Investment Rating - The report suggests a positive outlook for the maternal and infant industry, driven by government policies aimed at encouraging childbirth and stimulating market growth [2][3]. Core Insights - The implementation of various supportive policies by the government is expected to boost the maternal and infant industry, with a projected increase in birth rates and consumer spending in this sector [6][9]. - The maternal and infant consumption market in China is anticipated to grow significantly, reaching approximately 76,299 billion yuan in 2024, with a potential increase to 89,149 billion yuan by 2027 [9][11]. - The report highlights the rapid development of the infant food market, with a compound annual growth rate (CAGR) of 8.9% from 2019 to 2024, leading to a market size of about 55.91 billion yuan in 2024 [25][29]. - The maternal and infant retail chain market is also expanding, with a projected growth from 587.4 billion yuan in 2019 to 906.2 billion yuan in 2024, reflecting a CAGR of 9.1% [32][34]. Summary by Sections Policy Impact - The Chinese government has introduced various policies to encourage childbirth, including subsidies and tax reductions, which are expected to stabilize and potentially increase the birth rate [6][7]. - The focus on modern parenting and quality of life among younger parents is driving demand for diverse maternal and infant products [6][9]. Market Growth - The maternal and infant consumption market is projected to grow to 76,299 billion yuan in 2024, marking a significant recovery in birth rates with 9.54 million births expected [9][11]. - The infant food market is experiencing rapid growth, with a projected market size of 55.91 billion yuan in 2024 and a CAGR of 8.9% from 2019 to 2024 [25][29]. Industry Segmentation - The report outlines the structure of the maternal and infant industry, which includes upstream food production, midstream manufacturing of products, and downstream retail channels [13][14]. - The dairy industry is also highlighted, with a projected market size of 5,216.70 billion yuan in 2024, despite a slight decline in milk production due to market imbalances [16][20]. Company Analysis - The report identifies key companies in the maternal and infant sector listed on the Beijing Stock Exchange, including Knight Dairy and Wuxi Jinghai, along with potential listings such as Southern Dairy and Ying's Holdings [44][45]. - The overall market capitalization of the consumer service sector on the Beijing Stock Exchange has increased, with a median market cap of 123.92 billion yuan [52][54].

作者：新消费主张/cici 从核心主品牌BeBeBus创立到递交招股书试图叩响资本市场大门，不同集团仅用了不到5年的时间。 2019年，不同集团核心主品牌BeBeBus创立， 2025年初便向港交所递交招股书，募资用于提升生产能 力、扩大海外市场影响力、品牌活动及扩大销售网络、研发新品及用作营运资金。如今，不同集团港股 IPO已获得中国证监会备案，这是否说明不同集团港股IPO胜券在握呢？ 不同集团在母婴界快速崛起堪称传奇，这离不开创始人超强营销嗅觉，公司早期将推广费近乎all in小 红书平台。但其快速发展背后也藏着多重经营风险和隐忧，如品牌过度依赖社交媒体种草、轻研发重营 销状况明显；业务结构尚不稳定，品牌知名度打出后，BeBeBus业务从出行场景向婴幼儿护理场景拓 展，由于缺乏自身生产线，婴幼儿护理场景产品多靠代工生产，品控问题频发影响品牌高端形象；品牌 根基不稳、高端形象动摇，在小红书平台上，不少消费者都认为BeBeBus是营销出来的品牌，并且公司 产品售价也极不稳定。 更了解母婴群体、汪蔚"all in小红书"重金营造的高端品牌定位或并不稳 出品：新浪财经上市公司研究院 "85后连续创业者"、"高端母 ...

Core Insights - Babycare, a Chinese maternal and infant brand, has announced its entry into the Japanese market, aiming to establish its brand through product exports rather than traditional retail expansion [2][3] - The company faces significant challenges in gaining consumer trust in Japan, a market known for its high standards and preference for local brands [2][6] - Babycare's strategy appears to be a response to stagnation in its domestic market, seeking to enhance its brand image and prepare for an upcoming IPO [3][26] Market Positioning - Babycare's flagship product, the purple cover wet wipes, has been introduced in 8,000 stores across Japan, including major retail chains like 7-ELEVEn [2][6] - The Japanese maternal and infant market is valued at 12 trillion yen, making it a critical target for Babycare's growth strategy [6] - The company aims to leverage its product's physical attributes, such as thickness and liquid absorption, to differentiate itself in a competitive market [6][10] Challenges and Risks - Babycare's reliance on an outsourcing model for production has raised concerns about quality control, especially given past controversies regarding product safety [11][16] - The Japanese market has stringent compliance requirements, and any quality issues could lead to significant repercussions for Babycare's brand reputation [16][22] - The company must navigate a complex landscape of established competitors, including local brands with strong market presence and consumer loyalty [27][28] Strategic Insights - Babycare's approach to product design and marketing may not fully align with Japanese consumer expectations, which prioritize safety and durability over mere aesthetic appeal [22][30] - The brand's previous controversies and shifting market positioning could hinder its ability to establish a clear identity in Japan [28][30] - The case of Babycare highlights the need for Chinese brands to focus on genuine product innovation and quality assurance rather than superficial marketing strategies [30][31]

Market Overview - The A-share market is experiencing a volume contraction with the overall market indices showing slight declines, particularly the ChiNext Index and the Sci-Tech 50 Index, which fell by 1.13% and 1.22% respectively [7][9] - The total market capitalization of the Shanghai Composite Index is 6715.52 billion, with a price-to-earnings (PE) ratio of 12.37 and a price-to-book (PB) ratio of 1.28 [3] Industry Dynamics - The Chinese logistics industry experienced a slight increase in the logistics prosperity index, reaching 50.8% in June, indicating a continued expansion in business volume [16][17] - The engineering machinery export market showed a divergence in performance, with Africa leading in growth at 49.52%, while exports to Europe and North America faced declines of 12.30% and 10.42% respectively [28][29] - In July 2025, China's battery production is projected to increase by 37% year-on-year, with a total output of 138 GWh across various battery types [30] - The top three companies in global energy storage cell shipments for the first half of 2025 are CATL, EVE Energy, and BYD, with market shares of 30.7%, 13.2%, and 10.7% respectively [32][33] - The first customs support measures for the cosmetics industry were implemented in Shanghai, aimed at enhancing the quality and scale of domestic cosmetics brands [35] Company Updates - Woge Optoelectronics announced the results of its stock option incentive plan, with 724,100 shares exercised, representing 53.66% of the total options available [40][41] - Nanjing Julong released its second stock incentive plan, aiming to bind core personnel with 785,000 shares allocated [43][44] - Bull Group has repurchased shares worth 2.47 billion, accounting for 0.27% of its total share capital [45][46] - Kid King projected a net profit of 119.64 million to 159.52 million for the first half of 2025, reflecting a year-on-year increase of 50% to 100% [47][48] - Water Sheep Group reported progress on its share repurchase plan, having bought back 8,097,150 shares, which is 2.08% of its total share capital [50][51]

记者丨张飞涛 实习生丨刘宇 出品丨鳌头财经 "我连家门都没推出去过，就在家里试推了一下。"近日，山东消费者王先生怎么也没想到，短短几步的试推，竟成了价值1259元的gb好 孩子婴儿车无法退货的理由。 王先生的情况并非个例。在黑猫投诉、12315等投诉平台上，有类似遭遇的消费者不在少数，售后困难、虚假宣传、品牌质量大不如前等 评价已经成为投诉重灾区。另有快递员透露，"仓库中还积压了数百台（拟退货）gb好孩子商品。" 作为母婴行业畅销品牌，gb好孩子品牌宣传时表示支持7天无理由退货政策，但售后时却以"有使用痕迹"为由拒绝退货，并且对"使用痕 迹"尚无公开的判断标准，完全是企业说了算的售后体系，无异于变相的霸王条款。而gb好孩子客服"试用前垫纸"的荒诞建议更将这场信 任危机推至风口浪尖。 退货标准模糊，引发品牌信任危机 根据极目新闻报道，近日，山东的消费者王先生反映：他网购了一台售价1259元的gb好孩子"鲲鹏Pro"婴儿车，收到货后在家里试推了一 下，感觉车子晃动幅度较大，当日便在平台申请了7天无理由退货。 原本以为会顺利推进的退货流程，却在商品寄出去后，被品牌方拒收了，拒收理由是轮子有磨损。这一拒绝理由让王先生 ...

Investment Rating - The report rates the cosmetics and medical beauty industry as "Positive" [2][3] Core Viewpoints - The cosmetics retail sales growth for January to May 2025 is 4.1%, an increase of 2 percentage points compared to the same period last year, indicating a steady recovery in demand [3] - The performance of leading brands remains strong, with double-digit growth, supported by the theme of self-care in new consumption trends, leading to a positive outlook for the first half of 2025 [3] - The 618 shopping festival saw strong performances from domestic brands, with notable rankings on platforms like Tmall and Douyin [3] Summary by Sections Cosmetics Industry Outlook - The report anticipates significant revenue and net profit growth for major companies in Q2 and H1 2025, with specific forecasts: - Up Beauty Co. is expected to see a revenue increase of 16% and a net profit increase of 25% [3] - Marubi is projected to grow revenue by 22% and net profit by 28% in Q2 2025 [3] - Proya is expected to achieve a revenue growth of 10% and net profit growth of 15% in Q2 2025 [3] Key Companies Performance - Notable companies and their expected performance include: - Mao Geping is projected to have a revenue increase of 38% and net profit increase of 35% in H1 2025 [3] - Ruibin is expected to see a revenue increase of 15% and net profit increase of 15% in Q2 2025 [3] - Huaxi Biological is expected to maintain stable performance with a 0% revenue growth and a 10% net profit increase in Q2 2025 [3] Investment Recommendations - The report recommends focusing on companies with strong brand matrices and comprehensive product layouts, such as Up Beauty Co., Marubi, and Proya, which are expected to benefit from the live e-commerce traffic [3] - It also highlights the importance of niche market players like Ruibin and Mao Geping, who are positioned to capitalize on the rise of personal care and domestic beauty trends [3] - For the medical beauty sector, the report suggests focusing on companies with high R&D barriers and strong profitability, recommending companies like Aimeike and Langzi [3] E-commerce and Other Segments - The report suggests monitoring e-commerce companies like Ruibin, which is expected to see significant growth in revenue and net profit [3] - In the maternal and infant sector, Kid King is projected to exceed market expectations with a revenue increase of 10% and a net profit increase of 70% in Q2 2025 [3]

Core Insights - The company Aiyingshi has been recognized as one of the leading local brands in Shanghai's "2024 Annual Shanghai Launch Economy Leading Local Brands" list, reflecting its strong brand influence and continuous innovation [2][4] - This recognition highlights Aiyingshi's market leadership and its role as a benchmark for invigorating consumer activity in the local market [4] Company Overview - Aiyingshi is a leader in the maternal and infant industry in Shanghai, with nearly 500 stores across more than 40 cities in China [4] - The company leverages advanced digital technology to enhance its omnichannel service experience and continuously launches exclusive new products to meet modern parenting needs [4] Market Context - The list includes a diverse range of categories, with a total of 73 brands recognized, including 26 that are traditional Chinese time-honored brands [4] - The Shanghai Municipal Commercial Association emphasizes that the characteristics of these brands are closely aligned with the demands of contemporary development, contributing significantly to the vibrant growth of the Shanghai consumer market [4]

据了解，不同集团 的 目标客群为平均年龄在35岁的新中产家庭，主要产品是高颜值、高客单 价的婴儿推车、儿童安全座椅和婴儿腰凳等耐用消费品。依托于小红书、抖音等平台推广， 这家在2019年才推出新锐品牌BeBeBus的公司迅速崛起，只用了不到六年就叩响了资本市场 的 大门。 营销费用高居不下 除税前利润率不足10% 一家从小红书起家的"母婴顶流"即将赴港上市。 6月26日晚，中国证监会国际合作司发布关于BUTONG GROUP（不同集团）境外发行上市 备案通知书。 今年1月2日，不同集团曾向港交所递交招股书，拟在香港主板挂牌上市。 根据弗若斯特沙利文的资料，按2023年GMV （ 商品交易总额 ） 计算，BeBeBus是中国最 畅销的耐用型高端育儿产品品牌。 招股书显示，2022年、2023年和2024年前9个月（报告期内），不同集团营业收入分别为 5.07亿元、8.52亿元和8.84亿元，相应的净利润分别为-2122.9万元、2722.4万元和 4642.1万元，在其 产品 最畅销的2023年刚刚扭亏为盈。 值得注意的是，公司除税前利润率在2024年前三季度不足10%。 | | | 截至12月31日止年度 | ...

Core Viewpoint - The decline in newborn numbers from 17.86 million in 2016 to approximately 9 million in 2024 poses a significant challenge for the maternal and infant industry, leading to growth limitations for key players like Kidswant [1] Company Performance - Kidswant's performance has been under pressure since its 2021 IPO, with both revenue and net profit declining in 2022, and revenue growth without profit increase in 2023. A net profit of 181 million yuan was achieved in 2024, marking a year-on-year increase of 72.44%, largely due to the acquisition of Leyou International, which contributed 105 million yuan to net profit [1] - The company initiated a "three expansion strategy" in 2023, focusing on expanding product categories, market segments, and business formats to counteract growth stagnation [1] Strategic Acquisition - The acquisition of Siyi Industrial is a key move for Kidswant, as it aims to penetrate the hair care market. Siyi, established in 2014, operates 2,503 stores and has over 2 million members, showcasing strong financial performance with 2024 revenue of 723 million yuan and a net profit of 183 million yuan, reflecting a net profit margin of 25.3% [1] - The acquisition is designed to leverage overlapping customer bases, with 78% of Kidswant's 94 million members being mothers aged 25-45, aligning well with Siyi's target demographic [2] Financial Engineering - Kidswant's acquisition strategy involves holding 65% of Siyi and bringing in partners like Juzhi Biotechnology and the founders to share ownership, which helps bind industry resources while alleviating financial pressure. The initial funding of 660 million yuan includes 429 million yuan from Kidswant's raised funds, with the remaining 990 million yuan financed through loans, resulting in a leverage ratio of 1:2.85 [3] - The estimated valuation based on 2024 net profit suggests a price-to-earnings ratio of 9, which is below the average for the consumer sector and significantly lower than the assessed value [3] Market Concerns - Following the announcement of the acquisition, Kidswant's stock price dropped by 6.33%, raising concerns about the high assessment increase rate of 583.35% without performance guarantees. The company attributes this to intense bidding and the original shareholders exiting management [3] - The integration challenges are significant, as 93% of Siyi's stores are franchises, complicating standardization and management for Kidswant [3] Industry Outlook - The acquisition reflects Kidswant's proactive strategy to navigate the industry's downturn, with the success of this venture hinging on the effective implementation of synergies. The personal care market is projected to reach 81.25 billion yuan by 2028, with a compound annual growth rate of 7.3%, indicating a dissolving boundary between maternal and personal care sectors [4]

"不想在看不到希望的地方浪费青春" "但凡有一点能坚持下去，也不会选择不干" ...... 今天，中国母婴市场正经历着前所未有的渠道震荡。2025年母婴行业市场规模预计突破4.6万亿元，但传统实体母婴渠道却陷入冰火两重天：2024年底， 全国母婴店数量已从高峰期的25万家缩减至15万家，2024年线下母婴店销额重要性下降至55.2%！ 在线下渠道受到猛烈攻击的同时，电商正如洪水猛兽般席卷而来。凭借便捷性、丰富的SKU以及价格优势，获得越来越多消费者的青睐，也让越来越多的 母婴品牌重视线上渠道，资源投入力度越来越大。趋势下，线下母婴渠道的市场价值正在被无限挤压。 近日，笔者偶然看到一条微信视频，很是感慨。这条视频是一位母婴店老板的口述，她说，"开母婴店19年，服务了无数小孩，有些都已经上了大学，但 今天决定不干了......" 更令人心酸的是，这条视频下面，是无数母婴同行表达的理解和无奈，她们说： "出生率低，厂家不讲武德，电商割韭菜，实体生存真难" "躺平就是现在性价比最高的赚钱方式" "16年的母婴人路过，一路走来，见证了这个行业的起步，发展，高峰，低谷，心好累，想闭店，又舍不得，已经摆烂了" 尼尔森IQ， ...