According to Hong Kong Stock Exchange disclosure on August 15, Different Group submitted its application for listing on the main board of the Hong Kong Stock Exchange, with CITIC Securities and Haitong International serving as joint sponsors. Previously, Different Group had completed its Hong Kong listing filing.

Different Group is a Chinese company specializing in the design and sale of baby care products. In 2019, to serve mid-to-high-end consumers, the company launched its flagship brand BeBeBus. Born just five years ago, BeBeBus has grown into a well-known brand in China's baby products market. According to Frost & Sullivan data, based on 2024 GMV, BeBeBus ranks first among China's mid-to-high-end consumer-oriented durable baby product brands, highlighting the company's solid market position and strong performance.

According to the prospectus, Different Group has established an effective growth model by first entering high-barrier baby product markets with complex products, strong demand, and high unit prices, including baby strollers, child safety seats, cribs, and high chairs. This strategy has enabled the company's excellent products and premium brand image to quickly gain recognition from target users, laying the foundation for expansion into broader product categories. By launching more product types that meet various childcare needs, the company has not only diversified its revenue sources but also further strengthened its brand power.

BeBeBus's baby product portfolio has gradually expanded from its initial core products of baby strollers, child safety seats, cribs, and high chairs to four key scenarios: parent-child travel, parent-child sleep, parent-child feeding, and hygiene care.

The prospectus shows that Different Group achieved strong financial growth throughout the track record period. The company recorded revenues of RMB 507 million, RMB 852 million, RMB 1.249 billion, RMB 582 million, and RMB 726 million for 2022, 2023, 2024, and the six months ended June 30, 2024 and 2025, respectively. During the same periods, the company's gross profit was RMB 242 million, RMB 427 million, RMB 629 million, RMB 292 million, and RMB 359 million, with gross profit margins of 47.7%, 50.2%, 50.4%, 50.2%, and 49.4%, respectively.

The company's adjusted net profit (non-HKFRS measure) for 2022, 2023, 2024, and the six months ended June 30, 2024 and 2025 was RMB 9.8 million, RMB 59.2 million, RMB 111 million, RMB 44.9 million, and RMB 78 million, respectively. Additionally, the company's EBITDA (non-HKFRS measure) for 2022, 2023, 2024, and the six months ended June 30, 2024 and 2025 was RMB 33.4 million, RMB 109 million, RMB 164 million, RMB 80 million, and RMB 111 million, respectively, with adjusted EBITDA (non-HKFRS measure) of RMB 38.8 million, RMB 116 million, RMB 191 million, RMB 84 million, and RMB 128 million for the same periods.

During the track record period, the significant growth in baby care product revenue was mainly attributable to the company's enriched product offerings, with baby care product SKUs increasing from 142 in 2022 to 188 in 2023, further to 254 in 2024, and reaching 290 for the six months ended June 30, 2025; expansion of the company's sales network, with third-party stores operated by distributors and KA customers growing from 742 as of December 31, 2022, to 1,120 as of December 31, 2023, further to 2,221 as of December 31, 2024, and reaching 3,400 as of June 30, 2025; growth in the company's customer base, with customer numbers increasing from 356,756 in 2022 to 743,472 in 2023, further to 953,250 in 2024, and reaching 616,153 and 656,711 for the six months ended June 30, 2024 and 2025, respectively; and higher customer retention rates, with the company's overall repurchase rate increasing from 20.1% in 2022 to 31.0% in 2023, further to 40.9% in 2024, and from 30.7% for the six months ended June 30, 2024, to 40.2% for the six months ended June 30, 2025.

The company is strategically expanding its baby care product portfolio to complement its durable baby products line. Although baby care product sales grew significantly during the track record period, this does not mean the company's business focus has shifted from durable baby products to consumables. All of the company's product lines work synergistically to support the company's commitment to providing quality products and driving long-term growth.

During the track record period, the vast majority of the company's revenue came from China. As of June 30, 2025, the company had approximately 3.5 million members across all online channels.

Different Group's production strategy focuses on combining internal production with outsourced processes, enabling the company to unify core production capabilities with cost-effectiveness and operational flexibility. To maintain high efficiency and meet strict quality standards, the company collaborates with trusted third-party manufacturers for certain product lines. During the track record period, the company produced all child safety seats and some high chairs in-house while outsourcing certain processes to third-party manufacturers. For other products such as baby strollers, cribs, baby carriers, sleeping bags, pillows, baby care products, and accessories, production is fully outsourced.

Market demand for baby products is influenced by the number of children and broader economic conditions, which in turn affect per-child annual spending on such products. In China, the newborn population decreased from 12 million in 2020 to approximately 9.5 million in 2024, mainly due to the declining number of women of childbearing age and the continuous postponement of average marriage and childbearing ages. Despite the decline in newborn population, factors such as economic growth, improved social welfare (including improvements in healthcare, education, and childcare support), and the three-child policy launched in 2021 may encourage families to have children, potentially mitigating the declining trend in newborn population. From 2025 to 2029, the newborn population is expected to maintain at approximately 8 million annually.

China's baby products market is experiencing continuous growth and transformation, with significant development potential. According to Frost & Sullivan data, the estimated average spending on durable baby products for each Chinese newborn born in 2024 from birth to age five is 31.8% of the spending level observed in the United States. According to the same source, in 2024, the average annual spending on consumable baby products for each child aged zero to five in China was 41.6% of the U.S. spending level. This gap, combined with the growing preference for baby products and more sophisticated childcare methods, is creating new opportunities for China's mid-to-high-end baby products market.

Although representing only a small portion of the overall baby products market, according to Frost & Sullivan data, China's mid-to-high-end baby products market grew from RMB 25.6 billion in 2020 to RMB 34 billion in 2024, and is expected to reach RMB 50.9 billion by 2029. As more Chinese families seek high-quality innovative childcare solutions, BeBeBus is well-positioned to lead this transformation. The company's focus on design, functionality, and innovation aligns with the growing preferences of modern families, enabling the company to consolidate its position in China's mid-to-high-end baby products market.

Different Group's shareholders include Tiantu Investment, Gaorong Capital, Matrix Partners China, and Taikang Life, among others.

The proceeds from Different Group's Hong Kong IPO are planned to be used for the following purposes: enhancing the company's production capacity; expanding the company's influence in overseas markets; funding the company's brand activities and expansion of the company's sales network; research and development of new products; and working capital and general corporate purposes.