Goodbaby International Announces 2024 Annual Results

Revenue Grew by Double-digit to Reach HK$8,765.9 million
Very Positive Business Momentum Throughout the Year

Strategic Brand CYBEX Significantly Gaining Market Shares Globally
Brand-driven Strategy to Maintain Global Competitiveness Amid Evolving Macro Dynamics

Highlights:

• The Group demonstrated strong performance with 10.6% revenue growth and accelerated business momentum into the second half of the year (+7.7% in 2024H1, +13.4% in 2024H2);
• The Group's gross margin improved to a record 51.4%, demonstrating its efforts in enhancing brand premium, product competitiveness and operational efficiency;
• The Group's operating profit increased by 35.7% to approximately HK$500.0 million, with operating profit margin at 5.7%;
• The Group consistently delivered on its commitment to improving profitability and cash flow management, and was able to reduce net debt;
• The Group significantly paid down debts and restructured loan facilities, optimized the Group's debt structure and greatly improved financing cost;
• The Group continued to bolster risk resilience facing changing market dynamics and uncertainties, while dedicated to the one-dragon vertically integrated platform as well as strategic investments in brand building innovation, global omni-channel infrastructure, and digital.

HONG KONG, March 26, 2025 /PRNewswire/ -- Goodbaby International Holdings Limited ("Goodbaby International" or the "Company", HKEX stock code: 1086, together with its subsidiaries, the "Group"), a leading global parenting products company, has announced its annual results for the year ended 31 December 2024 (the "Year").

During the Year, the Group achieved double-digit revenue growth of 10.6%, reporting revenue of approximately HK$8,765.9 million (2023: approximately HK$7,927.3 million). Gross margin improved to a record 51.4%, and reported gross profit increased by 13.6% to approximately HK$4,507.9 million (2023: approximately HK$3,967.7 million). In addition, operating profit increased by 35.7% to approximately HK$500.0 million (2023: HK$368.4 million) with operating profit margin reaching 5.7%.

Milestone achievements by CYBEX: Recorded all-time high revenue and profitability

Backed by strong market demand for its products, CYBEX brand delivered an outstanding performance across its core categories, channels and key markets, with revenue up by a strong 20.8% (a 17.4% increase on a constant currency basis) for the Year to approximately HK$4,467.3 million (2023: approximately HK$3,696.9 million). During the Year, CYBEX introduced 11 launches, which were all well accepted by the market. It also opened a self-owned flagship store in Paris, enhancing its leadership in "Big Platinum Cities", also enriching its omni-channel distribution network and redefining luxurious functionality alongside contemporary aesthetics. CYBEX prided awards from prominent international organizations for its product design, safety and functionality. The brand continued to reinforce its global leadership as a premium "technical-lifestyle" brand.

Further expansion of Evenflo's market shares in digital channels and car seat category in US

Evenflo brand recorded moderate revenue growth of 4.6% (a 3.7% increase on a constant currency basis) to approximately HK$2,385.3 million (2023: approximately HK$2,279.6 million) for the Year, which was primarily driven by significant growth on its digital channels, positive consumer acceptance of innovative products, mainly car seats, continued new product launches and elevated brand image. Evenflo continued to invest in brand, products, digital strategy and talents, as well as offer innovative products that make parenting more enjoyable and convenient.

Progress made in execution of gb's new business model

The revenue from gb brand was approximately HK$918.1 (2023: approximately HK$1,161.0 million) for the year ended 31 December 2024. gb restructured its management team towards the end of the Year to better execute the transformation and turn around the business. Progress was achieved in execution of the new business model, with the live streaming channel bringing in notable sales revenue, plus its own offline retail stores recorded strong revenue growth. The gb brand continued to receive multiple prominent international awards in recognition of its commitment to product design and innovation.

Blue Chip and other business recorded a strong 26.0% increase in revenue (a 25.4% increase on a constant currency basis) to approximately HK$995.2 million (2023: approximately HK$789.8 million), driven by the significant rebound of Blue Chip business with Blue Chip customers completing destocking. The Group's relationship with its Blue Chip customers remained healthy and stable.

Outlook

Looking ahead, the Group will continue the vertically integrated one-dragon, brand-driven strategy through sustained strategic investments to maintain and consolidate its global competitiveness, which will continue to inject momentum into the Group's business and enhance its resilience in the face of uncertainties. CYBEX will leverage its powerful brand momentum and omni-channel infrastructure to grow globally at full speed and to gain market shares across the globe. Evenflo will continue to invest in its brand, products, digital strategy and talents, and work to further consolidate its business foundation. gb will continue the brand transformation and turn around its business in the China market. Blue Chip business will keep striving for steady development as the Group continues to deliver services that meet the demands of customers. Building on strong supplier partnerships and a broad global footprint, the Group will keep optimizing and consolidating its global supply chain strategies, plus expanding and deepening brand building and omni-channel distribution network and infrastructure in existing and new markets.

Mr. Tongyou LIU, Executive Director and Group CEO of Goodbaby International, said, "During the past year, as a global company, we have been enduring the pressure from changing macro dynamics and uncertainties. However, we are always ready to turn challenges into opportunities, focusing on developing our strategic brands, injecting new impetus into our businesses and performance, and providing consumers with a first-class experience. I believe our brand-driven strategy, that is supported by world-class technology, manufacturing and supply chain excellence, innovation, our strong mother market operations, and digital and cost optimization, will see us realize our vision of becoming an outstanding enterprise with global and future-ready competitiveness and achieving sustained profitable growth."

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About Goodbaby International Holdings Limited

Goodbaby International Holdings Ltd. (stock code: 1086) is a world-leading parenting products company. The Group serves millions of families around the world through design, research and development, manufacture, marketing and sales of children's car safety seats, strollers, apparel and home textile products, feeding, nursing and personal care products, cribs, bicycles and tricycles and other children's products.

For more information, please visit Goodbaby's corporate website: www.gbinternational.com.hk.

SOURCE Goodbaby International