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 is positioning itself as a leader in the postpartum care and recovery industry, aiming to become the "first global family quality care stock" through a differentiated business model and strong financial performance [1][4]. Group 1: Market Position - Saint Bella holds the top position in the postpartum care and recovery sector in Asia and China, with a market share of approximately 1.2% based on projected 2024 revenues [2]. - The company is recognized as the fastest-growing large-scale postpartum care and recovery group in China, leading the industry in revenue growth rates from 2022 to 2024 [2][7]. - Saint Bella is the first operator in the mainland to expand its postpartum care centers beyond China, establishing a global service network [3]. Group 2: Business Model - The company has developed a comprehensive service ecosystem that covers prenatal, postpartum, and family childcare, moving beyond the traditional single-service model [3]. - The business model consists of three stages: 1. Establishing a foundation of professional care with a tiered service design [3]. 2. Extending care services into home settings to meet ongoing needs after hospital discharge [3]. 3. Creating a health consumption ecosystem with high-end health food brands focused on women's nutrition [3]. Group 3: Financial Performance - Saint Bella's revenue has shown strong growth, with figures of 472 million, 560 million, and 799 million yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 30.15% [7]. - The company has diversified its revenue streams, with nearly 30% of total income in 2024 coming from services outside postpartum care, indicating reduced reliance on a single business line [7]. - The gross profit has also expanded, with gross profits of 141 million, 205 million, and 270 million yuan from 2022 to 2024, achieving a CAGR of 38.42% [8]. - Adjusted net profits have doubled over two years, reaching 42.26 million yuan in 2024, with a year-on-year growth rate of 103.43% [8][12]. Group 4: Strategic Outlook - Saint Bella's strategy of integrating professional care, home settings, and health consumption is redefining industry standards and creating competitive barriers [4]. - The company is expected to accelerate its global expansion, potentially becoming a representative of Chinese family care solutions on the world stage [12].

Core Viewpoint - Saint Bella Inc. is positioned as the largest high-end confinement center network in China, with significant growth in both domestic and international markets [2][3]. Group 1: Business Overview - As of December 21, 2024, Saint Bella operates 72 high-end confinement centers under various brands, including 58 self-operated and 14 managed centers [2]. - The company has expanded its global footprint by opening its first overseas management center in Hong Kong in January 2022, a self-owned center in Singapore in October 2023, and a management center in the Greater Los Angeles area in May 2024 [3]. Group 2: Service Offerings - In addition to confinement centers, Saint Bella offers family care services under the "Yujia" brand and functional health foods for women, having acquired the "Guanghetang" brand in October 2021 [3][4]. - Approximately 87% of postpartum care service clients have also paid for other services or products from Saint Bella, indicating a strong customer retention and lifecycle value [4]. Group 3: Financial Performance - Revenue figures for Saint Bella from 2021 to 2023 were 259 million, 472 million, and 560 million CNY, respectively, with a 32% increase in the first half of 2024 to 358 million CNY compared to the same period in 2023 [4][5]. - The total contract value for all business lines from 2021 to 2024 was 390 million, 589 million, 776 million, and 486 million CNY, respectively, with a 34.6% increase in the contract value for confinement centers in the first half of 2024 [5]. Group 4: Profitability - In 2023, Saint Bella achieved profitability with an adjusted net profit of 20.77 million CNY, which increased by 122.4% to 17.15 million CNY in the first half of 2024 compared to the same period in 2023 [5]. Group 5: Investment and IPO Plans - Major investors include Tencent and Gao Rong Capital, holding 11.6% and 8.3% of shares, respectively [6]. - The funds raised from the IPO will be used to expand the postpartum care network, open new confinement centers, integrate competitors, and develop new services and products [6].

中国最大的产后护理及修复集团 。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 根据弗若斯特沙利文报告，2023年圣贝拉拥有中国最大的高端月子中心网络，且就收入而言，圣贝 拉在杭州和上海等多个城市拥有领先市场份额。 此外，通过于2022年1月在香港增设第一家管理中心、于2023年10月在新加坡增设了第一家自有海 外中心以及于2024年5月在美国大洛杉矶地区增设第一家管理海外中心， 圣贝拉扩大了全球影响 力，成为中国内地首家拓展中国内地以外地区的月子中心运营商 。 除月子中心外，圣贝拉另有家庭护理服务和女性健康功能性食品两大业务——前者为2018年推出的 「予家」品牌，其可按定制化基础解决客户的特殊家庭护理需求并拓展客户的生命周期价值；后者则 据IPO早知道消息，SAINT BELLA Inc.（以下简称"圣贝拉"）于2024年12月31日更新招股书，继 续推进港交所主板上市进程，瑞银集团和中信证券担任联席保荐人。 2017年11月，首家圣贝拉月子中心在杭州开业。截至2024年12月21日，圣贝拉在圣贝拉、Bella Isla及小贝拉品牌名下拥有72家高端月子中心，包括 ...