证券代码:603214 证券简称:爱婴室 公告编号:2025-021 上海爱婴室商务服务股份有限公司 2025 年一季度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海爱婴室商务服务股份有限公司（以下简称"公司"）根据上海证券交易 所《上市公司行业信息披露指引第四号——零售》的要求，《关于做好主板上市 公司 2025 年第一季度报告披露工作的重要提醒》要求，现将 2025 年一季度门店 变动情况及主要经营数据披露如下： 一、报告期内门店变动情况 | 地区 | 经营 | | | 新开门店 | | 关闭门店 | | | | 期末门店 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 业态 | 门店 | 面积(m2) | | 开业 门店 | 面积(m2) | | 关闭 | 门店 | 面积(m2) | | | | 家数 | | | 时间 家数 | | | 时间 | 家数 | | | 华东 | 零售 | 5 | 808. ...

Financial Performance - The company reported a basic earnings per share of 0.0483 yuan for Q1 2025, representing a 7.57% increase compared to 0.0449 yuan in Q1 2024 and a significant increase from 0.0191 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 0.07 billion yuan, up 16.67% from 0.06 billion yuan in Q1 2024 and an increase from 0.03 billion yuan in Q1 2023 [1] - The operating revenue for Q1 2025 reached 8.59 billion yuan, a 6.58% increase from 8.06 billion yuan in Q1 2024 and an increase from 7.58 billion yuan in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 was 0.58%, up from 0.55% in Q1 2024 and significantly higher than 0.24% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 66.55 million shares, accounting for 48.04% of the circulating shares, which is a decrease of 5.87 million shares from the previous period [1] - The largest shareholder, Shi Qiong, holds 32.28 million shares, representing 23.30% of the total share capital, with no change in holdings [2] - The second-largest shareholder, Mo Ruiqiang, holds 16.80 million shares, accounting for 12.13% of the total share capital, also with no change [2] - Partners Group Harmonious Baby Limited reduced its holdings by 4.15 million shares to 6.81 million shares, now representing 4.91% of the total share capital [2] - New entrants among the top shareholders include Lin Weihong, Penghua Quality Governance Mixed (LOF) A, and Wang Xi, with respective holdings of 2.06 million shares (1.49%), 1.66 million shares (1.20%), and 1.04 million shares (0.75%) [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Group 1 - The company, Shanghai Aiyingshi Business Service Co., Ltd., will hold its 2024 Annual General Meeting on April 25, 2025, at 10:00 AM, utilizing both on-site and online voting methods [1][2] - To enhance service for small and medium investors, the company will employ Shanghai Stock Exchange Information Co., Ltd. to provide a shareholder meeting reminder service, actively notifying shareholders about the meeting and voting [2] - Investors will receive smart SMS notifications with details on how to participate and vote, and they can also use existing trading and internet voting platforms if needed [2]

证券简称：孩子王 证券代码：301078 孩子王儿童用品股份有限公司 投资者关系活动记录表 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | 业绩说明会 ☐媒体采访 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员 姓名 | 投资者网上提问 | | 时间 | 2025年4月16日 15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 董事兼总经理 徐卫红先生 董事、副总经理兼财务总监 蔡博先生 | | | 董事、副总经理兼董事会秘书 侍光磊先生 | | 上市公司接待人员姓名 | 独立董事 饶钢先生 | | | 保荐代表人 李琦女士 | | | 保荐代表人 鹿美遥先生 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、公司涉及AI玩具业务吗？ | | 投资者关系活动主要 | 您好！公司涉及AI玩具业务。公司将按照"为儿童及 | | 内容介绍 | 新家庭提供一站式AI生活方式解决方案 ...

Summary of Conference Call Company Overview - The conference call primarily focused on the analysis of Ains, a company in the maternal and infant products sector, and its recent deep report [1][2] - Ains was established in 1997, initially focusing on the sales of milk powder and has since expanded its business through acquisitions and internal integration [3][4] Financial Performance - Revenue projections for Ains from 2024 to 2026 are estimated at approximately 3.6 billion, 4 billion, and 4.5 billion respectively, with year-on-year growth rates of 7%, 10%, and 12% [2] - The company has maintained a revenue growth rate of around 10% over the past decade, with significant increases in revenue growth rates from 17.5% in 2021 to 36.5% in 2022 [4][5] - For the first three quarters of 2024, the company's revenue was approximately 2.47 billion, reflecting a year-on-year growth of about 2% [5] Business Segments - Ains' primary revenue driver is its milk powder segment, which has consistently contributed 50% to 60% of total revenue [6] - The company is also expanding its product offerings in other food categories and self-owned brands, with a focus on enhancing its online sales channels [6][7] - The online sales channel has seen growth from 5.16% in 2020 to nearly 20% in the first three quarters of 2024 [7] Market Dynamics - The maternal and infant market is facing challenges due to declining birth rates, but recent government policies aimed at encouraging childbirth are expected to stimulate market growth [8][9] - Specific examples include the successful implementation of birth subsidies in regions like Hubei and Hohhot, which have shown positive impacts on birth rates [9][10] Competitive Advantages - Ains has a strong offline presence with nearly 500 stores, primarily concentrated in East China, which provides a competitive edge in customer engagement [11][12] - The company is adapting its store formats to smaller sizes to enhance efficiency and customer flow, with a significant portion of stores now being around 300 square meters [13][14] IP Business Collaboration - Ains is collaborating with Bandai Namco on IP business, which is expected to become a significant growth driver for the company [19] - The partnership focuses on leveraging popular IPs such as Gundam, Dragon Ball, and One Piece, which have substantial revenue contributions [20][21] - Ains plans to expand its IP-related retail presence, with expectations to open more stores in various cities [23][24] Future Outlook - The company aims to increase its share of private label products from 12% in 2024 to 20% in the next two to three years, which is anticipated to enhance profit margins significantly [17][18] - Overall, Ains is positioned to benefit from both the maternal and infant market recovery due to supportive policies and its strategic IP collaborations, indicating a positive growth trajectory [25]

孩子王对乐友国际的两次收购总成本达16亿元，其中商誉超过10亿元。若乐友国际因行业竞争或需求下 滑导致业绩不达预期，商誉减值将直接冲击公司利润。 母婴零售行业竞争白热化，传统线下零售商与电商平台（如京东、天猫）的双重夹击下，孩子王需应对 价格战和流量争夺。同时，消费者偏好转向个性化、体验式服务，若公司无法快速迭代服务模式（如社 交电商、即时配送），可能面临客户流失风险。 目前母婴行业整体面临新生儿出生率下降的挑战，2023年母婴相关企业注销量达107.9万家，行业景气 度下行趋势明显。乐友国际能否在逆势中持续增长存疑。 2024年年报，孩子王实现营业收入93.37亿元，同比增长6.68%；归母净利润1.81亿元，同比增长 72.44%，并计划每10股派发现金红利0.5元（含税）。这一增长显著高于2023年水平，但与2024年底发 布的业绩预告中"净利润最高增长100%"的预期相比，实际增幅有所收窄。从孩子王2024年财报中，我 们又可以读出什么机遇和风险呢？ 业绩增长过度依赖乐友国际 业绩增长可持续性存疑 根据2024年年报，孩子王归母净利润为1.81亿元，其中乐友国际贡献了1.0454亿元，占比达57.7% ...

历经连续三年的净利润下滑后，"母婴零售第一股"孩子王（301078.SZ）终于重拾增长。 2024年营业收入达93.4亿元，同比增长6.7%；归母净利润达1.81亿元，同比增长72.4%。 2025年一季度，预计净利润将达0.29亿元至0.38亿元，同比增长150%至230%。 但撑起利润的并非主业改善，而是2023年收购的北方母婴童连锁品牌"乐友国际"。 2024年1.8亿元的净利润中，乐友国际贡献了1.05亿，投资收益贡献了0.38亿，孩子王自身实现的利润或仅有0.38亿 元。 这离不开消费环境的变化、渠道话语权的转移，以及新生儿群体下降带来的长期压力。 2019年线下母婴店一度达到25万家的历史高峰，但随后四年间的关店比例达到40%。 传统母婴店作为品牌渠道的价值与权威性，正持续受到来自直播电商、母婴博主和社交媒体的冲击。 孩子王额外承受着"大店模式"带来的压力。 上市以来，孩子王门店坪效持续下滑，直营门店自2023年起便停止增长，2024年净减少了2家直营店。 不仅销售奶粉、纸尿裤、玩具、服装等品类，还提供洗浴、理发、游泳、游乐场等服务。 相对高端的定位聚集了一批优质用户。 孩子王付费会员价格在199 ...

点击注册小程序 公司 2024 年营收同比增长 4.06% ，归母净利润同比增长 1.61% 公司公布 2024 年年报： 2024 年实现营业收入 34.7 亿元，同比增长 4.06% ，实现归母净利润 1.1 亿元， 同比增长 1.61% ，实现扣非归母净利润 0.7 亿元，同比增长 9.78% 。 单季度拆分来看， 4Q2024 实现营业收入 10.0 亿元，同比增长 9.69% ，实现归母净利润 0.6 亿元，同比增 长 1.26 % ，实现扣非归母净利润 0.5 亿元，上年同期为 0.4 亿元。 公司 2024 年综合毛利率下降 1.5 个百分点，期间费用率下降 1.6 个百分点 2024 年公司综合毛利率为 26.9% ，同比下降 1.5 个百分点。单季度拆分来看， 4Q2024 公司综合毛利率为 28.8% ，同比下降 2.2 个百分点。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造 ...

在线上渠道方面，公司通过多平台布局和品牌矩阵建设，实现了线上销售的快速增长。2024年线上销售 额达到7.20亿元，同比增长17%。公司在拼多多、抖音、小红书等平台开设旗舰店，并通过直播带货和 达人合作，吸引了超百万观看人次，品牌影响力显著提升。 2024年，爱婴室（603214）以稳健的财务表现和创新的业务拓展，再次巩固了其在母婴零售行业的领先 地位。在宏观经济环境复杂多变、消费市场趋于谨慎的背景下，公司通过门店扩张、线上渠道深耕、产 品创新以及IP合作等多维度发力，实现了营业收入和净利润的双增长，展现出强大的市场韧性和战略前 瞻性。 财务表现稳健，盈利能力持续增强 4月2日晚，爱婴室公布了2024年年度报告。根据报告，爱婴室实现营业收入34.67亿元，同比增长 4.06%；归属于上市公司股东的净利润达到1.06亿元，同比增长1.61%。在行业整体承压的背景下，这一 成绩显示出公司在市场拓展和运营效率上的突出表现。 值得注意的是，公司基本每股收益同比增长2.59%，达到0.7646元，股东回报进一步提升。加权平均净 资产收益率虽较上期减少1.25个百分点，但依然保持在13.63%的较高水平，表明公司资产利用 ...