览富财经网讯：1月30日，中国证监会公布最新一期《境外发行上市备案补充材料要求》，本周国际司 共对6家企业出具补充材料要求，其中对在2025年12月11日，向港交所主板递交上市申请书的孩子王儿 童用品股份有限公司（简称：孩子王），证监会要求其需补充说明三项事项且需律师核查并出具明确的 法律意见。 三、请说明全额行使超额配售权后的预计募集资金量。 一、请说明你公司及下属公司已从事增值电信业务的起始时间、具体内容及持证情况，外资持股比例上 限规定，以及本次发行上市后持续符合外商投资准入政策要求的具体依据。 二、请以通俗易懂的语言详述你公司业务模式及涉及AI大模型的具体情况，包括应用场景、具体功能 等。 具体事项为： ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for overseas listing applications from 15 companies, focusing on compliance with foreign investment policies and operational legality [1][2][3]. Group 1: Supplementary Material Requirements - For Kid Wang, the company must clarify the start date and specifics of its value-added telecommunications services, foreign ownership limits, and compliance with foreign investment policies post-listing [5]. - For Qianli Technology, the company needs to provide updates on the transfer of shares related to the agreement with Lifan Holdings and confirm compliance with the Shanghai Stock Exchange [9]. - For Nanjing Qingtian, the company is required to align its listing plan with regulatory guidelines and disclose details about significant litigation [14]. Group 2: Compliance and Legal Opinions - For Zhenqu Technology, the company must explain the legality of shareholding arrangements and provide a list of past capital increases and share transfer prices, ensuring no irregularities exist [24]. - For Dafeng Gardening, the company needs to justify the establishment of a new listing entity in the Cayman Islands and confirm compliance with foreign investment reporting obligations [38]. - For Chengyi Biology, the company must clarify the shareholding structure and any potential changes in control, as well as the implications of special shareholder rights [40]. Group 3: Business Operations and Models - For Kid Wang, the company is required to describe its business model and the specific applications of AI large models [6]. - For Qianli Technology, the company must detail its business operations, including data processing and whether it complies with foreign investment restrictions [10]. - For Nanjing Qingtian, the company is asked to explain its involvement in AI large models and the operational status of its online platforms [15].

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

Group 1: Earnings Forecasts - Han's Laser expects a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses in the previous year [9] - Zhongji Xuchuang anticipates a net profit increase of 89.50% to 128.17% for 2025, projecting profits between 9.8 billion to 11.8 billion yuan [2] - Perfect World forecasts a net profit of 720 million to 760 million yuan for 2025, also reversing previous losses [25] - Yihua Lifestyle expects a net profit of 8 billion to 10 billion yuan for 2025, compared to a loss of 1.696 billion yuan in the previous year [21] - Guizhou Mingzhu anticipates a staggering net profit increase of 2908.49% to 3577.04% for 2025, projecting profits between 166 million to 203 million yuan [25] - Kexing Pharmaceutical expects a net profit increase of 328.83% to 455.89% for 2025, projecting profits between 135 million to 175 million yuan [28] Group 2: Capital Raising and Investments - Newray plans to raise no more than 1.316 billion yuan through a private placement for high-performance CNC blade industrial park projects [3] - Liyang Chip intends to raise up to 970 million yuan for integrated circuit testing projects and other initiatives [4] - Kid King plans to invest 3.3 million yuan to establish a joint venture focused on online business model innovation for family consumption [6] Group 3: Industry Developments - Tianqi Lithium's subsidiary has produced its first batch of chemical-grade lithium concentrate as part of its expansion project [5] - Yihua Lithium's subsidiary has signed a framework agreement with Indonesian state-owned enterprises to collaborate on the entire supply chain for electric vehicle batteries [7] - Longyuan Power expects a net profit increase of 51% to 73% for 2025, driven by improved profitability in its core thermal power business and expansion in renewable energy [18]

招股书显示，孩子王是一家中国领先的亲子家庭新消费市场领先的全渠道综合服务提供商，主要从事母 婴童业务，包括销售母婴童产品以及提供儿童发展及育儿服务。根据弗若斯特沙利文的资料，于2024 年，公司以GMV人民币138亿元在中国母婴童产品及服务市场排名第一，市场份额为0.3%。 1月30日，中国证监会公布境外发行上市备案补充材料要求公示(2026年1月26日—2026年1月30日)。证 监会要求孩子王（301078）说明全额行使超额配售权后的预计募集资金量；公司及下属公司已从事增值 电信业务的起始时间、具体内容及持证情况，外资持股比例上限规定，以及本次发行上市后持续符合外 商投资准入政策要求的具体依据；详述公司业务模式及涉及AI大模型的具体情况，包括应用场景、具 体功能等。据港交所2025年12月11日披露，孩子王(301078.SZ)递表港交所，华泰国际为其独家保荐 人。 ...

智通财经APP获悉，1月30日，中国证监会公布境外发行上市备案补充材料要求公示(2026年1月26日— 2026年1月30日)。证监会要求孩子王说明全额行使超额配售权后的预计募集资金量；公司及下属公司已 从事增值电信业务的起始时间、具体内容及持证情况，外资持股比例上限规定，以及本次发行上市后持 续符合外商投资准入政策要求的具体依据；详述公司业务模式及涉及AI大模型的具体情况，包括应用 场景、具体功能等。据港交所2025年12月11日披露，孩子王(301078.SZ)递表港交所，华泰国际为其独 家保荐人。 招股书显示，孩子王是一家中国领先的亲子家庭新消费市场领先的全渠道综合服务提供商，主要从事母 婴童业务，包括销售母婴童产品以及提供儿童发展及育儿服务。根据弗若斯特沙利文的资料，于2024 年，公司以GMV人民币138亿元在中国母婴童产品及服务市场排名第一，市场份额为0.3%。 ...

招股书显示，孩子王是一家中国领先的亲子家庭新消费市场领先的全渠道综合服务提供商，主要从事母 婴童业务，包括销售母婴童产品以及提供儿童发展及育儿服务。根据弗若斯特沙利文的资料，于2024 年，公司以GMV人民币138亿元在中国母婴童产品及服务市场排名第一，市场份额为0.3%。 智通财经APP获悉，1月30日，中国证监会公布境外发行上市备案补充材料要求公示(2026年1月26日— 2026年1月30日)。证监会要求孩子王说明全额行使超额配售权后的预计募集资金量；公司及下属公司已 从事增值电信业务的起始时间、具体内容及持证情况，外资持股比例上限规定，以及本次发行上市后持 续符合外商投资准入政策要求的具体依据；详述公司业务模式及涉及AI大模型的具体情况，包括应用 场景、具体功能等。据港交所2025年12月11日披露，孩子王(301078.SZ)递表港交所，华泰国际为其独 家保荐人。 ...

孩子王公告，公司拟与关联方共同出资设立合资公司，注册资本人民币1000万元，其中公司拟以自有资 金认缴出资330万元，占其注册资本的33%。 ...

证券代码：301078 证券简称：孩子王 公告编号：2026-008 孩子王儿童用品股份有限公司 关于与关联方共同投资设立合资公司的公告 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。 重要内容提示： 1、孩子王儿童用品股份有限公司（以下简称"公司""孩子王"或"上市 公司"）拟与关联方和非关联方共同出资设立合资公司，合资公司注册资本人民 币 1,000 万元，其中公司拟以自有资金认缴出资 330 万元，占其注册资本的 33%。 截至本公告披露日，合资公司尚未设立，名称及相关工商信息将以最终登记 注册信息为准。 2、根据《深圳证券交易所创业板股票上市规则》的规定，本次投资事项构 成关联交易，不构成重大资产重组。本次投资事项属于董事会决策权限，无需提 交公司股东会审议。 3、合资公司后续经营过程中可能会面临宏观经济、行业政策、消费趋势等 不确定因素的影响，未来经营情况存在一定的不确定性。为此，公司将密切关注 其发展动态，利用上市公司治理经验，充分整合各方资源优势，提升合资公司竞 争优势和盈利能力，积极防范和应对上述风险。敬请广大投资者理性投资，注意 投资风险。 ...