本公告不會直接或間接在或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發或派發。本公告並非亦無意構成或組成於美國或任何其他司法管轄區購買或認購證券的 任何要約或招攬的一部分。本公告所述證券不曾亦不會根據1933年美國《證券法》（經不時修訂） （「美國《證券法》」）或美國任何州或其他司法管轄區的證券法登記，且不得在美國境內提呈發 售、出售、抵押或轉讓，惟獲豁免遵守或毋須遵守美國《證券法》登記規定及任何適用的州證 券法的交易除外。證券將不會於美國進行公開發售。證券僅可(1)根據美國《證券法》的登記豁 免向合資格機構買家（定義見美國《證券法》第144A條）；及(2)根據美國《證券法》S規例以及進 行發售及出售的各司法管轄區適用法例在美國境外以離岸交易方式提呈發售及出售。 香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 對本公告的內容概不負責，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依賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。發售股份的任何投資決定 應以招 ...

Core Viewpoint - Saint Bella Limited, a high-end maternal and infant care company, officially listed on the Hong Kong Stock Exchange on June 26, becoming the "first stock in global family quality care" [1] Group 1: IPO and Initial Performance - The company issued 109.733 million shares globally, with the Hong Kong public offering oversubscribed by 193 times, resulting in the sale of 47.71 million shares [1] - The international offering was oversubscribed by 15.59 times, leading to the sale of 62.024 million shares [1] - The issue price was set at HKD 6.58 per share, raising approximately HKD 722 million [1] - On the first trading day, the stock opened at HKD 8.45, a 28.4% increase from the issue price, reaching a peak of HKD 11.00 before closing at HKD 8.80 [1] - By June 27, the stock price dropped significantly, with a single-day decline of 25.6%, and continued to fall to as low as HKD 6.08 in subsequent trading days [1] Group 2: Post-IPO Stock Performance - As of the latest closing date, the stock price had slightly recovered to HKD 7.27, but daily trading volume decreased from over 8.57 million shares to less than 3 million shares [2] - The company's market capitalization is approximately HKD 44.33 billion, down nearly HKD 1 billion from the first day [2] Group 3: Investment and Financing History - Prior to the IPO, Saint Bella completed seven rounds of equity financing, raising a total of approximately HKD 333 million from 15 institutional investors [2] - The company was valued at nearly HKD 3 billion after the C-3 round of financing in November 2022 [2] - World Trade Center Association (China) Services Limited achieved a return of 21.54 times on its investment after exiting in April 2022 [2] Group 4: Institutional Investor Returns - Notable returns were reported by various investors, with Tang Zhu Capital and its partners achieving returns of 184.2% to 322.9% [3] - High Yong Venture Capital's overall investment return was approximately 751.4% after multiple rounds of investment [3] - Tencent Investment, as the largest external shareholder, saw a floating profit of 138.2% on its investment [4] Group 5: Financial Performance and Challenges - The company reported cumulative losses of nearly HKD 1.2 billion from 2022 to 2024, with a projected net loss of HKD 543 million for 2024 [6] - The main business model relies heavily on high rental and labor costs, which account for nearly 70% of total costs, squeezing profit margins [6] - The occupancy rate for the company's maternity centers dropped from 92% in 2023 to 82% in 2024, indicating a significant decline in demand [6]

Core Viewpoint - The postpartum care and recovery market in China is experiencing significant growth, driven by increasing consumer spending and awareness of health and wellness among modern women, with the market expected to exceed 200 billion yuan by 2030 [1][20]. Group 1: Industry Overview - Postpartum care and recovery refers to the recovery and maintenance that women require after childbirth due to physical weakness, which is gaining attention as women invest more in their health and wellness [1][2]. - The market size for postpartum care and recovery in China is projected to reach 67.5 billion yuan in 2024, representing a year-on-year growth of 13.6%, with postpartum recovery and care markets at 22.7 billion yuan and 44.8 billion yuan respectively [1][8]. Group 2: Market Segmentation - Postpartum care services can be categorized into confinement centers and postpartum doulas, with confinement centers gaining popularity due to their professional services and management, leading to a market size increase from 11.3 billion yuan in 2020 to 29.6 billion yuan in 2024, a compound annual growth rate of 27.2% [1][10][12]. - The postpartum doula market is also growing, with a projected market size of 15.1 billion yuan in 2024, reflecting a year-on-year growth of 4.1% [1][16]. Group 3: Consumer Trends - The increasing living standards and changing consumption concepts are driving more families to hire postpartum doulas for maternal and newborn care, while the rising wages of doulas due to supply-demand imbalances are further expanding the market [1][16]. - The consumer spending on healthcare has risen significantly, with per capita healthcare expenditure increasing from 1,165 yuan in 2015 to 2,547 yuan in 2024, indicating a growing willingness to invest in postpartum care [1][6]. Group 4: Competitive Landscape - The postpartum care and recovery market in China is highly fragmented, with approximately 6,300 confinement centers and 2,600 postpartum doula service providers, leading to intense competition [1][18]. - The top five companies in the industry hold only 3.7% of the market share, indicating a diverse range of players, with brands like Saint Bella and Aidi Palace being well-known [1][18]. Group 5: Future Trends - The industry is expected to continue expanding, with a forecasted market size exceeding 200 billion yuan by 2030, driven by increased awareness of postpartum recovery among women [1][20]. - The industry is moving towards standardization and regulation, with ongoing efforts to improve oversight and quality standards [1][21]. - There is a trend towards more diverse and professional services, with companies enhancing employee training and exploring varied service offerings to meet consumer demands [1][23]. - The industry is also accelerating its digital transformation, utilizing information technology to improve service efficiency and quality [1][24].

Core Viewpoint - Saint Bella, known as the "Hermès of confinement centers," has recently listed on the Hong Kong Stock Exchange, becoming the first stock in the "family quality care" sector. However, the stock price has experienced significant volatility, closing at 6.99 HKD after an initial spike to 11 HKD, reflecting market concerns about the company's financial health and operational challenges [2][3]. Financial Performance - Saint Bella reported substantial losses from 2022 to 2024, with losses of 4.12 billion, 2.39 billion, and 5.43 billion CNY respectively, totaling 11.94 billion CNY over three years. Despite revenue growth from 4.72 billion CNY in 2022 to 7.99 billion CNY in 2024, the company has not achieved profitability [4][5][6]. - The company's debt situation is concerning, with the debt-to-asset ratio increasing from 276.77% to 334.86% over three years, and total liabilities rising from 650 million CNY to 2.081 billion CNY [2][4]. Business Model and Revenue Sources - Saint Bella's revenue is heavily reliant on its confinement centers, which accounted for 85% of total revenue in 2024. Other segments, such as family care services and food sales, contributed only 8.6% and 6.4% respectively [5][6]. - The average revenue per customer at self-operated confinement centers has increased from 224,800 CNY in 2022 to 239,200 CNY in 2024, indicating a focus on high-end services [6]. Market Position and Growth Potential - The confinement market is projected to grow at a compound annual growth rate (CAGR) of over 25%, driven by younger generations, particularly those born in the 1990s and 2000s, who are increasingly willing to pay for premium services [11]. - Saint Bella operates 96 confinement centers under three brands, with a significant presence in first- and second-tier cities, often located in luxury hotels [7][11]. Compliance and Regulatory Issues - The company has faced compliance challenges, including a public apology for misleading claims regarding its staff's qualifications and previous administrative penalties for unlicensed medical practices [9][10].

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

Core Viewpoint - Saint Bella Group, the largest maternity center in China, experienced a significant stock price drop after a strong debut on the Hong Kong stock market, highlighting the challenges faced by high-end service providers in a competitive market [1][4]. Group 1: Company Overview - Saint Bella Group was established in November 2017 in Hangzhou and has grown to become China's largest comprehensive family care brand group, operating under three brands: Saint Bella, Bella Isla, and Little Bella [1][5]. - The company operates 96 high-end maternity centers, including 62 self-operated and 34 managed centers, and has expanded its operations internationally [5]. Group 2: Financial Performance - The stock price of Saint Bella peaked at 11 HKD on its debut but fell to 6.56 HKD the following day, marking a 25.45% decline [1]. - Revenue figures from 2021 to 2024 show a growth trend, with revenues of 2.59 billion, 4.72 billion, 5.6 billion, and 7.99 billion respectively, indicating a year-on-year growth of 82.22%, 18.75%, and 42.64% [3]. - Despite high revenues, the company has not achieved profitability, with net losses of 1.19 billion, 4.07 billion, 2.39 billion, and 5.47 billion from 2021 to 2024 [4]. Group 3: Operational Challenges - The high-end positioning of Saint Bella leads to elevated operational costs, with rental and related costs rising from 71.2 million to 194 million from 2021 to 2024, comprising 37.2% to 36.7% of total sales costs [2]. - The decline in newborn numbers in China, from 14.7 million in 2019 to 9 million in 2023, has increased customer acquisition costs, further complicating profitability [2]. Group 4: Future Plans - The company plans to use funds raised from its IPO to expand its postpartum care network, open new maternity centers, and develop new services and products to meet customer lifecycle needs [6].

Group 1: Market Overview - Three consumer companies, Chow Tai Fook, Saint Bella, and Ying Tong Holdings, went public on June 26, showcasing the diverse development trends in China's consumer market [2][4] - The Hong Kong IPO market has seen a significant increase in fundraising, with a total of HKD 98.9 billion raised this year, a 7.9 times increase compared to the previous year [5][6] - The retail consumption sector has become the most active segment for IPOs in Hong Kong, with an average oversubscription rate of 2228 times, surpassing previous internet giants [4][5] Group 2: Company Performance - Chow Tai Fook has maintained a strong market position, ranking among the top five jewelry brands in China for eight consecutive years, with a projected revenue growth from HKD 3.102 billion in 2022 to HKD 5.718 billion in 2024, reflecting a compound annual growth rate of 35.8% [2][3] - Saint Bella, positioned as a high-end maternity center, offers premium packages priced between HKD 68,000 and HKD 168,800, attracting significant attention and investment from major firms [2][3] - Ying Tong Holdings, a fragrance distributor, manages over 63 external brands and has more than 7,500 offline sales points across Greater China, but faces challenges with rising customer acquisition costs, which accounted for 22% of online revenue in 2024 [3][4] Group 3: IPO Performance - The first-day performance of the three companies varied significantly, with Chow Tai Fook and Saint Bella rising by 25% and 33.74% respectively, while Ying Tong Holdings experienced a decline of 16.67% [7][8] - The oversubscription rates for the IPOs were notably different, with Chow Tai Fook receiving 711 times oversubscription, Saint Bella at 193 times, and Ying Tong Holdings at only 35.8 times [4][7] Group 4: Market Sentiment and Future Outlook - Despite the positive trends, concerns about high first-day loss rates persist, with a 41.6% first-day loss rate for new listings in June, indicating potential investor caution [5][7] - The Hong Kong IPO market is expected to continue its recovery, with projections of raising up to HKD 160 billion by the end of the year, although it has not yet returned to peak levels seen in previous years [6][9]

Core Viewpoint - SAINT BELLA Inc. has successfully listed on the Hong Kong Stock Exchange with a strong market debut, indicating robust investor interest and confidence in the company's business model and growth potential [1][3]. Group 1: IPO Details - The company issued 109.7 million shares at an offering price of HKD 6.58, with a closing price of HKD 8.80 on the first day, resulting in a market capitalization of HKD 53.66 billion [1][2]. - The global offering was oversubscribed by more than 15 times, while the Hong Kong public offering saw a subscription rate of 193 times [3]. Group 2: Business Overview - SAINT BELLA operates three main business lines: maternity centers, home care services, and women's health functional foods [3]. - The company has established a network of 96 high-end maternity centers under its brands, including 62 self-operated and 34 managed centers, with plans to expand further [3][4]. Group 3: Financial Performance - Revenue figures from 2021 to 2024 show a growth trajectory, with total revenues of RMB 259 million, RMB 472 million, RMB 560 million, and RMB 799 million, respectively [3]. - The maternity center business is the core revenue driver, contributing over 80% of total income, with specific revenues of RMB 233 million, RMB 407 million, RMB 468 million, and RMB 678 million for the same period [3]. Group 4: Pricing and Market Position - SAINT BELLA positions itself as a high-end maternity service provider, with package prices starting at HKD 138,800 for a 28-day stay, earning the nickname "the Hermes of maternity centers" [4]. - The company also offers customized home care services and has seen a 52.4% year-on-year growth in this segment, reaching RMB 69.07 million in 2024 [4]. Group 5: Future Plans - The company plans to expand its maternity center network by approximately 55 new centers from 2025 to 2029, including 4 to 5 overseas centers [4]. - SAINT BELLA is exploring new retail brands and products aimed at postpartum women and infant care, with plans to launch new retail brands starting in 2026 [5].

Core Viewpoint - Saint Bella, known as the "Hermès of postpartum care," successfully listed on the Hong Kong Stock Exchange, experiencing a significant price increase on its debut [2][4]. Company Overview - Saint Bella's IPO price was HKD 6.58 per share, with a total issuance of 109.7 million shares, resulting in a market capitalization of HKD 53.66 billion at a closing price of HKD 8.80 [2]. - The company specializes in high-end postpartum care services, with a market share of approximately 1.2% in China [4]. Financial Performance - In 2024, Saint Bella's revenue from postpartum care centers is projected to be approximately HKD 678 million, accounting for 85% of total revenue, with a year-on-year increase from 2023 [6][7]. - The average contract value per night for its services is expected to rise from HKD 6,740 in 2022 to HKD 7,015 in 2024, although the "Little Bella" brand's average price is projected to decline [6][7]. - The company's gross margin is expected to decrease to 33.9% in 2024, with the gross margin for postpartum care services at 31.8%, down from 34.1% in 2023 [7]. IPO Proceeds Utilization - The net proceeds from the IPO are approximately HKD 630 million, with allocations including 29% for expanding postpartum care networks, 37% for new service and product launches, 18% for research and development, 6% for training family care professionals, and 9% for working capital [8].

Core Viewpoint - Saint Bella, a leading high-end confinement center service provider in China, went public on June 26, 2023, with an initial share price of HKD 6.58, closing up 33.7% on its first day, resulting in a market capitalization of HKD 5.4 billion [2] Company Overview - Saint Bella operates 96 confinement centers across 30 cities in China, with monthly package prices reaching up to HKD 588,800, positioning itself as the "Hermès of confinement centers" [2][4] - The company was founded in 2017 by two post-85s graduates from prestigious universities, aiming to be the "LVMH of the care industry" [4] Financial Performance - Revenue projections for 2022, 2023, and 2024 are HKD 472 million, HKD 560 million, and HKD 799 million, respectively, with cumulative losses nearing HKD 1.2 billion over three years [2][8] - Despite a gross margin of 29%-37%, the company has not yet achieved profitability, with losses of HKD 410 million, HKD 230 million, and HKD 540 million for the years 2022, 2023, and 2024 [8] Investment and Funding - Prior to the IPO, Saint Bella secured investments from notable institutions including Tencent and New World Development, raising a total of HKD 722 million through the IPO [3] Market Position and Competition - The confinement center market has seen a significant increase in competition, with a nearly 80% rise in the number of centers in first and new first-tier cities over the past five years, while market demand has only grown by 40%-50% [9] - Saint Bella's primary competitors include Aidi Palace, which has been struggling financially and is currently suspended from trading [2][9] Operational Strategy - The company collaborates with high-end hotels for a light-asset operation model, maintaining a rental expenditure of over HKD 120 million annually [6][7] - Saint Bella employs a highly qualified nursing staff, with 97% holding nursing licenses, and has maintained labor costs exceeding HKD 100 million each year [7] Expansion Plans - Saint Bella has rapidly expanded its footprint, doubling the number of centers to 43 by the end of 2023, and is targeting middle-class families and overseas markets for growth [9][10] - The company has launched sub-brands like "Xiaobella" to cater to the mid-tier market, with prices starting at HKD 78,800 for a 28-day package [10] - Internationally, Saint Bella opened its first store in Singapore in October 2023 and plans to enter major cities like New York and Paris by 2026 [10]