Core Viewpoint - Kidswant Children Products Co., Ltd (孩子王) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to expand its market presence as a leading provider in the parent-child family consumption sector in China [1][14]. Business Overview - Kidswant operates primarily in three segments: (i) maternal and child products, (ii) scalp and hair care products and services, and (iii) value-added services [5][16]. - As of September 30, 2025, Kidswant had 1,143 stores for maternal and child products and 2,567 stores for scalp and hair care, covering all provincial regions in mainland China [3][14]. - The company ranks first in the maternal and child products market in China with a market share of 0.3% based on GMV in 2024 [3][14]. - Following the acquisition of the Silk Domain Group in July 2025, Kidswant also leads the scalp and hair care market with a market share of 3.3% [3][14]. Financial Performance - Kidswant's revenue for the years 2022, 2023, 2024, and the first nine months of 2025 were approximately RMB 85.20 billion, RMB 87.53 billion, RMB 93.37 billion, and RMB 73.49 billion respectively [10][21]. - The net profit for the same periods was approximately RMB 1.20 billion, RMB 1.21 billion, RMB 2.05 billion, and RMB 2.29 billion [10][21]. - The company's gross profit for 2022, 2023, 2024, and the first nine months of 2025 was RMB 2.53 billion, RMB 2.56 billion, RMB 2.76 billion, and RMB 2.09 billion respectively [11][22]. Shareholding Structure - Prior to the Hong Kong listing, the largest shareholder group of Kidswant consists of Mr. Wang Jianguo with a 22.01% stake and Nanjing Qianmiao Nuo with a 5.13% stake, totaling approximately 27.14% [6][19]. - Other A-share shareholders hold the remaining 72.86% [7][18]. Management Team - The board of directors comprises eight members, including five executive directors and three independent non-executive directors [10][21].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Kidswant Children Products Co., Ltd 孩 子 王 兒 童 用 品 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而 刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向孩子王兒童用品股份有限公司（「本公司」）、其獨家保薦人、整體協調人、顧問或包銷團 成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例與香港公司註冊處處長登記前，本公司不 會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據 呈交香港公司註冊處註冊的本公司招股章程作出投資決定，該文件的文本將於發售期內派發予 ...