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 香港法例第571章證券及期貨條例第XIVA部內幕消息條文（定義見香港聯合交易所有限公 司證券上市規則（「上市規則」））及上市規則第13.09條刊發。 本公司董事會（「董事會」）謹此知會本公司股東及有意投資者，根據對董事會目前可得資 料（包括本集團的未經審核管理賬目）的初步評估，預期本集團於截至2024年12月31日止 年度將錄得介乎約325.0百萬港元至約375.0百萬港元的純利，而2023年同期純利為約 208.5百萬港元。純利的增加主要是毛利額的增長、營運開支的增加（主要由於收益增長 而導致銷售開支增加）以及出售物業、廠房及設備及使用權資產收益減少等因素帶來的綜 合結果。其中，毛利額的增長主要是收益的增長及有利的品牌收益組合和生產成本的改 善帶來的毛利率改善的綜合結果；而2024年下半年海運成本的上漲及不利的匯率波動部 分抵銷了上述效果。 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 ...

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。 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） 於附屬公司層面的 關連交易 於附屬公司層面的關連交易 於有關期間（即截至2023年12月31日止兩個財政年度），CTP Japan（本公司當時的非 全資附屬公司）及Dadway（CTP Japan當時的主要股東）訂立該等交易，包括買賣 CYBEX產品、提供倉儲及物流服務及支付產品責任保險費。由於CTP Japan於有關期 間並不屬於上市規則第14A.09條項下非重大附屬公司的範疇，故根據上市規則第十四 A章，該等交易構成本公司於附屬公司層面的關連交易。 上市規則涵義 自成立以來，CTP Japan一直被分類為本公司的非重大附屬公司，因此，Dadway(即 CTP Japan的主要股東)並不構成本公司的關連人士，而該等交易於有關期間之前亦不 屬於 ...

香港交易及結算所有限公司及香港聯合交易所對本文件通告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就本通告全部或部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 | | | 截至9月30日止九個月 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2024年 | | 2023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 | $6,492.5 | | $5,806.2 | | +11.8% | +11.2% | | | | | | | | 恒定貨幣口徑 | | | 數額 佔總收入比 | | 數額 | 佔總收入比 | 同比變化(%) | 同比變化(%) | | 戰略品牌 | 5,784.6 | 89.1% | 5,283.2 | 91.0% | +9.5% | +8.9% | | – CYBEX | 3,312.9 | 51.0% | 2,733.3 | 47.1% | +21.2% | +20.1% | | ...

Revenue and Profit Growth - Revenue increased by 7.7% YoY to HKD 4,187.6 million, with constant currency growth of 6.2%[6] - Net profit surged by 526.4% YoY to HKD 187.3 million[6] - Revenue for the six months ended June 30, 2024, increased to HKD 4,187,639 thousand, up 7.7% compared to HKD 3,889,199 thousand in the same period in 2023[57] - Gross profit rose to HKD 2,201,548 thousand, a 23.4% increase from HKD 1,784,798 thousand in the prior year period[57] - Operating profit surged to HKD 279,384 thousand, up 148% from HKD 112,677 thousand in the same period last year[57] - Net profit attributable to owners of the parent company increased significantly to HKD 185,447 thousand, compared to HKD 25,012 thousand in the previous year[57] - Profit for the period was 185,447 thousand HKD in 2024, compared to 25,012 thousand HKD in 2023, a significant increase of 641.5%[63] - Total revenue for the six months ended June 30, 2024, was HK$4,187.6 million, compared to HK$3,889.2 million in the same period in 2023, representing an increase of 7.7%[73][74] Brand Performance - CYBEX brand revenue grew by 18.9% YoY to HKD 2,158.2 million, contributing 51.5% of total revenue[7] - Evenflo brand revenue increased by 3.0% YoY to HKD 1,133.8 million, accounting for 27.1% of total revenue[7] - gb brand revenue declined by 21.7% YoY to HKD 500.3 million, representing 12.0% of total revenue[7] - Blue-chip and other businesses revenue rose by 18.2% YoY to HKD 395.3 million[7] - CYBEX brand revenue increased by 18.9% (16.7% in constant currency terms) to approximately HKD 2,158.2 million, compared to HKD 1,814.8 million in the corresponding period of 2023[8] - CYBEX launched 6 new products (including new categories) during the period, all of which were well-received by the market[8] - CYBEX achieved a record-high operating profit margin due to strong revenue growth[8] - Evenflo brand revenue grew by 3.0% (0.7% in constant currency terms) to approximately HKD 1,133.8 million, compared to HKD 1,101.3 million in the corresponding period of 2023[9] - Evenflo's profitability significantly improved, driven by a high-margin core product portfolio achieving double-digit growth[9] - Evenflo launched the first modular child and pet travel system in the U.S. during the period[9] - GB brand revenue decreased by 21.7% (20.3% in constant currency terms) to approximately HKD 500.3 million, compared to HKD 638.6 million in the corresponding period of 2023[9] - Blue-chip and other businesses revenue increased by 18.2% (17.4% in constant currency terms) to approximately HKD 395.3 million, compared to HKD 334.5 million in the corresponding period of 2023[9] Financial Performance Metrics - Gross profit margin improved by 6.7 percentage points to 52.6%[5] - Operating profit margin increased by 3.8 percentage points to 6.7%[5] - Gross profit margin improved by 6.7 percentage points to 52.6% from 45.9% in the corresponding period of 2023[10] - Operating profit surged by 147.9% to HKD 279.4 million from HKD 112.7 million in the corresponding period of 2023[11] - Profit before tax increased by 782.2% to HKD 217.9 million from HKD 24.7 million in the corresponding period of 2023[12] - Net profit rose to HKD 187.3 million from HKD 29.9 million in the corresponding period of 2023[12] - Non-GAAP net profit increased by 325.7% to HKD 202.2 million from HKD 47.5 million in the corresponding period of 2023[12] - Net profit margin stood at 4.5% for the six months ended June 30, 2023[13] - Operating profit increased to 135.3 million HKD, with a profit margin of 2.9% to 3.5%[15] - Basic earnings per share for the period were HKD 0.11, up from HKD 0.01 in the same period in 2023[57] - Total comprehensive income for the period was HKD 60,877 thousand, a significant improvement from a loss of HKD 179,868 thousand in the prior year[58] - The company's equity increased from 5,627,733 thousand HKD in 2023 to 5,688,782 thousand HKD in 2024, a growth of 1.1%[60] - The company's reserves increased from 5,585,685 thousand HKD in 2023 to 5,645,493 thousand HKD in 2024, a growth of 1.1%[60] - The company's total comprehensive income for the period was 59,636 thousand HKD in 2024, compared to a comprehensive loss of 183,042 thousand HKD in 2023[63] - The company's cash flow from operating activities before tax was 217,880 thousand HKD in 2024, compared to 24,671 thousand HKD in 2023, a significant increase of 783.1%[65] - The company's cash flow from operating activities after tax was 236,020 thousand HKD in 2024, compared to 505,215 thousand HKD in 2023, a decrease of 53.3%[65] - The company's non-controlling interests increased from 25,368 thousand HKD in 2023 to 26,609 thousand HKD in 2024, a growth of 4.9%[60] Expenses and Costs - Sales and distribution expenses increased by HKD 177.2 million to HKD 1,205.2 million, primarily due to higher marketing and logistics costs[11] - Administrative expenses rose by HKD 22.8 million to HKD 727.0 million, driven by increased R&D and personnel costs[11] - Financial costs decreased by HKD 19.2 million to HKD 87.7 million due to reduced interest-bearing bank loans and borrowings[12] - R&D costs increased to 201,990 thousand HKD in 2024 from 195,501 thousand HKD in 2023, reflecting continued investment in innovation[83] - Employee costs increased to 953.8 million HKD, with 6,329 full-time employees as of June 30, 2024[24] - Total remuneration for key management personnel was 23,337 thousand HKD for the first half of 2024, compared to 22,508 thousand HKD in the same period of 2023[138] Cash Flow and Financing - The company successfully secured a new refinancing plan, improving its financing structure[5] - The company continued to generate robust operating cash flow and further reduced debt[5] - The company secured a $160 million refinancing agreement in April 2024, with the option to increase the total commitment by up to $50 million[39] - As of June 30, 2024, the company had $210 million in undrawn loan facilities available under the April 2024 financing agreement[40] - Cash flow from operating activities increased from 505,215 thousand HKD in 2023 to 543,989 thousand HKD in 2024, a growth of 7.7%[65] - Investment activities resulted in a net cash outflow of HKD 86.826 million, compared to HKD 131.752 million in the same period last year[66] - Financing activities resulted in a net cash outflow of HKD 298.729 million, compared to HKD 262.238 million in the same period last year[66] - Cash and cash equivalents decreased by HKD 149.535 million, compared to an increase of HKD 111.225 million in the same period last year[66] - The company's cash and cash equivalents at the end of the period were HKD 803.720 million, compared to HKD 1.026970 billion in the same period last year[66] Assets and Liabilities - Trade receivables and bills increased to 1,236.4 million HKD, with turnover days stable at 52 days[16][17] - Trade payables and bills increased to 1,322.3 million HKD, with turnover days rising to 119 days due to improved credit terms[16][18] - Inventory increased to 1,580.3 million HKD, with turnover days decreasing to 138 days due to improved working capital[16][18] - Monetary assets decreased to 1,441.5 million HKD, while interest-bearing bank loans decreased to 2,105.4 million HKD[19] - Net debt increased to 663.9 million HKD, with a leverage ratio of 33.9%[19][23] - Total non-current assets decreased slightly to HKD 5,774,359 thousand as of June 30, 2024, compared to HKD 5,922,026 thousand at the end of 2023[59] - Total current assets decreased to HKD 4,880,703 thousand as of June 30, 2024, from HKD 5,451,428 thousand at the end of 2023[59] - Total current liabilities decreased to HKD 4,566,676 thousand as of June 30, 2024, from HKD 5,184,232 thousand at the end of 2023[59] - Net current assets increased to HKD 314,027 thousand as of June 30, 2024, compared to HKD 267,196 thousand at the end of 2023[59] - Non-current liabilities decreased from 561,489 thousand HKD in 2023 to 399,604 thousand HKD in 2024, a reduction of 28.8%[60] - Net assets increased from 5,627,733 thousand HKD in 2023 to 5,688,782 thousand HKD in 2024, a growth of 1.1%[60] - Total property, plant, and equipment decreased from HK$888,935 thousand as of December 31, 2023, to HK$814,211 thousand as of June 30, 2024, primarily due to depreciation and exchange rate adjustments[88][89] - Additions to property, plant, and equipment during the first half of 2024 amounted to HK$71,355 thousand, with the largest additions in plant and machinery (HK$19,164 thousand) and leasehold improvements (HK$17,829 thousand)[88] - Depreciation charges for the first half of 2024 totaled HK$124,880 thousand, with the highest depreciation in plant and machinery (HK$53,921 thousand) and leasehold improvements (HK$34,231 thousand)[88] - The net book value of right-of-use assets decreased from HK$276,546 thousand as of December 31, 2023, to HK$228,364 thousand as of June 30, 2024, mainly due to depreciation and exchange rate adjustments[90][91] - Lease liabilities decreased from HK$255,645 thousand as of December 31, 2023, to HK$204,599 thousand as of June 30, 2024, with current liabilities at HK$88,061 thousand and non-current liabilities at HK$116,538 thousand[92] - Goodwill decreased from HK$2,608,675 thousand as of December 31, 2023, to HK$2,560,764 thousand as of June 30, 2024, primarily due to exchange rate adjustments[93] - Total intangible assets increased to HK$2,057,554,000 as of June 30, 2024, up from HK$2,045,025,000 at the end of 2023, driven by additions and acquisitions[94] - Inventory increased to HK$1,580,349,000 as of June 30, 2024, compared to HK$1,462,781,000 at the end of 2023, with finished goods accounting for the majority at HK$1,340,069,000[96] - Trade receivables and bills receivable totaled HK$1,236,396,000 as of June 30, 2024, up from HK$1,175,812,000 at the end of 2023, with 95.6% due within 3 months[97][98] - Trade payables and bills payable increased to HK$1,320,899,000 as of June 30, 2024, from HK$1,304,386,000 at the end of 2023, with 84.1% due within 3 months[100] - Total interest-bearing bank loans and borrowings decreased to HK$2,105,355,000 as of June 30, 2024, from HK$2,793,847,000 at the end of 2023, with 68.6% denominated in USD[101][102] - Total interest-bearing bank loans and borrowings decreased to 2,105,355 thousand HKD as of June 30, 2024, from 2,793,847 thousand HKD as of December 31, 2023[103] - Fixed-rate borrowings decreased to 386,756 thousand HKD as of June 30, 2024, from 550,110 thousand HKD as of December 31, 2023[103] - Floating-rate borrowings decreased to 1,718,599 thousand HKD as of June 30, 2024, from 2,243,737 thousand HKD as of December 31, 2023[103] - Bank overdraft facility amounted to 322,943 thousand HKD, with 212,807 thousand HKD utilized as of the reporting date[103] - The actual interest rates on bank loans and borrowings ranged from 1.20% to 7.56% as of June 30, 2024[104] - Derivative financial instruments designated as hedging instruments totaled 22,859 thousand HKD in assets and 16,565 thousand HKD in liabilities as of June 30, 2024[105] - Financial liabilities under amortized cost decreased to HKD 2,105,355 as of June 30, 2024, from HKD 2,793,847 at the end of 2023[125] - The fair value of financial assets, including derivative instruments, was HKD 55,109 as of June 30, 2024, down from HKD 64,914 at the end of 2023[127] - The fair value of derivative financial instruments as of June 30, 2024, was HKD 16,565 thousand, compared to HKD 42,013 thousand as of December 31, 2023[128] - The fair value of financial assets measured at fair value through profit or loss (wealth management products) was HKD 32,250 thousand as of June 30, 2024, compared to HKD 55,011 thousand as of December 31, 2023[131][132] - The total fair value of financial assets measured at fair value was HKD 55,109 thousand as of June 30, 2024, compared to HKD 64,914 thousand as of December 31, 2023[131][132] - The fair value of financial liabilities (derivative financial instruments) was HKD 16,565 thousand as of June 30, 2024, compared to HKD 42,013 thousand as of December 31, 2023[133] Share Options and Equity - Outstanding share options under the 2010 and 2020 share option plans totaled 112,110,000 as of June 30, 2024[25] - 1,390,000 share options granted to Mr. Song Zhenghuan on September 29, 2014, representing 0.083% of the total issued share capital[26] - 2,400,000 share options granted to Mr. Song Zhenghuan on September 29, 2014, representing 0.144% of the total issued share capital[26] - 6,300,000 share options granted to Mr. Song Zhenghuan on May 23, 2019, representing 0.378% of the total issued share capital[26] - 17,500,000 share options granted to Mr. Song Zhenghuan on March 27, 2018, representing 1.049% of the total issued share capital[26] - 10,000,000 share options granted to Mr. Song Zhenghuan on March 27, 2018, with 0% of the total issued share capital[26] - 1,600,000 share options granted to Mr. Song Zhenghuan on September 29, 2014, representing 0.096% of the total issued share capital[26] - 390,600 share options granted to Mr. Song Zhenghuan on May 23, 2022, representing 0.023% of the total issued share capital[26] - 585,900 share options granted to Mr. Song Zhenghuan on May 23, 2023, representing 0.035% of the total issued share capital[26] - 976,500 share options granted to Mr. Song Zhenghuan on May 23, 2024, representing 0.059% of the total issued share capital[26] - 1,550,000 share options granted to Mr. Song Zhenghuan on May 23, 2024, representing 0.093% of the total issued share capital[26] - 1,390,000 shares granted on September 29, 2014, remain unexercised, representing 0.083% of the total issued share capital[27] - 600,000 shares granted on May 23, 2019, remain unexercised, representing 0.036% of the total issued share capital[27]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 4,187.6 million, representing a 7.7% increase from HKD 3,889.2 million in the same period of 2023[2] - Gross profit increased to HKD 2,201.5 million, a 23.3% rise compared to HKD 1,784.8 million in the previous year[2] - Operating profit surged to HKD 279.4 million, reflecting a significant increase of 147.9% from HKD 112.7 million in 2023[2] - Net profit for the period reached HKD 187.3 million, a remarkable increase of 526.4% compared to HKD 29.9 million in the same period last year[2] - Earnings per share (basic and diluted) were HKD 0.11, a substantial increase of 1,000.0% from HKD 0.01 in 2023[2] - Non-IFRS operating profit was HKD 299.2 million, up 121.1% from HKD 135.3 million in the previous year[2] - The group reported a net exchange gain of HKD (679) in 2024, compared to a loss of HKD (44,341) in 2023, indicating a significant improvement[31] - The group reported a pre-tax profit of HKD 24,671,000 for the current period[30] - Profit before tax surged by 782.2% to approximately HKD 217.9 million from approximately HKD 24.7 million in the corresponding period of 2023[68] Segment Performance - For the six months ended June 30, 2024, total revenue reached HKD 4,187,639,000, with contributions from the wheeled stroller segment at HKD 1,694,830,000, the car seat segment at HKD 1,884,065,000, and other categories at HKD 608,744,000[18] - The wheeled stroller segment reported an operating profit of HKD 913,376,000, while the car seat segment reported HKD 1,059,299,000, and other categories reported HKD 228,873,000[18] - CYBEX brand revenue grew by 18.9% to approximately HKD 2,158.2 million, with a constant currency growth of 16.7%[54] - Evenflo brand revenue increased by 3.0% to approximately HKD 1,133.8 million, with a constant currency growth of 0.7%[55] - gb brand revenue declined by 21.7% to approximately HKD 500.3 million, with a constant currency decline of 20.3%[56] - The blue-chip and other businesses recorded an 18.2% revenue increase to approximately HKD 395.3 million[57] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 6,088.4 million, slightly down from HKD 6,189.2 million at the end of 2023[6] - Total equity increased to HKD 5,688.8 million from HKD 5,627.7 million at the end of 2023[7] - Non-current assets as of June 30, 2024, totaled HKD 5,660,893,000, a decrease from HKD 5,819,181,000 as of December 31, 2023, reflecting a decline of approximately 2.7%[21] - The total trade payables and notes payable as of June 30 amounted to HKD 1,320,899,000, slightly up from HKD 1,304,386,000 as of December 31[43] - The company’s bank borrowings totaled HKD 2,105,355,000 as of June 30, down from HKD 2,793,847,000 as of December 31[45] - The net debt as of June 30, 2024, was approximately HKD 663.9 million, compared to HKD 594.9 million as of December 31, 2023[78] Cash Flow and Expenses - The company generated robust operating cash flow during the period and continued to repay debt, demonstrating a commitment to improving profitability and cash flow management[50] - Financial costs decreased to HKD 87,683,000 for the six months ended June 30, 2024, down from HKD 106,855,000 in the same period of 2023, representing a reduction of approximately 17.9%[29] - Selling and distribution expenses rose by approximately HKD 177.2 million to about HKD 1,205.2 million, primarily due to increased marketing and logistics costs[62] - Administrative expenses increased by approximately HKD 22.8 million to about HKD 727.0 million, driven by higher R&D and personnel costs[63] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new product development to drive future growth[4] - The company continues to gain market share in international markets, reinforcing its global leadership position despite challenges in the global baby products industry[50] - The group continues to focus on innovation, global omnichannel infrastructure, and digitalization as part of its strategic investments[51] Governance and Compliance - The audit committee reviewed the interim financial information for the period, which was also reviewed by the independent auditor[88] - The company has adhered to the corporate governance code and standards as required by the Hong Kong Stock Exchange[86] - There were no significant events affecting the company or its subsidiaries after June 30, 2024[84] Employee and Shareholder Information - The total employee count increased to 6,329 as of June 30, 2024, from 6,224 as of December 31, 2023, with employee costs rising to approximately HKD 953.8 million from HKD 870.4 million[81] - The board of directors did not recommend any dividend payment for the period, consistent with the previous six months[85] - The company has not conducted any buybacks or redemptions of its listed securities during the period[85]

Financial Performance - The company achieved total sales revenue of HKD 7,927.3 million for the year 2023, a decrease of 4.4% compared to 2022, and a decline of 3.2% on a constant currency basis[14]. - The company's revenue decreased by 4.4% from approximately HKD 8,292.2 million in 2022 to about HKD 7,927.3 million in the current period[40]. - Total revenue for the group decreased by 4.4% to HK$7,927.3 million in 2023 from HK$8,292.2 million in 2022[42]. - Operating profit increased by 265.5% from approximately HKD 100.8 million in 2022 to about HKD 368.4 million in the current period[41]. - Non-GAAP operating profit rose by 179.0% from approximately HKD 146.9 million in 2022 to about HKD 409.9 million in the current period[41]. - Net profit for the period increased by 420.0% from approximately HKD 40.1 million in 2022 to approximately HKD 208.5 million[63]. - Non-GAAP net profit rose by 203.7% from approximately HKD 79.0 million in 2022 to approximately HKD 239.9 million in the current period[63]. - Financial income rose by approximately 12.1% from about HKD 43.0 million in 2022 to approximately HKD 48.2 million, primarily from bank deposit interest[59]. - Financial costs increased by approximately 56.3% from about HKD 137.9 million in 2022 to approximately HKD 215.6 million, mainly due to the Federal Reserve's interest rate hikes[60]. Brand Performance - The CYBEX brand generated sales revenue of HKD 3,696.9 million, marking a historical high with a year-on-year growth of 12.5% and an 11.1% increase on a constant currency basis[18]. - The gb brand reported sales revenue of HKD 1,161.0 million, a decline of 21.2% year-on-year, and a 17.6% decrease on a constant currency basis[21]. - The Evenflo brand achieved sales revenue of HKD 2,279.6 million, a slight decline of 1.1% year-on-year, but a 1.3% increase on a constant currency basis[25]. - CYBEX achieved record-high profitability and cash flow, with a presence in 114 countries and regions[43]. - Goodbaby International's brands, including CYBEX and Evenflo, recorded strong performance, enhancing their market leadership[142]. Operational Efficiency - The company noted a strong rebound in profitability and recorded robust operating cash flow, reflecting a commitment to improving profitability and focusing on cash flow management[14]. - Sales cost reduced by 19.8% from approximately HKD 4,936.3 million in 2022 to approximately HKD 3,959.6 million, resulting in a gross profit increase to approximately HKD 3,967.7 million and a gross margin improvement of 9.6 percentage points to approximately 50.1%[53]. - Gross margin improved significantly by 9.6 percentage points to a new high of 50.1%[39]. - The company integrated North American manufacturing into its global platform, enhancing efficiency and cost optimization[29]. - The company expanded its global testing and certification capabilities, obtaining multiple management system certifications[31]. Innovation and Technology - The company applied for 394 patents during the period, bringing the cumulative total to 13,053 patents[30]. - The company successfully developed key technologies and innovative products, including smart safety seats and a new generation of foldable strollers[30]. - Goodbaby International launched over 1,000 new models and upgraded products in 2023, with multiple categories receiving industry awards[133]. - The company was granted 355 patents in 2023, bringing the total number of patents to 11,354[133]. - The company emphasizes the importance of safety standards and regulations in the toy industry, as highlighted by the role of 石曉光 in various industry associations[113]. Strategic Focus - The company plans to continue strategic investments to maintain global competitiveness amid macroeconomic challenges[47]. - The company aims to optimize its supply chain strategy to improve market responsiveness and leverage regional supply chain capabilities[50]. - The company plans to continue expanding its omnichannel sales network in existing and new markets to enhance direct communication with fans and consumers[50]. - The company is focused on maintaining a competitive product portfolio and expanding its customer base across three major regions: Asia-Pacific, Europe, Middle East, and Africa, and the Americas[86]. - The company is actively involved in mergers and acquisitions, with key stakeholders in major investment firms[101]. Sustainability and ESG Initiatives - The company is committed to reducing its environmental impact and addressing climate change through sustainable practices[140]. - Goodbaby aims to reduce greenhouse gas emissions intensity by 60% by 2035 compared to the 2020 baseline and achieve net-zero emissions by 2050[154]. - The company plans to decrease packaging material intensity by 40% by 2027 compared to the 2021 baseline[154]. - The ESG committee and business unit ESG working groups have established short, medium, and long-term sustainability goals and pathways for implementation[150]. - The company is committed to optimizing management processes and applying energy-saving technologies to improve energy efficiency[155]. Risk Management - The company employs a "three lines of defense" model to manage operational risks, focusing on identifying and managing fundamental risks within its business units and support functions[82]. - Financial risks include market, liquidity, and credit risks, with a focus on managing cash flow and maintaining sufficient cash and credit levels to support operations[87]. - The company has implemented a comprehensive foreign exchange management policy to mitigate currency risks arising from transactions in currencies other than its functional currency[87]. - The company is committed to enhancing its operational risk management practices while recognizing that operational risks cannot be completely eliminated[82]. - The company has diagnosed 9 sub-risk factors under strategic, operational, financial, and legal compliance risks, including supply chain management and market competitiveness[195]. Leadership and Governance - Liu Tongyou appointed as CEO since March 21, 2023, overseeing overall management and financial strategies[99]. - The board of directors consists of 11 members, with independent non-executive directors making up approximately 36% and female directors accounting for about 18%[193]. - The management team has extensive experience in retail and distribution, particularly in the children's products sector, with over 30 years in the industry[108]. - The company appointed independent non-executive directors with extensive experience in finance and management, including 金鵬, who has over 20 years of experience in technology investment and corporate management[116]. - The board of directors prioritizes shaping the company culture to align with its vision, mission, and strategic direction[142].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - Goodbaby International, as a leader in the children's durable goods industry, is expected to gradually improve its profitability due to stable growth in the European and American markets and business adjustments in the Asia-Pacific region. The profit forecasts for 2024-2026 have been raised, with net profits projected at 240 million, 270 million, and 310 million HKD respectively, corresponding to P/E valuations of 5, 4, and 4 times [3] Financial Performance Summary - In 2023, the company achieved total revenue of 7,927 million HKD, a year-on-year decrease of 4.4%, while the net profit attributable to the parent company was 203.5 million HKD, a significant increase of 507.69% [1] - The revenue breakdown by business segment for 2023 shows that the stroller/car seat/non-durable goods/other segments generated revenues of 3,176 million, 3,317 million, 640 million, and 795 million HKD respectively, with year-on-year changes of -4.2%, +4.0%, -20.0%, and -19.5% [2] - The company’s gross profit margin for 2023 was 50.1%, an increase of 9.6 percentage points year-on-year, reaching a historical high [15] Market Position and Growth - The company has further consolidated its market position, with strong demand for the Cybex brand and ongoing improvements in profitability. The Evenflo brand is expected to drive revenue and market share growth through digital channels and product innovation [16] - The overseas market performance has been strong, with market share further increasing, particularly for the Cybex brand due to its brand positioning, product mix, and omnichannel distribution network [2] Earnings Forecasts - The earnings forecasts for Goodbaby International have been adjusted upwards for 2024 and 2025, with net profits expected to be 240 million and 270 million HKD respectively, compared to previous estimates of 150 million and 220 million HKD [3] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.14, 0.16, and 0.19 HKD respectively, with corresponding P/E ratios of 4.53, 3.96, and 3.50 [1][3] Stock Performance - The closing price of the stock is 0.65 HKD, with a one-year low of 0.37 HKD and a high of 0.72 HKD [6] - The market capitalization of the company is approximately 1,084.22 million HKD [6] Financial Ratios - The company’s price-to-book (P/B) ratio is 0.19, and the debt-to-equity ratio stands at 50.52% [6][7] - The return on equity (ROE) is projected to improve from 3.63% in 2023 to 4.83% by 2026 [22]

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 7,927,326, a decrease from HKD 8,292,152 in 2022, representing a decline of approximately 4.4%[67]. - The group reported a current income tax expense of HKD 73,218 thousand for 2023, compared to HKD 85,249 thousand in 2022, indicating a decrease of approximately 14.5%[103]. - The group’s pre-tax profit for 2023 was HKD 196,430 thousand, significantly higher than HKD 1,193 thousand in 2022, reflecting a substantial increase in profitability[103]. - The basic earnings per share for 2023 was HKD 0.122, up from HKD 0.020 in 2022, representing a growth of 510%[107]. - The group reported a strong operating cash flow, reflecting its commitment to improving profitability and cash flow management[174]. Revenue Breakdown - Revenue from the baby stroller and accessories segment was HKD 3,175,925, while the automotive seats and accessories segment generated HKD 3,316,707, indicating a year-over-year decrease of 4.2% and an increase of 3.9%, respectively[58]. - The non-durable goods segment reported revenue of HKD 639,985, down from HKD 799,695 in 2022, reflecting a decline of approximately 20%[58]. - CYBEX brand revenue grew by 12.5% to approximately HKD 3,696.9 million, compared to HKD 3,285.3 million in the same period of 2022[180]. - The gb brand's revenue declined by 21.2% to approximately HKD 1,161.0 million, down from HKD 1,473.4 million in the previous year[182]. - Evenflo's revenue decreased by 1.1% to approximately HKD 2,279.6 million, with a constant currency increase of 1.3% compared to the same period in 2022[183]. Assets and Liabilities - Total non-current assets decreased from HKD 7,258,792 thousand in 2022 to HKD 5,922,026 thousand in 2023, a reduction of approximately 18.4%[5]. - Current liabilities increased significantly from HKD 3,388,353 thousand in 2022 to HKD 5,184,232 thousand in 2023, representing an increase of about 53%[5]. - The net asset value decreased from HKD 1,067,550 thousand in 2022 to HKD 267,196 thousand in 2023, a decline of approximately 75%[5]. - The total liabilities decreased from HKD 6,156,042 thousand in 2022 to HKD 5,745,721 thousand in 2023, a decrease of about 6.7%[7]. - The total bank loans and overdrafts amounted to HKD 2,793,847,000, a decrease of 16.7% from HKD 3,354,778,000 in 2022[131]. Employee and Operational Costs - Employee costs for the period amounted to approximately HKD 1,683.0 million, down from HKD 1,762.3 million in the previous year, reflecting a decrease of about 4.5%[21]. - The company had a total of 6,224 full-time employees as of December 31, 2023, compared to 7,357 employees in 2022, indicating a reduction of approximately 15.4%[21]. - The total employee benefits expenses decreased to HKD 1,714,381 in 2023 from HKD 1,802,509 in 2022, representing a reduction of approximately 4.9%[94]. - Research and development expenses amounted to HKD 381,323 in 2023, down from HKD 406,964 in 2022, showing a decline of about 6.3%[94]. - The sales and distribution expenses rose by approximately HKD 194.3 million to about HKD 2,266.7 million, primarily due to increased marketing and logistics costs[196]. Corporate Governance and Compliance - The company has complied with all code provisions of the Corporate Governance Code as of December 31, 2023[46]. - The company will issue its annual report containing all information required by the listing rules, which will be sent to shareholders and uploaded to the company's website[52]. - The company confirmed compliance with the trading standards set out in the standard code for directors' securities transactions during the year ended December 31, 2023[47]. - The company plans to amend its articles of association to comply with new electronic communication regulations effective from December 31, 2023[25]. - The company has not experienced any significant events requiring additional disclosure or adjustment after the reporting period up to the announcement date[43]. Strategic Initiatives and Future Outlook - The company plans to continue strategic investments to maintain global competitiveness amid geopolitical and inflationary pressures[187]. - The company continues to invest strategically in innovation and digital infrastructure to maintain global competitiveness[175]. - Evenflo aims to enhance its digital channels and consumer recognition of innovative products to drive market share growth[188]. - CYBEX will expand its market share through new product launches and enhanced supply chain capabilities in key regions[188]. - The geopolitical conflicts and economic adjustments have created significant uncertainty, impacting consumer confidence and the overall macro environment[173].

Financial Performance - As of June 30, 2023, the company reported a net profit of HKD 29,852,000, a significant increase from HKD 2,421,000 in the same period of 2022[58]. - For the six months ended June 30, 2023, total revenue reached HKD 3,889,199, a decrease from HKD 4,372,828 for the same period in 2022, representing a decline of approximately 11%[80]. - The company reported a comprehensive loss of HKD 179,868,000 for the period, compared to a loss of HKD 311,408,000 in the previous year, showing an improvement[58]. - The company reported a pre-tax profit of HKD 24,671 for the six months ended June 30, 2023, compared to a pre-tax loss of HKD 13,192 in the same period of the previous year, showing a significant turnaround[80]. - The company reported a profit attributable to ordinary equity holders of HKD 25,012 for the period, compared to a loss of HKD 1,443 in the previous year[187]. Assets and Liabilities - The total value of non-current assets decreased to HKD 6,573,219,000 from HKD 7,258,792,000 year-over-year, reflecting a decline of approximately 9.4%[1]. - Current assets increased to HKD 4,698,282,000, up from HKD 4,455,903,000, representing a growth of about 5.5%[1]. - The total liabilities decreased slightly to HKD 3,231,974,000 from HKD 3,354,778,000, a reduction of approximately 3.7%[50]. - The company's total assets less current liabilities stood at HKD 7,927,661,000, down from HKD 8,326,342,000, reflecting a decrease of about 4.8%[1]. - The total assets of the company as of June 30, 2023, were HKD 6,470,699, a decrease from HKD 7,166,289 as of December 31, 2022[82]. Cash Flow and Financing - As of June 30, 2023, the company has a total loan financing of $165 million, with an additional potential increase of up to $85 million through refinancing[22]. - Operating cash flow for the six months ended June 30, 2023, was HKD 505,215, compared to a cash outflow of HKD 94,966 in the same period of 2022[86]. - The company's debt structure has been optimized, leading to improved debt costs[22]. Inventory and Receivables - The company's inventory decreased to HKD 1,494,454,000 from HKD 1,902,009,000, a decline of approximately 21.4%[1]. - Trade receivables increased to HKD 1,093,847,000 from HKD 997,328,000, indicating a growth of about 9.7%[48]. - The company reported a significant increase in trade receivables from HKD 1,040,037,000 as of December 31, 2022, to HKD 1,162,677,000 as of June 30, 2023[175]. Stock Options and Corporate Governance - The total number of stock options available under the 2020 stock option plan as of June 30, 2023, was 117,423,316 shares[16]. - The remaining term of the 2020 stock option plan is approximately six years and eight months as of the report date[17]. - The company has implemented a share option scheme aimed at incentivizing eligible participants to enhance performance efficiency, with the 2020 share option plan allowing for options equivalent to 10% of the issued shares[162]. - The company’s audit committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[24]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance accountability[22]. Market Performance and Strategy - Revenue from the China market was HKD 700,200, down 18% from HKD 855,000 in the previous year[82]. - Revenue from the North America market increased by 2% to HKD 1,349,832 compared to HKD 1,741,459 in the same period last year[82]. - The company plans to expand its market presence and invest in new product development to drive future growth[80]. - The management highlighted the importance of strategic partnerships and potential acquisitions to enhance competitive advantage in the market[80]. - Future guidance indicates a cautious outlook due to market volatility and changing consumer preferences, with a focus on innovation and efficiency[80]. Expenses and Impairments - Total operating expenses for the period were HKD 1,738,310, slightly higher than HKD 1,743,015 reported in the previous year, indicating cost control measures[80]. - The company recognized impairment losses of HKD 34,999 during the reporting period, compared to HKD 7,217 in the previous year, reflecting challenges in asset valuation[80]. - Research and development expenses for the six months ended June 30, 2023, were HKD 195,501,000, down from HKD 225,333,000 in the same period of 2022, representing a decrease of approximately 13.2%[111]. Foreign Exchange and Taxation - The company recorded a foreign exchange adjustment loss of HKD 33,847 during the period[190]. - The group has maintained a tax rate of 16.5% for its estimated taxable profits generated in Hong Kong[186].

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 3,889.2 million, a decrease of 11.1% compared to HKD 4,372.8 million in the same period of 2022[2] - Gross profit increased by 5.9% to HKD 1,784.8 million from HKD 1,684.9 million year-on-year[2] - Operating profit surged by 499.5% to HKD 112.7 million, up from HKD 18.8 million in the previous year[2] - Net profit for the period reached HKD 29.9 million, a significant increase of 1,145.8% compared to HKD 2.4 million in the same period last year[2] - Basic earnings per share improved to HKD 0.01 from a loss of HKD 0.00, reflecting a growth of 1,832.9%[2] - The company reported a pre-tax profit of HKD 24,671 for the six months ended June 30, 2023, compared to a pre-tax loss of HKD 13,192 in the same period of 2022[28] - The company recognized impairment losses of HKD 34,999 during the reporting period[28] - The company reported total other income and gains of HKD 60,401 thousand for the six months ended June 30, 2023, down from HKD 71,940 thousand in the same period of 2022[47] - The company’s interest income from bank deposits for the six months ended June 30, 2023, was HKD 21,347 thousand, slightly lower than HKD 22,876 thousand in the same period of 2022[50] - Financial costs for the six months ended June 30, 2023, totaled HKD 106,855 thousand, compared to HKD 52,783 thousand in the same period of 2022, indicating a significant increase[50] Revenue Breakdown - Revenue from children's strollers and accessories was HKD 1,511,772, a decrease of 13.7% from HKD 1,749,691 in the previous year[29] - Revenue from automotive seats and accessories was HKD 1,349,832, a decrease of 22.5% from HKD 1,741,459 in the previous year[29] - The company’s revenue from customer contracts for goods sold was HKD 3,874,415 for the six months ended June 30, 2023[32] - The company's total revenue for the six months ended June 30, 2023, decreased by 11.1% to approximately HKD 3,889.2 million compared to HKD 4,372.8 million in the same period of 2022[112] - The strategic brand revenue accounted for 91.4% of total revenue, with a slight decrease of 2.7% year-on-year, while CYBEX brand revenue increased by 11.2% to HKD 1,814.8 million[113] - The blue-chip and other business revenue decreased by 53.5% to approximately HKD 334.5 million, primarily due to ongoing inventory destocking by blue-chip customers and retailers[116] - CYBEX brand revenue reached a historical high for the first half, increasing by 11.2% to approximately HKD 1,814.8 million, compared to approximately HKD 1,631.8 million in the same period of 2022[127] - gb brand revenue decreased by 19.3% to approximately HKD 1,101.3 million, primarily due to ongoing inventory destocking by major retailers in the US market[128] - Evenflo brand revenue decreased by 10.4% to approximately HKD 1,101.3 million, attributed to business adjustments and brand transformation efforts[146] Assets and Liabilities - Non-current assets totaled HKD 6,573.2 million as of June 30, 2023, down from HKD 7,258.8 million at the end of 2022[5] - Current assets increased to HKD 4,698.3 million from HKD 4,455.9 million, indicating a growth in liquidity[5] - Total liabilities decreased to HKD 5,891.6 million from HKD 6,156.0 million, showing improved financial stability[7] - The total trade receivables as of June 30, 2023, were HKD 1,093,847 thousand, an increase from HKD 997,328 thousand as of December 31, 2022[96] - The inventory of finished goods as of June 30, 2023, was HKD 1,238,445 thousand, down from HKD 1,608,135 thousand at the end of 2022, reflecting a decrease of 23.0%[95] - The total trade payables as of June 30, 2023, were HKD 986,836 thousand, a decrease from HKD 1,169,653 thousand as of December 31, 2022[77] - The group's net debt decreased to approximately HKD 1,084.4 million as of June 30, 2023, down from HKD 1,285.1 million at the end of 2022[145] Operational Insights - The company is engaged in the design, research, development, manufacturing, marketing, and distribution of children's products, indicating ongoing commitment to innovation[9] - The company plans to continue expanding its market presence and product offerings, focusing on children's related products[9] - The company plans to enhance market share through digital channel development and local distribution platforms in new regions[118] - The company will implement cost control measures and monitor adjustments to adapt to the geopolitical and inflationary environment in Europe[118] - The company aims to focus on profitability and maintain positive cash flow through the restructuring and transformation of the gb brand[118] - The group anticipates continued challenges from geopolitical conflicts and inflation impacting consumer confidence and economic recovery[129] - Future strategies will focus on brand upgrades, social media channels, and product innovation to enhance profitability[148] - The group aims to optimize its supply chain strategy to enhance market responsiveness and leverage regional supply chain capabilities[149] - The group continues to focus on world-class manufacturing and cost optimization as the foundation for sustainable profit growth[149] Employee and Governance - The group employed 6,687 full-time employees as of June 30, 2023, a decrease from 7,357 employees as of December 31, 2022[185] - The company has adopted the corporate governance code and has complied with all relevant provisions during the period[186] - The company did not engage in any significant acquisitions or disposals of subsidiaries and associates during the period[172] - There were no buybacks or redemptions of the company's listed securities during the period[174] Miscellaneous - The company did not recommend any dividend payment for the current period, consistent with the previous period[55] - The company did not declare any interim dividend for the six months ended June 30, 2023, consistent with the previous year[92] - The company has adopted new and revised International Financial Reporting Standards effective January 1, 2023, with no impact on the interim financial information[24] - The group had no significant contingent liabilities as of June 30, 2023, consistent with the situation as of December 31, 2022[183] - No significant events affecting the company or its subsidiaries occurred after June 30, 2023[173]