This company and its board of directors guarantee the truthfulness, accuracy, and completeness of the information disclosed, and are not subject to any false records, misleading statements, or significant omissions.
Goldbaby Baby & Children's Products Co., Ltd. (hereinafter referred to as the "Company") received the "Inquiry Letter on the 2025 Annual Report of Goldbaby Baby & Children's Products Co., Ltd. (II)" (Company Department Annual Report Inquiry Letter [2026] No. 293) from the Shenzhen Stock Exchange on May 26, 2026. Upon receiving the letter, our company has actively implemented the requirements of the "Inquiry Letter (II)" and is now publishing the relevant questions and replies from the "Inquiry Letter (II)" as follows:
The abbreviations involved in the reply are as follows:
| Company Name | Abbreviation |
|---|---|
| Goldbaby Baby & Children's Products Co., Ltd. | Company |
| Guangdong Hanfei Hospital Investment Co., Ltd. | Hanfei Investment |
| Zhongshan Hanfei Medical Aesthetics Clinic | Zhongshan Hanfei |
| Zhuhai Hanfei Medical Aesthetics Clinic | Zhuhai Hanfei |
| Yaomei (Guangdong) Technology Development Co., Ltd. | Yaomei Technology |
- Revenue Authenticity and Business Quality.
The annual report shows that your company achieved operating revenue of 123 million yuan in the fourth quarter of 2025, accounting for 31.85% of the annual revenue, which is the highest for the year. However, the net cash flow from operating activities in the fourth quarter was -21.939 million yuan, accounting for 59.30% of the net outflow for the year, which is the lowest for the year. In your company's mother and baby consumer products business, the "Other Mother and Baby Products" category achieved revenue of 143 million yuan, a year-on-year increase of 137.81%, operating costs increased by 176.05% year-on-year, and the gross profit margin decreased by 11.29 percentage points year-on-year to 18.48%. At the end of 2025, your company's accounts receivable balance was 44.9746 million yuan, of which the balance of accounts receivable over one year was 13.8742 million yuan, a year-on-year increase of 123.35%. The proportion of accounts receivable over one year in the total accounts receivable increased from 16.69% at the end of 2024 to 30.85%. Against the backdrop of an 86% increase in operating revenue, the growth rate of long-term accounts receivable far exceeded the growth rate of revenue. At the end of 2025, your company's inventory balance was 140 million yuan, and the provision for inventory devaluation was 33.4432 million yuan, with a provision ratio of 23.86%. Among them, the inventory turnover days for mother and baby cotton products was 368 days, and the inventory turnover days for infant and children's apparel was 346 days, far exceeding the normal level in the industry. In 2025, your company's online sales revenue was 189 million yuan, a year-on-year increase of 123.19%, accounting for 48.96% of the operating revenue. In 2025, your company had a total of 668 employees, roughly the same as 686 in 2024, but operating revenue increased by 71.86%. Excluding the impact of the consolidation of medical aesthetics business, the per capita income of the mother and baby business increased from approximately 319,000 yuan to approximately 569,000 yuan, an increase of about 78.4%.
Please ask your company to: (1) Combine the business model, sales cycle, credit policy, and collection situation to quantitatively analyze the reasons and rationality for the significant divergence between revenue and cash flow in the fourth quarter. Please explain whether the revenue recognition in the fourth quarter complied with the company's established accounting policies, and whether there were any instances of early revenue recognition or relaxed credit policies to stimulate sales to meet performance targets.