, hold significant market shares in Europe and the U.S., respectively, indicating a stable competitive landscape [1][2] Company Performance and Strategy - The company has shifted from an ODM focus to a multi-brand operation through acquisitions, with overseas revenue now accounting for about 80% of total revenue [2] - Revenue growth from 2018 to 2024 is projected at a CAGR of 0.26%, with notable performance variations among brands [2] - The company expects to achieve a record net profit of 356 million HKD in 2024, with improvements anticipated in 2026 as external pressures ease [2] Profit Forecast and Investment Outlook - Projected net profits for 2025-2027 are 150 million HKD, 344 million HKD, and 385 million HKD, with growth rates of -58%, +129%, and +12% respectively [3] - The current valuation reflects a PE ratio of approximately 12X for 2025 and 5X for 2026, indicating a low valuation compared to peers [3] - The company is rated as a "buy" due to the growth potential of the Cybex brand and the expected optimization of Evenflo and gb brands [3]

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 ...

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