在普通婴儿推车价格多在几百至千元的情况下，BeBeBus的婴儿推车在各渠道的平均售价介于1158元至1863元。其天猫旗舰店显示，最贵的一款婴儿推车 折后价格过万，配置最高的组合折后价格更是逼近1.77万元。 图源：淘宝APP截图 靠小红书"种草"起家的高端母婴品牌，正式登陆港交所，从首次递交招股书到正式上市，前后耗时不到9个月。 9月23日上午九时，不同集团（06090.HK）正式在港交所开始买卖，截至收盘股价102.5港元/股，涨幅达到43.96%。两位创始人汪蔚、沈凌合计持有不同 集团4764.09万股股份，借此，创始人身家合计上涨9.62亿港元。 股份分配结果显示，不同集团全球发售1098.09股股份。其中，香港公开发售109.81万股，占比将近10.00%；国际发售988.28万股，占90.00%。最终，香港 公开发售获3317.47倍认购，国际发售获7.37倍认购，不同集团每股发售价71.20港元，全球发售净筹资约7.18亿港元。 不同集团旗下的主打品牌BeBeBus创立于2019年，主要为五岁以下婴幼儿提供高端耐用型育儿产品，早期核心产品包括婴儿推车、儿童安全座椅、婴儿床 和餐椅。 广告营销之外 ...

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 ...

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].

来源：市场资讯 （来源：中信证券发布） 2025年9月23日，不同集团（6090.HK）成功于香港联交所主板上市，发行规模7.82亿港元。中信证券担 任牵头保荐人、联席整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人。 中信证券坚持金融服务实体经济，聚焦服务消费提质惠民和消费品质提升行动，积极助力消费领域企业 融资发展，全力支持中国消费企业国际化高质量发展，推动产业升级与创新。 中信证券作为本项目的牵头保荐人，凭借对育儿产品行业的深刻理解，为企业量身定制上市方案，以专 业扎实的项目执行能力和组织协调能力，高效推进项目总体进度，成功助力不同集团于港交所主板挂牌 上市；充分发挥利用境内外一体化平台优势及全球投资者覆盖网络，通过深入的市场分析和精准的价值 挖掘，向全球投资者清晰传达了企业的投资亮点和成长潜力。通过精准的投资者匹配和高效的执行能 力，中信证券助力不同集团圆满完成本次发行，为其未来的持续高质量发展奠定了良好基础。 关于不同集团 （股票代码：6090.HK) 不同集团是一家专注于设计及销售育儿产品的中国公司。不同集团于2019年推出首个品牌BeBeBus，专 注于为中高端消费者打造育儿产品。不同 ...

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].

IPO Overview - Hesai Group (禾赛) officially listed on the Hong Kong Stock Exchange on September 16, 2025, under the stock code "2525," marking it as the first laser radar company to achieve dual primary listings in the US and Hong Kong [3][4] - The IPO raised over HKD 41.6 billion (USD 5.33 billion), making it the largest IPO in the global laser radar industry to date and the largest Chinese concept stock IPO in Hong Kong in the past four years [3][4] - Hesai has become a global leader in laser radar development and manufacturing, with significant market shares in various automotive applications [4] Company Highlights: Hesai Group - Founded in 2014, Hesai has achieved the highest global market share in vehicle-mounted laser radar, ADAS laser radar, and L4 autonomous driving laser radar [4] - The company reported a revenue of CNY 2.08 billion in 2024, with a compound annual growth rate (CAGR) of 42.3% from 2021 to 2024 [4] - Hesai is the first and only listed laser radar company to achieve annual profitability and positive operating and net cash flow [4] IPO Overview: Jinfang Pharmaceutical - Jinfang Pharmaceutical (劲方医药) officially listed on the Hong Kong Stock Exchange on September 19, 2025, under the stock code "2595" [6] - The IPO raised USD 268 million, setting multiple records for the Hong Kong 18A sector since 2022 [6] - Jinfang focuses on innovative treatments for cancer, autoimmune, and inflammatory diseases, with a pipeline of eight candidate drugs, five of which are in clinical stages [6] Company Highlights: Jinfang Pharmaceutical - The company has developed a comprehensive and differentiated RAS product matrix, targeting significant unmet clinical needs in major cancers [7] - The CEO emphasized the importance of the IPO as a milestone for future growth and innovation [8] IPO Overview: Chery Automobile - Chery Automobile (奇瑞) plans to list on the Hong Kong Stock Exchange on September 25, 2025, under the stock code "9973" [9] - The IPO is expected to raise between HKD 160.04 billion and HKD 177.34 billion, with cornerstone investors committing approximately USD 587 million [9][10] - Chery is the second-largest independent passenger car brand in China and the eleventh largest globally [9] Company Highlights: Chery Automobile - In 2024, Chery's sales exceeded 2.295 million vehicles, with a growth rate of over 25% in both electric and fuel vehicle sales compared to 2023 [10] - The company has a diverse brand portfolio and has been the top exporter of independent passenger cars in China for 22 consecutive years [10][11] IPO Overview: BeBeBus - BeBeBus plans to list on the Hong Kong Stock Exchange on September 23, 2025, under the stock code "6090" [13] - The company focuses on high-end parenting products and has established a strong market presence in China [13][14] - BeBeBus has over 3 million members and maintains high repurchase rates across its private and online platforms [14] Company Highlights: BeBeBus - The average transaction amount for core products has remained above CNY 2,400, reinforcing its premium positioning [14] - The company has expanded its product offerings significantly since its inception [13] IPO Overview: Nuwa Technology - Nuwa Technology (暖哇科技) submitted its prospectus for listing on the Hong Kong Stock Exchange on September 16, 2025 [18] - The company specializes in AI solutions for the insurance industry and is recognized as the largest independent AI technology company in this sector in China [18][19] - Nuwa's revenue has shown significant growth, with a CAGR of 65.5% from 2022 to 2024 [19] Company Highlights: Nuwa Technology - The company achieved profitability in 2023, with an adjusted net profit of approximately CNY 57.5 million in 2024 [19] IPO Overview: Cloudtrace Technology - Cloudtrace Technology (云迹科技) received a notice for its overseas listing on September 18, 2025 [21] - The company is a leader in the robot service market, with a significant number of robots deployed across various sectors [22][23] - Cloudtrace's revenue has grown from CNY 163 million in 2022 to CNY 245 million in 2024, with a rising gross margin [23] Company Highlights: Cloudtrace Technology - The company has served over 34,000 enterprise clients and completed over 5 billion service instances in 2024 [23][24] IPO Overview: Distinct Healthcare - Distinct Healthcare (卓正医疗) received a notice for its overseas listing on September 17, 2025 [26] - The company operates in the high-end healthcare service market in China, with a focus on comprehensive medical services [26][27] - Distinct Healthcare's revenue has grown from CNY 473 million in 2022 to CNY 959 million in 2024, achieving profitability in 2024 [27][28]

永赢低碳环保智选混合发起A（016386）成立日期2022年10月17日，最新规模1.77亿。今年以来收益 8.24%，同类排名6011/8172；近一年收益65.12%，同类排名2005/7980；成立以来亏损9.53%。 永赢低碳环保智选混合发起A（016386）基金经理为胡泽。 9月19日，天成自控跌5.03%，截至发稿，报10.38元/股，成交1.29亿元，换手率3.08%，总市值41.22亿 元。 截至发稿，胡泽累计任职时间2年108天，现任基金资产总规模26.39亿元，任职期间最佳基金回报 129.08%， 任职期间最差基金回报9.43%。 资料显示，浙江天成自控股份有限公司位于浙江省天台县西工业区，成立日期2000年1月21日，上市日 期2015年6月30日，公司主营业务涉及乘用车座椅、航空座椅、工程机械与商用车座椅、儿童安全座椅 的研发设计、生产和销售。主营业务收入构成为：车辆座椅及配件85.92%，航空座椅及配件12.26%， 其他1.82%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等 ...

Core Viewpoint - BeBeBus, a high-end parenting brand in China, is set to be listed on the Hong Kong Stock Exchange from September 15 to 18, 2023, showcasing significant growth in the parenting products market [3][9]. Company Overview - BeBeBus was established in 2019 and has become a well-known brand in the Chinese parenting products market, ranking second with a market share of 4.2% [3]. - The company has expanded its product offerings from core items like strollers and car seats to include essential categories for parent-child travel, sleep, feeding, and hygiene care [4]. Financial Performance - Revenue projections for BeBeBus are as follows: CNY 507 million in 2022, CNY 852 million in 2023, and CNY 1.25 billion in 2024, reflecting a compound annual growth rate (CAGR) of approximately 57% [5]. - Net profit is expected to shift from a loss of CNY 21.23 million in 2022 to a profit of CNY 58.52 million in 2024 [5][6]. - For the first half of 2025, the company reported revenue of CNY 726 million and a profit of CNY 48.51 million [5]. IPO Details - The IPO price range is set between HKD 62.01 and HKD 71.20 per share, with a minimum investment of approximately HKD 7,191.8 [9]. - A total of 10.98 million shares will be globally offered, with 1.098 million shares available in Hong Kong [9]. - The company has attracted three cornerstone investors, accounting for 15.99% of the offering, and the subscription ratio is around 40 times, indicating moderate interest [9].

Company Overview - Yaojie Ankang, listed on June 23, 2023, saw its stock price surge by 115.58%, reaching 415 HKD per share, with a market capitalization of 164.7 billion HKD, reflecting a 30-fold increase in less than three months [1][4] - The company currently has no commercialized products and reported a loss exceeding 100 million RMB in the first half of the year, highlighting a stark contrast between its financial fundamentals and its market valuation [4] - The stock has been included in the Hong Kong Stock Connect as of September 8, 2023, which may be driving speculative trading to attract mainland index funds [4] Financial Performance - For the first half of 2025, the company reported revenue of 726 million RMB and a profit of 48.51 million RMB, indicating a profit margin of 6.7% [9] - Revenue for the years 2022 to 2024 was 507.2 million RMB, 852.1 million RMB, and 1.248 billion RMB, respectively, with corresponding net profits of -21.23 million RMB, 27.22 million RMB, and 58.52 million RMB [8] - The company’s gross profit margin has shown improvement, with a gross profit of 358.49 million RMB in the first half of 2025, reflecting a margin of 49.4% [9] Market Position and Strategy - Different Group, established in 2018, focuses on designing and selling high-end parenting products, ranking second in China's mid-to-high-end parenting product market with a market share of 4.2% [6] - The company has a diverse product line with 459 SKUs and a distribution network that includes major e-commerce platforms and 3,400 third-party stores [7][6] - The customer repurchase rate increased from 20.1% in 2022 to 40.2% in June 2025, indicating growing brand loyalty [11] Industry Insights - Despite a decline in newborn numbers in China, the mid-to-high-end parenting product market is expected to grow faster than the overall market due to rising consumer demands for quality and safety [12] - The competitive landscape is fragmented, with the top five brands holding only 18.4% of the market share, allowing for opportunities for growth [12] - Different Group adopts a differentiated strategy, competing with international brands while maintaining more affordable pricing and focusing on quality and design compared to local brands [13]

定价方面，不同集团发售价将不超过每股发售股份71.20港元，且目前预期不低于每股发售股份62.01港 元。香港公开发售的申请人须于提出申请时（视申请渠道而定）支付最高发售价每股发售股份71.20港 元，另加1.0%经纪佣金、0.0027%证监会交易征费、0.00015%会财局交易征费及0.00565%联交所交易 费，倘最终厘定的发售价低于每股发售股份71.20港元，则可予退还。 "BeBeBus母公司不同集团通过港交所聆讯，标志着中国高端母婴品牌资本化迈入新阶段。"盘古智库高 级研究员江瀚指出，在消费升级与生育支持政策协同发力的背景下，中高端育儿市场逆势扩容，2024年 规模达340亿元，2029年有望突破500亿元。BeBeBus精准切入耐用型育儿产品赛道，以GMV计已居行 业首位，市占率4.9%，展现出强大的市场渗透能力。其三年营收CAGR达56.9%，经调整净利润CAGR 高达236.8%，增长与盈利双优，验证了"高客单价+高复购率"商业模式的可持续性。 在江瀚看来，上市将加速不同集团的全球化与可持续发展布局。因为募资用于海外扩张、品牌建设与新 品研发，叠加已获碳标签与EATNS认证的ESG实践，BeB ...