Company News - China Railway Construction (01186.HK) reported a new contract amount of approximately 1,056.17 billion yuan for the first half of the year, a year-on-year decrease of 4.04% [2] - China Metallurgical Group (01618.HK) announced a new contract amount of 548.2 billion yuan for the first half of the year, down 19.1% year-on-year [2] - Sichuan Chengyu Expressway (00107.HK) won the bid for the G5 Jingkun Expressway Chengdu to Ya'an section expansion project, with a total investment of approximately 28.548 billion yuan [2] - Road King Infrastructure (01098.HK) reported total property sales of 5.232 billion yuan for the first half of the year, a decrease of 28.37% year-on-year [2] - Amax Holdings (00880.HK) plans to acquire a property in Hengqin for 724.2 million yuan to diversify its business portfolio [2] - Chaoyue Eye Hospital (02219.HK) signed a construction contract for the first phase of its comprehensive medical facility project, with a contract value of 223 million yuan [2] - Bay Area Development (00737.HK) reported total toll revenue of 243 million yuan for June, a year-on-year decrease of 4% [2] - Decent Pharmaceuticals-B (06996.HK) received approval for its drug, Hivio®, for the second-line treatment of multiple myeloma in China [2] - Tianchen Holdings (01201.HK) plans to invest 30 million yuan to establish a joint venture in Shenzhen for new energy heavy truck charging stations [2] Performance Summary - WuXi AppTec (02359.HK) reported mid-year revenue of 20.799 billion yuan, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92% year-on-year [3] Earnings Announcements - China Nonferrous Mining (01258.HK) issued a profit warning, expecting mid-term net profit of approximately 258 million USD, a year-on-year increase of about 18% [4] - Hualing Pharmaceutical-B (02552.HK) issued a profit warning, expecting mid-term net profit of approximately 1.184 billion yuan, turning from loss to profit [4] - Little Yellow Duck (02250.HK) issued a profit warning, expecting mid-term revenue to increase by over 30% year-on-year [4] - Qingci Games (06633.HK) issued a profit warning, expecting mid-term net profit to increase by approximately 78%-130% year-on-year [4] - Goodbaby International (01086.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 40%-50% year-on-year [4] - Qianhai Health (00911.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 60%-70% year-on-year [4] - Tianan Health (00383.HK) issued a profit warning, expecting mid-term net profit to decrease to approximately 7 million to 17 million HKD [4] - Pacific Network (00543.HK) issued a profit warning, expecting mid-term net loss of approximately 5 million to 15 million yuan [4] Buyback and Increase Dynamics - HSBC Holdings (00005.HK) repurchased 348,700 shares for approximately 35.487 million HKD at a price of 101.4-102 HKD [3] - China Eastern Airlines (00670.HK) repurchased 2.5 million shares for approximately 7.4983 million HKD at a price of 2.97-3.03 HKD [3] - Founder Holdings (00418.HK) canceled a total of 17.9962 million shares that had been repurchased [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Goodbaby International Holdings Limited 好孩子國際控股有限公司 （股份代號：1086） （於開曼群島註冊成立之有限公司） 盈利警告 於本公告日期，執行董事為宋鄭還先生、劉同友先生及 Martin POS 先生；非執行董事為 富晶秋女士及何國賢先生；及獨立非執行董事為張昀女士、王舜德先生及金鵬先生。 由於本公司仍在編製於本期間的業績，本公告所載資料僅基於管理層對本集團未經審核 綜合管理賬目以及董事會目前可得資料的初步評估，有關資料尚未經本公司核數師或董 事會審核委員會審閱及確認，且或會作出進一步調整。股東及本公司有意投資者務請細 閱預期將根據上市規則規定適時刊發的本公司於本期間的中期業績公告。 –1– 股東及本公司有意投資者於買賣本公司股份時務請審慎行事。 承董事會命 好孩子國際控股有限公司 主席 宋鄭還 香港，2025年7月28日 本公告乃由好孩子國際控股有限公司 ...

记者丨张飞涛 实习生丨刘宇 出品丨鳌头财经 "我连家门都没推出去过，就在家里试推了一下。"近日，山东消费者王先生怎么也没想到，短短几步的试推，竟成了价值1259元的gb好 孩子婴儿车无法退货的理由。 王先生的情况并非个例。在黑猫投诉、12315等投诉平台上，有类似遭遇的消费者不在少数，售后困难、虚假宣传、品牌质量大不如前等 评价已经成为投诉重灾区。另有快递员透露，"仓库中还积压了数百台（拟退货）gb好孩子商品。" 作为母婴行业畅销品牌，gb好孩子品牌宣传时表示支持7天无理由退货政策，但售后时却以"有使用痕迹"为由拒绝退货，并且对"使用痕 迹"尚无公开的判断标准，完全是企业说了算的售后体系，无异于变相的霸王条款。而gb好孩子客服"试用前垫纸"的荒诞建议更将这场信 任危机推至风口浪尖。 退货标准模糊，引发品牌信任危机 根据极目新闻报道，近日，山东的消费者王先生反映：他网购了一台售价1259元的gb好孩子"鲲鹏Pro"婴儿车，收到货后在家里试推了一 下，感觉车子晃动幅度较大，当日便在平台申请了7天无理由退货。 原本以为会顺利推进的退货流程，却在商品寄出去后，被品牌方拒收了，拒收理由是轮子有磨损。这一拒绝理由让王先生 ...

Core Insights - The International Children's Day on June 1st serves as a crucial marketing opportunity for brands in the mother and baby industry, reflecting the evolving consumer trends towards refined, scenario-based, and technology-driven experiences [1][2] Group 1: Company Strategy - Goodbaby Group has established the "June 1st Goodbaby Festival" IP since 2014, utilizing a dual-channel integration model of "hundreds of cities and thousands of stores" to enhance user interaction and ecosystem building [1][2] - The 2023 "June 1st Goodbaby Festival" focuses on a global celebration theme, expanding its core store network across China, Southeast Asia, and Europe and the U.S., while creating immersive experience stores in major urban centers [1][2] - The company is enhancing its digital capabilities by integrating various data sources, including consumer, product, sales, and customer service data, to achieve comprehensive consumer outreach [2][3] Group 2: Market Trends - The core drivers of maternal and infant consumption have shifted from mere functional needs to emotional and technological demands, with 72% of consumers willing to pay a premium for smart features [3] - The collaboration between the "June 1st Goodbaby Festival" and the "618" shopping festival represents an extension and reconstruction of consumer scenarios, aiming to establish brand recognition through offline pop-up stores and online gamified operations [3] - The Chinese maternal and infant market is projected to exceed 5 trillion yuan by 2025, indicating that reliance on price wars is no longer sustainable; instead, companies must integrate technological innovation, scenario operations, and user value to create new growth in a saturated market [3]

Industry Overview - The main listed companies in the maternal and infant industry include Kidswant (301078), Runben (603193), Aiyingshi (603214), Mengjie (002397), Jinfalabi (002762), Beiyinmei (002570), Keka (301009), China Feihe (06186.HK), Babytree Group (01761.HK), Goodbaby International (01086.HK), and Newman (02530.HK) [1] - The development history of China's maternal and infant industry can be divided into several stages: Exploration Period (1990s), Development Period (2000-2010), Explosion Period (2011-2018), and Integration Period (2019-present) [1][2] Development Stages - Exploration Period (1990s): Introduction of foreign parenting culture and products, with limited specialized maternal and infant stores [1] - Development Period (2000-2010): Increased acceptance of maternal and infant products, emergence of regional chain markets, and the rise of online maternal and infant communities [1] - Explosion Period (2011-2018): Rapid growth of online maternal and infant platforms and the establishment of offline stores as the primary consumption channel [1] - Integration Period (2019-present): Growth of private traffic through social media and the need for a "online + offline" shopping experience to maintain competitive advantage [2] Global Trends - The global maternal and infant industry began to flourish in the 1950s-60s, with significant growth in countries like Japan and the USA, leading to the emergence of chain brands [3] - By 1990, the maternal and infant market in developed countries matured, prompting international brands to enter markets like China, where domestic brands also began to rise [3] - The future of maternal and infant products will see increased diversification and innovation in sales channels and models to meet modern consumer demands [3] Market Share Insights - According to Grand View Research, baby cosmetics and toiletries account for 33.5% of the global baby products market, driven by the importance of hygiene and convenience for parents [7] - Baby food holds a 25.3% market share, with demand driven by urbanization, busy work schedules, and increasing parental focus on nutrition [7] Demographic Trends - The number of women of childbearing age in China is on a declining trend, decreasing from 380 million in 2011 to 310 million in 2022, with projections indicating a further decline by 2025 [9][10]

Overview - The demand for children's mats in China is increasing due to rising national income levels and parents' growing emphasis on safety and health in children's activity environments. The market for children's mats is projected to reach a demand of 11,891.3 million square meters and a market size of 2.13 billion yuan by 2024 [1][11]. Market Policies - The Chinese government has implemented various policies to support the development of the children's products market, including children's mats. Key policies include the "14th Five-Year Plan for National Health" and the "Guidelines for Promoting High-Quality Development of Light Industry," which create a favorable environment for the industry [4][6]. Industry Chain - The children's mat industry consists of upstream suppliers of raw materials (EVA, PE, PVC, rubber, etc.), midstream manufacturers, and downstream consumers, including families and educational institutions. The family segment accounts for over 60% of the market [7][9]. Development Status - The market for children's mats is experiencing significant growth, driven by parents' increasing focus on safety and comfort. Educational institutions are also prioritizing high-quality environments for children, leading to a notable rise in demand for safe and aesthetically pleasing mats [1][11]. Competitive Landscape - The children's mat industry in China is characterized by a fragmented market with many small players. Major companies include Zhejiang Runyang New Materials Technology Co., Ltd., Suzhou Hengruida Household Mat Co., Ltd., and Goodbaby International [12][14]. Company Analysis - Zhejiang Runyang New Materials Technology Co., Ltd. focuses on eco-friendly foam materials and has a modern factory covering over 200,000 square meters. The company reported a revenue of 407 million yuan and a gross profit of 84 million yuan in 2024 [14]. - Suzhou Hengruida Household Mat Co., Ltd. is a leading manufacturer of EVA foam mats, equipped with advanced production facilities and certifications, and exports products to various countries [16]. Development Trends - Future demand for children's mats is expected to shift towards high-end functional products with features like antibacterial properties and smart monitoring. It is anticipated that such products will account for nearly 60% of the market within the next five years, with a growing emphasis on environmentally friendly materials [18].

Goodbaby International Holdings Limited 好孩子國際控股有限公司 （股份代號：1086） （於開曼群島註冊成立之有限公司） 董事名單與其角色和職能 好孩子國際控股有限公司董事會（「董事會」）成員載列如下。 執行董事 富晶秋女士 何國賢先生 獨立非執行董事 中國，上海，2025年5月27日 張昀女士 王舜德先生 金鵬先生 董事會已設立四個委員會。下表提供相關董事會成員於該等委員會的任職資料。 | | 董事委員會 | | | | | --- | --- | --- | --- | --- | | 董事 | 審核委員會 薪酬委員會 | | 提名委員會 | 環境、社會及 管治委員會 | | 張昀女士 | M | C | C | C | | 王舜德先生 | C | M | M | M | | 何國賢先生 | M | M | M | M | 附註： C 相關董事委員會主席 M 相關董事委員會成員 宋鄭還先生 （主席） 劉同友先生 （行政總裁） Martin Pos先生 非執行董事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：1086） （於開曼群島註冊成立之有限公司） 二零二五年五月二十七日（星期二） 舉行的股東特別大會投票表決結果 茲提述好孩子國際控股有限公司（「本公司」）日期為二零二五年五月十二日的通函（「通 函」）及股東特別大會（「股東特別大會」）通告（「股東特別大會通告」）以及本公司日期為 二零二五年三月二十六日的公告，內容有關（其中包括）建議採納二零二五年購股權計 劃。除文義另有所指外，本公告所用詞彙應與通函內所界定者具有相同涵義。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二五年五月二十七日（星期二）舉 行的股東特別大會上，股東特別大會通告所載提呈的決議案（「該決議案」）已通過投票表 決方式獲正式通過。投票表決結果如下： | | 普通決議案 | 票數(%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 批准採納二零二五年購股權計 ...

本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二五年五月二十七日（星期二）舉 行的股東週年大會上，股東週年大會通告所載所有提呈的決議案均已通過投票表決方式 獲正式通過。投票表決結果如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Goodbaby International Holdings Limited 好孩子國際控股有限公司 （股份代號：1086） （於開曼群島註冊成立之有限公司） 二零二五年五月二十七日（星期二） 舉行的股東週年大會投票表決結果； 獨立非執行董事退任； 及 董事委員會組成變動 茲提述好孩子國際控股有限公司（「本公司」）日期為二零二五年四月十七日的股東週年大 會（「股東週年大會」）通告（「股東週年大會通告」）及通函（「通函」）。除文義另有所指 外，本公告所用詞彙應與通函內所界定者具有相同涵義。 | | 普通決議案 | 票數(%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 ...

Core Viewpoint - Goodbaby International (01086.HK) continues to grow against the trend, achieving a revenue of HKD 20.35 billion for the year ending March 31, 2025, representing a year-on-year increase of 7.5%, and a 9.7% increase when adjusted for constant currency [1][3]. Revenue Growth - The growth is primarily driven by the strong market demand for the CYBEX brand, which has significantly increased its market share [1][3]. - The Evenflo brand experienced a decline in revenue due to a drop in sales of lower-priced products, although sales of higher-priced products partially offset this decline [1][3]. Brand Performance - In Q1 2025, the strategic brand CYBEX generated revenue of HKD 11.453 billion, accounting for 56.3% of total revenue, with a year-on-year growth of 17.6% and a 20.7% increase in constant currency [2][5]. - Evenflo's revenue was HKD 5.191 billion, representing 25.5% of total revenue, with a year-on-year decline of 10.0% and an 8.7% decrease in constant currency [2][5]. - The gb Goodbaby brand generated revenue of HKD 1.746 billion, accounting for 8.6% of total revenue, with a year-on-year decline of 13.6% [5]. International Market Performance - In 2024, the company achieved total sales revenue of HKD 87.66 billion, with significant contributions from the European, North American, and Japanese markets, despite challenges in 2022 [4][8]. - The revenue from the Europe, Africa, Middle East, and India market was HKD 37.72 billion, growing by 18.87%, while the Americas market generated HKD 31.7 billion, up by 9.7% [8]. Financial Health - The company reported a record gross margin of 51.4% in 2024 [10]. - As of the end of 2024, the company's interest-bearing bank loans and other borrowings decreased significantly from HKD 27.94 billion to HKD 14.55 billion, reducing short-term debt pressure [11]. - The company maintained a strong cash reserve of HKD 14.3 billion, with operating cash flow exceeding HKD 10 billion for two consecutive years [11].