China's Haizi Wang Files for Hong Kong IPO on June 23, Profit Hits 356 Million Yuan in 2025

China's leading mother-and-baby retailer Haizi Wang Children's Products Co. Ltd. (stock code: 301078.SZ) filed for a Hong Kong Main Board listing on June 23, with Huatai International serving as exclusive sponsor, marking its push for an "A+H" dual capital platform. The company reported net profit of 356 million yuan in 2025, up 73.8% year-over-year, as it expands through acquisition and franchise channels.

However, significant risks accompany the growth. Goodwill surged from 782 million yuan at the end of 2024 to 1.932 billion yuan by end of 2025 following the acquisition of scalp and hair care leader Si Yu Group for 1.65 billion yuan, now representing nearly 50% of net assets. Franchise expansion also diluted gross margins, with product distribution revenue jumping 275.49% but at lower margins compared to direct retail operations.