证券代码：301078 证券简称：孩子王 公告编号：2025-034 经与会监事审议，认为公司董事会编制的《2025 年第一季度报告》符合《公 司法》《证券法》等相关法律法规的规定，报告内容真实、准确、完整地反映了 公司 2025 年第一季度的财务状况和经营成果，不存在任何虚假记载、误导性陈 述或者重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）上的 《2025 年第一季度报告》（公告编号：2025-035）。 表决情况：3 票赞成，0 票反对，0 票弃权。 （二）审议通过《关于使用部分暂时闲置的募集资金进行现金管理的议案》 公司在确保不影响募集资金投资项目建设、不改变募集资金使用用途、不影 孩子王儿童用品股份有限公司 关于第三届监事会第二十九次会议决议的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、监事会会议召开情况 孩子王儿童用品股份有限公司（以下简称"公司"）第三届监事会第二十九 次会议于 2025 年 4 月 19 日以书面方式向公司全体监事发出会议通知及会议材 料，于 2025 年 4 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 孩子王儿童用品股份有限公司（以下简称"公司"）第三届董事会第三十 七次会议于 2025 年 4 月 19 日以电子邮件形式向公司全体董事发出会议通知及 会议材料，于 2025 年 4 月 24 日通过现场会议及通讯方式召开并做出董事会决 议。本次董事会会议应出席董事 7 名，实际出席董事 7 名。会议由董事长汪建 国先生召集并主持，公司监事列席了会议。本次会议的召集、召开和表决程序 符合《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）等相关法律法规以及《孩子王儿童 用品股份有限公司章程》（以下简称"《公司章程》"）等制度的有关规定， 会议合法有效。 二、董事会会议审议情况 （一）审议通过《关于公司 2025 年第一季度报告全文的议案》 经审核，董事会认为：公司 2025 年第一季度报告真实、准确、完整地反映 了公司报告期内的经营状况。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）上的 《2 ...

华泰联合证券有限责任公司 关于孩子王儿童用品股份有限公司 使用部分暂时闲置的募集资金 进行现金管理的核查意见 华泰联合证券有限责任公司（以下简称"保荐机构"）作为孩子王儿童用品 股份有限公司（以下简称"孩子王"、"公司"）向不特定对象发行可转换公司 债券并在创业板上市及进行持续督导的保荐机构，根据《证券发行上市保荐业务 管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》等相关法律、法规和规范性 文件的要求，对孩子王使用部分暂时闲置的募集资金进行现金管理的事项进行了 审慎核查，并出具本核查意见。核查情况如下： 一、本次募集资金的基本情况 孩子王经中国证券监督管理委员会《关于同意孩子王儿童用品股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可[2023]1098 号）同意， 并经深圳证券交易所同意，向不特定对象发行 103,900.00 万元可转换公司债券， 每张面值为人民币 100 元，共计 1,039.00 万张，按面值发行。募集资金总额为人 民币 1,039,000,000.00 元，扣除发行费用后募集资金净额 1,02 ...

孩子王（301078）公告，2025年第一季度营收为24.03亿元，同比增长9.53%；净利润为3100.81万元， 同比增长165.96%。 ...

沪指4月22日上涨0.25%，申万所属行业中，今日上涨的有17个，涨幅居前的行业为商贸零售、建筑材 料，涨幅分别为1.03%、1.02%。商贸零售行业位居今日涨幅榜首位。跌幅居前的行业为传媒、通信， 跌幅分别为1.08%、0.97%。 资金面上看，两市主力资金全天净流出193.91亿元，今日有10个行业主力资金净流入，交通运输行业主 力资金净流入规模居首，该行业今日上涨0.90%，全天净流入资金14.79亿元，其次是银行行业，日涨幅 为0.67%，净流入资金为5.46亿元。 主力资金净流出的行业有21个，计算机行业主力资金净流出规模居首，全天净流出资金34.64亿元，其 次是有色金属行业，净流出资金为26.56亿元，净流出资金较多的还有通信、电子、传媒等行业。 商贸零售行业今日上涨1.03%，全天主力资金净流入1.99亿元，该行业所属的个股共100只，今日上涨的 有68只，涨停的有9只；下跌的有31只，跌停的有2只。以资金流向数据进行统计，该行业资金净流入的 个股有49只，其中，净流入资金超5000万元的有7只，净流入资金居首的是翠微股份，今日净流入资金 1.73亿元，紧随其后的是丽尚国潮、锦和商管，净流入资 ...

Investment Rating - The report indicates a positive outlook for the retail sector, with a focus on recovery and growth opportunities in various sub-sectors [3][31]. Core Insights - In March 2025, the total retail sales of consumer goods reached 40,940 billion yuan, showing a year-on-year growth of 5.9%, exceeding previous expectations [1][7]. - The growth rate for retail sales excluding automobiles was 6.0%, while the growth rate excluding petroleum and automobiles was 5.1% [1][7]. - The Consumer Price Index (CPI) in March 2025 was -0.1% year-on-year, indicating deflationary pressures [1][10]. - The retail sales for the first quarter of 2025 totaled 124,671 billion yuan, with a year-on-year increase of 4.6% [1][7]. Summary by Sections Retail Performance - Essential categories showed positive growth, with food, beverages, tobacco, and daily necessities increasing by 13.8%, 4.4%, 8.5%, and 8.8% year-on-year respectively [12][13]. - In March, furniture and home appliances saw accelerated growth, while petroleum products and construction materials experienced declines [12][13]. Regional Analysis - Urban retail sales in March reached 35,595 billion yuan, growing by 6.0% year-on-year, while rural retail sales were 5,345 billion yuan, growing by 5.3% [2][25]. - The online retail sales of physical goods for the first quarter of 2025 amounted to 29,948 billion yuan, accounting for 24.0% of total retail sales [2][27]. Investment Recommendations - The report highlights several investment opportunities, particularly in companies affected by previous tariff impacts, such as Anker Innovations and Haidilao [3][31]. - It also suggests focusing on companies with stable or improving Q1 performance and those in the new business models and transformations [3][31].

Group 1: Company Overview and Strategy - The company is involved in AI toy business and aims to provide a one-stop AI lifestyle solution for children and new families [1] - The company has established a comprehensive support system for its franchise business, focusing on six empowering capabilities [3] - The company plans to open 500 new franchise stores by 2025, with 30 already opened and over 100 in preparation [3] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 9.337 billion, a year-on-year increase of 6.68%, and a net profit of CNY 181 million, up 72.44% [10] - The estimated net profit for Q1 2025 is between CNY 29.147 million and CNY 38.474 million, expected to increase by 150%-230% compared to the same period last year [11] - The company's gross profit margin for 2024 was 29.74%, an increase of 0.18 percentage points from the previous year [10] Group 3: Market Expansion and Product Development - The company is focusing on expanding its product categories to meet the needs of all age groups, including snacks and educational products for older children [4] - The company is transitioning from pure product sales to a "product + service" model, leveraging three service platforms [4] - The company has launched an "export to domestic sales support plan" to help foreign trade enterprises expand into the domestic market [8] Group 4: Competitive Advantages and Innovations - The company has a significant competitive advantage through its one-stop shopping experience, professional parenting services, and digital and AI capabilities [6] - The company is developing a digital management system and has built a nationwide warehouse network to enhance its logistics and supply chain efficiency [9] - The company is actively pursuing AI technology applications to create a series of intelligent products for the maternal and child market [5] Group 5: Industry Outlook and Challenges - The company is optimistic about the industry's future, citing ongoing government support for childbirth and family policies as beneficial for maternal and child consumption [10] - The company acknowledges the uncertainties in its subsidiary operations due to macroeconomic factors and technological iterations [3] - The company is committed to maintaining its market leadership by enhancing service quality and expanding its market presence [6]

Core Viewpoint - The financial performance of the company in 2024 shows growth in revenue and net profit, but the sustainability of this growth is questionable due to heavy reliance on a single subsidiary, Leyou International [1][2]. Financial Performance - In 2024, the company achieved a revenue of 9.337 billion yuan, representing a year-on-year increase of 6.68% [1]. - The net profit attributable to shareholders was 181 million yuan, with a significant year-on-year growth of 72.44% [1]. - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares (tax included) [1]. Dependency on Leyou International - Leyou International contributed 1.0454 billion yuan to the net profit, accounting for 57.7% of the total [1]. - Excluding Leyou International, the company's original business net profit was only 76.72 million yuan, a decline of 36% compared to 2022 [1]. - Leyou International's profit commitment for 2024 was 100 million yuan, with an actual completion of 1.0454 billion yuan, indicating a completion rate of 104.4% [1]. Industry Challenges - The mother and baby retail industry is facing intense competition from traditional offline retailers and e-commerce platforms, leading to price wars and traffic competition [2]. - The overall industry is experiencing a decline in newborn birth rates, with 1.079 million related businesses being deregistered in 2023, indicating a downward trend in industry prosperity [2]. Strategic Recommendations - Optimize store structure and enhance single-store efficiency through refined operations, such as site selection and membership data analysis [3]. - Strengthen online and offline integration capabilities, exploring O2O models to reduce logistics costs and enhance repurchase rates through private traffic operations [3]. - Deepen supply chain and brand building by increasing the proportion of proprietary brands and collaborating with international brands to develop exclusive products [3]. - Monitor policy and market risks closely, preparing for potential policy benefits and enhancing ESG investments to align with changing consumer values [3]. Conclusion - The company's 2024 performance reflects initial success in strategic acquisitions and digital transformation, but challenges such as store efficiency, margin pressure, and intensified competition remain [4]. - Future strategies should focus on balancing expansion and profitability through innovative service models and supply chain optimization to solidify industry position [4].

Core Points - The Shanghai Composite Index opened high and the CSI All Retail Index reported at 2456.24 points [1] Group 1: Index Performance - The CSI All Retail Index has decreased by 1.82% over the past month, increased by 7.68% over the past three months, and has declined by 4.78% year-to-date [2] - The index is designed to reflect the overall performance of different industry companies within the CSI All Index, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] Group 2: Index Composition - The top ten weights in the CSI All Retail Index are: Yonghui Supermarket (10.98%), China Duty Free Group (9.78%), Digital China (8.64%), Wangfujing (5.27%), Kidswant (4.25%), Aishide (3.57%), Bailian Group (3.23%), Nanjing E-commerce (3.07%), Chongqing Department Store (3.03%), and Tianyin Holdings (2.81%) [2] - The market share of the CSI All Retail Index is composed of 50.64% from the Shenzhen Stock Exchange and 49.36% from the Shanghai Stock Exchange [2] Group 3: Industry Breakdown - The composition of the CSI All Retail Index by industry shows that general retail accounts for 49.17%, specialty retail for 26.73%, internet retail for 14.31%, and travel retail for 9.78% [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI All Index samples [3]

Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty industry, highlighting the potential for domestic brands to gain market share and improve competitive dynamics [4]. Core Insights - The domestic beauty market is expected to see an optimization in competitive dynamics, driven by a rise in domestic consumption and a retreat of international brands due to increasing geopolitical uncertainties [9][10]. - The cosmetics and medical beauty sector outperformed the market during the period from April 3 to April 11, 2025, with the Shenwan Beauty Care Index declining by 2.5%, which is better than the Shenwan A Index's decline of 1.9 percentage points [5][6]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector showed resilience, with key indices performing better than the overall market, indicating a positive trend for domestic brands [5][6]. - The report notes that the retail sales growth for cosmetics in January and February 2025 was 4.4%, outperforming the overall retail sales growth of 4.0% [23]. Market Trends - According to Euromonitor data, the market for domestic skincare and makeup brands is on the rise, with significant improvements in market share for brands like Proya and Natural Hall, which have entered the top ten in market share [9][35]. - The report anticipates that domestic brands will continue to benefit from the trend of rising domestic consumption, especially as international brands face challenges [10][35]. Company Performance Forecasts - For Q1 2025, several companies are expected to report positive growth: - Up Beauty Co. is projected to see a revenue and net profit increase of 10% year-on-year [11]. - Marubi is expected to achieve a revenue increase of 40% and a net profit increase of 35% [11]. - Proya is forecasted to have a revenue increase of 8% and a net profit increase of 10% [11]. - The report highlights that companies like Giant Biological and Mao Geping are also expected to see significant growth, with revenue and net profit both projected to increase by 40% and 25% respectively [11]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and high growth potential, such as Up Beauty Co., Proya, and Marubi, which are well-positioned to leverage the e-commerce boom [14]. - It also suggests keeping an eye on companies like Shanghai Jahwa and Betaini, which are expected to perform well in the upcoming quarters [14]. Industry Dynamics - The report discusses the entry of four prominent researchers into Proya, indicating a strong focus on technological innovation and talent development within the company [26]. - The competitive landscape in the medical beauty sector is evolving, with new products and innovations expected to drive growth and market share for companies like Jinbo Biological and Huaxi Biological [29][30].