Core Viewpoint - The company, Different Group, has submitted its IPO application to the Hong Kong Stock Exchange, showcasing rapid growth and significant marketing expenditures, but also facing challenges related to product quality and sustainability of its growth model [2][10][12]. Financial Performance - Different Group's revenue from 2022 to June 2025 is projected to grow from 5.07 billion to 12.49 billion, with a net profit turning from a loss of 0.21 billion to a profit of 0.59 billion [2]. - The marketing expenses during the same period are expected to be 1.89 billion, 2.86 billion, 3.91 billion, and 2.25 billion, totaling 10.9 billion, which is over 32% of revenue on average [3][4]. Marketing Strategy - The company has collaborated with over 16,000 KOLs across major social media platforms, generating approximately 83,000 posts and videos from March 2023 to September 2024, leading to a membership growth to 3 million [4]. - The "All in Xiaohongshu" strategy has been pivotal for brand recognition, leveraging user interaction and real experiences to capture consumer attention [4]. Research and Development - Different Group's R&D spending from 2022 to June 2025 is significantly lower than marketing, with figures of 0.16 billion, 0.24 billion, 0.21 billion, and 0.11 billion, averaging less than 3% of revenue [6]. - The company holds 200 registered patents, with only 10 being invention patents, indicating a lack of strong technological innovation [6]. Production and Quality Control - Most of BeBeBus's products rely on third-party manufacturing, raising concerns about quality control, as evidenced by numerous complaints regarding product safety and quality issues [7][10]. Capital Structure and IPO Pressure - Different Group's valuation surged from 3 billion to 20 billion between 2020 and 2021, driven by significant investments from top-tier firms [10]. - The company faces pressure from a performance agreement requiring it to go public by June 30, 2026, or face redemption clauses from investors [10][12].