Core Viewpoint - Different Group (06090.HK), known as the "first high-end maternal and infant consumption technology stock," has seen its stock price surge over 31%, reaching HKD 86.95, with a total market capitalization of HKD 7.9 billion [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 well-known brand in the Chinese parenting product market, achieving a strong market position within just five years [1] Market Position - According to Frost & Sullivan, BeBeBus ranks second among Chinese parenting product brands in the high-end market, holding a 4.2% market share based on GMV in 2024 [1] Analyst Coverage - Recently, China Merchants Securities initiated coverage on Different Group, assigning an "Overweight" rating [1] - The company is recognized for its clear brand positioning, strong product development capabilities, and effective channel expansion [1] Growth Potential - The expansion into overseas markets is expected to provide further growth opportunities for Different Group [1] - The target demographic includes middle-class and high-net-worth individuals, with a focus on high-end durable maternal and infant products such as strollers, cribs, and safety seats [1] Product Strategy - Different Group aims to extend its product line to include high-frequency and high-repurchase categories like infant care and feeding products [1] - The company collaborates with influencers on platforms like Xiaohongshu to rapidly enhance brand visibility and leverage multiple channels for growth [1]

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12月31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: | 2026年1月5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 | | | USD | | 0.0001 | ...

Key Points - A total of 113 stocks reached a 52-week high as of January 5, with notable performers including Woan Robotics (06600), China New Holdings (08125), and Dimi Life Holdings (01667) [1] - Woan Robotics achieved a high rate of 26.54%, closing at 110.000 and peaking at 118.000 [1] - China New Holdings and Dimi Life Holdings followed with high rates of 24.62% and 18.60%, respectively [1] Stock Performance Summary - **Top Performers**: - Woan Robotics (06600): Closed at 110.000, highest price 118.000, high rate 26.54% [1] - China New Holdings (08125): Closed at 0.800, highest price 0.810, high rate 24.62% [1] - Dimi Life Holdings (01667): Closed at 0.480, highest price 0.510, high rate 18.60% [1] - **Other Notable Stocks**: - XL Nanshan Samsung (07747): High rate 15.99%, closed at 44.240 [1] - XL Nanshan Samsung-U (09747): High rate 15.64%, closed at 5.625 [1] - Gaoke Bridge (09963): High rate 15.44%, closed at 1.560 [1] 52-Week Low Summary - **Top Decliners**: - Different Group (06090): Closed at 66.300, lowest price 64.750, low rate -26.50% [4] - XI Nanshan Samsung (07347): Low rate -15.96%, closed at 0.835 [4] - XI Nanshan Samsung-U (09347): Low rate -14.96%, closed at 0.108 [4] - **Other Notable Decliners**: - Huazhi Bio-B (02396): Low rate -13.80%, closed at 13.700 [4] - Easy Life Holdings (00223): Low rate -10.00%, closed at 0.124 [4] - Hongyang Real Estate (01996): Low rate -10.00%, closed at 0.028 [4]

每经AI快讯，不同集团(06090.HK)尾盘一度跌超26%，低见69港元，跌穿招股价71.2港元。截至发稿， 不同集团跌25.69%，报70港元，成交额2479.66万港元。总市值已不足65亿港元。 ...

（原标题：港股异动 | 不同集团(06090)尾盘跌超26% 一度跌穿招股价 总市值不足65亿港元） 公开资料显示，不同集团是一家专注于设计并销售育儿产品的中国公司。公司的首个品牌BeBeBus创立 于2019年。根据弗若斯特沙利文数据，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。数据显示，2022年至2024年，公司营业收入分别达到5.07亿元、8.52亿元 和12.49亿元人民币，三年复合年增长率(CAGR)达到56.9%， 智通财经APP获悉，不同集团(06090)尾盘跌超26%，低见69港元，跌穿招股价71.2港元。截至发稿，跌 25.69%，报70港元，成交额2479.66万港元。总市值已不足65亿港元。 ...

不同集团(06090)尾盘跌超26%，低见69港元，跌穿招股价71.2港元。截至发稿，跌25.69%，报70港元， 成交额2479.66万港元。总市值已不足65亿港元。 公开资料显示，不同集团是一家专注于设计并销售育儿产品的中国公司。公司的首个品牌BeBeBus创立 于2019年。根据弗若斯特沙利文数据，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。数据显示，2022年至2024年，公司营业收入分别达到5.07亿元、8.52亿元 和12.49亿元人民币，三年复合年增长率(CAGR)达到56.9%， ...

近期，公司的价值再获权威印证。在格隆汇"金格奖"年度卓越公司评选中，不同集团荣获"年度卓越投资价值IPO"奖 项。这份荣誉，不仅是对其上市时刻的认可，更是对其上市后持续创造价值、稳健释放成长潜力的有力背书。 从一款款创新产品走进用户生活，到在资本市场收获涨幅与奖项的双重认可，不同集团已完成从"产品引领"到"价值认 同"的关键跨越。从"上市新星"到"价值标杆"，市场长期看好的逻辑是什么？市场给予的长期信心，源于何处？ 一辆开门自动旋转的智能安全座椅，一架获ICA国际脊骨神经科学会认证的婴儿车，正悄然走进越来越多新生代家庭 的生活。这些产品的背后，站着同一个名字BeBeBus，及其母公司不同集团（6090.HK）。 自今年9月以"高端母婴科技第一股"身份登陆港交所以来，不同集团股价累计涨幅已超60%（截至2025年12月22日收 盘），资本市场用"真金白银"投出了信任票。 价值被看见：一份"逆势超车"的答卷 获得"卓越投资价值"奖项，并非偶然。这背后，是不同集团作为"高端母婴科技第一股"，用扎实的业绩、清晰的战略 与来自各方的认可，共同构建的价值体系。 第一层基石：坚实的业绩：穿越波动的增长韧性 在充满挑战的市场 ...

Core Viewpoint - The "Annual Outstanding Investment Value IPO" awards recognize new listed companies that excel in core business, performance growth, and shareholder value creation, highlighting their significant growth potential and competitive advantages in their respective industries [4]. Group 1: Award Recipients - Eight companies received the "Annual Outstanding Investment Value IPO" award, including Different Group (06090.HK), Cao Cao Travel (02643.HK), Dipo Technology (01384.HK), Geek+ (02590.HK), Leshu (02698.HK), Tudatong (02665.HK), Xuan Bamboo Biotechnology-B (02575.HK), and Yingshi Innovation (688775.SH) [1]. - The ranking of the award recipients is not in any particular order and is based on the first letter of the company names [1]. Group 2: Evaluation Criteria - The evaluation for the awards was conducted through quantitative data analysis and an expert review panel [4]. - The awards aim to create a reference value for listed companies and unicorn companies within the investment community, emphasizing a global perspective with a focus on China [4]. Group 3: Coverage of the Awards - The "Golden Award" listing company evaluation covers all listed companies and unicorns on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [4].

Core Viewpoint - The report from China Merchants Securities initiates coverage with a "Buy" rating for Different Group (06090), highlighting its clear brand positioning, strong product development, and channel expansion capabilities, which open up growth opportunities in overseas markets targeting middle and high-net-worth individuals [1] Financial Performance - Different Group (BeBeBus) has shown impressive financial performance, with revenue projected to grow from 507 million in 2022 to 1.249 billion in 2024, representing a compound annual growth rate (CAGR) of 57%. The net profit is expected to reach 59 million in 2024, with a revenue of 726 million in the first half of 2025, reflecting a 25% increase, and a net profit of 49 million, marking a 72% growth [2] Product Development and Market Positioning - Since launching its core brand BeBeBus in 2019, the company has focused on high-value family segments, aiming to create a leading global brand in the mother and baby lifestyle sector. The product range includes key scenarios such as parent-child travel, baby sleep, feeding, and hygiene care, with significant growth driven by baby care and feeding categories [3] - By the first half of 2025, baby care products accounted for 42% of sales, surpassing travel products at 36%. The online sales channel contributed over 70% of revenue, with both online and offline channels showing balanced growth [3] Competitive Advantages - Different Group targets middle and high-net-worth individuals, who have stable incomes and prioritize brand quality and product functionality, showing less price sensitivity. The brand's high-end positioning allows for natural product line extensions into baby care and feeding categories, leading to high repurchase rates [4] Marketing and Brand Growth - Collaborating with influencers on platforms like Xiaohongshu has rapidly enhanced brand visibility. The GMV on Tmall increased from 137 million in 2020 to 579 million in 2024, with the first 11 months of this year already surpassing the total for 2024. Additionally, GMV on Douyin reached 226 million in 2024, and on JD, it hit 400 million in the same year [5]

Core Viewpoint - The report from China Merchants Securities initiates coverage with a "Buy" rating for Different Group (06090), highlighting its clear brand positioning, strong product development, and channel expansion capabilities, which open up growth opportunities in overseas markets targeting middle-class and high-net-worth individuals [1] Financial Performance - Different Group (BeBeBus) has shown impressive financial performance, with revenue projected to grow from 507 million in 2022 to 1.249 billion in 2024, representing a compound annual growth rate (CAGR) of 57%. Net profit is expected to reach 59 million in 2024, with 2025 H1 revenue at 726 million (+25%) and net profit at 49 million (+72%) [1] Product Development and Market Focus - Since its launch in 2019, the core brand BeBeBus has focused on high-value family segments, offering products across four key scenarios: parent-child travel, baby sleep, parent-child feeding, and hygiene care. The main growth drivers have shifted from travel to baby care and feeding, with baby care accounting for 42% of sales in 2025 H1, surpassing travel at 36% [2] Sales Channels and Growth - In 2025 H1, over 70% of the company's revenue came from online sales, with both online and offline channels showing balanced growth (+23% for online and +30% for offline). The company's premium product positioning has resulted in a stable gross margin of around 50%, with margins reported at 47.7%, 50.2%, 50.4%, and 49.4% from 2022 to 2025 H1 [2] Competitive Advantages - Different Group targets middle-class and high-net-worth individuals, who have stable incomes and prioritize brand quality and product functionality over price. The brand's precise positioning and the high-value nature of its products allow for natural extensions into baby care and feeding categories, leading to high repurchase rates [3] Brand Building and Market Presence - Collaborating with influencers on platforms like Xiaohongshu has rapidly enhanced brand visibility. BeBeBus's GMV on Tmall grew from 137 million in 2020 to 579 million in 2024, with 2024's figures already surpassed in the first 11 months of this year. GMV on Douyin reached 226 million in 2024, and JD's GMV hit 400 million in 2024, with 416 million achieved in the first 11 months of this year [4]