“90后”新中产，又“捧出”一家拟上市公司！

Core Viewpoint - BUTONG GROUP, a rising brand in the maternal and infant sector, is set to go public in Hong Kong, targeting new middle-class families with high-end baby products [1][2]. Financial Performance - The company reported revenues of RMB 507.2 million, RMB 852.1 million, and RMB 884.3 million for the years 2022, 2023, and the first nine months of 2024, respectively, with net profits of -RMB 21.2 million, RMB 27.2 million, and RMB 46.4 million [4][6]. - The gross profit margin improved from 47.7% in 2022 to 50.2% in 2023, but the pre-tax profit margin remained below 10% in the first three quarters of 2024 [5][6]. Marketing Strategy - The company has high marketing expenses, with sales and distribution costs amounting to RMB 1.89 billion, RMB 2.86 billion, and RMB 2.71 billion for 2022, 2023, and the first nine months of 2024, respectively, representing 37.2%, 33.5%, and 30.6% of total revenue [9][10]. - Over 70% of marketing expenses are allocated to promotional activities, leveraging platforms like Xiaohongshu and Douyin for brand visibility [9][10]. Product Offering - BUTONG GROUP focuses on high-ticket durable consumer goods, with average transaction values exceeding RMB 2,400, and the most expensive baby stroller priced over RMB 13,000 [7][9]. Investment and Valuation - The company has completed three rounds of financing since its establishment in 2019, with a valuation increase from RMB 300 million to RMB 2 billion within nine months [12][14]. - Major investors include Tiantu Investment, which has participated in all funding rounds, and other notable venture capital firms [13][16].