New Stock News | Kidswant Children Products (301078.SZ) files second listing in Hong Kong Exchange, leading the market of Chinese maternal and child products and services.

According to the disclosure on June 23rd by the Hong Kong Stock Exchange, Kidswant Children Products Co., Ltd. (referred to as Kidswant Children Products, stock code: 301078.SZ) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International as its exclusive sponsor. The company had previously submitted an application for listing to the Hong Kong Stock Exchange on December 11, 2025. Company Overview The prospectus shows that the company is primarily engaged in the maternal and child business, including the sale of maternal and child products and the provision of children's development and parenting services. According to Frost & Sullivan data, based on GMV, the company ranked first in the Chinese maternal and child products and services market in 2025, with a market share of 0.3%. The company differs from traditional maternal and child product retailers in three main aspects: (i) consumption extends from children to the entire family, covering postpartum recovery and beauty care, among other additional service areas, (ii) its growth is driven by frequent engagement of members and consumers, rather than acquisition or price competition, and (iii) sales have shifted from simple products to a combination of products and services. In addition to the maternal and child business, the company is also engaged in scalp and hair care business, and provides sales and marketing services to customers. The company's scalp and hair care products can be divided into professional salon products and household products based on consumer scenarios, covering scalp and hair care, styling care series, and silk black hair series. In July 2025, the company acquired the Silk Group to expand into the scalp and hair care market. According to Frost & Sullivan data, based on GMV, the Silk Group ranked first in the Chinese scalp and hair care market in 2025, with a market share of 3.3%. The company's sales and marketing services include services provided to suppliers, such as member acquisition and engagement programs, activity sponsorship, product marketing and promotional activities across online and offline channels, and providing digital tools to improve supplier marketing effectiveness, as well as platform services such as assisting in the operation of online stores, product display and promotion, and other platform-based operational support. The company has accumulated a diversified brand portfolio, including its own brands (namely "Silk", "Gerijia", "Beit Beihu"), channel-specific custom brands (namely "Nature's Bay", "L-Liang" and "Auby"), local third-party brands (namely "Ying Shi", "Babycare" and "Bebebus"), and overseas third-party brands (namely "A2", "GOO.N" and "Britax"). Financial Information Revenue For the fiscal years 2023, 2024, and 2025, the company recorded revenues of 8.753 billion yuan, 9.337 billion yuan, and 10.273 billion yuan respectively. Gross Profit For the fiscal years 2023, 2024, and 2025, the company recorded gross profits of 2.557 billion yuan, 2.76 billion yuan, and 3.013 billion yuan respectively. Net Profit For the fiscal years 2023, 2024, and 2025, the company recorded net profits of 1.21 billion yuan, 2.05 billion yuan, and 3.56 billion yuan respectively. Industry Overview The Chinese maternal and child products and services market serves parent-child families, covering essential product retail and related services such as parenting support, membership programs, interactive activities, and children's amusement parks. It is an important consumer market that caters to parent-child families. Frost & Sullivan believes that categorizing maternal and child products and services as a comprehensive market is consistent with common industry research practices in China. This is because the market is usually defined based on family-based purchasing decisions, overlapping consumption scenarios covering pregnancy, infancy, and childhood growth stages, as well as shared retail channels, membership systems, and omnichannel touchpoints. The Chinese maternal and child products market is divided into two main areas: food and non-food sectors, with the food sector maintaining the dominant market share. The food sector expanded from 2.032 trillion yuan in 2020 to 2.1791 trillion yuan in 2025, with a compound annual growth rate of 1.4%, expected to reach 2.3256 trillion yuan by 2029. During the same period, the non-food sector increased from 838 billion yuan in 2020 to 1.0349 trillion yuan in 2025, with a compound annual growth rate of 4.3%, expected to reach 1.1874 trillion yuan by 2029. In terms of city-tier structure, due to mature retail penetration rates and relatively high consumer base in first-tier and second-tier cities, they are still the core components of the market. However, the incremental growth of the market is clearly shifting towards third-tier and below cities. The online and offline channels in the Chinese maternal and child market are deeply integrated. Online channels provide convenience and extensive access to information, while offline channels (especially chain specialty stores) are still important for product trials, professional consultations, and in-store service experiences. The market is transitioning from fragmented single-channel competition to integrated omnichannel operations, with local instant retail as the fulfillment node, combining the convenience of online ordering with the immediacy of offline purchases. In this context, the market is moving towards more standardized, service-oriented, and integrated operations. In terms of total transaction volume, the chain operation rate in the offline maternal and child market in China increased from 18.1% in 2020 to 27.2% in 2025, and is expected to reach 35.4% by 2029. Besides chain size, market share is increasingly concentrated among participants with stronger digital capabilities and deeper supply chain integration. Omnichannel professional retailers and service providers integrate products and services into one-stop solutions, connect in-store experiences with online and local fulfillment, and operate refined membership systems to build higher trust and repeat purchases, thereby accelerating the replacement of traditional fragmented channels. The scalp and hair care market includes professional services and functional products focused on scalp health management and hair quality improvement. Unlike traditional hair salons that focus on cutting, coloring, and perming for appearance styling, scalp and hair care emphasize health attributes and achieve long-term management through testing, cleaning, and targeted care. Service forms include professional treatments in-store using instruments, as well as home products such as shampoos, scalp essences, and hair masks. The high-end hair care service market in China is undergoing a structural upgrade, with consumer spending shifting from hairstyle-dominated salon services to care-oriented and home care services. Scalp and hair care are becoming an increasingly important growth driver in the high-end hair care service sector. The scalp and hair care market in China increased from 43.2 billion yuan in 2020 to 67.5 billion yuan in 2025, and is expected to reach 102.7 billion yuan by 2029, reflecting a shift towards proactive, full-cycle scalp health management. Board of Directors Information The board of directors currently consists of eight directors, including five executive directors and three independent non-executive directors. Equity Structure As of the last practicable date (June 15, 2026), the single largest shareholder group of the company is composed of Mr. Wang Jianguo, Mr. Xu Weihong, Jiangsu Bosida Enterprise Information Consulting Co., Ltd., and Nanjing Qianmiao Nuo Entrepreneurship Investment Partnership (Limited Partnership), collectively holding approximately 27.17% of the voting rights, with Mr. Wang's wholly-owned Jiangsu Bosida holding approximately 22.05%, and Nanjing Qianmiao Nuo controlled by Mr. Xu holding approximately 5.12%. Intermediate Team Exclusive Sponsor: Huatai Financial Holdings (Hong Kong) Limited. Company Legal Advisor: Regarding Hong Kong laws: Tianyuan Law Firm (Limited Liability Partnership); Regarding Chinese laws (including Chinese data compliance laws): Hankun Law Firm. Exclusive Sponsor Legal Advisor: Regarding Hong Kong laws: Jones Day Law Firm (Limited Liability Partnership); Regarding Chinese laws: Jones Day Law Firm. Auditors and Reporting Accountant: Ernst & Young LLP. Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch. Fire Safety Consultant: Hunan Xinghao Construction Co., Ltd. Compliance Consultant: FIRST SHANGHAI Financing Limited Company.