江苏富豪操刀IPO，身家155亿，卖母婴用品年入93亿

Core Viewpoint - Kidswant Children Products Co., Ltd (Kidswant) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to enhance its international strategy and establish a globally influential family service brand [1][14]. Group 1: Company Overview - Founded in 2009, Kidswant focuses on products and services for expectant mothers and children aged 0-14, utilizing a heavy membership model to offer a comprehensive range of goods and services [3][16]. - As of 2024, Kidswant ranks first in China's maternal and child products and services market with a market share of 0.3% [3][17]. Group 2: Business Expansion Strategy - Kidswant has adopted a "three-expansion strategy" to diversify its business through acquisitions, including entering the hair care market by acquiring Silk Domain Group for 1.65 billion RMB [3][4][17]. - The company has also expanded into the beauty and personal care sector through previous acquisitions [3][17]. Group 3: Financial Performance - Kidswant's revenue for the years 2022, 2023, 2024, and the first nine months of 2025 were 85.20 billion RMB, 87.53 billion RMB, 93.37 billion RMB, and 73.49 billion RMB, respectively, with corresponding net profits of 1.20 billion RMB, 1.21 billion RMB, 2.05 billion RMB, and 2.29 billion RMB [4][18]. - The company's reliance on maternal and child business is decreasing, with revenues from this segment accounting for approximately 90% of total revenue in recent years [7][19]. Group 4: Debt and Financial Structure - As of Q3 2025, Kidswant's long-term debt reached 20.44 billion RMB, a 144% increase from the previous year, with a total debt ratio of 64.26% [8][20]. - The upcoming IPO is viewed as a crucial step to alleviate debt pressure and optimize the company's financial structure [8][20]. Group 5: Shareholder Information - The largest shareholder group of Kidswant, including founder Wang Jianguo, holds approximately 27.14% of the voting rights [12][22]. - Wang Jianguo is a serial entrepreneur with a net worth of 15.5 billion RMB, also owning another listed company, Huitongda [1][12].