Group 1: Company Overview - Saint Bella, established in 2017 and headquartered in Hangzhou, Zhejiang, is a leading brand in China's high-end maternal and infant care sector, offering postpartum care and related services [2] - The company is known as the "Hermès of the maternity center industry," with 28-day package prices ranging from 68,800 to 220,000 RMB, attracting high-profile clients [2] - As of June 3, 2025, Saint Bella's network covers 27 first- and second-tier cities in mainland China, as well as Hong Kong, Singapore, and the Greater Los Angeles area, with 96 maternity centers [2] Group 2: Financial Performance - Revenue for Saint Bella from 2022 to 2024 was 472 million, 560 million, and 799 million RMB, respectively, with a compound annual growth rate of 30% driven by new store openings [3] - The company reported net losses of 411.6 million, 238.9 million, and 543.3 million RMB for the same years, with adjusted net profits showing significant fluctuations [3][4] - The main revenue source is the maternity center business, which accounted for 85% of total revenue in 2024, while family care services and women's health products contributed 8.6% and 6.4%, respectively [4] Group 3: Business Model and Strategy - Saint Bella employs a light asset model, partnering with luxury hotels to avoid property construction, allowing for rapid store openings within three months [5] - The brand matrix includes ultra-high-end (Saint Bella), high-end (Ai Yu), and affordable luxury (Xiao Bella) to cater to different customer segments, although mid- to low-end brands contribute 70% of store count and revenue growth [5] - The company has a high customer retention rate, with 38% of orders coming from referrals and an 84% repurchase rate, primarily targeting high-net-worth clients [5] Group 4: Market Position and IPO Details - Saint Bella's market capitalization is 39 billion HKD, with an IPO planned to raise approximately 628 million HKD, representing 16.03% of total shares [6][8] - The company is expected to have a high subscription rate, with estimates suggesting a potential oversubscription of over 100 times, which may lead to a lower allocation rate for public investors [8] - Compared to peers, Saint Bella's valuation is considered high at 93 times adjusted net profit, indicating that its growth potential may already be priced in [6]
圣贝拉港股IPO，高端月子中心的“爱马仕”值不值？