Core Viewpoint - Goodbaby International (01086.HK) continues to grow against the trend, achieving a revenue of HKD 20.35 billion for the year ending March 31, 2025, representing a year-on-year increase of 7.5%, and a 9.7% increase when adjusted for constant currency [1][3]. Revenue Growth - The growth is primarily driven by the strong market demand for the CYBEX brand, which has significantly increased its market share [1][3]. - The Evenflo brand experienced a decline in revenue due to a drop in sales of lower-priced products, although sales of higher-priced products partially offset this decline [1][3]. Brand Performance - In Q1 2025, the strategic brand CYBEX generated revenue of HKD 11.453 billion, accounting for 56.3% of total revenue, with a year-on-year growth of 17.6% and a 20.7% increase in constant currency [2][5]. - Evenflo's revenue was HKD 5.191 billion, representing 25.5% of total revenue, with a year-on-year decline of 10.0% and an 8.7% decrease in constant currency [2][5]. - The gb Goodbaby brand generated revenue of HKD 1.746 billion, accounting for 8.6% of total revenue, with a year-on-year decline of 13.6% [5]. International Market Performance - In 2024, the company achieved total sales revenue of HKD 87.66 billion, with significant contributions from the European, North American, and Japanese markets, despite challenges in 2022 [4][8]. - The revenue from the Europe, Africa, Middle East, and India market was HKD 37.72 billion, growing by 18.87%, while the Americas market generated HKD 31.7 billion, up by 9.7% [8]. Financial Health - The company reported a record gross margin of 51.4% in 2024 [10]. - As of the end of 2024, the company's interest-bearing bank loans and other borrowings decreased significantly from HKD 27.94 billion to HKD 14.55 billion, reducing short-term debt pressure [11]. - The company maintained a strong cash reserve of HKD 14.3 billion, with operating cash flow exceeding HKD 10 billion for two consecutive years [11].