作者：新消费主张/cici 从核心主品牌BeBeBus创立到递交招股书试图叩响资本市场大门，不同集团仅用了不到5年的时间。 2019年，不同集团核心主品牌BeBeBus创立， 2025年初便向港交所递交招股书，募资用于提升生产能 力、扩大海外市场影响力、品牌活动及扩大销售网络、研发新品及用作营运资金。如今，不同集团港股 IPO已获得中国证监会备案，这是否说明不同集团港股IPO胜券在握呢？ 不同集团在母婴界快速崛起堪称传奇，这离不开创始人超强营销嗅觉，公司早期将推广费近乎all in小 红书平台。但其快速发展背后也藏着多重经营风险和隐忧，如品牌过度依赖社交媒体种草、轻研发重营 销状况明显；业务结构尚不稳定，品牌知名度打出后，BeBeBus业务从出行场景向婴幼儿护理场景拓 展，由于缺乏自身生产线，婴幼儿护理场景产品多靠代工生产，品控问题频发影响品牌高端形象；品牌 根基不稳、高端形象动摇，在小红书平台上，不少消费者都认为BeBeBus是营销出来的品牌，并且公司 产品售价也极不稳定。 更了解母婴群体、汪蔚"all in小红书"重金营造的高端品牌定位或并不稳 出品：新浪财经上市公司研究院 "85后连续创业者"、"高端母 ...

Core Insights - Babycare, a Chinese maternal and infant brand, has announced its entry into the Japanese market, aiming to establish its brand through product exports rather than traditional retail expansion [2][3] - The company faces significant challenges in gaining consumer trust in Japan, a market known for its high standards and preference for local brands [2][6] - Babycare's strategy appears to be a response to stagnation in its domestic market, seeking to enhance its brand image and prepare for an upcoming IPO [3][26] Market Positioning - Babycare's flagship product, the purple cover wet wipes, has been introduced in 8,000 stores across Japan, including major retail chains like 7-ELEVEn [2][6] - The Japanese maternal and infant market is valued at 12 trillion yen, making it a critical target for Babycare's growth strategy [6] - The company aims to leverage its product's physical attributes, such as thickness and liquid absorption, to differentiate itself in a competitive market [6][10] Challenges and Risks - Babycare's reliance on an outsourcing model for production has raised concerns about quality control, especially given past controversies regarding product safety [11][16] - The Japanese market has stringent compliance requirements, and any quality issues could lead to significant repercussions for Babycare's brand reputation [16][22] - The company must navigate a complex landscape of established competitors, including local brands with strong market presence and consumer loyalty [27][28] Strategic Insights - Babycare's approach to product design and marketing may not fully align with Japanese consumer expectations, which prioritize safety and durability over mere aesthetic appeal [22][30] - The brand's previous controversies and shifting market positioning could hinder its ability to establish a clear identity in Japan [28][30] - The case of Babycare highlights the need for Chinese brands to focus on genuine product innovation and quality assurance rather than superficial marketing strategies [30][31]

Core Points - Guangdong Qunxing Toys Co., Ltd. has completed the registration changes and obtained a new business license from the Shantou Market Supervision Administration [1] - The company held multiple board meetings to approve the proposals for changing and reducing registered capital, as well as amending the company’s articles of association [1] - The company is involved in various business activities including the design and production of children's products, investment in high-tech and cultural projects, and providing consulting services [1] Business Registration Changes - The company has successfully completed the business registration change procedures [1] - The new business license includes a wide range of activities such as the design, development, and production of children's vehicles and furniture, as well as waste plastic recycling and processing [1] - The company is also engaged in investment in various sectors including education, sports, and software industries [1] Documentation - The business license of Guangdong Qunxing Toys Co., Ltd. is available for review [1]

今年天猫618，又一批"风很大"的新品牌脱颖而出。开卖第一阶段，260个天猫新品牌在大品牌林立的趋 势赛道中拿下第一名。 骑行服品牌valoremonton 2024年入驻天猫，仅用一年就摘得骑行服饰赛道第一名。品牌电商负责人晓明 介绍，品牌主打顶级面料，将户外美学融入单品设计，天猫通过超级单品打标等扶持新品牌，给品牌带 来了巨大流量，实现了快速爆发，品牌经营重心就放在天猫。 入驻天猫刚一年的同频，拿下面部精华品类第一；开店两年的三资堂，斩获眼部彩妆品类第一；被称为 手机壳界"爱马仕"的CASETiFY，在手机配件品类登顶；开设天猫旗舰店不到2年的LiberLive，把只需 按键就能弹奏的"无弦吉他"打造成今年的爆款乐器，冲上吉他品类榜首。 这批冠军新品牌，天猫618开卖不到两周，平均成交已突破千万，其中12家成交更是突破5000万。经过 618"大考"，在天猫这个全球最大的品牌经营主阵地中"杀出重围"，也意味着这批新品牌实现了从"爆 红"到"站稳"的跨越。 家具品牌abcmokoo入驻天猫两年，瞄准年轻父母需求，推出折叠婴儿床、智能婴儿床等多款趋势单 品，拿下儿童家具婴儿床品类冠军。品牌方介绍，随着电商进入 ...

| 邹建军 | 分析师 | | --- | --- | | 执业证书编号:S0530521080001 | | | zoujianjun@hnchasing.com | | | 汪颜雯 | 研究助理 | | wangyanwen@hnchasing.com | | 证券研究报告 2025 年 05 月 22 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3387.57 | 0.21 | | 深证成指 | 10294.22 | 0.44 | | 创业板指 | 2065.39 | 0.83 | | 科创 50 | 995.49 | -0.22 | | 北证 50 | 1479.81 | 0.39 | | 沪深 300 | 3916.38 | 0.47 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 651195 | 509386 | 11.97 | 1.24 | ...

2025 年婴儿床品牌推荐 安全焦虑和价格内卷下的品牌突围之道 | 一、市场背景 | 2 | | --- | --- | | 1.1 摘要 | 2 | | 1.2 婴儿床定义 | 2 | | 1.3 市场演变 | 2 | | 二、市场现状 | 3 | | 2.1 市场规模 | 3 | | 2.2 市场供需 | 3 | | 三、市场竞争 | 3 | | 3.1 市场评估维度 | 3 | | 3.2 市场竞争格局 | 4 | | 3.3 十大品牌推荐 | 4 | | 四、发展趋势 | 6 | | 4.1 市场规模持续扩张，消费升级驱动结构性增长 | 6 | | 4.2 智能化与功能创新重塑产品形态，环保化与安全标准趋严推动产业升级 | 6 | | 4.3 全渠道融合重构消费场景，全球化与供应链优化机遇 | 7 | 2025 年婴儿床品牌推荐 一、市场背景 1.1 摘要 婴儿床行业作为全球婴童产品市场的重要组成部分，近年来受到消费升级和安全意识提 升的驱动，持续增长。随着家庭对婴儿健康、安全、舒适的关注不断增加，婴儿床产品 的设计、功能和材质逐步趋向多样化和高端化。从传统木制婴儿床到现代智能婴儿床， 行业内产品的创 ...

过往关税，简要来看：特朗普第一个任期，发起 301 调查加征关税，税率分为 4 个清单，清单 1、清单 2 均 征收 25%关税（两个合计约 500 亿美元，参考 2017 美国从中国进口值），分别在 2018 年 7 月和 8 月落地、清 单 3 同样征收 25%关税（约 2000 亿美元），2019 年 5 月税率提升至 25%，清单 4（约 3000 亿美元）中的一部 分清单 4A 征收 7.5%税率，2020 年 2 月落地，清单 4B 免税。受关税影响，税率较高的中国商品对美出口降幅 较大，2024 年美国对中国加权关税税率约 10%，略低于根据 2017 年美国进口额计算的加权税率 12%（高税率 进口额下降更多）。 证券研究报告|宏观点评报告 [Table_Date] 2025 年 05 月 12 日 [Table_Title] 关税大降，五点解读 5 月 12 日，中美日内瓦经贸会谈联合声明发布，90 天内，中美之间关税税率大幅下降，怎么看？ 第一，关税降幅超预期。5 月 14 日，中国对美国进口商品关税税率从 125%下降至 10%，美国对中国进口 商品关税税率从 145%大幅下降至 30% ...

Group 1 - The recent high-level economic talks between China and the US were initiated at the request of the US, with China agreeing to engage after careful evaluation of US communications regarding tariffs [1] - China maintains a consistent stance against the US's imposition of tariffs, emphasizing the need to uphold its legitimate rights and international fairness, as well as the rules of the WTO and multilateral trade system [1] - The trade conflict is characterized as initiated by the US, and for meaningful dialogue to occur, the US must cease its threats and engage in discussions based on equality, respect, and reciprocity [1][3] Group 2 - The urgency of the talks is perceived to be more on the US side, as the US economy heavily relies on imports from China, particularly in the manufacturing sector, while China has a robust manufacturing base [3] - The trade tensions are not merely about tariffs but represent a strategic gamble over the future of international order, with the US attempting to suppress China's development through tariffs [3] - The resilience of the Chinese economy and the rapid growth of emerging industries challenge the US's expectations, while the US faces internal issues such as fiscal deficits and inflation [3] Group 3 - US Treasury Secretary Mnuchin indicated that the Trump administration is considering exemptions from high tariffs on essential children's products imported from China, reflecting the pressure from various industries [5] - A survey by the American Toy Association revealed that nearly half of the respondents would face bankruptcy if the current tariff policies continue, highlighting the significant impact on consumers and businesses [5] - The US toy industry is heavily reliant on Chinese imports, with over 80% of toys sourced from China, indicating a potential crisis if tariffs remain in place [5] Group 4 - The terminology used by both sides reflects their positions, with the US calling the discussions "negotiations" while China refers to them as "contacts," indicating a difference in urgency and readiness [7] - The strategic initiative appears to be with China, as it is prepared for a prolonged struggle, while the US is seen as lacking the readiness to maintain a firm stance [7] - The US must recognize the reality of the situation and demonstrate genuine willingness to engage, or future opportunities for talks may become increasingly difficult to achieve [7]

此次对等关税措施不但影响美国本土市民，也为中国大部分外贸企业带来了极大的冲击。首当其冲的是跨境物流和跨境电商，"现在我们想拓展新业务， 找一些主打澳洲、东南亚出货的商家，希望能分担一些关税压力，但是展览会上聊了几十个商家，最后敲定的情况都不是很乐观。"深圳一家主做美线 FBA的老板摇了摇头。 确实，4月份开始有不少跨境物流公司已经紧急去找新的商家订单，然而纯靠传统拓客方式，比如陌拜、展会等，收效都不高，因为这些方式在市场上都 烂大街了，你在用，还有几万家同行也在用。近年来大部分物流公司也尝试通过媒体平台去拓客，但效果仍不好。 其实现在AI人工智能已经赋能各行各业的销售，如果想要找大量合作方、高价值商家，那还是得借助AI大数据拓客，市面上的拓客系统如探迹、爱企 查、企查查等，无论是数据量或是实用性方面，都得到了市场的验证。 当地时间5月8日，美股三大指数、美元指数齐齐上涨，而特朗普最关心的美债则遭遇大规模抛售。此外，美联储将继续减持美国国债、机构债券和机构抵 押贷款支持证券。这一决定引发美国总统特朗普的强烈不满。特朗普在社交媒体甚至发文怒骂鲍威尔，称其是个傻瓜，什么都不懂。 不过骂归骂，行动上特朗普还是得面对现 ...

谁将为特朗普关税买单？ 当地时间周三（5月7日），美国财政部长贝森特（Scott Bessent）当天就美国经济政策、国际货币基金 组织改革等议题接受国会质询。 在国会众议院金融服务委员会出席听证会时透露，贝森特表示，美国正寻求扩大在国际货币基金组织 （IMF）和世界银行（WB）的领导地位。同时，他还阐述了特朗普政府在经济领域的优先事项，并回 应了议员们对关税、减税和全球经济稳定的问题。 "这并不复杂。"珀坎说，"你不想说出的答案是，消费者将为特朗普的关税买单。" 贝森特当天表示，特朗普政府正在考虑对汽车座椅、婴儿床、婴儿车以及其他儿童保育和婴儿用品实行 关税豁免。 当天晚些时候，特朗普证实，他将考虑这一想法。"我会考虑的。但不希望有太多豁免条款，以免对关 税政策造成混淆。" 在与马萨诸塞州民主党众议员普雷斯利（Ayanna Pressley）的交流中，就是否支持这些豁免措施以帮助 婴幼儿和普通美国家庭后，贝森特也表示，"将会考虑。"普雷斯利直言，"美国的家庭正在遭受痛苦，" 在当天的质询中，贝森特重申了美国将强化在IMF中的领导地位，以确保该机构在全球金融治理中发挥 更大作用。他表示，美国计划推动IMF提高 ...