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]