“90后”新中产，又“捧出”一家拟上市公司！

Core Viewpoint - BUTONG GROUP (不同集团) has received approval for overseas listing in Hong Kong, targeting new middle-class families with high-end baby products [2][3][5]. Financial Performance - The company reported revenues of RMB 507 million, RMB 852 million, and RMB 884 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 [7][9]. - The gross profit margin for 2023 was approximately 50.2%, while the pre-tax profit margin for the first three quarters of 2024 was below 10% [8][9]. 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 [13][9]. - Over 70% of marketing expenses are allocated to promotional activities, leveraging social media platforms like Xiaohongshu and Douyin for brand promotion [13][14]. Investment and Valuation - Since its establishment in 2019, BUTONG GROUP has completed three rounds of financing, with a valuation increase from RMB 300 million in 2020 to RMB 2 billion in 2021 [16][18]. - The company has attracted notable investors, including Tiantu Investment, which has participated in all financing rounds [16][19]. Product Offering - The company focuses on high-end durable baby products, with average transaction values exceeding RMB 2,400 and the most expensive baby stroller priced over RMB 13,000 [10][11].