Group 1 - The core viewpoint of the article is that Different Group is preparing for an upcoming IPO in Hong Kong, with the aim of raising funds for various strategic initiatives [1][2] - The funds raised from the IPO will be allocated to enhance production capacity, expand overseas market influence, conduct brand activities, develop new products, and serve as working capital [1] - Different Group specializes in designing and selling parenting products, with its first brand BeBeBus established in 2019, targeting mid-to-high-end consumers [2] Group 2 - The company has developed an effective growth model by initially entering complex, high-demand, and high-ticket parenting product markets, gaining recognition from target users before expanding into more product categories [2] - The product range has evolved from core items like baby strollers and car seats to include key scenarios such as family travel, sleep, feeding, and hygiene care [2]

Core Viewpoint - BeBeBus's parent company has submitted a listing application to the Hong Kong Stock Exchange, aiming to advance its listing process, with CITIC Securities and Haitong International as joint sponsors [1]. Company Overview - Different Group, the parent company of BeBeBus, focuses on designing and selling parenting products and was established in 2019 [1]. - BeBeBus has developed a product range that includes baby strollers, child safety seats, cribs, high chairs, and hygiene products, expanding into key scenarios such as parent-child travel, sleep, feeding, and hygiene care [1]. Financial Performance - In the first half of 2025, the company achieved revenue of 726 million RMB, representing a year-on-year growth of 24.7% [1]. - Revenue from baby care products was approximately 307 million RMB, accounting for 42.3% of total revenue, with sales of baby diapers reaching about 155 million pieces and wet wipes around 1.126 million packs [1]. - The significant growth in baby care product revenue is attributed to an increase in product offerings, with SKUs rising from 142 in 2022 to 290 in the first half of 2025 [1]. Sales Channels - The company combines online and offline channels to expand its sales network, reaching a wide consumer base [3]. - In the first half of 2025, online channel revenue was approximately 532 million RMB, making up 73.2% of total revenue, while offline channel revenue was about 194 million RMB, accounting for 26.8% [3]. - The online sales channels include major platforms such as Tmall, JD.com, Douyin, and Pinduoduo, along with private domain platforms like WeChat [3]. Market Position - BeBeBus has quickly established itself as a well-known brand in the Chinese parenting product market within just five years of its inception [1]. - The company has a high customer repurchase rate of 40.23% and has built a membership base of approximately 3.5 million across its online platforms [4].