Survey Report on GMV Proportion of Imported Brands in Kidswant Mother and Baby Products

Based on multiple searches and in-depth investigations,

. Below is a detailed explanation:

1. Kidswant’s Brand Composition
   [1][2]
   • Products sold by Kidswant cover multiple categories, including milk powder, diapers, toiletries, etc
   • Cooperative brands include imported brands (such as Wyeth, Abbott, Aptamil, Kao, Huggies, etc.) and domestic brands
   • The GMV of private brands accounted for approximately 14% in the first 9 months of 2025[1]

2. Overall Trends in the Mother and Baby Industry
   [3][4]
   • The proportion of consumption via online channels increased from 23% in 2016 to 34% in 2021
   • Offline channels remain the main channel for mother and baby consumption, declining from 77% in 2016 to 66% in 2021
   • Domestic brands have shown stronger performance in certain categories

3. Kidswant’s Business Data
   [2][5]
   • In 2023, revenue from mother and baby products accounted for 86.56% of the company’s total revenue
   • Revenue from the milk powder category accounted for 52.94% of mother and baby product revenue
   • Revenue from online platforms accounted for 43.42%

• In Kidswant’s public annual reports, prospectuses, and research reports,
  no specific proportion data for imported brands has been found
• No specific figures such as “the proportion of imported brand GMV declined from X% to Y%” have been identified
• Public disclosures mainly cover product category composition and brand cooperation, rather than GMV proportion data for imported/domestic brands

1. Information Disclosure Restrictions
   : As a listed company, Kidswant mainly discloses product category sales data in its regular reports, rather than classified data by brand origin (imported/domestic)

2. Data Sensitivity
   : The proportion of imported brands may involve commercially sensitive information, so the company does not disclose it separately

3. Inconsistent Statistical Calibers
   : Different statistical calibers may be used in different reporting periods, making data comparison difficult

To obtain more detailed brand composition data, it is recommended to:

1. Contact Kidswant’s Investor Relations Department directly
2. Review the detailed business description section in the company’s prospectus
3. Refer to industry reports from professional third-party research institutions
4. Check the detailed business data disclosed by the company on specific investor activity days

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[1] Zhitong Finance - “Kidswant, the Mother and Baby Giant with 1,000 Stores, Goes Public in Hong Kong: Store Revenue Halved, Does Cross-Border Hairdressing Work?” (https://m.caizhongshe.cn/news-4577483383572623738.html)
[2] Eastmoney.com - “Initiation Coverage Report on Kidswant (301078.SZ)” (https://pdf.dfcfw.com/pdf/H3_AP202303141584245685_1.pdf)
[3] Minsheng Securities - “2024 Investment Strategy for the Commercial Retail Industry” (https://pdf.dfcfw.com/pdf/H3_AP202312201614591529_1.pdf)
[4] Minsheng Securities - Channel Analysis Section of “2024 Investment Strategy for the Commercial Retail Industry” (https://pdf.dfcfw.com/pdf/H3_AP202312201614591529_1.pdf)
[5] Everbright Securities - “In-Depth Report on Kidswant (301078.SZ)” (https://pdf.dfcfw.com/pdf/H3_AP202405071632565470_1.pdf)