📌 Company Overview

• Name: Butong Group (不同集团)

• Incorporation: Cayman Islands

• Business: China-based company specializing in nursery products under the BeBeBus brand (launched 2019).

• Market Position: Ranked #2 in China’s mid-to-high-end nursery product market (2024) with 4.2% market share.

• Products:

  • Travel Gear: Strollers, Car Seats, Baby Carriers

  • Sleep Gear: Cribs, Pajamas, Pillows

  • Feeding Gear: Highchairs, Tableware

  • Baby Care: Diapers, Wipes

📌 Global Offering

• Shares Offered: 10,980,900 (subject to over-allotment)

  • Hong Kong Offer: 1,098,100

  • International Offer: 9,882,800

• Offer Price Range: HK$62.01 – HK$71.20 per share

• Nominal Value: US$0.0001 per share

• Stock Code: 6090

• Listing Date (Expected): September 23, 2025

• Application Period:

  • Opens: Sept 15, 2025 (9:00 a.m.)

  • Closes: Sept 18, 2025 (12:00 noon)

• Final Offer Price Announcement: Sept 22, 2025

📌 Financials

• Revenue:

  • 2022: RMB 507.2m

  • 2023: RMB 852.1m

  • 2024: RMB 1,248.9m

  • 1H2024: RMB 581.9m

  • 1H2025: RMB 725.8m

• Gross Profit:

  • 2022: RMB 241.8m (47.7% margin)

  • 2023: RMB 427.3m (50.2% margin)

  • 2024: RMB 629.1m (50.4% margin)

  • 1H2024: RMB 292.3m (50.2% margin)

  • 1H2025: RMB 358.5m (49.4% margin)

• Adjusted Net Profit (Non-HKFRS):

  • 2022: RMB 9.8m

  • 2023: RMB 59.2m

  • 2024: RMB 110.9m

  • 1H2024: RMB 44.9m

  • 1H2025: RMB 78.0m

• EBITDA:

  • 2022: RMB 33.4m

  • 2023: RMB 109.4m

  • 2024: RMB 164.4m

  • 1H2024: RMB 80.0m

  • 1H2025: RMB 111.1m

📌 Product & Sales Highlights

• High Margin Products: Strollers, Car Seats, Baby Carriers (avg. GP margin ~45–50%).

• Fast Growth: Baby care products (diapers & wipes) boosted online sales.

• Distribution:

  • Online: Tmall, JD.com, Douyin, VIP.com, Pinduoduo, Kuaishou, Weixin Mini Programs.

  • Offline: Distributors, Key Accounts, Interactive Store.

• Members: 3.5 million across online platforms (as of June 30, 2025).

📌 Strengths

• Premium mid-to-high-end brand positioning.

• Patented innovations: e.g., smart car seats with automatic rotation & safety sensors.

• Recognitions: Red Dot Award 2021, Contemporary Good Design Award 2020.

• Strong revenue growth & profitability trend.
  Thank you