BeBeBus母公司港股IPO：核心业务失速，“第二曲线”难掩毛利率下滑

Core Viewpoint - BeBeBus, a young infant brand under the Different Group, is facing growth challenges in its core business, with slowing revenue and declining gross margins, particularly in the baby stroller segment [1][2][11] Company Overview - BeBeBus was founded in 2019 and targets the market for children under five, offering products across four main categories: travel, sleep, feeding, and hygiene [2] - The company has achieved significant revenue growth, with projected revenues of 5.1 billion RMB in 2022, 8.5 billion RMB in 2023, and 12.5 billion RMB in 2024 [3] Revenue Structure - The majority of Different Group's revenue comes from travel and sleep categories, with baby strollers and cribs being the primary sources of income [4] - In 2022, travel and sleep categories accounted for 88.7% of total revenue, which is expected to decline to 49.1% by 2025 [5] Growth Challenges - The company has identified new growth in infant care products, with revenue share increasing from 8.2% in 2022 to 42.3% in the first half of 2025, and gross margin improving from 38.7% to 43.4% [6] - However, revenue from travel products decreased by 5.1% year-on-year in the first half of 2025, while sleep products saw only a 1.9% increase [8] Profitability and Costs - Despite declining gross margins in travel and sleep categories, Different Group managed to increase net profit by 72.1% in the first half of 2025, achieving a net profit margin of 6.7% [17] - The company has spent nearly 11 billion RMB on sales expenses over three and a half years, with sales expense ratios exceeding 30% [12] Investment and Financing - Different Group has raised over 500 million RMB through four rounds of financing from various investors, with a pre-IPO valuation of approximately 2 billion RMB [19]