Core Insights - The recent operational issues faced by the Rabbit Baby distributors have raised market concerns, testing the brand's emergency response capabilities and prompting reflections on distributor management within the industry [1] Financial Health - In the first half of 2025, Rabbit Baby reported a net profit of 268 million yuan, reflecting a year-on-year growth of 9.71% - The company demonstrated strong cash flow generation and dividend capabilities, announcing a dividend plan of 2.8 yuan per 10 shares (including tax), totaling 229 million yuan, with a mid-term dividend payout ratio of 85.63% [3] Business Transformation - To adapt to market changes, Rabbit Baby is actively pursuing business transformation and channel optimization - In the first half of 2025, the revenue from the decorative materials business was 2.985 billion yuan, showing a year-on-year decline, but the company is focusing on expanding its presence in rural markets, having recruited 847 rural stores, bringing the total to 2,481, an increase of over 300 since the beginning of the year - The custom home business showed growth potential, with revenue from full-house customization reaching 621 million yuan, a year-on-year increase of 4.46% [4] Industry Reflection - The distributor issues faced by Rabbit Baby are not isolated, as the home building materials industry has seen frequent operational difficulties among distributors - This highlights common challenges in distributor management and financial oversight across the industry - Local initiatives are exploring the establishment of third-party financial supervision systems or unified management platforms to enhance consumer safety and provide new management strategies for brands [6] Brand Commitment - Despite short-term challenges, Rabbit Baby remains committed to product innovation and service upgrades - The company focuses on the research, production, and sales of new home renovation materials, including boards, full-house customization, flooring, and wooden doors, gaining market recognition for its environmental friendliness and quality - The company governance remains stable, having successfully held its first extraordinary general meeting of shareholders in 2025, demonstrating governance transparency and compliance - For consumers, shopping through authorized channels and understanding the brand's after-sales policies are crucial for ensuring consumer protection [7]

消费者权益保护与行业信任机制的构建成为行业可持续发展的关键。近日，"全球家庭品质护理第一 股"圣贝拉集团(以下简称"圣贝拉")与招商银行合作，通过推出"月子保障金安全账号"，为家庭护理行业 树立了新的标杆，注入了一剂强心针。 本报讯(记者李春莲)在消费升级对服务品质提出更高要求、监管政策不断收紧规范行业秩序的双重驱动 下，家庭护理行业过去长期存在的预付费纠纷、服务质量参差不齐等痛点愈发凸显，资金监管正从行 业"可选项"转变为"必答题"，成为推动家庭护理行业健康可持续发展的新方向。 圣贝拉作为亚洲及中国最大的全周期家庭护理集团，敏锐地捕捉到了这一行业趋势。圣贝拉一直将企业 内部合规与保障消费者权益视作公司治理的重要指标。此次与招商银行携手推出资金监管账户，正是圣 贝拉在保障消费者权益方面的一次重要举措。这一监管账户的设立，标志着圣贝拉基于上市公司规范的 资金保障机制落地，为消费者构建了一道坚实的资金安全屏障。 在这套监管机制下，客户预付资金直接进入银行监管账户，在服务开始前始终处于监管状态，企业无法 提前动用。只有当客户实际入住后，圣贝拉才能按约定程序向银行申请资金划转，实现了从签约到履约 的全过程透明化管理。 ...

Core Viewpoint - The establishment of the first property service trust in Nanjing aims to enhance transparency and accountability in property management by segregating property fees and public revenues, addressing the prevalent issues of fund supervision in the industry [1] Group 1: Project Overview - The property service trust project was launched in the Qinhai District of Nanjing, specifically in the Pingshi Street community [1] - The project involves the creation of an independent trust account to ensure that property fees and public revenues are managed separately and transparently [1] - The collaboration includes Jiangsu International Trust Co., the local community, Baoshihua Property Company, and Ningbo Bank [1] Group 2: Operational Mechanism - The trust structure designates the homeowners' association as the principal, the trust company as the trustee, the property company as the executor, and all homeowners as beneficiaries [1] - A dedicated trust account is established by Jiangsu Trust to manage property fees and public revenues, ensuring funds are used specifically for property management [1] - The property company receives compensation based on an agreed percentage, promoting financial transparency and risk isolation [1] Group 3: Benefits and Impact - This initiative aims to protect homeowners' rights from the outset, ensuring fund safety and designated usage [1] - The introduction of a third-party supervision mechanism is expected to encourage property service companies to improve service quality [1] - The project effectively isolates community funds from the property company and homeowners' committee, enhancing accountability [1]

Core Viewpoint - The company has launched a "Postpartum Guarantee Fund Safety Account" service in collaboration with China Merchants Bank, aimed at ensuring the safety of advance payments made by customers for maternity center services [1][2]. Group 1: Service and Financial Management - The company requires customers to pay a 50% advance payment when signing the service contract, typically around six months before the expected delivery date [1]. - Advance payments will be placed in a bank-controlled special account, remaining frozen until the customer checks in and receives services, ensuring the safety of customer funds [2]. - This independent bank custody and closed funding supervision is expected to enhance customer trust and reduce decision-making time and costs [2]. Group 2: Industry Context and Impact - The postpartum center industry is experiencing a "shutdown wave" and "bankruptcy wave," with several centers closing down due to previous low-quality expansion and price wars [2]. - The company aims to raise industry service standards and operational thresholds, which may accelerate supply clearing in the market, positioning itself as a leader in providing high-quality products and services [2]. - The company is expected to benefit from a light-asset model relying on hotel management and a strategy of managing first before acquiring [3]. Group 3: Financial Projections - The company maintains adjusted net profit forecasts of 121 million, 198 million, and 302 million yuan for 2025, 2026, and 2027, respectively [3]. - The current stock price corresponds to a PE valuation of 32x, 19x, and 13x for the respective years, with a target PE of 30x for 2026, leading to a target price of 10.36 HKD [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The introduction of bank fund supervision enhances the safety of advance payments, providing a more secure consumer experience and potentially reducing decision-making time and costs for customers [3] - The company aims to elevate service standards and trust mechanisms in the maternal and infant industry, positioning itself as a benchmark for safety and quality, especially in light of recent industry challenges [3] - The company is expected to benefit from a light asset model and a strategy of management first followed by acquisitions, with adjusted net profit forecasts of 1.21 billion, 1.98 billion, and 3.02 billion for 2025, 2026, and 2027 respectively [3] Financial Summary - Total revenue is projected to grow from 560 million in 2023 to 1,710 million by 2027, with a compound annual growth rate (CAGR) of approximately 27.2% [2] - The company is expected to turn a profit in 2025 with a net profit of 121 million, increasing to 302 million by 2027, following a significant loss in 2023 and 2024 [2] - The gross margin is expected to stabilize around 36.4% to 38.2% from 2025 to 2027, indicating a focus on maintaining profitability as revenues grow [2] Industry Context - The maternal center industry is undergoing a consolidation phase, with the company’s initiatives likely to accelerate supply clearing and set higher operational standards [3] - Recent closures in the industry highlight the need for improved service quality and operational standards, which the company is addressing through its new banking partnership [3] - The company’s strategy to implement independent fund custody is expected to enhance consumer trust and safety, potentially leading to a competitive advantage in a challenging market [3]

Core Viewpoint - The launch of the cloud payment and fund supervision platform by Industrial Bank aims to enhance the security and reliability of prepayment for off-campus training institutions through the use of digital RMB and smart contract technology [1][2] Group 1: Platform Features - The cloud supervision platform allows parents to select courses and pay tuition fees online using digital RMB, with funds entering a bank-regulated wallet that cannot be accessed by training institutions until classes are confirmed as completed [1] - The platform provides a full-process constraint on "course payment + fund supervision," creating a transparent and reliable payment barrier for parents and fostering mutual trust between compliant educational institutions and families [1] Group 2: Target Users and Benefits - The platform serves educational training and vocational education institutions, offering integrated services from course management to fund supervision, thereby supporting the digital upgrade and healthy development of the education industry [2] - Parents can conveniently manage course selections and payment confirmations through their mobile devices, while regulatory authorities can monitor total fund supervision amounts and the number of institutions in real-time for efficient and transparent oversight [2] Group 3: Future Plans - The Industrial Bank's Fuzhou branch plans to further develop digital RMB payment scenarios and gradually expand this model to a wider range of prepaid payment fields, reinforcing financial security for consumers [2]

Core Insights - Suzhou Rural Commercial Bank has successfully launched the "School Canteen Fund Supervision Platform" in collaboration with the Wujiang District Education Bureau, aimed at enhancing fund management efficiency and transparency through comprehensive oversight of school canteen expenditures [1][2] Group 1: Platform Features - The asset management platform covers various aspects including canteen procurement, salary disbursement, student meal fee payments, and multi-level report query services [1] - The platform integrates directly with the Sunshine Canteen system, allowing canteen administrators to confirm order data, which is then verified by financial personnel for fund disbursement, creating a fully electronic audit trail [1] - The salary disbursement feature includes a trial calculation function that automatically computes necessary deductions such as social security and housing fund, generating detailed pay slips with a single click [1] Group 2: Collaborative Efforts - The project was made possible through the collaboration of multiple departments within the bank, including the Network Finance Department, Financial Technology Department, Retail Banking Department, Transaction Banking Department, and Corporate Banking Department [2] - The platform establishes a closed-loop management system for canteen funds, utilizing bank custody, special account accounting, and timely disbursement functions to enhance fund security [2] - The Education Bureau can monitor real-time balances, fund transfer details, and carryover situations of each school's supervisory account, addressing issues of unclear fund flow and weak oversight in traditional models [2]