中高端育儿产品龙头，业绩增长可期 不同集团(6090) 不同集团公司首次覆盖 [Table_Market] 交易数据 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 中高端育儿龙头品牌优势稳固，市场需求快速增长，业绩增长可期 投资要点： | 财务摘要(百万人民币) | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1249 | 1446 | 2281 | 2737 | 3188 | | (+/-)% | 47% | 16% | 58% | 20% | 17% | | 毛利润 | 629 | 716 | 1314 | 1583 | ...

Core Viewpoint - Different Group (06090.HK) has been included in the Hang Seng Composite Index, effective from March 9, 2023, which reflects the capital market's recognition of the company's operational performance and growth potential [1] Group 1: Company Performance - Different Group's revenue increased from 507 million to 1.249 billion from 2022 to 2024, achieving a compound annual growth rate (CAGR) of 56.9% [1] - The company's gross profit nearly tripled during the same period, indicating strong profitability [1] - Adjusted net profit saw a remarkable CAGR of 236.8%, showcasing robust growth in key financial metrics [1] Group 2: Market Impact - Inclusion in the Hang Seng Composite Index is expected to enhance the liquidity of the company's stock and broaden the investor base, attracting more capital for future growth [1] - The strong performance metrics of Different Group will further highlight its market value in the capital markets [1]

Group 1 - The core viewpoint of the article is that Different Group is expected to be included in the Hang Seng Composite Index, which will enhance its market liquidity and valuation, providing new growth opportunities through the Stock Connect program [2][3]. - Different Group has strategically focused on the high-end maternal and infant brand segment, quickly rising to prominence since launching its brand BeBeBus in 2019, and is now a leader in this niche market [4]. - The inclusion of Different Group in the Stock Connect is anticipated to enrich the asset allocation options for mainland investors and allow the company to leverage southbound capital for financing and increased market attention [4]. Group 2 - Different Group meets a series of criteria, including market capitalization, liquidity, and listing duration, making it a candidate for inclusion in the Stock Connect [3]. - The high-end positioning of Different Group's products fills a gap in the current Stock Connect consumer sector, where high-end maternal and infant brands are scarce [4]. - Recently,招商证券 initiated coverage on Different Group with an "overweight" rating, indicating confidence in its growth potential through high-end brand positioning and multi-channel strategies [4].

Group 1 - The Hang Seng Index Company announced the quarterly review results of the Hang Seng Index series on February 13, 2023 [1] - BeBeBus's parent company, Different Group (06090.HK), will be included in the Hang Seng Composite Index [1] - The adjustment of constituent stocks will be implemented after the market closes on March 6, 2023, and will take effect on March 9, 2023 [1] Group 2 - The inclusion of Different Group will lead to adjustments in the eligible stocks for the Hong Kong Stock Connect, which will be synchronized with the changes in the Hang Seng Index [1]

2月13日，恒生指数公司宣布截至2025年12月31日之恒生指数系列季度检讨结果，其中不同集团(06090) 获纳入恒生综合指数。此次变动将于2026年3月6日(星期五)收市后实施并于2026年3月9日(星期一)起生 效，届时沪深交易所会相应调整港股通可投资标的范围。机构指出，不同集团有望借此机会纳入港股 通，迎来发展新契机。 港股通标的的调整历来备受市场关注，不仅直接影响相关个股的市场流动性、估值定价，更能为内地投 资者挖掘新的优质投资标的，实现资金与优质资产的精准对接。 此前，根据LiveReport大数据测算，本次恒生综指纳入的市值门槛约为93亿港元。中金研报指出，不同 集团有可能被调入港股通，因其满足了包括市值、流动性和上市时间等在内的一系列标准。 资料显示，不同集团前瞻性地聚焦于高端母婴品牌细分市场。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。 值得注意的是，不同集团的行 ...

智通财经APP获悉，2月13日，恒生指数公司宣布截至2025年12月31日之恒生指数系列季度检讨结果， 其中不同集团(06090)获纳入恒生综合指数。此次变动将于2026年3月6日(星期五)收市后实施并于2026年 3月9日(星期一)起生效，届时沪深交易所会相应调整港股通可投资标的范围。机构指出，不同集团有望 借此机会纳入港股通，迎来发展新契机。 港股通标的的调整历来备受市场关注，不仅直接影响相关个股的市场流动性、估值定价，更能为内地投 资者挖掘新的优质投资标的，实现资金与优质资产的精准对接。 此前，根据LiveReport大数据测算，本次恒生综指纳入的市值门槛约为93亿港元。中金研报指出，不同 集团有可能被调入港股通，因其满足了包括市值、流动性和上市时间等在内的一系列标准。 资料显示，不同集团前瞻性地聚焦于高端母婴品牌细分市场。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。 值得注 ...

Core Viewpoint - Different Group (06090.HK), known as the "first high-end maternal and infant consumption technology stock," has seen its stock price surge over 31%, reaching HKD 86.95, with a total market capitalization of HKD 7.9 billion [1] Company Overview - Different Group is a Chinese company focused on designing and selling parenting products, with its first brand, BeBeBus, established in 2019 [1] - BeBeBus has quickly become a well-known brand in the Chinese parenting product market, achieving a strong market position within just five years [1] Market Position - According to Frost & Sullivan, BeBeBus ranks second among Chinese parenting product brands in the high-end market, holding a 4.2% market share based on GMV in 2024 [1] Analyst Coverage - Recently, China Merchants Securities initiated coverage on Different Group, assigning an "Overweight" rating [1] - The company is recognized for its clear brand positioning, strong product development capabilities, and effective channel expansion [1] Growth Potential - The expansion into overseas markets is expected to provide further growth opportunities for Different Group [1] - The target demographic includes middle-class and high-net-worth individuals, with a focus on high-end durable maternal and infant products such as strollers, cribs, and safety seats [1] Product Strategy - Different Group aims to extend its product line to include high-frequency and high-repurchase categories like infant care and feeding products [1] - The company collaborates with influencers on platforms like Xiaohongshu to rapidly enhance brand visibility and leverage multiple channels for growth [1]

Group 1 - The core viewpoint of the article is that BeBeBus's parent company, Different Group, has successfully listed on the Hong Kong Stock Exchange, experiencing significant stock price increases both in pre-listing trading and on its first trading day [1] - Different Group's stock price surged over 41% in the dark trading session prior to its listing, indicating strong market interest [1] - By the end of the first trading day, Different Group's total market capitalization exceeded HKD 9.4 billion [1] Group 2 - Different Group's revenue is projected to grow from HKD 507 million in 2022 to HKD 1.249 billion in 2024, reflecting a compound annual growth rate (CAGR) of 56.9% over three years [1] - The company's gross profit has nearly tripled over the same period, with a CAGR of 61.3% [1] - Adjusted net profit is expected to achieve a CAGR of 236.8% from 2022 to 2024 [1]

Core Insights - Different Group (06090.HK) has officially launched its brand BeBeBus on the Hong Kong Stock Exchange, marking it as the first "mother and baby" stock in the Hong Kong market [2] - The company raised approximately 718 million HKD by issuing 10.98 million shares at an initial price of 71.2 HKD per share [2] - On its first trading day, the stock opened at 100.40 HKD and closed at 102.50 HKD, reflecting a 43.96% increase [2] Company Overview - Different Group was established in November 2018 and focuses on technology-driven family lifestyle products [2] - BeBeBus, the high-end maternal and infant brand launched in 2019, has quickly become a leader in the durable parenting products segment [3] - According to Frost & Sullivan, BeBeBus ranks first among durable parenting product brands targeting mid-to-high-end consumers in China based on projected GMV for 2024 [3] Financial Performance - For the first half of 2025, the company reported a revenue of 726 million CNY, a year-on-year increase of 24.7%, and an adjusted net profit of 48.5 million CNY, up 72.14% [3] - From 2022 to 2024, the company achieved a compound annual growth rate (CAGR) of 56.9% in revenue and 236.8% in adjusted net profit [3] Product Expansion and Market Strategy - BeBeBus has expanded its product matrix from initial offerings like strollers and car seats to include key scenarios such as parent-child travel, sleep, feeding, and hygiene care [3] - The company has begun entering the South Korean market and plans to further expand into Southeast Asia and Europe and the United States [3] - The net proceeds from the IPO will be used to enhance production capacity, expand overseas market influence, and increase brand activities and sales networks [3] - A second production facility is planned in Fenghua, expected to produce 800,000 units of smart safety seats, cribs, and children's dining chairs annually, with production anticipated to start in 2026 [3]

Core Viewpoint - BeBeBus, the first publicly listed company in the maternal and infant consumption technology sector, debuted on the Hong Kong Stock Exchange on September 23, with an initial price of HKD 71.2 per share, opening at HKD 100.4, a nearly 41% increase from the issue price, and closing at HKD 88.65, giving it a market capitalization of approximately HKD 80.45 billion (around CNY 73.63 billion) [1][3][15] Company Overview - Different Group, the parent company of BeBeBus, specializes in designing and selling parenting products, having launched its first brand, BeBeBus, in 2019, targeting mid-to-high-end consumers [3][4] - By 2024, the mid-to-high-end parenting product market is expected to account for 23.6% of the overall parenting product market in China [3] Market Position - BeBeBus ranks second among Chinese parenting product brands in terms of GMV, holding a 4.2% market share in the mid-to-high-end segment as of 2024 [4] Growth Strategy - The company's growth is attributed to the founding team's deep insights into the mid-to-high-end maternal and infant market, with a strategic focus on high-quality, functional, and aesthetically pleasing products [5][7] - The brand has expanded its product offerings from initial core products like strollers and safety seats to include various parenting scenarios such as travel, sleep, feeding, and hygiene care [7] Financial Performance - The company has shown strong revenue growth, with reported revenues of CNY 507 million, CNY 852 million, CNY 1.249 billion, and CNY 726 million for the years 2022, 2023, 2024, and the first half of 2025, respectively, reflecting growth rates of 68.0% and 46.6% for 2023 and 2024 [8][9] - The gross profit margins have remained robust, with gross profits of CNY 241.8 million, CNY 427.3 million, CNY 629.1 million, and CNY 292.3 million for the same periods, resulting in gross margins of 47.7%, 50.2%, 50.4%, and 50.2% [13] Revenue Breakdown - Revenue sources are categorized by scenarios: travel (46.9%), sleep (16.7%), feeding (5.9%), and infant care (30.5%) for 2024 [10] - Online sales channels are the primary revenue source, contributing 74.3% of total revenue in 2024, while offline channels accounted for 25.7% [12] Investor Interest - The company's rapid growth has attracted significant venture capital interest, with multiple funding rounds raising substantial amounts and increasing the company's valuation from CNY 300 million to CNY 2 billion in less than a year [14] - Post-IPO, major investors like Gao Rong Venture Capital and Tiantu Investment have seen substantial returns, with their holdings valued at CNY 6.3 billion and CNY 6 billion, respectively, reflecting gains of 12.2 times and 12.6 times [15]