Core Insights - The article emphasizes the rapid growth of the baby and child care industry in China, particularly in the baby wash and care segment, which is expected to surpass North America and Europe, becoming the largest single consumer market globally [1][12]. Group 1: Market Potential - The population of children aged 0-18 in China is projected to reach 261.8 million by the end of 2024, surpassing that of high-income economies [2]. - The market for children aged 4-12 is particularly significant, with over 130 million children in this age group, indicating a vast potential for segmented wash and care products [2][16]. - The average annual expenditure on child-rearing is expected to exceed 20,000 yuan in 2024, with total costs exceeding 500,000 yuan from pregnancy to age 17 [6][8]. Group 2: Industry Growth - The Chinese baby wash and care market is projected to reach nearly 33 billion yuan by 2024, with expectations to exceed 45 billion yuan by 2028, maintaining a growth rate above 7.5% [16]. - The global baby wash and care market is expected to surpass $14 billion by 2024 and approach $17 billion by 2028, with the Asia-Pacific region, particularly China, being a key growth driver [13][16]. Group 3: Consumer Trends - Consumers are increasingly focused on safety, efficacy, and brand reputation when selecting products, with 52.8% prioritizing natural ingredients and 50.4% considering product efficacy [29][31]. - The demand for facial and scalp care products is rising, especially among older children and teenagers, with significant growth in sunscreen and makeup products for children [18][20]. Group 4: Brand Dynamics - The market is characterized by a low concentration of brands, with a CR10 of 38.5% and a CR20 of 56.2%, indicating a need for diverse brands to meet consumer demands [23]. - Both international and local brands are competing effectively, with local brands rapidly gaining market share through innovative marketing and product development [26][31]. Group 5: Marketing Strategies - Content marketing, authority endorsements, and AI-driven interactive marketing are essential strategies for brands to engage consumers effectively [41][39]. - Social media platforms, particularly short video platforms and Xiaohongshu, are the primary channels for consumers to learn about and share products, with e-commerce platforms being the preferred purchasing channels [27].

Investment Rating - The report indicates a positive outlook for the maternal and infant industry, driven by supportive policies and expected growth in consumer spending [4][6]. Core Insights - The report emphasizes the transition of China's fertility policy towards comprehensive support for childbirth, which is expected to enhance consumer confidence and spending in the maternal and infant sector [4][17]. - The maternal and infant market has shown resilience, with a compound annual growth rate (CAGR) exceeding 15% from 2018 to 2024, despite a decline in birth rates [6][32]. - The rise of domestic brands in the maternal and infant sector is notable, with significant market share gains in various sub-sectors [6][37]. Summary by Sections 1. Policy Promotion of Fertility - China's fertility policy has evolved from encouraging childbirth to comprehensive support, with various measures being implemented to boost birth rates [4][10]. - The government is focusing on creating a "fertility-friendly" society, with financial incentives and support services being rolled out across different regions [17][18]. 2. Market Growth and Consumer Trends - Despite a decline in newborn numbers, the maternal and infant market is experiencing growth due to consumption upgrades and the diversification of product offerings [6][32]. - The market size is projected to reach approximately 762.99 billion yuan by 2024, reflecting a year-on-year growth of 15% [31]. 3. Beneficiary Industries and Companies - Various sectors are expected to benefit from the growth in the maternal and infant market, including pharmaceuticals, food and beverage, apparel, and household goods [6][41]. - Key companies highlighted include: - Pharmaceuticals: Jinxin Reproductive, LIZHU Group, and BGI Genomics [6][41]. - Dairy: Yili Group and China Feihe [6][42]. - Apparel: Semir and Anta [6][49]. - Household goods: Bear Electric [6][61]. 4. Competitive Landscape - The report notes an improvement in the competitive landscape, with domestic brands gaining market share across various segments, including infant formula and baby care products [6][37]. - The concentration ratio (CR10) for domestic brands has significantly increased, indicating a shift in market dynamics favoring local players [6][37].