8 月 12 日，纽约曼哈顿，Target 门店，路透社记者的镜头扫过三楼母婴区的一排纸尿裤，拍到香港 Zuru Edge 旗下的高端 Millie Moon 与金佰利的好奇 Huggies 并排而立。 曼哈顿的这家Target是怎样的制高点？它位于哈罗德广场（Herald Square），地铁 34 街站出口抬脚即 到，左边是梅西百货旗舰店，右边是韩国城最密集的霓虹——每天 10 万+人流像电流一样穿过自动 门。 谁能在Target 端架上多待一天，谁就能在北美母婴市场的"热搜榜"上多挂一周——这是比时代广场大屏 更精准、更毒辣的商战高地。 十天后的8月25日，宝洁在这里开售中国产的BumBum纸尿裤，标价0.27美元，——比Millie Moon将将 便宜1美分。 Millie Moon纸尿裤 "中国制造"之间的贴身肉搏 两种"中国制造"的贴身肉搏，在大洋彼岸正式开启。 Millie Moon的打法，是在绞肉机版的中国市场磨出的"新锐逆袭教科书"。 2021年它第一次出现在Target，就用了三件武器：一是"CloudTouch™云触感"——同样是国产产线，它 把热风无纺布克重提高15%，让纸尿裤在灯光下 ...

Core Insights - Babycare is addressing the common issue of diaper rash, known as "red butt," by establishing a "Pee Pee Research Center" in collaboration with Shanghai United Family Hospital to innovate and upgrade diaper products from a medical perspective [1][2] - The company emphasizes the importance of scientific parenting through a closed-loop system of "observation-prevention-intervention" to enhance infant skin health [3] Group 1: Product Innovation and Research - Babycare has been innovating in the diaper sector by focusing on six technical dimensions, including breathability and softness, and has collaborated with international material giants like Henkel and 3M to integrate cutting-edge material technologies into their products [2][3] - The company has implemented stringent quality control measures, including over 560 physical and chemical indicators for raw materials and more than 100 performance tests for finished products, ensuring product stability and safety [3] Group 2: Market Dynamics and Policy Impact - Recent favorable policies in the maternal and infant industry, such as childcare subsidies and free preschool education, are expected to stimulate consumption and lower family rearing costs, benefiting companies like Babycare [4][5] - Babycare is actively responding to these policies by launching price subsidy campaigns for diapers and other products, aiming to enhance its market position amid increasing competition [5] Group 3: Competitive Strategy and Market Expansion - Babycare is committed to avoiding price wars by focusing on high-quality product development, regardless of market pressures, and has established a multi-channel distribution strategy that includes online and offline platforms [6] - The company is also expanding internationally, with a presence in over 8,000 stores in Japan and plans to further penetrate the Middle Eastern market [6]

Core Insights - The diaper market is experiencing significant changes driven by the new generation of mothers, particularly those born in the 1990s and 2000s, who now represent over 70% of the consumer base [3] - Safety and quality are the primary considerations for mothers when selecting diapers, with 95.8% prioritizing safety factors [5] - The "2025 Diaper Selection White Paper" by BabyTree provides valuable insights for mothers and indicates the need for the industry to enhance product safety and quality control [5] Group 1: Consumer Trends - New generation mothers, particularly those born in the 90s and 95s, dominate the parenting consumer market, with nearly 50% holding a bachelor's degree or higher [3] - Over half of mothers begin exploring diaper brands during the late pregnancy stage, with a notable increase in brand switching as the baby grows [3] - Mothers prefer comprehensive e-commerce platforms and offline maternity stores for their strong product guarantees, good after-sales service, and significant discounts [3] Group 2: Safety and Quality Concerns - Safety is the foremost consideration for mothers, with over 95% becoming more cautious in their purchasing decisions following incidents like the "diaper renovation" scandal [5] - There is a growing preference for direct factory brands due to perceived advantages in quality control, raw material traceability, and product stability [5] - The industry is urged to strengthen product safety and quality management and improve supply chain transparency to meet the increasingly stringent demands of new generation mothers [5]

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].