Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8] Core Views - The company reported a steady growth in Q1 2025, with revenue of 859 million and a year-on-year increase of 6.56%. The net profit attributable to the parent company was 6.69 million, also up by 6.13% year-on-year [1] - The company is actively optimizing its mother and baby store formats, anticipating that changes in birth policies will release market demand. The number of newborns in China is projected to reach 9.54 million in 2024, an increase of 520,000 from the previous year, indicating a potential growth in the mother and baby market [3] - The company has opened new stores and closed some, ending Q1 2025 with a total of 472 stores and 25 signed stores awaiting opening [2] - The company is entering the IP retail market with the launch of a Gundam base and Bandai model stores, targeting younger consumer groups [4] - A new store format has been launched in Shanghai, focusing on a blend of accessibility and aesthetics, which is planned for nationwide rollout [5] - The company maintains its revenue forecasts for 2025-2027, expecting revenues of 38.12 billion, 42.56 billion, and 47.98 billion respectively, with net profits of 1.34 billion, 1.58 billion, and 1.90 billion, corresponding to P/E ratios of 22, 19, and 15 [5] Financial Summary - In Q1 2025, the company's revenue from store sales was 623 million, up 5.6% year-on-year, while e-commerce revenue was 179 million, up 13.5% year-on-year [1] - The gross profit margin for Q1 2025 was 24%, a decrease of 1.1 percentage points year-on-year, while the net profit margin remained stable at 0.78% [1] - The company expects a revenue growth rate of 9.95% in 2025, with a projected net profit growth rate of 25.98% [6][12]

证券代码:603214 证券简称:爱婴室 公告编号:2025-021 上海爱婴室商务服务股份有限公司 2025 年一季度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海爱婴室商务服务股份有限公司（以下简称"公司"）根据上海证券交易 所《上市公司行业信息披露指引第四号——零售》的要求，《关于做好主板上市 公司 2025 年第一季度报告披露工作的重要提醒》要求，现将 2025 年一季度门店 变动情况及主要经营数据披露如下： 一、报告期内门店变动情况 | 地区 | 经营 | | | 新开门店 | | 关闭门店 | | | | 期末门店 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 业态 | 门店 | 面积(m2) | | 开业 门店 | 面积(m2) | | 关闭 | 门店 | 面积(m2) | | | | 家数 | | | 时间 家数 | | | 时间 | 家数 | | | 华东 | 零售 | 5 | 808. ...

证券代码：603214 证券简称：爱婴室 公告编号：2025-020 上海爱婴室商务服务股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 25 日 (二)股东大会召开的地点：上海市杨高南路 729 号陆家嘴世纪金融广场 1 号楼 5 层爱婴室 1 号会议室 本次股东大会由上海爱婴室商务服务股份有限公司董事会召集，采用现场投 票和网络投票相结合的方式表决，现场会议由公司董事长施琼先生主持。本次会 议的召集、召开及表决方式均符合《公司法》《公司章程》的相关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、 公司在任董事7人，出席6人，董事刘盛因公务原因未出席本次会议； 2、 公司在任监事3人，出席1人，职工监事张怀兵、戴蓉因公务原因未出席本次 会议； 3、 董事会秘书高岷出席；财务副总裁龚叶婷、副总裁王晓思列席会议。 二、 议案审议情况 (一)非累积投票议案 (三) ...

Financial Performance - The company reported a basic earnings per share of 0.0483 yuan for Q1 2025, representing a 7.57% increase compared to 0.0449 yuan in Q1 2024 and a significant increase from 0.0191 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 0.07 billion yuan, up 16.67% from 0.06 billion yuan in Q1 2024 and an increase from 0.03 billion yuan in Q1 2023 [1] - The operating revenue for Q1 2025 reached 8.59 billion yuan, a 6.58% increase from 8.06 billion yuan in Q1 2024 and an increase from 7.58 billion yuan in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 was 0.58%, up from 0.55% in Q1 2024 and significantly higher than 0.24% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 66.55 million shares, accounting for 48.04% of the circulating shares, which is a decrease of 5.87 million shares from the previous period [1] - The largest shareholder, Shi Qiong, holds 32.28 million shares, representing 23.30% of the total share capital, with no change in holdings [2] - The second-largest shareholder, Mo Ruiqiang, holds 16.80 million shares, accounting for 12.13% of the total share capital, also with no change [2] - Partners Group Harmonious Baby Limited reduced its holdings by 4.15 million shares to 6.81 million shares, now representing 4.91% of the total share capital [2] - New entrants among the top shareholders include Lin Weihong, Penghua Quality Governance Mixed (LOF) A, and Wang Xi, with respective holdings of 2.06 million shares (1.49%), 1.66 million shares (1.20%), and 1.04 million shares (0.75%) [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Financial Performance - The company's revenue for Q1 2025 reached ¥859,060,460.28, representing a 6.56% increase compared to ¥806,178,987.85 in the same period last year[5] - Net profit attributable to shareholders was ¥6,693,540.41, up 6.13% from ¥6,306,934.32 year-on-year[5] - The net profit after deducting non-recurring gains and losses increased by 16.40%, amounting to ¥2,555,829.65 compared to ¥2,195,724.76 in the previous year[5] - Total operating revenue for Q1 2025 reached ¥859,060,460.28, an increase of 6.56% compared to ¥806,178,987.85 in Q1 2024[19] - Net profit for Q1 2025 was ¥9,461,693.32, representing a 36.93% increase from ¥6,913,884.63 in Q1 2024[20] - The company’s total profit for Q1 2025 was ¥11,922,079.63, an increase of 35.77% from ¥8,767,903.45 in Q1 2024[19] Cash Flow and Investments - The net cash flow from operating activities decreased by 7.76% to ¥74,715,000.62 from ¥81,000,045.25 in the same period last year[5] - The company reported a net cash outflow from investing activities of ¥526,746,638.63 in Q1 2025, compared to a net outflow of ¥468,892,437.39 in Q1 2024[23] - Cash and cash equivalents at the end of Q1 2025 totaled ¥62,176,943.65, down from ¥96,808,697.22 at the end of Q1 2024[23] - The company's cash flow from operating activities for the first quarter of 2025 was negative CNY 11,948,482.25, compared to negative CNY 3,257,956.66 in the first quarter of 2024, reflecting a worsening cash flow situation[30] - The company's cash inflow from investment activities in the first quarter of 2025 was CNY 43,364,048.28, compared to CNY 779,413,308.16 in the first quarter of 2024, indicating a significant decrease[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,517,072,103.65, a 3.74% increase from ¥2,426,387,865.78 at the end of the previous year[6] - The company's total assets amounted to CNY 2,517,072,103.65, an increase from CNY 2,426,387,865.78 as of December 31, 2024, reflecting a growth of approximately 3.74%[14] - Total liabilities increased to CNY 1,302,343,512.40 from CNY 1,221,107,229.63, which is an increase of approximately 6.67%[16] - The company's total equity reached CNY 1,214,728,591.25, up from CNY 1,205,280,636.15, reflecting a growth of about 0.37%[16] - Total current liabilities decreased from CNY 111,909,956.38 on December 31, 2024, to CNY 68,824,088.73 on March 31, 2025, a reduction of approximately 38.5%[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 19,091[10] - The largest shareholder, Shi Qiong, holds 23.30% of the shares, totaling 32,280,855 shares[11] Other Financial Metrics - The weighted average return on equity increased by 0.03 percentage points to 0.58% from 0.55% year-on-year[5] - Basic and diluted earnings per share for Q1 2025 were both ¥0.0483, compared to ¥0.0449 in Q1 2024, indicating an increase of 7.57%[20] - The company experienced a decrease in other comprehensive income, with a net amount of -¥13,738.22 in Q1 2025 compared to ¥6,780.52 in Q1 2024[20] - The company's financial expenses decreased from CNY 212,610.48 in the first quarter of 2024 to CNY 109,828.50 in the first quarter of 2025, a reduction of approximately 48.3%[29]

北京市时代九和律师事务所 关于上海爱婴室商务服务股份有限公司 2024 年年度股东大会之法律意见书 致：上海爱婴室商务服务股份有限公司 北京市时代九和律师事务所（以下简称"本所"）接受上海爱婴室商务服务 股份有限公司（以下简称"公司"）委托，指派李北律师和赵旋羽律师列席了公 司 2024 年年度股东大会（以下简称"本次股东大会"），就本次股东大会的相 关事项进行见证，并出具法律意见书。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会 规则》（2022 修订）（以下简称"《股东大会规则》"）等相关法律法规、规 范性文件以及《上海爱婴室商务服务股份有限公司章程》（以下简称"《公司章 程》"）的规定出具。 为出具本法律意见书，本所律师审查了公司提供的与本次股东大会有关的文 件、资料及相关材料。本所律师出具本法律意见书基于公司向本所律师提供的一 切原始文件、副本材料均真实、准确、完整、有效，不存在虚假记载、误导性陈 述或者重大遗漏，有关文件的印章和签字均真实、有效，有关副本、复印件等材 料均与正本或原始材料一致。 在本法律意 ...

Investment Rating - The investment rating for the company is "Accumulate" [2][9] Core Viewpoints - The company has achieved steady growth in its main business, with a revenue of 3.467 billion yuan in 2024, representing a year-on-year increase of 4.06%. The net profit attributable to the parent company was 106 million yuan, up 1.61% year-on-year [3][4] - The company is collaborating with Bandai Namco to create a second growth curve, successfully entering the IP retail market and targeting younger consumer groups [9] Financial Performance Summary - In 2024, the company's revenue by product categories was as follows: milk powder (2.097 billion yuan, +9.45%), food (312 million yuan, +0.38%), supplies (504 million yuan, -2.78%), cotton products (223 million yuan, -6.92%), toys and travel (70 million yuan, -11.27%), maternal and infant services (36 million yuan, -1.41%), and supplier services (223 million yuan, -2.92%) [4] - Revenue by sales channels included: store sales (2.484 billion yuan, +2.03%), e-commerce (720 million yuan, +16.62%), maternal and infant services (36 million yuan, -1.41%), and supplier services (223 million yuan, -2.92%) [4] - The company opened 62 new maternal and infant stores in competitive regions, with a 21-store increase compared to the previous year, focusing on shopping centers with an optimal area of 200-250 square meters [4] - Online sales reached 719.64 million yuan in 2024, a growth of 17% year-on-year [6][9] Earnings Forecast - The company is expected to achieve revenues of 3.801 billion yuan in 2025, 4.177 billion yuan in 2026, and 4.603 billion yuan in 2027, with corresponding growth rates of 9.64%, 9.90%, and 10.19% respectively [7][9] - The net profit attributable to the parent company is projected to be 127 million yuan in 2025, 153 million yuan in 2026, and 186 million yuan in 2027, with growth rates of 19.58%, 20.27%, and 21.34% respectively [7][9] - The company's price-to-earnings ratio (P/E) is expected to be 26.4X in 2025, 22.0X in 2026, and 18.1X in 2027 [9]

Group 1 - The company, Shanghai Aiyingshi Business Service Co., Ltd., will hold its 2024 Annual General Meeting on April 25, 2025, at 10:00 AM, utilizing both on-site and online voting methods [1][2] - To enhance service for small and medium investors, the company will employ Shanghai Stock Exchange Information Co., Ltd. to provide a shareholder meeting reminder service, actively notifying shareholders about the meeting and voting [2] - Investors will receive smart SMS notifications with details on how to participate and vote, and they can also use existing trading and internet voting platforms if needed [2]

关于股东大会开设网络投票提示服务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 上海爱婴室商务服务股份有限公司（以下简称"公司"）于2025年4月3日 披露《关于召开2024年年度股东大会的通知》，公司拟于2025年4月25日上午 10:00召开2024年年度股东大会，本次会议采用现场投票和网络投票相结合的表 决方式。详见公司披露于上海证券交易所的公告《上海爱婴室商务服务股份有 限公司关于召开2024年年度股东大会的通知》（公告编号：2025-016）。 为更好的服务广大中小投资者，确保有投票意愿的中小投资者能够及时参 会、及时投票。公司拟使用上证所信息网络有限公司(以下简称"上证信息") 提供的股东大会提醒服务，委托上证信息通过智能短信等形式根据股权登记日 的股东名册主动提醒股东参会投票，向每一位投资者主动推送股东会参会邀请、 议案情况等信息。投资者在收到智能短信后，可根据使用手册(下载链接: https://vote.sseinfo.com/i/yjt help.pdf )的提示步骤直接投票，如遇拥堵等情况， ...