机构：华福证券 研究员：李宏鹏/李含稚 国内婴童用品行业品类、层级分化，海外市场规模与格局相对稳定1）国内市场，按产品类型划分的中 国育儿产品市场（包括耐用品、消费品细分市场）规模由2020 年的1,218 亿元增至2024 年的1,441 亿， CAGR 达4.3%。其中，我国婴童用品细分领域中，耐用品2020-2024年CAGR 约7.2%，快于消费品同期 2.6%的CAGR 水平；中高端育儿产品市场2020-2024 年CAGR 约7.4%。渠道结构，我国婴童耐用品线下 渠道占比约60%，电商平台近年竞争加剧、gb 品牌份额下滑。2）海外市场，欧美婴童耐用品行业为稳 定增长的市场，市场集中度较高。 制造端看，全球约6 成婴儿车、8 成的安全座椅来自中国出口。好孩子国际旗下品牌Cybex 在欧洲市场 份额稳居头部，Evenflo 在美国处于第二梯队、行业竞争态势相对稳定。 1994 年启动国际化战略，逐步进入美国、欧洲市场，2009 年成为全球主要市场最大的婴儿车制造商。 2014 年前公司业务以ODM 为主，2014-2017 年通过收购Cybex、Evenflo 及好孩子中国业务，逐步发展 为多国家、 ...

国内婴童用品行业品类、层级分化，海外市场规模与格局相对稳定 1)国内市场，按产品类型划分的中国育儿产品市场(包括耐用品、消费品细分市场)规模由2020年的1,218 亿元增至2024年的1,441亿，CAGR达4.3%。其中，我国婴童用品细分领域中，耐用品2020-2024年 CAGR约7.2%，快于消费品同期2.6%的CAGR水平；中高端育儿产品市场2020-2024年CAGR约7.4%。渠 道结构，我国婴童耐用品线下渠道占比约60%，电商平台近年竞争加剧、gb品牌份额下滑。2)海外市 场，欧美婴童耐用品行业为稳定增长的市场，市场集中度较高。制造端看，全球约6成婴儿车、8成的安 全座椅来自中国出口。好孩子国际旗下品牌Cybex在欧洲市场份额稳居头部，Evenflo在美国处于第二梯 队、行业竞争态势相对稳定。 华福证券发布研报称，预计好孩子国际(01086)2025-2027年归母净利润分别为1.50亿港元、3.44亿港元、 3.85亿港元，增速分别为-58%、+129%、+12%，目前市值对应25年、26年PE约12X、5X，考虑到公司 Cybex品牌成长性良好，Evenflo及gb品牌26年存在盈利优化弹 ...

华福证券发布研报称，预计好孩子国际(01086)2025-2027年归母净利润分别为1.50亿港元、3.44亿港元、 3.85亿港元，增速分别为-58%、+129%、+12%，目前市值对应25年、26年PE约12X、5X，考虑到公司 Cybex品牌成长性良好，Evenflo及gb品牌26年存在盈利优化弹性，估值水平低于可比公司均值，公司当 前估值较低，现金流和EBITDA托底市值安全边际，若未来利润改善、估值水平也有望修复，首次覆盖 给予"买入"评级。 公司成立于1989年，创始人宋郑还先生自主研发设计第一辆童车并创立自主品牌"好孩子"，并于1993年 成为国内童车TOP1品牌。1994年启动国际化战略，逐步进入美国、欧洲市场，2009年成为全球主要市 场最大的婴儿车制造商。2014年前公司业务以ODM为主，2014-2017年通过收购Cybex、Evenflo及好孩 子中国业务，逐步发展为多国家、多品牌运营的婴童耐用品品牌型公司。目前，公司海外业务营收占比 约80%，欧洲及其他市场占约50%，剩余主要为北美市场。完成大规模收购后2018-2024年，营收CAGR 为+0.26%，1H25公司Cybex、Ev ...

Investment Rating - The report indicates a strong positive correlation between the e-commerce market size of children's travel gear and the number of newborns, suggesting a favorable investment outlook for the industry in the short term [8]. Core Insights - The children's travel gear market is expected to enter a phase of stock competition after 2025 due to declining birth rates, which will impact market dynamics [8]. - E-commerce platforms, particularly Douyin, have shown significant growth, with Douyin achieving a 66.5% year-on-year increase in market share for children's travel gear [8][16]. - The report highlights key product categories such as strollers, safety seats, and children's bicycles, with varying growth rates across different platforms [10][14][16]. Summary by Sections Market Overview - Children's travel gear includes portable tools for children aged 0-12, categorized into strollers, safety seats, bicycles, and scooters [6][7]. - The e-commerce market for children's travel gear has remained around 100 billion, closely linked to the number of newborns [8]. E-commerce Performance - In 2024, the e-commerce sales figures for children's travel gear are projected to show a decline in certain categories, with strollers experiencing a growth of 7.8% while children's electric vehicles face a significant drop of 30% [10][12]. - Douyin's sales for strollers reached 1.062 billion, marking an 84.8% increase, surpassing sales on JD [16]. Category Growth Rates - Key categories and their projected sales for 2024 include: - Strollers: 2.04 billion with a growth rate of 7.8% - Safety seats: 1.04 billion with a decline of 3.6% - Children's electric vehicles: 0.234 billion with a decline of 30% [12][14]. Brand Performance - Top brands in the children's travel gear market for 2024 include: - DearMom: 274 million with a growth of 27.3% - bebebus: 272 million with a growth of 20.2% - Wanya: 207 million with a significant growth of 244.2% [18]. - The report also highlights brands like Goodbaby and Phoenix, which have shown varying performance across different e-commerce platforms [20][21].

Core Viewpoint - Different Group (06090) has rebounded over 32%, currently up 20.66% at HKD 80, with a trading volume of HKD 12.67 million [1] Group 1: Company Overview - Different Group is positioned as a mid-to-high-end maternal and infant products brand, with clear brand positioning and strong product development capabilities [1] - The company targets middle-class and high-net-worth individuals, focusing on high-end durable maternal and infant products such as strollers, cribs, and safety seats [1] Group 2: Market Expansion - The expansion into overseas markets opens up further growth opportunities for Different Group [1] - The company is extending its product line to include high-frequency and high-repurchase categories like infant care and feeding [1] Group 3: Marketing Strategy - Different Group collaborates with influencers on platforms like Xiaohongshu to rapidly enhance brand momentum [1] - The company employs a multi-channel approach to strengthen its market presence [1] Group 4: Future Outlook - CITIC Securities highlights the potential for growth in the number of family CFOs and the introduction of more SKUs to increase user ARPU [1] - The customer base is still growing rapidly, indicating further expansion opportunities [1] - The company plans to expand globally starting in 2024, with improvements in supply chain and overseas channel establishment expected to provide incremental growth [1]

Group 1 - The core viewpoint of the article highlights the significant rebound of Different Group's stock, which surged over 32%, currently trading at 80 HKD with a transaction volume of 12.67 million HKD [1] - According to the report from China Merchants Securities, Different Group is positioned as a mid-to-high-end maternal and infant product brand with clear brand positioning, strong product development capabilities, and effective channel expansion [1] - The company targets middle-class and high-net-worth individuals, focusing on high-end durable maternal and infant products such as strollers, cribs, and car seats, while also extending its product line to include high-frequency and high-repurchase categories like infant care and feeding [1] Group 2 - CITIC Securities points out that the company's future prospects include an increase in the number of family CFOs and the introduction of more SKUs to enhance user ARPU (Average Revenue Per User) [1] - The customer base is rapidly growing, indicating further expansion opportunities for the company, which continues to leverage a modular design approach to expand its product matrix and increase the value per user [1] - The company plans to expand globally starting in 2024, with expectations of providing incremental growth through improved supply chain and overseas channel establishment [1]

Core Viewpoint - Different Group (06090.HK), known as the "first high-end maternal and infant consumption technology stock," has seen its stock price surge over 31%, reaching HKD 86.95, with a total market capitalization of HKD 7.9 billion [1] Company Overview - Different Group is a Chinese company focused on designing and selling parenting products, with its first brand, BeBeBus, established in 2019 [1] - BeBeBus has quickly become a well-known brand in the Chinese parenting product market, achieving a strong market position within just five years [1] Market Position - According to Frost & Sullivan, BeBeBus ranks second among Chinese parenting product brands in the high-end market, holding a 4.2% market share based on GMV in 2024 [1] Analyst Coverage - Recently, China Merchants Securities initiated coverage on Different Group, assigning an "Overweight" rating [1] - The company is recognized for its clear brand positioning, strong product development capabilities, and effective channel expansion [1] Growth Potential - The expansion into overseas markets is expected to provide further growth opportunities for Different Group [1] - The target demographic includes middle-class and high-net-worth individuals, with a focus on high-end durable maternal and infant products such as strollers, cribs, and safety seats [1] Product Strategy - Different Group aims to extend its product line to include high-frequency and high-repurchase categories like infant care and feeding products [1] - The company collaborates with influencers on platforms like Xiaohongshu to rapidly enhance brand visibility and leverage multiple channels for growth [1]

Core Viewpoint - The report from China Merchants Securities initiates coverage with a "Buy" rating for Different Group (06090), highlighting its clear brand positioning, strong product development, and channel expansion capabilities, which open up growth opportunities in overseas markets targeting middle and high-net-worth individuals [1] Financial Performance - Different Group (BeBeBus) has shown impressive financial performance, with revenue projected to grow from 507 million in 2022 to 1.249 billion in 2024, representing a compound annual growth rate (CAGR) of 57%. The net profit is expected to reach 59 million in 2024, with a revenue of 726 million in the first half of 2025, reflecting a 25% increase, and a net profit of 49 million, marking a 72% growth [2] Product Development and Market Positioning - Since launching its core brand BeBeBus in 2019, the company has focused on high-value family segments, aiming to create a leading global brand in the mother and baby lifestyle sector. The product range includes key scenarios such as parent-child travel, baby sleep, feeding, and hygiene care, with significant growth driven by baby care and feeding categories [3] - By the first half of 2025, baby care products accounted for 42% of sales, surpassing travel products at 36%. The online sales channel contributed over 70% of revenue, with both online and offline channels showing balanced growth [3] Competitive Advantages - Different Group targets middle and high-net-worth individuals, who have stable incomes and prioritize brand quality and product functionality, showing less price sensitivity. The brand's high-end positioning allows for natural product line extensions into baby care and feeding categories, leading to high repurchase rates [4] Marketing and Brand Growth - Collaborating with influencers on platforms like Xiaohongshu has rapidly enhanced brand visibility. The GMV on Tmall increased from 137 million in 2020 to 579 million in 2024, with the first 11 months of this year already surpassing the total for 2024. Additionally, GMV on Douyin reached 226 million in 2024, and on JD, it hit 400 million in the same year [5]

Core Viewpoint - The report from China Merchants Securities initiates coverage with a "Buy" rating for Different Group (06090), highlighting its clear brand positioning, strong product development, and channel expansion capabilities, which open up growth opportunities in overseas markets targeting middle-class and high-net-worth individuals [1] Financial Performance - Different Group (BeBeBus) has shown impressive financial performance, with revenue projected to grow from 507 million in 2022 to 1.249 billion in 2024, representing a compound annual growth rate (CAGR) of 57%. Net profit is expected to reach 59 million in 2024, with 2025 H1 revenue at 726 million (+25%) and net profit at 49 million (+72%) [1] Product Development and Market Focus - Since its launch in 2019, the core brand BeBeBus has focused on high-value family segments, offering products across four key scenarios: parent-child travel, baby sleep, parent-child feeding, and hygiene care. The main growth drivers have shifted from travel to baby care and feeding, with baby care accounting for 42% of sales in 2025 H1, surpassing travel at 36% [2] Sales Channels and Growth - In 2025 H1, over 70% of the company's revenue came from online sales, with both online and offline channels showing balanced growth (+23% for online and +30% for offline). The company's premium product positioning has resulted in a stable gross margin of around 50%, with margins reported at 47.7%, 50.2%, 50.4%, and 49.4% from 2022 to 2025 H1 [2] Competitive Advantages - Different Group targets middle-class and high-net-worth individuals, who have stable incomes and prioritize brand quality and product functionality over price. The brand's precise positioning and the high-value nature of its products allow for natural extensions into baby care and feeding categories, leading to high repurchase rates [3] Brand Building and Market Presence - Collaborating with influencers on platforms like Xiaohongshu has rapidly enhanced brand visibility. BeBeBus's GMV on Tmall grew from 137 million in 2020 to 579 million in 2024, with 2024's figures already surpassed in the first 11 months of this year. GMV on Douyin reached 226 million in 2024, and JD's GMV hit 400 million in 2024, with 416 million achieved in the first 11 months of this year [4]

Core Viewpoint - Goodbaby International (01086) reported a slight decline in revenue for the nine months ending September 30, 2025, with a decrease of 1.1% to approximately HKD 6.42 billion compared to HKD 6.493 billion in the same period of 2024, reflecting challenges in the macroeconomic environment [1][2]. Revenue Performance - The company's revenue decreased by 1.1% year-on-year, with a 2.5% decline when adjusted for constant currency [1][2]. - The CYBEX brand continued to show robust growth in the third quarter, expanding its global market share despite deteriorating consumer sentiment [2]. - Evenflo brand revenue declined primarily due to a drop in the safety seat category, although growth in the stroller category partially offset this decline [2]. - The gb brand experienced a revenue drop mainly from wholesale channels [2]. - The blue-chip business was significantly impacted by increased tariffs and a sluggish macroeconomic environment, leading to a reduction in orders from blue-chip clients [2]. Product Demand and Innovation - Global demand for the company's products remained resilient, reinforcing its leadership position [3]. - The company has committed to product development and innovation, winning multiple prestigious awards, including three Red Dot Design Awards and two NAPPA Product Innovation Awards [3]. - The company is focused on diversifying and enriching its global multi-channel distribution network, which is crucial for sustainable growth [3]. Outlook - The company anticipates that macroeconomic uncertainties and weak conditions will persist, influenced by prolonged regional geopolitical conflicts and conservative consumer sentiment [3]. - Despite these challenges, the company maintains confidence in its vertically integrated brand strategy aimed at achieving long-term sustainable development [3].