Company Overview - SAINT BELLA INC. (圣贝拉) has received IPO registration approval from the China Securities Regulatory Commission, with UBS Group and CITIC Securities as joint sponsors [4] - The company plans to issue up to 192 million overseas listed ordinary shares and list on the Hong Kong Stock Exchange [4] - SAINT BELLA is a leading home care brand group in China specializing in postpartum care and recovery services, offering a range of high-quality services and products [4] Market Position - According to a report by Frost & Sullivan, SAINT BELLA is the largest postpartum care and recovery group in China based on revenue from high-end confinement centers in 2023 [4] - It is also recognized as the fastest-growing scaled postpartum care and recovery group in China, with a revenue growth rate from 2021 to 2023 [4] - As of 2023, SAINT BELLA ranked second among all postpartum care and recovery groups in China, holding approximately 1.0% market share based on revenue from confinement centers [4] Financial Performance - The company's revenue for the years 2021, 2022, and 2023 was RMB 258.76 million, RMB 471.52 million, and RMB 559.09 million, respectively [5] - For the first half of 2024, the revenue was RMB 357.78 million, indicating a significant increase compared to the same period in 2023 [5] - The net losses for the years 2021, 2022, and 2023 were RMB 122.40 million, RMB 411.58 million, and RMB 238.89 million, respectively, with a loss of RMB 479.87 million reported for the first half of 2024 [6] Leadership - The board of directors consists of five members, including one executive director, one non-executive director, and three independent non-executive directors [7] - Xiang Hua serves as the founder, chairman, executive director, and CEO, responsible for the overall business direction and strategy development [8] - Xiang Hua has a background in mergers and acquisitions and capital markets, particularly in the healthcare services and medical equipment sectors [9]

金 融 期 货 研 究 | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 【期指期现数据跟踪】 | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | 沪深300 | 3907.2 | ↓0.91 | | 2414.6 | | | | | | IF2505 | 3908.2 | ↓0.74 | 1 | 239.3 | 20365 | ↓13325 | 19193 | ↓11402 | | IF2506 | 3872.8 | ↓0.74 | -34.4 | 698.1 | 59965 | ↓21992 | 153318 | ↓11284 | | IF2509 | 3808.2 | ↓0.67 | -99 | 181.5 | 15855 | ↓2926 | 65235 | ↓244 | | I ...

24&25Q1 消费板块综述：新消费方向崛起 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 16 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 豪悦护理主业稳健，下游客户份额提升，生育政策刺激推动代工订单改善， 24Q4/25Q1 收入同比+30%/+42%、归母净利润-28%/+6%，后续公司依 托自身生产制造优势及资源支持，有望推动洁婷逐步完成品牌焕新。 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 24&25Q1 消费板块综述：新消费方向崛起 [Table_ReportDate ...

Core Viewpoint - Church & Dwight (C&D) is making a significant acquisition by purchasing Touchland, the second-largest hand sanitizer brand in the U.S., for $880 million (approximately 620 million RMB) to enhance its portfolio and target younger consumers [1][2][4]. Financial Details - The acquisition plan includes an upfront payment of $700 million (approximately 505 million RMB) and a performance-based earn-out of $180 million (approximately 129 million RMB) tied to Touchland's net sales performance in 2025 [2][3]. - Touchland's net sales for the past 12 months were approximately $130 million (approximately 93 million RMB), with an EBITDA of about $55 million (approximately 39 million RMB) [2][3]. - C&D reported a 4.1% increase in net sales to $6.107 billion (approximately 43.36 billion RMB) for 2024, exceeding its growth expectations [2][3]. Strategic Rationale - C&D aims to leverage its capabilities to accelerate Touchland's international market expansion and enhance product innovation [3][4]. - The acquisition aligns with C&D's long-term strategy of acquiring leading brands in high-growth categories with a light asset structure [11][12]. - Touchland's appeal to Gen Z and Alpha consumers complements C&D's existing portfolio and addresses gaps in its younger consumer engagement [3][4][13]. Historical Context - C&D has a history of successful acquisitions, with all six of its core brands acquired, contributing approximately 70% of its revenue and profit [5][6][7]. - Previous acquisitions include Hero Cosmetics for $630 million (approximately 454 million RMB), which has significantly increased its market share in the acne treatment segment [7][12]. Market Position - The U.S. hand sanitizer market is experiencing growth, with Touchland being one of the fastest-growing brands, indicating a strong potential for future revenue increases [2][3][12]. - C&D's strategic focus on acquiring top brands in niche markets has proven effective, as seen with the success of Hero Cosmetics, which grew its market share from 3.5% in 2022 to 21.7% in 2024 [12][13].

为加强养老服务人才队伍建设，我省支持和推动符合条件的养老服务技能人才申报技能大师工作 室，带动开展本地区养老护理的培训、评价、技能提升和研究工作，促进养老服务领域产学研融合衔 接。在多方支持下，白雨昕技能大师工作站于今年1月底正式获批。 "仰卧位时，垫软枕放于老人肩部下方，掌心向上……"护理床前，年轻的护理员慢慢地叙述着操作 要领，动作轻柔地帮一位偏瘫长者抚平手指、调整体位，预防关节变形和并发症。在她身后，技能大师 白雨昕仔细观察记录着操作过程中的不足，并在动作完成后一并梳理、指导。 经过精心筹备，工作站技能实训室和技能攻关室正式投入使用，旨在通过传、帮、带，培养出更多 养老护理高技能人才，通过技术攻关，解决老年人照护过程中的难题，推动行业发展。目前，培训内容 包括吸痰护理、轮椅移乘、噎食和误吸的急救及处理等60余项。培训不仅有护士、医养中心工作人员、 长护险和互联网+居家上门的护理人员参加，也吸引了护工和患者家属的参与。 近日，我省首个市级养老护理技能大师工作站正式投入使用。工作站主要开展养老护理技艺传承、 难题攻关、技术交流，领衔人白雨昕是盘锦辽油宝石花医院康复医学中心护士长，曾获得全国养老护理 职业技能 ...

Market Overview - The Shanghai Composite Index closed at 3380.82, down 0.68%, while the Shenzhen Component Index fell by 1.62% to 10186.45 [2] - The market experienced a downward trend, with the three major indices collectively declining, and the Shanghai Composite Index falling below the 3400-point mark [4] Sector Performance - The top-performing sectors included Beauty Care (+3.68%), Coal (+0.42%), Utilities (+0.12%), Agriculture, Forestry, Animal Husbandry and Fishery (+0.11%), and Banks (-0.12%) [3] - Conversely, the worst-performing sectors were Computer (-2.97%), Communication (-2.45%), Electronics (-2.12%), Media (-1.93%), and Defense and Military Industry (-1.80%) [3] Concept Index Performance - The leading concept indices were NMN Concept (+2.07%), Pet Economy (+1.98%), China-South Korea Free Trade Zone (+1.96%), Dairy Industry (+1.67%), and Corn (+1.54%) [4] - The lagging concept indices included DRG/DIP (-3.30%), Huawei Ascend (-3.09%), Digital Currency (-3.05%), Huawei Kunpeng (-3.05%), and MLOps Concept (-3.04%) [4] Future Outlook - The report indicates that the market has shown signs of recovery since early April, with investor sentiment stabilizing [5] - Factors such as the easing of US-China trade tensions and the gradual implementation of policies by financial regulatory bodies are expected to bolster long-term investor confidence [5] - The report suggests focusing on sectors such as Non-ferrous Metals, Utilities, Transportation, Automotive, Banks, and Communication for potential investment opportunities [5]

Market Performance - The A-share market experienced fluctuations and adjustments, with significant pullbacks in key sectors such as brokerage, liquor, and semiconductors, leading to declines in the three major stock indices [1] - As of the market close, the Shanghai Composite Index was at 3380.82 points, down 0.68%; the Shenzhen Component Index was at 10186.45 points, down 1.62%; and the ChiNext Index was at 2043.25 points, down 1.91% [1] - The total trading volume in the Shanghai and Shenzhen markets was 11,524 billion yuan, a decrease of over 1,600 billion yuan compared to the previous trading day [1] Consumer Sector - The consumer sector showed localized movements, with beauty care and leisure food sectors leading the gains [2] - The beauty care index surged by 3.68%, the highest among all primary industries, with companies like Qingsong Co., Huaye Fragrance, and Jieya Co. hitting the daily limit of 20% [2] - Analysts suggest that the demand for safe and effective skincare products is increasing, indicating a trend towards more technological and professional development in the beauty care field [2] - The leisure food index rose by 0.56%, with companies like Ximai Food increasing over 6% and Youyi Food and Haoxiangni rising over 4% [2] - The first quarter reports indicate strong resilience in consumer goods, with many beverage companies performing well and a positive outlook for food and beverage sectors through 2025 [2] Rare Earth Sector - The rare earth permanent magnet sector showed significant strength, with companies like Jingyuntong hitting the daily limit and Jiuling Technology rising over 7% [2] - Shenghe Resources announced plans to acquire 100% of Australian Peak Rare Earths Limited for 158 million Australian dollars, focusing on rare earth exploration and production [3] - China Rare Earth recently indicated its active cooperation with the China Rare Earth Group to address industry competition issues and potential mergers and acquisitions [3] - Analysts note that recent increases in rare earth prices and crackdowns on smuggling may enhance the supply-demand dynamics in the sector [3] Fund Management and Investment Strategy - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" is expected to strengthen the performance benchmark constraints, benefiting underweighted sectors [4] - Stable dividend assets, represented by banks, public utilities, and transportation, are expected to continue outperforming, while sectors with growth potential should be selectively chosen based on risk-reward ratios [4] - The domestic computing chip industry is anticipated to show promising performance based on inventory and contract liabilities indicators [4]

据了解，当前温江正锚定"幸福温江·美好之城"奋斗目标，深入实施"立园满园"行动，系统重塑"四大战 区"经济地理，提质营建"温江效率""温馨服务"营商品牌，加快构建"3+6"现代化产业体系，以产业园区 高质量发展引领带动区域高质量发展。 （文章来源：每日经济新闻） 现场举行了项目集中签约仪式，共计11个项目签约，总投资108亿元，重点覆盖医药健康、装备制造、 现代都市农业、现代商务等产业领域。其中，安徽鹿妈妈口腔护理产品销售结算及生产中心项目将为口 腔清洁提供一站式解决方案；弱水科技声学研发销售总部项目将打造集电子声学研发、全球电商营销、 产品展示体验为一体的综合性声学研发销售总部；凤栖里·九巷商业综合体项目将打造集购物、休闲、 娱乐等多元体验为一体的城市活力空间。 为扩大招商引资的"朋友圈"，充分发挥"招商大使"的桥梁纽带作用，温江区向旭辉集团副总裁、旭辉华 西区域总裁林祝波等13名代表颁发了招商大使聘书。温江区相关负责人表示，真诚希望各位招商大使、 企业家朋友全方位宣传推介温江"四大战区"的发展机遇、投资机会和产业政策，把更多的优质企业、高 端人才、先进技术引荐到温江，携手开创互利共赢、彼此成就的新局面。 ...

Market Overview - On May 15, major market indices collectively declined, with the Shanghai Composite Index falling by 0.68% and the ChiNext Index dropping nearly 2% [1] - The total trading volume in A-shares reached 1.19 trillion yuan, with over 1,400 stocks closing higher, including 78 stocks hitting the daily limit [1] Sector Performance - The beauty and personal care sector led the gains, closing up 3.68%, with stocks like Qingsong Co., Huaye Fragrance, and Jieya Co. hitting the daily limit [1] - The port and shipping sector experienced a pullback after an initial rise, with stocks such as Nanjing Port and Ningbo Maritime continuing to hit the daily limit [1] - The synthetic biology concept index rose over 2%, with 10 stocks hitting the daily limit, including Chuaning Biology and Meinong Biology [1] Historical Highs - A total of 28 stocks reached historical closing highs, with the beauty and personal care, banking, and machinery sectors showing significant concentration [2] - The average increase for stocks that reached historical highs was 6.87%, with notable gainers including Babi Co., Dengkang Oral, and Ruoyuchen [2] Institutional Trading - On May 15, 14 stocks faced net selling by institutions exceeding 10 million yuan, with Youfu Co. leading the sell-off at 146 million yuan [4] - Only 8 stocks saw net buying from institutions, with Aerospace Nanhu and Yuzhong Three Gorges A receiving over 10 million yuan in net purchases [4] Northbound Capital Flow - Northbound capital saw net buying in 5 stocks, with Jilin Chemical Fiber leading at 33.01 million yuan, followed by Jingyun Tong at 28.59 million yuan [6] - Aerospace Nanhu experienced the highest net selling among northbound funds, amounting to 50.41 million yuan [6] Company Announcements - Feilong Co. received a project designation notice from a well-known domestic automotive brand, becoming a supplier for a thermal management module [7] - Yuyue Medical's automatic external defibrillator (AED) product obtained EU MDR certification [8] - Heng Rui Pharmaceutical completed a share repurchase of 12.90 million shares, accounting for 0.2% of its total share capital, with a total transaction amount of 601 million yuan [8]

江苏各市均将长护险定位为"第六险"，按照"以收定支、收支平衡"的基本原则，探索建立了城乡一体、多元筹资、责任共担、为失能人员提供基本护理保障 的社会保险制度。 江苏省60岁及以上老年人口在2023年首次突破了2000万，并且正在以每年至少150万人的增量加速迈向深度老龄化社会。 人口老龄化使长护险成为民生"刚需"，长护险如何满足日益增加的失能人口照护服务的需求？如何提高护理服务的专业化规范化水平，让失能人员"真受 益"？近日，江苏省医疗保障局副局长陈亮就长护险试点过程中的热点问题接受了第一财经记者专访。 第一财经：从今年起，江苏省实现长护险的区域全覆盖，长护险制度设计中有哪些"江苏特色"？ 陈亮：长护险制度通过社会互助共济方式筹集资金，为失能人员提供经济和照护保障，能有效缓解家庭照护压力，减轻老龄化对社会和家庭的负担。 按照国家和省制度政策框架，江苏各市均将长护险定位为"第六险"，按照"以收定支、收支平衡"的基本原则，探索建立了城乡一体、多元筹资、责任共担、 为失能人员提供基本护理保障的社会保险制度。江苏长护险聚焦定位"减轻照护负担"和"提高护理质量"两项制度功能，同时肩负助力银发经济发展的特殊使 命。 在实 ...