Goodbaby’s China Sales Collapse as Global Brands Like Cybex Drive Revenue
Goodbaby International Holdings Ltd., the world's leading producer of baby strollers and car seats, has faced significant challenges in its home market in China. The company's domestic sales have plummeted to 20% or less of its total revenue this year.
Goodbaby's financial performance has been impacted by various factors. U.S. tariffs on Chinese products and China's baby bust have contributed to the company's recent struggles. In the first nine months of 2025, Goodbaby's revenue dipped by 1.1% year-over-year to HK$6.42 billion ($826 million), marking a contraction after a small gain in the first half.
The company's net profit tumbled by 43.7% to HK$105.5 million year-on-year in the first half of 2025, with a net margin of 2.5%. Goodbaby's shares initially dipped by 4.2% after the third-quarter results announcement but later recovered.
Goodbaby's domestic gb brand and Evenflo baby car seat brand both experienced significant revenue declines in the first nine months of 2025. However, the high-end stroller brand Cybex, acquired through Goodbaby's global acquisition spree, accounted for 57.5% of the company's total revenue during this period, helping to offset the declines in other brands.
Despite the challenges, Goodbaby continues to maintain its position as the world's leading producer of baby strollers and car seats. The company's global acquisition strategy, particularly the acquisition of the German child car seat brand Cybex, has helped to mitigate the impact of the domestic market decline. As Goodbaby navigates the current headwinds, investors and stakeholders await further developments in the company's financial performance.
