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。 证券代码：301078 证券简称：孩子王 公告编号：2026-007 孩子王儿童用品股份有限公司 关于第四届董事会第六次会议决议的公告 1、第四届董事会第六次会议决议； 结合公司战略发展需要及实际经营情况，为持续加强公司在亲子家庭新消 费线上领域的核心竞争力，推动公司可持续高质量发展，并根据市场化运作原 则，进一步深化资源整合和协作关系，公司拟以自有资金出资，与关联方公司 董事/总经理徐卫红先生、董事/副总经理/董事会秘书侍光磊先生，以及非关联 方沈晖先生、广东辛选控股有限公司、宋铁牛先生、杜晨鹏先生、周通先生、 行凌伟女士、刘虓俊先生共同出资设立合资公司浙江链拓未来网络科技有限责 任公司（暂定名，最终以工商行政机关核准为准），共同探索线上业务模式创 新，进一步拓展公司在亲子家庭新消费线上领域的业务布局，更好满足亲子家 庭消费需求。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）上的 《关于与关联方共同投资设立合资公司的公告》（公告编号：2026-008）。 本议案已经 ...

Group 1 - The core viewpoint of the news is that Kid King has shown significant trading activity, with a notable increase in financing and a stable stock performance, indicating investor interest and confidence in the company [1][2]. Group 2 - On January 29, Kid King experienced a stock price increase of 3.02%, with a trading volume of 628 million yuan. The financing buy-in amount for the day was 75.45 million yuan, while the financing repayment was 64.13 million yuan, resulting in a net financing buy of 11.31 million yuan [1]. - As of January 29, the total financing and securities lending balance for Kid King was 738 million yuan, with the financing balance accounting for 5.37% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, on January 29, Kid King repaid 4,500 shares and sold 2,200 shares, with the selling amount calculated at 24,000 yuan. The remaining securities lending volume was 134,000 shares, with a balance of 1.4633 million yuan, which is below the 20th percentile level over the past year, indicating low lending activity [1]. Group 3 - Kid King, established on June 1, 2012, and listed on October 14, 2021, is based in Nanjing, Jiangsu Province. The company specializes in retailing maternal and child products and provides value-added services, operating as a data-driven, customer relationship-focused innovative service provider for new families [2]. - The revenue composition of Kid King includes 88.10% from maternal and child product sales, 6.83% from supplier services, 2.56% from maternal and child services, 1.25% from platform services, 0.73% from招商 services, 0.47% from advertising services, and 0.05% from other services [2]. - As of September 30, the number of shareholders for Kid King was 79,000, an increase of 51.37% compared to the previous period, while the average circulating shares per person decreased by 33.93% [2]. - For the period from January to September 2025, Kid King achieved a revenue of 7.349 billion yuan, representing a year-on-year growth of 8.10%, and a net profit attributable to shareholders of 209 million yuan, reflecting a significant year-on-year increase of 59.29% [2]. Group 4 - Since its A-share listing, Kid King has distributed a total of 187 million yuan in dividends, with 165 million yuan distributed over the past three years [3]. - As of September 30, 2025, among the top ten circulating shareholders of Kid King, Hong Kong Central Clearing Limited was the seventh largest shareholder with 13.5386 million shares, marking a new entry, while Southern CSI 1000 ETF (512100) was the ninth largest shareholder with 8.0745 million shares, a decrease of 76,800 shares compared to the previous period [3].

Market Overview - On January 29, the professional chain sector rose by 2.14%, with Huazhi Wine leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Huazhi Wine (300755) closed at 18.80, up 16.05%, with a trading volume of 341,700 shares and a transaction value of 621 million yuan [1] - Kids King (301078) closed at 10.92, up 3.02%, with a trading volume of 579,200 shares and a transaction value of 628 million yuan [1] - Doctor Glasses (300622) closed at 30.57, up 0.99%, with a trading volume of 115,000 shares and a transaction value of 353 million yuan [1] - Aiyingshi (603214) closed at 17.59, up 0.57%, with a trading volume of 38,100 shares and a transaction value of 6.7 million yuan [1] - Tianyin Holdings (000829) closed at 10.40, up 0.39%, with a trading volume of 257,200 shares and a transaction value of 268 million yuan [1] - Jifeng Technology (300022) closed at 8.00, down 0.99%, with a trading volume of 98,600 shares and a transaction value of 79.8 million yuan [1] - Aishide (002416) closed at 13.05, down 1.88%, with a trading volume of 299,100 shares and a transaction value of 394 million yuan [1] Capital Flow - The professional chain sector saw a net inflow of 92.69 million yuan from main funds, while retail funds experienced a net outflow of 22.27 million yuan [1] - Main funds for Huazhi Wine had a net inflow of 59.10 million yuan, while retail funds had a net outflow of 37.21 million yuan [2] - Kids King had a net inflow of 52.69 million yuan from main funds, with a net outflow of 18.70 million yuan from retail funds [2] - Doctor Glasses had a minor net inflow of 3.12 million yuan from main funds, while retail funds saw a net inflow of 6.77 million yuan [2] - Aiyingshi had a net inflow of 1.65 million yuan from main funds, but retail funds experienced a net outflow of 2.30 million yuan [2] - Jifeng Technology had a slight net outflow of 0.34 million yuan from main funds, while retail funds had a net outflow of 3.69 million yuan [2] - Tianyin Holdings had a net outflow of 4.40 million yuan from main funds, but retail funds saw a net inflow of 12.07 million yuan [2] - Aishide had a significant net outflow of 19.13 million yuan from main funds, while retail funds had a net inflow of 20.80 million yuan [2]

每经AI快讯，有投资者在投资者互动平台提问：公司的AI玩具是否有海外市场订单？ 孩子王（301078.SZ）1月27日在投资者互动平台表示，目前公司AI玩具暂未涉及海外市场订单。 （文章来源：每日经济新闻） ...

证券日报网讯1月27日，孩子王（301078）在互动平台回答投资者提问时表示，面向中大童，公司已于 2025年6月推出KidswantUltra店，深度融合潮玩IP、谷子经济与AI科技，精准覆盖亲子家庭从孕育到成 长的全面需求，进一步拓展消费场景与客群边界。 ...

Investment Rating - The report rates the cosmetics and medical beauty industry as "Overweight" for 2025, indicating an expectation for the industry to outperform the overall market [2][11]. Core Insights - The demand side of the cosmetics and medical beauty sector is expected to accelerate, with retail sales of cosmetics projected to reach 465.3 billion yuan in 2025, a year-on-year growth of 5.1%, surpassing the overall retail growth by 1.4 percentage points [3]. - The performance of Hong Kong-listed beauty companies is strong, with significant growth in GMV (Gross Merchandise Volume) through platforms like Douyin, particularly during promotional events like Double Eleven [3]. - The A-share market shows a mixed performance, with companies like Ruoyuchen and Shanghai Jahwa experiencing substantial improvements in their earnings [3]. - The e-commerce operation sector is rebounding, with companies like Ruoyuchen and Yiwang Yichuang expected to see profit growth exceeding 50% in 2025 [3]. - The medical beauty segment is anticipated to face slight fatigue due to macroeconomic factors, but new product launches are expected to stimulate consumer interest in 2026 [3]. Summary by Sections Cosmetics Sector - Retail sales of cosmetics are projected to grow by 5.1% in 2025, with Q4 growth reaching 9.9% [3]. - Key companies such as Shiseido and Lin Qingxuan are expected to see significant GMV growth, with Lin Qingxuan projected to achieve triple-digit growth [3]. - Investment recommendations include companies with strong channel and brand matrices like Maogeping, Shiseido, and Lin Qingxuan, as well as those with improving earnings like Porlaia and Marubi [3]. Medical Beauty Sector - The medical beauty sector is expected to be impacted by macroeconomic conditions, with companies like Aimeike facing challenges [3]. - Recommendations focus on companies with strong R&D capabilities and broad product pipelines, such as Aimeike and Langzi [3]. E-commerce and Operations - The e-commerce operation sector is recovering, with companies like Ruoyuchen and Qingmu Technology expected to see significant profit growth [3]. - The report highlights the importance of self-operated brands and the potential for high growth in this segment [3]. Key Company Valuations - The report provides a valuation table for key companies, indicating a "Buy" rating for several firms including Porlaia, Maogeping, and Shiseido, with projected PE ratios reflecting growth expectations [5].

格隆汇1月27日丨孩子王(301078.SZ)在投资者互动平台表示，目前公司AI玩具暂未涉及海外市场订单。 ...

Core Viewpoint - The company emphasizes the importance of AI technology development and has launched its first AI model, KidsGPT, tailored for the maternal and child vertical market, addressing the knowledge needs of Chinese parenting families [1] Group 1: AI Development - The company has developed KidsGPT, the first AI model in the maternal and child sector, to meet the professional knowledge demands of Chinese families [1] - The company is actively embracing AI technology and prioritizes its development [1] Group 2: Business Impact - Currently, AI products are in the early development stage and represent a small proportion of the company's overall business [1] - The impact of AI on the company's performance is not significant at this stage [1]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [2]. Core Insights - The cosmetics and medical beauty sector has outperformed the market recently, with the Shenwan Beauty Care Index rising by 2.0% from January 16 to January 23, 2026, surpassing the Shenwan A Index by 0.8 percentage points [4][5]. - December 2025 saw a significant increase in social retail sales for cosmetics, reaching 38 billion yuan, with a growth rate of 8.8%, indicating robust demand even in the off-season. The overall growth rate for Q4 was 9.9%, significantly higher than the annual growth of 5.1% for 2025, driven by promotional events like Double 11 [10][17]. - The report anticipates continued high consumer demand in Q1 2026, supported by new product launches and regulatory approvals in the medical beauty sector [10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown strong performance, with the Shenwan Cosmetics Index increasing by 2.6% and the Shenwan Personal Care Index rising by 4.2%, both outperforming the Shenwan A Index [4][5]. Key Company Reviews - Lin Qingxuan (2657HK) is highlighted as a benchmark in the high-end domestic skincare market, with revenue projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a CAGR of 32.7%. The company is expected to turn a profit of 187 million yuan in 2024, a 120% increase year-on-year [11][12]. - Langzi Co., Ltd. (002612.SZ) forecasts a net profit of 900 million to 1.05 billion yuan for 2025, reflecting a year-on-year growth of 245.25% to 302.80% [4]. - Qingsong Co., Ltd. (300132.SZ) anticipates a net profit of 130 million to 165 million yuan for 2025, with a growth rate of 137.73% to 201.74% [4]. Market Trends - The report notes that the high-end skincare market is expanding, with the market size expected to reach 218.5 billion yuan by 2029. The concept of "oil-based skincare" is becoming mainstream, driving growth in the facial oil segment, which is projected to grow at a CAGR of 42.8% from 2019 to 2024 [12][14]. - E-commerce channels are increasingly important, with Lin Qingxuan achieving a 65.4% online revenue share in H1 2025, leveraging platforms like Douyin and Tmall for growth [13]. Sales Data - In December 2025, the total retail sales of cosmetics reached 38 billion yuan, with a year-on-year growth of 8.8%. The overall retail sales for cosmetics in 2025 were 465.3 billion yuan, reflecting a 5.1% increase [17][21].

Market Overview - The professional chain sector increased by 0.68% on January 23, with Kid King leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Kid King (301078) closed at 11.10, with a rise of 2.02% and a trading volume of 459,400 shares, amounting to a transaction value of 509 million [1] - Doctor's Eye Glasses (300622) closed at 34.48, up 1.98%, with a trading volume of 161,300 shares and a transaction value of 552 million [1] - Other notable stocks include Tianyin Holdings (000829) at 10.96 (+0.92%), Aiying Room (603214) at 17.96 (+0.84%), and Huazhi Wine (300755) at 17.12 (+0.71%) [1] Capital Flow - The professional chain sector experienced a net outflow of 66.6862 million from institutional investors, while retail investors saw a net inflow of 95.2577 million [1] - Kid King had a net inflow of 19.1417 million from institutional investors, but a net outflow of 6.4777 million from retail investors [2] - Doctor's Eye Glasses saw a net inflow of 11.5552 million from institutional investors, with a net outflow of 703.42 thousand from retail investors [2]