[Financial Summary](index=1&type=section&id=Financial%20Summary) The group reported a 2.7% revenue increase to **HKD 4,300.9 million**, while gross profit, operating profit, and profit for the period all declined | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 4,300.9 | 4,187.6 | 2.7% | | Gross Profit | 2,134.8 | 2,201.5 | -3.0% | | Operating Profit | 202.0 | 279.4 | -27.7% | | Non-GAAP Operating Profit | 225.9 | 299.2 | -24.5% | | Profit for the Period | 105.5 | 187.3 | -43.7% | | Profit for the Period Attributable to Owners of the Parent | 105.4 | 185.4 | -43.1% | | Basic Earnings Per Share (HKD) | 0.06 | 0.11 | -45.5% | | Diluted Earnings Per Share (HKD) | 0.06 | 0.11 | -45.5% | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the group's interim condensed consolidated statements of profit or loss, comprehensive income, and financial position [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the group's revenue increased by 2.7% to **HKD 4,300.9 million**, but a 9.1% rise in cost of sales led to a 3.0% decrease in gross profit, with operating and period profits declining significantly | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 4,300,936 | 4,187,639 | | Cost of Sales | (2,166,090) | (1,986,091) | | Gross Profit | 2,134,846 | 2,201,548 | | Other Income and Gains | 77,810 | 10,718 | | Selling and Distribution Expenses | (1,253,013) | (1,205,245) | | Administrative Expenses | (756,784) | (727,033) | | Operating Profit | 202,045 | 279,384 | | Finance Income | 8,046 | 18,586 | | Finance Costs | (56,701) | (87,683) | | Profit Before Tax | 153,619 | 217,880 | | Income Tax Expense | (48,082) | (30,594) | | Profit for the Period | 105,537 | 187,286 | | Profit for the Period Attributable to Owners of the Parent | 105,388 | 185,447 | | Basic Earnings Per Share (HKD) | 0.06 | 0.11 | | Diluted Earnings Per Share (HKD) | 0.06 | 0.11 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period significantly increased to **HKD 319.5 million**, primarily driven by a positive shift in exchange differences, offsetting the decline in profit for the period | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Profit for the Period | 105,537 | 187,286 | | Other Comprehensive Income (net of tax) | 213,954 | (126,409) | | Total Comprehensive Income for the Period | 319,491 | 60,877 | | Attributable to Owners of the Parent | 319,328 | 59,636 | | Non-controlling Interests | 163 | 1,241 | - The exchange difference on translation of overseas operations shifted from a negative **HKD 150.2 million** in 2024 to a positive **HKD 249.0 million** in 2025, being the primary reason for the significant increase in total comprehensive income[7](index=7&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the group's total non-current assets increased, total current assets slightly decreased, and total current liabilities reduced, leading to an increase in net assets and equity attributable to owners of the parent | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 836,176 | 819,179 | | Goodwill | 2,617,439 | 2,532,832 | | Total Non-current Assets | 6,008,639 | 5,768,492 | | **Current Assets** | | | | Inventories | 1,623,337 | 1,712,437 | | Cash and Cash Equivalents | 998,472 | 1,099,358 | | Total Current Assets | 4,467,805 | 4,635,090 | | **Current Liabilities** | | | | Trade and Bills Payables | 1,280,310 | 1,457,628 | | Total Current Liabilities | 3,131,827 | 3,205,861 | | Net Current Assets | 1,335,978 | 1,429,229 | | **Non-current Liabilities** | | | | Total Non-current Liabilities | 1,328,443 | 1,382,104 | | **Equity** | | | | Net Assets | 6,016,174 | 5,815,617 | | Equity Attributable to Owners of the Parent | 6,010,304 | 5,789,855 | | Total Equity | 6,016,174 | 5,815,617 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the interim condensed consolidated financial information, covering company details, accounting policies, segment data, and specific financial line items [1. Company Information](index=6&type=section&id=1.%20Company%20Information) Goodbaby International Holdings Limited, incorporated in the Cayman Islands in 2000 and listed on HKEX in 2010, primarily engages in the design, R&D, manufacturing, marketing, and distribution of children's products - The company was incorporated in the Cayman Islands on July 14, 2000, and listed on the Main Board of the Stock Exchange of Hong Kong on November 24, 2010[10](index=10&type=chunk) - The group is principally engaged in the design, research and development, manufacturing, marketing, and distribution of children's products[11](index=11&type=chunk) [2.1 Basis of Preparation](index=6&type=section&id=2.1%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in HKD under IAS 34 and should be read in conjunction with the 2024 annual consolidated financial statements - The interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and is presented in Hong Kong dollars[12](index=12&type=chunk) - The financial information should be read in conjunction with the group's annual consolidated financial statements for the year ended December 31, 2024[12](index=12&type=chunk) [2.2 Changes in Accounting Policies and Disclosures](index=6&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The group adopted revised IFRS accounting standards for the first time this period, with the amendment to IAS 21, "Lack of Exchangeability," having no impact on the interim condensed consolidated financial information - The group has adopted the revised International Financial Reporting Standards (IFRSs) accounting standards for the first time in the current period, including "Amendments to IAS 21 Lack of Exchangeability"[13](index=13&type=chunk)[14](index=14&type=chunk) - As the group's transaction and functional currencies are all exchangeable, the amendments had no impact on the interim condensed consolidated financial information[14](index=14&type=chunk) [3. Operating Segment Information](index=6&type=section&id=3.%20Operating%20Segment%20Information) The group is organized into three reportable operating segments: Wheeled Goods, Car Seats, and Other Categories, with regional segments adjusted to EMEA & India, Americas, and Asia Pacific, with management assessing performance based on revenue - The group has three reportable operating segments: Wheeled Goods, Car Seats, and Other Categories[15](index=15&type=chunk)[18](index=18&type=chunk) - The geographical segments have been updated to Europe, Middle East, India and Africa ("EMEA & India"), Americas, and Asia Pacific segments[16](index=16&type=chunk) Revenue by Product Category (thousand HKD) | Product Category | 2025 | 2024 | | :--- | :--- | :--- | | Wheeled Goods | 1,791,331 | 1,694,830 | | Car Seats | 1,985,259 | 1,884,065 | | Other Categories | 524,346 | 608,744 | | **Total** | **4,300,936** | **4,187,639** | Revenue by Region (thousand HKD) | Region | 2025 | 2024 | | :--- | :--- | :--- | | EMEA & India Market | 2,004,177 | 1,835,035 | | Americas Market | 1,394,679 | 1,393,940 | | Asia Pacific Market | 902,080 | 958,664 | | **Total** | **4,300,936** | **4,187,639** | - Sales revenue to two major third-party customers amounted to **HKD 550.9 million** and **HKD 423.4 million** respectively (2024: **HKD 517.7 million** and **HKD 412.8 million**), covering all product segments[21](index=21&type=chunk) [4. Revenue, Other Income and Gains](index=9&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) Total revenue for the period grew by 2.7% to **HKD 4,300.9 million**, primarily from sales of goods, while other income and gains significantly increased, driven by a substantial rise in net exchange gains Revenue Analysis (thousand HKD) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Sales of Goods | 4,289,475 | 4,173,838 | | Provision of Testing Services | 11,461 | 13,801 | | **Total** | **4,300,936** | **4,187,639** | Other Income and Gains (thousand HKD) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Government Grants | 8,579 | 3,536 | | Gain on Disposal of Scrapped Materials | 3,023 | 2,355 | | Net Exchange Gain | 62,825 | 679 | | Compensation Income | 1,015 | 507 | | Others | 2,302 | 1,942 | | **Total** | **77,810** | **10,718** | - Net exchange gain significantly increased from **HKD 679 thousand** in 2024 to **HKD 62,825 thousand** in 2025, being the main driver for the growth in other income and gains[24](index=24&type=chunk) [5. Finance Income](index=11&type=section&id=5.%20Finance%20Income) Finance income for the period, primarily interest income from bank deposits, significantly decreased by **56.7%** year-on-year | Category | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interest Income from Bank Deposits | 8,046 | 18,586 | [6. Finance Costs](index=11&type=section&id=6.%20Finance%20Costs) Finance costs for the period decreased by **35.3%** year-on-year, primarily due to reduced interest expenses on bank loans, overdrafts, and other borrowings | Category | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interest on Bank Loans, Overdrafts and Other Borrowings | 51,968 | 83,548 | | Interest on Lease Liabilities | 4,733 | 4,135 | | **Total** | **56,701** | **87,683** | [7. Profit Before Tax](index=12&type=section&id=7.%20Profit%20Before%20Tax) Profit before tax was achieved after deducting various expenses, with increases in cost of inventories sold, R&D costs, depreciation, and amortization, while employee benefit expenses slightly decreased Key Deductions/Credits (thousand HKD) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of Inventories Sold | 2,158,450 | 1,977,143 | | Depreciation of Property, Plant and Equipment | 130,325 | 124,880 | | Amortization of Intangible Assets | 39,953 | 37,001 | | Research and Development Costs | 219,705 | 201,990 | | Employee Benefit Expenses | 950,462 | 968,403 | | Net Exchange Gain | (62,825) | (679) | | Bank Interest Income | (8,046) | (18,586) | - Research and development costs increased by **8.8%** year-on-year to **HKD 219.7 million**[29](index=29&type=chunk) - Employee benefit expenses (including directors' emoluments) decreased by **1.9%** year-on-year to **HKD 950.5 million**[29](index=29&type=chunk) [8. Income Tax](index=13&type=section&id=8.%20Income%20Tax) The group operates globally with varying income tax rates, with two Chinese subsidiaries, GCPC and EQTC, enjoying a **15%** preferential tax rate as "High-Tech Enterprises," leading to a **57.1%** year-on-year increase in income tax expense for the period - The group operates in various jurisdictions including Hong Kong, the United States, Japan, Germany, the Czech Republic, Canada, the United Arab Emirates, and Mainland China, with different income tax rates applicable[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - Goodbaby Child Products Co., Ltd. (GCPC) and EQTC Testing and Certification Co., Ltd. (EQTC) were recognized as "High-Tech Enterprises" and enjoy a **15%** preferential tax rate from 2023 to 2025[32](index=32&type=chunk) Income Tax Expense (thousand HKD) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Current Income Tax | 75,805 | 71,200 | | Deferred Income Tax | (27,723) | (40,606) | | **Income Tax Expense** | **48,082** | **30,594** | [9. Dividends](index=14&type=section&id=9.%20Dividends) The company paid a final dividend of **HKD 116.8 million** for 2024 in May 2025, but the Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - On May 27, 2025, shareholders approved and paid a final dividend of **HKD 0.07** per share for 2024, totaling **HKD 116.8 million**[34](index=34&type=chunk) - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 (2024: nil)[34](index=34&type=chunk) [10. Earnings Per Share](index=14&type=section&id=10.%20Earnings%20Per%20Share) Basic and diluted earnings per share for the period were **HKD 0.06**, a **45.5%** decrease from **HKD 0.11** in the prior year, primarily due to reduced profit attributable to ordinary equity holders of the parent Earnings Per Share Calculation (thousand HKD/share) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period attributable to ordinary equity holders of the parent used in basic EPS calculation | 105,388 | 185,447 | | Weighted average number of ordinary shares in issue during the period used in basic EPS calculation | 1,668,235,666 | 1,668,031,166 | | Dilutive effect of share options on weighted average number of ordinary shares | 53,698,475 | – | | **Total diluted shares** | **1,721,934,141** | **1,668,031,166** | - Basic and diluted earnings per share both decreased from **HKD 0.11** in 2024 to **HKD 0.06** in 2025[35](index=35&type=chunk)[36](index=36&type=chunk) [11. Inventories](index=15&type=section&id=11.%20Inventories) As of June 30, 2025, the group's total inventories decreased to **HKD 1,623.3 million** from **HKD 1,712.4 million** at the end of 2024, mainly due to a reduction in finished goods Inventory Composition (thousand HKD) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Raw Materials | 262,463 | 221,952 | | Work-in-progress | 14,839 | 19,437 | | Finished Goods | 1,346,035 | 1,471,048 | | **Total** | **1,623,337** | **1,712,437** | [12. Trade and Bills Receivables](index=15&type=section&id=12.%20Trade%20and%20Bills%20Receivables) The group's total trade and bills receivables remained stable, with a maximum credit period of three months and a credit control department for monitoring, and most receivables are within three months - The group's trade terms with customers are primarily on credit, with a maximum credit period of three months, and a credit control department is in place to mitigate credit risk[37](index=37&type=chunk) Ageing Analysis of Trade and Bills Receivables (thousand HKD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 1,033,208 | 1,051,390 | | 3 to 6 months | 32,951 | 23,987 | | 6 months to 1 year | 17,145 | 6,225 | | Over 1 year | 2,122 | 2,850 | | **Total** | **1,085,426** | **1,084,452** | [13. Trade and Bills Payables](index=16&type=section&id=13.%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables decreased to **HKD 1,280.3 million** from **HKD 1,457.6 million** at the end of 2024, with most payables settled within three months, typically on 60 to 90-day terms Ageing Analysis of Trade and Bills Payables (thousand HKD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 986,648 | 1,156,016 | | 3 to 12 months | 285,245 | 291,761 | | 1 to 2 years | 894 | 3,658 | | 2 to 3 years | 2,876 | 1,568 | | Over 3 years | 4,647 | 4,625 | | **Total** | **1,280,310** | **1,457,628** | - Trade and bills payables are interest-free and generally settled on 60 to 90-day terms[39](index=39&type=chunk) [14. Interest-bearing Bank Loans and Other Borrowings](index=16&type=section&id=14.%20Interest-bearing%20Bank%20Loans%20and%20Other%20Borrowings) The group's total interest-bearing bank loans and other borrowings slightly increased to **HKD 1,460.6 million**, with a rise in current borrowings and a decrease in non-current, primarily USD-denominated at floating rates between **1.06%** and **5.99%** Interest-bearing Bank Loans and Other Borrowings (thousand HKD) | Maturity | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current | 523,402 | 475,886 | | Non-current | 937,194 | 979,171 | | **Total** | **1,460,596** | **1,455,057** | Carrying Amount of Borrowings by Currency (thousand HKD) | Currency | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | RMB | 219,154 | 85,101 | | USD | 1,047,632 | 1,036,057 | | EUR | 185,640 | 326,441 | | JPY | 8,170 | 7,458 | | **Total** | **1,460,596** | **1,455,057** | Carrying Amount of Borrowings by Interest Rate Type (thousand HKD) | Interest Rate Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Fixed Rate | 186,281 | 178,896 | | Floating Rate | 1,274,315 | 1,276,161 | | **Total** | **1,460,596** | **1,455,057** | - The effective interest rates for bank loans and other borrowings ranged from **1.06%** to **5.99%** (2024: **1.20%** to **7.56%**)[42](index=42&type=chunk) - Certain bank loans are secured by standby letters of credit and guarantees issued by the group's subsidiaries and guarantees provided by the company[43](index=43&type=chunk) [15. Derivative Financial Instruments](index=18&type=section&id=15.%20Derivative%20Financial%20Instruments) The group holds derivative financial instruments, including forward currency contracts and foreign currency swaps, with a significant increase in liabilities from forward currency contracts Derivative Financial Instruments (thousand HKD) | Category | June 30, 2025 Assets | June 30, 2025 Liabilities | December 31, 2024 Assets | December 31, 2024 Liabilities | | :--- | :--- | :--- | :--- | :--- | | Forward Currency Contracts | 22,222 | 80,595 | 20,430 | 10,711 | | Foreign Currency Swaps | 39 | 16 | – | 1,352 | | **Total** | **22,261** | **80,611** | **20,430** | **12,063** | [Overview](index=19&type=section&id=Overview) This section provides an overview of the macroeconomic environment, the group's revenue performance by brand, and an executive summary of key business segments [Impact of Macroeconomic Volatility and Heightened Uncertainty on Business Performance](index=19&type=section&id=Impact%20of%20Macroeconomic%20Volatility%20and%20Heightened%20Uncertainty%20on%20Business%20Performance) Global macroeconomic weakness, tariff policies, and geopolitical conflicts reduced consumer demand and market confidence, increasing cost pressures; despite challenges, the group's revenue grew **2.7%**, but profitability declined due to US tariffs, compliance costs, and marketing expenses - The global macroeconomic outlook remains weak, with US tariff policies and geopolitical conflicts leading to a general decline in consumer demand, market confidence, and business sentiment[46](index=46&type=chunk) - The group's revenue grew by **2.7%**, but profitability decreased, mainly due to US market tariff costs, compliance costs for new regulatory standards for car seat products, new product display costs, and increased marketing expenses[46](index=46&type=chunk) - The group was selected for "The Sustainability Yearbook (China Edition) 2025" and listed on "Forbes China ESG Benchmark for Industry Development 2025," receiving external recognition[47](index=47&type=chunk) [Revenue Summary of the Group](index=20&type=section&id=Revenue%20Summary%20of%20the%20Group) The group's revenue for the period increased by **2.7%** (or **2.8%** in constant currency) to **HKD 4,300.9 million**, with strategic brands contributing **91.2%**, led by strong CYBEX performance, while Evenflo and gb brands saw revenue declines Group Revenue Summary (million HKD) | Indicator | 2025 | 2024 | YoY Change (%) | YoY Change (Constant Currency) (%) | | :--- | :--- | :--- | :--- | :--- | | Group Revenue | 4,300.9 | 4,187.6 | 2.7% | 2.8% | | **By Brand** | | | | | | Strategic Brands | 3,922.5 | 3,792.3 | 3.4% | 3.4% | | CYBEX | 2,452.4 | 2,158.2 | 13.6% | 12.6% | | Evenflo | 1,075.3 | 1,133.8 | -5.2% | -2.5% | | gb | 394.8 | 500.3 | -21.1% | -23.0% | | Blue Chip and Other Businesses | 378.4 | 395.3 | -4.3% | -2.4% | - Reported gross profit decreased by **3.0%** to **HKD 2,134.8 million**, and reported operating profit decreased by **27.7%** to **HKD 202.0 million**[48](index=48&type=chunk) - The group possesses its own diversified brands, a globally balanced omni-channel distribution platform, and a vertically integrated platform for in-house manufacturing and operational services[48](index=48&type=chunk) [Executive Summary](index=20&type=section&id=Executive%20Summary) CYBEX brand revenue grew **13.6%**, outperforming competitors, while Evenflo revenue declined **5.2%** with profitability challenges, and gb revenue fell **21.1%** due to brand transformation, though gross margin improved, and Blue Chip business revenue decreased **4.3%** due to delayed shipments - CYBEX brand revenue grew strongly by **13.6%** (or **12.6%** in constant currency) to **HKD 2,452.4 million**, with continued improvement in profitability, surpassing revenue growth[52](index=52&type=chunk) - Evenflo brand revenue decreased by **5.2%** (or **2.5%** in constant currency) to **HKD 1,075.9 million**, facing profitability challenges mainly due to US tariffs, new regulatory compliance costs, and increased marketing expenses[55](index=55&type=chunk) - gb brand revenue decreased by **21.1%** (or **23.0%** in constant currency) to **HKD 394.8 million**, primarily due to brand transformation focusing on proprietary retail channels, optimizing the channel mix, and achieving a significant improvement in gross margin[55](index=55&type=chunk) - Blue Chip and Other Businesses revenue decreased by **4.3%** (or **2.4%** in constant currency) to **HKD 378.4 million**, mainly due to delayed shipments by major customers after tariff announcements[54](index=54&type=chunk) [Outlook](index=22&type=section&id=Outlook) The group anticipates future challenges from global economic slowdown, geopolitical conflicts, logistics disruptions, and climate change, yet remains confident in its vertically integrated, brand-driven strategy, focusing on strategic investments, brand development, and global supply chain optimization - For the remainder of 2025, global economic slowdown, geopolitical conflicts, logistics disruptions, and climate change are expected to bring business interruptions and cost pressures[56](index=56&type=chunk) - The group will continue to implement its vertically integrated, brand-driven development strategy, maintaining and strengthening global competitiveness through ongoing strategic investments[57](index=57&type=chunk) - CYBEX will continue to leverage brand momentum and omni-channel infrastructure for global development; Evenflo will focus on restoring sales growth and profitability; gb will continue its brand transformation in the China market; Blue Chip business is expected to face downward pressure but maintain stable customer relationships[56](index=56&type=chunk) - Global strategies include continuously expanding and deepening brand building, omni-channel distribution networks and infrastructure, and optimizing and integrating global supply chain strategies[57](index=57&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) This section provides a detailed review of the group's financial performance, including revenue, costs, profits, working capital, liquidity, and other financial metrics [Revenue](index=23&type=section&id=Revenue) Total revenue for the period increased by **2.7%** to **HKD 4,300.9 million**, or **2.8%** in constant currency, with exchange rate fluctuations impacting reported revenue | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | YoY Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 4,300.9 | 4,187.6 | 2.7% | 2.8% | - Exchange rate fluctuations of RMB and EUR against HKD led to differences between revenue growth in original currencies and in HKD[58](index=58&type=chunk) [Cost of Sales, Gross Profit and Gross Margin](index=23&type=section&id=Cost%20of%20Sales%2C%20Gross%20Profit%20and%20Gross%20Margin) Cost of sales increased by **9.1%**, leading to a **3.0%** decrease in gross profit to **HKD 2,134.8 million** and a **3.0 percentage point** drop in gross margin to **49.6%**, primarily due to US tariffs, car seat compliance costs, and promotional discounts | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Cost of Sales | 2,166.1 | 1,986.1 | 9.1% | | Gross Profit | 2,134.8 | 2,201.5 | -3.0% | | Gross Margin | 49.6% | 52.6% | -3.0 percentage points | - The decrease in gross profit was mainly due to lower gross profit from US market operations, attributed to additional tariff costs, increased car seat product costs for new regulatory compliance, and higher promotional discount expenses for new products in retail stores[60](index=60&type=chunk) [Other Income and Gains](index=24&type=section&id=Other%20Income%20and%20Gains) Other income and gains for the period significantly increased by approximately **HKD 67.1 million** to **HKD 77.8 million**, primarily driven by higher foreign exchange gains | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Other Income and Gains | 77.8 | 10.7 | 626.2% | - Primarily due to increased foreign exchange gains[61](index=61&type=chunk) [Selling and Distribution Expenses](index=24&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased by approximately **HKD 47.8 million** to **HKD 1,253.0 million**, primarily due to higher logistics and personnel costs driven by increased revenue | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 1,253.0 | 1,205.2 | 4.0% | - Primarily includes marketing expenses, personnel costs, rent and commissions, and logistics costs, with the increase mainly due to higher logistics and personnel costs driven by increased revenue[62](index=62&type=chunk) [Administrative Expenses](index=24&type=section&id=Administrative%20Expenses) Administrative expenses increased by approximately **HKD 29.8 million** to **HKD 756.8 million**, primarily due to higher research and development costs and professional service fees | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 756.8 | 727.0 | 4.1% | - Primarily includes personnel costs, research and development costs, professional service fees, depreciation, and amortization costs, with the increase mainly due to higher research and development costs and professional service fees[63](index=63&type=chunk) [Other Expenses](index=24&type=section&id=Other%20Expenses) Other expenses slightly increased by approximately **HKD 0.2 million** to **HKD 0.8 million**, mainly due to higher charitable donations and losses on disposal of property, plant, and equipment, partially offset by reduced fair value losses on derivative financial instruments | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Other Expenses | 0.8 | 0.6 | 33.3% | [Operating Profit](index=24&type=section&id=Operating%20Profit) Operating profit for the period significantly decreased by **27.7%**, or **HKD 77.4 million**, to **HKD 202.0 million**, primarily due to the combined impact of increased cost of sales, selling and distribution expenses, administrative expenses, and a decline in gross profit | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Profit | 202.0 | 279.4 | -27.7% | [Finance Income](index=24&type=section&id=Finance%20Income) Finance income for the period, primarily interest income from bank deposits, significantly decreased by **56.7%** to **HKD 8.0 million** year-on-year | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Finance Income | 8.0 | 18.6 | -56.7% | [Finance Costs](index=25&type=section&id=Finance%20Costs) Finance costs for the period decreased by **35.3%** to **HKD 56.7 million** year-on-year, consistent with the reduction in interest-bearing bank loans and other borrowings | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Finance Costs | 56.7 | 87.7 | -35.3% | [Profit Before Tax](index=25&type=section&id=Profit%20Before%20Tax) Profit before tax for the period decreased by **29.5%** to **HKD 153.6 million** year-on-year, primarily impacted by lower operating profit and reduced finance income | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Profit Before Tax | 153.6 | 217.9 | -29.5% | [Income Tax Expense](index=25&type=section&id=Income%20Tax%20Expense) Income tax expense for the period was **HKD 48.1 million**, a significant **57.1%** year-on-year increase, primarily due to varying effective tax rates across different legal entities' profit contributions | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 48.1 | 30.6 | 57.1% | - The change in income tax expense is primarily due to different effective tax rates on profit contributions from various legal entities[69](index=69&type=chunk) [Profit for the Period](index=25&type=section&id=Profit%20for%20the%20Period) Profit for the period significantly decreased by **43.7%** to **HKD 105.5 million** year-on-year, with Non-GAAP profit also declining by **38.4%** to **HKD 124.6 million** | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 105.5 | 187.3 | -43.7% | | Non-GAAP Profit | 124.6 | 202.2 | -38.4% | [Non-GAAP Financial Measures](index=25&type=section&id=Non-GAAP%20Financial%20Measures) The group uses Non-GAAP financial measures, such as Non-GAAP operating profit, profit before tax, and profit for the period, to present clearer financial results by excluding non-cash items, M&A impacts, and one-off provisions, supplementing IFRS financial performance analysis - Non-GAAP financial measures provide supplementary analysis to investors by excluding non-cash items, impacts from merger and acquisition transactions, and one-off bad debt provisions/operating losses[71](index=71&type=chunk) Reconciliation of Non-GAAP Financial Measures to IFRS (million HKD) | Indicator | 2025 Reported | 2025 Non-GAAP | 2024 Reported | 2024 Non-GAAP | | :--- | :--- | :--- | :--- | :--- | | Operating Profit | 202.0 | 225.9 | 279.4 | 299.2 | | Profit Before Tax | 153.6 | 177.5 | 217.9 | 237.7 | | Profit for the Period | 105.5 | 124.6 | 187.3 | 202.2 | | Operating Margin | 4.7% | 5.3% | 6.7% | 7.1% | | Net Profit Margin | 2.5% | 2.9% | 4.5% | 4.8% | [Working Capital Management](index=27&type=section&id=Working%20Capital%20Management) Trade and bills receivables remained robust, trade and bills payables decreased, and inventories also reduced due to lower in-transit stock and scaled-back safety reserves, maintaining stable inventory turnover days Working Capital Items (million HKD) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade and Bills Receivables | 1,085.9 | 1,085.0 | | Trade and Bills Payables | 1,282.1 | 1,459.5 | | Inventories | 1,623.3 | 1,712.4 | Turnover Days (days) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Trade and Bills Receivables Turnover Days | 45 | 52 | | Trade and Bills Payables Turnover Days | 114 | 119 | | Inventory Turnover Days | 139 | 138 | - The decrease in inventories was mainly due to lower in-transit inventory levels and the group's proactive reduction of safety stock reserves built up to address potential supply chain shortages from the Red Sea crisis and Chinese New Year[74](index=74&type=chunk) [Liquidity and Financial Resources](index=28&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the group's monetary assets totaled **HKD 1,067.1 million**, interest-bearing bank loans and other borrowings were **HKD 1,460.6 million**, resulting in net debt of **HKD 393.5 million** Liquidity and Financial Resources (million HKD) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Monetary Assets | 1,067.1 | 1,126.0 | | Interest-bearing Bank Loans and Other Borrowings | 1,460.6 | 1,455.1 | | Current Bank Loans and Other Borrowings | 523.4 | 475.9 | | Non-current Bank Loans and Other Borrowings | 937.2 | 979.2 | | Net Debt | 393.5 | 329.1 | [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) The group may be involved in legal proceedings and litigation in its ordinary course of business, but as of June 30, 2025, there were no material contingent liabilities - The group may be involved in legal proceedings and litigation in the ordinary course of its business, but it believes that losses from such matters will not have a material adverse effect on its business, financial condition, operating results, or cash flows[77](index=77&type=chunk) - As of June 30, 2025, the group had no material contingent liabilities[78](index=78&type=chunk) [Exchange Rate Fluctuations](index=28&type=section&id=Exchange%20Rate%20Fluctuations) As a multinational enterprise, the group faces foreign currency exposure from USD, RMB, and EUR-denominated revenues and expenses, utilizing forward foreign exchange contracts to mitigate potential impacts - The group's revenue is primarily denominated in USD, RMB, and EUR, while its purchases and operating expenses are mainly denominated in RMB, USD, and EUR[79](index=79&type=chunk) - The group uses forward foreign exchange contracts to mitigate the potential impact of foreign currency exposure[79](index=79&type=chunk) [Pledged Assets](index=29&type=section&id=Pledged%20Assets) As of June 30, 2025, approximately **HKD 24.7 million** in bank deposits were pledged as interest reserves for certain bank borrowings - Approximately **HKD 24.7 million** (December 31, 2024: **HKD 24.5 million**) of bank deposits were pledged as interest reserves for certain bank borrowings[80](index=80&type=chunk) [Gearing Ratio](index=29&type=section&id=Gearing%20Ratio) As of June 30, 2025, the group's gearing ratio was **30.6%** (**32.6%** including lease liabilities), a decrease from the end of 2024 | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 30.6% | 32.8% | | Gearing Ratio (including lease liabilities) | 32.6% | 34.8% | [Other Information](index=29&type=section&id=Other%20Information) This section covers additional information including employee details, remuneration policies, significant transactions, post-reporting events, share activities, dividends, and corporate governance [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the group had **6,096** full-time employees with employee costs of **HKD 935.8 million**, and the company adopted the 2025 Share Option Scheme to incentivize employees, replacing prior plans | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 6,096 | 6,231 | | Employee Costs (excluding Directors' Emoluments) | HKD 935.8 million | HKD 953.8 million | - The company has adopted the 2025 Share Option Scheme to incentivize or reward eligible participants, replacing the 2010 and 2020 Share Option Schemes[82](index=82&type=chunk)[83](index=83&type=chunk) - As of June 30, 2025, the total number of outstanding share options under the 2010 and 2020 Share Option Schemes was **175,668,000**[84](index=84&type=chunk) [Material Acquisitions and Disposals and Material Investments](index=30&type=section&id=Material%20Acquisitions%20and%20Disposals%20and%20Material%20Investments) During the period, the group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures, nor did it make any material investments - During the period, the group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures, and there were no material investments[85](index=85&type=chunk) [Events After Reporting Period](index=30&type=section&id=Events%20After%20Reporting%20Period) Except as disclosed in this announcement, no other significant events requiring additional disclosure or adjustment occurred after the reporting period and up to the announcement date - Save as disclosed in this announcement, no other significant events requiring additional disclosure or adjustment occurred after the period end and up to the date of this announcement[86](index=86&type=chunk) [Purchase, Sale or Redemption of Shares](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[87](index=87&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[87](index=87&type=chunk) [Dividends](index=30&type=section&id=Dividends) The Board does not recommend the payment of any dividend for the current period - The Board does not recommend the payment of any dividend for the current period (for the six months ended June 30, 2024: nil)[88](index=88&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) The Board is committed to high corporate governance standards and has complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules throughout the period - The Board is committed to achieving high standards of corporate governance, believing it is crucial for safeguarding shareholders' interests, formulating business strategies, and enhancing corporate value[89](index=89&type=chunk) - The company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules throughout the period[89](index=89&type=chunk) [Standard Code for Securities Transactions by Directors](index=31&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the period - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as the standard for directors' dealings in the company's securities[90](index=90&type=chunk) - Following specific enquiries, all directors confirmed that they have complied with the required standards of dealing as set out in the Standard Code throughout the period[90](index=90&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) The company's Audit Committee, comprising Mr. Wong Shun Tak, Ms. Zhang Yun, and Mr. Ho Kwok Yin, reviewed the group's unaudited interim condensed consolidated financial information for the period, which was also reviewed by Ernst & Young - The Audit Committee comprises Mr. Wong Shun Tak (Chairman), Ms. Zhang Yun, and Mr. Ho Kwok Yin[91](index=91&type=chunk) - The group's unaudited interim condensed consolidated financial information for the period has been reviewed by the Audit Committee and by the company's auditor, Ernst & Young, in accordance with Hong Kong Standard on Review Engagements 2410[91](index=91&type=chunk) [Publication of Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Report) This interim results announcement is published on the HKEX and company websites, and the interim report will be dispatched to shareholders and uploaded to these websites in due course - This interim results announcement is published on the website of the Stock Exchange (http://www.hkexnews.hk) and the company's website (http://www.gbinternational.com.hk)[92](index=92&type=chunk) - The company's interim report for the period will be dispatched to the company's shareholders and uploaded to the aforementioned websites in due course[92](index=92&type=chunk) [Appointment of Lead Independent Non-executive Director](index=31&type=section&id=Appointment%20of%20Lead%20Independent%20Non-executive%20Director) The Board appointed Ms. Zhang Yun, an independent non-executive director, as Lead Independent Non-executive Director, effective August 25, 2025, to enhance Board effectiveness and promote corporate governance practices - Ms. Zhang Yun, an independent non-executive director, has been appointed as the Lead Independent Non-executive Director, effective August 25, 2025[93](index=93&type=chunk) - This appointment aims to enhance the effectiveness of the Board and further promote robust corporate governance practices in response to the requirements of the revised Corporate Governance Code and Listing Rules[93](index=93&type=chunk)

富晶秋女士 何國賢先生 獨立非執行董事 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 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 張昀女士 （首席獨立非執行董事） 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 香港，2025年8月25日 ...

Core Insights - The infant bottle sterilizer market in China is experiencing significant growth, with the market size projected to increase from 44.1 billion yuan in 2015 to 87.5 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 7.91% [1][15] - The industry is driven by rising disposable income, increased health awareness among consumers, and the growing demand for safe and functional infant products [1][15] - The market is expected to reach 92 billion yuan by 2025, supported by technological innovations and consumer upgrades [1][15] Industry Overview - Infant bottle sterilizers, also known as sterilization pots or cabinets, have evolved from traditional boiling methods to advanced steam and microwave sterilization techniques [3][7] - The sterilization methods are validated by national standards, ensuring safety and effectiveness [3][7] Market Dynamics - The industry has seen a shift from manual to automated sterilizers, with a focus on product safety, intelligence, and user-friendliness [7][12] - The increasing birth rate, with 9.54 million newborns in 2024, provides a robust consumer base for the sterilizer market [12] Competitive Landscape - The market features a diverse range of brands, categorized into three tiers: leading international brands, well-known domestic brands, and emerging brands [17] - Key players include Pigeon, Philips Avent, Goodbaby, Midea, and Haier, among others [17][19][21] Industry Chain - The industry chain includes raw material suppliers, component manufacturers, complete machine manufacturers, sales channels, and after-sales services [9] - Key materials include stainless steel, glass, and plastics, with stainless steel being favored for its durability and safety [11] Trends and Innovations - Future developments will focus on material innovation, integrating safer and more environmentally friendly materials [23] - The incorporation of advanced technologies such as nanotechnology and IoT will enhance sterilization effectiveness and user convenience [24] - Improving user experience through better design and customer service will be crucial for sustained growth [26]

Group 1 - The company, Goodbaby International (01086.HK), has announced a board meeting scheduled for August 25, 2025, to consider and approve the interim financial results for the six months ending June 30, 2025 [1] - The board meeting will also address other matters beyond the financial results [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份內容 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。 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8月11日 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。 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) 董事會召開日期 好孩子國際控股有限公司(「本公司」，連同附屬公司，統稱「本集團」) 董事會(「董事 會」) 兹通告謹定於2025年8月25日(星期一) 舉行董事會會議，以考慮及通過本集團截至 2025年6月30日止的六個月中期業績報告，以及處理其他事項。 ...

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7月31日 狀態: 重新提交 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8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 ...

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7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8月6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 Viewpoint - Goodbaby International (01086.HK) has issued a profit warning for the first half of 2025, indicating a significant decline in profits despite a slight increase in revenue [4][6]. Financial Performance - The company expects its net profit for the first half of 2025 to decrease by approximately 40% to 50% compared to about HKD 187 million in the same period of 2024 [4]. - Revenue growth has been noted, but the profit decline is substantial, reflecting underlying challenges in the market [4]. Business Segmentation - Goodbaby International specializes in childcare products, with its offerings including child safety seats, strollers, clothing, textiles, feeding and care products, beds, bicycles, and tricycles [4]. - The business is divided into three main segments: stroller segment (44.19% of 2024 revenue), car seat segment (41.89%), and other categories (13.92%) [4]. Geographic Distribution - The company's market is segmented into three regions: Europe, Africa, Middle East, and India (43.03% of 2024 revenue), Americas (36.16%), and Asia-Pacific (20.18%) [4]. Reasons for Profit Decline - The profit decline is primarily attributed to reduced profitability in the U.S. market, driven by increased tariff costs, compliance costs for new regulatory standards, higher marketing expenses, and intensified promotions for older products [5]. - The company has adopted a cautious pricing strategy to maintain market share amid increasing macroeconomic uncertainties, particularly regarding tariff policies [5][6]. Market Conditions - The company had previously indicated in its Q1 earnings report that it anticipated pressure on revenue and profitability for 2025 due to geopolitical conflicts, trade restrictions, and consumer confidence issues [6]. - The U.S. market is particularly affected by changes in tariff conditions, leading to potential order reductions, shipping delays, and decreased gross margins [6].

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]

Group 1 - The implementation of the childcare subsidy policy is set to begin on January 1, 2025, providing annual subsidies of 3,600 yuan per child for families with children under three years old [1][2] - The subsidy aims to alleviate the financial burden of raising children and is expected to significantly boost the maternal and infant consumption market, indirectly benefiting the assisted reproductive industry [1][3] - Over 20 provinces in China are already exploring childcare subsidy policies, indicating a growing trend towards enhancing birth support measures at the local level [3] Group 2 - Companies in the maternal and infant product sector, such as Goodbaby International, are positioned to benefit from the expected increase in demand due to the subsidy policy [4] - China Feihe, a leading infant formula brand, is likely to see positive impacts from the subsidy as it targets the high-end market, aligning with the demographic benefiting from the policy [5] - The assisted reproductive services sector, represented by companies like Jinxin Fertility, may experience increased demand as the subsidy lowers the cost of raising children, potentially enhancing the willingness of couples facing infertility to seek IVF services [5]