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].
圣贝拉(02508) - 2025 - 中期财报