内容概要：产后护理及修复是指女性在生产完毕之后，常常会因为身体过于虚弱而需要一定的恢复和保 养，而这种恢复和保养被称之为产后护理及修复。随着人们消费能力的提高和对健康审美观念的重视， 现代女性对产后身材恢复、心理健康以及科学护理给予越来越多的关注，愿意投入更多的金钱和精力来 进行产后修复及护理，产后护理及修复需求激增，成为大健康消费领域的一片蓝海，市场规模不断扩 大。2024年中国产后护理及修复市场规模为675亿元，同比增长13.6%%，其中产后修复市场规模为227 亿元，同比增长18.8%；产后护理市场规模为448亿元，同比增长11.2%。按照不同的服务提供商类型， 产后护理可分为月子中心和月嫂。近年来，月子中心凭借优质的服务、专业的护理和科学的管理赢得了 众多准父母的青睐，渗透率不断提升，我国月子中心市场规模由2020年的113亿元增长至2024年的296亿 元，年复合增长率为27.2%。月嫂市场规模也保持增长态势，2024年市场规模为151亿元，同比增长 4.1%。一方面系居民生活水平的提高促使消费观念发生转变，越来越多的家庭倾向于请月嫂来照顾产 妇与新生儿；另一方面，供不应求局面下，月嫂工资不断上涨， ...

Core Viewpoint - The article highlights the challenges and controversies faced by the maternity care industry in China, particularly focusing on the case of the Yuezi Palace Yuan maternity center in Chengdu, which has been accused of false advertising and inadequate service standards [4][6][11]. Industry Overview - The maternity care market in China is projected to grow to over 300 billion yuan by 2024, with more than 5,800 maternity centers expected to operate nationwide [4][13]. - The rapid expansion of the industry has led to significant issues, including inconsistent service quality and a lack of regulatory oversight, which have resulted in increased consumer complaints [11][12]. Company Case Study - The Yuezi Palace Yuan maternity center has faced multiple complaints regarding service discrepancies, including differences between advertised and actual room types and failure to meet promised service standards [5][6]. - The center offers various service packages ranging from 57,980 yuan for 26 days to 628,062 yuan for 42 days, with the most popular packages priced under 130,000 yuan [5][11]. Regulatory Challenges - The maternity care industry suffers from unclear regulatory frameworks, leading to issues such as false advertising and inadequate service delivery [11][15]. - The lack of a unified regulatory body has resulted in a fragmented oversight system, complicating the enforcement of standards and consumer protection [14][15]. Market Dynamics - The industry has seen a rise in complaints and business closures, with over 100 maternity centers reported to have shut down or gone bankrupt in recent months [10][11]. - Despite the challenges, investment interest in the sector remains high, with significant funding from major firms indicating a belief in the industry's potential for growth [14]. Future Outlook - The maternity care market is transitioning from a rapid growth phase to a more mature stage, with expected annual growth rates declining from 81.5% to 7.5% [13]. - Experts suggest that establishing clear industry standards and improving regulatory oversight will be crucial for the sustainable development of the maternity care sector [12][15].

Core Viewpoint - SAINT BELLA Inc. has successfully listed on the Hong Kong Stock Exchange with a strong market debut, indicating robust investor interest and confidence in the company's business model and growth potential [1][3]. Group 1: IPO Details - The company issued 109.7 million shares at an offering price of HKD 6.58, with a closing price of HKD 8.80 on the first day, resulting in a market capitalization of HKD 53.66 billion [1][2]. - The global offering was oversubscribed by more than 15 times, while the Hong Kong public offering saw a subscription rate of 193 times [3]. Group 2: Business Overview - SAINT BELLA operates three main business lines: maternity centers, home care services, and women's health functional foods [3]. - The company has established a network of 96 high-end maternity centers under its brands, including 62 self-operated and 34 managed centers, with plans to expand further [3][4]. Group 3: Financial Performance - Revenue figures from 2021 to 2024 show a growth trajectory, with total revenues of RMB 259 million, RMB 472 million, RMB 560 million, and RMB 799 million, respectively [3]. - The maternity center business is the core revenue driver, contributing over 80% of total income, with specific revenues of RMB 233 million, RMB 407 million, RMB 468 million, and RMB 678 million for the same period [3]. Group 4: Pricing and Market Position - SAINT BELLA positions itself as a high-end maternity service provider, with package prices starting at HKD 138,800 for a 28-day stay, earning the nickname "the Hermes of maternity centers" [4]. - The company also offers customized home care services and has seen a 52.4% year-on-year growth in this segment, reaching RMB 69.07 million in 2024 [4]. Group 5: Future Plans - The company plans to expand its maternity center network by approximately 55 new centers from 2025 to 2029, including 4 to 5 overseas centers [4]. - SAINT BELLA is exploring new retail brands and products aimed at postpartum women and infant care, with plans to launch new retail brands starting in 2026 [5].

1. 尽管 " 圣贝拉 " 定位高端月子服务， 28 天收费 13.88 万元起，但一度陷亏损泥潭， 2022 年经调整净亏损 4463 万元，高成本结 构侵蚀利润，租赁与人力成本合计占销售成本近 70% 。 2. 这家 " 最贵 " 月子中心的合规风险密集暴露：位于北京的月子中心 2021-2022 年两次因无证行医被处罚，最高单次罚款 15 万元； 曾违规发放民间借贷，违反《贷款通则》；近期被曝 2021 年校招资料中疑似有 代孕宣传痕迹 。 3. 在虚假宣传上，圣贝拉更是问题频出，涉及资质、合作、产品、竞争多个维度，比如长期宣称护理人员持有 " 国际 ACI 母婴护理 师资格证 " ，但 ACI 早已经被曝光 实为 一家美国 商业公司， 认证无权威性 。 在热闹的港股里，"圣贝拉"和它的价格一样惹眼。 近日，圣贝拉已正式获准启动港股IPO进程，离上市又进了一步。这个"月子中心"品牌，只住28天的月子套餐，收费高达13.88万元 起，平均一天花费近5000块，远高于行业水平，因此有了"月子中心爱马仕"之称。 由于戚薇、麦迪娜、李艾、唐艺昕等女艺人都曾入住过，这成了圣贝拉宣传里强化其高端定位的重要手段。 然 ...

近日，主打高端月子中心的圣贝拉（SAINT BELLA Inc.）正式获得赴港上市的备案通知书，离IPO更近一步。 门店分布北上广、香港、新加坡，戚薇、吉娜、唐艺昕等一众女明星曾入住，56天女王套餐最高报价116.88万，住一天就要2w，圣贝拉把月子服务卖成了 奢侈品。 但做月子圈的"爱马仕"真得赚钱吗？ 与大众对高端月子中心赚得盆满钵满的想象相距甚远，圣贝拉高昂卖价的背后却是巨额亏损。 招股书显示，2021年-2023年及2024年上半年，圣贝拉净亏损分别为1.22亿、4.12亿、2.39亿、4.80亿，3年半累计亏损超12亿元，即使将与经营无关的亏损 调节掉，2024年上半年调整后盈利也仅有1715万元。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2021年 | 2022年 | 2023年 | 2023年 | 2024年 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | | | | | | (未經審核) | | | 年／期內虧損 | (122,39 ...

护理人员未持有育婴师或护士资格证；实际服务与合同条款存在明显差异；通过捆绑营销等形式诱导二 次消费；挪用预付款用于盲目扩张……根据全国消协组织受理投诉情况统计，今年一季度，月子中心服 务投诉增幅显著。种种行业乱象，折射出这一业态在监管方面存在的问题。 当前，月子中心行业的准入标准较为模糊，多数以"健康管理公司"或普通企业的名义进行注册。在现有 的管理体系下，月子中心既未被归类为公共场所，也不属于医疗保健机构。因此，注册一家月子中心仅 需满足个体工商户的基本条件，而在卫生、医疗保健、婴幼儿护理等关键领域的专业要求却近乎空白。 在政策层面，月子中心同样缺乏国家层面的刚性约束。例如，2018年由国家质量监督检验检疫总局和国 家标准化管理委员会联合发布的《母婴保健服务场所通用要求》，仅是一项推荐性标准，缺乏强制性； 2015年中国妇幼保健协会发布的《产后母婴康复机构管理和服务指南》，也仅是指导性文件。由于这些 政策文件不具备强制性，月子中心在卫生条件、人员资质等关键要素的管理上，长期处于一种缺乏规范 约束的状态。 为此，一些省市出台了地方性法规，明确标准和监管职责。通过细化标准、压实责任，为行业划出"红 线"做出有益 ...

5月8日，中国消费者协会发布2025年第一季度全国消协组织受理投诉情况分析。其中指出，月子中心服 务投诉增幅明显，机构倒闭问题最为突出。近年来，随着母婴消费需求不断升级，月子中心市场迅速发 展。然而，市场迅速扩张的同时，行业管理滞后、服务监管薄弱等问题逐渐暴露，相关投诉明显上升。 一是机构突然"跑路"。如某月子中心连锁品牌全国门店突然关闭，部分门店在闭店前仍诱导消费者付 款。二是不公平格式条款问题突出。消费者因自身原因需退款，被经营者扣除高额违约金，或以格式条 款约定未入住不退费。三是免费拍照套路多。部分月子中心以赠送免费拍照为诱饵，拍摄时再诱导消费 者购买高额摄影套餐。四是服务与承诺不符。夸大服务内容或虚构服务项目，实际入住后发现服务项目 与销售承诺存在较大出入。 ...