Core Insights - The company successfully debuted in the capital market with a significant first-day performance, opening at HKD 100.4, a 41.01% increase from the issue price of HKD 71.2, resulting in a substantial profit for investors [1] - The company focuses on high-quality, aesthetically pleasing, and technologically advanced products, particularly through its premium maternal and infant brand BeBeBus, which has quickly gained market traction with several best-selling products [1][6] Industry Overview - The maternal and infant industry is experiencing favorable policy support, including a new childcare subsidy scheme that will provide CNY 3,600 per child annually starting January 1, 2025, which is expected to boost consumer confidence in the market [5] - The market for mid-to-high-end childcare products in China is projected to grow from CNY 25.6 billion in 2020 to CNY 34 billion by 2024, with a compound annual growth rate (CAGR) of 7.4%, significantly outpacing the general market growth of 3.4% [5] Company Strategy - Since launching BeBeBus in 2019, the company has rapidly established itself as a leader in the high-end maternal and infant product segment, leveraging a differentiated strategy to capture consumer attention [6] - The company reported impressive financial growth, with revenue increasing from CNY 507 million in 2022 to CNY 1.249 billion in 2024, reflecting a CAGR of 56.9%, and adjusted net profit growing at an astonishing CAGR of 236.8% [6] Product Development - The company emphasizes "extreme product power" as a key to building a strong brand moat, focusing on high-income, aesthetically conscious new-generation parents who value quality and functionality [7] - The company has established an "Original Aesthetics Center" to innovate product design, moving away from traditional styles to create a unique high-end visual identity [8] Innovation and Technology - The company has introduced a product line focused on newborn spine health, utilizing advanced materials and technologies, such as automotive-grade memory foam and aluminum-magnesium alloys, to enhance product safety and comfort [9] - The company maintains a "research and production integration" strategy, ensuring quality control through its self-developed factory and testing laboratory [9] Sustainability Efforts - The company is actively building an ESG framework, achieving carbon footprint certification for several core products and enhancing its responsible corporate image [10] Market Position and Growth - The company has built a comprehensive sales network, with a significant increase in customer base from 356,800 in 2022 to 953,300 by 2024, and a rise in repurchase rate from 20.1% to 40.2% [11] - The company is expanding its global strategy, aiming to establish BeBeBus as a reputable international brand in key markets such as Europe and North America [12] Conclusion - The company's success is attributed to its strategic focus on the high-end market, combining user insights, aesthetic innovation, and technological development, creating a sustainable growth model that serves as a reference for other consumer brands [13]

Core Viewpoint - The company successfully launched on the capital market, with its stock price rising 41.01% on the first day, indicating strong investor interest and potential for significant returns [1] Group 1: Market Position and Growth - The company focuses on the high-end segment of the mother and baby market, capitalizing on structural growth opportunities amidst favorable policies, such as the introduction of a child-rearing subsidy of 3,600 yuan per child per year starting January 1, 2025 [5][6] - The market for mid-to-high-end parenting products in China is projected to grow from 25.6 billion yuan in 2020 to 34 billion yuan in 2024, with a compound annual growth rate (CAGR) of 7.4%, significantly outpacing the general market growth of 3.4% [5][6] Group 2: Financial Performance - The company's revenue is expected to increase from 507 million yuan in 2022 to 1.249 billion yuan in 2024, reflecting a CAGR of 56.9%, while adjusted net profit is projected to grow at an astonishing CAGR of 236.8% [6] - The average transaction amount for orders containing at least one core product exceeds 2,400 yuan, indicating a high purchasing power among customers [10] Group 3: Product Strategy and Innovation - The company emphasizes "extreme product power" to build a strong brand moat, focusing on high-quality, aesthetically pleasing, and technologically advanced products that resonate with modern parents [7][8] - The introduction of innovative products, such as spine-protecting baby seats and high-end materials like automotive-grade memory foam, showcases the company's commitment to quality and safety [8][9] Group 4: Customer Engagement and Channel Strategy - The customer base has expanded significantly, growing from 356,800 in 2022 to 953,300 by 2024, with a notable increase in customer loyalty as the repurchase rate rose from 20.1% in 2022 to 40.2% by mid-2025 [10] - The company has established a comprehensive online and offline sales network, with a private membership base of 3.5 million, enhancing customer engagement and marketing efficiency [10] Group 5: Global Expansion and Future Outlook - The company is advancing its global strategy by entering key markets in Europe, North America, Japan, and South Korea, aiming to establish BeBeBus as a globally recognized brand [11] - Future plans include expanding product offerings to cover a broader range of family-oriented solutions, positioning the company as a trusted technology lifestyle brand for elite families [11]

来源：新尧网综合 BeBeBus母公司不同集团（股票代码06090.HK）于2025年9月15日至9月18日正式公开招股，中信证券、海通国际担任联席保荐人。 此次IPO，不同集团计划全球发售1098.09万股股份，其中988.28万股股份为国际发售股份，109.81万股股份为香港公开发售股份，每股发售股份价 格介于62.01港元至71.20港元。 本次发行中，不同集团共引入三名基石投资者——信庭基金、上海通怡（华泰掉期）和Great Praise分别认购500万美元。 图片来源于网络 不同集团专注于设计并销售育儿产品，于2019年创立了品牌BeBeBus，诞生短短几年，便完成从"新品牌"到"行业头部"的跨越，备受市场关注。 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。 财务数据显示，不同集团的增长态势显著：2022年至2024年营收，从5.07亿元稳步增至12.49亿元，三年间年复合增长率（CAGR）高达56.9%；毛 利同步从2.42亿元攀升至6.29亿元，年复合增长率（CAGR）进一步提升至61.3%；2022年至2024年，经调整净 ...