Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the overseas listing application of BUTONG GROUP, allowing the company to issue up to 16,188,600 shares on the Hong Kong Stock Exchange [3][6]. Group 1: Company Overview - BUTONG GROUP submitted its prospectus for listing on January 2, 2025, but it has since "expired," which is a normal mechanism of the Hong Kong Stock Exchange requiring updated financial data [3][6]. - The company was established in September 2023 with a registered capital of $30 million, and its sole shareholder is a Hong Kong-registered investment company [3][6]. Group 2: Financial Performance - BUTONG GROUP reported revenues of approximately 507 million yuan, 852 million yuan, and 884 million yuan for the years 2022, 2023, and the first three quarters of 2024, respectively [7]. - The adjusted net profits for the same periods were approximately 9.97 million yuan, 59.25 million yuan, and 73.57 million yuan, while the adjusted EBITDA figures were about 39.31 million yuan, 117 million yuan, and 134 million yuan [7]. Group 3: Product and Market Focus - The company's revenue primarily comes from children's safety seats and baby strollers, with the revenue contribution from children's safety seats being approximately 27.8%, 22.1%, and 15.6% for the respective years [7]. - The revenue contribution from baby strollers and accessories was approximately 24.6%, 19.5%, and 20.0% for the same periods [7]. Group 4: Funding History - BUTONG GROUP has completed multiple funding rounds, including 30 million yuan in A round financing in November 2020, 36 million yuan in A+ round financing in January 2021, and 140 million yuan in B round financing in August 2021 [8][9]. - The post-investment valuation after the B round financing was approximately 2 billion yuan, with a share price of 25.58 yuan [8]. Group 5: Corporate Governance - Wang Wei serves as the Executive Director and Chairman of BUTONG GROUP, while Shen Ling is the Executive Director and CEO [9]. - Other key executives include CFO Lin Junjie and Secretary of the Board Yan Dong [9].

据了解，不同集团 的 目标客群为平均年龄在35岁的新中产家庭，主要产品是高颜值、高客单 价的婴儿推车、儿童安全座椅和婴儿腰凳等耐用消费品。依托于小红书、抖音等平台推广， 这家在2019年才推出新锐品牌BeBeBus的公司迅速崛起，只用了不到六年就叩响了资本市场 的 大门。 营销费用高居不下 除税前利润率不足10% 一家从小红书起家的"母婴顶流"即将赴港上市。 6月26日晚，中国证监会国际合作司发布关于BUTONG GROUP（不同集团）境外发行上市 备案通知书。 今年1月2日，不同集团曾向港交所递交招股书，拟在香港主板挂牌上市。 根据弗若斯特沙利文的资料，按2023年GMV （ 商品交易总额 ） 计算，BeBeBus是中国最 畅销的耐用型高端育儿产品品牌。 招股书显示，2022年、2023年和2024年前9个月（报告期内），不同集团营业收入分别为 5.07亿元、8.52亿元和8.84亿元，相应的净利润分别为-2122.9万元、2722.4万元和 4642.1万元，在其 产品 最畅销的2023年刚刚扭亏为盈。 值得注意的是，公司除税前利润率在2024年前三季度不足10%。 | | | 截至12月31日止年度 | ...

Core Viewpoint - BUTONG GROUP, a rising brand in the maternal and infant products sector, has received approval for its overseas listing in Hong Kong, marking a significant milestone for the company that originated from Xiaohongshu [1][3]. Company Overview - BUTONG GROUP aims to target new middle-class families with an average age of 35, offering high-end durable consumer products such as baby strollers, car seats, and baby carriers [3]. - The brand BeBeBus, launched in 2019, has quickly gained traction, achieving a notable presence in the capital market within six years [3]. Financial Performance - The company's revenue for 2022, 2023, and the first nine months of 2024 was reported at RMB 507.02 million, RMB 852.10 million, and RMB 884.27 million, respectively, with corresponding net profits of -RMB 21.23 million, RMB 27.22 million, and RMB 46.42 million [5][6]. - In 2023, the company achieved profitability for the first time, with a net profit margin of 7.1% [5][6]. Marketing and Sales Strategy - Marketing expenses have been significant, with sales and distribution costs for 2022, 2023, and the first nine months of 2024 amounting to RMB 189 million, RMB 286 million, and RMB 271 million, representing 37.2%, 33.5%, and 30.6% of total revenue, respectively [9]. - Over 70% of these expenses are allocated to marketing promotions, utilizing a multi-channel marketing strategy to enhance brand influence [9][10]. Investment and Valuation - Since its establishment in 2019, BUTONG GROUP has completed three rounds of external financing, with Tiantu Investment being the primary investor [12][13]. - The company's valuation surged from approximately RMB 300 million in 2020 to RMB 2 billion by August 2021, reflecting a nearly sixfold increase in just nine months [13]. Shareholding Structure - As of now, Tiantu Investment holds 9.24% of the company, while other investors like Gaorong Capital and TaiKang Life hold 9.8% and 5.15%, respectively [14][16].

【导读】不同集团赴港上市获批 中国基金报记者 莫琳 一家从小红书起家的"母婴顶流"即将赴港上市。 6月26日晚，中国证监会国际合作司发布关于BUTONG GROUP（不同集团）境外发行上市备案通知书。 | | 中国证券监督管理委员会 CHINA SECURITIES REGULATORY COMMISSION | | | | 请输入关键字 | O | | --- | --- | --- | --- | --- | --- | --- | | △ 首页 | 价 机构概况 同 新闻发布 | 回 政务信息 | 目 办事服务 | 同 互动交流 | 000 统计信息 | 目 专题专栏 | | | ♀ 当前位置:首页 > 政务信息 > 政府信息公开 > 主动公开目录 > 按主题直看 > 国际合作 > 境外证券发行 > 结果公示 | | | | | | | 索 引 号 | bm56000001/2025-00007732 | | | ਲੋ 类 | 结果公示备案管理 | | | 发布机构 | | | | 发文日期 | 2025年06月26日 | | | 名 称 | 关于BUTONG GROUP(不同集团) 境外发行上市备案通 ...