过去三年，不同集团迎来飞速发展，营收、经调整净利润年复合增长率分别达56.9%、236.8%。2025年 上半年，不同集团实现营收7.26亿元、净利润4850.7万元，在多元化布局逐步深入的背景下，这家选择 以"创造不同"作为核心主张的不同集团正式向着"高端母婴消费科技第一股"的目标快步前进。 不同集团是一家专注于设计并销售育儿产品的中国公司。首个品牌BeBeBus创立于2019年，一直专注于 服务中高端消费者，并已成长为中国育儿产品市场的知名品牌。创立仅5年，BeBeBus便在中高端育儿 产品市场中取得了强势的市场地位。据弗若斯特沙利文的资料，按GMV计，2024年，在中国中高端育 儿产品市场中，BeBeBus在中国育儿产品品牌中排名第二，拥有4.2%的市场份额。 今早，BeBeBus母公司不同集团(06090.HK)在港交所敲钟上市。 ...

不止于漂亮的外观，太空舱更是全球首批智能儿童安全座椅，通过增加在车门打开时自动旋转的智能系统，让父母更轻松地将儿童抱入座椅及从座椅中抱 出；通过加入App操控设计，父母可以在儿童入睡时用手机App调整角度，将对颈部和头部的压力降至安全水平。 95后、00后的新生代逐渐成为新手父母的主力，与他们一同成长的母婴品牌BeBeBus也即将迎来IPO的发展新阶段。BeBeBus母公司不同集团(06090.HK)将 于9月23日正式挂牌上市，预期市值将达到60亿港元。 过去三年，不同集团迎来飞速发展，营业收入、经调整净利润年复合增长率分别达56.9%、236.8%。2025年上半年，不同集团实现营业收入7.26亿元、净利 润4850.7万元，在多元化布局逐步深入的背景下，这家选择以"创造不同"作为核心主张的不同集团正式向着"高端母婴消费科技第一股"的目标快步前进。 产品筑基：差异化打造用户价值 当下，新生代父母在选择母婴产品时，不仅看重品质感与外观颜值，更注重产品所承载的悦己情绪价值。 不同集团旗下核心品牌BeBeBus率先将原创美学设计与新生代父母的"悦己情绪需求"深度融合，以婴儿推车、儿童安全座椅为核心切入点，契合潮 ...

Group 1: Company Overview - BeBeBus, under the Different Group, is preparing for an IPO on the Hong Kong Stock Exchange, with a global offering of 10.98 million shares priced between HKD 62.01 and HKD 71.20, expected to list on September 23 [1] - The company has established itself as a leader in the high-end parenting products sector since its founding in 2019, ranking first in durable parenting products for mid-to-high-end consumers in China according to Frost & Sullivan [2] - Different Group has shown impressive financial growth, with revenues projected to reach RMB 12.49 billion by 2024, reflecting a compound annual growth rate (CAGR) of 56.9% from 2022 to 2024 [2][3] Group 2: Financial Performance - The company reported revenues of approximately RMB 7.26 billion in the first half of 2025, a year-on-year increase of 24.7%, with net profit rising 72.1% to RMB 485.07 million compared to the same period in 2024 [2] - Adjusted net profit is expected to grow significantly, with projections of RMB 110.88 million for 2024, up from RMB 59.25 million in 2023 [3] Group 3: Product and Market Strategy - BeBeBus focuses on original domestic products and invests heavily in R&D, aiming to provide an exceptional user experience, with a product line that includes innovative items like the "Artist Series" stroller and "Butterfly Baby Walker" [4] - The company has developed a diverse product matrix, expanding from core products to include various parenting solutions, with a total of 459 SKUs by mid-2025 [5] - BeBeBus aims to transition from a single product focus to comprehensive family lifestyle solutions, planning to expand its market reach to Europe, North America, and Japan [5] Group 4: Customer Engagement and Loyalty - The average transaction value for orders containing at least one core product exceeds RMB 2,400, indicating a high customer spending level [6] - The overall repurchase rate has increased from 20.1% in 2022 to 40.2% by mid-2025, demonstrating growing customer loyalty [6] Group 5: Distribution and Market Presence - As of mid-2025, BeBeBus has established a comprehensive distribution network, with a presence on major e-commerce platforms and over 3,400 third-party stores [7] - The company has a robust intellectual property portfolio, with 200 registered patents and 603 domestic trademarks, enhancing its competitive edge [8] Group 6: Market Outlook - The IPO market in Hong Kong is showing signs of recovery, and Different Group is positioned as a unique player in the high-end parenting technology sector, with solid foundations in brand strength, channel development, and user loyalty [8]

Core Viewpoint - The company, BeBeBus, is set to go public through its parent company, Different Group, with a strong market response and high growth potential in the premium parenting products sector [1][10]. Group 1: IPO Details - Different Group plans to issue 10.9809 million shares at a price range of HKD 62.01 to 71.20, with the IPO scheduled for September 23 [1]. - The company has received significant interest from cornerstone investors, with total subscriptions reaching USD 15 million [1]. - The IPO is expected to have a low winning rate of less than 2% for individual investors due to high demand, with over 10.9 times subscription [1]. Group 2: Financial Performance - The company has shown impressive revenue growth, with projected revenues of RMB 5.07 billion, RMB 8.52 billion, and RMB 12.49 billion for 2022, 2023, and 2024 respectively, reflecting a CAGR of 56.9% [2]. - In the first half of 2025, the company achieved revenue of approximately RMB 7.26 billion, a year-on-year increase of 24.7%, and net profit of about RMB 48.51 million, up 72.1% from the same period in 2024 [3]. Group 3: Product and Market Strategy - BeBeBus has established itself as a leader in the high-end parenting product market since its inception in 2019, focusing on innovative and differentiated products [1][5]. - The company has developed a diverse product line with 459 SKUs, expanding from core products like strollers and car seats to include various parenting solutions [6]. - The brand emphasizes user experience and has a strong focus on spinal health for infants, with several products certified by the International Chiropractic Association [5]. Group 4: Customer Engagement and Brand Loyalty - The average transaction value for orders containing at least one core product exceeds RMB 2,400, indicating a high customer spending level [8]. - The overall repurchase rate has increased from 20.1% in 2022 to 40.2% by mid-2025, demonstrating growing customer loyalty [8]. - The company has built a comprehensive channel network, with a significant online presence across major platforms and a growing offline distribution network [10]. Group 5: Intellectual Property and Market Position - As of mid-2025, the company holds 200 registered patents and 603 domestic trademarks, establishing a solid intellectual property foundation [10]. - The company is positioned as a unique player in the high-end parenting market, with strong brand power, channel development, and user loyalty, indicating a clear growth trajectory [10].

港股打新盛宴正酣，资金涌动。根据WIND数据显示，今年以来多只新股获得超额收益，赚钱效应持续引爆市场热情。 在这场资本盛宴迎来高光时刻——在母婴赛道中"不同集团"（06090.HK）正式启动招股，强势登陆港交所舞台。集团将成为"高端母婴消费科技第一股"，其 发行引发市场高度聚焦。 根据招股安排，不同集团将于9月15日至9月18日公开招股，发行价区间为62.01-71.20港元/股，每手入场约7191.8港元，市值预计介于56.27亿至64.61亿港 元，并计划于9月23日正式挂牌上市。BeBeBus在本次发行中共引入三名基石投资者——信庭基金、华泰资本最终投资客户和Great Praise分别认购500万美 元。此前，BeBeBus还已获得天图投资、高榕创投、经纬创投和泰康人寿的投资。 图表一：不同集团招股书节选 数据来源：公司公告，格隆汇整理 港股IPO持续升温，投资收益率可观 今年以来，港股IPO市场持续升温，交投活跃。 WIND数据显示，自7月以来，已有18家企业成功登陆港交所，其中14家于上市首日录得正收益，占比接近八成。统计显示，这批新上市企业的首日平均涨 幅达39.63%，上市以来累计平均涨幅为4 ...

Core Insights - The article highlights the emergence of "Different Group" as a potential leader in the high-end maternal and infant consumption technology sector, with plans to go public as the "first high-end maternal and infant consumption technology stock" in Hong Kong [1][21] - The changing consumer behavior among new parents, particularly those from the post-90s and post-00s generations, is reshaping the maternal and infant market, emphasizing a balance between parenting and personal lifestyle [1][21] Company Overview - Different Group, established in 2019, has rapidly grown to become a leading brand in China's high-end parenting products market, with its brand BeBeBus ranked first in GMV among mid-to-high-end durable parenting product brands in 2024 [2] - The company has demonstrated strong financial performance, achieving a revenue of RMB 726 million in the first half of 2025, a year-on-year increase of 24.7%, and a compound annual growth rate (CAGR) of 56.9% from 2022 to 2024 [3] - The net profit for the first half of 2025 reached RMB 48.5 million, reflecting a significant year-on-year growth of 72.14%, with an adjusted net profit CAGR of 236.8% from 2022 to 2024 [3] Target Audience - Different Group targets high-educated, high-income new parents in first- and second-tier cities, referred to as "family CFOs," who prioritize quality, design, technology, and emotional value in their purchasing decisions [4] Growth Strategy - The company's growth strategy is based on a unique three-dimensional driving model, focusing on differentiated positioning, innovative research and development, and diversified channels [6] - Different Group has developed an integrated solution covering key parenting scenarios, enhancing customer decision-making processes and increasing customer value [6] - The company emphasizes original design and technology integration, with a commitment to sustainability and product quality, having obtained carbon footprint certifications for several core products [8][9] Market Potential - The Chinese high-end parenting product market is projected to grow from RMB 25.6 billion in 2020 to RMB 34 billion in 2024, with an expected CAGR of 7.4% [14][15] - The implementation of a national childcare subsidy policy, providing RMB 3,600 per child annually until the child turns three, is anticipated to boost consumer spending in the parenting sector [13] International Expansion - Different Group is expanding its market presence beyond China, targeting North America, Europe, Japan, and South Korea, which opens up significant growth opportunities [18] - The company plans to establish a second factory in Ningbo by 2026, with an expected annual production capacity of 800,000 units of core products, further supporting its growth ambitions [19]