英矽智能(03696)获纳入恒生综合指数成份股 图达通(02665)获纳入恒生综合指数成份股 长风药业(02652)获纳入恒生综合指数成份股 翰森制药(03692)：甲磺酸阿美替尼片单药治疗于欧盟获批上市 【重大事项】 拨康视云-B(02592)：CBT-199新药临床试验申请已生效，临床试验被认定为可安全推进 石药集团(01093)：GLP -1/GIP受体双偏向性激动多肽长效注射液在美国获临床试验批准 石药集团(01093)：罗哌卡因长效注射液(SYH9089注射液)在中国获临床试验批准 复宏汉霖(02696)：HLX15-SC (重组抗CD38全人单克隆抗体注射液-皮下注射)用于多发性骨髓瘤治疗的1 期临床试验申请获美国FDA批准 【财报数据】 首钢资源(00639)发盈警 预计2025年度公司拥有人应占综合溢利约6亿港元至7亿港元 石四药集团(02005)发盈警，预期年度股权持有人应占溢利同比下降约45%至60% 好孩子国际(01086)发盈警 预期2025年纯利同比下降约35%至 45% 速腾聚创(02498)2025财年激光雷达产品销售持续增长 Q4首次单季实现盈利 ...

好孩子国际称，毛利减少主要归因于该集团收益轻微减少，其毛利率于2025年下半年回升。所得税增加 主要归因于在税率较高的地区录得更多利润，以及本集团实体之间股息分派所产生的预扣税。财务成本 净额的改善乃归因于贷款本金及利率下降。（智通财经记者 刘畅） 2月16日，好孩子国际控股有限公司（01086.HK）公告，截至2025年12月31日止年度，预期本集团录得 的纯利较2024年同期的约3.562亿港元纯利将下降约35%至45%。该下降主要归因于毛利减少及所得税增 加，部分被财务成本净额的改善所抵销。 来源：智通财经 ...

格隆汇2月16日丨好孩子国际(01086.HK)公告，根据对目前可得的资料(包括集团的未经审核管理账目) 的初步评估，于截至2025年12月31日止年度，预期集团录得的纯利较2024年同期的约3.56亿港元纯利将 下降约35%至45%。 该下降主要归因于毛利减少及所得税增加，部分被财务成本净额的改善所抵销。毛利减少主要归因于集 团收益轻微减少，而集团的毛利率于2025年下半年回升。所得税增加主要归因于在税率较高的地区录得 更多利润，以及集团实体之间股息分派所产生的预扣税。财务成本净额的改善乃归因于贷款本金及利率 下降。 ...

Core Viewpoint - Goodbaby International (01086) expects a decline in net profit for the year ending December 31, 2025, by approximately 35% to 45% compared to the net profit of about HKD 356 million for 2024 [1] Group 1: Profit Forecast - The anticipated decline in net profit is primarily attributed to a decrease in gross profit and an increase in income tax [1] - The gross profit reduction is mainly due to a slight decrease in group revenue, although the gross profit margin is expected to recover in the second half of 2025 [1] Group 2: Tax and Financial Costs - The increase in income tax is mainly due to higher profits in regions with elevated tax rates and withholding tax arising from dividend distributions among group entities [1] - Improvement in net financial costs is attributed to a decrease in loan principal and interest rates [1]

Core Viewpoint - Goodbaby International (01086) expects a decline in net profit for the year ending December 31, 2025, by approximately 35% to 45% compared to the net profit of about HKD 356 million for 2024 [1] Financial Performance - The anticipated decline in net profit is primarily attributed to a decrease in gross profit and an increase in income tax [1] - Gross profit reduction is mainly due to a slight decrease in group revenue, although the gross margin is expected to recover in the second half of 2025 [1] - The increase in income tax is linked to higher profits in regions with elevated tax rates and withholding tax arising from dividend distributions among group entities [1] - Improvement in net financial costs is due to a decrease in loan principal and interest rates [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文件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。 由於本公司仍在最終確定截至2025年12月31日止年度的業績。本公告所載資料僅基於本 公司管理層參考目前可得的資料（包括尚未經本公司核數師或本公司審核委員會審閱或審 核的本集團未經審核管理賬目）所作出的初步評估，本集團截至2025年12月31日止年度的 實際業績可能有別於上文所披露者。投資者務請細閱本集團預期將根據上市規則規定刊 發的本公司截至2025年12月31日止年度的年度業績。 –1– 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 Goodbaby International Holdings Limited 好孩子國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1086） 盈利警告 本公告乃由好孩子國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據 香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第571章證券 及期貨條例第X ...

Core Insights - The children's scooter market in China is projected to reach a scale of 2.12 billion yuan in 2024, reflecting a year-on-year increase of 6.5% [1][3][8] - The industry is experiencing strong growth due to upgraded family consumption concepts and the popularity of outdoor activities for children [1][3] Industry Overview - Children's scooters, also known as toy scooters, are designed for children weighing up to 50 kg, enhancing balance and coordination skills [3][5] - The market is characterized by various types of scooters, categorized by wheel count (two, three, or four wheels) and weight groups (under 20 kg and 20-50 kg) [3][4] Market Dynamics - The industry is supported by a solid consumer base, with over 220 million children aged 0-14 in China, despite a 3.6% year-on-year decline in this population segment [5][6] - The upstream supply chain includes materials like aluminum alloy, plastic, and rubber, which are crucial for the quality and performance of scooters [6][7] Competitive Landscape - The market features a mix of international giants (e.g., Micro, Razor), domestic leaders (e.g., Goodbaby International, Zhonglu Co., Shanghai Phoenix), and emerging brands that drive innovation [9][10] - Goodbaby International reported a revenue of 4.301 billion yuan in the first half of the 2025 fiscal year, a 2.71% increase year-on-year, while its net profit decreased by 43.17% [10] - Shanghai Phoenix achieved a revenue of 1.835 billion yuan in the first nine months of 2025, a slight increase of 0.15%, with a significant net profit growth of 131.69% [10] Development Trends - The product evolution is moving towards multifunctionality and adaptability for various scenarios, with features like adjustable height and foldability being introduced [11][12] - Smart and eco-friendly innovations are becoming mainstream, incorporating features like tracking and speed control while using recyclable materials [11][12] - The sales model is shifting towards an omnichannel approach, integrating online and offline platforms to enhance consumer experience and brand differentiation [12]

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]

Group 1 - The core viewpoint of the report is that Goodbaby International (01086) is expected to see a significant recovery in net profit from 2025 to 2027, with projected figures of HKD 150 million, HKD 344 million, and HKD 385 million, reflecting growth rates of -58%, +129%, and +12% respectively. The current market valuation corresponds to a PE ratio of approximately 12X for 2025 and 5X for 2026, indicating a low valuation compared to peers, with potential for profit improvement and valuation recovery [1][2] - The domestic baby products market in China is projected to grow from CNY 121.8 billion in 2020 to CNY 144.1 billion in 2024, with a CAGR of 4.3%. The durable goods segment is expected to grow at a CAGR of 7.2%, outpacing the 2.6% CAGR of consumer goods during the same period. The mid-to-high-end parenting products market is also expected to grow at a CAGR of 7.4% [1] - The overseas market for baby products, particularly in Europe and the US, is characterized by stable growth and high market concentration. Approximately 60% of baby strollers and 80% of safety seats are exported from China. Goodbaby's Cybex brand holds a leading market share in Europe, while Evenflo ranks in the second tier in the US [1][2] Group 2 - Goodbaby International has successfully transitioned from an ODM model to a global brand, with a clear business diversification strategy. Founded in 1989, the company became the top domestic stroller brand by 1993 and initiated its international strategy in 1994, eventually becoming the largest stroller manufacturer in major global markets by 2009. The company’s overseas revenue now accounts for about 80% of total revenue, with Europe and other markets contributing approximately 50% [2] - The company has experienced significant fluctuations in net profit historically, particularly between 2021 and 2022 due to global supply chain disruptions and rising costs. However, net profit is expected to reach a historical high of HKD 356 million in 2024, with anticipated challenges in 2025 due to changes in US tariff policies and safety seat regulations. A recovery in profitability is expected in 2026 as these external pressures ease [2]