Investment Rating - Industry rating is maintained as "Outperform the Market" [5] Core Insights - The report highlights that Kid Wang plans to acquire 65% of the equity in Jiangsu Xingsiyu, aiming to accelerate its goal of becoming the preferred service provider for Chinese parent-child families. The acquisition amount is 1.65 billion yuan, corresponding to a PE of 9 times the net profit for 2024, with no performance guarantees [1] - The hair care industry in China is projected to grow significantly, with market size increasing from 43.2 billion yuan in 2020 to 57.1 billion yuan in 2023, representing a CAGR of 9.7%. It is expected to reach 81.25 billion yuan by 2028, with a CAGR of 7.3% from 2023 to 2028 [2] - Kid Wang's acquisition strategy is part of a broader three-expansion strategy, which includes previous acquisitions in the maternal and infant sector and beauty industry, indicating a focus on diversifying its service offerings [1][2] Summary by Sections Acquisition Details - Kid Wang announced the acquisition of 65% of Jiangsu Xingsiyu for 1.65 billion yuan, with plans to use 429 million yuan of previously raised funds for store upgrades towards this acquisition [1] - The acquisition is part of a strategy to deepen its presence in the hair care industry, which aligns with its goal of becoming a leading service provider for families [1] Market Overview - The hair care market in China is currently valued at nearly 60 billion yuan, with significant growth potential. The market is expected to continue expanding, driven by increasing consumer demand for hair care products and services [2] - In 2024, Xiyu's revenue is projected to be 723 million yuan, with a net profit of 183 million yuan, indicating a healthy growth trajectory [2] Synergy and Collaboration - The report outlines potential synergies between Kid Wang and Xiyu, including member collaboration, market layout, channel sharing, industrial synergy, and business model expansion [3] - Kid Wang's existing customer base and store network can enhance Xiyu's market reach, while Xiyu's product offerings can complement Kid Wang's service ecosystem [3] Financial Projections - The report anticipates steady growth for Kid Wang's core business, with expected net profits of 350 million yuan and 480 million yuan for 2025 and 2026, respectively, corresponding to PE ratios of 53 and 39 times [3]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is acquiring a 100% stake in Zhihaishi Siyu Industrial Development Co., Ltd. for a transaction price of 1.65 billion yuan, which will make Siyu Industrial a subsidiary of the company [2] - This acquisition is part of the company's strategy to expand its business boundaries and enhance industrial synergy, following previous acquisitions [3] - The hair care market in China is projected to grow significantly, with a compound annual growth rate (CAGR) of 9.7% from 2020 to 2023, and expected to reach 81.25 billion yuan by 2028 [3] Summary by Sections Acquisition Overview - The company plans to acquire a 65% stake in Jiangsu Xingsiyu Investment Management Co., Ltd. from a related party, which will lead to Jiangsu Xingsiyu becoming a controlling subsidiary [2] - The acquisition of Siyu Industrial is expected to enhance the company's service ecosystem and solidify its position as a preferred service provider for families [3] Synergy Potential - The acquisition is expected to create multiple synergies in membership, market layout, channel sharing, and service products [4] - The company has a large member base, with over 64 million members on its app and over 2 million members for Siyu, allowing for effective cross-marketing [4] - The integration of physical stores and online services is anticipated to improve customer experience and operational efficiency [4] Financial Projections - The company forecasts revenues of 12.23 billion yuan, 14.51 billion yuan, and 16.51 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 31%, 19%, and 14% [5] - The projected net profits for the same years are 480 million yuan, 670 million yuan, and 780 million yuan, with significant growth rates [5] - The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 39, 28, and 24 times, respectively [5]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is acquiring a 65% stake in Jiangsu Xinsi Yu Investment Management Co., which will become a subsidiary, to enhance industrial synergy and resource integration [2] - The acquisition aligns with the company's strategy to expand its product categories, market segments, and business formats, particularly in the personal care industry [3] - The hair care market in China is projected to grow significantly, with a compound annual growth rate (CAGR) of 9.7% from 2020 to 2023, and expected to reach 81.25 billion yuan by 2028 [3] Summary by Sections Acquisition Overview - The company announced the acquisition of a 100% stake in Zhuhai Siyi Industrial Development Co., with a transaction price of 1.65 billion yuan [2] Strategic Analysis - The acquisition is part of a three-pronged strategy to expand product categories, market segments, and business formats, enhancing the company's position as a preferred service provider for families [3] - The target company, Siyi Industrial, is a leader in the hair care sector, with a unique integrated operation model combining products, services, and channels [3] Synergy Potential - The acquisition is expected to create multiple synergies in membership operations, market layout, channel sharing, and business expansion [4] - The company has a large member base, with over 64 million members on its app, which can be leveraged for cross-marketing with Siyi Industrial's 2 million members [4] - The company operates 500 large stores and is expanding into lower-tier markets, which can enhance service offerings and operational efficiency [4] Financial Projections - Revenue projections for 2025-2027 are 12.23 billion, 14.51 billion, and 16.51 billion yuan, with corresponding net profits of 480 million, 670 million, and 780 million yuan [5] - The expected earnings per share (EPS) for 2025-2027 are 0.38, 0.53, and 0.62 yuan, with price-to-earnings (PE) ratios of 39, 28, and 24 times respectively [5] Long-term Growth Drivers - Key growth drivers include continuous integration of the supply chain, expansion of joint ventures, and improvements in direct store profitability [5]

Group 1 - The company, Kid King, announced a plan to acquire a 65% stake in Jiangsu Xingsiyu Investment Management Co., Ltd. from its affiliate, Wuxing Holdings, for a total price of 1.65 billion yuan [2][5] - The acquisition aims to enhance synergy in member operations, market layout, channel sharing, industrial collaboration, and business expansion, thereby strengthening the company's leading position in local life and new family services [2][5][11] - After the transaction, Jiangsu Xingsiyu will become a subsidiary of Kid King, with the company indirectly holding a 65% stake in Zhuhai Siyu Industrial Development Co., Ltd. [5][11] Group 2 - Kid King primarily engages in retail and value-added services for maternal and child products, providing a one-stop shopping experience and comprehensive growth services for children aged 0-14 and pregnant women [7] - Zhuhai Siyu focuses on hair and scalp health care, offering a complete solution for hair health, including products for hair washing, scalp cleaning, and styling tools [8] - As of the end of 2024, Zhuhai Siyu had 2,503 stores and over 2 million members, with a revenue of 144 million yuan and a net profit of 26.61 million yuan in Q1 2025 [8][10]

Group 1 - The company plans to acquire a 65% stake in Jiangsu Xingsiyu Investment Management Co., Ltd. from its related party, Wuxing Holdings Group Co., Ltd. [1] - The acquisition aims to strengthen industrial synergy and resource integration, with Xi'an Juzi Biological Gene Technology Co., Ltd. and individuals Chen Yingyan and Wang Deyou also acquiring stakes of 10%, 8%, and 6% respectively [1] - The share transfer will occur at a price of zero, as Jiangsu Xingsiyu has not yet paid its registered capital and has no actual business activities [1] Group 2 - The company intends to acquire 100% of Zhuhai Siyu Industrial Development Co., Ltd. for a final transfer price of RMB 1.65 billion, based on the valuation provided by a securities and futures service assessment agency [1] - Following the completion of this transaction, the company will indirectly hold a 65% stake in Siyu Industrial, which will become a subsidiary of the company [1] - Siyu Industrial, established in July 2014, has become a leading enterprise in the personal care industry, focusing on innovation and quality management [2] - The company has developed an integrated business model combining products, services, and channels, providing comprehensive solutions for hair health [2] - The acquisition will enhance the company's online and offline channels and expand its business scale [2]

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 变更部分募集资金用途的核查意见 华泰联合证券有限责任公司（以下简称"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《证券发行上市保荐业务 管理办法》《深圳证券交易所创业板股票上市规则》《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》等相关法律、法规和规范性 文件的要求，对孩子王变更部分募集资金用途的事项进行了审慎核查，并出具本 核查意见。核查情况如下： 一、募集资金基本情况及使用情况 （一）募集资金基本情况 公司经中国证券监督管理委员会《关于同意孩子王儿童用品股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可[2023]1098 号）同意， 并经深圳证券交易所同意，向不特定对象发行 103,900.00 万元可转换公司债券， 每张面值为人民币 100 元，共计 1,039.00 万张，按面值发行。募集资金总额为人 民币 1,039,000,000.00 元，扣除发行费用后募集资金净额 1,024,346, ...

孩子王拟受让关联方五星控股集团有限公司持有的江苏星丝域投资管理有 限公司 65%（以下简称"江苏星丝域"）股权并承担该等股权对应的实缴义务， 西安巨子生物基因技术股份有限公司（以下简称"巨子生物"）、自然人陈英燕、 王德友拟同时受让五星集团持有的江苏星丝域 10%、8%及 6%的股权并承担对应 的实缴义务，前述股权转让完成后，江苏星丝域成为公司控股子公司，公司持有 江苏星丝域 65%的股权。与此同时，公司拟继续通过江苏星丝域以支付现金的方 式受让深圳中秀信升投资中心（有限合伙）、王伟、陈逸生、欧阳承新、但启萍、 蔡祯梅、吴跃军、珠海市丝域投资合伙企业（有限合伙）（以下简称"转让方" 或"交易对方"）合计持有的珠海市丝域实业发展有限公司（以下简称"丝域实 业"或"目标公司"）100%股权（以下简称"本次交易"），交易价款合计人民 币 165,000 万元（以下简称"交易价款"）。本次交易完成后，丝域实业将成为 公司的控股子公司。 鉴于江苏星丝域拟申请不超过 10 亿元的银行贷款用于支付本次交易的交易 价款，公司拟为其中不超过 6.5 亿元部分提供担保，担保额度以公司在江苏星丝 域的持股比例为限，江苏星丝域其他少 ...

华泰联合证券有限责任公司 见 华泰联合证券有限责任公司（以下简称"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《证券发行上市保荐业务 管理办法》《深圳证券交易所创业板股票上市规则》《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》等相关法律、法规和规范性 文件的要求，对孩子王部分募集资金投资项目延期并调整新开门店范围的事项进 行了审慎核查，并出具本核查意见。核查情况如下： 一、募集资金基本情况 公司经中国证券监督管理委员会《关于同意孩子王儿童用品股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可[2023]1098 号）同意， 并经深圳证券交易所同意，向不特定对象发行 103,900.00 万元可转换公司债券， 每张面值为人民币 100 元，共计 1,039.00 万张，按面值发行。募集资金总额为人 民币 1,039,000,000.00 元，扣除发行费用后募集资金净额 1,024,346,842.21 元。安 永华明会计师事务所（特殊普通合伙）已于 2023 ...

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 收购关联方股权暨与关联方共同收购丝域实业 100%股权的 核查意见 华泰联合证券有限责任公司（以下简称"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"、"上市公司"或"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《证券发 行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《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》等相关法 律、法规和规范性文件的要求，对孩子王收购关联方及与关联方共同投资的事项 进行了审慎核查，并出具本核查意见。核查情况如下： 一、交易概述 （一）本次交易基本情况 1、公司受让江苏星丝域 65%股权 经公司第四届董事会第二次会议审议通过，公司拟受让五星控股集团有限公 司（以下简称"五星控股"或"五星集团"）持有的江苏星丝域投资管理有限公 司 65%（以下简称"江苏星丝域"）的股权并承担该等股权对应的实缴义务，西 安巨子生物基因技术股份有限公司（以下简称"巨子生物"）、自然人陈英燕、 王德友拟同时受让五星控股持有的江苏星丝域 10%、8%及 ...

本报告依据中国资产评估准则编制 孩子王儿童用品股份有限公司拟股权收购涉及的 珠海市丝域实业发展有限公司股东全部权益价值 资产评估报告 北方亚事评报字[2025]第 01-0753 号 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 4711020080202501328 | | --- | --- | | 合同编号: | NKG[2025]第 1272 号 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 北方亚事评报字 2025 第 01-0753 号 | | 报告名称: | 孩子王儿童用品股份有限公司拟股权收购涉及的珠 海市丝域实业发展有限公司股东全部权益价值 | | 评估结论: | 1.750.000.000.00 元 | | 评估报告日: | 2025年05月 29 | | 评估机构名称: | 北方亚事资 | | 答名人员: | 号: 32170023 王冰洁(资 号: 32090004 李德沁(资 | | | (可扫描二维码查询备案业务信息) | 说明:报告备案回执仅证明此报告已在业务报备管理系统进行了备案,不 作为协会对该报告认证、认可的依据,也不作为资产评 ...