机构：中信建投证券 研究员：叶乐/黄杨璐 核心观点 公司2019 年创立BeBeBus 品牌，得益于对耐用消费品的成功理解，通过高品质、中高毛利率的产品策 略切入高端耐用品市场，瞄准家庭消费的核心决策者——"家庭CFO"（定义为高净值家庭的宝妈）；凭 借产品创新+前沿材料/工艺/技术构建产品差异化壁垒；通过小红书与抖音锚定用户和建立消费者品牌 认知，在电商、私域、线下渠道实现用户价值变现。 后续看点在于更多家庭CFO 数量增长、推出更多SKU 达到用户ARPU 值的增长。1）目前客户数量仍在 快速增长中（25H1 为65.7万），公司在用户群上仍有开拓空间；2）凭借模块化设计思路继续扩充产品 矩阵带动单用户价值的扩大，满足家庭CFO 更多消费场景需求；3）公司24 年起布局全球，伴随供应链 完善和海外渠道建立有望提供增量。 摘要 不同集团：高品质亲子育儿产品的快速崛起者，产品创新+客户精准化运营开拓驱动业绩增长强劲。公 司成立于2018 年，2019年创立BeBeBus 品牌，公司战略性地切入亲子育儿生活场景，得益于对耐用消 费品的成功理解，公司通过高品质、中高毛利率的产品策略，以婴儿车、汽车安全座椅等产品切 ...

Group 1 - The core viewpoint of the news is that Different Group (6090.HK) is set to launch its IPO from September 15 to September 18, 2025, with a global offering of over 10.98 million shares priced between HKD 62.01 and HKD 71.20 per share, aiming for a maximum net fundraising of HKD 782 million [1] - Different Group is an emerging technology company focused on family lifestyle products, founded in 2019, with its core high-end parenting brand BeBeBus, which includes key durable goods such as strollers, child safety seats, cribs, and high chairs [3] - The company has successfully penetrated the high-end parenting product market, with core revenue derived from BeBeBus brand sales, reporting revenues of RMB 5.07 billion, RMB 8.52 billion, RMB 12.48 billion, RMB 5.82 billion, and RMB 7.25 billion for the years 2022, 2023, and the six months ending June 30, 2024, and 2025, respectively, with gross margins of 47.7%, 50.2%, 50.4%, 50.2%, and 49.4% during the same periods [4] Group 2 - The company plans to use the net proceeds from the IPO primarily for enhancing production capacity, expanding its influence in overseas markets such as Europe, Southeast Asia, and North America, increasing brand activities and sales networks, developing new products, and for working capital and general corporate purposes [5]

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].