这家龙头市值“腰斩”，现要港股上市！

Core Viewpoint - Kid King Children's Products Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor, despite its stock price being halved since its debut on the Shenzhen Stock Exchange in October 2021 [1][6]. Company Overview - Kid King primarily engages in the mother and baby products business, including sales of related products and providing child development and parenting services [3]. - The company aims to expand its product offerings beyond mother and baby products, having acquired the Siyi Group in July 2025 to enter the scalp and hair care market [3]. Market Potential - The Chinese mother and baby products and services market is projected to reach a scale of 39,950 billion yuan by 2024, with a compound annual growth rate (CAGR) of 4.1% from 2025 to 2029 [3]. - The scalp and hair care market is expected to grow from 611 million yuan in 2024 to 1,030 million yuan by 2029, with a CAGR of 11% [3]. Business Model - Kid King's business model extends consumption scenarios from children to the entire family, incorporating postpartum recovery and beauty care services [4]. - The company's revenue growth is driven by frequent participation from members and consumers rather than solely relying on customer acquisition or price competition [4]. Financial Performance - Kid King's revenue has shown consistent growth, with figures of 85.2 billion yuan, 87.53 billion yuan, and 93.37 billion yuan from 2022 to 2024, respectively [4]. - For the first three quarters of 2025, the company reported revenue of 73.49 billion yuan, an 8% increase year-on-year, and a net profit of 66.02 million yuan, up 28% [4]. Strategic Expansion - The company has implemented a "three expansions" strategy focusing on expanding product categories, market segments, and business formats [5]. - Kid King acquired a 65% stake in Leyou International in 2023 and plans to achieve full ownership by 2024, significantly increasing its offline channel network [5]. Shareholder Structure - As of December 12, 2025, Kid King's stock price was 9.65 yuan, with a market capitalization of approximately 12.2 billion yuan, reflecting a significant decline from its initial market value [7]. - The largest shareholder group, led by Executive Director and Chairman Wang Jianguo, holds approximately 27.14% of the company's shares [7].