On April 15, Jinfa Labi Maternal & Baby Articles Co., Ltd. (hereinafter referred to as “Jinfa Labi”), known as the “first listed maternal and baby company” in China, released its 2025 annual report. During the reporting period, the company recorded revenue of RMB 386 million, up 71.86% year-on-year, while net profit posted a loss of RMB 187 million, down 458.50% year-on-year.
Founded in 1996, Jinfa Labi has been deeply engaged in the maternal and baby consumer goods industry for nearly three decades. Its core business covers the design, R&D, production, and sales of mid-to-high-end maternal and baby products. Currently, the company mainly operates and manages three proprietary brands: “LABI BABY,” “I LOVE BABY,” and “BABY LABI.”
Notably, in 2021, Jinfa Labi acquired a stake in Guangdong Hanfei. In 2024, the company further gained controlling stakes in Zhuhai Hanfei and Zhongshan Hanfei, officially consolidating its medical aesthetics business into its financial statements.
In June 2025, Jinfa Labi announced that its actual controllers, Lin Haoliang and Lin Ruowen, planned to sign a Share Transfer Agreement with Yuanyichengwu to transfer a 13.3% stake and change the company’s control rights. However, in July of the same year, both parties agreed to terminate the transaction.
By business segment, revenue from the maternal and baby consumer goods business reached RMB 312 million, up 42.79% year-on-year; the medical aesthetics business generated RMB 68.63 million, accounting for 17.77% of total revenue; and other businesses recorded revenue of RMB 5.45 million, down 11.13% year-on-year.
By product category, cotton maternal and baby products, other maternal and baby products, and infant and children’s apparel generated revenue of RMB 101 million, RMB 143 million, and RMB 68.26 million, representing year-on-year changes of +12.26%, +137.81%, and -0.22%, respectively. Medical aesthetics service products generated revenue of RMB 5.45 million.
By sales channel, online sales revenue reached RMB 189 million, up 123.19% year-on-year. Franchise sales and direct sales generated RMB 86 million and RMB 38.5 million, with year-on-year changes of -13.13% and +5.86%, respectively. Medical aesthetics services contributed revenue of RMB 68.63 million.
Regarding the net loss, Jinfa Labi stated that it was mainly affected by the continued losses of its investee company Guangdong Hanfei Hospital Investment Co., Ltd., asset impairment losses, and a substantial increase in selling expenses.
