Core Insights - The article emphasizes the unique positioning of BeBeBus in a highly competitive and homogeneous consumer market, highlighting its commitment to innovation and differentiation as key to its success [1][5][20] Company Overview - BeBeBus, under the Different Group, is set to debut on the Hong Kong Stock Exchange on September 23, 2025, as the "first high-end maternal and infant consumption technology stock" [1] - The company demonstrated strong market performance prior to its listing, with a closing price increase of over 43.96% on its first trading day, achieving a market capitalization exceeding 9.3 billion HKD [1] Financial Performance - Different Group has shown impressive growth since its establishment in 2019, with revenue projected to rise from 507 million CNY in 2022 to 1.249 billion CNY in 2024, reflecting a compound annual growth rate (CAGR) of 56.9% [2] - Gross profit has nearly tripled over three years, with a CAGR of 61.3%, while adjusted net profit has an extraordinary CAGR of 236.8% [2] Market Strategy - BeBeBus has adopted a contrarian approach in the maternal and infant market, focusing on high-end products and innovative design rather than competing solely on safety and price [5][9] - The brand's first product, the "Artist" stroller, broke traditional design norms and quickly became a market success, achieving monthly sales exceeding 1 million CNY shortly after launch [8] Consumer Insights - The company has effectively identified and responded to the evolving needs of new-generation parents, particularly those born in the 1990s and 2000s, who seek a balance between parenting and personal fulfillment [11][12] - BeBeBus emphasizes user involvement in product development, establishing a user experience research center and recruiting users as co-creators to refine its offerings [15] Product Innovation - The brand integrates cutting-edge materials and technology into its products, ensuring that innovation is embedded in its DNA, which has led to significant advancements in safety and comfort [16][17] - BeBeBus has established its own manufacturing facility to enhance production efficiency and quality control, with plans for further expansion [17] Future Outlook - The company is expanding its product range from individual items to comprehensive solutions for parenting scenarios, while also targeting international markets to solidify its global presence [19][20] - BeBeBus's growth strategy is supported by significant investment from top-tier venture capital firms, reflecting confidence in its innovative capabilities and market potential [19]

Core Insights - Different Group (06090.HK) has officially launched its brand BeBeBus on the Hong Kong Stock Exchange, marking it as the first "mother and baby" stock in the Hong Kong market [2] - The company raised approximately 718 million HKD by issuing 10.98 million shares at an initial price of 71.2 HKD per share [2] - On its first trading day, the stock opened at 100.40 HKD and closed at 102.50 HKD, reflecting a 43.96% increase [2] Company Overview - Different Group was established in November 2018 and focuses on technology-driven family lifestyle products [2] - BeBeBus, the high-end maternal and infant brand launched in 2019, has quickly become a leader in the durable parenting products segment [3] - According to Frost & Sullivan, BeBeBus ranks first among durable parenting product brands targeting mid-to-high-end consumers in China based on projected GMV for 2024 [3] Financial Performance - For the first half of 2025, the company reported a revenue of 726 million CNY, a year-on-year increase of 24.7%, and an adjusted net profit of 48.5 million CNY, up 72.14% [3] - From 2022 to 2024, the company achieved a compound annual growth rate (CAGR) of 56.9% in revenue and 236.8% in adjusted net profit [3] Product Expansion and Market Strategy - BeBeBus has expanded its product matrix from initial offerings like strollers and car seats to include key scenarios such as parent-child travel, sleep, feeding, and hygiene care [3] - The company has begun entering the South Korean market and plans to further expand into Southeast Asia and Europe and the United States [3] - The net proceeds from the IPO will be used to enhance production capacity, expand overseas market influence, and increase brand activities and sales networks [3] - A second production facility is planned in Fenghua, expected to produce 800,000 units of smart safety seats, cribs, and children's dining chairs annually, with production anticipated to start in 2026 [3]

Group 1 - Butong Group completed its initial public offering and listing on the Hong Kong Stock Exchange on September 23, 2025, with the stock code HK.6090 [1] - KPMG served as the reporting accountant for Butong Group's listing project, providing professional services throughout the process [1] Group 2 - Butong Group is a Chinese company focused on designing and selling parenting products, with its first brand BeBeBus established in 2019 [3] - BeBeBus targets mid-to-high-end consumers and has become a well-known brand in the Chinese parenting products market [3] - The product portfolio of BeBeBus covers four main scenarios: parent-child travel, parent-child sleep, parent-child feeding, and hygiene care [3]

Core Viewpoint - BeBeBus's parent company successfully listed on the Hong Kong Stock Exchange, becoming the first stock in the "mother and baby consumption technology" sector, with a significant increase in share price post-IPO [1][2]. Group 1: IPO Details - The company re-listed on the Hong Kong Stock Exchange on September 23, 2023, under the stock code "6090" after a failed attempt earlier in the year [1]. - The IPO price was set at HKD 71.20 per share, with the opening price at HKD 100.40, closing at HKD 102.5, reflecting a 43.96% increase from the issue price [1]. - The global offering consisted of 10.98 million shares, with a net fundraising of approximately HKD 718 million [2]. Group 2: Financial Performance - The company reported a revenue increase of nearly 150% over three years, with revenues of CNY 5.07 billion in 2022, CNY 8.52 billion in 2023, and projected CNY 12.49 billion in 2024 [9]. - The gross profit for the same years was CNY 2.42 billion, CNY 4.27 billion, and CNY 6.29 billion, with gross margins of 47.7%, 50.2%, and 50.4% respectively [10]. - The revenue from the travel segment has been declining, dropping from 64.1% in 2022 to 35.5% in the first half of 2025, while the infant care segment's revenue share increased from 8.2% to 42.3% in the same period [10][11]. Group 3: Use of Proceeds - The funds raised from the IPO will be allocated to enhancing production capacity, expanding overseas market influence, brand activities, and new product development [4]. - The company plans to invest approximately HKD 245 million, or 34.1% of the net proceeds, in brand activities and sales network expansion [13]. Group 4: Shareholder Structure - The founder, Wang Wei, holds 46.55% of the shares through WANGBOYAN, while co-founder Shen Ling holds 5.95% through SLING [5]. - Key cornerstone investors include Xinting Fund, Huatai Capital, and GreatPraise, collectively acquiring 14.96% of the shares [4][5]. Group 5: Marketing and R&D Expenditure - The company has a significant focus on marketing, with promotional expenses exceeding CNY 8.15 billion over three and a half years, while R&D spending has been notably lower, totaling less than CNY 100 million [13][16]. - Marketing strategies heavily rely on social media platforms like Xiaohongshu, where the BeBeBus brand has gained substantial visibility [16].

Core Viewpoint - The high-end maternal and infant brand, Different Group, successfully listed on the Hong Kong Stock Exchange, achieving a significant stock price increase and substantial fundraising for future growth initiatives [1][3]. Group 1: IPO and Financial Performance - Different Group's IPO process took less than nine months, with shares debuting at 102.5 HKD, a 43.96% increase from the offering price of 71.20 HKD [1]. - The company raised approximately 718 million HKD through the global offering, with a staggering 3317.47 times subscription for the Hong Kong public offering [1][3]. - For the fiscal year 2024, Different Group is projected to generate nearly 1.249 billion HKD in revenue, with a gross profit of 629 million HKD and a gross margin of 50.4% [3]. Group 2: Marketing and Sales Strategy - Different Group plans to allocate 245 million HKD (34.1% of net proceeds) for brand activities and expanding its sales network, focusing on online marketing to enhance brand awareness [4]. - The company has collaborated with over 16,000 influencers across various platforms, generating over 830,000 posts and original videos since March 2023 [4]. - The marketing budget includes 65.36 million HKD for influencer collaborations and 54.59 million HKD for advertising on e-commerce platforms [4]. Group 3: Production Capacity and Expansion - Approximately 185 million HKD (25.7% of net proceeds) will be invested in enhancing production capacity, including a new factory in Ningbo with an annual design capacity of 800,000 products [5]. - The existing factory in Ningbo has a design capacity of 180,000 products, with actual production reaching 140,200 units in 2024 [5]. - Different Group aims to expand its market presence internationally, with significant investments planned for the U.S., Canada, and several European countries [5]. Group 4: Historical Financial Performance - Different Group's revenue has grown from 507 million HKD in 2022 to 1.249 billion HKD in 2024, with a consistent gross margin around 50% [6][7]. - The company reported a net loss of 21.22 million HKD in 2022 but turned profitable in 2023, achieving a net profit of 58.52 million HKD in 2024 [7]. - Marketing expenses have significantly increased, totaling 815 million HKD over three and a half years, indicating a strong focus on brand promotion [7]. Group 5: Market Outlook and Challenges - Despite a declining birth rate, Different Group believes economic growth and increasing disposable income among affluent families will drive demand for high-end parenting products [8]. - The number of affluent families in China is projected to grow, although recent reports indicate a slight decrease in the number of wealthy households [9]. - The future of high-end parenting products remains uncertain, with market dynamics and consumer behavior posing potential challenges [10].

Core Viewpoint - Different Group (06090.HK) has successfully listed on the Hong Kong Stock Exchange, opening at HKD 100.40 and closing at HKD 102.50, marking a significant increase of 43.96% on its first day of trading [1]. Summary by Sections Company Overview - Different Group specializes in designing and selling parenting products in China [1]. IPO Details - The total number of shares offered in the global sale was 10,980,900, with 1,098,100 shares allocated for the Hong Kong public offering and 9,882,800 shares for international investors [2][3]. - The final public offering price was set at HKD 71.20, resulting in total proceeds of HKD 781.84 million. After deducting estimated listing expenses of HKD 63.58 million, the net proceeds amounted to HKD 718.26 million [2][3]. Use of Proceeds - The net proceeds from the global offering will be utilized to enhance production capacity, expand overseas market influence, brand activities, sales network expansion, new product research and development, working capital, and general corporate purposes [3]. Key Investors - Major cornerstone investors include Cithara Global Multi-Strategy SPC-Bosideng Industry Investment Fund, Shanghai Tongyi Investment Management Co., Ltd., and Huatai Capital Investment Co., Ltd., each receiving 547,500 shares, representing 4.99% of the total shares offered [4]. Financial Performance - Different Group reported revenues of RMB 507.2 million, RMB 852.1 million, RMB 1,248.9 million for the years 2022, 2023, and 2024 respectively, with projected revenues of RMB 581.9 million and RMB 725.8 million for the six months ending June 30, 2024, and 2025 respectively [6]. - The company recorded a net loss of RMB 21.2 million in 2022, followed by net profits of RMB 27.2 million, RMB 58.5 million, RMB 28.2 million, and RMB 48.5 million in subsequent years [6]. Cash Flow - The net cash generated from operating activities was RMB 29.5 million, RMB 96.5 million, RMB 140.4 million, RMB 119.9 million, and RMB 117.0 million for the years 2022, 2023, 2024, and the six months ending June 30, 2024, and 2025 respectively [7][8]. Expenses - Sales and distribution expenses were RMB 188.9 million, RMB 285.7 million, RMB 391.1 million, RMB 182.0 million, and RMB 224.6 million, representing 37.2%, 33.5%, 31.3%, 31.3%, and 30.9% of revenue for the respective periods [8][9].

(文/解红娟 编辑/张广凯） 耗时不到两个月，BeBeBus母公司不同集团完成了上市计划。 9月23日，母婴品牌BeBeBus母公司不同集团在港交所上市，开盘一度涨超41%，股价突破100港元/股，随后涨幅有所收窄，午后 13:30 左右开始，股价开启 持续拉升行情，一路走高并在高位保持相对平稳状态。 截至发稿，股价涨约44.66%，总市值约93.47亿港元。 公开资料显示，不同集团成立于2018年，2019年推出专注于中高端育儿产品的设计与销售的自有品牌BeBeBus，BeBeBus成立仅五年时间就已成长为中国育 儿产品市场内的知名品牌。 根据弗若斯特沙利文的资料，按2024年的GMV计，BeBeBus在中国面向中高端消费者的耐用型育儿产品品牌中排名第一。 招股书显示，2022年至2024年，不同集团分别实现营业收入分别为5.07亿元、8.52亿元、12.49亿元，虽连续两年实现增长，但其增速已呈现逐步放缓态势， 2023年同比增幅为68%，2024年则降至46.56%。 | 我的自选 | | 更多 | 2 不同集团吧 | ■ 不同集团资讯 [头条]恒生AH股溢价指数 | | --- | --- | --- ...

Core Viewpoint - Different Group, the parent company of BeBeBus, has officially listed on the Hong Kong Stock Exchange, marking its position as the "first high-end maternal and infant consumption technology stock" [1][4]. Company Overview - Founded in November 2018, Different Group is a technology-driven family lifestyle product company that launched the high-end maternal and infant brand BeBeBus in 2019, quickly becoming a leader in the durable maternal and infant product segment in China [4][5]. - According to Frost & Sullivan, BeBeBus ranks first in the Chinese mid-to-high-end durable maternal and infant product market by GMV in 2024, indicating strong brand influence and market recognition [4]. Product Differentiation - Different Group's product development emphasizes "forward-looking insights + original design," integrating technologies from various fields such as automotive and consumer electronics to create high-end products with smart features [5]. - The company has registered 200 domestic patents and 17 international patents as of June 30, 2025, showcasing its solid R&D foundation and technological barriers [5]. User Strategy - The company focuses on new-generation parents, providing "parenting scene solutions" across four core areas: travel, sleep, feeding, and care, with a high average transaction value of over 2,400 yuan per order and a member repurchase rate significantly above the industry average [6]. - As of June 30, 2025, Different Group has accumulated approximately 3.5 million members, with an overall repurchase rate of 40.23% in the first half of 2025, reflecting a high user engagement ecosystem [6]. Growth Logic - Different Group employs a "high-frequency + low-frequency" strategy, using high-frequency products like diapers to drive sales of low-frequency durable goods, thereby enhancing inventory turnover and optimizing cash flow [7][8]. - The number of third-party stores has increased from 742 in 2022 to 3,400 by June 30, 2025, demonstrating strong channel expansion capabilities [8]. Future Development - The company aims to accelerate its globalization process, having entered the South Korean market and planning to expand into Southeast Asia and Europe, where the penetration rate of high-end maternal and infant products remains low [11]. - Different Group is committed to enhancing digital operations and supply chain autonomy, with ongoing upgrades to its supply chain and core quality control capabilities [12]. - In the first half of 2025, the company achieved a revenue of 726 million yuan, a year-on-year increase of 24.7%, with a compound annual growth rate of 56.9% from 2022 to 2024 [12]. Conclusion - The successful listing of Different Group signifies its evolution beyond traditional maternal and infant enterprises, positioning it as a consumer technology company centered on user scenarios, driven by technology and design [14]. - The company's growth trajectory, characterized by product cross-industry integration, deep user engagement, and efficient growth strategies, suggests a promising future in the maternal and infant consumption technology sector [15].

来源：瑞恩资本RyanbenCapital 2025年9月23日，来自上海普陀区的不同集团BUTONG GROUP(简称"不同集团")(06090.HK)，成功在香 港联合交易所主板挂牌上市。 不同集团是次IPO全球发售1,098.09万股(占发行完成后总股份的12.10%，每股发售价71.20港元，募集资 金总额约7.82亿港元，募资净额约7.18亿港元。 不同集团是次招股，公开发售部分获3,317.47倍认购，国际发售部分获7.37倍认购。 不同集团是次IPO招股引入3名基石投资者，合共认购1500万美元(约1.17亿港元)的发售股份，其中信庭 基金认购500万美元、上海通怡(华泰掉期)认购500万美元，Great Praise认购500万美元。基石投资者认 购股份占全球发售完成后总股份的1.81%。 招股书显示，不同集团在上市后的股东架构中，汪蔚先生通过WANGBOYAN持股46.55%；沈凌女士通 过SLING持股5.95%；SLING授予WANGBOYAN其所持全部股份的投票权，合计持股52.50%。其他股东 包括WEILING(BUTONG ESOP)持股5.74%；天图投资(01973.HK)通 ...

此前，不同集团于2025年9月15日至9月18日期间招股，全球发行行约1098.09万股，招股价为每股62.01 港元至71.20港元，预计净集资额最高约7.82亿港元。 根据不同集团招股书披露，公司拟将所得款项净额约661.7百万港元按以下比例分配： 9月23日上午，不同集团，股票代码6090.HK，正式登陆香港联交所主板，每股定价为71.2港元，百惠金 控团队担任联席账簿管理人及联席牵头经办人。本次IPO上市公开发售部分，获超额认购约3316.5倍， 市场认购热情凸显投资者对公司发展前景的认可。 作为本次 IPO 项目的联席账簿管理人及联席牵头经办人，百惠金控团队充分发挥自身在资本市场的资 源整合能力与专业服务经验，为不同集团的IPO项目发行保驾护航，提供全周期上市解决方案。 百惠金控表示，期待公司在成功上市后，能够持续巩固国内市场领先地位，同时借助本次 IPO 募集资 金加速海外业务布局，进一步拓展国际市场份额，在全球资本市场实现更高质量的发展。 重要声明：以上内容由百惠金控提供，仅作参考，并不能完全代替投资者的判断和决策。投资者需要根 据自身风险承受能力情况和需求，建议进行分析和评估，以制定最合适的投 ...