证券代码：301078 证券简称：孩子王 公告编号：2025-095 孩子王儿童用品股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 预计净利润为正值且属于同向上升 50%以上情形 1、以区间数进行业绩预告的 二、与会计师事务所沟通情况 本期业绩预告相关财务数据为公司财务部门初步测算的结果，未经注册会计 师审计。 三、业绩变动原因说明 2025 年，公司紧扣"三扩"战略（即扩品类、扩赛道、扩业态）核心方向， 聚焦年度"复购、加盟、同城数字化"三大必赢之战，统筹推进各项业务实现突 破性进展： 1、持续推进门店迭代升级与供应链优化，聚力打造首发经济，现已全面构 建起涵盖自营大店、全龄段儿童生活馆、Ultra 店、加盟精选店、优选店在内的 1 多层级、多场景门店矩阵；同步加快 "短链+自营"供应链体系建设，大力推行 自有品牌战略，持续强化单客经营与精细化运营，全面推进 AI 智能化升级，推 进公司核心业 ...

培训情况报告 常经营中的合规风险点，厘清实际控制人、董事以及高管在公司治理中的权责边 界，提升了应对新形势下并购市场变化的专业判断能力与实操水平，为后续严格 遵守监管规定、稳妥推进并购重组整合、维护上市公司及股东合法权益筑牢了思 想基础和能力支撑。 培训情况报告 华泰联合证券有限责任公司 关于孩子王儿童用品股份有限公司 2025年持续督导培训情况报告 深圳证券交易所： 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐机构"）作为 孩子王儿童用品股份有限公司（以下简称"孩子王"、"公司"）向不特定对象发行 可转换公司债券并在创业板上市及进行持续督导的保荐机构，根据《深圳证券交 易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所创业板股票 上市规则》和《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公 司规范运作》等法规和规则的相关规定以及孩子王的实际情况，认真履行保荐机 构应尽的职责，对孩子王的董事、高级管理人员、中层以上管理人员及上市公司 控股股东和实际控制人等相关人员进行了有计划、多层次的 2025 年度持续督导 培训培训，所培训的内容严格按照中国证券监督管理委员会及深 ...

Group 1: Company Overview - Kidswant, a leading mother and baby retail brand, submitted its prospectus to the Hong Kong Stock Exchange for a dual listing after its debut on the A-share Growth Enterprise Market in 2021 [2] - Founded in 2009, Kidswant plans to have 1,143 family-oriented stores by September 30, 2025, with a projected GMV of 13.8 billion RMB in 2024 [4] - The founder, Wang Jianguo, has a history of entrepreneurship and aims to expand the company's product categories and business models, having invested approximately 1.6 billion RMB to acquire Lejoy International and 1.65 billion RMB for the acquisition of Silky Group [4] Group 2: Market Strategy - Kidswant's move to list in Hong Kong is part of its strategy to enhance international presence and develop overseas business, aiming to create a globally influential family service brand [4] - The company's current market capitalization is approximately 13.1 billion RMB [4] Group 3: Industry Trends - In the luxury goods sector, despite a general downturn, investor interest in high-quality brands remains strong, as evidenced by Red Group China's acquisition of a controlling stake in the Italian brand Golden Goose [6] - Golden Goose, known for its distressed style sneakers, reported a revenue of 655 million euros in the 2024 fiscal year, reflecting a 13% year-on-year growth [6] - The brand's adjusted EBITDA for the 2024 fiscal year was 227 million euros, with a profit margin of 33.6% [6] Group 4: Recent Developments - The acquisition of Golden Goose is valued at over 2.5 billion euros, marking it as one of the most notable acquisitions in 2025 [7] - Red Group China has also made significant investments in the consumer sector, including an 1.1 billion euro acquisition of the audio brand Marshall earlier this year [7] Group 5: Brand Expansion - The Italian luxury jewelry brand Buccellati is showcasing a collection of 250 pieces in Shanghai, continuing its expansion after being acquired by Richemont Group in 2019 [8][9] - Buccellati has seen significant revenue growth since its acquisition, with double-digit growth reported for the 2024 fiscal year [9] Group 6: Retail Innovations - Chow Tai Fook opened a new flagship store in Shanghai, marking a significant step in its brand transformation strategy [10] - The new store features a modern design and offers exclusive products, reflecting the brand's commitment to enhancing retail experience and brand image [10]

Group 1: Kidswang's A+H Listing - Kidswang, a leading mother and baby retail brand, has submitted an application for an A+H listing on the Hong Kong Stock Exchange after its debut on the A-share Growth Enterprise Market in 2021 [1][3] - As of September 30, 2025, Kidswang plans to operate 1,143 family-oriented stores, with a projected GMV of 13.8 billion RMB in 2024 [3] - The founder, Wang Jianguo, has expanded the brand's portfolio to 15 mother and baby brands and aims to enhance international presence and brand influence through this IPO [3] Group 2: Red Group's Acquisition of Golden Goose - Red Group has announced the acquisition of a controlling stake in the Italian brand Golden Goose, with Temasek and its subsidiary participating as minority shareholders [4][6] - Golden Goose, known for its distressed style sneakers priced around 500 USD, reported a revenue of 655 million euros in the 2024 fiscal year, marking a 13% year-on-year increase [6] - The transaction values Golden Goose at over 2.5 billion euros, making it one of the most notable acquisitions of 2025 [6] Group 3: Buccellati's Exhibition in Shanghai - Buccellati, an Italian luxury jewelry brand, is hosting the "Timeless Craftsman - Buccellati Collection Exhibition" in Shanghai, showcasing 250 pieces including 150 jewelry items and 100 silverware pieces [7][9] - The exhibition features various themed spaces that highlight the brand's heritage and craftsmanship, with a focus on family legacy and artistic inspiration [9] Group 4: Chow Tai Fook's New Store in Shanghai - Chow Tai Fook has opened a new flagship store in Shanghai's Hongqiao Henglong Plaza, marking a significant step in its brand transformation [10][12] - The store features a modern design with exclusive products, including new collections that blend traditional elements with contemporary aesthetics [12] - Since initiating its brand transformation in 2024, Chow Tai Fook has focused on enhancing its retail experience through a network of new stores [12]

Industry Dynamics - The 2025 version of the "Encouragement Directory for Foreign Investment Industries" has been released, effective from February 2026, promoting foreign investment in the health industry, particularly in the central and northeastern regions of China [1] - A total investment of 377 million yuan has been initiated for the modern sheep milk industry park project, aiming to create a closed-loop industrial chain, with the first phase expected to be operational by November next year [2] - The 2025 Hurun China Food Industry Top 100 list includes 11 dairy companies and 3 health food companies, with notable growth in the cheese business of Miaokelando, which saw a 63% increase in value [3] Brand Dynamics - Yili Group's Jin Hao factory has received a "five-star" rating for on-site management from the China Quality Association, marking it as the first dairy factory in China to achieve this recognition [4] - Jianhe Group has signed a new strategic cooperation agreement with JD Health, targeting a combined business goal of 10 billion yuan over the next three years, covering various nutrition brands [5] - Mengniu has launched the "Inner Mongolia Flavor" 2026 plan, showcasing innovative products and aiming to promote domestic raw material substitution in the dairy industry [6] Channel Dynamics - Gao Ge Dairy has initiated the "Student Nutrition Service Station" strategy to address declining foot traffic in traditional maternal and infant channels, targeting families with children aged 3-15 [7] - ThaiBev is shifting its strategic focus towards dairy products and soft drinks, planning to invest in expanding its halal dairy production base in Malaysia as part of its 2030 strategy [8] - Kidswant Ultra has opened its first store in Beijing, integrating cultural elements and popular global IPs to establish a competitive edge in the market [9] - The "Xiaofeixiang" Sichuan-Chongqing branch has been launched, marking a significant step in deepening regional market penetration and resource integration [10]

Group 1 - The company, Kid King (301078.SZ), has not yet entered the childcare service sector [1] - The company plans to closely monitor national and industry policy trends [1] - The company aims to align with national strategic development and seize opportunities in the childcare market to meet the needs of new families [1]

Core Viewpoint - The company has not yet established a presence in the childcare service sector but is closely monitoring national and industry policy developments to seize future opportunities in the market [1]. Group 1 - The company has received inquiries regarding its perspective on childcare service legislation [1]. - The company has stated that it currently has no layout in childcare services [1]. - The company plans to align with national strategic development and meet the evolving needs of new families in the future [1].

Group 1 - The 2025 China Infant and Toddler Service Industry Expo opened with the theme "Intelligent Education Starts, Protecting Childhood Growth," showcasing the entire industry chain of infant and toddler services [1] - The expo covers seven major areas, including infant care service achievements, childcare environment construction, and service institutions, with an exhibition area of 15,000 square meters and over 120 participating companies [1][5] - The event is expected to attract over 30,000 visitors over three days, highlighting the growing interest in the infant and toddler service sector [1] Group 2 - A key highlight of the expo is the infant care service achievement exhibition area, focusing on "policy empowerment, standard guidance, and practical achievements," showcasing the development and results of infant care services in China [5] - The exhibition features various forms of presentation, including document compilations and data visualization, to demonstrate the government's efforts in building a universal childcare service system and standardizing management [5][18] - The expo aims to inject strong momentum into the continuous optimization of childcare services and promote long-term balanced population development [5] Group 3 - The expo gathered high-quality units and enterprises from various fields of infant care services, including leading brands in parent-child services and educational institutions focused on talent cultivation [7] - Notable participants include companies like China State Construction Engineering Corporation and educational institutions such as Jinan Vocational College of Preschool Education, creating a comprehensive industry matrix [7][13] - The collaboration between enterprises and educational institutions aims to enhance the quality of talent training and meet the demands of the childcare industry [7][13] Group 4 - The expo emphasizes environmental safety in childcare, showcasing industry achievements in constructing scientifically designed childcare spaces with green materials and intelligent safety systems [9] - It aims to provide a one-stop reference for childcare institutions to create safe, healthy, and adaptable environments, promoting standardized construction in the industry [9] Group 5 - The event features a display area from Xinye County, highlighting a complete industrial chain layout in the local toy manufacturing sector, showcasing various types of infant toys [10] - This area emphasizes high-quality development and the scale advantages of the industrial cluster, demonstrating the effectiveness of concentrated development [10] Group 6 - Jinan Vocational College of Preschool Education presented a one-stop solution for universal childcare, integrating medical and educational resources to enhance service quality [11] - The college's approach reflects a commitment to social responsibility and innovation in the childcare sector [11] Group 7 - The expo includes a public health consultation area, attracting parents with expert pediatric teams from over 20 medical institutions, focusing on common infant health issues [14] - This initiative aims to provide parents with personalized consultations on topics such as disease prevention and nutrition [14] Group 8 - Interactive projects like "Career Experience Camp" and "AI Fun, Smart Future" were popular at the expo, showcasing the integration of intelligent education and quality upbringing [16] - Various parent-child activities were organized to enhance family bonding and create meaningful experiences [16] Group 9 - In addition to the core exhibition, the expo hosts a series of events, including industry development conferences and professional training sessions, to foster industry consensus and share advanced experiences [18] - The expo serves as an important platform for resource integration and innovation in the infant and toddler service industry, promoting high-quality development [18]

Market Overview - The professional chain sector experienced a decline of 0.77% on December 26, with Huazhi Wine leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Individual Stock Performance - The closing prices and changes for key stocks in the professional chain sector are as follows: - Yanshida (002416): Closed at 12.16, up 0.33% with a trading volume of 184,100 shares and a turnover of 225 million yuan [1] - Haiziwang (301078): Closed at 10.52, down 0.47% with a trading volume of 506,700 shares and a turnover of 53.7 million yuan [1] - Doctor's Eye (300622): Closed at 30.36, down 0.59% with a trading volume of 115,600 shares and a turnover of 35 million yuan [1] - Jifeng Technology (300022): Closed at 7.77, down 1.15% with a trading volume of 77,400 shares and a turnover of 60.24 million yuan [1] - Tianyin Holdings (000829): Closed at 10.57, down 1.31% with a trading volume of 219,200 shares and a turnover of 233 million yuan [1] - Aiyingshi (603214): Closed at 17.16, down 1.61% with a trading volume of 56,300 shares and a turnover of 97.34 million yuan [1] - Huazhi Wine (300755): Closed at 18.25, down 2.25% with a trading volume of 56,200 shares and a turnover of 103 million yuan [1] Capital Flow Analysis - The professional chain sector saw a net outflow of 115 million yuan from institutional investors, while retail investors had a net inflow of 146 million yuan [1] - The capital flow for individual stocks is as follows: - Yanshida (002416): Net outflow of 14.14 million yuan from institutional investors, with a retail net inflow of 478,210 yuan [2] - Jifeng Technology (300022): Net outflow of 4.13 million yuan from institutional investors, with a retail net inflow of 156,200 yuan [2] - Huazhi Wine (300755): Net outflow of 8.01 million yuan from institutional investors, with a retail net inflow of 712,800 yuan [2] - Doctor's Eye (300622): Net outflow of 9.61 million yuan from institutional investors, with a retail net inflow of 2.67 million yuan [2] - Aiyingshi (603214): Net outflow of 15.54 million yuan from institutional investors, with a retail net inflow of 1.51 million yuan [2] - Haiziwang (301078): Net outflow of 38.17 million yuan from institutional investors, with a retail net inflow of 5.78 million yuan [2] - Tianyin Holdings (000829): Net outflow of 53.29 million yuan from institutional investors, with a retail net inflow of 44.22 million yuan [2]

Core Viewpoint - The company aims to transition from being an industry leader to a "chain master enterprise" that integrates research, production, supply, sales, and services, emphasizing collaboration with brand partners and factories to strengthen the industry as a whole [1][4]. Group 1: Company Development - The company was founded in 2009 in Nanjing, entering the maternal and infant consumption sector with a large store that garnered significant attention [3]. - It launched its online shopping mall in 2015, marking the beginning of its online integration [3]. - By 2018, the company was recognized as a "unicorn" with a sales scale exceeding 10 billion, achieving a compound annual growth rate of over 100% for ten consecutive years [3]. - The latest financial report shows a revenue of 7.349 billion for the first three quarters of the year, an increase of 8.10%, and a net profit of 209 million, up 59.29% [3]. Group 2: Strategic Shift - The company is evolving from focusing solely on its own services to empowering the entire ecosystem, indicating a shift in competitive strategy from segment competition to supply chain competition [4][6]. - The company plans to open its data and digital tools to enhance collaboration across the industry, moving from a "push" supply chain to a "pull" supply chain [6][7]. - The introduction of AI decision-making systems for various operational processes signifies a commitment to digital transformation and industry-wide infrastructure development [7]. Group 3: Industry Collaboration - The company is part of a broader initiative in Nanjing to cultivate "chain master enterprises," which are expected to lead and enhance the competitiveness of local industries [4][9]. - Nanjing has developed a plan to support the growth of key industries, with a focus on nurturing chain master enterprises that can drive collective success among smaller firms [9]. - The collaboration with partners like Kimberly-Clark highlights the company's role in the supply chain, contributing to significant growth in production value for its partners [10]. Group 4: Market Position - Nanjing is home to 20 unicorns and 195 nurturing unicorns, indicating a vibrant entrepreneurial ecosystem that supports the company's ambitions [11]. - The company is positioned to lead in the new consumer market for parent-child families, with a projected GMV of 13.8 billion in 2024 [3].