Di Yi Cai Jing·2025-05-21 09:45Core Viewpoint - The recovery of newborn population in 2024 has provided relief to maternal and infant-related listed companies, but long-term growth remains dependent on overcoming reliance on population dividends [1][2]. Group 1: Company Performance - In Q1 2024, Kidswant (孩子王) reported revenue of 2.4 billion yuan, a year-on-year increase of 9.5%, and net profit of 31.08 million yuan, up 166% [1]. - Aiyingshi (爱婴室) achieved Q1 2024 revenue of 860 million yuan, growing 6.6% year-on-year, with net profit of 6.694 million yuan, up 6.1% [1]. - The newborn population in China for 2024 was 9.54 million, an increase of 520,000 from the previous year, positively impacting the maternal and infant market [1]. Group 2: Revenue Drivers - The growth in revenue for Kidswant and Aiyingshi was primarily driven by core business milk powder sales, with revenues of 5.07 billion yuan and 2.1 billion yuan respectively, both showing year-on-year growth of 9.4% and 9.5% [2]. - In Q1 2025, Aiyingshi's milk powder revenue reached 530 million yuan, a 10.9% increase year-on-year, while sales of other products like toys also saw growth [2]. - Haoyue Care (豪悦护理) reported a 4.3% increase in infant hygiene product revenue to 2.06 billion yuan in 2024, contributing to an overall revenue of 2.93 billion yuan, reversing a decline from the previous year [2]. Group 3: Market Trends and Challenges - Analysts indicate that while the recovery in newborn numbers has contributed to performance, companies must diversify away from reliance on population growth due to the long-term decline in birth rates [3]. - Companies are exploring transformation paths, with Haoyue Care investing in adult incontinence products to capitalize on the aging population trend [3]. - The management of Yili has indicated potential slight declines in birth rates in 2025, reflecting ongoing challenges in the demographic landscape [3].