关于股东大会开设网络投票提示服务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 上海爱婴室商务服务股份有限公司（以下简称"公司"）于2025年4月3日 披露《关于召开2024年年度股东大会的通知》，公司拟于2025年4月25日上午 10:00召开2024年年度股东大会，本次会议采用现场投票和网络投票相结合的表 决方式。详见公司披露于上海证券交易所的公告《上海爱婴室商务服务股份有 限公司关于召开2024年年度股东大会的通知》（公告编号：2025-016）。 为更好的服务广大中小投资者，确保有投票意愿的中小投资者能够及时参 会、及时投票。公司拟使用上证所信息网络有限公司(以下简称"上证信息") 提供的股东大会提醒服务，委托上证信息通过智能短信等形式根据股权登记日 的股东名册主动提醒股东参会投票，向每一位投资者主动推送股东会参会邀请、 议案情况等信息。投资者在收到智能短信后，可根据使用手册(下载链接: https://vote.sseinfo.com/i/yjt help.pdf )的提示步骤直接投票，如遇拥堵等情况， ...

丨证券研究报告丨 公司研究丨点评报告丨爱婴室（603214.SH） [Table_Title] 爱婴室 2024 年年报点评：主业经营企稳， 携手热门 IP 创造性增长曲线 报告要点 [Table_Summary] 公司披露 2024 年年报，实现营业收入 34.67 亿元，同比增长 4%，实现归母净利润 1.06 亿元， 同比增长 1.61%，实现扣非净利润 0.72 亿元，同比增长 9.78%。 分析师及联系人 [Table_Author] 李锦 罗祎 SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 爱婴室（603214.SH） cjzqdt11111 [Table_Title 爱婴室 20242]年年报点评：主业经营企稳，携手 热门 IP 创造性增长曲线 [Table_Summary2] 事件描述 公司披露 2024 年年报，实现营业收入 34.67 亿元，同比增长 4%，实现归母净利润 1.06 亿元， 同比增长 1.61%，实现扣非净利润 0.72 亿元， ...

空间升级：通透设计，打造自然舒适氛围 区别于传统母婴门店，新门店采用开放式布局，引入自然采光及柔和灯带，配合白底彩色地砖与木纹货 架，营造出"自然清新"的基调。货架两端不再设有端架，使用橙色透明亚克力侧板提升商品可视度，同 时扩展过道空间，增强动线流畅性。橙色元素的融入，也象征品牌的温度与专业，进一步强化品牌印 象。 道具革新：从展示走向交互，提升场景效率 新门店围绕"效率+体验"双重目标，对道具系统进行全面优化。首先，服装陈列方式全面升级为正挂式 展示，替代传统侧挂方式，确保每件商品正面完整呈现，提升款式识别效率。配合LED柔光射灯与反光 道具设计，精准呈现面料细节与色彩质感，增强视觉吸引力。道具层级设计上，通过分层递进式货架与 高低错落结构，增加空间利用率的同时，更贴近人体工程学，方便顾客弯腰、抬手选购商品。 陈列焕新：基于成长逻辑，构建科学动线 近日，爱婴室（603214）集团旗下母婴连锁门店Babemax爱婴室在上海花木时光里商圈，正式推出其全 国首家全新形象门店。该门店围绕空间设计、陈列逻辑、商品选择与购物体验四大维度进行全面升级， 旨在打造兼具美感与实用性的母婴消费新场景，为消费者带来全新体验。 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on growth potential and strategic initiatives [1]. Core Insights - The company achieved a revenue of 3.467 billion yuan in 2024, representing a year-on-year increase of 4.06%, with a net profit attributable to the parent company of 106 million yuan, up 1.61% [1]. - The company plans to distribute a cash dividend of 0.253 yuan per share, totaling 35 million yuan, with an overall dividend payout ratio of 47.13% for the year [1]. - The company is expanding its physical presence by opening 62 new stores in key cities, with a net increase of 21 stores, while also enhancing its online sales, which reached 720 million yuan, a 17% increase [2]. - A partnership with Bandai Namco is expected to create a new growth avenue through the establishment of a flagship store for Gundam in Jiangsu, marking entry into the IP retail market [3]. - Government policies aimed at boosting birth rates and consumer spending are anticipated to positively impact the industry, with a reported increase in birth rates in 2024 [4]. Financial Performance Summary - In 2024, the company reported total revenue of 3.467 billion yuan, with a growth rate of 4.1% compared to 2023 [8]. - The net profit attributable to the parent company for 2024 was 106 million yuan, reflecting a year-on-year growth of 1.6% [8]. - The company forecasts net profits of 128 million yuan, 151 million yuan, and 177 million yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 19.8%, 18.4%, and 17.2% [6]. - The gross margin is projected to stabilize around 26.8% from 2025 to 2027 [8]. - The price-to-earnings (P/E) ratio is expected to decrease from 26.65 in 2025 to 19.20 in 2027, indicating potential valuation improvement [8].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on growth potential and strategic initiatives [1]. Core Viewpoints - The company achieved a revenue of 3.467 billion yuan in 2024, representing a year-on-year increase of 4.06%, with a net profit of 106 million yuan, up 1.61% year-on-year [1]. - The company plans to distribute a cash dividend of 0.253 yuan per share, totaling 35 million yuan, with an overall dividend payout ratio of 47.13% for the year [1]. - The company is expanding its physical presence by opening 62 new stores in various cities, with a net increase of 21 stores, focusing on shopping centers with optimal sizes for operational efficiency [2]. - Online sales reached 720 million yuan in 2024, marking a 17% increase, with a focus on third-party platforms [2]. - The collaboration with Bandai Namco is expected to create a second growth curve, with the opening of the first Gundam Base in Jiangsu in December 2024 [3]. - National policies promoting childbirth and consumption are anticipated to benefit the industry, with a reported increase in birth rates [4]. Financial Summary - The company forecasts net profits of 128 million yuan, 151 million yuan, and 177 million yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 20%, 18%, and 17% [6]. - Revenue projections for 2025, 2026, and 2027 are 3.804 billion yuan, 4.227 billion yuan, and 4.684 billion yuan, with corresponding growth rates of 9.7%, 11.1%, and 10.8% [8]. - The gross profit margin is expected to stabilize around 26.8% from 2025 to 2027 [8].

证券代码：603214 证券简称：爱婴室 公告编号：2025-018 上海爱婴室商务服务股份有限公司 关于股票交易异常波动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海爱婴室商务服务股份有限公司（以下简称"公司"）股票价格于2025 年4月8日、2025年4月9日、2025年4月10日连续3个交易日内日收盘价格涨幅偏离 值累计超过20%。根据上海证券交易所的相关规定，属于股票交易异常波动情形。 经公司董事会自查及发函问询实际控制人，截至本公告披露日，公司不 存在应披露而未披露的重大信息。 公司股价短期波动幅度较大，敬请广大投资者理性投资，注意投资风险。 一、股票交易异常波动的具体情况 （二）重大事项情况 经公司自查，并向公司实际控制人施琼核实：截至本公告披露日，除了在指 定媒体上已公开披露的信息外，不存在影响公司股票交易价格异常波动的重大事 宜；不存在其他涉及本公司应披露而未披露的重大信息，包括但不限于重大资产 重组、发行股份、上市公司收购、债务重组、业务重组、资产剥离、资产注入、 股份回购、股权 ...

关于对上海爱婴室商务服务股份有限公司 (本页无正文,为《关于对上海爱婴室商务服务股份有限公司股票交易价格 异常波动问询函的回复》之签章页) 股票交易价格异常波动问询函的回复 n 实际控制人: 施 琼 上海爱婴室商务服务股份有限公司: 2025 年 4 月 10 日 本人于 2025 年 4 月 10 日收到贵公司发来的《关于股票交易价格异常波动的 问询函》。经认真核实,现回函如下: 本人作为贵公司的实际控制人,截至目前,除了公司在指定媒体上已公开披 露的信息外,不存在涉及贵公司应予披露而未披露的重大信息,包括但不限于筹 划与贵公司有关的重大资产重组、股份发行、收购、债务重组、业务重组、资产 剥离、资产注入、股份回购、股权激励、破产重整、重大业务合作、引进战略投 资者等重大事项。 本次股票交易异常波动期间，本人不存在买卖贵公司股票的情形。 特此回复。 (以下无正文) ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 3.467 billion yuan in 2024, representing a year-on-year growth of 4.1%, and a net profit attributable to shareholders of 106 million yuan, up by 1.6% [4] - The company is recognized as a leading player in the maternal and infant retail sector, with stable growth in its core business and potential for further expansion through partnerships, such as the collaboration with Bandai [4][6] - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of 139 million yuan, 169 million yuan, and 202 million yuan respectively, indicating a strong growth trajectory [4][7] Financial Performance Summary - In 2024, the company generated revenue of 3.467 billion yuan, with a net profit of 106 million yuan, and a gross margin of 26.9% [5][7] - The revenue breakdown by channel shows that physical stores generated 2.484 billion yuan, e-commerce 720 million yuan, and maternal and infant services 356 million yuan [5] - The company’s earnings per share (EPS) for 2025 is projected to be 1.01 yuan, with a price-to-earnings (P/E) ratio of 22.2 times [7] Growth Strategy - The company plans to continue expanding its physical store presence, having opened 62 new maternal and infant stores in shopping centers in 2024, and is focusing on enhancing online sales through various platforms [6] - The collaboration with Bandai is expected to create a new growth curve, with the first Bandai base opening in Suzhou in December 2024 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.467 billion yuan in 2024, representing a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 106 million yuan, up by 1.6% [4][5] - The company is a leading player in the maternal and infant retail sector, with stable growth in its core business and potential for further expansion through partnerships, such as the collaboration with Bandai [4][6] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 139 million, 169 million, and 202 million yuan respectively, with corresponding EPS of 1.01, 1.22, and 1.45 yuan [4][7] Financial Performance Summary - In 2024, the company achieved revenue of 34.67 billion yuan, with a net profit of 1.06 billion yuan and a non-recurring net profit of 720.9 million yuan [4][5] - The revenue breakdown by channel shows that physical stores generated 24.84 billion yuan, e-commerce 7.20 billion yuan, maternal and infant services 3.56 billion yuan, and supplier services 223 million yuan [5] - The gross margin for 2024 was 26.9%, a decrease of 1.5 percentage points, while the expense ratios for sales, management, and financial costs improved slightly [5][6] Growth Strategy - The company plans to continue expanding its offline presence, having opened 62 new maternal and infant stores in shopping centers in 2024, and is focusing on enhancing online sales through multiple platforms and live streaming [6] - The collaboration with Bandai is expected to create a second growth curve, with the first Bandai base opening in Suzhou in December 2024 [6][7] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 22.2, 18.2, and 15.3 respectively, indicating a favorable valuation compared to historical levels [4][7] - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of 11.8% from 2024 to 2025, with net profit growth projected at 30.9% for the same period [7][10]