保荐总结报告书 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 首次公开发行股票并在创业板上市 之保荐总结报告书 | 保荐机构名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐机构编号 | Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金 | | | 小镇 B7 栋 401 | | 主要办公地址 | 南京市江东中路 228 号华泰证券广场 1 号楼 4 层 | | 法定代表人 | 江禹 ...

证券简称：孩子王 证券代码：301078 孩子王儿童用品股份有限公司 投资者关系活动记录表 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | 业绩说明会 ☐媒体采访 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员 姓名 | 投资者网上提问 | | 时间 | 2025年4月16日 15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 董事兼总经理 徐卫红先生 董事、副总经理兼财务总监 蔡博先生 | | | 董事、副总经理兼董事会秘书 侍光磊先生 | | 上市公司接待人员姓名 | 独立董事 饶钢先生 | | | 保荐代表人 李琦女士 | | | 保荐代表人 鹿美遥先生 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、公司涉及AI玩具业务吗？ | | 投资者关系活动主要 | 您好！公司涉及AI玩具业务。公司将按照"为儿童及 | | 内容介绍 | 新家庭提供一站式AI生活方式解决方案 ...

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 2024 年年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：孩子王 | | --- | --- | | 保荐代表人姓名：鹿美遥 | 联系电话：025-8338 7689 | | 保荐代表人姓名：李琦 | 联系电话：025-8338 7691 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限 于防止关联方占用公司资源的制度、募集资金管理 | 是 | | 制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露文件 | | | 一致 | 是 | | 4.公司治理督导情 ...

孩子王对乐友国际的两次收购总成本达16亿元，其中商誉超过10亿元。若乐友国际因行业竞争或需求下 滑导致业绩不达预期，商誉减值将直接冲击公司利润。 母婴零售行业竞争白热化，传统线下零售商与电商平台（如京东、天猫）的双重夹击下，孩子王需应对 价格战和流量争夺。同时，消费者偏好转向个性化、体验式服务，若公司无法快速迭代服务模式（如社 交电商、即时配送），可能面临客户流失风险。 目前母婴行业整体面临新生儿出生率下降的挑战，2023年母婴相关企业注销量达107.9万家，行业景气 度下行趋势明显。乐友国际能否在逆势中持续增长存疑。 2024年年报，孩子王实现营业收入93.37亿元，同比增长6.68%；归母净利润1.81亿元，同比增长 72.44%，并计划每10股派发现金红利0.5元（含税）。这一增长显著高于2023年水平，但与2024年底发 布的业绩预告中"净利润最高增长100%"的预期相比，实际增幅有所收窄。从孩子王2024年财报中，我 们又可以读出什么机遇和风险呢？ 业绩增长过度依赖乐友国际 业绩增长可持续性存疑 根据2024年年报，孩子王归母净利润为1.81亿元，其中乐友国际贡献了1.0454亿元，占比达57.7% ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is experiencing significant growth driven by the integration of Lejoy, the implementation of a three-expansion strategy, and cost reduction measures, leading to a revenue increase of 7% and a net profit increase of 72% in 2024 [1][2] - The company is positioned as a leader in the maternal and infant retail sector, with a unique large-store model and steady franchise development, which is expected to enhance market share and long-term investment value [2] - Revenue forecasts for 2025-2027 are projected to be 108.58 billion, 141.68 billion, and 181.84 billion respectively, with corresponding net profits of 3.48 billion, 5.39 billion, and 8.55 billion, indicating substantial growth rates [2] Financial Summary - In 2024, the company reported a revenue of 93.37 billion and a net profit of 1.81 billion, with a significant increase in net profit margin to 2% [1][6] - The gross margin improved to 30% in 2024, reflecting a 0.2 percentage point increase, while the net profit margin increased by 0.8 percentage points [6] - The company aims to expand its franchise stores to over 500 by 2025, with a total of 1,046 stores as of the end of 2024 [6][7]

Core Viewpoint - The company, a leader in the maternal and infant products sector, is actively pursuing a transformative "three expansions" strategy to drive long-term growth, focusing on expanding product categories, market segments, and business formats, while also integrating AI into its operations [1][2]. Group 1: Company Strategy - The company is implementing a "three expansions" strategy, which includes expanding product categories to cover all age groups, enhancing services for families, and increasing market penetration through acquisitions and partnerships [2]. - In 2024, the company reported a revenue of 9.337 billion yuan, a year-on-year increase of 6.68%, and a net profit attributable to shareholders of 181 million yuan, reflecting a significant growth of 72.44% [1]. - The company has acquired a 60% stake in the adult skincare company Xingyan Biotechnology for 162 million yuan, indicating a move to diversify its product offerings [2]. Group 2: Market Opportunities - The maternal and infant industry in China is projected to reach a transaction scale of 4.13 trillion yuan in 2024, with a growth rate of 7.4%, despite challenges such as declining birth rates [1]. - The company is focusing on structural growth opportunities in lower-tier cities and the middle and older children's market segments, where there is a stronger willingness to have children [1]. Group 3: AI Integration - The company is actively investing in AI technology, having established a subsidiary called "Zhilin Future" to collaborate with ByteDance's Volcano Engine to create an intelligent incubator for smart hardware and IP [3]. - The AI initiatives aim to provide comprehensive lifestyle solutions for families, covering various aspects such as education, toys, home products, and emotional companionship [3]. - The company is positioned as a unique channel provider for AI hardware products, which is expected to enhance store efficiency and sales revenue [3]. Group 4: Financial Projections - The company's net profit forecasts for 2025-2027 are 395 million yuan, 559 million yuan, and 741 million yuan, representing year-on-year growth rates of 117.75%, 41.69%, and 32.54% respectively [3]. - The projected price-to-earnings ratios for 2025 and 2026 are 45 and 32 times, compared to the average of comparable companies at 36 and 30 times, indicating potential for valuation premium [3].

Market Overview - The Shanghai Composite Index rose by 1.16% on April 10, with 31 out of 38 industries experiencing gains, led by the retail trade and textile sectors, which increased by 4.83% and 3.78% respectively [1] - The net inflow of capital in the two markets reached 10.043 billion yuan, with 22 industries seeing net inflows [1] Capital Flow Analysis - The electronics industry had the largest net capital inflow, totaling 3.291 billion yuan, with a daily increase of 2.58% [1] - The food and beverage sector also saw a net inflow of 1.650 billion yuan, with a daily increase of 0.64% [1] - Nine industries experienced net capital outflows, with the computer industry leading at a net outflow of 1.780 billion yuan, followed by the agriculture, forestry, animal husbandry, and fishery sector with an outflow of 0.897 billion yuan [1] Retail Sector Performance - The retail trade industry increased by 4.83%, with a net capital inflow of 1.623 billion yuan, and 98 out of 100 stocks in this sector rose [2] - Notably, 16 stocks hit the daily limit up, while only 2 stocks declined, with 1 stock hitting the daily limit down [2] - The top three stocks by net capital inflow in the retail sector were Kidswant with 187 million yuan, Yonghui Superstores with 174 million yuan, and Zhongbai Group with 167 million yuan [2] Notable Stocks in Retail Sector - The following stocks had significant performance in the retail sector: - Kidswant: +8.62%, turnover rate 15.63%, net inflow 187.496 million yuan [2] - Yonghui Superstores: +3.15%, turnover rate 12.29%, net inflow 174.053 million yuan [2] - Zhongbai Group: +10.06%, turnover rate 22.14%, net inflow 166.897 million yuan [2] Stocks with Capital Outflows - The stocks with the largest capital outflows included: - China Duty Free: -4.99%, net outflow of 215.799 million yuan [3] - Dongbai Group: -4.08%, net outflow of 49.823 million yuan [3] - Sumec Group: -4.48%, net outflow of 21.374 million yuan [3]

股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 证券代码：301078 证券简称：孩子王 公告编号：2025-030 孩子王儿童用品股份有限公司 孩子王儿童用品股份有限公司（以下简称"公司"或"本公司"）股票交易价格 连续 3 个交易日内（2025 年 4 月 8 日、2025 年 4 月 9 日、2025 年 4 月 10 日） 收盘价格涨幅偏离值累计超过 30%，根据《深圳证券交易所交易规则》的有关规 定，属于股票交易异常波动的情形。 二、公司关注及核实情况说明 针对公司股票交易异常波动，公司董事会对公司、控股股东、实际控制人就 有关事项进行了核查，现将有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 4、公司及控股股东、实际控制人不存在关于本公司的应披露而未披露的重 大事项，也不存在处于筹划阶段的重大事项。 5、公司控股股东和实际控制人以及本公司董事、监事、高级管理人员在股 票交易异常波动期间均未买卖公司股票。 6、公司在关注、核实过程中未发现其他应披露的事项。 三、是否存在应披 ...

Investment Rating - The report maintains a "Recommended" rating for the company, projecting significant profit growth for the years 2025 to 2027 [4]. Core Insights - The company is expected to achieve a substantial year-on-year increase in net profit for Q1 2025, with estimates ranging from 29.15 to 38.47 million yuan, reflecting a growth of 150% to 230% [1][2]. - The "Three Expansion" strategy is being effectively implemented, focusing on store upgrades, supply chain optimization, and enhancing customer value, which contributes to the robust growth in profitability [2][3]. - The company is accelerating its franchise model, with 30 selected franchise stores opened by the end of March 2025 and over 100 more in preparation, aiming for a total of 500 by the end of the year [3]. - A partnership with Beijing Volcano Engine Technology Co., Ltd. is underway to develop AI-driven smart hardware, creating new growth opportunities in the AI and consumer sectors [3][4]. Financial Projections - The company forecasts total revenue of 12.34 billion yuan for 2025, with a growth rate of 32.1% compared to 2024 [5][8]. - The projected net profit attributable to the parent company for 2025 is 362 million yuan, representing a 100% increase from 2024 [5][8]. - Earnings per share are expected to rise to 0.29 yuan in 2025, with a price-to-earnings (PE) ratio of 46 [5][8].

Investment Rating - The report maintains a "Recommended" rating for the company, projecting significant profit growth for the years 2025 to 2027 [4]. Core Insights - The company is expected to achieve a substantial year-on-year increase in net profit for Q1 2025, with estimates ranging from 29.14 million to 38.47 million yuan, reflecting a growth of 150% to 230% [1][2]. - The "Three Expansion" strategy is being effectively implemented, focusing on store upgrades, supply chain optimization, and enhancing customer value, which contributes to the company's profitability [2][3]. - The company is accelerating its franchise model, with 30 selected franchise stores opened by the end of March 2025 and a target of 500 stores for the year [3]. - A partnership with Beijing Volcano Engine Technology Co., Ltd. aims to develop AI-driven smart hardware, creating new growth opportunities in the AI and consumer sectors [3]. - The company is collaborating with Xin Xuan to establish a well-known MCN organization in the maternal and infant industry, enhancing its live-streaming capabilities [4]. Financial Projections - The projected revenue for 2025 is 12.34 billion yuan, with a growth rate of 32.1% compared to 2024 [5][8]. - The net profit attributable to the parent company is expected to reach 362 million yuan in 2025, marking a 100% increase from 2024 [5][8]. - Earnings per share are forecasted to be 0.29 yuan in 2025, with a price-to-earnings (PE) ratio of 46 [5][8].