高端婴儿车品牌IPO招股书失效，研发投入不及广告费用零头

Core Viewpoint - The high-end parenting brand BeBeBus, under the parent company Different Group, has seen its IPO application expire after six months, necessitating an update of its financial data to continue the listing process [1][3]. Financial Performance - Different Group's revenue for 2022, 2023, and the nine months ending September 30, 2024, was RMB 507.2 million, RMB 852.1 million, and RMB 884.3 million, respectively, with a revenue growth rate of 68% in 2023 and a slowdown to 57.6% in the first three quarters of 2024 [3][5]. - The company’s revenue is significantly lower compared to competitors like Goodbaby International and Aiyingshi, which reported revenues of RMB 8.292 billion, RMB 7.927 billion, and RMB 8.766 billion from 2022 to 2024 [4]. Revenue Channels - The company heavily relies on online sales, with online revenue accounting for 82.2%, 74.7%, and 72.3% of total revenue in 2022, 2023, and the first three quarters of 2024, respectively [6][7]. - Offline sales were RMB 90.3 million, RMB 215.6 million, and RMB 245.3 million during the same periods, indicating a growing but still minor contribution to total revenue [6][7]. Product Structure - Revenue from the travel scene, which includes baby strollers and car seats, has been declining, dropping from 64.1% in 2022 to 47% in the first three quarters of 2024 [8][9]. - Conversely, revenue from the infant care scene has increased from 8.2% in 2022 to 30.6% in the first three quarters of 2024, although this segment has a lower gross margin compared to other categories [9]. Marketing and R&D Expenditure - The company has a high marketing expenditure compared to R&D, with marketing costs accounting for 37.2%, 33.5%, and 30.6% of total revenue in the respective years, while R&D spending was only 3.2%, 2.8%, and 1.8% [11][12]. - The total marketing investment has reached approximately RMB 3.2 billion, while R&D spending remains below RMB 100 million [11]. Third-Party Manufacturing - Different Group outsources production processes to third-party manufacturers, maintaining partnerships with 157 manufacturers for various products, including baby strollers and safety seats [15]. - The company has faced scrutiny regarding the quality of products manufactured by third parties, particularly in the infant care segment [15][19].