Core Viewpoint - The global family care leader, Saint Bella, has officially launched its IPO process, aiming to raise capital in a booming Hong Kong market, with a share price set at HKD 6.58 and a total offering of 95.42 million shares [1][2]. Group 1: Investment Highlights - Saint Bella's IPO has attracted a prestigious lineup of cornerstone investors, including the Hangzhou government-backed Xiaoshan District Industrial Fund, marking a significant regional benchmark [2][6]. - The strategic investment from the high-end private medical group, Harmony Family, is expected to create synergies between its medical resources and Saint Bella's care system, potentially forming a "high-end care + specialized medical" ecosystem [2]. - The participation of major public fund, Huaxia Fund, further underscores the recognition of the company's long-term value by mainstream capital [3]. Group 2: Financial Performance - Saint Bella's revenue has shown robust growth, increasing from CNY 472 million in 2022 to CNY 799 million in 2024, representing a compound annual growth rate (CAGR) of 30.15%, significantly outpacing the industry average [8]. - The adjusted net profit has turned from a loss in 2022 to a profit of CNY 20.77 million in 2023, and is projected to reach CNY 42.26 million in 2024, with a year-on-year growth rate of 103.43% [9]. Group 3: Market Position and Strategy - As the first global family care company to go public, Saint Bella is positioned as a benchmark in the industry, redefining the market landscape [7]. - The company has innovatively developed a comprehensive service ecosystem covering the entire family care cycle, creating strong competitive barriers and first-mover advantages [8]. - The diversified business model, extending from core maternal and infant care to home care and postpartum rehabilitation, is expected to drive significant revenue growth through synergistic effects [8]. Group 4: Capital Market Dynamics - The dual backing of top-tier investment banks, CITIC Securities and UBS, provides strong credibility to Saint Bella's IPO process, with their previous IPOs averaging a first-day increase of 33.3% [4]. - The combination of innovative business models, validated financial data, and strategic resource aggregation positions Saint Bella to redefine the value standards in the global family care industry [11].

智通财经APP讯，圣贝拉(02508)于2025年6月18日至6月23日招股，公司拟发售9542万股，香港发售占 10%，国际发售占90%。每股发售价6.58港元，每手500股，预期股份将于2025年6月26日开始在联交所 买卖。 公司估计，按发售价每股股份6.58港元计算，经扣除公司就全球发售应付的包销佣金、费用及估计开支 后，公司将收取全球发售所得款项净额约5.41亿港元(假设发售量调整权及超额配股权未获行使)。约 29%将用于扩展产后护理网络，约37%将用于推出新服务及产品，约6%将用于培训专业家庭护理专家， 约18%将用于研发活动，约9%将用作营运资金及其他一般企业用途。 公司是中国领先的产后护理和修复集团，公司还提供家庭护理服务和满足女性需求的食品。公司的目标 是成为亚洲领先的综合性家庭护理品牌集团，拥有不断发展的品牌组合，通过加强公司在现有业务部门 和运营市场的影响力，推出新产品以开拓养老护理服务等新的业务板块，并将公司的服务网络扩展到除 在中国内地、香港、新加坡和美国的现有业务之外的有前景的市场。 根据弗若斯特沙利文报告，公司为亚洲及中国最大的产后护理及修复集团(以2024年月子中心的收入计 算 ...

Core Viewpoint - The incident involving the Dovey sanitary napkin brand, which claims to have introduced AI stain detection technology, has raised consumer concerns after reports of black foreign objects found in the product. The brand's response indicates that these black spots are due to the carbonization of protruding fibers during the non-woven fabric production process and are not harmful [1][2][6]. Group 1: Consumer Complaints - A consumer reported finding black spots on a Dovey sanitary napkin, leading to significant social media attention and complaints [1][2]. - The consumer sent the product back to the manufacturer, but the inspection report provided was dated April 2023, raising questions about whether it pertained to the same batch as the complained product [2][6]. - Dovey's customer service stated that the product had been thoroughly tested and met quality standards, but the consumer expressed dissatisfaction with the responses received [2][6]. Group 2: Company Response - Dovey issued a statement clarifying that the black spots are a result of the production process and are not harmful, with a detection standard of 0.3mm for their visual inspection systems [1][7]. - The company acknowledged receiving various complaints since its launch, including issues with packaging and the presence of black spots, and stated that they are taking steps to address these concerns [7]. - Dovey emphasized that their products comply with national standards and encouraged consumers to contact customer service for replacements if they encounter such issues [7]. Group 3: Brand Background and Market Context - Dovey is a sanitary napkin brand controlled by celebrity Huang Zitao, who announced the acquisition of the brand in April 2023 and has since focused on upgrading the production facilities [10][12]. - The brand claims to have a waste rate of only 2% due to the introduction of AI stain detection systems, although other leading brands also promote similar technologies [6][12]. - The incident highlights the importance of product quality and consumer trust, especially in the context of celebrity endorsements in the personal care industry [12].

FICC日报 | 2025-06-17 地缘局势缓解，股指反弹 市场分析 中东局势暂未升级。国内方面，国家统计局发布最新经济数据显示，5月份，全国规模以上工业增加值同比增长5.8%， 社会消费品零售总额增长6.4%，前5个月，全国固定资产投资同比增长3.7%，高端制造、数字经济等发展新动能持 续壮大，5月份，规模以上高技术制造业增加值同比增长8.6%，数字产品制造业增加值同比增长9.1%。1-5月份， 全国新建商品房销售面积和销售额同比分别下降2.9%和3.8%，新开工降幅继续低位收窄，投资降幅略有扩大，商 品房库存已经连续三个月减少。海外方面，伊朗通过中间方传达愿意在美国不参与以色列袭击的前提下重启谈判 的意愿，同时伊朗向以色列传达信息，希望双方将攻击控制在有限范围内。 指数上行。现货市场，A股三大指数震荡上行，上证指数涨0.35%收于3388.73点，创业板指涨0.26%。行业方面， 板块指数涨多跌少，传媒、通信、计算机、房地产行业领涨，农林牧渔、美容护理、有色金属行业跌幅居前。当 日沪深两市成交金额为1.2万亿元。海外市场，美国三大股指全线收涨，纳指涨1.52%报19701.21点。 期指减仓。期货市场 ...

证券研究报告 2025 年 6 月 17 日 星期二 【A 股市场大势研判】 市场全天震荡反弹，创业板领涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3388.73 | 0.35% | 11.73 | | | 深证成指 | 10163.55 | 0.41% | 41.43 | | | 沪深 300 | 3873.80 | 0.25% | 9.61 | | | 创业板 | 2057.32 | 0.66% | 13.50 | | | 科创 50 | 970.89 | -0.21% | -2.05 | | | 北证 50 | 1408.15 | 1.84% | 25.42 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： 周一，市场全天震荡反弹，创业板领涨。早盘市场低开后震荡回升，盘面上看，IP 经济概念再度爆发，稳定币概念表现活跃，油气股表现活跃，创新药概念冲高回落。午后 指数横盘震荡，截至收盘，沪指、深成指和创业板指分别上涨 0.35%、0.41%和 0.66%。个 股涨多 ...

2025 年 06 月 16 日 投资策略 策略日报（2025.06.16）：缩量反弹 相关研究报告 <<策略日报（2025.06.13）：风险偏好 下降>>--2025-06-13 <<策略日报（2025.06.12）：窄幅震 荡>>--2025-06-13 <<策略日报（2025.06.11）：沪指站上 3400>>--2025-06-11 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 大类资产跟踪 债券市场：利率债高开低走，尾盘几乎收平。我们认为股市波动率仍 在低位，基本面的疲弱将限制上涨的高度，因此未来波动率的抬升更可能 是向下调整，维持债市后续将受益于避险资金的流入的判断。后续展望： 在地缘冲突加剧背景下，随着股市波动率可能抬高，资金避险需求或使得 债券重拾涨势。 A 股：市场低开反弹，三大指数缩量上涨。市场全天成交额 1.24 万 亿，较前一日缩量 0.26 万亿，近 3400 只个股上涨，超 1500 只个股下跌。 我 ...

Core Viewpoint - Oriental Selection Holdings Limited has announced the launch of its first self-operated sanitary napkin product, marking its entry into the female care market after introducing over 600 self-operated products in the past three years, with 80% being health foods [2]. Group 1: Product Launch - The new sanitary napkin product is made from 100% pure cotton, ensuring that all surface layers in contact with the skin are skin-friendly [2]. - The product has passed stringent industry standards, including the "Green Product Standard" and safety technical specifications for children's paper products, undergoing 28 rigorous tests from production to delivery [2]. Group 2: Production and Quality Control - To enhance absorption speed, the cost of the cotton layer has increased by approximately 20% due to the addition of a perforation process [3]. - The core material uses a blend of fluff pulp and superabsorbent polymer in a 10:3 ratio, ensuring both absorption speed and comfort for users [3]. - The production facility has over 10 monitoring points to ensure compliance throughout the manufacturing process, and monitoring equipment is installed in waste disposal areas to prevent discarded materials from entering the market [3].

Core Viewpoint - Dongfang Zhenxuan has officially entered the female care market by launching its first self-operated sanitary napkin product, achieving over 300,000 sales on the first day of release [2][4]. Product Development - The pure cotton sanitary napkin is one of the longest internally incubated self-operated products, with development starting two years ago but officially launched only in September of the previous year after multiple adjustments and supplier negotiations [4][5]. - The product meets various safety standards, including the "Green Product Standard" and safety specifications for infant and children's paper products, with stricter internal standards for formaldehyde and pH levels [4][5]. Production and Quality Control - The sanitary napkin is produced by Beishute, a leading company in the industry, which has been recognized as an advanced intelligent factory in Tianjin [5]. - The production process includes over ten monitoring points to ensure quality control, and additional monitoring is in place to prevent waste materials from entering the market [5]. Product Specifications and Pricing - The sanitary napkin is available in two sizes, 240mm and 290mm, with a member price of less than 1 yuan per piece [5]. - Dongfang Zhenxuan plans to launch additional related products, including a lightweight quick-absorb sanitary napkin by the end of July and sleep pants by mid-August to cater to various consumer needs [6].

申万宏源策略 . 我们强调体系性、实战性 一、区域冲突再升级，触发全球风险偏好下行，A股顺势休整。这背后，区域冲突可能只是脉 冲式影响，短期休整的核心，还是结构性行情已演绎至低性价比区域，市场内在稳定性下降。 我们继续提示，稳定资本市场政策为A股提供了对宏观扰动的"隔离墙"。判断中短期市场，可 适当降低宏观分析权重，提升强势板块节奏判断的权重。 本周，区域冲突再升级，触发全球风险偏好下行。A股休整是全球股市普跌的一部分。目前的 冲突，对中美广泛竞争的格局，尚不会产生方向性影响。那么，区域冲突对资产价格的影响， 主要体现为直接影响风险偏好，以及通过油价和通胀预期扰动资产配置环境，且大概率是脉冲 式影响。 以下文章来源于申万宏源策略 ，作者申万宏源策略 三、新消费(珠宝钻石、IP潮玩、新零食新饮品、美妆个护)和创新药龙头仍在景气叙事中。短 期高位波动加剧，但不是中级别风险，基本面趋势投资高举高打仍能维持。短期海外扰动增 加，油气和贵金属是对冲资产。继续提示，港股是潜在牛市中的领涨市场。 短期海外扰动增加，贵金属和油气出现脉冲式修复。我们继续提示，新消费(珠宝钻石、IP潮 玩、新零食新饮品、美妆个护)和创新药龙头本 ...

Core Viewpoint - The leading company in the maternal and infant industry, Kidswant, is facing challenges due to changes in birth rates and competition between e-commerce and physical stores, prompting frequent acquisitions to strengthen its market position [1]. Acquisition Details - Kidswant plans to acquire a 65% stake in Jiangsu Xingsiyu Investment Management Co., Ltd. from its related party, Wuxing Holdings Group Co., Ltd. [1][4] - The acquisition will occur in two steps: first, acquiring the stake in Jiangsu Xingsiyu, and then using Jiangsu Xingsiyu to cash purchase 100% of Zhuhai Siyu Industrial Development Co., Ltd. for 1.65 billion yuan [1][4][7]. - After the completion of the stake transfer, Jiangsu Xingsiyu will become a subsidiary of Kidswant [2][6]. Financial Performance of Siyu Industrial - Siyu Industrial, established in July 2014, focuses on hair health care and operates under the brand "Siyu Hair Care," with 2,503 stores and over 2 million members as of the end of 2024 [8]. - The company reported revenues of 623 million yuan in 2022, 689 million yuan in 2023, and 723 million yuan in 2024, with net profits of 158 million yuan, 186 million yuan, and 183 million yuan respectively [9][12]. Valuation and Financial Implications - The valuation of Siyu Industrial was assessed using the income approach, with a total equity value of 1.75 billion yuan, reflecting a significant increase of 583.35% compared to the book value [10]. - The acquisition price of 1.65 billion yuan is below the assessed value, indicating a reasonable valuation with a price-to-earnings ratio of approximately 9 times based on Siyu Industrial's 2024 net profit [10][12]. Strategic Direction - Kidswant's acquisition of Siyu Industrial represents a cross-industry acquisition, aligning with its "three expansions strategy" to diversify its business beyond maternal and infant retail [13][14]. - The company has previously acquired the remaining 35% stake in Leyou International and 60% of Xingyan Biotechnology, further solidifying its market position [14]. Changes in Fund Utilization - Following the acquisition, Kidswant has altered the use of its fundraising, reallocating 429 million yuan from store upgrade projects to fund the acquisition of Siyu Industrial [17][18].