不同集团IPO：BeBeBus成立仅4年就靠营销做到第一？高端定位或并不稳、频因品控问题遭控诉

Core Viewpoint - The company, Different Group, has rapidly established its core brand BeBeBus in the high-end maternal and infant product market, aiming for an IPO in Hong Kong to raise funds for production capacity, overseas market expansion, brand activities, new product development, and working capital [1][2]. Group 1: Company Growth and Marketing Strategy - BeBeBus was founded in 2019 and has quickly become the best-selling high-end durable baby product brand in China, according to GMV data for 2023 [2]. - The rapid rise of BeBeBus is attributed to effective marketing strategies, particularly heavy investment in social media platforms like Xiaohongshu (Little Red Book) [2][3]. - The company has spent significant amounts on sales and distribution, with expenses of 189 million, 286 million, and 271 million yuan for 2022, 2023, and the first three quarters of 2024, respectively, accounting for 37.2%, 33.5%, and 30.6% of revenue [3]. Group 2: Product Quality and Market Challenges - Despite its high-end positioning, BeBeBus faces challenges related to product quality and consumer perception, with many users questioning the brand's authenticity and quality due to reliance on social media marketing [5][10]. - The company has expanded its product range from four core products to include various items for different parenting scenarios, but this rapid expansion has led to quality control issues, particularly as many products are produced through outsourcing [11][13]. - Complaints regarding product design and quality have surfaced on platforms like Xiaohongshu and Black Cat Complaints, with 252 complaints recorded related to product quality and false advertising as of July 3, 2025 [14].