Core Viewpoint - Shengbeila has established a high-end ecological positioning in the postpartum care industry, benefiting from the global high-net-worth family's childbirth-related industry dividends as long as the company maintains its brand image and deepens community marketing [1] Summary by Sections Market Potential - The penetration rate of postpartum care centers is low, with only 6% in mainland China as of 2024, compared to 60% in South Korea and Taiwan, indicating significant room for growth [1] - The postpartum care market is segmented into high, medium, and low-end, with high-end centers targeting high-net-worth individuals and mid-range brands catering to a large middle-class population [1] Brand Positioning - Shengbeila has opened 113 stores globally, with 31 high-end locations in first-tier cities, establishing a leading high-end service image through innovative media channels [1] - The company plans to expand into markets such as Hong Kong, Singapore, Los Angeles, and New York, aiming to tap into overseas postpartum care market opportunities [1] Marketing Strategy - The company employs effective community marketing and social viral marketing, creating interactive scenarios with target customers, which enhances emotional value and matches the physiological and psychological needs of high-net-worth individuals [2] - This marketing model results in high customer referral rates and effective cost management, reducing reliance on traditional platforms [2] Operational Efficiency - Shengbeila benefits from a flexible booking and franchise model, allowing it to secure high rental discounts without the burden of vacancy rates, thus controlling rental expenses [2] - The management center model enables low-cost, low-risk market expansion, allowing the company to achieve higher gross margins than the industry average [2] Financial Projections - Revenue projections for 2025-2027 are estimated at 1.034 billion, 1.3 billion, and 1.556 billion yuan, with corresponding net profits of 372 million, 224 million, and 316 million yuan [2] - Adjusted net profits are expected to be 115 million, 254 million, and 331 million yuan, with price-to-earnings ratios of 29X, 13X, and 10X respectively [2] Valuation - The company’s reasonable market value is estimated at 5.8 billion HKD, corresponding to a stock price of 9.38 HKD, with a "buy" rating assigned [3]

Core Viewpoint - CITIC Construction Investment has initiated coverage on Saint Bella (02508) with a "Buy" rating, projecting revenues of 1.034 billion, 1.300 billion, and 1.556 billion for 2025-2027, with corresponding net profits of 372 million, 224 million, and 316 million, and an adjusted net profit of 115 million, 254 million, and 331 million, respectively, with a target price of 9.38 HKD [1] Group 1 - Saint Bella currently operates 113 stores globally, with 31 high-end brand locations in first-tier cities, establishing a strong high-end service image through innovative media channels [1] - The company is expanding into markets such as Hong Kong, Singapore, Los Angeles, and New York, aiming to capitalize on the overseas postpartum care market [1] - The brand's marketing strategy focuses on creating interactive scenarios with target customers, reflecting emotional value throughout the service process, which has led to high customer referral rates and effective cost management [1] Group 2 - Due to an oversupply of high-end hotels from the real estate boom, Saint Bella can adopt a flexible booking model, achieving high rental discounts while minimizing vacancy risks [2] - The management center model allows for low-cost, low-risk market expansion, enabling quick access to prime locations [2] - The postpartum care business is expected to achieve gross margins above industry levels, with significant potential for scale effects in the single-store model [2]

Core Viewpoint - CITIC Securities initiates coverage on Saint Bella (02508) with a "Buy" rating, projecting revenues of 1.034 billion, 1.300 billion, and 1.556 billion CNY for 2025-2027, with corresponding net profits of 372 million, 224 million, and 316 million CNY, and an adjusted net profit of 115 million, 254 million, and 331 million CNY, respectively, with a target price of 9.38 HKD [1] Group 1 - Saint Bella currently operates 113 stores globally, with 31 high-end stores in first-tier cities, establishing a strong high-end service image through new media channels [1] - The company plans to expand into markets in Hong Kong, Singapore, Los Angeles, and New York, aiming to capitalize on the overseas postpartum care market [1] - The brand's marketing strategy focuses on creating interactive scenarios with target customers, reflecting emotional value throughout the service process, which leads to high customer referral rates and effective cost management [1] Group 2 - Due to an oversupply of high-end hotels from the real estate boom, Saint Bella adopts a flexible booking model, allowing for lower rental costs without the burden of vacancy rates [2] - The management center model enables low-cost, low-risk market expansion, quickly acquiring premium resources in key locations [2] - The postpartum care business is expected to achieve higher gross margins than the industry average, with significant potential for scale effects in the single-store model [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年10月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 聖貝拉有限公司 | | | | | | 呈交日期: | 2025年11月6日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02508 | 說明 | | | | 本月底法定/註冊股本總額： USD 100,000 FF301 第 1 頁 共 10 頁 v 1.1.1 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 1,000,000,000 USD 0.0001 USD 100,000 增加 / 減少 (-) 0 USD 0 本月底結存 1,000,000,000 USD 0.0001 USD 100,000 FF301 II. 已發行股 ...

Core Viewpoint - The company has launched a "Postpartum Guarantee Fund Safety Account" service in collaboration with China Merchants Bank, aimed at ensuring the safety of advance payments made by customers for maternity center services [1][2]. Group 1: Service and Financial Management - The company requires customers to pay a 50% advance payment when signing the service contract, typically around six months before the expected delivery date [1]. - Advance payments will be placed in a bank-controlled special account, remaining frozen until the customer checks in and receives services, ensuring the safety of customer funds [2]. - This independent bank custody and closed funding supervision is expected to enhance customer trust and reduce decision-making time and costs [2]. Group 2: Industry Context and Impact - The postpartum center industry is experiencing a "shutdown wave" and "bankruptcy wave," with several centers closing down due to previous low-quality expansion and price wars [2]. - The company aims to raise industry service standards and operational thresholds, which may accelerate supply clearing in the market, positioning itself as a leader in providing high-quality products and services [2]. - The company is expected to benefit from a light-asset model relying on hotel management and a strategy of managing first before acquiring [3]. Group 3: Financial Projections - The company maintains adjusted net profit forecasts of 121 million, 198 million, and 302 million yuan for 2025, 2026, and 2027, respectively [3]. - The current stock price corresponds to a PE valuation of 32x, 19x, and 13x for the respective years, with a target PE of 30x for 2026, leading to a target price of 10.36 HKD [3].

Group 1 - The industry is entering a reshuffling phase, with Shengbeila (02508) establishing a special regulatory account with banks to enhance service standards and operational thresholds, which is expected to accelerate supply clearance [1][2] - Shengbeila is likely to benefit from a light asset model relying on hotels and a strategy of initially managing before acquiring, with adjusted net profit forecasts for 2025-2027 at 1.21 billion, 1.98 billion, and 3.02 billion yuan respectively [1] - The current stock price corresponds to a PE valuation of 32x, 19x, and 13x for the respective years, maintaining a "buy" rating with a target price of 10.36 HKD based on a 30x target PE for 2026 [1] Group 2 - As an industry leader, the company is the first to implement independent bank custody and closed fund supervision for customer prepayments, setting a benchmark for safety in the industry and promoting standardized development [2] - The industry is experiencing a wave of closures and bankruptcies, with notable cases such as Aijia Maternity Center, which filed for bankruptcy in early 2025, indicating a backlash from previous low-quality expansion and price wars [2] - The company's efforts to raise service standards and operational thresholds may accelerate supply clearance, positioning it to fully benefit as a standardized provider of high-quality products and services [2]

Group 1 - The industry is entering a reshuffling phase, with Shengbeila (02508) establishing a special regulatory account with banks to enhance service standards and operational thresholds, which is expected to accelerate supply clearance [1][2] - Shengbeila is anticipated to benefit from a light asset model reliant on hotels and a strategy of initially managing contracts before acquiring [1] - The adjusted net profit forecast for Shengbeila for 2025-2027 is projected at 1.21 billion, 1.98 billion, and 3.02 billion respectively, with a current PE valuation of 32x, 19x, and 13x, maintaining a "buy" rating and a target price of 10.36 HKD based on a 30x target PE for 2026 [1] Group 2 - As an industry leader, Shengbeila is the first to implement independent bank custody and closed-loop fund supervision for customer prepayments, setting a benchmark for industry safety and promoting standardized development [2] - The industry is experiencing a wave of closures and bankruptcies, with notable cases such as Aijia Maternity Center, which had 67 stores and went bankrupt in early 2025, indicating a backlash from previous low-quality expansion and price wars [2] - Shengbeila's efforts to raise service standards and operational thresholds are expected to accelerate supply clearance, positioning the company to fully benefit as a standardized provider of high-quality products and services [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The introduction of bank fund supervision enhances the safety of advance payments, providing a more secure consumer experience and potentially reducing decision-making time and costs for customers [3] - The company aims to elevate service standards and trust mechanisms in the maternal and infant industry, positioning itself as a benchmark for safety and quality, especially in light of recent industry challenges [3] - The company is expected to benefit from a light asset model and a strategy of management first followed by acquisitions, with adjusted net profit forecasts of 1.21 billion, 1.98 billion, and 3.02 billion for 2025, 2026, and 2027 respectively [3] Financial Summary - Total revenue is projected to grow from 560 million in 2023 to 1,710 million by 2027, with a compound annual growth rate (CAGR) of approximately 27.2% [2] - The company is expected to turn a profit in 2025 with a net profit of 121 million, increasing to 302 million by 2027, following a significant loss in 2023 and 2024 [2] - The gross margin is expected to stabilize around 36.4% to 38.2% from 2025 to 2027, indicating a focus on maintaining profitability as revenues grow [2] Industry Context - The maternal center industry is undergoing a consolidation phase, with the company’s initiatives likely to accelerate supply clearing and set higher operational standards [3] - Recent closures in the industry highlight the need for improved service quality and operational standards, which the company is addressing through its new banking partnership [3] - The company’s strategy to implement independent fund custody is expected to enhance consumer trust and safety, potentially leading to a competitive advantage in a challenging market [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 聖貝拉有限公司 | | | | | | 呈交日期: | 2025年10月8日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02508 | 說明 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | U ...

Financial Performance - In the first half of 2025, SAINT BELLA Inc. reported a total revenue growth of 35.0% to RMB 523 million, with operating revenue increasing by 25.6% to RMB 449 million[10]. - The adjusted net profit surged by 126.2% year-on-year to RMB 388 million, with a net profit margin improvement of 3.8 percentage points to 8.6%[11]. - The core postpartum care business revenue grew by 36.5% to RMB 460 million, with operating revenue rising by 25.3% to RMB 387 million[12]. - The company achieved a revenue of RMB 449.5 million in the first half of 2025, representing a year-on-year growth of 25.6%[22]. - The gross profit was RMB 169.1 million, up 38.9% year-on-year, with a gross margin of 37.6%, an increase of 3.6 percentage points compared to the previous year[22]. - The company reported a net profit of RMB 326.9 million in the first half of 2025, with an adjusted net profit of RMB 38.8 million, reflecting an adjusted net profit margin of 8.6%, up 3.8 percentage points year-on-year[22]. - Revenue increased by 25.6% from RMB 357.8 million for the six months ended June 30, 2024, to RMB 449.5 million for the six months ended June 30, 2025[37]. - Gross profit for the same period was RMB 169,102,000, representing a gross margin of 37.6%, up from RMB 121,748,000 in 2024[96]. - The net profit for the six months ended June 30, 2025, was RMB 326,899,000, a significant recovery from a net loss of RMB 479,870,000 in 2024[97]. Business Expansion - The number of new stores opened in the first half of 2025 reached 36, expanding the total network to 113 stores globally[13]. - The company plans to expand its business into five overseas cities in the second half of the year, aiming to enhance its global presence[18]. - The total number of maternity centers globally reached 113 as of June 30, 2025, with 36 new centers opened in the first half of the year[23]. - The number of entrusted management maternity centers increased by 34 to a total of 53, with revenue from these centers reaching RMB 73.0 million, a year-on-year increase of 159.6%[22]. - The maternity center business is projected to grow at a compound annual growth rate (CAGR) of 20.1% from 2019 to 2024, with a current market penetration rate of approximately 6% in China, indicating significant growth potential[23]. Customer Engagement - Customer referral rate increased to 40.2%, up 3 percentage points year-on-year, with membership numbers rising by 105.8% to 16,200[13]. - The company’s unique business model has resulted in a high customer conversion rate of 93.8% for additional services purchased by postpartum care clients[13]. - Membership increased by 16,200, a substantial year-on-year growth of 105.8%, driven by strong brand power and effective marketing policies[25]. - The average contract value for postpartum recovery services for the brand Shengbela was RMB 46,021, an increase of 8.1% from RMB 42,572[27]. - The average contract value for postpartum recovery services for the brand Aiyu was RMB 21,456, a significant increase of 36.3% from RMB 15,743[27]. Cost Management - The company’s SaaS and AI technology applications led to a decrease in marketing and management expense ratios by 0.6 and 4.4 percentage points, respectively[11]. - The company’s marketing expense ratio decreased to 12.0%, down 0.6 percentage points, while the management expense ratio fell to 22.1%, down 4.4 percentage points[22]. - Labor costs rose by 30.4% from RMB 78.4 million to RMB 102.2 million, reflecting the expansion of the maternity center network and home care services[39]. - Advertising expenses increased by 28.3% from RMB 28.3 million to RMB 36.3 million, in line with business expansion[43]. Research and Development - The company launched three innovative products in the first half of 2025, contributing to a 10.6% increase in business revenue and a gross margin of 72.4%[35]. - Research and development expenses for the period were RMB 5,674 thousand, down from RMB 6,520 thousand in the previous year[123]. Financial Health - The company’s total liabilities decreased significantly to RMB 476,867,000 from RMB 2,081,260,000, indicating improved financial health[100]. - The company’s debt as of June 30, 2025, totaled RMB 175.83 million, an increase from RMB 123.23 million as of June 30, 2024[64]. - The interest-bearing bank loans amounted to RMB 39.2 million as of June 30, 2025, a significant increase from RMB 14.3 million in the same period of 2024[65]. - The asset-liability ratio as of June 30, 2025, was 36.3%, compared to 21.1% as of June 30, 2024[61]. - The company recognized a foreign exchange gain of RMB 51,000 during the period, compared to a loss of RMB 720,000 in the previous year[97]. Shareholder Information - As of June 30, 2025, the company has a total of 609,733,000 issued shares, with Mr. Xiang Hua holding 212,466,000 shares, representing 34.85% ownership[72]. - Major shareholder Ms. Dai Yingyan holds 212,466,000 shares, also representing 34.85% ownership, indicating a significant concentration of ownership[73]. - Primecare BVI, a major shareholder, holds 191,219,400 shares, accounting for 31.36% of the total shares[73]. - Tencent Mobility Limited and Tencent Holdings Limited each hold 62,305,100 shares, representing 10.22% ownership each[73]. Compliance and Governance - The company has adopted the corporate governance code as per the listing rules, ensuring compliance since the listing date on June 26, 2025[80]. - The audit committee has reviewed the interim financial results for the six months ending June 30, 2025, ensuring compliance with relevant accounting standards[83]. - The company has confirmed compliance with the standard code of conduct for securities trading by all directors since the listing date[81]. Environmental and Social Responsibility - The company aims to reduce its electricity consumption per unit of revenue by 10% by 2028 compared to 2024 levels[89]. - The company has not incurred any significant costs related to compliance with applicable environmental laws and regulations during the reporting period[90].