明星扎堆的月子中心上市了：客单价24万，不赚钱还巨亏？| BUG

Core Viewpoint - The article discusses the recent IPO of Saint Bella, a high-end maternity care center, highlighting its financial struggles and market position despite significant capital backing from notable investors like Tencent and China Life [2][5][15]. Financial Performance - Saint Bella reported losses of 4.12 billion, 2.39 billion, and 5.43 billion from 2022 to 2024, totaling 11.94 billion in losses over three years [7][9]. - Revenue figures for the same period were 4.72 billion, 5.60 billion, and 7.99 billion, indicating a growth trend in revenue but not enough to offset losses [7]. - The company's debt situation is concerning, with the debt-to-asset ratio increasing from 276.77% to 334.86% and total liabilities rising from 650 million to 2.08 billion [2][8]. Business Model and Revenue Sources - Saint Bella's business heavily relies on its maternity centers, which accounted for 85% of total revenue in 2024, with family care services and food sales contributing only 8.6% and 6.4%, respectively [7]. - The average revenue per customer at self-operated maternity centers increased from 224,800 to 239,200 from 2022 to 2024 [7]. Cost Structure - Rental and related costs were significant, amounting to 1.23 billion, 1.26 billion, and 1.94 billion for 2022, 2023, and 2024, respectively, making up 37.2%, 35.4%, and 36.7% of total sales costs [8]. - Human resource costs for professional care teams were also high, totaling 1.09 billion, 1.22 billion, and 1.77 billion over the same period [8]. Market Position and Growth Potential - The maternity care 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 [15][16]. - Despite the market potential, Saint Bella faces challenges, as evidenced by the struggles of other companies in the sector, such as the previously listed competitor, Aidi Palace, which reported a revenue decline of 18.4% in 2023 [15]. Compliance and Reputation Issues - Saint Bella has faced compliance issues, including a public apology for false advertising related to non-authoritative certifications and penalties for unlicensed medical practices [10][14][13].