Core Viewpoint - The company, founded in 2019 with the BeBeBus brand, successfully penetrated the high-end durable goods market by targeting "family CFOs" (high-net-worth mothers) with high-quality, mid-to-high margin products, leveraging product innovation and advanced materials to create differentiation barriers [1] Summary by Category Company Overview - The company has rapidly emerged as a leader in high-quality parenting products, strategically entering the parenting scene with a focus on durable goods, establishing a premium brand image through high-margin products like strollers and car seats, and expanding into consumables like baby care [1][2] - Revenue for the first half of 2025 is projected at 726 million yuan, a 24.7% increase, with adjusted net profit at 78 million yuan, a 74% increase, driven by product innovation and precise customer operations [1] Product Development - The company started with high-ticket items such as strollers and car seats and has expanded its product range to include key parenting scenarios like travel, sleep, feeding, and hygiene, increasing its SKU count from 142 in 2022 to 459 by mid-2025 [2] - Revenue breakdown for H1 2025 shows significant contributions from various segments: travel (258 million yuan, -5.4%), sleep (99 million yuan, +1.9%), feeding (62 million yuan, +82.8%), and baby care (307 million yuan, +72.1%) [2] Marketing and Sales Channels - The company has established a robust online and offline channel strategy, achieving online revenue of 530 million yuan in H1 2025, a 23% increase, with online sales accounting for 73.2% of total revenue [3] - The brand has over 3.5 million members across its online channels, with a significant increase in private domain channel revenue, which reached 56.3 million yuan, accounting for 7.8% of total revenue [3] Future Growth Prospects - Future growth is expected to stem from user expansion, product category development, and global market entry, with a current customer base of 657,000, including 454,000 new customers in H1 2025 [4] - The company plans to enhance its product matrix through modular design and aims to enter global markets starting in 2024, with the opening of a store in Hong Kong [4] Financial Projections - Revenue forecasts for 2025-2027 are 1.71 billion, 2.38 billion, and 3.12 billion yuan, with year-on-year growth rates of 37.2%, 39.1%, and 30.9% respectively, and adjusted net profits projected at 194 million, 271 million, and 360 million yuan [5]

| | 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 | 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11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12月2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 | | ...

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10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: | 2025年11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 | | | | | | 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 | ...

（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]