Group 1: Convertible Bonds Strategy - The report suggests that in the current environment of a slow bull market for equities and deepening supply-demand contradictions in convertible bonds, the demand for fixed income plus allocation is expected to continue driving up the prices and valuations of convertible bonds [3] - It recommends maintaining a non-typical barbell allocation strategy, focusing on technology growth sectors driven by policy support and industrial innovation, while also incorporating low-cycle chemical varieties to respond to potential upward movements or pullbacks in the equity market [3] - The report updates its portfolio by removing two convertible bonds, Bo 23 and Yuguang convertible bonds, and adding Alara and Hebang convertible bonds to enhance defensive positions while awaiting excess returns from industry recovery [3] Group 2: Company Analysis - Saint Bella - The report forecasts that Saint Bella (02508.HK) will achieve adjusted net profits of 118 million, 200 million, and 298 million yuan for 2025-2027, representing year-on-year growth of 180.2%, 69.1%, and 48.9% respectively [5] - The company is in a rapid expansion phase and has completed its transformation from "service + retail" to "service + retail + AI," positioning itself as a rare high-end care group and a provider of unique care scenarios for training AI and home robots [5] - The report initiates coverage with a "buy" rating due to the company's strong growth potential and unique market positioning [5] Group 3: Company Analysis - Tian Shun Wind Power - Tian Shun Wind Power (002531.SZ) announced a domestic marine engineering order worth 870 million yuan, indicating a potential turnaround in its fundamentals [6] - The company is expected to accelerate its overseas orders as its German base's core equipment is being deployed, with a strong domestic market share in offshore wind [6] - Profit forecasts estimate the company will achieve net profits of -200 million, 620 million, and 1.51 billion yuan from 2025 to 2027, with corresponding PE valuations of 28 and 11.5 times for 2026 and 2027, respectively, maintaining a "buy" rating [6]

机构：国盛证券 研究员：李宏科/程子怡 圣贝拉是全球领先的家庭护理品牌集团。1）核心业务涵盖高端月子中心、家庭护理服务和女性健康食 品，并已率先拓展至新加坡、美国等全球核心城市。2）截至2025 上半年全球门店达113 家，品牌包括 定位超高端的"圣贝拉"、关注女性心理健康的"艾屿"以及主打年轻市场的"小贝拉"，全面覆盖高净值至 中产客户群体。3）公司25H1 营收4.50 亿元，同比增长25.64%，经调整净利润0.39 亿元，同比增长 126%。2024 年总营收7.99 亿元，同比增长42.64%；其中主业月子中心营收6.78 亿元，占总收入 85.0%，2022-2024 年CAGR 达29.05%，24 年主业毛利率31.8%；家庭护理服务与食品业务亦分别以 CAGR 40.61%和32.34%的高速扩张。 风险提示：宏观经济波动及行业需求变化风险；行业竞争加剧及新生儿数量下行风险；海外及新业务拓 展不及预期风险。 未来，公司将在持续开店、延长产业链条、发展AI 方面开拓业务。1）继续扩展中国及海外月子中心版 图。计划至2030 年内地门店数接近翻倍，并扩张到全球核心国际城市。2）同时积极拓展产后修 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 9.73 based on a 27X valuation for 2026 [4]. Core Insights - The company, Saint Bella, is a leading global family care brand group, focusing on high-end postpartum care centers, family care services, and women's health foods, with plans to expand its store network significantly by 2025 [1][14]. - The postpartum care and recovery industry in China is projected to reach a market size of RMB 67.5 billion in 2024, indicating substantial growth potential and a shift towards premium services [2][37]. - The company has demonstrated strong financial performance, with a revenue of RMB 450 million in the first half of 2025, reflecting a year-on-year growth of 25.64%, and an adjusted net profit of RMB 39 million, up 126% [1][4]. Summary by Sections Company Overview - Saint Bella operates a multi-brand strategy with three main brands: "Saint Bella" for high-net-worth families, "Ai Yu" focusing on women's mental health, and "Little Bella" targeting younger markets [1][17]. - The company has expanded its presence internationally, with plans to double its store count in mainland China by 2030 and enter key global cities [3][14]. Industry Analysis - The postpartum care and recovery market is characterized by low penetration rates, suggesting significant room for growth and premiumization [2][37]. - The overall family care industry in China is expected to grow from RMB 392.8 billion in 2019 to RMB 805.3 billion by 2025, with a CAGR of 12.4% [37]. Competitive Advantages - The company leverages a light-asset model for rapid store expansion and has established a standardized care system supported by a team of leading experts [2][3]. - Its multi-brand strategy allows for clear brand positioning and different channel expansion paths, enhancing customer acquisition efficiency [2][3]. Future Development - The company aims to extend its service offerings to include postpartum recovery, family care, and elderly care, thereby maximizing customer lifetime value [3][4]. - Saint Bella is also focusing on integrating AI into its services, aiming to transform the traditional maternal and infant care industry [3][4]. Financial Projections - The company anticipates adjusted net profits of RMB 120 million, RMB 200 million, and RMB 298 million for 2025, 2026, and 2027, respectively, reflecting significant growth rates [4][5]. - Revenue is projected to reach RMB 1.85 billion by 2027, with a consistent growth trajectory across its business segments [5][20].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.73 based on a 27X valuation for 2026 [4]. Core Insights - The company, Saint Bella, is a leading global family care brand group, focusing on high-end postpartum care centers, family care services, and women's health foods, with plans to expand its store network significantly by 2025 [1][3]. - The postpartum care and recovery industry in China is projected to reach a market size of RMB 67.5 billion in 2024, indicating substantial growth potential and a shift towards premium services [2][37]. - The company has demonstrated strong financial performance, with a revenue of RMB 450 million in the first half of 2025, reflecting a year-on-year growth of 25.64%, and an adjusted net profit of RMB 39 million, up 126% year-on-year [1][4]. Summary by Sections Company Overview - Saint Bella operates a multi-brand strategy with three main brands: "Saint Bella" for high-net-worth families, "Ai Yu" focusing on women's mental health, and "Little Bella" targeting younger markets [1][17]. - The company has expanded its presence internationally, with plans to double its store count in mainland China by 2030 and enter key global cities [3][14]. Industry Analysis - The postpartum care and recovery market is characterized by low penetration rates, indicating significant growth opportunities [2][37]. - The overall family care industry in China is expected to grow from RMB 392.8 billion in 2019 to RMB 805.3 billion by 2025, with a CAGR of 12.6% [37]. Competitive Advantages - The company leverages a light-asset model for rapid store expansion and has established a standardized care system supported by a team of leading experts [2][3]. - Its multi-brand strategy allows for clear brand positioning and different channel expansion paths, enhancing customer acquisition efficiency [2][3]. Future Development - The company aims to integrate AI into its services, targeting the trillion-dollar AI application market in the family care sector [3][4]. - Plans include expanding postpartum recovery and family care services to capture the full lifecycle value of customers [3][4]. Financial Projections - The company anticipates adjusted net profits of RMB 120 million, RMB 200 million, and RMB 298 million for 2025, 2026, and 2027, respectively, reflecting significant growth rates [4][5]. - Revenue is projected to reach RMB 1.85 billion by 2027, with a compound annual growth rate (CAGR) of 32.1% from 2025 to 2027 [5][4].

Market Overview - The Hong Kong stock market opened slightly lower, with the Hang Seng Index down 0.2% at 27,210.56 points, the Hang Seng Tech Index down 0.47% at 5,474.25 points, and the National Enterprises Index down 0.19% at 9,250.27 points [1] - Major tech stocks mostly opened lower, with Alibaba down 1.37%, Tencent down 2.01%, and Meituan down 2.48%, while AI application stocks showed strength, with Zhihui up 8.77% and MINIMAX-WP up 5.65% [1] Company Performance - NetEase reported strong performance, with a net revenue of approximately 112.63 billion yuan, a year-on-year increase of 6.96%, and a net profit of approximately 33.76 billion yuan, up 13.68% [2] - NetEase Cloud Music saw a significant profit increase of 75.4%, with a revenue of 7.76 billion yuan and a profit of 2.75 billion yuan, confirming a turning point in performance [2] Industry Trends - The hard technology and manufacturing sectors showed signs of recovery, with Qiu Tai Technology reporting a 22.8% year-on-year increase in camera module sales and an 18.4% increase in fingerprint recognition module sales, driven by demand in IoT and smart automotive sectors [3] - The renewable energy sector also saw growth, with China Resources Power reporting a 28.4% year-on-year increase in electricity sales, and solar power sales soaring by 72.3% [3] Biopharmaceutical Sector - The biopharmaceutical sector experienced significant positive developments, with Rebio Biotech announcing a global exclusive licensing agreement worth up to 4.4 billion USD, leading to a substantial increase in stock price [4] - Heng Rui Pharmaceutical's product was included in a breakthrough therapy list, with projected global sales exceeding 6.5 billion USD in 2024 [4] Capital Market Activity - Industrial capital is actively engaging in buybacks to stabilize the market, with Geely Automobile repurchasing shares worth approximately 20.30 million HKD and other companies like Kingsoft and Bai Rong Cloud also participating in buybacks [5] - Huili Group is expected to see a profit increase of over 20 times in 2025, indicating a strong performance reversal [5] Institutional Insights - There is a divergence in institutional views regarding market fluctuations, with some suggesting that the recent pullback is a liquidity shock, while others believe that valuation recovery is nearly complete [6] - Specific sectors like AI computing and surgical robots are highlighted for potential growth, with expectations for high performance in 2025 and 2026 [6]

Company News - Q Technology (01478.HK) reported a total sales volume of camera modules of 44.071 million units in January, representing a year-on-year increase of 22.8%. Fingerprint recognition module sales reached 19.741 million units, up 18.4% year-on-year, driven by increased overseas customer demand and a growing market share in the IoT and smart automotive sectors [2] - China Resources Power (00836.HK) achieved a sales volume of 23.78879 million megawatt-hours in January, a year-on-year increase of 28.4%. The sales from wind power plants increased by 7.2%, while solar power plant sales surged by 72.3% year-on-year [2] - NetEase-S (09999.HK) projected net revenue of approximately 112.626 billion yuan for 2025, a year-on-year growth of 6.96%, with net profit expected to be around 33.76 billion yuan, up 13.68% [2] - NetEase Cloud Music (09899.HK) anticipates revenue of about 7.759 billion yuan in 2025, with an expected profit of approximately 2.746 billion yuan, reflecting a significant year-on-year growth of 75.4%. The gross margin is expected to reach 35.7%, an increase from 33.7% in 2024, attributed to business scale growth, enhanced monetization capabilities, prudent cost management, and operational leverage [2] - Huitian Group (00806.HK) expects to achieve a consolidated profit attributable to shareholders of approximately 660 million HKD for the fiscal year 2025, a substantial increase from 31 million HKD in the previous year [2] Biotech Developments - Reborn Bio-B (06938.HK) entered into an exclusive global licensing agreement with Madrigal for several siRNA assets, receiving an upfront payment of 60 million USD, with potential cumulative payments of up to 4.4 billion USD upon achieving certain development, regulatory, and commercialization milestones, in addition to potential royalties on net sales [3] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase 1b/2 clinical study of HLX43 in combination with HLX07 or Hansizhuang® for patients with advanced or metastatic colorectal cancer in China [3] - Heng Rui Medicine (01276.HK) announced that its injection of Rukang Trastuzumab has been included in the list of breakthrough therapies, with global sales of similar products expected to reach approximately 6.557 billion USD in 2024 [3] - Saint Bella (02508.HK) made significant progress in its global strategic expansion plan, aiming to extend its reach to the eastern United States, the UK, France, Thailand, and Australia [3] - China National Biotech Group (08247.HK) signed a strategic cooperation agreement with Xiaoshou Medical to jointly promote the enhancement of quality medical resources and grassroots medical service capabilities [3] Buyback Activities - Geely Automobile (00175.HK) repurchased 1.201 million shares at a cost of 20.3042 million HKD, with repurchase prices ranging from 16.67 to 17.08 HKD [4] - Bairong Cloud-W (06608.HK) repurchased 1.66 million shares for 18.9051 million HKD, with share prices between 11.11 and 11.43 HKD [5] - Kingsoft (03888.HK) repurchased 355,200 shares at a cost of 9.9963 million HKD, with repurchase prices ranging from 27.9 HKD to 28.2 HKD [5]

董事会研究发现，上述五个国家和地区对专业化、高品质产后康复服务存在显著且未被充分满足的需 求。该等需求具备良好的商业化前景，且董事会观察到当地市场已出现本地人设立的月子中心品牌，而 且设立的本地月子中心品牌，均得到非常好的市场反馈。本次拓展旨在把握当前关键机遇窗口，率先建 立品牌影响力与市场地位。 3.验证标准化运营体系：本次的多国同步拓展，验证了本集团在服务流程、运营管理及人才培训方面已 构建出一套成熟、可靠且可对外大规模输出的标准化体系。这将有助于本集团在未来以更高的效率开拓 新市场。 董事会相信，本次拓展符合本集团的长远发展战略，将为本集团带来新的增长动力。未来，本集团将继 续聚焦全球一线高端市场，通过高标准化的服务和极致的客户体验，满足全球家庭对专业化产后护理服 务日益增长的需求，为本公司股东创造长远而稳定的价值。 圣贝拉(02508)发布公告，本集团的全球战略拓展计划近期取得重大进展，将拓展至美国东部、英国、 法国、泰国及澳大利亚，并将于该五个国际枢纽地区设立新的服务网点，目前本集团已经与美国纽约、 英国伦敦、法国巴黎、泰国曼谷等城市的合作伙伴达成战略签约。 董事会认为，此次战略性拓展将为本集团带来 ...

智通财经APP讯，圣贝拉(02508)发布公告，本集团的全球战略拓展计划近期取得重大进展，将拓展至美 国东部、英国、法国、泰国及澳大利亚，并将于该五个国际枢纽地区设立新的服务网点，目前本集团已 经与美国纽约、英国伦敦、法国巴黎、泰国曼谷等城市的合作伙伴达成战略签约。 董事会研究发现，上述五个国家和地区对专业化、高品质产后康复服务存在显著且未被充分满足的需 求。该等需求具备良好的商业化前景，且董事会观察到当地市场已出现本地人设立的月子中心品牌，而 且设立的本地月子中心品牌，均得到非常好的市场反馈。本次拓展旨在把握当前关键机遇窗口，率先建 立品牌影响力与市场地位。 董事会认为，此次战略性拓展将为本集团带来以下裨益： 1.深化全球网络布局：所选定的五个城市均为全球高净值人群聚集、高端服务业高度发达的核心枢纽。 此举将显著提升本集团的全球品牌影响力与客户触达能力，为构建协同联动的全球服务网络奠定坚实基 础。 2.强化竞争壁垒：进一步与世界级酒店品牌的持续合作，确保了服务场景的极致标准，形成了高端资源 壁垒。同时，本集团独特、深度融合于服务体系中的东方产后康复文化，构成了难以被本地竞争者模仿 的核心认知壁垒。 董事会相 ...

格隆汇2月11日丨圣贝拉(02508.HK)宣布，集团全球战略拓展计划近期取得重大进展，将拓展至美国东 部、英国、法国、泰国及澳大利亚，并将于该五个国际枢纽地区设立新的服务网点，目前集团已经与美 国纽约、英国伦敦、法国巴黎、泰国曼谷等城市的合作伙伴达成战略签约。 董事会研究发现，上述五个国家和地区对专业化、高品质产後康复服务存在显着且未被充分满足的需 求。该等需求具备良好的商业化前景，且董事会观察到当地市场已出现本地人设立的月子中心品牌，而 且设立的本地月子中心品牌，均得到非常好的市场反馈。本次拓展旨在把握当前关键机遇窗口，率先建 立品牌影响力与市场地位。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 SAINT BELLA Inc. 聖貝拉有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2508） 本公司董事（「董事」）會（「董事會」）欣然宣佈，本集團之全球戰略拓展計劃近 期取得重大進展，將拓展至美國東部、英國、法國、泰國及澳大利亞，並將於 該五個國際樞紐地區設立新的服務網點，目前本集團已經與美國紐約、英國倫 敦、法國巴黎、泰國曼谷等城市的合作夥伴達成戰略簽約。 進行本次拓展的理由及裨益 自願公告 有關本集團近期於五個國際城市的戰略拓展 本公告乃由聖貝拉有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願 作出，旨在向本公司股東及潛在投資者提供有關本集團最新業務發展的資料。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 聖貝拉有限公司 董事會主席、執行董事兼首席執行官 向華先生 香港，二零二六年二月十一日 於本公告日期，董事會包括執行董事 ...