本公告乃由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」）自願 發出。 根據本公司截止2025年3月31日（「本期間」）未經審計的合併管理帳目，本期間本集團的 收入由2024年相應期間的約1,892.1百萬港幣增長7.5%至約2,034.9百萬港幣。本期間的匯 率較2024年相應期間有所波動，尤其是人民幣和歐元對港幣的匯率。該波動導致本集團 以原始貨幣計算的收入增長與以本集團的報告貨幣港幣計算的收入增長因貨幣折算原因 而存在差異。按恒定貨幣口徑1 計算，本期間本集團收入較2024年相應期間增長9.7%。 | | | 截至3月31日止三個月 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2025年 | | 2024年 | | | 恒定貨幣口徑 | | （百萬港幣） | （未經審計） | | （未經審計） | | 同比變化 | 同比變化 | | 總收入 | 2,034.9 | | 1,892.1 | | 7.5% | 9.7% | | | 數額 | | 數額 | | | 恒定貨幣口徑 | | | （未經審計） | 佔總收入比 ...

Group 1 - The Hang Seng Index rose by 1.10%, gaining 250 points to reach 22,941 points, while the Hang Seng Tech Index increased by 1.56% [1] - The stock of Hu Shang A Yi (02589) surged over 52% on its first trading day, with a transaction volume of HKD 493 million [1] - Domestic insurance stocks saw broad gains, with China Pacific Insurance (02601) up 3.69%, China Life (02628) up 2.70%, New China Life (01336) up 3%, China Property & Casualty Insurance (02328) up 1.95%, and Ping An Insurance (02318) up 1.39% [1] Group 2 - Goodbaby International (01086) rose over 15% as reports indicated the U.S. is considering tariff exemptions for imports of Chinese baby strollers [1] - Yunfeng Financial (00376) increased over 14%, with a cumulative rise of 150% over the past week, as Ant Group is expected to achieve business synergies internally [1] - Changfei Optical Fiber (06869) rose over 8% as its subsidiary Bochuang Technology plans to invest in the third phase expansion project of Changxin Sheng in Indonesia [1] Group 3 - Meituan-W (03690) increased by 3% due to a surge in tourism activity, reaching a three-year high, which boosted OTA platforms [2] - Trip.com Group-S (09961) rose by 2% after signing a memorandum of understanding with Visit Oman, indicating strong overseas market development prospects [2] - China Software International (00354) increased by 2.6% as Huawei's first HarmonyOS computer was officially launched, benefiting the core of the Harmony ecosystem [2] Group 4 - Guoquan (02517) surged over 17% as shareholders committed to a six-month lock-up period after converting to H-shares, with expectations for improved store efficiency and opening speed this year [3] Group 5 - Tehai International (09658) rose by 7% due to strong overseas market demand, with institutions optimistic about the company's stable operations [4] - SMIC (00981) fell over 2% ahead of its quarterly report, amid reports that Trump plans to lift AI chip restrictions [5]

Industry Overview - The toy and baby products industry is a significant part of the light industry, playing a crucial role in nurturing children and meeting family expectations [1][3] - The industry is experiencing growth, with the domestic toy retail sales expected to reach CNY 97.85 billion in 2024, a year-on-year increase of 7.9% [1][13] - The retail sales of children's strollers are projected to be CNY 16.98 billion, growing by 17.5%, while children's safety seats and bottles are expected to see increases of 13.2% and 8.1% respectively [1][13] Policy Support - The Chinese government has implemented various policies to support high-quality development and regulation in the toy and baby products sector [5][6] - Key policies include the "Guiding Opinions on Accelerating the Transformation and Upgrading of Traditional Manufacturing" and the approval of national standards for baby products [5][6] Market Dynamics - The industry is characterized by a diverse supply chain, including raw material suppliers, manufacturers, wholesalers, and retailers [7] - The macroeconomic environment, consumer disposable income, and preferences significantly influence demand for baby products [7] Export Performance - China is the largest toy producer and exporter globally, with toy exports (excluding games) projected to reach USD 39.87 billion in 2024 [9][10] - The United States remains the primary export destination, accounting for 26.39% of toy exports in early 2025 [10] Quality Control - The number of recalls for Chinese-made toys in the U.S. decreased by 6.4% in 2024, while the EU saw a 34.1% increase in recalls [15][17] - The Chinese government reported 1,121 batches of non-compliant products in 2024, reflecting increased regulatory scrutiny [17] Key Players - Major global players include Mattel, Hasbro, Bandai, and LEGO, while domestic companies like Aofei Entertainment and Pop Mart are significant in the Chinese market [19][21] - Aofei Entertainment reported a 4.85% increase in baby product revenue, while Pop Mart's revenue surged by 106.92% in 2024 [21][23] Future Trends - The integration of technology in toys is expected to accelerate, with a growing demand for smart toys and educational products [25] - Environmental concerns are driving the use of sustainable materials, with a focus on safety and compliance with international standards [26] - Personalization and IP collaborations are becoming key drivers for consumer engagement and product differentiation [27][28]

4月24日，沪指盘中窄幅震荡，北证50指数大幅下探；港股回调走低，恒生指数一度跌超1%，恒生科技 指数一度跌超2%。 具体来看，沪指盘中窄幅震荡，尾盘小幅上扬，北证50指数大跌超3%。截至收盘，沪指微涨0.03%报 3297.29点，深证成指跌0.58%报9878.32点，创业板指跌0.68%报1935.86点，科创50指数跌近1%，北证 50指数跌3.44%，沪深北三市合计成交11391亿元，较昨日减少1235亿元。 场内近3700股飘绿，信创、云计算、算力概念等下挫，跨境支付概念回调，东方通（300379）、拉卡拉 （300773）跌超10%；电力板块拉升，乐山电力（600644）、华银电力（600744）、西昌电力 （600505）等涨停；银行板块上扬，农业银行、工商银行、中国银行涨约2%，再创历史新高；医药板 块活跃，金凯生科（301509）、尔康制药（300267）、凯莱英（002821）等涨停；宠物经济概念崛起， 天元宠物（301335）20%涨停，乖宝宠物（301498）、中宠股份（002891）再创新高。值得注意的是， 近日的强势股安记食品（603696）（603696）、国芳集团（60108 ...

Goodbaby International Holdings Limited 好孩子國際控股有限公司 此乃要件 請即處理 閣下如 對本通函任何方面或應採取的行動 有任何疑問，應諮詢股票經紀或其他註冊證券 商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的好孩子國際控股有限公司股份全部售出或轉讓，應立即將本通函及隨附 的代表委任表格送交買主或承讓人或經手買賣或轉讓的銀行、股票經紀或其他代理商，以 便轉交買主或承讓人。 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通函的內容概不負責，對其準 確性或完整性亦不發表聲明，並明確表示概不對因本通函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） 建議重選退任董事 及 建議宣派末期股息 及 建議授出回購股份及發行股份的一般授權 及 股東週年大會通告 好孩子國際控股有限公司謹訂於二零二五年五月二十七日（星期二）上午十時正假座中 國上海市閔行區紹虹路99號虹橋天地5號 樓8樓 舉 行 股 東 週 年 大 會，召 開 股 東 週 年 大 會 之通告載於本通函第17至22頁。 ...

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的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 聲 明，並 明 確 表 示 概 不 對 因 本 文 件 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） 股東週年大會通告 茲通告好孩子國際控股有限公司（「本公司」）謹定於二零二五年五月二十七日 （星 期 二）上午十時正假座中國上海市閔行區紹虹路99號虹橋天地5號 樓8樓 舉 行 股 東 週 年 大 會，以 處 理 下 列 事 項： 普通決議案 – 1 – 1. 省覽本公司截至二零二四年十二月三十一日止年度的經審核綜合財務報 表 以 及 董 事 會 及 核 數 師 報 告。 2. 以 獨 立 決 議 案 形 式 考 慮 批 准 並 酌 情 通 過 下 列 決 議 案： (a) 重 選 劉 同 友 先 生 為 執 行 董 事 並 授 權 董 ...

關於本報告 好孩子國際控股有限公司（「本公司」，及其附屬公司統稱 「本集團」「好孩子國際」或「我們」）遵循《香港聯合交 易所有限公司（「聯交所」）主板上市規則》附錄 C2《環境、 社會及管治報告守則》的規定（「報告守則」）編製本集團 2024 年環境、社會及管治報告。本報告遵循「報告指引」中 關於重要性、量化、平衡和一致性的匯報原則，以及關於匯 報範圍的要求進行信息收集、數據分析和整理編製。 報告期和範圍 本報告涵蓋本集團於 2024 年 1 月 1 日至 2024 年 12 月 31 日 期間（「報告期」）在環境、社會和管治方面的舉措和目標 達成的情況，以及與公司戰略和風險管理融入的深度。除特 殊說明外，本報告中的政策、聲明、關鍵績效指標數據等涵 資料來源及可靠性 本報告的資料，包括本集團的政策、舉措、實踐和案例來源於內部的製度、統計、報告和紀錄。本集團對 2024 年環境、社會及 管治報告內容的真實性、準確性和完整性負責。 確認及批准 本報告經集團環境、社會及管治管理委員會確認後，經本集團行政總裁批准，於 2025 年 3 月 26 日獲董事會通過。 聯絡與反饋 好孩子國際重視閣下對我們可持續發展績效的意 ...

Financial Performance - The company achieved a revenue of approximately HKD 8.77 billion for the year ending December 31, 2024, representing a year-on-year growth of 10.6%[9]. - CYBEX recorded sales revenue of approximately HKD 4.47 billion, with a strong year-on-year growth of 20.8%, achieving historical highs in both revenue and profit[11]. - The company’s revenue increased by 10.6% to approximately HKD 8,765.9 million, compared to HKD 7,927.3 million in the corresponding period of 2023[21]. - The gross profit rose by 13.6% to approximately HKD 4,507.9 million, up from HKD 3,967.7 million in the same period last year[21]. - Operating profit increased by 35.7% to approximately HKD 500.0 million, compared to HKD 368.4 million in the previous year[21]. - Net profit surged by 70.8% to approximately HKD 356.2 million, up from HKD 208.5 million in the corresponding period of 2023[21]. - The group's overall gross profit margin increased to a record 51.4%, reflecting efforts to enhance brand premium and product competitiveness[20]. - The group recorded a robust operating cash flow, significantly reducing net debt and optimizing the debt structure[20]. Market Position and Strategy - The company continues to strengthen its market position in Europe, Japan, and the United States, with significant growth potential in these regions[11]. - The company is committed to enhancing its brand influence and market share in the global children's products market[9]. - The company focused on a diversified brand portfolio and global supply chain capabilities, investing strategically in innovation and digital infrastructure to enhance global competitiveness[10]. - The company plans to continue expanding its brand presence and distribution network in existing and new markets, ensuring direct communication with consumers[28]. - The company remains confident in its vertically integrated brand-driven strategy, focusing on strategic brands CYBEX, Evenflo, and gb for continued development[27]. Product Development and Innovation - The company launched one new product during the period, receiving positive market feedback and recognition for its innovative design and safety features[11]. - The group launched 96 new products during the period, including upgrades to meet new U.S. regulations on side-impact collisions[14]. - The company's strategic investments in digitalization and innovation are expected to drive sustained performance improvements in the future[10]. - The company has a strategic focus on innovation and promotion of cutting-edge products to maintain its market leadership[58]. Corporate Governance and Compliance - The company has a strong emphasis on compliance and governance, with multiple committees including audit, nomination, and ESG[75]. - The board includes independent directors with extensive backgrounds in private equity and investment, enhancing corporate governance[76]. - The company has established internal teams supported by external consultants to oversee compliance with current legislation and industry requirements[61]. - The company has adopted a director independence policy, which has been effectively implemented[97]. - The company has mechanisms in place to ensure independent opinions and input from directors[97]. Risk Management - The company is exposed to various financial risks, including market, liquidity, and credit risks, which could significantly impact its financial performance[59]. - The company has established a risk management and internal control system that is deemed effective and sufficient by the board and audit committee, with no significant concerns affecting financial status or operational performance identified for 2024[135]. - An annual risk assessment has been conducted, identifying key strategic, operational, compliance, and financial risks, resulting in a risk heat map to guide internal audit functions[136]. Shareholder Communication and Dividends - The company announced a final dividend of HKD 0.07 per share for the year ending December 31, 2024, compared to no dividend in 2023[162]. - The company is committed to maintaining ongoing dialogue with shareholders, particularly through annual meetings and other gatherings[142]. - The board has adopted a shareholder communication policy to establish a two-way relationship with shareholders, ensuring effective communication through various platforms[143]. Employee and Management Structure - The total employee cost (excluding directors' remuneration) for the period was approximately HKD 1,876.2 million, compared to HKD 1,683.0 million for the year ended December 31, 2023[53]. - As of December 31, 2024, one-third of the senior management team is female, and the overall gender distribution among employees is approximately 45% male and 55% female[115]. - The management team has a diverse background in finance and strategic planning, with experience in major corporations like Alibaba and Xiaomi[78]. Environmental, Social, and Governance (ESG) - The group received a score of 51 in the S&P Global CSA annual assessment, reflecting its commitment to ESG goals[15]. - The ESG committee was established on March 26, 2025, indicating a commitment to environmental, social, and governance practices[89]. - The ESG Committee is tasked with reviewing and approving the company's ESG goals, strategies, and policies[122].

Summary of the Conference Call Company Overview - The conference involved ZTE, with CEO Liu Tongyou providing insights into the company's performance and future directions [1][2][3]. Key Points Business Performance - In 2024, ZTE's overall business, particularly CYBATHLON, experienced rapid growth, exceeding 50% of the entire group's revenue [1][2]. - The blue-chip business has stabilized, returning to pre-pandemic levels, while E-Inflow remains stable [1][2]. - CYBATHLON's profit margin is reported to be over 10%, indicating a healthy profit structure [3]. Market Dynamics - The Chinese market is facing a decline, impacting overall business performance, with a significant focus on the fast growth of CYBATHLON, especially in Europe [2][3]. - Competitors are struggling, leading to potential market share gains for ZTE, particularly in the European market where CYBATHLON's market share could rise from 40% to 70% [2][3]. - The company is investing heavily in new product development, marketing, and infrastructure, which is expected to yield positive results in the future [4][5]. Challenges - The transition in the Chinese market has been difficult, exacerbated by the pandemic and increasing competition [5][6]. - Tariff uncertainties pose significant challenges, affecting costs and supply chain stability [6][8]. - The company is adapting its strategy to focus on online retail and improving offline retail profitability [5][6]. Financial Insights - The company has made significant investments in product development and infrastructure, which has stabilized profits despite being in an investment phase [4][13]. - The gross margin in Europe is approximately 55%, while the U.S. gross margin is around 35%, indicating regional profitability differences [11][12]. - The company aims to reduce losses in the Chinese market by approximately $10 million this year [15]. Future Outlook - ZTE plans to continue expanding its product lines, including children's furniture and fashion products, while maintaining a strong focus on brand development [25][27]. - The company is optimistic about the growth potential in the U.S. market, particularly for the Evenflo brand, which is currently second in the safety seat market [27][28]. - ZTE's long-term strategy emphasizes sustainable growth and maintaining competitiveness against peers [28][29]. Additional Insights - The company has a strong supply chain advantage, which is crucial for maintaining competitiveness in the market [27]. - The management is focused on building brand recognition and improving market presence through innovative marketing strategies [23][24]. This summary encapsulates the key points discussed during the conference call, highlighting ZTE's current performance, market challenges, and future strategies.

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Views - The company reported a total revenue of HKD 8.77 billion for 2024, representing a year-on-year increase of 10.3% [8] - The net profit attributable to shareholders for 2024 is HKD 355.85 million, showing a significant year-on-year growth of 74.87% [8] - The high-end brand Cybex is accelerating its global expansion, contributing to a 71% increase in profits [8] - The company has resumed dividend payments after six years, with a dividend rate of 33% and a dividend yield of 4.5% [8] - The company's gross margin improved to 51.4%, up 1.3 percentage points year-on-year, contributing to an increase in net profit margin [8] Financial Summary - Total revenue projections for 2023A to 2027E are as follows: HKD 7.95 billion (2023A), HKD 8.77 billion (2024A), HKD 9.54 billion (2025E), HKD 10.39 billion (2026E), and HKD 11.17 billion (2027E) [1] - Net profit attributable to shareholders is projected to grow from HKD 203.50 million (2023A) to HKD 586.69 million (2027E) [1] - The latest diluted EPS is expected to increase from HKD 0.12 (2023A) to HKD 0.35 (2027E) [1] - The P/E ratio is projected to decrease from 11.23 (2023A) to 3.90 (2027E) [1]