证券代码：301078 证券简称：孩子王 公告编号：2026-010 孩子王儿童用品股份有限公司 关于变更公司注册地址、注册资本、经营范围及修订《公司 章程》并办理完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 孩子王儿童用品股份有限公司（以下简称"公司"）于 2026 年 1 月 9 日召 开第四届董事会第五次会议，并于 2026 年 2 月 2 日召开 2026 年第一次临时股东 会，审议通过了《关于变更公司注册地址、注册资本、经营范围及修订<公司章 程>并办理工商变更登记的议案》，具体内容详见公司于 2026 年 1 月 10 日在巨 潮资讯网（http://www.cninfo.com.cn）上披露的《关于变更公司注册地址、注册 资本、经营范围及修订<公司章程>并办理工商变更登记的公告》（公告编号： 2026-002）。 一、基本情况 2、类型：股份有限公司（外商投资、上市） 3、法定代表人：徐卫红 8、经营范围：许可项目：食品销售；食品互联网销售；餐饮服务；出版物 批发；出版物零售；出版物互联网销售；药品零售；游艺娱乐活动； ...

Core Viewpoint - A former employee of Kidswant (301078) was involved in a fraud case at the Lejoy Chengdu Shuangnan store, leading to consumer losses ranging from thousands to tens of thousands of yuan. The company has initiated a customer rights protection mechanism and reported the incident to the police [1] Group 1: Incident Response - The company has completed initial compensation procedures for 100 consumers affected by the fraud [1] - A special channel has been opened for out-of-town consumers to simplify the claims process [1] - Kidswant is promoting an upgrade in the "reassuring consumption" service within the maternal and child industry, advocating for standardized return and exchange policies across regions [1] Group 2: Stock Performance - As of February 11, 2026, Kidswant's stock price was 10.83 yuan, with a cumulative decline of 1.19% over the past week and a price fluctuation of 4.84% [2] - Following the exposure of the fraud incident on February 9, the stock price initially rose by 1.77%, but subsequently experienced volatility, dropping by 0.73% on February 10 and a slight decrease of 0.28% on February 11 [2] - Trading volume and turnover rate increased during the incident period, indicating heightened market attention [2]

Core Viewpoint - The incident involving a former employee of the company, who allegedly defrauded consumers by collecting payments for milk powder without delivering the products, has raised significant public concern. The company has initiated a consumer rights protection mechanism and is actively addressing the situation [1][2]. Group 1 - The company has established a special task force to handle the incident and has activated a consumer rights protection mechanism to ensure orderly processing of the situation [1]. - The internal investigation revealed that the former employee violated company policy by collecting payments through personal accounts, which is strictly prohibited [1]. - The company has reiterated its policy against personal account payments to all stores and has initiated a comprehensive review following the incident [1]. Group 2 - The company has launched a "Customer Rights Protection Special Mechanism" to provide advance compensation for verified losses, with initial payments already made to 100 consumers in Chengdu [2]. - The refund process is being conducted under the supervision of relevant authorities, and the company will continue to process refunds based on the order of verification by law enforcement [2]. - Ongoing investigations by law enforcement and the company's refund and rectification efforts are proceeding simultaneously [2].

Core Viewpoint - The incident involving a former employee of the company, who allegedly defrauded consumers by collecting payments for goods that were not delivered, has raised significant public concern. The company has initiated measures to address the situation and protect consumer rights. Group 1: Incident Overview - A former employee of the company's Chengdu Shuangnan store, identified as Wen, is suspected of using personal accounts to fraudulently collect payments from consumers without delivering goods [1] - The company has established a special task force and initiated a consumer rights protection mechanism to address the issue promptly [1][12] - The company emphasizes its strict internal policy prohibiting personal account payments, which was violated by the former employee [1] Group 2: Refund Process - The company has launched a "Customer Rights Protection Special Mechanism" to provide advance payments for verified losses, with the first batch of refunds initiated at the local police station [2] - As of now, 100 consumers have received refunds, with one consumer reporting a refund of 6,212 yuan [2][5] - For consumers unable to attend in person, the company has set up a special service channel for out-of-town customers, allowing for online registration and verification through police [11] Group 3: Additional Measures - In addition to financial compensation, the company is offering a 200 yuan no-strings-attached voucher to each affected consumer as a gesture of goodwill [11][12] - The company is reinforcing internal training and supervision mechanisms nationwide and will conduct a review of management responsibilities at the affected store [12] - Ongoing investigations by law enforcement and the company's refund and rectification efforts are being conducted simultaneously, with commitments to keep the public informed of progress [12]

Core Insights - The concept of "安心" (peace of mind) has evolved beyond just products, becoming a cornerstone for brand loyalty in the mother and baby industry [1][2] - The company "孩子王" (Kid King) is setting new standards in consumer experience through initiatives focused on "放心消费" (reassured consumption) [1] Group 1: Service Innovations - "孩子王" has launched the "跨区域异地异店退换货倡议" (Cross-Regional Return and Exchange Initiative) to address consumer concerns about cross-city shopping, aiming for a seamless "one place purchase, different place return" experience [1] - This initiative involves unified service standards, interconnected system processes, and shared network resources, enhancing the service capability across regions [1] - The company is transitioning its after-sales network from "store units" to a "regional collaborative body," which is crucial for building a nationwide service network [1] Group 2: Proactive Service Model - The company has developed a "10-second response - 10-minute resolution - 24-hour closure" mechanism to efficiently address customer issues [1] - A unique proactive service model includes "主动调研" (active research), "跨部门协同" (cross-department collaboration), and "体验追溯" (experience tracing), allowing the company to anticipate customer needs and optimize services before issues arise [1] - This proactive approach has been recognized as a best practice in "放心消费" by Nanjing, highlighting its effectiveness in service optimization [1] Group 3: Comprehensive Consumer Protection - The upgraded "安心购" (Peace of Mind Purchase) service system aims to provide a comprehensive consumer protection network throughout the customer journey [2] - This system includes one-on-one guidance from professional parenting consultants, deep services for premium members, and physical support from nationwide maternal and infant care rooms [2] - The introduction of "终身无理由退" (lifetime no-reason return) challenges traditional retail after-sales boundaries, aiming to eliminate decision-making concerns for families [2] Group 4: Industry Trends - The series of initiatives by "孩子王" indicates a shift in the mother and baby industry competition from products and channels to a comprehensive service experience based on "trust" [2] - This evolution not only represents an upgrade for individual companies but also provides a reference path for the entire industry to genuinely practice a "user-centered" approach in the post-traffic era [2] - Investment in systematic efforts for "安心" will solidify consumer trust as a brand's most valuable asset [2]

Investment Rating - The report indicates a positive outlook for the cosmetics and medical beauty sector, with strong performance compared to the market [2][3]. Core Insights - Estee Lauder reported double-digit growth in China, with net sales reaching RMB 29.35 billion, a year-on-year increase of 6%, and profits improving by 127% to RMB 1.12 billion [8][26]. - The Tmall beauty category saw a significant increase of 24% year-on-year in January 2026, indicating strong consumer demand and confidence in the market [8][29]. - The report highlights the government's focus on promoting service consumption, which is expected to drive growth in key sectors, including beauty and personal care [9][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from January 30 to February 6, 2026 [3]. - The Shenwan Cosmetics Index increased by 2.8%, outperforming the Shenwan A Index by 4.4 percentage points [3]. Company Highlights - Estee Lauder's sales in mainland China surged by 13% to RMB 6.44 billion, confirming the recovery of international beauty brands in the Chinese market [8][26]. - The report notes that the top-performing stocks in the sector included Betaini (+13.5%), Huaxi Biological (+12.0%), and Beijia Clean (+10.8%) [4]. E-commerce Insights - The report provides data on the performance of domestic brands on platforms like Douyin and Tmall, showing significant growth in GMV for several brands [20]. - For instance, the brand "毛戈平" saw a GMV increase of 298% in December 2025 [21]. Market Trends - The overall retail sales of cosmetics in December 2025 grew by 8.8%, with a total retail sales figure of RMB 465.3 billion for the year, reflecting a steady recovery in consumer spending [22][23]. - The report emphasizes the shift in consumer preferences towards personalized and high-quality products, indicating a strategic opportunity for brands to innovate [10][11].

Core Insights - The company emphasizes that culture is not just slogans but is reflected in every response to user needs, focusing on a combination of technology and humanized services to support children's healthy growth [1] - The company has gained the trust of nearly 100 million member families, leading in multiple dimensions such as scale, reputation, service, and digital capabilities [1] Group 1: Company Culture and Events - The headquarters has transformed into a large interactive playground, fostering a relaxed atmosphere for learning and understanding the "One Kid King" concept [2] - The annual cultural conference aims to address cognitive, ideological, and spiritual issues to enhance understanding and promote progress [5] - The CEO elaborated on the company's cultural DNA, evolution path, and strategic layout, emphasizing that core competitiveness comes from the organization behind competitive products and services [9] Group 2: Awards and Recognition - The "Same Heart Award" was introduced to showcase the collaborative culture and the "Same Heart Organization" model [12] - Various teams were recognized for their user-centric approaches, breaking down functional boundaries to embody the "Same Heart Organization" [14] - Five "Cultural Stars" were highlighted for their contributions, making the company's values tangible and relatable [15] Group 3: Future Vision and Strategy - The company aims to deepen its business layout in four areas: short-chain direct procurement, digitalization in cities, and AI intelligence, while expanding service boundaries [30] - The mission remains to make every childhood better, with a vision to build a new ecological industry of wisdom [30] - The company continues to walk alongside users and partners, creating unique value in the children's service sector [30]

Core Viewpoint - The company is actively embracing AI technology, having recently obtained two AI patents, indicating a commitment to AI application development [2] Group 1: AI Development - The company places high importance on the development of AI technology and has launched KidsGPT smart advisor and multiple intelligent agents to enhance customer service experience and management efficiency [2] - The company has also developed AI-powered companion toys, showcasing its innovation in product offerings [2] Group 2: Financial Impact - The company stated that its AI products are still in the early stages of development and currently represent a small proportion of its overall business, thus not significantly impacting its financial performance [2] - Investors are advised to refer to the upcoming quarterly report for the first quarter of 2026 for more detailed financial information [2]

Group 1 - The core issue involves a store under the "Lejoy" brand in Chengdu, Sichuan, which has been accused of collecting payments without delivering goods, leading to allegations of fraud by parents [1] - The headquarters of "Lejoy" has stated that they are organizing refunds and have reported the incident to the police after receiving multiple customer complaints [1] - The company emphasized that it strictly prohibits individual collection of payments and was unaware of the actions of the former store manager, who is currently under police investigation [1] Group 2 - Refunds will be processed within five working days after customers sign a confirmation form and submit proof of payment [1] - Customers have reported that they have signed the confirmation form and have been informed that the refund amount has been verified [1]

Group 1 - The core issue involves a store under the "Kids King" brand in Chengdu, Sichuan, being accused of collecting payments without delivering goods, leading to allegations of fraud by parents [1] - The headquarters of "Kids King" responded by stating that they were unaware of the actions of the former store manager, who is currently under police investigation [1] - The company has initiated a refund process, which will be completed within five working days after customers submit a confirmation slip and proof of payment [1]