上 市 公 司 社会服务 2025 年 08 月 23 日 圣贝拉 (02508) ——稳占高端月子服务心智，向家庭服务全周期进军 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（港币） | 6.78 | | 恒生中国企业指数 | 9079.93 | | 52 周最高/最低（港币） | 11.00/6.08 | | H 股市值（亿港币） | 42.18 | | 流通 H 股（百万股） | 622.20 | | 汇率（人民币/港币） | 1.0955 | 一年内股价与基准指数对比走势： 资料来源：Wind 相关研究 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 聂霜 (8621)23297818× nieshuang@swsresearch.com 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | - ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a strong performance in the first half of 2025, with revenue of 450 million RMB, a year-on-year increase of 25.6%, and an adjusted net profit of 38.78 million RMB, up 126.1% year-on-year [1][12]. - The company is benefiting from an effective entrusted management model, leading to accelerated expansion and a significant increase in the number of stores [2][1]. - New business segments, including postpartum recovery and home care services, are showing positive growth trends, contributing to the overall service matrix [1][3]. Summary by Sections Financial Performance - In 1H25, the company's revenue reached 450 million RMB, with a gross profit margin of 37.6%, up 3.6 percentage points year-on-year [12]. - The adjusted net profit for 1H25 was 38.78 million RMB, reflecting a significant turnaround from a loss in the previous year [12][1]. Business Expansion - The number of maternity centers increased to 113 by the end of 1H25, with a net addition of 36 centers compared to the end of 2024 [2][1]. - The company’s home care service revenue grew by 41.7% year-on-year, indicating strong demand and customer retention [3][12]. Profitability and Efficiency - The marketing expense ratio decreased to 12.0%, and the management expense ratio fell to 22.1%, contributing to improved profitability [4][1]. - The company plans to launch an AI Agent product in the second half of 2025, which is expected to enhance operational efficiency and profitability [4][1]. Future Outlook - The company forecasts adjusted net profits of 120.69 million RMB, 204.77 million RMB, and 306.16 million RMB for 2025, 2026, and 2027, respectively [5][10]. - The target price is set at 9.76 HKD, reflecting a premium valuation due to the company's growth potential and market position [5][7].

Core Insights - The article discusses the comprehensive family care ecosystem developed by Shengbela, which spans postpartum care, daily family care, women's health functional foods, children's care, and elderly care, aiming to provide a one-stop health and care solution for modern families [1][2] Market Growth - The family care industry in China is projected to grow from RMB 392.8 billion in 2019 to RMB 711.3 billion by 2024, with a compound annual growth rate (CAGR) of 12.6% [1] - The market size is expected to continue rising, reaching RMB 805.3 billion in 2025 and RMB 1,443.8 billion by 2030, with a CAGR of 12.4% [1] Strategic Acquisitions and Partnerships - Shengbela has strategically acquired the "Guanghetang" brand to enter the health food sector, focusing on e-commerce sales of women's health products [1][2] - The company is also investing in Nexus Media to enhance its digital marketing capabilities, indicating a focus on both internal market share growth and external expansion [2] Business Model Innovation - Shengbela employs a light asset operation strategy by establishing postpartum care centers within existing high-end hotels, significantly reducing fixed asset investments [2] - The company utilizes a "service + retail + AI" strategy to enhance customer lifetime value and single customer contribution, integrating AI technology for personalized product recommendations [2][3] Financial Performance - Shengbela's revenue has shown steady growth, with projected revenues of RMB 4.72 billion, RMB 5.60 billion, and RMB 7.99 billion for 2022, 2023, and 2024 respectively, reflecting a CAGR of 30% [3] - Adjusted net profits are expected to improve from a loss of RMB 0.45 billion in 2022 to a profit of RMB 0.42 billion in 2024, with gross margins increasing from 29.9% to 33.9% during the same period [3] Future Projections - Revenue forecasts for 2025 to 2027 are RMB 11.04 billion, RMB 14.80 billion, and RMB 19.57 billion, with corresponding net profits of RMB 1.09 billion, RMB 2.00 billion, and RMB 3.19 billion [4] - The current price-to-earnings (PE) ratios are projected to be 39.3, 21.3, and 13.4 for the years 2025, 2026, and 2027 respectively, indicating a strong investment potential [4]

Investment Rating - The report maintains a "Buy" investment rating for the company Saint Bella [2] Core Insights - Saint Bella is building a comprehensive family care ecosystem, expanding from postpartum care to various health services for women and children, aiming to provide a one-stop health and care solution for modern families [3][20] - The family care market in China is projected to grow significantly, from RMB 3,928 billion in 2019 to RMB 7,113 billion in 2024, with a compound annual growth rate (CAGR) of 12.6% [3][27] - The company has adopted an asset-light operational strategy, partnering with high-end hotels to reduce capital expenditure while enhancing service flexibility [5][36] - Saint Bella's revenue is expected to grow from RMB 799 million in 2024 to RMB 1,957 million by 2027, with a forecasted net profit of RMB 3.19 billion in 2027 [7][8] Summary by Sections Company Overview - Saint Bella was founded in 2017, focusing on high-end postpartum care through a light asset model in collaboration with luxury hotels [16][20] - The company has developed a multi-brand strategy, including Saint Bella, Baby Bella, and Bella Isla, to cater to different consumer segments [20][36] Main Business and Industry - The family care industry in China is expected to reach RMB 14,438 billion by 2030, with a CAGR of 12.4% from 2025 to 2030 [24][27] - The postpartum care segment is a significant contributor to Saint Bella's revenue, with projected income from postpartum care services increasing from RMB 3.45 billion in 2022 to RMB 5.36 billion in 2024 [34][46] Investment and Outlook - Saint Bella plans to expand its market presence internationally, having opened its first overseas center in Singapore and planning further expansion into the U.S. [92] - The company is investing in AI and digital technologies to enhance its service offerings and operational efficiency, aiming to create a tech-enabled family care platform [91][92]

Group 1 - The core viewpoint of the articles highlights Saint Bella's strategic positioning in the maternal and childcare market, aiming to build a comprehensive service ecosystem covering pre-pregnancy, post-pregnancy, childcare, and elderly care [1][2] - Saint Bella's revenue is projected to grow from 472 million yuan in 2022 to 799 million yuan in 2024, with a compound annual growth rate (CAGR) of 30%, and adjusted net profit is expected to turn from a loss in 2022 to a profit of 208 million yuan in 2023, increasing to 423 million yuan in 2024, representing a year-on-year growth of 103.4% [1][2] - The company's postpartum care services are the core pillar of its ecosystem, with revenue from maternity centers expected to account for 85% of total revenue in 2024 [1] Group 2 - Saint Bella adopts a light-asset high-end cooperation model by establishing maternity centers within existing luxury hotels, which helps reduce initial investment costs and leverage hotel brand equity to attract high-net-worth clients [1] - The company plans to go public in July 2025 at a price of 6.58 HKD per share, with IPO funds aimed at developing AI and new retail, as well as expanding SaaS services [2] - The forecasted revenue for Saint Bella from 2025 to 2027 is expected to be 1.1 billion, 1.48 billion, and 1.96 billion yuan, with corresponding net profits of 94 million, 200 million, and 319 million yuan, indicating a strong growth trajectory [2]

Group 1: Recent IPOs - Haitian Flavor Industry, a leading condiment company from Foshan, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 10.129 billion with a market capitalization of HKD 212.3 billion [1] - Black Eye Technology, a mobile game developer from Hong Kong, filed for an IPO on NASDAQ, planning to issue 1.5 million shares to raise about USD 6 million [2] - Jiamei New Materials, a nylon product manufacturer from Fuzhou, submitted an IPO application to NASDAQ, aiming to raise approximately USD 6 million [3] - Hope Sea Inc, a comprehensive supply chain solutions provider from Shenzhen, filed for an IPO on the Hong Kong Stock Exchange, focusing on cross-border supply chain solutions for electronic products [4] - Wolong Nuclear Materials, a high-speed copper cable manufacturer from Shenzhen, submitted an IPO application for "A+H" shares on the Hong Kong Stock Exchange [5] - Banou, a hot pot enterprise from Beijing, filed for an IPO on the Hong Kong Stock Exchange, claiming to be the largest brand in China's quality hot pot market with a 3.1% market share [6] - Xin'ao Co., a private natural gas company from Langfang, submitted an IPO application to the Hong Kong Stock Exchange, leveraging over 30 years of operational experience [7] - Anmai Biotech, a Shanghai-based biotechnology company, filed for an IPO on the Hong Kong Stock Exchange, focusing on T-cell connectors for cancer and autoimmune disease treatments [8] - Vision Electronics, a commercial display equipment company from Guangzhou, submitted an IPO application for "A+H" shares on the Hong Kong Stock Exchange [9] - Haizhi Technology, an AI company from Beijing, filed for an IPO on the Hong Kong Stock Exchange, ranking fifth among industrial AI providers in China by revenue [10] - Diguantong, a fintech platform from Macau, filed for an IPO on the Hong Kong Stock Exchange, aiming to connect global capital with China's micro-economy [11] - Yuxin Technology, a fintech solution provider from Beijing, submitted an IPO application to the Hong Kong Stock Exchange, focusing on full-stack technology solutions for financial institutions [12] - Zhaowei Electromechanical, a provider of integrated micro-drive systems from Shenzhen, filed for an IPO on the Hong Kong Stock Exchange [13] - Meige Intelligent, a wireless communication module provider from Shenzhen, submitted an IPO application to the Hong Kong Stock Exchange, ranking fourth globally in wireless communication module revenue [14] - Jiyi Technology, a cross-border e-commerce service provider from Suzhou, filed for an IPO on the Hong Kong Stock Exchange, leading in cross-border e-commerce operations in China [15] Group 2: Upcoming IPOs - Xiangjiang Electric, a home appliance manufacturer, is set to launch an IPO from June 17 to June 20, aiming to raise approximately HKD 212 million [16] - Cao Cao Mobility, a travel technology platform, plans to launch an IPO from June 17 to June 20, targeting to raise about HKD 1.853 billion [17] - Saint Bella, a comprehensive home care brand group, will conduct an IPO from June 18 to June 23, aiming to raise around HKD 628 million [18] - Zhou Li Fu, a jewelry company, is set to launch an IPO from June 18 to June 23, targeting to raise approximately HKD 1.123 billion [19] - Yingtong Holdings, a perfume brand management company, plans to conduct an IPO from June 18 to June 23, aiming to raise about HKD 1.127 billion [20] Group 3: Regulatory Approvals - Ten companies, including Tianyu Semiconductor and Shuangdeng Group, received approval from the China Securities Regulatory Commission for overseas listings and "full circulation" of unlisted shares [21]

Core Viewpoint - Saint Bella, recognized as the "first global high-end home care stock," has initiated its IPO, aiming to raise approximately HKD 628 million through the issuance of 95.42 million shares at a price of HKD 6.58 per share, with significant backing from cornerstone investors [1][3]. Group 1: Company Overview - Saint Bella plans to issue a total of 95.42 million shares, with 9.54 million shares available in Hong Kong and 85.88 million shares internationally, targeting a fundraising goal of HKD 628 million [1]. - The company has attracted seven cornerstone investors, including GIMM, Huaxia Fund (Hong Kong), JKKB, SS Morgan, and others, collectively subscribing to 49.44 million shares, amounting to approximately USD 41.46 million [1][3]. Group 2: Financial Performance and Valuation - Saint Bella has undergone seven rounds of financing since its establishment in 2017, raising over RMB 300 million, with notable investors including Tencent and other prominent capital firms [3]. - The company's estimated PE ratio is 7.93, significantly lower than the industry average of 22, indicating a high valuation attractiveness [5]. - The projected compound annual growth rate (CAGR) for revenue from 2022 to 2024 is 30%, suggesting strong growth potential [5]. Group 3: Business Model and Competitive Advantage - Saint Bella's business model is built on three pillars: high-end services, standardization, and digitalization, which together create a robust competitive moat [6][8]. - The company collaborates with high-end hotels to provide luxurious care environments and employs a large number of qualified nursing professionals to ensure high service standards [6][8]. - A comprehensive service model is established, covering postpartum care, family childcare, and health product supply, enhancing customer lifetime value [8]. Group 4: Market Opportunity and Industry Dynamics - The high-end home care sector is currently experiencing a "golden window period," driven by policy support and increasing demand, with Saint Bella positioned to capture significant market share [9][12]. - The penetration rate of postpartum care in China is expected to rise from 7.5% in 2019 to 17.0% by 2024, indicating substantial growth potential in the market [9]. - The company plans to allocate approximately 29% of the IPO proceeds to expand its postpartum care network and 37% to launch new services and products [13].

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].

Group 1 - The core viewpoint of the article highlights that Saint Bella is set to become the first global stock in quality family care as it prepares to list on the Hong Kong Stock Exchange, following successful hearings [1] - Saint Bella's revenue is projected to grow from 472 million to 799 million yuan from 2022 to 2024, with a compound annual growth rate of 30.15%, and a net profit increase of 103.43% in 2024 [2] - The company has established itself as the market leader in postpartum care and recovery in China, becoming the largest group in Asia in this sector [4] Group 2 - Saint Bella has developed a diversified service matrix since its establishment in 2017, covering various aspects of family care, including maternal and infant care, family parenting, women's health food retail, and wellness services [5] - The company has launched multiple brands targeting different market segments, such as "Saint Bella Maternal and Infant Care Center" for high-net-worth families and "baby bella" for young families [7] - Saint Bella's successful transformation into a comprehensive family care brand group is evidenced by its rising revenue and profits, positioning it well to capitalize on the growing family care service market [8]

Group 1 - The recent leadership change at Unilever (China) Co., Ltd. reflects the company's strategic adjustments in response to challenges in the global and Chinese markets [1][3] - Roland Polaroid Hutabarat has been appointed as the new chairman, succeeding Zhong Zhaomin, indicating Unilever's focus on the beauty and health sectors in China [1][3] - The leadership transition is part of a broader trend of management changes within Unilever globally, aimed at driving business transformation and enhancing profitability [3] Group 2 - Unilever faces significant challenges in the Chinese market, including a high single-digit decline in performance during Q1 2025, with brands like Clear and Lifebuoy experiencing downturns [4] - The rise of local brands poses a strong competitive threat to Unilever, as these brands leverage their understanding of the local market and offer more competitive pricing [4] - Rapid changes in consumer demand are increasing the pressure on Unilever to innovate its product offerings [4] Group 3 - In response to market challenges, Unilever is intensifying its investment in the Chinese market, particularly in the beauty and health sectors, by establishing a high-end beauty matrix with ten major brands [6] - The company is optimizing its brand portfolio by discontinuing underperforming brands, such as Tatcha and REN, to focus resources on stronger brands [6] - Unilever's strategic adjustments aim to enhance market competitiveness and operational efficiency in China [6] Group 4 - The leadership change is seen as a crucial part of Unilever's strategy to address market challenges and signals the company's long-term commitment to the Chinese market [7] - The new chairman's extensive supply chain management experience is expected to improve operational efficiency, particularly in the beauty and health sectors [7] - Unilever's ongoing adjustments and new management are anticipated to bring fresh energy and opportunities in the Chinese market [9]