Core Viewpoint - The leading domestic mother and baby retail company, Kidswant, is seeking a dual listing on the Hong Kong Stock Exchange, but its business growth shows signs of fatigue, with revenue growth in the mother and baby sector remaining in single digits for the upcoming years [1][2]. Group 1: Business Performance - Kidswant's revenue from the mother and baby sector has shown a clear decline, with growth rates of only 2.9%, 6.9%, and 5.4% for 2023, 2024, and the first three quarters of 2025, respectively [4][6]. - The company's average store revenue and sales per square meter have been continuously declining, with a 10.79% decrease in average store revenue and a 9.14% decrease in sales per square meter in 2023 [8][10]. - The overall revenue figures from 2020 to 2024 show fluctuations, with revenues of 83.55 billion, 90.49 billion, 85.2 billion, 87.53 billion, and 93.37 billion yuan, reflecting a growth rate of 1.37%, 8.30%, -5.84%, 2.73%, and 6.68% respectively [2][4]. Group 2: Profitability and Cost Structure - Kidswant's net profit has been declining, with figures of 3.91 billion, 2.02 billion, 1.22 billion, 1.05 billion, and 1.81 billion yuan from 2021 to 2023, showing a significant drop of 48.44% and 39.44% in 2022 and 2023 [2][4]. - The company relies heavily on low-margin products, with over 55% of its revenue coming from milk powder sales, which have seen a decline in gross margin [6][7]. - The operating costs are high due to the "heavy asset store model," with average store sizes around 2,500 square meters, leading to increased rent and labor costs [7][8]. Group 3: Strategic Moves and Acquisitions - Kidswant has been actively pursuing a "three expansions" strategy since 2023, aiming to build a comprehensive consumer ecosystem around mothers, including categories like personal care and beauty [11]. - The company completed the acquisition of Lejoy International, a leading northern mother and baby chain, with performance commitments for 2023-2025, but faces challenges in meeting these targets [11][12]. - Recent acquisitions, including a 60% stake in Shanghai Xingyan Biotechnology and a 16.5 billion yuan purchase of a hair care chain, have raised concerns about financial stability and potential goodwill impairment [12][13].
孩子王A+H：母婴童业务增长乏力、重金收购的乐友上半年店均收入坪效双降 频繁收购下暗藏商誉减值风险