Goodbaby International Holdings Limited Announces 2022 Annual Results

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Mar 28, 2023, 10:16 ET

HONG KONG, March 28, 2023 /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 2022 (the "Period"). During the Period, the Group's revenue and profitability were both strongly impacted by global and regional challenges. However, the Group as a whole was able to weather these unprecedented storms thanks to the strong competitive strengths built on its vertically integrated "One-Dragon" platform of own brands, omnichannel distribution platforms, own manufacturing and operational services and balanced brand mix and geographic presence.

Key highlights of the Group's performance during the Period include:

1. Recorded positive full-year net profit, with a rebound in operating profitability in the second half of 2022 versus the second half of 2021 and the first half of 2022, and strong operating cash flow in the second half;

2. Increased market share in Europe, North America and Japan;

3. Competitive price increases implemented in the second half of the year improved profitability due to the strength of the respective brands;

4. The strength of the Group's "One-Dragon" vertically integrated platform of own brands, omnichannel distribution platforms, own manufacturing and operational services enabled the Group to absorb significant negative developments to outperform the competition;

5. A diversified portfolio of brands and balanced global footprint minimized risk in any one region and resulted in a strong global competitive advantage;

6. Strategic and dedicated investment in innovation to maintain competitive strength;

7. Continued to expand own D2C online retail platforms in key markets and expanded the international wholesale distribution platform.

During the Period, the Group implemented competitive price increases, initiated cost reduction and efficiency improvement measures across all business units, and focused on improving profitability and cash flow management while maintaining prudent investment in innovation. As a result, the Group recorded a positive full-year net profit despite the extremely volatile global environment and generated a rebound in operating profitability and strong operating cash flows in the second half of the year, demonstrating the Group's resilience.

During the Period, revenue of the Group was approximately HK$8,292.2 million (2021: HK$9,692.1 million). With regard to the performance of strategic brands, the revenue of CYBEX, gb and Evenflo amounted to approximately HK$3,285.3 million, HK$1,473.4 million and HK$2,304.7 million respectively (2021: HK$3,384.5 million, HK$2,298.6 million and HK$1,982.6 million). Blue Chip business recorded revenue of approximately HK$874.7 million (2021: HK$1,535.5 million).

The Group expects its business to rebound as pandemic-related restrictions in China continue to be lifted, global supply chain disruptions stabilize, and the global macroeconomic environment begins to show signs of recovery. The Group will continue to pursue a strategy focused on its strategic brands CYBEX, gb and Evenflo, and the ongoing development of its Blue Chip business.

For more details, please refer to the announcement below:

https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0328/2023032801367.pdf

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