We are a China-based company specializing in the design and sale of nursery products. BeBeBus, our first brand introduced in 2019, has become a renowned brand in China’s nursery product market, serving mid- to high-end consumers. Within five years, BeBeBus has carved out a space by competing in the mid- to high-end segment, which accounted for 23.6% of the total nursery product market in 2024. According to Frost & Sullivan, BeBeBus ranked second among China’s nursery product brands in terms of GMV of mid- to high-end nursery products in 2024, with a market share of 4.2%, affirming our strong foothold and performance in the market.
We have established a proven growth model by initially entering into nursery product segments such as strollers, car seats, cribs and highchairs, that are characterized by product complexity, strong demand and high transaction value. This strategy allows us to rapidly gain recognition from our target users for both our product excellence and premium brand image, setting the stage for expansion into a wider range of product categories. By introducing additional product types that align with various parenting needs, we have diversified our revenue streams while further cementing the strength of our brand. We believe our established growth model provides a robust foundation for our sustained success in the future, allowing us to adapt and thrive in an ever-evolving marketplace.
We achieved strong financial growth throughout the Track Record Period. We recorded revenue of RMB507.2 million, RMB852.1 million, RMB1,248.9 million, RMB581.9 million and RMB725.8 million, in 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, respectively. Our gross profit was RMB241.8 million, RMB427.3 million, RMB629.1 million, RMB292.3 million and RMB358.5 million, respectively, with a gross profit margin of 47.7%, 50.2%, 50.4%, 50.2% and 49.4% in the same years/periods. Our adjusted net profit for the year/period (non-HKFRS measure) was RMB9.8 million, RMB59.2 million, RMB110.9 million, RMB44.9 million and RMB78.0 million, in 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, respectively. Additionally, our EBITDA (non-HKFRS measure) was RMB33.4 million, RMB109.4 million, RMB164.4 million, RMB80.0 million and RMB111.1 million in 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, respectively, with adjusted EBITDA (non-HKFRS measure) of RMB38.8 million, RMB115.9 million, RMB191.4 million, RMB84.0 million and RMB128.0 million in the same years/periods.
Our Nursery Product Portfolio
We began with nursery products, an essential category for the well-being of families. BeBeBus caters to new generations of parents who embrace independence, smart design and practical functionality. Through focusing on their preferences and priorities, we develop nursery products that enhance everyday parenting moments shared with their beloved little ones by blending thoughtful design and cross-industry expertise into our distinctive style and quality.
Starting with our core products — strollers, car seats, cribs and highchairs, BeBeBus’s nursery product portfolio has grown to meet the needs of essential parenting scenarios, from traveling and sleeping to feeding and caring.
During the Track Record Period, the significant growth in baby care products was primarily driven by the strategic expansion of our online sales channels and an enriched product portfolio. In 2022, 2023 and 2024 and the six months ended June 30, 2025, we partnered with six, six, seven and nine e-commerce platforms respectively. On these platforms, we maintained seven, eight, nine and 14 self-operated stores, as well as one, one, two and two platform-operated stores during the same periods. Additionally, the number of SKUs of baby care products increased from 142 in 2022 to 188 in 2023, further to 254 in 2024, and reached 290 in the six months ended June 30, 2025. We are strategically broadening our fast-moving baby care product portfolio to complement our durable nursery offerings, which not only drives recurring revenue but also accelerates our inventory turnover and supports stronger cash flow. While baby care product sales have grown significantly during the Track Record Period, this does not indicate a shift in our business focus from durable nursery products to consumables.
All of our product lines synergize to support our commitment of delivering high-quality products and driving long-term growth.
Each BeBeBus product is infused with the brand’s defining characteristics, designed to provide families with an enjoyable and user-centric experience.
‧ Thoughtful designs. BeBeBus is among the first in the world to launch intelligent car seats for children, according to Frost & Sullivan. This car seat incorporates a smart system that rotates automatically when the car door opens, making it easier for parents to place their little ones in and out of the seat. With 360° intelligent sensing, the car seat automatically adjusts its angle when a child falls asleep, minimizing stress on the neck and head to safe levels. The smart alert feature, connected via a mobile app, reminds parents if a child remains in the vehicle. Additionally, our Art+ stroller and Soft+ pillow have been certified by the International Chiropractors Association for their effective spine protection designs. These are just few examples of our commitment to innovation, which is further evidenced by the number of patents we secured. As of June 30, 2025, we had 200 registered patents in China and 17 internationally. We believe our product design and development capabilities are our core competitive edge that will drive our future growth.
‧ Cross-industry expertise. Our product development team consists of a group of diversified design specialists unified by an interdisciplinary mindset to add value through innovation. They draw inspirations from various sectors, including automotive, consumer electronics, industrial, aviation and beyond. For instance, we utilize a diverse array of raw materials that go beyond the standard options found in nursery products. Our car seats feature Cobra memory cotton, which is typically found in automotive seating, providing enhanced shock resistance, responsive support and long-lasting durability. We also employ waterproof, easy-care fabrics that are used in the automotive industry for quick and effortless cleanup. Similarly, our stroller frames crafted from aviation-grade magnesium alloy offer strength without adding weight.
‧ Distinctive aesthetics. Our minimalist BeBeBus logo embodies the colorful joy and creativity of childhood which define our design aesthetic. Our designs have earned a number of recognitions worldwide, including the Red Dot Award in 2021 and the Contemporary Good Design Winner Award in 2020.
‧ Premium positioning. We strategically position BeBeBus as a premium brand, primarily captivating mid- to high-end families who value quality, functionality and aesthetics over cost. Through deep understanding of our target users, we design, develop and produce products that meet their high expectations in every detail. For each year/period during the Track Record Period, the average transaction value for orders of at least one core product remained above RMB2,400.
Source: Butong Group (06090) Prospectus (IPO Date : 2025/09/15) |