Group 1 - The company, Sheng Bella, plans to conduct an IPO from June 18 to June 23, 2025, offering 95.42 million shares at a price of HKD 6.58 per share, with trading expected to commence on June 26, 2025 [1] - Sheng Bella is recognized as the largest postpartum care and recovery group in Asia and China, with a market share of approximately 1.2% based on revenue from maternity centers in 2024 [1] - The company aims to become Asia's leading integrated family care brand group by expanding its service network beyond existing markets in mainland China, Hong Kong, Singapore, and the United States [1] Group 2 - The company has entered into cornerstone investment agreements, with investors agreeing to subscribe for shares totaling up to USD 41.5 million, subject to certain conditions [2] - The estimated net proceeds from the global offering are approximately HKD 541 million, with 29% allocated for expanding the postpartum care network and 37% for launching new services and products [2] - Additional allocations include 6% for training professional family care experts, 18% for research and development activities, and 9% for working capital and other general corporate purposes [2]

Core Viewpoint - The company, Saint Bella, is leading a revolution in the high-end home care industry by standardizing, professionalizing, customizing, and digitizing home care services and products, and is set to become the "first global home care stock" after passing the hearing for its Hong Kong IPO [1] Group 1: Business Overview - Saint Bella has grown rapidly since its establishment in 2017, becoming the largest postpartum care group in Asia and China, with a market share that remains at the top [2] - The company operates three main business lines: postpartum care services, postpartum recovery services, and home care services, which contribute to a comprehensive business model that enhances customer lifetime value [2] - By the end of 2024, Saint Bella plans to have 81 postpartum care centers, expanding its reach to Hong Kong, Singapore, and Los Angeles [2] Group 2: Financial Performance - Revenue increased from 472 million RMB in 2023 to 799 million RMB in 2024, marking a doubling of income [2] - The company achieved a gross profit of 270 million RMB in 2024, with adjusted profits turning positive, reaching 72.47 million RMB by the end of 2024 [2] - The postpartum care centers contributed over 80% of the revenue, while home care and food services are showing strong growth, with their revenue share increasing year by year [2][3] Group 3: Growth Drivers - The family care service and food business have seen significant growth, with contract values for family care services increasing by 157% and food business values rising by 120% [5] - The company has established a high-end brand strategy, attracting loyal customers and ensuring business growth through a combination of high-end branding and professional services [4] - Digitalization and a light asset operation model are enabling efficient expansion and profit elasticity, allowing the company to enter new cities and increase market share [6] Group 4: Market Potential - The postpartum care industry has significant growth potential, driven by increasing consumer demand and evolving fertility policies [7] - The company is positioned to fill market gaps in high-end postpartum care services, with a standardized operational service system ensuring consistent quality [8] - Saint Bella's success may prompt a reevaluation of standards and digitalization in the home care sector, benefiting the industry's long-term development [8][9]

Group 1: IPO Approvals - Five companies have successfully passed the IPO hearing on June 9-10, including Yaojie Ankang, Yingtong Holdings, Saint Bella, Xiangjiang Electric, and Cao Cao Mobility [1] - Two companies, Guangzhou Yinnuo Pharmaceutical Group and Shenzhen Chuangzhixin Lian Technology, have submitted their IPO applications [12][13] Group 2: Yaojie Ankang - Yaojie Ankang is a biopharmaceutical company focused on developing innovative therapies for tumors, inflammation, and cardiovascular metabolic diseases [1] - The company's core product, Tinengotinib, is a multi-target kinase inhibitor currently undergoing two pivotal clinical trials for cholangiocarcinoma [2] Group 3: Yingtong Holdings - Yingtong Holdings is the largest perfume group in China (including Hong Kong and Macau) excluding brand owners [3] - The company operates a comprehensive sales and distribution network across over 400 cities in China, leveraging both offline and online channels [4] Group 4: Saint Bella - Saint Bella is a leading postpartum care and recovery group in China, aiming to become a comprehensive family care brand in Asia [6] - The company is recognized as the largest postpartum care group in Asia based on revenue from maternity centers [7] Group 5: Xiangjiang Electric - Xiangjiang Electric is a manufacturer of household appliances in China, primarily operating under ODM/OEM models [8] - The company ranks as the tenth largest in the kitchen small appliances sector in China, with a market share of 0.8% [8] Group 6: Cao Cao Mobility - Cao Cao Mobility is a ride-hailing platform incubated by Geely Group, operating in 136 cities as of December 31, 2024 [10] - The company's total gross transaction value (GTV) reached RMB 12.2 billion in 2023, reflecting a 37.5% increase from 2022 [10] Group 7: Guangzhou Yinnuo Pharmaceutical - Guangzhou Yinnuo Pharmaceutical focuses on developing therapies for diabetes and metabolic diseases, with a core product targeting type 2 diabetes [12] - The company has a pipeline that includes several candidates in clinical and preclinical stages [12] Group 8: Shenzhen Chuangzhixin Lian Technology - Shenzhen Chuangzhixin Lian is a leading provider of metallization interconnect plating materials and key process technologies in China [13] - The company is recognized as the largest domestic supplier of wet process plating materials in the Chinese market [13]

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]

Core Viewpoint - Saint Bella Inc. is positioned as the largest high-end confinement center network in China, with significant growth in both domestic and international markets [2][3]. Group 1: Business Overview - As of December 21, 2024, Saint Bella operates 72 high-end confinement centers under various brands, including 58 self-operated and 14 managed centers [2]. - The company has expanded its global footprint by opening its first overseas management center in Hong Kong in January 2022, a self-owned center in Singapore in October 2023, and a management center in the Greater Los Angeles area in May 2024 [3]. Group 2: Service Offerings - In addition to confinement centers, Saint Bella offers family care services under the "Yujia" brand and functional health foods for women, having acquired the "Guanghetang" brand in October 2021 [3][4]. - Approximately 87% of postpartum care service clients have also paid for other services or products from Saint Bella, indicating a strong customer retention and lifecycle value [4]. Group 3: Financial Performance - Revenue figures for Saint Bella from 2021 to 2023 were 259 million, 472 million, and 560 million CNY, respectively, with a 32% increase in the first half of 2024 to 358 million CNY compared to the same period in 2023 [4][5]. - The total contract value for all business lines from 2021 to 2024 was 390 million, 589 million, 776 million, and 486 million CNY, respectively, with a 34.6% increase in the contract value for confinement centers in the first half of 2024 [5]. Group 4: Profitability - In 2023, Saint Bella achieved profitability with an adjusted net profit of 20.77 million CNY, which increased by 122.4% to 17.15 million CNY in the first half of 2024 compared to the same period in 2023 [5]. Group 5: Investment and IPO Plans - Major investors include Tencent and Gao Rong Capital, holding 11.6% and 8.3% of shares, respectively [6]. - The funds raised from the IPO will be used to expand the postpartum care network, open new confinement centers, integrate competitors, and develop new services and products [6].