Group 1 - Saint Bella reported its first financial results since going public, achieving total revenue of 523 million yuan in the first half of 2025, a year-on-year increase of 35%, and a net profit of 327 million yuan, marking a significant turnaround from losses [1][6] - The company operates under a light asset model, partnering with high-end hotels such as the Peninsula Hotel in Beijing and the Waldorf Astoria in Shanghai to establish its maternity centers, which have become profitable despite the traditional hotel industry facing challenges [1][6][12] - The number of managed maternity centers increased to 53, contributing 73 million yuan in revenue, a 159.6% increase year-on-year, highlighting the effectiveness of the partnership strategy [6][22] Group 2 - The pricing for Saint Bella's maternity packages ranges from 168,800 yuan to 388,800 yuan for stays of 28 to 56 days, positioning it as a premium service in the market [3][5][7] - The high-end hotel collaboration allows for enhanced service offerings, including customized meal plans and access to hotel amenities, which are attractive to consumers [12][16] - The overall market for maternity services in China is projected to grow significantly, with a forecasted compound annual growth rate of 24% from 2024 to 2030, indicating substantial growth potential for the industry [21][22] Group 3 - The traditional high-end hotel industry is experiencing a downturn, with occupancy rates and revenue per available room (RevPAR) declining, prompting hotels to seek new revenue streams through partnerships with maternity centers [22][28] - The integration of maternity centers into high-end hotels can enhance hotel profitability by utilizing underused space and increasing overall service offerings, thus addressing the challenges faced by the hotel industry [24][27] - The collaboration between maternity centers and hotels is seen as a new business model that can revitalize the hotel sector, providing stable income and attracting new customer segments [25][30]

Core Viewpoint - The high-end postpartum care market in China is experiencing growth despite a decline in newborn numbers, with companies like Saint Bella leading the way in this sector [1][11]. Group 1: Company Overview - Saint Bella is set to launch its IPO on June 26, 2023, aiming to raise HKD 627 million with an estimated valuation of HKD 39.18 billion [2]. - The company has attracted significant cornerstone investors, including Tencent and Huaxia Fund, with a total subscription of approximately HKD 323 million [2]. - Founded in 2017 by two returnees, the company has expanded from a regional brand to a national leader in high-end postpartum care [2][4]. Group 2: Business Model and Expansion - Saint Bella operates a brand matrix consisting of "Saint Bella," "Little Bella," and "Bella Isla," with plans to reach 96 centers globally by June 2025 [5]. - The average customer spending on postpartum care is around CNY 220,000, with premium packages in major cities reaching CNY 388,800 [5]. - The company has diversified its services to include family care and women's health products, with 84% of postpartum care customers purchasing additional services [5]. Group 3: Financial Performance - Despite revenue growth from CNY 471.5 million in 2022 to an expected CNY 799 million in 2024, Saint Bella has incurred cumulative losses of CNY 1.25 billion from 2021 to mid-2024 [7][9]. - The company reported an adjusted net profit of CNY 20.77 million in 2023, indicating early signs of scale effects [9]. - The total contract value, a key indicator of business potential, increased from CNY 589 million in 2022 to CNY 976 million in 2024 [9]. Group 4: Industry Trends - The high-end postpartum care market is projected to grow at a compound annual growth rate (CAGR) of 18.1% from 2024 to 2030, despite a declining birth rate in China [10]. - The market is characterized by low concentration, with the top five brands holding only 10% market share, and Saint Bella leading with a 1.2% share [11]. - There is a rising demand for scientific care and mental health services among the new generation of middle-class families, driving up customer spending and repeat purchase rates [11]. Group 5: Future Plans - Saint Bella plans to use the funds raised from its IPO for store expansion, development of elderly care services, and IT system upgrades [12]. - The company aims to establish an ecosystem that integrates postpartum care, family services, and health food products to solidify its market position [12].