每经记者｜彭斐 每经编辑｜魏官红 8月24日晚间，盈康生命（300143.SZ，股价10.62元，市值79.59亿元）发布的2025年半年度报告显示， 公司上半年实现营业收入8.43亿元，同比微增2.4%；对应的归母净利润为6182.72万元，同比增长 12.8%。 《每日经济新闻》记者注意到，利润增长或得益于公司外延式并购与内生式增长的"双轮驱动"。一方 面，公司通过并购持续扩大医疗服务版图；另一方面，以AI深度赋能现有业务，将利润空间"挤"了出 来。 肿瘤特色服务成色几何？ 医疗服务作为盈康生命的核心业务，上半年贡献收入6.53亿元，同比增长2.28%。其中，肿瘤业务堪 称"增长担当"，收入达2.15亿元，同比增长25.14%。 在区域布局上，2025年3月，盈康生命宣布以3.57亿元现金收购长沙珂信肿瘤医院有限公司51%的股 权，该事项已在上半年完成交割。这家以肿瘤微创介入治疗为特色的三级专科医院，补齐了盈康生命在 华中地区的版图。 如果说外延并购为盈康生命打开了"增量"市场，那么AI技术的应用或许是在"存量"业务中挖掘利润的关 键。 盈康生命2025年第一季度归母净利润的增长，主要原因即为"费用优化" ...

机构：华泰证券 研究员：樊俊豪/曾珺 圣贝拉是亚洲和中国最大的产后护理与修复品牌集团（24 年月子中心收入口径，沙利文），已在全球 30 个城市布局月子中心门店96 家（截至2025.6）。 市场担忧国内出生率下降会制约行业及公司主业的规模增长，对此我们认为当前女性悦己需求的崛起与 家庭结构的变化，与韩国/中国台湾产后护理行业早期背景具有相似性，有望通过渗透率提升对冲出生 人口下滑的影响。据沙利文，24 年我国境内月子中心渗透率仅6%，较中国台湾/韩国（均超60%）仍有 较大提升空间。此外，不同于传统的重资产投入模式，公司独创的轻资产标准化运营方式抗风险能力更 强，有望在行业周期波动中实现攻守兼备。 我们看好公司本土高端服务品牌的稀缺性、标准化运营复制能力以及年轻创始团队的锐气与专业沉淀。 立足当下，公司正处于同店稳定增长、门店快速扩张的势能成长期，规模效应有望撬动利润弹性，我们 预计25-27 年公司收入/经调整净利润CAGR 28%/94%。展望未来，公司主业全球范围内横向积极整合扩 张，纵向以"她经济"切入家庭护理和女性健康食品业态，拓展全周期家庭护理版图，有望释放多品牌与 平台能力的协同价值。 目标价 ...

Core Viewpoint - The successful IPOs of companies like Saint Bella, Zhou Li Fu, and Ying Tong Holdings highlight the booming "self-care consumption" trend, indicating that consumers are willing to pay a premium for professional services that enhance their quality of life [3][12]. Group 1: Company Overview - Saint Bella, known as the "first stock of global family quality care," had an IPO pricing of HKD 6.58 per share, with a first-day increase of 42%, reaching HKD 9.4 per share [1][4]. - The company reported revenues of CNY 472 million, CNY 560 million, and CNY 799 million for 2022, 2023, and 2024 respectively, marking a revenue growth of 67.3% over two years [4]. - Adjusted net profit shifted from a loss of CNY 44.63 million in 2022 to a profit of CNY 20.77 million in 2023, with further growth to CNY 42.26 million in 2024 [4]. Group 2: Business Model and Strategy - Saint Bella has redefined the traditional "postpartum care" model by adopting a "high-end hotel leasing + professional care output" strategy, significantly reducing initial investment costs while enhancing customer experience [4][6]. - The company operates a three-tier brand matrix targeting different customer segments, with the ultra-high-end brand contributing an average revenue of CNY 239,000 per customer in 2024 [5]. - The expansion into family health ecosystems includes home care services and the acquisition of a women's health food brand, leading to a revenue increase from CNY 64.19 million in 2022 to CNY 120 million in 2024 [6]. Group 3: Market Potential and Growth Drivers - The postpartum care and recovery service market is projected to reach CNY 67.5 billion in 2024, with a compound annual growth rate (CAGR) of 20.4% expected until 2030 [7]. - The penetration rate of postpartum care centers in China is currently at 6.0%, significantly lower than the 60% in mature markets like South Korea and Taiwan, indicating substantial market expansion potential [7][8]. - Saint Bella's competitive advantage lies in its professionalized service model, with 693 certified nurses and partnerships with over 30 nursing schools, enhancing service quality and customer satisfaction [8][9]. Group 4: Future Directions - The company plans to invest in AI and new retail strategies to enhance service quality and expand its product lines, including a focus on women's health throughout their life cycle [10][11]. - Saint Bella is also pursuing global expansion, with plans to open centers in international cities with large Chinese populations, leveraging existing demand to establish a foothold in new markets [11]. - The IPO reflects the capital market's recognition of the long-term value in family health management, marking a shift in consumer focus from emotional satisfaction to higher quality of life concerns [12].

Group 1: Company Overview - Yuyue Medical held a product launch event themed "AI + Health Future" to enhance home health management through AI technology [1] - In the 2024 financial report, the company reported R&D investment of 547 million yuan, an increase of 8.39% year-on-year, accounting for 7.23% of revenue, with a five-year compound annual growth rate of 18.39% [1] - Yuyue Medical has drafted four national standards and one local standard, completed two major national key R&D projects, and received 200 new patent authorizations in the year [1] Group 2: Product Innovations - Yuyue Medical launched five new products in the diagnostic monitoring sector, including the S series atrial fibrillation blood pressure monitor and a multi-functional home vital signs monitor [1][2] - The new home vital signs monitor integrates six measurement functions, addressing accessory storage and data management issues for chronic disease patients [2] Group 3: AI Integration - The company is focusing on integrating AI technology into health management, with the S series blood pressure monitor featuring a dual measurement design for precise screening of blood pressure and atrial fibrillation [3] - Yuyue Medical introduced the Yuyue AI Health Manager, which combines its product matrix with an intelligent health management ecosystem, allowing users to easily collect, analyze, and manage health data [3] Group 4: Future Vision - The chairman of Yuyue Medical emphasized that AI wearable medical devices will transform health management and optimize medical services, aligning with the company's mission to alleviate patient suffering and enhance physician skills [4] - The company aims to explore a fully integrated intelligent system for monitoring, warning, and intervention, enhancing health benefits for families through technological advancements [4]