Core Viewpoint - The company, Jinfa Labi, once a leading player in the maternal and infant consumer market, is facing significant challenges as industry growth slows and competition intensifies, leading to a decline in its core business and market confidence [1][2]. Group 1: Business Performance - Jinfa Labi's core maternal and infant product business is experiencing an irreversible contraction due to intensified competition and changing consumer preferences, resulting in a diminishing advantage of offline channels [1]. - The decline in newborn numbers is shrinking the overall market, forcing the company into a battle for existing market share, while attempts to innovate through product extension and internet marketing have not yielded significant results [1]. Group 2: Strategic Shift - In search of a second growth curve, the company has turned to the medical beauty sector, proposing a "maternal and infant + medical beauty" synergy, but faces numerous challenges [2]. - Acquisitions of medical beauty institutions have not significantly contributed to revenue due to accounting standards, and integration issues have led to losses in some subsidiaries, which in turn have negatively impacted the parent company's financial health [2]. Group 3: Financial and Governance Issues - The company's financial performance is nearing the boundary of delisting risk, revealing deeper governance concerns, such as the timing of consolidating acquired companies and the pressure to meet revenue targets [2]. - The need for transparency in governance is highlighted, as some investors view the company's responses to subsidiary performance issues as passive and potentially damaging to its operational integrity [2]. Group 4: Future Outlook - To navigate its challenges, Jinfa Labi must focus on refining its core business, reducing inefficient product lines, and concentrating on high-potential categories to rebuild competitive barriers [3]. - The company should aim to genuinely integrate resources between maternal and infant sectors and medical beauty to avoid operational silos, while also fostering market trust through transparent communication and verifiable improvements in its core business [3].
ST金比:母婴业务是萎缩、跨界医美拖累业绩 破局需重铸内生力量