Core Viewpoint - Saint Bella has officially received the CSRC filing notice, advancing its listing process on the Hong Kong Stock Exchange, and is expected to become the "first stock in family quality care" [3] Industry Overview - The postpartum care industry has seen rapid growth, with significant market potential. According to data from Sullivan, the market size of maternity centers in China is expected to reach 117.6 billion yuan by 2030, with a compound annual growth rate (CAGR) of 24% from 2024 to 2030. Currently, the market penetration rate is only 5.5%, and the market share of leading brands is just 2.4%, indicating a highly fragmented industry with vast development space [3] Company Business Model - Saint Bella is not a traditional postpartum care brand but has built a "full-cycle coverage" family care ecosystem. Its business encompasses maternal and infant care, family parenting, and women's health food retail, gradually constructing a comprehensive family care service system from pregnancy to postpartum, early childhood, and even elderly care. The flagship brand "Saint Bella Maternal and Infant Care Center" focuses on providing full-cycle care services for high-net-worth families, while "baby bella" targets young families as a preferred postpartum care brand. "Bella ISLA" emphasizes psychological healing for women throughout their life cycle. Additionally, Saint Bella has made acquisitions and investments to enhance its postpartum medical services and nutrition offerings, transitioning from "a meal of postpartum food" to "lifetime health" [4] Financial Performance - Financial data disclosed in the prospectus shows that Saint Bella's operational performance is strong. From 2021 to 2023, its sales increased from 390 million yuan to 775 million yuan, and revenue rose from 259 million yuan to 560 million yuan, with growth rates of 99% and 116%, respectively. In the first half of 2024, revenue continued to grow rapidly, reaching 358 million yuan, a year-on-year increase of 32%. By its seventh year in 2023, Saint Bella achieved profitability, with an adjusted net profit of 20.77 million yuan and an adjusted EBITDA of 61.4 million yuan, a 31-fold increase compared to the previous year. In the first half of 2024, adjusted net profit increased by 122.4% to 17.15 million yuan. Notably, Saint Bella's marketing costs are significantly lower than industry standards, with sales and distribution expenses accounting for only 12.65% of revenue in the first half of 2024, and advertising expenses making up just 7.90% of revenue, indicating a focus on human resources, high-end property leasing, new retail product costs, and R&D investments that enhance service experience and management optimization [5] Future Outlook - Saint Bella aims for long-term investment in service quality and future growth. In an era of consumer upgrading, family health services represent a promising sector. With professional services and an innovative business model, Saint Bella has gained recognition among high-net-worth families and is expected to further expand its market space while promoting a more standardized and regulated development of the family care industry. The listing is seen as a new starting point for the company, and if it continues to prioritize user experience and builds a digital and ecological moat, the future of Saint Bella looks promising [6]