Core Viewpoint - The company reported a steady growth in revenue and net profit for the year 2024, driven by strong performance in offline and online sales channels, particularly in the milk powder and food categories [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 3.47 billion yuan, a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 110 million yuan, up 1.6% year-on-year [1]. - For Q4 2024, revenue reached 1 billion yuan, reflecting a year-on-year growth of 9.7%, with a net profit of 60 million yuan, an increase of 1.3% year-on-year [2]. - The company's gross profit margin decreased by 1.5 percentage points to 26.9% due to price adjustments and changes in product mix, but profitability remained stable due to cost optimization [3]. Business Segments - Offline store revenue for 2024 was 2.48 billion yuan, up 2.0% year-on-year, while e-commerce revenue grew by 16.6% to 720 million yuan [2]. - The company opened 6 new offline stores, bringing the total to 475, while comparable store sales remained stable with a slight decline of 0.7% [2]. - Milk powder revenue was 2.1 billion yuan, up 9.5% year-on-year, while food revenue was 310 million yuan, a modest increase of 0.4% [2]. Strategic Initiatives - The company partnered with Bandai Namco to create new growth opportunities, opening its first Gundam base in Suzhou and planning to establish more stores in high-tier cities [3]. - The management aims for double-digit growth in the number of stores in 2025, with a focus on expanding the collaboration with Bandai Namco across the country [3]. Future Outlook - The company anticipates a return to expansion in its maternal and infant business channels, supported by expected government subsidies for childbirth in 2025 [3]. - Profit forecasts for 2025 and 2026 are projected at 140 million yuan and 180 million yuan, respectively, maintaining a strong buy recommendation [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Insights - The company achieved a revenue of 3.47 billion yuan in 2024, reflecting a year-on-year growth of 4.06%, while the net profit attributable to the parent company was 110 million yuan, up 1.61% year-on-year [1]. - The company is expanding its presence in the IP retail market, which is expected to attract younger consumers and create new growth opportunities [3]. - The online channel is rapidly developing, with e-commerce revenue increasing by 16.6% in 2024 [3]. Financial Performance Summary - **Revenue and Profit**: In 2024, the company reported a revenue of 3.47 billion yuan, with a net profit of 110 million yuan. The fourth quarter saw a revenue of 1 billion yuan, a 9.69% increase year-on-year [1]. - **Gross Margin and Expense Ratio**: The overall gross margin for 2024 was 26.9%, down 1.5 percentage points from the previous year. The expense ratio decreased by 1.6 percentage points to 23.5% [2]. - **Store Expansion**: The company opened 62 new stores in 2024, bringing the total to 475 stores, with a focus on shopping centers [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been raised by 4% and 7% respectively, with projected net profits of 119 million yuan and 128 million yuan [4]. - The company is expected to benefit from ongoing fertility subsidy policies, enhancing its competitive position in the maternal and infant consumption sector [4]. Key Financial Metrics - **Earnings Per Share (EPS)**: The EPS for 2024 is projected at 0.77 yuan, with a growth trajectory leading to 0.98 yuan by 2027 [5]. - **Return on Equity (ROE)**: The diluted ROE is expected to remain stable around 9.2% in 2024, gradually increasing to 9.8% by 2027 [12]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is projected to decrease from 28 in 2023 to 21 by 2027, indicating a potentially more attractive valuation over time [5][12].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [8][20]. Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 3.5 billion yuan, representing a year-on-year increase of 4.06%. The net profit attributable to the parent company is forecasted to be 106.41 million yuan, up 1.61% year-on-year [1][6]. - The company is actively optimizing its mother and baby store formats and is expected to benefit from changes in fertility policies, which may release market demand [3]. - The company is entering the IP retail market with the establishment of the first Gundam base in Jiangsu, targeting younger consumer groups and creating new growth points [4]. Financial Performance - In Q4 2024, the company reported revenue of 999 million yuan, a year-on-year increase of 9.69%, and a net profit of 58.52 million yuan, up 1.26% year-on-year [1]. - For the full year of 2024, the company’s gross margin was 26.9%, down 1.5 percentage points year-on-year, primarily due to an increase in the revenue share of lower-margin milk powder products [1]. - The company plans to distribute a cash dividend of 2.53 yuan per 10 shares, resulting in a total dividend payout ratio of 47% for 2024 [1]. Store and Operational Metrics - As of the end of 2024, the company had a total of 475 stores, with a net increase of 6 stores year-on-year. The overall sales efficiency was 11,200 yuan per square meter per year, a decrease of 0.68% year-on-year [2]. - The sales growth rate in the South China region was particularly strong, at 11.74% [3]. Revenue Projections - The company’s revenue projections for 2025-2027 are 38.12 billion yuan, 42.56 billion yuan, and 47.98 billion yuan, respectively, with corresponding net profits of 1.34 billion yuan, 1.58 billion yuan, and 1.90 billion yuan [5][6].

证券代码：603214 证券简称：爱婴室 公告编号：2025-017 上海爱婴室商务服务股份有限公司 关于持股 5%以上股东解除一致行动关系暨权益变动触及 1% 整数倍的提示性公告 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。 重要内容提示： 本次权益变动主要系莫锐强先生、上海茂强投资管理合伙企业（有限合 伙）（以下简称"茂强投资"）解除一致行动关系导致其所持有上海爱婴室商 务服务股份有限公司（以下简称"公司"）的股份不再合并计算所致，本次变 动不触及股份数量变动，莫锐强先生、茂强投资各自的持股数量和持股比例保 持不变； 本次变动不会使公司控股股东及实际控制人发生变化。 一、本次权益变动的原因 公司近日收到持股5%以上股东莫锐强先生签署的《关于解除一致行动关系 的告知函》，其一致行动人茂强投资的执行事务合伙人发生变更，变更后莫锐 强先生不再担任茂强投资的普通合伙人及执行事务合伙人，莫锐强与茂强投资 不再属于《上市公司收购管理办法》中一致行动人关系认定的各种情形，茂强 投资与莫锐强先生的一致行动关系解除。 二、本次权益变 ...

Core Viewpoint - In 2024, the company Aiyingshi (爱婴室) has solidified its leading position in the maternal and infant retail industry through robust financial performance and innovative business expansion, achieving growth in both revenue and net profit despite a challenging macroeconomic environment [1] Financial Performance - Aiyingshi reported a revenue of 3.467 billion yuan in 2024, representing a year-on-year increase of 4.06% [2] - The net profit attributable to shareholders reached 106 million yuan, up 1.61% year-on-year [2] - Basic earnings per share increased by 2.59% to 0.7646 yuan, enhancing shareholder returns [2] - The weighted average return on equity, although down 1.25 percentage points, remained high at 13.63%, indicating good asset utilization [2] - Financial expenses decreased by 15.40% to 28.54 million yuan, showcasing the company's effective internal management and operational efficiency [2] Store Expansion and Online Sales - In 2024, Aiyingshi opened 62 new maternal and infant stores, an increase of 21 stores compared to the previous year, focusing on core regions such as East China, Central China, and South China [3] - The new stores are strategically located in shopping centers, with sizes ranging from 200 to 250 square meters, enhancing operational efficiency and customer experience [3] - Online sales reached 720 million yuan, growing 17% year-on-year, supported by a multi-platform strategy and brand matrix [3] - The company has established flagship stores on platforms like Pinduoduo, Douyin, and Xiaohongshu, significantly increasing brand influence [3] Cost Control and Operational Efficiency - The company achieved stable growth in offline business and rapid development in online business through optimized store operations and enhanced public traffic channel layouts [4] - Sales expenses decreased by 2.26% and management expenses decreased by 2.47%, reflecting ongoing improvements in cost control [4] Product Innovation and IP Collaboration - Aiyingshi launched over 30 new SKUs of nutritional products in 2024, contributing to an 8% increase in sales [5] - The company upgraded its diaper series and introduced over 50 new toy products under the Kidsroyal brand, with several becoming bestsellers [5] - Collaborations with Bandai Namco have led to the establishment of pop-up stores and IP retail ventures, attracting younger consumers and creating new growth points [5] Asset Structure and Future Outlook - As of the end of 2024, Aiyingshi's total assets amounted to 2.426 billion yuan, with a debt-to-asset ratio decreasing from 53.67% to 50.33%, indicating improved solvency and reduced financial risk [6] - Contract liabilities grew by 31.95% to 90.44 million yuan, reflecting active business operations and customer loyalty [6] - The company plans to distribute a cash dividend of 2.53 yuan per 10 shares, totaling 35.05 million yuan, and aims to accelerate business expansion and develop its own brands using digital tools for sustainable growth [7]

2025年4月3日，爱婴室(603214.SH)发布2024年年度报告。截至2025年4月02日，共有144个机构投资者 披露持有爱婴室A股股份，合计持股量达3204.07万股，占爱婴室总股本的23.13%。其中，前十大机构 投资者包括Partners Group Harmonious Baby Limited、上海茂强投资管理合伙企业(有限合伙)、中国农业 银行股份有限公司-财通资管消费升级一年持有期混合型证券投资基金、招商银行股份有限公司-华安新 兴消费混合型证券投资基金、中国工商银行股份有限公司-财通资管均衡价值一年持有期混合型证券投 资基金、富国天惠成长混合(LOF)A/B、华安生态优先混合A、银河文体娱乐混合A、万家内需增长一年 持有期混合、华夏行业混合(LOF)，前十大机构投资者合计持股比例达13.95%。相较于上一季度，前十 大机构持股比例合计下跌了4.72个百分点。 公募基金方面，本期较上一季度新披露的公募基金共计142个，主要包括财通资管消费升级一年持有期 混合A、华安新兴消费混合A、财通资管均衡价值一年持有期混合、富国天惠成长混合(LOF)A/B、华安 生态优先混合A等。本期较上一季未再披 ...

Core Viewpoint - The company reported a steady growth in revenue and profit for 2024, driven by optimized store operations and expansion in both online and offline channels [1][2]. Financial Performance - The company achieved a revenue of 3.467 billion yuan in 2024, representing a year-on-year increase of 4.06% [1]. - The net profit attributable to shareholders was 106 million yuan, up 1.61% year-on-year [1]. - The net profit after deducting non-recurring items was 72.09 million yuan, reflecting a growth of 9.78% [1]. - A cash dividend of 2.53 yuan per 10 shares (including tax) is proposed for shareholders [1]. Business Growth Strategies - The company opened 62 new maternity and baby stores in cities like Shanghai, Changsha, Wuhan, Chengdu, Nanjing, and Xiamen, marking a 21-store increase from the previous year [2]. - A total of 35 existing stores underwent tailored adjustments to optimize store area, product structure, and display layout [2]. - Online sales reached 720 million yuan, showing a year-on-year growth of 17% [2]. Product Development - The company launched over 30 new SKUs in nutritional products, including baby food and gluten-free snacks, and upgraded its diaper product line [3]. - The company introduced new products in various categories, including low-sensitivity wipes and travel-friendly disposable towels, enhancing product offerings for different age groups [3]. - The Kidsroyal brand released over 50 new toy products, with several high-value toys becoming bestsellers [3]. Market Expansion - The company partnered with Bandai Namco to open pop-up stores, successfully entering the IP retail market and attracting younger consumers [4]. - The opening of the first Gundam Base Satellite in Suzhou marks a significant step in the company's diversification strategy [4]. - Future plans include expanding Gundam Base locations nationwide and creating the first Bandai model store [4]. Sustainability and Social Responsibility - The company published its 2024 Sustainability Report, outlining strategies and achievements in environmental, social, and governance (ESG) aspects [5]. - The company emphasizes its role in rural revitalization by sourcing geographical indication fruits for baby food, supporting local farmers with a procurement of 3.2 million yuan in 2024 [6]. - The company aims to promote sustainable living and has committed to high standards of information disclosure regarding its social responsibility initiatives [5][6].

证券代码：603214 证券简称：爱婴室 公告编号：2025-009 上海爱婴室商务服务股份有限公司 票上市规则》）第9.8.1条第一款第（八）项规定的可能被实施其他风险警示的情 形。 第五届董事会第八次会议、第五届监事会第七次会议审议通过了《关于制定 2024 年度利润分配预案的议案》，具体内容公告如下： 一、 利润分配方案内容 （一）利润分配方案的具体内容 根据《中华人民共和国公司法》《公司章程》的相关规定以及安永华明会计 师事务所（特殊普通合伙）出具的安永华明（2025）审字第 70012780_B01 号《审 计报告》，截至 2024 年 12 月 31 日，公司母公司报表中期末未分配利润为人民币 元。提取法定盈余公积金 6,194,496.95 元，资产负债表日累计可分配利润为 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 公司拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每 ? 如在公司披露2024年度利润分配预案公告之日起至实施权益分派股权登 记日期间，因回购股份/股权激励授予 ...

证券代码：603214 证券简称：爱婴室 公告编号：2025-008 上海爱婴室商务服务股份有限公司 本公司监事会及全体监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。 上海爱婴室商务服务股份有限公司(以下简称"公司") 第五届监事会第七次 会议于 2025 年 4 月 2 日以现场加通讯表决方式召开。会议由公司第五届监事会 主席孙琳芸召集，经半数以上监事推选孙琳芸主持，应到会监事 3 名，实际到会 监事 3 名。会议符合《中华人民共和国公司法》《公司章程》的规定。会议通过 记名投票表决的方式审议通过了以下议案： 一、审议并通过《2024 年年度报告及其摘要》 详见上海证券交易所网站（www.sse.com.cn）及公司选定信披媒体刊登的 《2024 年年度报告》及《2024 年年度报告摘要》。 同意就 2024 年年度报告及其摘要发表审核意见如下： 序符合法律法规、《公司章程》及公司各项内部管理制度的规定； 的各项规定，所包含的信息真实反映了公司 2024 年度的财务状况和经营业绩； 有违反保密规定的行为。 表决结果：3 票同意；0 票反对；0 ...

上海爱婴室商务服务股份有限公司 已审财务报表 2024年度 上海爱婴室商务服务股份有限公司 目 录 | | | 页 | | 次 | | --- | --- | --- | --- | --- | | 一、 | 审计报告 | 1 | - | 7 | | 二、 | 已审财务报表 | | | | | | 合并资产负债表 | 8 | - | 9 | | | 合并利润表 | 10 | - | 11 | | | 合并股东权益变动表 | 12 | - | 13 | | | 合并现金流量表 | 14 | - | 15 | | | 公司资产负债表 | 16 | - | 17 | | | 公司利润表 | | 18 | | | | 公司股东权益变动表 | 19 | - | 20 | | | 公司现金流量表 | 21 | - | 22 | | | 财务报表附注 | 23 | - | 102 | | | 补充资料 | | | | | | 1.非经常性损益明细表 | | 1 | | | | 2.净资产收益率和每股收益 | | 1 | | 审计报告 安永华明（2025）审字第70012780_B01号 上海爱婴室商务服务股份有限公司 上海 ...