Group 1 - The industry is entering a reshuffling phase, with Shengbeila (02508) establishing a special regulatory account with banks to enhance service standards and operational thresholds, which is expected to accelerate supply clearance [1][2] - Shengbeila is likely to benefit from a light asset model relying on hotels and a strategy of initially managing before acquiring, with adjusted net profit forecasts for 2025-2027 at 1.21 billion, 1.98 billion, and 3.02 billion yuan respectively [1] - The current stock price corresponds to a PE valuation of 32x, 19x, and 13x for the respective years, maintaining a "buy" rating with a target price of 10.36 HKD based on a 30x target PE for 2026 [1] Group 2 - As an industry leader, the company is the first to implement independent bank custody and closed fund supervision for customer prepayments, setting a benchmark for safety in the industry and promoting standardized development [2] - The industry is experiencing a wave of closures and bankruptcies, with notable cases such as Aijia Maternity Center, which filed for bankruptcy in early 2025, indicating a backlash from previous low-quality expansion and price wars [2] - The company's efforts to raise service standards and operational thresholds may accelerate supply clearance, positioning it to fully benefit as a standardized provider of high-quality products and services [2]

Group 1 - The industry is entering a reshuffling phase, with Shengbeila (02508) establishing a special regulatory account with banks to enhance service standards and operational thresholds, which is expected to accelerate supply clearance [1][2] - Shengbeila is anticipated to benefit from a light asset model reliant on hotels and a strategy of initially managing contracts before acquiring [1] - The adjusted net profit forecast for Shengbeila for 2025-2027 is projected at 1.21 billion, 1.98 billion, and 3.02 billion respectively, with a current PE valuation of 32x, 19x, and 13x, maintaining a "buy" rating and a target price of 10.36 HKD based on a 30x target PE for 2026 [1] Group 2 - As an industry leader, Shengbeila is the first to implement independent bank custody and closed-loop fund supervision for customer prepayments, setting a benchmark for industry safety and promoting standardized development [2] - The industry is experiencing a wave of closures and bankruptcies, with notable cases such as Aijia Maternity Center, which had 67 stores and went bankrupt in early 2025, indicating a backlash from previous low-quality expansion and price wars [2] - Shengbeila's efforts to raise service standards and operational thresholds are expected to accelerate supply clearance, positioning the company to fully benefit as a standardized provider of high-quality products and services [2]