02/06/2022 – Annual report 2021

Goodbaby with record sales

Goodbaby's 2021 revenue of HK$9.692 billion hits a record high, two major brands making outstanding contributions. A report from China Toys and Juvenile Products Association.


The Evenflo brand focuses on the North American market and achieves year-on-year sales growth of 18.9% in 2021. © Goodbaby


The "Cybex Zeno" multisport pushchair received a Red Dot Design Award in 2021. © Goodbaby


Goodbaby Group's 2021 annual report shows that the group's total revenue increased by 16.7 % year-on-year to HK$9.692 billion, a record high, and gross profit increased by 8.9 % to HK$3.995 billion; revenue from blue-chip business increased by 54 % to HK$1.53 billion. The group's own brand and retailer brand business revenue increased by 11.6% to HK$8.16 billion; core brands Cybex and Evenflo achieved the best revenue in history with growth rates of 27.4 % and 18.9 % respectively.

1. Core Categories and Brands Make Outstanding Contributions

In terms of categories, strollers and car seats, as the two core categories of Goodbaby Group, continued to maintain a high growth rate. Strollers and accessories increased by 33 % year-on-year; car seats also increased by 20 % as well, but nondurable products fell 8.6 % year over year.

2021 Goodbaby Group Financial Report

The performance of the three core strategic brands Cybex, gb and Evenflo in global markets has made outstanding contributions to the growth of Goodbaby Group's total revenue throughout the year. The total revenue of the three major brands are increased by 12.8 % year-on-year, accounting for 81.8 % of the group's overall revenue.

Summary of the Group’s core strategic brands revenue

Goodbaby Group's own brand and retailer brand business reached HK$8.16 billion, an increase of 11.6 %. From a regional perspective, both Europe, Africa, the Middle East and the Americas achieved rahpid growth, with growth rates of 21.3 % and 21.7 %, respectively.

2. New products drive the performance of three core strategic brands

Based on the performance of the three core brands of Goodbaby Group, Cybex continued to maintain a high growth rate, and Evenflo also reversed the trend of decline from 2020. A number of breakthrough product innovations are the engine driving performance growth. And lay the foundation for future long-term growth.

1 Cybex

After achieving a 7 % growth in 2020, the Cybex brand will continue to make another great success in 2021, with a year-on-year increase of 27.4 %, reaching a record high with revenue of HK$3.38 billion.

During the reporting period, Cybex launched a number of new products, including the world's first integrated full-body airbag car seat Cybex Anoris, sports products such as jogging strollers and bicycle trailers, as well as its flagship products Priam and Mios strollers continuously Iteration. All of these reasons are driving Cybex to gain a high market share in all key markets.

2 Evenflo

The revenue of the Evenflo brand in 2021 will increase by 18.9 % year-on-year, reaching a record high with revenue of HK$1.98 billion. This performance was mainly due to the market recognition of innovative products. Evenflo focus on the North American market has proven its effectiveness in innovation and product development, and won the 2021 JPMA Innovation Award from the Juvenile Products Manufacturers Association.

3 GB

During the reporting period, GB brand product innovation also achieved outstanding results, and won two Red Dot Design Awards and one iF Design Award.

3. Goodbaby is continuously implemented to improve profitability

Despite the challenges of pandemic, global logistics, raw material import costs and foreign exchange rate pressures, Goodbaby Group's global business layout reduces risks in the market, and its own manufacturing capabilities and regional supply chain/operation teams to ensure its supply chain maintains stable. All of these strategies will support the growth of revenue in the future.

Goodbaby Group still maintains a positive attitude towards its development prospects in 2022, and it is expected that revenue and market share will continue to grow. To this end, Goodbaby will continue to implement the strategy of focusing on the development its core strategic brands and support the sustainable development of blue-chip business. In the future, Goodbaby continues to adjust channels, promote the modernization of online and offline omni-channels, and carry out digital and intelligent transformation.

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