消费者权益保护与行业信任机制的构建成为行业可持续发展的关键。近日，"全球家庭品质护理第一 股"圣贝拉集团(以下简称"圣贝拉")与招商银行合作，通过推出"月子保障金安全账号"，为家庭护理行业 树立了新的标杆，注入了一剂强心针。 本报讯(记者李春莲)在消费升级对服务品质提出更高要求、监管政策不断收紧规范行业秩序的双重驱动 下，家庭护理行业过去长期存在的预付费纠纷、服务质量参差不齐等痛点愈发凸显，资金监管正从行 业"可选项"转变为"必答题"，成为推动家庭护理行业健康可持续发展的新方向。 圣贝拉作为亚洲及中国最大的全周期家庭护理集团，敏锐地捕捉到了这一行业趋势。圣贝拉一直将企业 内部合规与保障消费者权益视作公司治理的重要指标。此次与招商银行携手推出资金监管账户，正是圣 贝拉在保障消费者权益方面的一次重要举措。这一监管账户的设立，标志着圣贝拉基于上市公司规范的 资金保障机制落地，为消费者构建了一道坚实的资金安全屏障。 在这套监管机制下，客户预付资金直接进入银行监管账户，在服务开始前始终处于监管状态，企业无法 提前动用。只有当客户实际入住后，圣贝拉才能按约定程序向银行申请资金划转，实现了从签约到履约 的全过程透明化管理。 ...

Core Insights - Unilever reported a 3.5% year-on-year decline in revenue for the first nine months of 2025, totaling €44.8 billion, with all five business segments experiencing a downturn [2] - The company is undergoing significant transformation efforts, including divesting over 20 non-core beauty and personal care brands, as it faces market challenges from changing consumer habits [2] - The ice cream business spin-off is expected to be completed in Q4 2025, with the CEO expressing confidence in improved operating profit margins for the second half of the year [2] Financial Performance - Revenue declines were noted across all business segments, with household care experiencing the largest drop at 5.3%, followed by ice cream at 4.2%, and beauty & health and food segments both around 3% [5] - Despite the overall revenue decline, underlying sales growth of approximately 3.9% was achieved, with beauty & health leading at 5.1% growth [5] - The Asia-Pacific and Africa regions showed a 6.8% increase in underlying sales, with China returning to growth, contrasting with earlier declines [5] Market Strategy - Unilever's growth in China is attributed to targeted marketing strategies and a premium product mix, although the market is still recovering [2][5] - The company is focusing on high-end markets and e-commerce, with significant reforms in its distribution system and adjustments to core brand operations [6] - Local innovation is becoming a key strategy, with R&D efforts being localized to better meet consumer demands in China [8][10] Consumer Trends - Chinese consumers are increasingly demanding more effective and clinically validated products, driving industry upgrades [9] - The skincare market in China is noted to have significant growth potential, with a penetration rate of only 66% [3]

Core Insights - Unilever reported a 3.5% year-on-year decline in revenue for the first nine months of 2025, totaling €44.8 billion, with all five business segments experiencing a downturn [1] - The company is undergoing significant transformation efforts, including divestitures, layoffs, leadership changes, and business splits, to adapt to changing consumer habits and market challenges [1] - The ice cream business spin-off is expected to be completed in Q4 2025, with the CEO expressing confidence in improved operating profit margins for the year [1] Revenue Performance - All business segments reported revenue declines, with the largest drop in home care at 5.3%, followed by ice cream at 4.2%, and beauty & health and food segments down approximately 3% [3] - However, underlying sales (excluding acquisitions, disposals, and currency effects) showed a growth of about 3.9%, with beauty & health leading at 5.1% growth [3] Market Dynamics - The Chinese market has shown signs of recovery, with low single-digit growth attributed to targeted marketing strategies and a premium product mix [1][3] - The overall skincare market in China remains vast, with a penetration rate of only 66%, indicating significant growth potential [2] Strategic Initiatives - Unilever is focusing on a future-oriented brand portfolio that prioritizes high-end markets and e-commerce, with the U.S. and India identified as core growth markets [4] - The company is implementing localized innovation strategies, including the establishment of an AI-driven research platform to enhance product development [5][6] Leadership and Organizational Changes - A significant leadership overhaul has been initiated, with 25% of the leadership team being rotated to better respond to local market demands [7] - The CEO has emphasized higher performance expectations and clear accountability within the organization [7]

Core Insights - Unilever reported a 3.5% year-on-year decline in revenue for the first nine months of 2025, totaling €44.8 billion, with all five business segments experiencing a downturn [1][3] - The company is undergoing significant transformation efforts, including divesting over 20 non-core beauty and personal care brands, as it faces challenges from changing consumer habits and market dynamics [1][3] - The ice cream business is expected to be spun off by Q4 2025, with the CEO expressing confidence in improving operating profit margins for the year [1][3] Financial Performance - Revenue declines were noted across all business segments, with the largest drop in home care at 5.3%, followed by ice cream at 4.2%, and beauty & health and food segments around 3% [3] - However, underlying sales growth (excluding acquisitions, disposals, and currency effects) was approximately 3.9%, with beauty & health leading at 5.1% growth [3] - The Asia-Pacific and Africa regions showed a 6.8% increase in underlying sales, with Indonesia growing by 12.7% and China returning to growth [3] Market Strategy - Unilever's growth in China is attributed to targeted marketing strategies and a premium product mix, although the market is still recovering [1][3] - The company is focusing on high-end markets and e-commerce, with significant reforms in its distribution system and operations of key brands [4][5] - Local innovation is becoming a core feature of Unilever's strategy in China, with R&D efforts being localized to better meet consumer demands [5][6] Industry Trends - The Chinese skincare market is noted as the largest globally, with a penetration rate of only 66%, indicating substantial growth potential [2] - The emphasis on AI and local R&D is seen as crucial for adapting to the fast-evolving consumer preferences in China [5][6] - The competitive landscape is shifting as multinational companies adapt their strategies to local market needs, with Unilever's leadership changes aimed at enhancing responsiveness [6]

Core Insights - Unilever reported a 3.5% decline in revenue for the first nine months of 2025, totaling €44.8 billion, with all five business segments experiencing a downturn [1] - The company is undergoing significant transformation efforts, including divesting over 20 non-core beauty and personal care brands, and plans to complete the spin-off of its ice cream business by Q4 2025 [1][3] - CEO Fernando Fernandez expressed confidence in improving operating profit margins, projecting at least 18.5% for the second half of 2025, and 19.5% excluding the ice cream business [1] Business Performance - All business segments saw revenue declines, with home care experiencing the largest drop at 5.3%, followed by ice cream at 4.2%, and beauty & health and food segments down approximately 3% [3] - However, underlying sales (excluding acquisitions, disposals, and currency effects) showed a growth of about 3.9%, with beauty & health leading at 5.1% growth [3] - The Asia-Pacific and Africa regions reported a 6.8% increase in underlying sales, with Indonesia growing by 12.7% and China returning to growth [3] Market Strategy - Unilever is focusing on high-end markets and e-commerce, particularly in the U.S. and India, while acknowledging challenges in the Chinese market due to intense competition and aging brands [4] - The company has implemented targeted interventions in China, such as expanding product offerings and enhancing brand promotion [3][4] Innovation and Localization - Unilever is shifting its localization strategy, emphasizing R&D capabilities in China, with the launch of the "AI for Science" innovation platform [6] - The Shanghai R&D center is one of six global centers, contributing to both local and global market needs [6] - The company aims to respond more quickly to local demands by rotating 25% of its leadership team under Fernandez's direction [8]

Investment Rating - The report assigns a "Buy" rating for the company, Saint Bella, as it is expected to have over 20% upside potential based on its valuation compared to peers [2][5]. Core Insights - Saint Bella is positioned as a leading brand in high-end postpartum services, expanding its offerings to cover the entire family service lifecycle from pregnancy to elder care [4][5]. - The company has demonstrated strong revenue growth, with a CAGR of 30% from 2022 to 2024, and is projected to continue this trend with significant increases in adjusted net profit [4][26]. - The family care industry in China is expected to grow significantly, with the market size projected to increase from CNY 392.8 billion in 2019 to CNY 711.3 billion by 2024, reflecting a CAGR of 12.6% [43][44]. Summary by Sections Company Overview - Founded in 2017, Saint Bella has expanded from high-end postpartum services to a comprehensive family care model, including brands like Xiao Bella and Ai Yu [4][16]. - The company has established a stable ownership structure, with the founder holding approximately 35.7% of the shares, ensuring consistent management and strategic direction [19][21]. Financial Performance - Revenue for 2022-2024 was CNY 4.72 billion, CNY 5.60 billion, and CNY 7.99 billion, with a projected revenue of CNY 10.58 billion in 2025 [26][30]. - Adjusted net profit is expected to rise from CNY 0.21 billion in 2024 to CNY 1.17 billion by 2025, indicating a strong recovery and growth trajectory [4][5]. Market Dynamics - The family care industry is characterized by a fragmented market with potential for consolidation, as consumer preferences shift towards established brands [4][49]. - The report highlights the increasing demand for postpartum care driven by changing societal norms and supportive government policies, which are expected to sustain industry growth [49][43]. Competitive Advantages - Saint Bella has developed four core advantages: strong brand recognition, a replicable business model, extensive service offerings, and international expansion strategies [4][5]. - The company is leveraging its brand equity and operational expertise to capture market share in both domestic and international markets [4][5]. Future Outlook - The company plans to expand its service offerings and increase the number of centers, projecting a total of 188 centers by 2027 [6][30]. - The family care market is anticipated to continue its robust growth, with significant opportunities in postpartum care and elder care services [43][44].

Core Viewpoint - Saint Bella Limited has successfully diversified its service and product offerings, moving beyond traditional postpartum care centers to create a "second growth curve" through service extension and leveraging AI technology for cost reduction [1] Financial Performance - For the first half of 2025, Saint Bella reported revenue of 450 million yuan, a year-on-year increase of 25.6%; gross profit of 169 million yuan, up 38.9%; and a net profit attributable to shareholders of 327 million yuan, marking a return to profitability [1] - Basic earnings per share were 17.31 yuan [1] Business Segments - Saint Bella operates three main business lines: postpartum care centers, home care services, and food products [2] - The postpartum care center business generated revenue of 387 million yuan, a 25.3% increase, driven by an increase in the number of centers and improved performance of existing centers [2] - Home care services achieved revenue of 39 million yuan, up 41.7%, while food product revenue was 24 million yuan, a 10.5% increase [2] Strategic Development - Since 2018, the company has pursued a multi-brand and globalization strategy, creating a pyramid matrix with flagship brand "Saint Bella" targeting ultra-high-net-worth individuals, "Little Bella" aimed at young middle-class consumers, and "Ai Yu" focusing on psychological healing needs [3] - The company has expanded its service offerings to cover a full cycle from pregnancy to early childhood, enhancing customer loyalty and lifecycle value [3] Market Trends - The family care industry is projected to grow to 805.3 billion yuan by 2025, with postpartum care and recovery expected to reach 79.3 billion yuan, reflecting a compound annual growth rate of 20.4% from 2025 to 2030 [4] - The growth is driven by supportive policies and changing consumer behaviors among new-generation women [4] Competitive Landscape - The focus for future competition will be on the ability to convert detailed postpartum care services into modular solutions for elderly care, while avoiding dilution of capabilities during business expansion [5] - The company plans to deepen its core market presence, enhance its brand, and develop top-tier nursing talent while upgrading its digital infrastructure [5]

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 Viewpoint - Saint Bella achieved significant growth in revenue and profitability in the first half of 2025, marking its first comprehensive profit with a net profit exceeding 327 million RMB, reversing the loss from the previous year, and demonstrating the sustainability of its business model and leadership in the industry [1] Revenue and Profit Growth - In the first half of 2025, Saint Bella Group reported total revenue of 523 million RMB, a year-on-year increase of 35%, with group-level revenue at 450 million RMB, up 25.6% [2] - The entrusted management stores generated revenue of 73 million RMB, a remarkable growth of 160%, showcasing the effectiveness of its light asset model [2] - The overall gross margin improved from 34% to 37.6%, an increase of 3.6 percentage points, driven by strong performance in its core segments [2] Business Segment Performance - The core postpartum care business, supported by a network of 113 stores, achieved total revenue of 460 million RMB, a 36.5% increase, with self-operated centers contributing 387 million RMB, up 25.3% [3] - The family care service segment saw a significant revenue increase of 41.7%, maintaining a stable gross margin of 36.5% [3] - The health food segment, bolstered by the acquisition of Guanghetang, reported a revenue growth of 10.6% with a high gross margin of 72.4% [4] Technological and Operational Efficiency - Saint Bella implemented a SaaS+AI digital standard operating system, enhancing the standardization and precision of care processes [5] - Marketing expenses and management expenses decreased, with marketing expenses down by 0.6 percentage points and management expenses down by 4.4 percentage points, contributing to expanded profit margins [5] Future Outlook - The company plans to continue expanding its core market and accelerate the layout of postpartum care centers while strengthening its ecosystem in family care and health food sectors [6] - The health food market is projected to grow at a compound annual growth rate of 12.7% by 2030, presenting new growth opportunities for Saint Bella [4]

Core Viewpoint - The article highlights the significant financial turnaround of Saint Bella Group, which achieved profitability for the first time post-IPO, with a net profit of 327 million yuan, reversing the loss from the previous year [1][7]. Financial Performance - Saint Bella's business model for comprehensive maternal and infant care services has been validated by the market, demonstrating strong profitability [3]. - In the first half of 2025, the company reported total revenue of 523 million yuan, a year-on-year increase of 35%, with operating revenue reaching 450 million yuan, growing at 25.6%, significantly outpacing the industry average [3]. - The revenue from the confinement center business was 387 million yuan, up 25.3%, while the family care business saw explosive growth with revenue of 38.6 million yuan, a 41.7% increase [3]. - The health food segment also grew steadily, achieving revenue of 24.3 million yuan, a 10.5% increase [3]. Cost Management - The application of AI technology has led to improved operational efficiency, with marketing expenses reduced to 12.0% and management expenses down to 22.1% [4]. - The introduction of a data-driven standard service system in the confinement center business has enhanced customer experience and loyalty, with the referral rate from existing customers rising to 40.2% [4]. Profitability and Growth - The company expanded its store network globally, adding 36 new stores in the first half of 2025, bringing the total to 113 [5]. - The entrusted management of confinement centers saw a remarkable revenue increase of 160%, reaching approximately 73 million yuan [5]. - The gross profit for the first half of 2025 was 169 million yuan, a 38.9% increase year-on-year, with adjusted net profit soaring by 126.1% to 38.78 million yuan [5]. - The gross margins for the confinement center, family care, and health food businesses were 35.5%, 36.5%, and 72.4%, respectively, indicating strong profitability across all segments [5]. Industry Outlook - The supportive fertility policies and the anticipated market growth present significant opportunities for the family care industry, with projections indicating the market size will grow from 805.3 billion yuan in 2025 to 1,443.8 billion yuan by 2030, at a CAGR of 12.4% [9]. - The unique light-asset standardized operation model of Saint Bella is expected to provide resilience against risks, positioning the company favorably in the evolving market landscape [9]. Strategic Positioning - Saint Bella's strategy of "ecology + technology + globalization" is creating a competitive advantage that is difficult for other players to replicate [10]. - The company plans to expand its overseas market presence, leveraging its high-quality family care services and cultural concepts [10]. Valuation Perspective - Given its rapid growth and the scarcity of leading domestic brands, multiple brokerages have assigned "buy" ratings to Saint Bella, with a target price of 9.76 HKD based on projected earnings growth [11]. Conclusion - Saint Bella's mid-year report reflects not only its financial achievements but also the transformation of the family care industry in China, indicating a shift towards a comprehensive health management ecosystem that could reshape consumer behavior and expectations [12].