9月23日，高端母婴品牌BeBeBus的母公司不同集团(06090.HK)在港交所主板成功上市，开盘股价大涨超40%，市值突破90亿 港元。自2019年品牌成立以来，BeBeBus以高颜值婴儿车切入高端育儿市场，迅速建立起覆盖亲子出行、睡眠、喂养、护理 四大场景的产品矩阵。据弗若斯特沙利文数据，按GMV计，BeBeBus已在中国中高端育儿产品品牌中排名第二，占据4.2%的 市场份额。 BeBeBus的增长路径，高度依赖社交媒体的精准爆破。2022至2024年间，公司累计投入近6.4亿元推广费用，与小红书、抖音 等平台的KOL深度绑定，成功实现了品牌的裂变式传播，并直接助推其营收从5.07亿元飙升至12.49亿元，创下56.9%的三年 复合年增长率。然而，在生育率持续低迷、消费者信心普遍不足的宏观背景下，如何维持稳定的高增长，成为BeBeBus上市 后面对的严峻考验。 资本助推与增长结构，新消费品牌的典型路径 2018年11月，创始人汪蔚创立布童科技，后更名为不同集团。2019年，BeBeBus品牌正式面世，定位为"专门面向追求独立、 欣赏智能设计并关注实用功能性的新生代父母"。2020年，天图投资以对价401 ...

创始人薪资已高涨至773万元，但员工社保有缺口 自今年1月首次递表六个月失效后，8月下旬，BeBeBus母公司不同集团在港交所二次递表，并于一个月后的9月23日，正式以"6090"为股票代码在港交所主 板挂牌上市，成为"母婴消费科技第一股"。 本次发售价为71.20港元/股，开盘价报100.40港元/股，而截至9月23日收盘，报102.5港元/股，较发行上涨 43.96%。 根据招股结果，不同集团本次全球发售共1098.09万股股份，其中香港公开发售部分109.81万股，国际配售部分988.28万股。最终，香港公开发售获3317.47倍 认购，国际发售获7.37倍认购，不同集团每股发售价71.20港元，全球发售净筹资约7.18亿港元。 据此前招股书披露的募资用途，其计划将资金用于提升生产能力、扩大海外市场影响力、品牌活动与销售网络扩大、研发新品等。另外，不同集团此次IPO 还引入了基石投资者，包括信庭基金、华泰资本投资及来自新加坡的投资机构GreatPraise，合共认购164.25万股，占发售总数14.96%。 | | 上市後受禁售 | | 上市時 全球發售後 | | | --- | --- | --- | ...

不止于漂亮的外观，太空舱更是全球首批智能儿童安全座椅，通过增加在车门打开时自动旋转的智能系统，让父母更轻松地将儿童抱入座椅及从座椅中抱 出；通过加入App操控设计，父母可以在儿童入睡时用手机App调整角度，将对颈部和头部的压力降至安全水平。 95后、00后的新生代逐渐成为新手父母的主力，与他们一同成长的母婴品牌BeBeBus也即将迎来IPO的发展新阶段。BeBeBus母公司不同集团(06090.HK)将 于9月23日正式挂牌上市，预期市值将达到60亿港元。 过去三年，不同集团迎来飞速发展，营业收入、经调整净利润年复合增长率分别达56.9%、236.8%。2025年上半年，不同集团实现营业收入7.26亿元、净利 润4850.7万元，在多元化布局逐步深入的背景下，这家选择以"创造不同"作为核心主张的不同集团正式向着"高端母婴消费科技第一股"的目标快步前进。 产品筑基：差异化打造用户价值 当下，新生代父母在选择母婴产品时，不仅看重品质感与外观颜值，更注重产品所承载的悦己情绪价值。 不同集团旗下核心品牌BeBeBus率先将原创美学设计与新生代父母的"悦己情绪需求"深度融合，以婴儿推车、儿童安全座椅为核心切入点，契合潮 ...

港股打新盛宴正酣，资金涌动。根据WIND数据显示，今年以来多只新股获得超额收益，赚钱效应持续引爆市场热情。 在这场资本盛宴迎来高光时刻——在母婴赛道中"不同集团"（06090.HK）正式启动招股，强势登陆港交所舞台。集团将成为"高端母婴消费科技第一股"，其 发行引发市场高度聚焦。 根据招股安排，不同集团将于9月15日至9月18日公开招股，发行价区间为62.01-71.20港元/股，每手入场约7191.8港元，市值预计介于56.27亿至64.61亿港 元，并计划于9月23日正式挂牌上市。BeBeBus在本次发行中共引入三名基石投资者——信庭基金、华泰资本最终投资客户和Great Praise分别认购500万美 元。此前，BeBeBus还已获得天图投资、高榕创投、经纬创投和泰康人寿的投资。 图表一：不同集团招股书节选 数据来源：公司公告，格隆汇整理 港股IPO持续升温，投资收益率可观 今年以来，港股IPO市场持续升温，交投活跃。 WIND数据显示，自7月以来，已有18家企业成功登陆港交所，其中14家于上市首日录得正收益，占比接近八成。统计显示，这批新上市企业的首日平均涨 幅达39.63%，上市以来累计平均涨幅为4 ...

Group 1: Hesai Group (禾赛) - Hesai Group plans to officially list in Hong Kong on September 16 with the stock code "2525", becoming the first global lidar company to list in Hong Kong [3] - The company has attracted six cornerstone investors, raising a total of $148 million (approximately HKD 1.15 billion), with notable contributions from existing shareholders [3] - In Q2, Hesai delivered a total of 352,095 lidar units, representing a year-on-year growth of 306.9%, with ADAS product deliveries at 303,564 units, up 275.8% [4] - For the first half of the year, total lidar deliveries reached 547,913 units, a 276.2% increase year-on-year, surpassing the full-year target for 2024 [4] - Hesai's revenue for Q2 was RMB 710 million, a growth of over 50% year-on-year, with a net profit exceeding RMB 40 million, significantly surpassing profitability targets [5] Group 2: Genfleet Therapeutics (劲方医药) - Genfleet Therapeutics plans to list in Hong Kong on September 19 under the stock code "2595.HK", with cornerstone investors committing a total of $100 million (approximately HKD 780 million) [7] - The company focuses on developing new treatment options for tumors, autoimmune, and inflammatory diseases, with eight candidate drugs in its pipeline, five of which are in clinical stages [7] - The core product GFH925 has shown a 49.1% objective response rate in key clinical trials and is set to be commercialized in collaboration with a partner [8] Group 3: Chery Automobile (奇瑞) - Chery has passed the Hong Kong Stock Exchange hearing and is recognized as the second-largest independent passenger car brand in China and the eleventh largest globally [10] - The company is projected to sell over 2.295 million vehicles globally in 2024, with a year-on-year growth exceeding 25% across various markets [10][11] - Financially, Chery's revenue is expected to grow from RMB 926.18 billion in 2022 to RMB 2,698.97 billion in 2024, with net profits increasing from RMB 58.06 billion to RMB 143.34 billion in the same period [12] Group 4: BeBeBus - BeBeBus, a high-end parenting product brand, has passed the Hong Kong Stock Exchange hearing and is set to list soon [14] - The company ranks first in the durable parenting products market for mid-to-high-end consumers in China, with a significant average transaction amount [14][15] - Financial performance shows revenue growth from RMB 5.07 billion in 2022 to RMB 12.49 billion in 2024, with a gross margin maintained above 49% [15][16]

Core Insights - The article highlights the emergence of "Different Group" as a potential leader in the high-end maternal and infant consumption technology sector, with plans to go public as the "first high-end maternal and infant consumption technology stock" in Hong Kong [1][21] - The changing consumer behavior among new parents, particularly those from the post-90s and post-00s generations, is reshaping the maternal and infant market, emphasizing a balance between parenting and personal lifestyle [1][21] Company Overview - Different Group, established in 2019, has rapidly grown to become a leading brand in China's high-end parenting products market, with its brand BeBeBus ranked first in GMV among mid-to-high-end durable parenting product brands in 2024 [2] - The company has demonstrated strong financial performance, achieving a revenue of RMB 726 million in the first half of 2025, a year-on-year increase of 24.7%, and a compound annual growth rate (CAGR) of 56.9% from 2022 to 2024 [3] - The net profit for the first half of 2025 reached RMB 48.5 million, reflecting a significant year-on-year growth of 72.14%, with an adjusted net profit CAGR of 236.8% from 2022 to 2024 [3] Target Audience - Different Group targets high-educated, high-income new parents in first- and second-tier cities, referred to as "family CFOs," who prioritize quality, design, technology, and emotional value in their purchasing decisions [4] Growth Strategy - The company's growth strategy is based on a unique three-dimensional driving model, focusing on differentiated positioning, innovative research and development, and diversified channels [6] - Different Group has developed an integrated solution covering key parenting scenarios, enhancing customer decision-making processes and increasing customer value [6] - The company emphasizes original design and technology integration, with a commitment to sustainability and product quality, having obtained carbon footprint certifications for several core products [8][9] Market Potential - The Chinese high-end parenting product market is projected to grow from RMB 25.6 billion in 2020 to RMB 34 billion in 2024, with an expected CAGR of 7.4% [14][15] - The implementation of a national childcare subsidy policy, providing RMB 3,600 per child annually until the child turns three, is anticipated to boost consumer spending in the parenting sector [13] International Expansion - Different Group is expanding its market presence beyond China, targeting North America, Europe, Japan, and South Korea, which opens up significant growth opportunities [18] - The company plans to establish a second factory in Ningbo by 2026, with an expected annual production capacity of 800,000 units of core products, further supporting its growth ambitions [19]

本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao BeBeBus包含至少一件核心产品的订单的平均交易金额保持在2,400元以上。 据IPO早知道消息，不同集团日前已通过港交所聆讯并于9月11日披露通过聆讯后的资料集，预计将于本月下旬正式 在港交所主板挂牌上市，中信证券和海通国际担任联席保荐人。 成立于2018年的不同集团作为一家家庭生活产品科技公司，于2019年创立BeBeBus品牌，战略性切入高端育儿产 品市场。截至目前，BeBeBus已从最初的婴儿推车、儿童安全座椅、婴儿床、餐椅四大核心产品，逐步延展到亲子 出行、亲子睡眠、亲子喂养和卫生护理四大关键场景。 根据弗若斯特沙利文的资料，按2024年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。 在BeBeBus看来，其专门面向追求独立、欣赏贴心设计并关注实用功能性的新生代父母——通过细致观察他们的偏 好和需求，专注于打造产品，让父母在陪伴孩子的每时每刻均收获独特育儿体验；将创新设计和跨行业专业知识融 入美学及品质中，使得BeBeBus打造的育儿产品重新定义用户体验。 譬如，在创新设计 ...

Core Insights - The company Different Group, parent of the mid-to-high-end parenting brand BeBeBus, has rapidly risen to the top of the domestic market, achieving continuous revenue and profit growth over several years while also expanding internationally [1][5] Group Overview - Different Group was founded in 2018 by entrepreneur Wang Wei, initially focusing on baby stroller products, and later launched the BeBeBus brand in collaboration with former EF sales director Shen Ling, targeting middle-class mothers with strong purchasing power [1][4] Market Trends - The durable parenting products market is projected to grow at a compound annual growth rate (CAGR) of 7.2% from 2020 to 2024, significantly outpacing the 2.6% growth of consumable products, with the mid-to-high-end market growing at 7.4% compared to 3.4% for the mass market [2] Product Pricing - In 2024, the average selling price of BeBeBus baby strollers is expected to be 1,793 yuan, while children's safety seats will average 2,163 yuan, reflecting the brand's positioning in the high-end market [2] Marketing Strategy - BeBeBus has effectively utilized social media platforms like Xiaohongshu to enhance brand visibility, generating over 830,000 posts and original videos from March 2023 to September 2024, leveraging aesthetically pleasing product designs and unique naming conventions to boost engagement [2][4] Financial Growth - Different Group has attracted significant investment, completing multiple funding rounds within a year, with post-investment valuation soaring from 300 million yuan to 2 billion yuan, drawing interest from prominent investors [4] Production Challenges - The company relies heavily on third-party manufacturers, with outsourcing reaching 72.2% in 2024, and while a new factory is being built in Ningbo, there are currently no plans for in-house production of baby care products, which may pose quality risks [4] Future Plans - Different Group aims to use raised funds for production, international expansion, marketing, and research and development, with a focus on entering international markets, having already received orders from Malaysia and the United States, and expecting revenue from Europe by late 2024 or 2026 [5]

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and China, highlighting key companies and their market performance. Group 1: Yinno Pharmaceutical - Guangzhou Yinno Pharmaceutical Group Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 15, 2025, with the stock code "2591" [3] - The IPO involved the issuance of 36,556,400 H-shares, with a subscription rate of 5,341.66 times for public offerings and 10.67 times for international offerings [3] - The company has developed a pipeline of candidate drugs targeting diabetes and other metabolic diseases, including its core product, Isupatide α, which has received regulatory approval for treating type 2 diabetes (T2D) in China [4][5] - Isupatide α is positioned as a next-generation treatment with advantages such as strong efficacy, weight loss benefits, extended half-life, and improved safety [5] Group 2: Zhonghui Biotechnology - Jiangsu Zhonghui Biotechnology Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 11, 2025, with the stock code "2627" [7] - The company focuses on innovative vaccines and has developed the first and only quadrivalent influenza virus subunit vaccine approved in China, which shows strong immune response and low adverse reaction risks [7][8] - Zhonghui's pipeline includes 11 other vaccine candidates, with a strategic focus on expanding its international market presence [9] Group 3: Chuangxiang Sanwei Technology - Shenzhen Chuangxiang Sanwei Technology Co., Ltd. submitted its prospectus for listing on the Hong Kong Stock Exchange on August 14, 2025 [11] - The company is a leading provider of consumer-grade 3D printing products and services, holding a 27.9% market share in the global consumer-grade 3D printing market [11][12] - Financial data indicates a revenue growth from 1.346 billion yuan in 2022 to 2.288 billion yuan in 2024, with a compound annual growth rate of 30.4% [12][13] Group 4: Butong Group - Butong Group, established in 2018, is a technology company focused on high-end parenting products, with its BeBeBus brand ranking first in the durable parenting products market in China by GMV [15][16] - The company has over 3 million members and has shown strong repurchase rates across its private and online channels [16] - Financial performance shows revenue growth from 507 million yuan in 2022 to 1.249 billion yuan in 2024, with a significant increase in adjusted net profit [17]

Core Viewpoint - BUTONG GROUP, the parent company of high-end parenting brand BeBeBus, has received approval for overseas listing, planning to issue up to 16.1886 million shares on the Hong Kong Stock Exchange, marking a significant milestone for the company's capital market development and injecting new momentum into the domestic maternal and infant industry [1][3]. Company Overview - BUTONG GROUP is an emerging family lifestyle product technology company founded in 2019, focusing on high-end parenting products. The BeBeBus brand strategically entered the high-end parenting market, initially offering four core products: baby strollers, child safety seats, cribs, and high chairs, and has since expanded into key areas such as parent-child travel, sleep, feeding, and hygiene care [3][5]. Financial Performance - The company has shown significant growth from 2022 to the first three quarters of 2024, with revenue increasing from 507 million yuan to 884 million yuan, and net profit turning from a loss of 21.229 million yuan to a profit of 46.421 million yuan. The gross margin has remained stable at around 50% [5][6]. - The financial data indicates that the revenue growth is attributed to a differentiated product strategy, leveraging design and functional innovation to create brand premium and enhance market competitiveness of core products [5][6]. Market Position - According to a report by Frost & Sullivan, the market size of China's high-end parenting products has grown from 25.4 billion yuan in 2019 to 31 billion yuan in 2023, with projections to reach 45.8 billion yuan by 2028. BeBeBus is recognized as the best-selling durable high-end parenting product brand in China, establishing a leading position alongside competitors like Goodbaby and Babycare [5][6]. Capital and Funding - BUTONG GROUP has completed three rounds of financing, with Tiantu Investment as the largest institutional shareholder, and other institutions like Gao Rong and Jingwei continuing to increase their stakes. The upcoming IPO in Hong Kong aims to raise net funds for enhancing production capacity, expanding overseas market influence, brand activities, sales network expansion, new product R&D, working capital, and general corporate purposes [7].