百惠金控据悉，依托 BeBeBus 品牌的市场竞争力，不同集团成功切入高端育儿产品市场，核心收入均 来自该品牌产品的销售：于2022年、2023年、以及截至2024年及2025年6年月30日止六个月，营业收入 分别为人民币5.07亿元、人民币8.52亿元、人民币12.48亿、人民币5.82亿、人民币7.25亿；同期，不同 集团的毛利率分别为47.7%、50.2%、50.4%、50.2%及49.4%。 百惠金控团队担任联席账簿管理人及联席牵头经办人，不仅为不同集团上市流程提供专业支持，亦希望 其提升国际资本市场影响力，协助其品牌在境外扩张图布局。 不同集团(6090.HK)，股票代码6090.HK，于2025年9月15日至9月18日期间招股，百惠金控团队担任联 席账簿管理人及联席牵头经办人。 此次IPO项目全球发行超过1098.09万股，招股价为每股62.01港元至71.20港元，预计净集资额最高7.82 亿港元。据百惠金控了解，不同集团预计会在2025年9月23日挂牌上市。 根据招股书披露，不同集团是一家新兴的家庭生活产品科技公司，于2019年创立旗下核心高端育儿产品 牌BeBeBus，以婴儿推车、儿童安全座 ...

Core Viewpoint - BUTONG GROUP, the parent company of high-end parenting brand BeBeBus, has submitted a prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for production capacity enhancement and market expansion [1][3]. Financial Performance - The company reported revenues of RMB 507.02 million, RMB 852.10 million, and RMB 884.27 million for the years 2022, 2023, and the first three quarters of 2024, respectively. Net profits were -RMB 21.23 million, RMB 27.22 million, and RMB 46.42 million for the same periods. The gross profit margins were 47.7%, 50.2%, and 49.5% [4][5][6]. Product Diversification - Initially focused on high-end baby strollers, car seats, cribs, and high chairs, BeBeBus has expanded its product offerings to include items for travel, sleep, feeding, and hygiene care. The revenue share from the travel product category decreased from 64.1% in 2022 to 47.0% in the first nine months of 2024, while the infant care segment grew significantly [7][8]. Market Trends - The global parenting product market is projected to grow from USD 76.4 billion in 2019 to USD 93.6 billion in 2023, with a compound annual growth rate (CAGR) of 5.2%. The Chinese market is also expanding, with a growth from RMB 121.3 billion to RMB 137.4 billion during the same period, at a CAGR of 3.2% [11][12]. Competitive Landscape - The high-end parenting product market in China has seen a growth from RMB 25.4 billion to RMB 31.0 billion from 2019 to 2023, with a CAGR of 5.1%. The market is highly fragmented, with the top five brands holding only 18.4% of the market share, indicating intense competition [12][16]. Brand Strategy - The company has invested significantly in brand marketing, with sales and distribution expenses accounting for over 30% of revenue in recent years. Marketing strategies include live streaming, online promotions, and content marketing [17]. Research and Development - As of September 30, 2024, the company holds 545 registered trademarks and 173 registered patents in China. R&D expenditures were RMB 16.25 million, RMB 23.85 million, and RMB 15.86 million for the respective periods, representing 3.2%, 2.8%, and 1.8% of total revenue [18]. Supply Chain Management - The company outsources production to 157 third-party manufacturers, which poses risks related to quality control and supply chain reliability. Complaints regarding product quality have been noted, including issues with strollers and diapers [19][21].