（Stock Code 股份代號：6090） (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Should you have any queries relating to this letter, please contact the Share Registrar at (852) 2862 8688 during business hours from 9:00 a.m. to 6:00 p.m. (Hong Kong time), Mondays to Fridays, excluding Hong Kong public holidays. Yours faithfully, By order of the Board BUTONG GROUP 不同集團 Mr. Wang Wei Chairman of the Board 各位非登記股東： 以電子方式發布公司通訊之安排 30 October 2025 Dear non-registered shareholder(s), Arrangement ...

（Stock Code 股份代號：6090） 30 October 2025 Dear registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07 of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on 31 December 2023, BUTONG GROUP (the "Company") is writing to inform you that the Company has adopted electr ...

Core Insights - Butong Group's subsidiary BeBeBus has partnered with South Korea's leading baby and children's company SONOKONG to enter the Korean market, leveraging SONOKONG's established sales network and local expertise [1] - The collaboration aims to enhance BeBeBus's brand recognition and accelerate market penetration in South Korea, reducing the time needed for brand establishment [1] - Since its inception in 2019, BeBeBus has focused on the high-end maternal and infant market, positioning itself as a leader in premium baby consumption technology [1] Group 1 - Butong Group's ability to quickly enter international markets is attributed to its strong product innovation capabilities, particularly in a declining birth rate environment in South Korea, where high-end baby products are in demand [2] - BeBeBus integrates minimalist aesthetics into parenting products, emphasizing originality and lifestyle attributes, moving beyond traditional functionality [2] - The company has established a self-research and production factory since 2021, with plans for a second factory by 2026 to enhance production efficiency and quality control [2] Group 2 - Butong Group's international expansion has already begun, with the establishment of BeBeBus USA and participation in major global baby product exhibitions, indicating a strategic move into European, North American, and Asian markets [3] - Entering the South Korean market is seen as a critical step for Butong Group, serving as a "touchstone" for further global market penetration [3] - The company's vision extends beyond the maternal and infant sector, aiming to create a comprehensive technology lifestyle brand for elite families, thereby expanding its product and service offerings [3]

Core Viewpoint - The successful listing of BeBeBus's parent company, Different Group, on the Hong Kong Stock Exchange marks a new phase in its global development strategy, emphasizing innovation and unique user value for elite families [1] Group 1: Company Strategy - Different Group has adhered to the value proposition of "Creating Differences" since its establishment six years ago, focusing on technological innovation to enhance user experience for global elite families [1] - To support its globalization strategy, Different Group plans to upgrade its organizational capabilities and establish the "Different Technology Innovation Research Institute" to develop smart technology products for parent-child scenarios [1] Group 2: Future Plans - The company aims to build an overseas division to attract global talent in research and market development, providing strong support for its international expansion and creating a localized brand ecosystem [1] - Different Group will continue to enhance its innovation capabilities and organizational efficiency by deepening user insights, optimizing product development, and improving supply chain systems, moving towards becoming a "global elite family technology lifestyle company" [1]

Core Insights - BeBeBus, a high-end maternal and infant brand, successfully listed on the Hong Kong Stock Exchange, with its stock price surging over 40% on opening day, achieving a market capitalization exceeding HKD 9 billion [1] - The brand has rapidly established a product matrix covering four key parenting scenarios: travel, sleep, feeding, and care, ranking second in China's mid-to-high-end parenting product market with a 4.2% market share by GMV [1][11] - The company's growth heavily relies on social media marketing, with a cumulative investment of nearly RMB 640 million from 2022 to 2024, resulting in a revenue increase from RMB 507 million to RMB 1.249 billion, reflecting a compound annual growth rate of 56.9% [1][2] Company Overview - Founded in 2018 by Wang Wei, BeBeBus was officially launched in 2019, targeting new-generation parents who appreciate smart design and practical functionality [2] - The company has seen significant revenue growth, with projections indicating continued momentum into 2025, where revenue is expected to reach RMB 726 million [2][3] - The financial data shows a stable gross margin around 50%, with sales expenses constituting a high percentage of revenue, indicating a "heavy marketing, light R&D" approach typical of new consumer brands [3][4] Market Dynamics - The Chinese maternal and infant market is undergoing a transformation due to demographic changes, with newborns expected to stabilize at around 8 million annually from 2025 to 2029 [6] - Despite declining birth rates, the market for mid-to-high-end parenting products is growing, with a projected market share of 23.6% by 2024, and a compound annual growth rate of 7.4% from 2020 to 2024 [10] - The shift in consumer behavior towards "quality over quantity" is evident, with younger parents willing to spend more on premium products that reflect their values and aesthetics [11][19] Marketing Strategy - BeBeBus's marketing strategy is centered around social media platforms like Xiaohongshu and Douyin, leveraging collaborations with thousands of KOLs to reach target consumers effectively [3][4] - The brand has cultivated a community of over 3 million members, achieving a repurchase rate of 52.3% through its membership program [3] - The company's narrative focuses on "refined parenting," appealing to the emotional values of modern parents, although this approach carries risks if product quality does not meet consumer expectations [12][15] Challenges and Risks - BeBeBus faces potential risks from reliance on outsourced production, which may affect brand perception and pricing strategies, especially in a market where consumers are increasingly price-sensitive [4][19] - The brand's marketing-driven approach may become vulnerable as market dynamics shift, necessitating a transition to product-driven strategies to maintain consumer trust and loyalty [19] - The emergence of a robust second-hand market could dilute the brand's value proposition, as consumers may opt for more cost-effective alternatives during economic downturns [12][19]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 不同集團 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 06090 說明 | 證券代號 (如上市) | 06090 | 說明 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 USD | | 0.0001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | USD | | 0 | | 本月底結存 | | | 500,000,000 USD | | 0.0001 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 備註： 不同集團（「本公司」）的普通股於2025年9月2 ...

Core Viewpoint - Different Group (06090) has seen a significant stock price increase of nearly 65% since its IPO, reflecting strong market interest and performance in the high-end parenting products sector [1] Company Overview - Different Group is a Chinese company focused on designing and selling parenting products, with its first brand, BeBeBus, established in 2019 [1] - BeBeBus has quickly become a leader in the high-end parenting products segment, demonstrating strong brand positioning and business strategy [1] Market Position - According to Frost & Sullivan data, BeBeBus ranks first among durable parenting product brands targeting mid-to-high-end consumers in China based on projected GMV for 2024 [1] - The unique brand positioning and forward-looking business layout have contributed to significant user loyalty and high average transaction value for BeBeBus [1]

Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

[Announcement Regarding Exemption from 2025 Interim Report](index=1&type=section&id=Announcement_2025_Interim_Report_Exemption) The company announces its exemption from publishing a separate 2025 interim report, citing listing rule compliance and prospectus disclosures [Background and Basis for Exemption](index=1&type=section&id=Exemption_Background_Basis) The Group is exempt from publishing a separate H1 2025 interim report, citing HKEX Listing Rules compliance and prospectus disclosures - Listing Rule 13.48(1) requires issuers to send interim reports within three months after the first six months of the financial year[4](index=4&type=chunk) - Reasons for the company's exemption include: (i) the prospectus already contains comparative financial information for the six months ended June 30, 2025, and June 30, 2024; (ii) the prospectus already contains a corporate governance code compliance statement; (iii) the company will not violate constitutional documents or applicable laws and regulations of the Cayman Islands[4](index=4&type=chunk) - The Company will not separately prepare and publish an interim report or interim summary report for the six months ended June 30, 2025[4](index=4&type=chunk) [Financial Information Disclosure Arrangements](index=2&type=section&id=Financial_Information_Disclosure) Financial results for H1 2025 are fully disclosed in the prospectus, accessible via HKEX and company websites - Financial results for the six months ended June 30, 2025, are included in the prospectus[5](index=5&type=chunk) - The prospectus is available on the HKEX website www.hkexnews.hk and the Company's website www.butong.com[5](index=5&type=chunk) [Board of Directors Information](index=2&type=section&id=Board_of_Directors_Information) The Board of Directors consists of three executive and three independent non-executive directors, chaired by Mr. Wang Wei - Board members include executive directors Mr. Wang Wei, Ms. Shen Ling, and Mr. Yan Dong[5](index=5&type=chunk) - Board members include independent non-executive directors Mr. Yan Jianjun, Mr. Yu Zhenqiu, and Ms. Chen Yingqi[5](index=5&type=chunk) - The Chairman of the Board is Mr. Wang Wei[5](index=5&type=chunk)

Group 1 - The core viewpoint of the article is that BeBeBus's parent company, Different Group, has successfully listed on the Hong Kong Stock Exchange, experiencing significant stock price increases both in pre-listing trading and on its first trading day [1] - Different Group's stock price surged over 41% in the dark trading session prior to its listing, indicating strong market interest [1] - By the end of the first trading day, Different Group's total market capitalization exceeded HKD 9.4 billion [1] Group 2 - Different Group's revenue is projected to grow from HKD 507 million in 2022 to HKD 1.249 billion in 2024, reflecting a compound annual growth rate (CAGR) of 56.9% over three years [1] - The company's gross profit has nearly tripled over the same period, with a CAGR of 61.3% [1] - Adjusted net profit is expected to achieve a CAGR of 236.8% from 2022 to 2024 [1]