Core Viewpoint - BeBeBus's parent company successfully listed on the Hong Kong Stock Exchange, becoming the first stock in the "mother and baby consumption technology" sector, with a significant increase in share price post-IPO [1][2]. Group 1: IPO Details - The company re-listed on the Hong Kong Stock Exchange on September 23, 2023, under the stock code "6090" after a failed attempt earlier in the year [1]. - The IPO price was set at HKD 71.20 per share, with the opening price at HKD 100.40, closing at HKD 102.5, reflecting a 43.96% increase from the issue price [1]. - The global offering consisted of 10.98 million shares, with a net fundraising of approximately HKD 718 million [2]. Group 2: Financial Performance - The company reported a revenue increase of nearly 150% over three years, with revenues of CNY 5.07 billion in 2022, CNY 8.52 billion in 2023, and projected CNY 12.49 billion in 2024 [9]. - The gross profit for the same years was CNY 2.42 billion, CNY 4.27 billion, and CNY 6.29 billion, with gross margins of 47.7%, 50.2%, and 50.4% respectively [10]. - The revenue from the travel segment has been declining, dropping from 64.1% in 2022 to 35.5% in the first half of 2025, while the infant care segment's revenue share increased from 8.2% to 42.3% in the same period [10][11]. Group 3: Use of Proceeds - The funds raised from the IPO will be allocated to enhancing production capacity, expanding overseas market influence, brand activities, and new product development [4]. - The company plans to invest approximately HKD 245 million, or 34.1% of the net proceeds, in brand activities and sales network expansion [13]. Group 4: Shareholder Structure - The founder, Wang Wei, holds 46.55% of the shares through WANGBOYAN, while co-founder Shen Ling holds 5.95% through SLING [5]. - Key cornerstone investors include Xinting Fund, Huatai Capital, and GreatPraise, collectively acquiring 14.96% of the shares [4][5]. Group 5: Marketing and R&D Expenditure - The company has a significant focus on marketing, with promotional expenses exceeding CNY 8.15 billion over three and a half years, while R&D spending has been notably lower, totaling less than CNY 100 million [13][16]. - Marketing strategies heavily rely on social media platforms like Xiaohongshu, where the BeBeBus brand has gained substantial visibility [16].

(文/解红娟 编辑/张广凯） 招股书显示，2022年至2024年，不同集团分别实现营业收入分别为5.07亿元、8.52亿元、12.49亿元，虽 连续两年实现增长，但其增速已呈现逐步放缓态势，2023年同比增幅为68%，2024年则降至46.56%。 进入2025年上半年，公司营收增长进一步放缓，当期实现营业收入7.26亿元，同比增速仅为24.74%，较 此前两年的年度增速大幅收窄。 净利润方面，不同集团的增长节奏同样有所放缓。2022年至2024年，公司归属于母公司股东的净利润分 别为-0.21亿元（亏损）、0.27亿元、0.59亿元，2023年凭借扭亏为盈实现228.24%的高同比增幅，2024 年净利润同比增速则回落至114.94%。 2025年上半年，不同集团归母净利润为0.49亿元，同比增长72.14%，增速较2023年、2024年进一步显著 下降，增长动能有所减弱。 增速放缓或许与BeBeBus所推出的高客单价的出行场景产品销售承压有关。 距离提交招股书不到一个月时间，BeBeBus上市计划又有了新进展。 9月11日晚间，BeBeBus母公司不同集团披露聆讯后资料集，此举意味着其距离在香港联合交易所 ...

Core Viewpoint - Different Group, established in 2018, is set to list on the Hong Kong Stock Exchange, focusing on high-end parenting products through its BeBeBus brand, which has become a leading brand in durable parenting products for mid-to-high-end consumers in China [3][10]. Product and Market Positioning - BeBeBus has expanded its core product offerings from strollers and car seats to include key scenarios like parent-child travel, sleep, feeding, and hygiene care [3][8]. - The average transaction amount for orders containing at least one core product has remained above 2,400 yuan from 2022 to 2024, reinforcing its high-end market positioning [8]. Consumer Engagement and Retention - As of June 30, 2025, BeBeBus has over 3 million members, with private domain platform repurchase rates of 45.7%, 47.5%, 53.3%, and 52.3% from 2022 to the first half of 2024, indicating strong customer loyalty [8]. - Online channel repurchase rates exceeded 20.1%, 31.0%, 40.9%, and 40.2% during the same period, surpassing industry averages [8]. Innovation and Design - BeBeBus is among the first globally to launch smart child safety seats and has received international recognition for its products, including over 50 design awards [7][8]. - The brand integrates innovative design with cross-disciplinary expertise, utilizing materials like Cobra memory foam and aviation-grade magnesium alloy in its products [7]. Financial Performance - Revenue figures for Different Group from 2022 to 2024 were 507 million yuan, 852 million yuan, and 1.249 billion yuan, with a 24.7% increase in the first half of 2024 compared to the same period in 2023 [12]. - Gross margins for BeBeBus were 47.7%, 50.2%, 50.4%, and 49.4% from 2022 to the first half of 2024, indicating stable profitability [13]. Global Expansion Strategy - Different Group has initiated global expansion with the establishment of BeBeBus USA and BeBeBus Indonesia as part of its strategy to penetrate North American and Southeast Asian markets [10]. - A new website was launched in October 2024 to enhance international online sales, and subsidiaries have been set up in the U.S. and Indonesia for localized distribution [10]. Funding and IPO Plans - Different Group has completed three rounds of financing, with a post-B round valuation of 2 billion yuan [13]. - The net proceeds from the IPO will be allocated to enhance production capacity, expand overseas influence, brand activities, new product development, and general corporate purposes [13].

Core Viewpoint - The company, Different Group, has rapidly established its core brand BeBeBus in the high-end maternal and infant product market, aiming for an IPO in Hong Kong to raise funds for production capacity, overseas market expansion, brand activities, new product development, and working capital [1][2]. Group 1: Company Growth and Marketing Strategy - BeBeBus was founded in 2019 and has quickly become the best-selling high-end durable baby product brand in China, according to GMV data for 2023 [2]. - The rapid rise of BeBeBus is attributed to effective marketing strategies, particularly heavy investment in social media platforms like Xiaohongshu (Little Red Book) [2][3]. - The company has spent significant amounts on sales and distribution, with expenses of 189 million, 286 million, and 271 million yuan for 2022, 2023, and the first three quarters of 2024, respectively, accounting for 37.2%, 33.5%, and 30.6% of revenue [3]. Group 2: Product Quality and Market Challenges - Despite its high-end positioning, BeBeBus faces challenges related to product quality and consumer perception, with many users questioning the brand's authenticity and quality due to reliance on social media marketing [5][10]. - The company has expanded its product range from four core products to include various items for different parenting scenarios, but this rapid expansion has led to quality control issues, particularly as many products are produced through outsourcing [11][13]. - Complaints regarding product design and quality have surfaced on platforms like Xiaohongshu and Black Cat Complaints, with 252 complaints recorded related to product quality and false advertising as of July 3, 2025 [14].