New stock news | Kidswant Children Products (301078.SZ) submits application to Hong Kong Stock Exchange, ranking first in the Chinese market for maternal and child products and services.

According to the disclosure by the Hong Kong Stock Exchange on December 11th, Kidswant Children Products Co., Ltd. (referred to as Kidswant Children Products, 301078.SZ) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. According to Frost & Sullivan data, in 2024, the company ranked first in the Chinese mother and baby products and services market with a GMV of 13.8 billion yuan, with a market share of 0.3%. The prospectus shows that Kidswant Children Products is a leading comprehensive service provider in the new consumer market for parent-child families in China, mainly engaged in the mother and baby industry, including the sale of mother and baby products and the provision of children's development and parenting services. In order to expand its products beyond the mother and baby industry, Kidswant Children Products acquired the Silk Domain Group in July 2025 to expand into the scalp and hair care market. According to Frost & Sullivan data, the Silk Domain Group ranked first in the market by GMV in 2024, with a market share of 3.3%. Kidswant Children Products has successfully created a business model that integrates products, services, social media, and sales channels around user needs. According to Frost & Sullivan data, the company has become the preferred service brand for new consumer families in China, and its "Kidswant Children Products", "Le You", and "Silu" brands are well-known in China. As of September 30, 2025, the company's offline sales and service network includes 3,710 stores, covering all provincial-level administrative regions in mainland China, including 1,033 parent-child self-operated stores and 174 technology hair care direct stores. The figure below shows the business highlights of Kidswant Children Products: Kidswant Children Products' mother and baby business includes (i) the sale of mother and baby products, including food, footwear and clothing, consumables and durable goods, and (ii) providing children's development and parenting services to parent-child families, mainly including interactive activities, membership services, parenting services, and children's play park services. The company sells a wide range of products through a combination of third-party procurement and own brand development. As of September 30, 2025, Kidswant Children Products offers products from over 600 third-party brands and has a portfolio of more than 15 own brands. Kidswant Children Products' scalp and hair care business includes (i) the sale of scalp and hair care products, and (ii) the provision of scalp and hair care services. The company's scalp and hair care products can be classified according to consumer scenes into professional salon products and home products, covering scalp and hair care, styling care series, and dual peptide black hair series, and providing professional scalp and hair care services under the brand "Silu" in chain stores. In terms of corporate strategy, Kidswant Children Products will continue to focus on the parent-child family service sector and continue to promote the "three expansion strategies" of "expanding product categories, expanding tracks, and expanding business formats," namely: continue to upgrade and expand the store network, build a "thousand cities and ten thousand stores" market layout; continue to deepen the strategy of own brands, create a chain enterprise integrating research, production, supply and sales services; vigorously promote the development of same-city businesses, create the preferred entry point for same-city parent-child family services; comprehensively promote the application of artificial intelligence, build a new growth engine for the entire business chain; and accelerate overseas development layout to shape a new global pattern of parent-child family consumption. Financial Information Revenues In the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company recorded revenues of 8.52 billion yuan, 8.753 billion yuan, 9.337 billion yuan, and 7.349 billion yuan respectively. During the historical periods, the revenue from the mother and baby business accounted for the vast majority of the company's total revenue. Net Profit and Comprehensive Income for the Period/Year For the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company recorded a net profit and comprehensive income total of 1.2 billion yuan, 1.21 billion yuan, 2.05 billion yuan, and 2.29 billion yuan respectively. Gross Profit and Gross Margin For the fiscal years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company recorded gross profits of 2.529 billion yuan, 2.557 billion yuan, 2.76 billion yuan, and 2.086 billion yuan respectively, with corresponding gross margins of 29.7%, 29.2%, 29.6%, and 28.4%. Industry Overview The Chinese new consumer market for parent-child families is undergoing a transformation from traditional mother and baby retail to new consumer consumption for parent-child families. New consumption refers to a comprehensive consumer ecosystem that meets the integrated needs of families through deep integration of products, services, social interactions, and intelligence, with the core of lifelong membership relationships. This vast market has a huge and continuously growing market size. The total size of the Chinese new consumer market for parent-child families increased from 4.6118 trillion yuan in 2020 to 5.2308 trillion yuan in 2024, with a compound annual growth rate of 3.2%, and is expected to reach 6.5722 trillion yuan by 2029. Structurally, the market consists of a large-scale core segment with high demand and multiple high-growth potential tracks, mainly covering mother and baby products and services, scalp and hair care, and diversified value-added services. The Chinese mother and baby products and services market is a comprehensive ecosystem for serving parent-child families, characterized by the retail of essential products such as food, footwear, clothing, consumables, and durable goods, as well as the provision of parenting support, interactive activities, membership programs, and exclusive children's play parks and other professional services. This market is the cornerstone of the new consumer ecosystem for parent-child families. With the transformation of parenting concepts toward scientific and refined practices, the encouragement of favorable policies for childbearing, and the upgrading of consumption structures, this market has grown significantly and maintained stable growth. It increased from 3.498 trillion yuan in 2020 to 3.995 trillion yuan in 2024, with a compound annual growth rate of 3.4%. It is projected to reach 4.865 trillion yuan by 2029, with a forecasted compound annual growth rate of 4.1% between 2025 and 2029. Structurally, the market is undergoing a transition from a product-centric focus to a balance between products and services. With the increasing demand from consumers for professional guidance, parent-child interaction, and developmental accompaniment, the penetration rate of service-oriented consumption (such as parenting services, parent-child entertainment, and children's development services) and the average spending per customer are steadily increasing, becoming important engines for driving market value growth. In terms of urban tier structure, first and second-tier cities are currently the core components of the market due to mature retail penetration rates and relatively high consumer bases. However, incremental growth in the market is rapidly shifting towards third-tier cities and below. As urbanization continues to advance, household disposable income increases, and brand channels penetrate deeper into lower-tier cities, the demand from parent-child families in third-tier cities and below is rapidly increasing. The growth rate in these markets has surpassed that of high-tier cities and is expected to be a major source of growth in the Chinese mother and baby market during the forecast period. As an important extension of the parent-child consumer market ecosystem, the overall high-end hair care market in China is in a period of structural upgrading. High-end hair care services refer to providing consumers with high-value-added services beyond washing and cutting, aimed at enhancing hair beauty, changing hairstyles, or improving scalp and hair health. By GMV, the total market size increased moderately from 248.2 billion yuan in 2020 to 285.9 billion yuan in 2024, with a compound annual growth rate of 3.6%. However, amidst steady overall growth, the market is experiencing a significant structural evolution: the scalp and hair care segment, with growth rates far exceeding the industry average, has become the absolute core engine driving industry growth. Benefiting from the awakening of consumer awareness of scalp health and the drive of the beauty economy, consumer spending is shifting from traditional salon-oriented styling services towards high-efficiency care and home care. From 2020 to 2024, the GMV of the Chinese scalp and hair care market rapidly expanded from 43.2 billion yuan to 61.1 billion yuan, with a high compound annual growth rate of 9.1%. Looking ahead, with the widespread adoption of functional care and the maturation of solutions for specific groups such as postpartum mothers and professionals, growth in the scalp and hair care market is expected to accelerate further. From 2025 to 2029, the compound annual growth rate of the scalp and hair care market is expected to increase to 11.0%, significantly higher than the overall market's 4.5% growth rate; the market size is projected to climb from 678 billion yuan in 2025 to 1.03 trillion yuan in 2029. Scalp and hair care will continue to reshape the value composition of the Chinese hair market over the next five years and become a major source of industry growth. In addition to the core mother and baby products and services market and the scalp and hair care market, the Chinese parent-child consumer ecosystem is continuously expanding along the boundaries of the needs of family decision-makers and family caregivers, giving rise to two high-potential growth areas: beauty and skincare and AI companion smart products. In the beauty and skincare market, functional skincare is becoming a core driver of growth. Benefiting from the upgrade in demand from mothers for ingredient safety and precise skincare, this segment of the market is projected to increase from 235.9 billion yuan in 2025 to 413.7 billion yuan in 2029, with a compound annual growth rate of 15.1%, significantly higher than the overall beauty and skincare market growth rate. At the same time, the AI companion smart products market, as an emerging track, is experiencing explosive growth driven by breakthroughs in edge AI technology and the demand for educational and entertaining parenting solutions. Its market size is expected to rapidly expand from 20.1 billion yuan in 2025 to 64 billion yuan in 2029, with a high compound annual growth rate of 33.6%. These two emerging markets together constitute an important supplement to the parent-child consumer ecosystem, providing broad future growth space for enterprises with full-scene service capabilities. Board of Directors Information The board of directors of Kidswant Children Products currently consists of eight directors, including five executive directors and three independent non-executive directors. Ownership Structure Nanjing Qianmiaonuo holds a 5.13% stake, Mr. Wang Jianguo holds a 22.01% stake through Jiangsu Boschida, and other A-share shareholders collectively hold 72.86%. Mr. Wang and Jiangsu Boschida constitute the single largest shareholder group of the company. As of the last practicable date, Mr. Wang controls a total of 27.14% of the voting rights through (a) Jiangsu Boschida (22.01%) and (b) its concerted action person, Nanjing Qianmiaonuo (5.13%). Nanjing Qianmiaonuo is a limited partnership established in accordance with Chinese laws on March 7, 2016, as a platform for high-level management holding of the company. As of the date of this submission, Mr. Xu Weihong, the company's executive director and general manager, is its sole ordinary partner and the sole shareholder of its limited partnership, holding 100% of the partnership interests of Nanjing Qianmiaonuo. Nanjing Qianmiaonuo has always acted in concert with Jiangsu Boschida, is obligated to follow Jiangsu Boschida's voting decisions, and unconditionally votes in accordance with Jiangsu Boschida's intentions. As of the last practicable date, except for Shanghai Chengyi Private Equity Fund Management Co., Ltd. ("Chengyi Investment"), representing the Xinwei Future Private Equity Securities Investment Fund ("Xinwei Investment Fund") holding approximately 5.002% of the company's equity, the A-share shareholders do not hold more than 5% equity in the company. Xinwei Investment Fund is a fund registered with the China Securities Investment Fund Industry Association in November 2021. As of the last practicable date, Chengyi Investment is held by eight individual shareholders, all of whom are independent third parties. Intermediary Team Legal Counsel: Tianyuan Law Firm (LLP) for Hong Kong law; Hankun Law Firm for Chinese law. Legal Counsel for Sole Sponsor: Jingtian & Gongcheng Law Firm for Hong Kong law; Jingtian & Gongcheng Law Firm for Chinese law. Auditor and Reporting Accountant: Ernst & Young. Industry Consultant: Frost & Sullivan Consulting Co., Ltd. Shanghai Branch. Compliance Consultant: First Shanghai Financing Co., Ltd.