CICC maintains its outperform rating on Babytree Group (09911) and raises its target price to HK$13.5.

According to the Intelligence Finance and Economy APP, CICC released a research report stating that considering the better-than-expected growth of innovative businesses, it has raised its revenue forecast for Chi Zi Cheng Technology (09911) for 2025/2026 by 2%/2% to 6.9/8.5 billion yuan. Taking into account the offsetting effect of marketing investment growth on gross profit optimization, the bank maintains its adjusted net profit forecast for 2025/2026; maintains an "outperform industry" rating, considering the upward shift in industry valuation center, giving a target price of 13.5 Hong Kong dollars at 15 times the 2025 Non-IFRS P/E, an increase of 20% compared to the current stock price, with the current stock price trading at 13/11 times the 2025 and 2026 Non-IFRS P/E.