刚刚，"母婴消费科技第一股"诞生。 9月23日，BeBeBus母公司不同集团正式在港交所主板挂牌上市，发行价为71.2港元/股，开盘价为100.4港元/股，较发行价涨近41%，随后股价有所滑落。 截至午间休盘，股价为88.65港元/股，总市值80.45亿港元（约合73.63亿元）。 来源：百度股市通 根据招股书，不同集团是一家专注于设计并销售育儿产品的中国公司，于2019年推出的首个品牌BeBeBus，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。 2024 年，中高端育儿产品市场占整个育儿产品市场的份额为23.6%。 根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。 从发家史来看，BeBeBus的崛起绕不开创始团队对母婴中高端市场的深度洞察。 2018年11月，汪蔚创办的布童科技于中国成立，第二年5月，CEO沈凌便以联合创始人身份加入。 当时，沈凌敏锐地观察到，靠婴儿人口红利"吃饭"的婴童市场，不仅赛道正变得越来越拥挤，且机会也在变少，不过，人们的消费力却在提升。 一方面，90后、95后习 ...

(文/解红娟 编辑/张广凯） 耗时不到两个月，BeBeBus母公司不同集团完成了上市计划。 9月23日，母婴品牌BeBeBus母公司不同集团在港交所上市，开盘一度涨超41%，股价突破100港元/股，随后涨幅有所收窄，午后 13:30 左右开始，股价开启 持续拉升行情，一路走高并在高位保持相对平稳状态。 截至发稿，股价涨约44.66%，总市值约93.47亿港元。 公开资料显示，不同集团成立于2018年，2019年推出专注于中高端育儿产品的设计与销售的自有品牌BeBeBus，BeBeBus成立仅五年时间就已成长为中国育 儿产品市场内的知名品牌。 根据弗若斯特沙利文的资料，按2024年的GMV计，BeBeBus在中国面向中高端消费者的耐用型育儿产品品牌中排名第一。 招股书显示，2022年至2024年，不同集团分别实现营业收入分别为5.07亿元、8.52亿元、12.49亿元，虽连续两年实现增长，但其增速已呈现逐步放缓态势， 2023年同比增幅为68%，2024年则降至46.56%。 | 我的自选 | | 更多 | 2 不同集团吧 | ■ 不同集团资讯 [头条]恒生AH股溢价指数 | | --- | --- | --- ...

Core Insights - The report highlights the emergence of new consumer brands in China, emphasizing the need for innovative marketing strategies to thrive in a rapidly changing competitive landscape [1][2][18] - The PMC (Potential Marketing Communication) theory is introduced as a framework for understanding the growth logic and innovative models of new consumer brands [1][2][18] Group 1: Market Dynamics - The competitive environment has drastically changed, with the rise of new consumer demographics and the advent of new consumerism, leading to the decline of traditional brand marketing methods [1][2][18] - New consumer brands like Gao Fan and Li Du have achieved exponential growth through innovative approaches, such as premium product offerings and immersive consumer experiences [1][2][19][20] Group 2: Brand Growth Characteristics - New consumer brands share common growth characteristics, including a focus on niche markets, preference for high-end positioning, and the use of content marketing over traditional advertising [1][2][19][20] - Successful brands have utilized strategic public relations and new retail channels, such as online short video and live-streaming e-commerce, to reach target audiences effectively [1][2][19][20] Group 3: PMC Marketing Innovation Model - The PMC model encompasses several key elements: market growth positioning, celebrity endorsements from entrepreneurs and KOLs, and the creation of star products that stand out in the market [2][18][46] - The report also analyzes successful case studies of traditional brands that have revitalized their market presence through innovative strategies, such as Yaya's transformation and the collaboration of Da Bai Tu with new brands [2][18][46] Group 4: Case Studies of New Consumer Brands - Gao Fan achieved a sales breakthrough of 1.7 billion yuan in three years, becoming the top brand in high-end down jackets [19] - Li Du transformed its business model, resulting in a 60-fold revenue increase over ten years and becoming the first stock of light bottle liquor in Hong Kong [20][22] - Three Dunsan, with its freeze-dried coffee innovation, reached a valuation of 4.5 billion yuan, outperforming Nestlé in the instant coffee market [28][29] - Lululemon surpassed Adidas in market capitalization, becoming the third-largest sports brand globally, with a revenue growth of over 10 times in a decade [30][32] Group 5: Future Trends - The report emphasizes the importance of emotional and cultural values in brand building, suggesting that brands must create additional benefits to remain competitive in the new commercial era [2][18][46] - The shift from traditional advertising to customer value innovation is identified as a fundamental change in brand-building strategies, with a focus on building brand equity through authentic consumer engagement [46][47]

Core Viewpoint - Different Group, the parent company of BeBeBus, has officially listed on the Hong Kong Stock Exchange, marking its position as the "first high-end maternal and infant consumption technology stock" [1][4]. Company Overview - Founded in November 2018, Different Group is a technology-driven family lifestyle product company that launched the high-end maternal and infant brand BeBeBus in 2019, quickly becoming a leader in the durable maternal and infant product segment in China [4][5]. - According to Frost & Sullivan, BeBeBus ranks first in the Chinese mid-to-high-end durable maternal and infant product market by GMV in 2024, indicating strong brand influence and market recognition [4]. Product Differentiation - Different Group's product development emphasizes "forward-looking insights + original design," integrating technologies from various fields such as automotive and consumer electronics to create high-end products with smart features [5]. - The company has registered 200 domestic patents and 17 international patents as of June 30, 2025, showcasing its solid R&D foundation and technological barriers [5]. User Strategy - The company focuses on new-generation parents, providing "parenting scene solutions" across four core areas: travel, sleep, feeding, and care, with a high average transaction value of over 2,400 yuan per order and a member repurchase rate significantly above the industry average [6]. - As of June 30, 2025, Different Group has accumulated approximately 3.5 million members, with an overall repurchase rate of 40.23% in the first half of 2025, reflecting a high user engagement ecosystem [6]. Growth Logic - Different Group employs a "high-frequency + low-frequency" strategy, using high-frequency products like diapers to drive sales of low-frequency durable goods, thereby enhancing inventory turnover and optimizing cash flow [7][8]. - The number of third-party stores has increased from 742 in 2022 to 3,400 by June 30, 2025, demonstrating strong channel expansion capabilities [8]. Future Development - The company aims to accelerate its globalization process, having entered the South Korean market and planning to expand into Southeast Asia and Europe, where the penetration rate of high-end maternal and infant products remains low [11]. - Different Group is committed to enhancing digital operations and supply chain autonomy, with ongoing upgrades to its supply chain and core quality control capabilities [12]. - In the first half of 2025, the company achieved a revenue of 726 million yuan, a year-on-year increase of 24.7%, with a compound annual growth rate of 56.9% from 2022 to 2024 [12]. Conclusion - The successful listing of Different Group signifies its evolution beyond traditional maternal and infant enterprises, positioning it as a consumer technology company centered on user scenarios, driven by technology and design [14]. - The company's growth trajectory, characterized by product cross-industry integration, deep user engagement, and efficient growth strategies, suggests a promising future in the maternal and infant consumption technology sector [15].

9月23日，不同集团成功登陆资本市场，上市首日表现亮眼：股价开盘报100.4港元，较每股71.2港元的发行价上涨41.01%，按每手100股计算，不计手续 费，每手账面盈利达2920港元，打新收益可观。 公司以"创造不同"为核心主张，始终坚持"高品质、高颜值、高科技"的品牌定位，通过旗下高端母婴品牌BeBeBus精准卡位高端母婴细分市场。自成立以 来，BeBeBus已接连打造多款畅销产品，如BeBeBus遛娃神器上市仅7天便迅速登顶天猫婴童四轮推车热销榜TOP1;太空舱系列儿童安全座椅推出后，迅速斩 获天猫等行业销售/好评/人气多维度的品类TOP1，市场反响热烈。 与多数母婴品牌深陷同质化竞争和价格战不同，不同集团前瞻性地聚焦于高端细分市场，抢占结构性增长机遇。据弗若斯特沙利文报告，中国中高端育儿产 品市场规模从2020年的256亿元增长至2024年的340亿元，复合年增长率达7.4%，显著高于大众市场3.4%的增速。这一逆势增长表明，在新生儿数量承压的 背景下，母婴消费"升级"而非"降级"已成为明确趋势——新生代父母追求更精细化、品质化和科学化的育儿体验，推动中高端市场持续扩容。 自2019年推出高端母婴品 ...

9月23日，不同集团成功登陆资本市场，上市首日表现亮眼：股价开盘报100.4港元，较每股71.2港元的发行价上涨41.01%，按每手100股计算，不计手续 费，每手账面盈利达2920港元，打新收益可观。 公司以"创造不同"为核心主张，始终坚持"高品质、高颜值、高科技"的品牌定位，通过旗下高端母婴品牌BeBeBus精准卡位高端母婴细分市场。自成立以 来，BeBeBus已接连打造多款畅销产品，如BeBeBus遛娃神器上市仅7天便迅速登顶天猫婴童四轮推车热销榜TOP1;太空舱系列儿童安全座椅推出后，迅速斩 获天猫等行业销售/好评/人气多维度的品类TOP1，市场反响热烈。 凭借卓越的业绩表现与坚实的品牌护城河，公司已成为近期资本市场中备受关注的新股标的。 自2019年推出高端母婴品牌BeBeBus以来，不同集团以差异化战略快速崛起，凭借先发优势迅速占领用户心智，已成为这一细分赛道的佼佼者。据弗若斯特 沙利文数据，按2024年的GMV计算，BeBeBus在中国面向中高端消费者的耐用型育儿产品品牌中排名第一，市场优势地位稳固。 与此同时，更为亮眼的是其财务表现：2022至2024年，公司营收从5.07亿元跃升至12.49 ...

Group 1 - The core viewpoint of the article is that BeBeBus's parent company has successfully listed on the Hong Kong Stock Exchange, experiencing a significant initial surge in stock price [1] - The stock opened with an increase of over 41%, reaching above 100 HKD per share before the gains moderated [1] - As of the report, the stock price had risen approximately 25%, with a total market capitalization of around 8 billion HKD [1]

Core Viewpoint - Different Group successfully listed on the Hong Kong Stock Exchange, becoming the "first stock in maternal and infant consumption technology" with the stock code "6090" [2] Group 1: Company Overview - Different Group's parent company, BeBeBus, covers four key parenting scenarios: travel, sleep, feeding, and hygiene [2] - According to Frost & Sullivan, BeBeBus ranks first among durable parenting product brands targeting mid-to-high-end consumers in China based on 2024 GMV [2] - Different Group's revenue increased from 507 million to 1.249 billion yuan from 2022 to 2024, with a compound annual growth rate (CAGR) of 56.9%, and adjusted net profit CAGR of 236.8% [2] - In the first half of 2025, revenue grew by 24.7% year-on-year, and net profit increased by 72.1% year-on-year [2] Group 2: Investment and Financing - Different Group completed three rounds of financing before the IPO, with major investors including Gao Rong Capital, Tiantu Investment, Matrix Partners, and Taikang Life [2] - Gao Rong Capital was the largest institutional investor in Different Group prior to the IPO, having led the A+ round financing in late 2020 and participated in subsequent rounds [2][3] Group 3: Brand Philosophy and Future Outlook - Gao Rong Capital views BeBeBus as a brand that dares to be different, focusing on the needs of new-generation parents and providing products that meet both practical and emotional values [5] - The brand philosophy is rooted in "resonance," "focus," and "innovation," aiming to become the "Apple of the maternal and infant industry" [5] - Gao Rong Capital expresses confidence in Different Group's future growth under the leadership of its founder, Wang Boyan, emphasizing the potential for world-class opportunities in AI and consumer sectors [6]

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。 ...

Core Viewpoint - The article highlights the successful IPO of BeBeBus, a notable player in the baby products market, which reflects a broader trend of consumer investment opportunities in China, particularly in the mid-to-high-end segment of the market [3][17]. Company Overview - BeBeBus, founded in 2018 in Ningbo, China, quickly gained popularity with its innovative baby stroller, which was launched in 2019 and achieved over 1 million RMB in sales within the first month [5][6]. - The company targets urban parents aged 25-35, focusing on quality and aesthetics over price, which has led to a differentiated product strategy [6][8]. - By 2022, BeBeBus reported revenues of 507.2 million RMB, with adjusted net profits increasing over sixfold to 73.57 million RMB, and a gross margin of approximately 50% [8][9]. Investment Background - The first external investor in BeBeBus was Tiantu Investment, which recognized the brand's potential during the 2020 618 shopping festival when it achieved significant sales [12][13]. - Tiantu Investment's strategy involved deep research into the baby products sector, leading to a successful partnership with BeBeBus that helped the company grow from a valuation of 300 million RMB to 2 billion RMB [13][15]. Market Trends - The article notes a resurgence in consumer investment in Hong Kong, with brands like BeBeBus benefiting from changing consumer preferences towards quality and value [17][19]. - The investment landscape has evolved post-pandemic, with a shift towards innovative investment strategies and a focus on sectors like biotechnology and low-altitude economy [18][19].