Goodbaby International Holdings Limited 好孩子國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號：1086) Dear registered shareholder(s), 7 March 2025 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07 of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that c ...

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。 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3月26日(星期三) 舉行董事會會議，以考慮及通過本集團截至 2024年12月31日止的年度全年業績，及建議派發之末期股息(如有)，以及處理其他事項。 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3月6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、石曉光先生、金鵬先生及蘇德 揚先生。 ...

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，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Goodbaby International Holdings Limited 好孩子國際控股有限公司 更改香港主要營業地點的地址 好孩子國際控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，由2025年3月3日 起，本公司於香港的主要營業地點的地址將更改為香港九龍新蒲崗太子道東698號寶光商 業中心15樓1501室。 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3月3日 於本公告發佈日期，執行董事為宋鄭還先生、劉同友先生和 Martin POS 先生；非執行董 事為富晶秋女士和何國賢先生；以及獨立非執行董事為張昀女士、石曉光先生、金鵬先 生和蘇德揚先生。 （股份代號：1086） （於開曼群島註冊成立之有限公司） ...

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]