Core Viewpoint - Different Group, established in 2018, is set to list on the Hong Kong Stock Exchange, focusing on high-end parenting products through its BeBeBus brand, which has become a leading brand in durable parenting products for mid-to-high-end consumers in China [3][10]. Product and Market Positioning - BeBeBus has expanded its core product offerings from strollers and car seats to include key scenarios like parent-child travel, sleep, feeding, and hygiene care [3][8]. - The average transaction amount for orders containing at least one core product has remained above 2,400 yuan from 2022 to 2024, reinforcing its high-end market positioning [8]. Consumer Engagement and Retention - As of June 30, 2025, BeBeBus has over 3 million members, with private domain platform repurchase rates of 45.7%, 47.5%, 53.3%, and 52.3% from 2022 to the first half of 2024, indicating strong customer loyalty [8]. - Online channel repurchase rates exceeded 20.1%, 31.0%, 40.9%, and 40.2% during the same period, surpassing industry averages [8]. Innovation and Design - BeBeBus is among the first globally to launch smart child safety seats and has received international recognition for its products, including over 50 design awards [7][8]. - The brand integrates innovative design with cross-disciplinary expertise, utilizing materials like Cobra memory foam and aviation-grade magnesium alloy in its products [7]. Financial Performance - Revenue figures for Different Group from 2022 to 2024 were 507 million yuan, 852 million yuan, and 1.249 billion yuan, with a 24.7% increase in the first half of 2024 compared to the same period in 2023 [12]. - Gross margins for BeBeBus were 47.7%, 50.2%, 50.4%, and 49.4% from 2022 to the first half of 2024, indicating stable profitability [13]. Global Expansion Strategy - Different Group has initiated global expansion with the establishment of BeBeBus USA and BeBeBus Indonesia as part of its strategy to penetrate North American and Southeast Asian markets [10]. - A new website was launched in October 2024 to enhance international online sales, and subsidiaries have been set up in the U.S. and Indonesia for localized distribution [10]. Funding and IPO Plans - Different Group has completed three rounds of financing, with a post-B round valuation of 2 billion yuan [13]. - The net proceeds from the IPO will be allocated to enhance production capacity, expand overseas influence, brand activities, new product development, and general corporate purposes [13].

Core Viewpoint - Butong Group is advancing its IPO process with a focus on high-end parenting products through its BeBeBus brand, which has established a strong market presence and is expanding internationally [2][3][11]. Group 1: Company Overview - Butong Group, founded in 2018, specializes in family lifestyle products and launched the BeBeBus brand in 2019, targeting the high-end parenting market [3]. - BeBeBus has expanded its product range from four core items to cover key parenting scenarios, including travel, sleep, feeding, and hygiene [3]. Group 2: Market Position and Product Innovation - According to Frost & Sullivan, BeBeBus ranks first in China among durable parenting product brands aimed at mid-to-high-end consumers based on 2024 GMV [4]. - BeBeBus targets new-generation parents who value independent design and practical functionality, focusing on enhancing the parenting experience through innovative design and cross-industry expertise [6]. Group 3: Product Features and Recognition - BeBeBus is among the first brands globally to introduce smart children's car seats and has received international recognition for its product designs, including over 50 design awards [8]. - The average transaction amount for BeBeBus's core products has remained above 2,400 yuan from 2022 to mid-2023, reinforcing its premium positioning [9]. Group 4: Customer Engagement and Sales Performance - As of June 30, 2025, BeBeBus has over 3 million members, with repurchase rates on its private platform increasing from 45.7% in 2022 to 52.3% in mid-2023 [9]. - The company opened its first experience store in Ningbo in 2023 and has partnered with leading retailers and distributors across over 300 cities [9]. Group 5: Global Expansion Strategy - Butong Group has established BeBeBus USA and BeBeBus Indonesia as part of its strategy to enter North American and Southeast Asian markets [11]. - The company has launched a new website to enhance international online sales and has set up subsidiaries in the U.S. and Indonesia for localized distribution [11]. Group 6: Financial Performance - Butong Group's revenue grew from 507 million yuan in 2022 to 1.249 billion yuan in 2024, with a 24.7% increase in the first half of 2025 compared to the same period in 2024 [13]. - The adjusted net profit increased from 9.77 million yuan in 2022 to 111 million yuan in 2024, with a 73.3% rise in the first half of 2025 [15]. Group 7: IPO Fund Utilization - The net proceeds from the IPO will be primarily used to enhance production capacity, expand international market influence, brand activities, new product development, and general corporate purposes [17].