Core Viewpoint - The article discusses the challenges and controversies surrounding the high-end maternity care brand "Saint Bella," which is preparing for an IPO in Hong Kong, highlighting its financial instability and compliance issues despite its premium pricing and celebrity endorsements [3][4][6]. Financial Performance - Saint Bella's revenue for 2022, 2023, and the first half of 2024 was reported at 472 million RMB, 560 million RMB, and 358 million RMB respectively, with adjusted net profits of -44.63 million RMB, 20.77 million RMB, and 17.15 million RMB, indicating unstable profitability [4][8]. - The core business segments include postpartum care (maternity centers), family child care services, and women's functional foods, with the maternity center contributing over 80% of total revenue consistently from 2021 to 2024 [8][10]. Business Model and Market Position - Saint Bella operates 72 maternity centers, with 58 self-operated and 14 managed centers, maintaining an average revenue of approximately 220,000 RMB per self-operated client from 2021 to the first half of 2024 [10][11]. - The average number of clients per self-operated center has decreased from 122 in 2021 to 49 in the first half of 2024, indicating a significant drop in customer acquisition [12]. Cost Structure - Rental and related costs accounted for 39.7% to 37.2% of total sales costs from 2021 to the first half of 2024, while professional care team costs represented 30% to 34.1% of total sales costs during the same period [12][13]. - The company has adopted a light-asset model by leasing high-end hotels, but this strategy has led to high rental costs concentrated in first-tier cities, which impacts profitability [12][13]. Compliance and Legal Issues - Saint Bella has faced multiple compliance issues, including commercial defamation lawsuits and administrative penalties for unauthorized medical practices, which have raised concerns about its operational integrity [6][21]. - The company has been involved in controversies regarding false advertising and has been penalized for misleading claims about its services and certifications [20][21]. Industry Challenges - The maternity care industry in China is highly fragmented, with Saint Bella holding only about 1% market share despite being the second-largest postpartum care group by revenue [26]. - A significant decline in newborn numbers in China, from 15.2 million in 2018 to 9.02 million in 2023, poses a fundamental challenge to the industry's growth potential, as fewer births directly reduce the customer base for maternity services [27].

Core Viewpoints - Despite positioning as a high-end postpartum care service, "圣贝拉" has faced significant financial losses, with an adjusted net loss of 44.63 million yuan in 2022, and high costs eroding profits, as rental and labor costs account for nearly 70% of sales costs [1][4] - The company has been exposed to multiple compliance risks, including penalties for unlicensed medical practices and allegations of false advertising, which have raised concerns about its operational integrity [1][5] - "圣贝拉" has been criticized for misleading marketing claims regarding its staff qualifications and services, which have been deemed non-authoritative and misleading [1][18] Financial Performance - "圣贝拉" reported revenues of 472 million yuan in 2022, with adjusted net profits showing instability, fluctuating from a loss of 44.63 million yuan in 2022 to a profit of 20.77 million yuan in 2023 [4][12] - The core business segments include postpartum care, family child care services, and women's functional foods, with postpartum care consistently contributing over 80% of total revenue [6][8] - The average revenue per postpartum care client has remained around 220,000 yuan from 2021 to the first half of 2024, but the number of clients per center has significantly decreased [9][10] Compliance and Legal Issues - "圣贝拉" has faced legal challenges, including a court ruling for commercial defamation against a competitor and penalties for unlicensed medical practices [5][15][20] - The company has been involved in multiple compliance violations, including unauthorized lending practices and misleading advertising claims, which have resulted in fines and reputational damage [20][21] - Allegations of promoting surrogacy services in recruitment materials have raised further regulatory concerns [21] Market Position and Challenges - The high-end postpartum care market is fragmented, with "圣贝拉" holding only about 1% market share despite claiming to have the largest network of high-end centers [25] - The declining birth rate in China poses a significant threat to the business model, as the number of newborns has decreased by over 40% from 2018 to 2023, impacting customer acquisition [26] - The operational model of "圣贝拉" faces challenges in balancing luxury positioning with profitability, compounded by ongoing compliance issues that threaten its market reputation [26]

Core Viewpoint - Saint Bella has received the overseas issuance and listing filing notice from the China Securities Regulatory Commission, indicating that it is close to listing on the Hong Kong stock market. The company operates a "light asset" model by setting up maternity centers in high-end hotels, which has facilitated rapid expansion and generated significant revenue, although profits remain modest [1][3]. Company Overview - Saint Bella was founded in November 2017 in Hangzhou and has since expanded its network to cover 22 first- and second-tier cities in mainland China, as well as Hong Kong, Singapore, and the Greater Los Angeles area [4]. - The company operates three main business lines: maternity centers, home care services, and functional foods for women, with maternity centers contributing the largest share of revenue [4][6]. Business Model - The "light asset" operational model allows Saint Bella to quickly establish new centers by renting hotel rooms based on actual demand, leading to a shorter investment payback period [6]. - The company charges premium prices for its services, with 28-day stays at its three brands (Saint Bella, Ai Yu, and Xiao Bella) ranging from RMB 68,800 to RMB 138,800 [5][4]. Financial Performance - Revenue grew from RMB 259 million in 2021 to RMB 560 million in 2023, with RMB 358 million recorded in the first half of 2024 [6]. - The company reported a profit of RMB 20.77 million in 2023 and RMB 17.15 million in the first half of 2024, indicating a recovery from previous losses [7]. Cost Structure - Major costs include hotel room rentals and labor, with rental costs amounting to RMB 87.81 million in the first half of 2024, accounting for 24.5% of revenue [6]. - Labor costs have also been significant, with 1,337 full-time employees, including 796 caregivers, making up 59.5% of the workforce [6]. Regulatory and Compliance Issues - Saint Bella faced penalties for false advertising in 2022, which led to regulatory scrutiny and requirements for corrective actions [7]. - The company has been asked to clarify its compliance with advertising regulations and any other potential violations [7]. Founder and Investor Background - The founder, Xiang Hua, has an impressive background with degrees from Oxford University and experience in mergers and acquisitions at UBS [8]. - The investor list includes prominent firms such as Gao Rong Capital, Tencent, and China Life, indicating strong backing for the company [8][10].

Core Viewpoint - The article discusses the potential illegal activities of Saint Bella, a high-end postpartum care brand, including suspected surrogacy and gender selection services, as well as issues related to false advertising and compliance violations [2][3][21]. Group 1: Company Overview - Saint Bella, known as the "Hermès of postpartum care," is nearing its IPO approval in Hong Kong, planning to issue up to 192 million shares [3]. - The company operates several brands, including "Saint Bella," "Ai Yu," and "Little Bella," with postpartum care packages priced from 68,800 yuan to over 500,000 yuan [3]. - Founded by two post-80s returnees, the company has expanded rapidly through a "light asset" model, initially renting luxury hotel spaces for its centers [15][16]. Group 2: Allegations of Illegal Activities - Early promotional materials from the company included terms related to surrogacy and gender selection, which are illegal under Chinese law [4][8]. - A recruitment presentation from 2021 explicitly mentioned services like "third-party assistance" and "surrogacy," raising concerns about the company's compliance with regulations [5][6][8]. - Despite the allegations, the company has not confirmed whether it has engaged in surrogacy services, although other centers have been reported to do so [11][12]. Group 3: Financial Performance - Saint Bella reported revenues of 259 million yuan, 472 million yuan, 560 million yuan, and 358 million yuan for the years 2021 to 2024 (first half), respectively [24]. - The company has shown a pattern of increasing revenue but has struggled with profitability, with net profits of -27 million yuan, -41 million yuan, 17 million yuan, and -19 million yuan during the same periods [24]. Group 4: Issues with False Advertising - The company has faced multiple accusations of false advertising, including misleading claims about certifications and partnerships with international organizations [22][23][24]. - In 2022, the company was fined for false advertising after failing to provide evidence for claims made in its promotional materials [24]. - The reliance on questionable endorsements and the need to maintain a positive narrative in the capital market are highlighted as significant challenges for the company [25].

Core Viewpoint - Saint Bella Inc. is moving closer to its IPO in Hong Kong, but despite high pricing for its luxury postpartum services, the company has reported significant losses over the past few years, raising questions about the profitability of high-end maternity centers [1][2]. Financial Performance - Saint Bella's net losses from 2021 to 2024 (first half) are as follows: 122.4 million RMB, 411.6 million RMB, 238.9 million RMB, and 480 million RMB, totaling over 1.2 billion RMB in losses over three and a half years [1][2]. - The adjusted profit for the first half of 2024 is only 17.15 million RMB, indicating that even after excluding non-operational losses, profitability remains elusive [1][2]. Business Model Challenges - The high-end maternity center business is characterized by significant intermediary costs, with middlemen taking a large share of the profits [3]. - Saint Bella's gross margin for the first half of 2024 is only 34%, while its competitor, Aidi Palace, has an even lower gross margin of 25.5% [4]. - High rental costs are a major factor, with Saint Bella spending approximately 25% of its revenue on rent [12][14]. Cost Structure - Labor costs are substantial, with Saint Bella's labor and rental costs combined consuming nearly half of its revenue [14]. - The company has attempted to reduce costs through acquisitions, integrating its services with brands like Guanghetang and S-bra, but these efforts have not been entirely successful [17][23]. Marketing and Customer Acquisition - High marketing expenses are a barrier to profitability, with sales expense ratios remaining high as the company invests heavily in branding and social media presence [18][20]. - The business model faces inherent challenges in customer acquisition due to the nature of the service being a one-time purchase for most families, leading to difficulties in scaling [20]. Market Trends - The market for maternity centers is expected to polarize, with budget centers focusing on core services and high-end centers expanding their offerings to enhance customer lifetime value [21][22]. - Saint Bella is pursuing a dual strategy of retail expansion and brand diversification to capture different market segments [23]. Competitive Landscape - Public hospitals are entering the mid-range market, offering a combination of professional services and cost-effectiveness, which could challenge private maternity centers [25].

Group 1 - The core issue in the maternity center industry is the lack of regulatory standards, leading to significant complaints regarding service discrepancies and unqualified staff [1][2] - The current registration process for maternity centers is overly lenient, allowing them to operate without meeting essential health and professional requirements [1] - Existing national policies and guidelines for maternity centers are non-binding, resulting in a lack of enforcement in critical areas such as hygiene and staff qualifications [1] Group 2 - The fragmented regulatory approach, involving multiple departments, has resulted in inefficiencies in enforcement and oversight [2] - Some local governments have begun to implement regulations to clarify standards and responsibilities within the industry, marking a positive step towards better governance [2] - For effective long-term management, the industry needs to shift towards unified regulation, proactive prevention measures, and a collaborative governance model involving industry associations and consumer oversight [2]

Group 1 - Xiaomi's President Lu Weibing announced that Lei Jun is currently preparing for a press conference related to the launch of the Xiaomi Civi 5 Pro [1] - High-end maternity care brand Saint Bella has received approval to initiate its IPO process in Hong Kong, planning to issue up to 192 million shares [1] - Saint Bella's 28-day maternity package starts at 138,000 yuan, with premium packages exceeding 500,000 yuan, positioning it as the "Hermès of maternity care" [1] Group 2 - The China Securities Regulatory Commission (CSRC) has encouraged private equity funds to participate in mergers and acquisitions of listed companies, modifying the lock-up periods for investments [2] - The startup Senhe Innovation, which focused on lawn-mowing robots, announced its dissolution after facing operational challenges and funding difficulties [3] - Jiangsu Hanbang Technology Co., Ltd. successfully listed on the Sci-Tech Innovation Board with an initial price of 22.77 yuan per share, experiencing a 115% increase on its opening day [4] Group 3 - Green Tea Group, a popular restaurant brand, has officially listed on the Hong Kong Stock Exchange with an IPO price of 7.19 HKD per share, although it saw a nearly 7% drop shortly after opening [6] - The founders of Green Tea, Wang Qinsong and Lu Changmei, have achieved their first IPO after establishing the brand in 2008 [7] Group 4 - Nvidia's CEO Jensen Huang is set to speak at Computex 2025, addressing the next generation of products for the Chinese market [8] - Apple plans to allow EU users to set default voice assistants other than Siri, adapting to expanding EU regulations [8] - OpenAI has launched a new cloud-based code agent called Codex, designed to assist developers with various coding tasks [9] Group 5 - Zhongke Zidong Taichu has completed its first round of financing amounting to several hundred million yuan, led by Zhongke Chuangxing [10] - Magic Atom, a robotics company, has secured several hundred million yuan in a new strategic financing round with participation from various investment firms [10] - Chuangxin International has announced nearly 100 million yuan in B-round financing, led by Yueke Fund and Donghai Investment [10]

Core Insights - The report highlights a significant increase in complaints regarding confinement centers, with issues such as sudden closures of institutions being particularly prominent [1] Group 1: Complaint Trends - There has been a notable rise in complaints related to confinement centers as the market rapidly expands due to increasing maternal and infant consumption demands [1] - Complaints are primarily driven by issues such as institutions abruptly shutting down, unfair contract terms, misleading promotional tactics, and discrepancies between promised and actual services [1] Group 2: Specific Issues Identified - Institutions are reported to suddenly "run away," with some chain brands closing all locations without prior notice, often after encouraging consumers to make payments [1] - Unfair contract terms are prevalent, where consumers face high penalties for refunds or are subjected to non-refundable fees based on standard clauses [1] - Many confinement centers use free photography as a lure, later pressuring consumers into purchasing expensive photography packages [1] - There is a significant gap between the services promised during sales and the actual services provided upon arrival, leading to consumer dissatisfaction [1]

两年前卖4.5万的月子中心基础套餐，跳水到最低3.3万了。 正在挑选月子中心的澜澜，不敢相信自己的眼睛，细看套餐内容，更是跌掉眼镜：几千块的母婴用品，签约就送；产后瑜伽、宝宝摄影也不要钱般地送体 验卡。 然而，这非但没能打动澜澜，反而劝退了她："打折这么狠，不会是想诓我的订金跑路吧？" 不怪澜澜多疑，同在武汉的暮暮，出月子不到半个月，就收到了月子中心倒闭的消息；花了16万8的上海宝妈Ivy也没能逃过一劫，押金几次三番都没能要 回来。 相关数据显示，近5年注销、吊销、撤销的月子中心相关企业数量达到417家，许多产妇和家庭为此蒙受了不小的损失。 曾经被视为朝阳行业的月子中心，一房单价炒至十万级、预约排到半年后，如今却要靠内卷、打价格战来吸引顾客，以致于频频爆雷。 哪怕是业内头部品牌，也难以逃脱"流血"的噩运：动辄十几万的圣贝拉，平均每年亏4亿元，"月子中心第一股"爱帝宫甚至已经停牌。 天价月子中心们，何以至此？ 一、住一次5万块的月子中心，居然不挣钱？ 陈英很怀念刚刚从护士转岗销售的时候，自己轻轻松松就能月入3万+。 那是2016年，她只需要在店里坐着，就有源源不断的客户主动送单，"高峰的时候，一月能签三四十单。 ...

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 布鲁可 港股｜上市在即 据IPO早知道消息，Bloks Group Limited（布鲁可集团有限公司，以下简称"布鲁可"）计划于2025 年1月10日正式以"0325"为股票代码在港交所主板挂牌上市。 布鲁可计划在本次IPO中发行24,120,300股股份。其中，香港公开发售2,412,300股股份，国际发售 21,708,000股份。按每股55.65港元至60.35港元的招股区间计算，布鲁可的IPO市值预计介于 134.38亿港元至145.73亿港元。 值得注意的是，布鲁可在本次IPO中引入了景林投资、UBS和富国基金三大基石投资者，累计认购 5000万美元——其中，景林投资和UBS分别认购2000万美元，富国基金及其全资附属公司累计认购 1000万美元。 IPO前，布鲁可还已获得君联资本、源码资本、云锋基金、金亿投资、君智咨询、中视金桥、浙大网 新、高榕创投等知名机构的投资。 成立于2014年的布鲁可现已成为中国最大、全球第三大的拼搭角色类玩具企业。2023年，布鲁可实 现约18亿元GMV， ...