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8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: 2025年9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 | 本月底法定 ...

金秋九月，钱塘潮涌，思想激荡！9月17日，智通财经携手星耀资本，于中国新经济与电商的活力之都 ——杭州，启幕"大消费投资高峰论坛暨2025 智通星耀秋季联合策略会"。我们以"消费新物种·港股进化 论"为主题，邀您登临西子湖畔，共启2025年下半年澎湃激昂的投资新航程！ 2025 年的中国消费市场，正上演着传统与创新的交响：新能源汽车渗透率突破 47%，智能家居销售额 两位数增长，乡村消费增速反超城镇0.8个百分点，更多的中国品牌点亮纽约、伦敦等各个海外城市的 街头……每一根跃升的曲线背后，皆指向万亿级新大陆。 港股市场正成为消费力量的见证者：上半年消费类 IPO 获百倍认购，71%新股首日高收，机构资金与零 售资本共舞。而2025年全年5%的GDP增长预期，更凸显了消费作为经济"压舱石"的坚实地位与确定性 机遇。 本次策略会将设两大会场并行： 主会场以主题演讲与圆桌讨论纵论趋势，分会场由30家顶尖企业集中路演呈现机会。 期待您莅临现场，与决策层零距离对话，共绘下半年价值曲线。 【活动报名】 报名请添加官方微信：zhitongresearch，或致电本次活动会务秘书。 智通研究号：(86)13691842902 ...

Core Viewpoint - Goodbaby International reported a revenue of HKD 4.301 billion for the first half of 2025, reflecting a year-on-year growth of 2.71%, but faced a significant decline in operating profit and net profit due to increased costs from tariffs and regulatory compliance in the U.S. market [1][2] Financial Performance - The company's operating profit decreased by 27.7% to HKD 202 million, while net profit attributable to shareholders fell by 43.17% to HKD 105 million [1] - Sales costs rose by 9.1% from approximately HKD 1.986 billion in the same period of 2024 to about HKD 2.166 billion, leading to a reduction in gross profit from approximately HKD 2.202 billion to about HKD 2.135 billion [2] - The gross margin decreased by 3 percentage points from approximately 52.6% in 2024 to about 49.6% in 2025 [2] Market and Product Segmentation - The Americas market is crucial for Goodbaby International, accounting for approximately 36% of total revenue, but has been under pressure due to rising tariffs and new safety regulations [2][3] - The company restructured its business segments into three categories: stroller division, car seat division, and other categories, with revenues of HKD 1.695 billion, HKD 1.884 billion, and HKD 609 million respectively in the first half of 2025 [3] Regional Performance - The Europe, Africa, Middle East, and India markets showed strong performance with sales revenue of HKD 2.004 billion, a year-on-year increase of 9.22% [4] - The Americas market maintained sales revenue of HKD 1.395 billion, a slight increase of 0.05%, while the Asia-Pacific market saw a decline of 5.9% to HKD 902 million [5] Brand Performance - The CYBEX brand performed well, achieving revenue of HKD 2.452 billion, a growth of 13.6% compared to HKD 2.158 billion in the same period of 2024, representing 57% of total revenue [5] - Evenflo's revenue decreased by 5.2% to HKD 1.075 billion, while gb's revenue fell by 21.1% to HKD 395 million, indicating structural issues in brand positioning and market competition [5]

Core Viewpoint - The company's 1H25 performance fell short of expectations due to increased costs from U.S. tariff policies and new safety seat standards, impacting profitability significantly [1][2] Financial Performance - 1H25 revenue reached HKD 4.301 billion, a year-on-year increase of 2.7% - Net profit attributable to shareholders was HKD 105 million, a year-on-year decrease of 43.2% [1] - Gross margin declined by 2.9 percentage points to 49.6%, primarily due to increased tariff costs and promotional efforts for older products [2] - The sales and management expense ratios increased by 0.4 percentage points and 0.2 percentage points to 29.1% and 17.6%, respectively [2] - Net profit margin decreased by 2.0 percentage points to 2.5% [2] Brand Performance - Cybex brand showed strong growth with revenue up 13.6% to HKD 2.452 billion, benefiting from market share gains and new flagship store openings [1] - Evenflo brand revenue decreased by 5.2% to HKD 1.075 billion, with a notable decline in the first quarter due to lower sales of budget products [1] - gb brand revenue fell by 21.1% to HKD 0.395 billion, impacted by brand transformation efforts and a focus on self-owned channels [1] Strategic Outlook - Cybex is expected to continue its global expansion [2] - Evenflo is anticipated to adjust its product structure in 3Q25, with a gradual recovery in profitability [2] - gb brand aims to reduce losses this year through inventory and pricing optimization, alongside increased focus on online and offline self-operated channels [2] - The blue-chip business may still face downward pressure due to tariffs and U.S. consumer spending impacts [2] Earnings Forecast and Valuation - The 2025 profit forecast has been revised down by 31% to HKD 275 million, while the 2026 forecast remains at HKD 451 million [2] - Current stock price corresponds to 8.1x and 5.0x P/E for 2025 and 2026, respectively [2] - Target price has been raised by 23% to HKD 1.62, reflecting a 21% upside potential based on a 6.0x P/E for 2026 [2]

Company Overview - Goodbaby International Holdings Limited is a leading global parenting products company, specializing in the design, development, manufacturing, marketing, and sales of children's safety seats, strollers, clothing, cotton products, feeding and personal care items, beds, bicycles, tricycles, and other children's products [2] - The company employs over 7,000 staff globally and has 8 R&D centers located in the Americas, Europe, and China, along with sales, marketing, and distribution offices in 11 countries [2] - Goodbaby International is recognized for its global presence, localized operations, structured brand system, and excellent R&D capabilities, positioning it as a leader in the industry [2] Financial Performance - As of June 30, 2025, Goodbaby International reported total revenue of 3.922 billion yuan, representing a year-on-year increase of 2.71% [1] - The net profit attributable to shareholders was 96.1086 million yuan, showing a significant decline of 43.17% compared to the previous year [1][3] - The company's gross profit margin stood at 49.64%, with a debt-to-asset ratio of 42.57% [1] Market Position and Valuation - Goodbaby International's price-to-earnings (P/E) ratio is 5.72, ranking 9th in the household appliances and supplies industry, which has an average P/E ratio of 7.21 [1] - The median P/E ratio for the industry is 1.92, indicating that Goodbaby International is valued below the industry average [1] - Other companies in the same sector have varying P/E ratios, with Liyuan International at 1.55, Kaifushan Group Holdings at 2.3, IDT INT'L-NEW at 3.4, and others [1]

Group 1 - The core viewpoint of the article is that Goodbaby International reported its interim results for the six months ending June 30, 2025, showing a slight increase in revenue but a significant decrease in profit [1] - The company's revenue reached HKD 4.301 billion, representing a year-on-year growth of 2.71% [1] - Shareholders' profit attributable to the company was HKD 105 million, a decrease of 43.17% compared to the previous year [1] - Basic earnings per share were HKD 0.06 [1] Group 2 - The announcement highlighted that fluctuations in the exchange rates of the Renminbi and Euro against the Hong Kong Dollar caused discrepancies between revenue growth calculated in original currencies and that calculated in Hong Kong Dollars [1] - When calculated at constant currency, the company's revenue growth was 2.8% year-on-year [1]

Core Viewpoint - Goodbaby International (01086.HK) reported a revenue of HKD 4.3 billion for the six months ending June 30, 2025, representing a year-on-year growth of 2.7%. However, the profit attributable to the parent company decreased by 43.1% to HKD 105 million, with earnings per share at HKD 0.06. The decline in profit is primarily attributed to reduced earnings in the U.S. market due to increased tariff costs and compliance with new regulatory standards [1] Group 1 - The company achieved a revenue of HKD 4.3 billion, reflecting a 2.7% increase compared to the same period last year [1] - The profit attributable to the parent company decreased to HKD 105 million, a decline of 43.1% year-on-year [1] - Earnings per share were reported at HKD 0.06 [1] Group 2 - The decline in profit is mainly due to reduced earnings in the U.S. market, which is impacted by additional tariff costs and increased product costs due to new regulatory standards [1] - The company faced increased costs related to displaying new products in retail stores and intensified promotional efforts for older products, leading to higher marketing expenses [1] - Despite the challenges, the company continued to generate robust operating cash flow and reduced financing costs, with expectations for this trend to continue [1]

智通财经APP讯，好孩子国际(01086)发布截至2025年6月30日止六个月中期业绩，收益43.01亿港元，同 比增加2.71%;股东应占溢利1.05亿港元，同比减少43.17%;每股基本盈利0.06港元。 公告称，本期间的汇率较2024年相应期间有所波动，尤其是人民币和欧元对港元的汇率。该等波动导致 集团以原始货币计算的整体收益增长与以集团的报告货币港元计算的收益增长因货币折算原因而存在差 异。按恒定货币口径计算，集团于本期间的收益较2024年相应期间增加2.8%。 ...

Core Viewpoint - Goodbaby International (01086) reported a revenue of HKD 4.301 billion for the six months ending June 30, 2025, representing a year-on-year increase of 2.71% [1] - The company's profit attributable to shareholders was HKD 105 million, a decrease of 43.17% year-on-year, with basic earnings per share at HKD 0.06 [1] Revenue Analysis - The revenue growth in original currency terms differed from the revenue growth reported in Hong Kong dollars due to currency fluctuations, particularly the exchange rates of the Renminbi and Euro against the Hong Kong dollar [1] - On a constant currency basis, the company's revenue increased by 2.8% compared to the corresponding period in 2024 [1]

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） 關連交易 租賃協議 租賃協議 於2025年8月25日，本公司間接全資附屬公司GCPC（作為承租人）與GCCL（作為出租 人）就租賃該等物業訂立租賃協議，自2025年9月1日起至2027年12月31日止（首尾兩 日包括在內）。 上市規則涵義 GCCL為宋鄭還先生及富晶秋女士（各自為一名董事及控股股東）的聯繫人，因此為本 公司的關連人士。因此，由GCPC訂立的租賃協議構成上市規則項下的本公司關連交 易。根據國際財務報告準則第16號「租賃」，本公司須於其綜合財務狀況表確認與租 賃協議有關的使用權資產的價值。因此，根據上市規則第14A.24(1)條，訂立租賃協 議將視為本集團收購資產。本集團根據租賃協議將予確認的使用權資產總價值估計約 為人民幣10,8 ...