Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

Group 1: Earnings Forecasts - Han's Laser expects a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses in the previous year [9] - Zhongji Xuchuang anticipates a net profit increase of 89.50% to 128.17% for 2025, projecting profits between 9.8 billion to 11.8 billion yuan [2] - Perfect World forecasts a net profit of 720 million to 760 million yuan for 2025, also reversing previous losses [25] - Yihua Lifestyle expects a net profit of 8 billion to 10 billion yuan for 2025, compared to a loss of 1.696 billion yuan in the previous year [21] - Guizhou Mingzhu anticipates a staggering net profit increase of 2908.49% to 3577.04% for 2025, projecting profits between 166 million to 203 million yuan [25] - Kexing Pharmaceutical expects a net profit increase of 328.83% to 455.89% for 2025, projecting profits between 135 million to 175 million yuan [28] Group 2: Capital Raising and Investments - Newray plans to raise no more than 1.316 billion yuan through a private placement for high-performance CNC blade industrial park projects [3] - Liyang Chip intends to raise up to 970 million yuan for integrated circuit testing projects and other initiatives [4] - Kid King plans to invest 3.3 million yuan to establish a joint venture focused on online business model innovation for family consumption [6] Group 3: Industry Developments - Tianqi Lithium's subsidiary has produced its first batch of chemical-grade lithium concentrate as part of its expansion project [5] - Yihua Lithium's subsidiary has signed a framework agreement with Indonesian state-owned enterprises to collaborate on the entire supply chain for electric vehicle batteries [7] - Longyuan Power expects a net profit increase of 51% to 73% for 2025, driven by improved profitability in its core thermal power business and expansion in renewable energy [18]

招股书显示，孩子王是一家中国领先的亲子家庭新消费市场领先的全渠道综合服务提供商，主要从事母 婴童业务，包括销售母婴童产品以及提供儿童发展及育儿服务。根据弗若斯特沙利文的资料，于2024 年，公司以GMV人民币138亿元在中国母婴童产品及服务市场排名第一，市场份额为0.3%。 1月30日，中国证监会公布境外发行上市备案补充材料要求公示(2026年1月26日—2026年1月30日)。证 监会要求孩子王（301078）说明全额行使超额配售权后的预计募集资金量；公司及下属公司已从事增值 电信业务的起始时间、具体内容及持证情况，外资持股比例上限规定，以及本次发行上市后持续符合外 商投资准入政策要求的具体依据；详述公司业务模式及涉及AI大模型的具体情况，包括应用场景、具 体功能等。据港交所2025年12月11日披露，孩子王(301078.SZ)递表港交所，华泰国际为其独家保荐 人。 ...

智通财经APP获悉，1月30日，中国证监会公布境外发行上市备案补充材料要求公示(2026年1月26日— 2026年1月30日)。证监会要求孩子王说明全额行使超额配售权后的预计募集资金量；公司及下属公司已 从事增值电信业务的起始时间、具体内容及持证情况，外资持股比例上限规定，以及本次发行上市后持 续符合外商投资准入政策要求的具体依据；详述公司业务模式及涉及AI大模型的具体情况，包括应用 场景、具体功能等。据港交所2025年12月11日披露，孩子王(301078.SZ)递表港交所，华泰国际为其独 家保荐人。 招股书显示，孩子王是一家中国领先的亲子家庭新消费市场领先的全渠道综合服务提供商，主要从事母 婴童业务，包括销售母婴童产品以及提供儿童发展及育儿服务。根据弗若斯特沙利文的资料，于2024 年，公司以GMV人民币138亿元在中国母婴童产品及服务市场排名第一，市场份额为0.3%。 ...

招股书显示，孩子王是一家中国领先的亲子家庭新消费市场领先的全渠道综合服务提供商，主要从事母 婴童业务，包括销售母婴童产品以及提供儿童发展及育儿服务。根据弗若斯特沙利文的资料，于2024 年，公司以GMV人民币138亿元在中国母婴童产品及服务市场排名第一，市场份额为0.3%。 智通财经APP获悉，1月30日，中国证监会公布境外发行上市备案补充材料要求公示(2026年1月26日— 2026年1月30日)。证监会要求孩子王说明全额行使超额配售权后的预计募集资金量；公司及下属公司已 从事增值电信业务的起始时间、具体内容及持证情况，外资持股比例上限规定，以及本次发行上市后持 续符合外商投资准入政策要求的具体依据；详述公司业务模式及涉及AI大模型的具体情况，包括应用 场景、具体功能等。据港交所2025年12月11日披露，孩子王(301078.SZ)递表港交所，华泰国际为其独 家保荐人。 ...

孩子王公告，公司拟与关联方共同出资设立合资公司，注册资本人民币1000万元，其中公司拟以自有资 金认缴出资330万元，占其注册资本的33%。 ...

证券代码：301078 证券简称：孩子王 公告编号：2026-008 孩子王儿童用品股份有限公司 关于与关联方共同投资设立合资公司的公告 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、 误导性陈述或者重大遗漏。 重要内容提示： 1、孩子王儿童用品股份有限公司（以下简称"公司""孩子王"或"上市 公司"）拟与关联方和非关联方共同出资设立合资公司，合资公司注册资本人民 币 1,000 万元，其中公司拟以自有资金认缴出资 330 万元，占其注册资本的 33%。 截至本公告披露日，合资公司尚未设立，名称及相关工商信息将以最终登记 注册信息为准。 2、根据《深圳证券交易所创业板股票上市规则》的规定，本次投资事项构 成关联交易，不构成重大资产重组。本次投资事项属于董事会决策权限，无需提 交公司股东会审议。 3、合资公司后续经营过程中可能会面临宏观经济、行业政策、消费趋势等 不确定因素的影响，未来经营情况存在一定的不确定性。为此，公司将密切关注 其发展动态，利用上市公司治理经验，充分整合各方资源优势，提升合资公司竞 争优势和盈利能力，积极防范和应对上述风险。敬请广大投资者理性投资，注意 投资风险。 ...

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、 误导性陈述或者重大遗漏。 证券代码：301078 证券简称：孩子王 公告编号：2026-007 孩子王儿童用品股份有限公司 关于第四届董事会第六次会议决议的公告 1、第四届董事会第六次会议决议； 结合公司战略发展需要及实际经营情况，为持续加强公司在亲子家庭新消 费线上领域的核心竞争力，推动公司可持续高质量发展，并根据市场化运作原 则，进一步深化资源整合和协作关系，公司拟以自有资金出资，与关联方公司 董事/总经理徐卫红先生、董事/副总经理/董事会秘书侍光磊先生，以及非关联 方沈晖先生、广东辛选控股有限公司、宋铁牛先生、杜晨鹏先生、周通先生、 行凌伟女士、刘虓俊先生共同出资设立合资公司浙江链拓未来网络科技有限责 任公司（暂定名，最终以工商行政机关核准为准），共同探索线上业务模式创 新，进一步拓展公司在亲子家庭新消费线上领域的业务布局，更好满足亲子家 庭消费需求。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）上的 《关于与关联方共同投资设立合资公司的公告》（公告编号：2026-008）。 本议案已经 ...

Group 1 - The core viewpoint of the news is that Kid King has shown significant trading activity, with a notable increase in financing and a stable stock performance, indicating investor interest and confidence in the company [1][2]. Group 2 - On January 29, Kid King experienced a stock price increase of 3.02%, with a trading volume of 628 million yuan. The financing buy-in amount for the day was 75.45 million yuan, while the financing repayment was 64.13 million yuan, resulting in a net financing buy of 11.31 million yuan [1]. - As of January 29, the total financing and securities lending balance for Kid King was 738 million yuan, with the financing balance accounting for 5.37% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, on January 29, Kid King repaid 4,500 shares and sold 2,200 shares, with the selling amount calculated at 24,000 yuan. The remaining securities lending volume was 134,000 shares, with a balance of 1.4633 million yuan, which is below the 20th percentile level over the past year, indicating low lending activity [1]. Group 3 - Kid King, established on June 1, 2012, and listed on October 14, 2021, is based in Nanjing, Jiangsu Province. The company specializes in retailing maternal and child products and provides value-added services, operating as a data-driven, customer relationship-focused innovative service provider for new families [2]. - The revenue composition of Kid King includes 88.10% from maternal and child product sales, 6.83% from supplier services, 2.56% from maternal and child services, 1.25% from platform services, 0.73% from招商 services, 0.47% from advertising services, and 0.05% from other services [2]. - As of September 30, the number of shareholders for Kid King was 79,000, an increase of 51.37% compared to the previous period, while the average circulating shares per person decreased by 33.93% [2]. - For the period from January to September 2025, Kid King achieved a revenue of 7.349 billion yuan, representing a year-on-year growth of 8.10%, and a net profit attributable to shareholders of 209 million yuan, reflecting a significant year-on-year increase of 59.29% [2]. Group 4 - Since its A-share listing, Kid King has distributed a total of 187 million yuan in dividends, with 165 million yuan distributed over the past three years [3]. - As of September 30, 2025, among the top ten circulating shareholders of Kid King, Hong Kong Central Clearing Limited was the seventh largest shareholder with 13.5386 million shares, marking a new entry, while Southern CSI 1000 ETF (512100) was the ninth largest shareholder with 8.0745 million shares, a decrease of 76,800 shares compared to the previous period [3].

Market Overview - On January 29, the professional chain sector rose by 2.14%, with Huazhi Wine leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Huazhi Wine (300755) closed at 18.80, up 16.05%, with a trading volume of 341,700 shares and a transaction value of 621 million yuan [1] - Kids King (301078) closed at 10.92, up 3.02%, with a trading volume of 579,200 shares and a transaction value of 628 million yuan [1] - Doctor Glasses (300622) closed at 30.57, up 0.99%, with a trading volume of 115,000 shares and a transaction value of 353 million yuan [1] - Aiyingshi (603214) closed at 17.59, up 0.57%, with a trading volume of 38,100 shares and a transaction value of 6.7 million yuan [1] - Tianyin Holdings (000829) closed at 10.40, up 0.39%, with a trading volume of 257,200 shares and a transaction value of 268 million yuan [1] - Jifeng Technology (300022) closed at 8.00, down 0.99%, with a trading volume of 98,600 shares and a transaction value of 79.8 million yuan [1] - Aishide (002416) closed at 13.05, down 1.88%, with a trading volume of 299,100 shares and a transaction value of 394 million yuan [1] Capital Flow - The professional chain sector saw a net inflow of 92.69 million yuan from main funds, while retail funds experienced a net outflow of 22.27 million yuan [1] - Main funds for Huazhi Wine had a net inflow of 59.10 million yuan, while retail funds had a net outflow of 37.21 million yuan [2] - Kids King had a net inflow of 52.69 million yuan from main funds, with a net outflow of 18.70 million yuan from retail funds [2] - Doctor Glasses had a minor net inflow of 3.12 million yuan from main funds, while retail funds saw a net inflow of 6.77 million yuan [2] - Aiyingshi had a net inflow of 1.65 million yuan from main funds, but retail funds experienced a net outflow of 2.30 million yuan [2] - Jifeng Technology had a slight net outflow of 0.34 million yuan from main funds, while retail funds had a net outflow of 3.69 million yuan [2] - Tianyin Holdings had a net outflow of 4.40 million yuan from main funds, but retail funds saw a net inflow of 12.07 million yuan [2] - Aishide had a significant net outflow of 19.13 million yuan from main funds, while retail funds had a net inflow of 20.80 million yuan [2]