综合分析，圣贝拉发展至今的业绩成长和行业领先的地位，可归因于圣贝拉集团针对不同的场景提供的差异化服务，从高端到质价比，精准狙击各个阶层 的需求。圣贝拉早期以同名旗舰品牌"圣贝拉母婴护理中心"作为起点，将目标设定为高净值家庭提供全周期护理服务；之后，在品牌建设与用户需求的双 轮驱动下，圣贝拉进一步细化产后护理条线业务布局，先后推出了定位年轻家庭首选的月子护理品牌"baby bella小贝拉"以及主打心理疗愈的女性全周期 护理品牌"Bella ISLA艾屿"。 同时，圣贝拉已从最初的单一产后护理业务转型破圈，构建起"全周期覆盖的家庭护理生态"，在家庭护理服务领域，圣贝拉于2018年推出「予家」品牌， 其可按定制化基础解决客户的特殊家庭护理需求并拓展客户的生命周期价值；在女性健康功能性食品领域，圣贝拉于2021年收购了广禾堂，并将广禾堂销 售重心由线下渠道转换为线上渠道，并不断改进产品、扩大产品组合，令这家深耕女性保健食品20多年的行业领军企业展现出来新的发展契机，线上订单 数量三年内从2355单暴增至74837单，订单均价从621元增长至860元，广禾堂毛利率也因此由2021年的13.7%大幅增至截至2023年1 ...

回顾其上市历程，圣贝拉在2024年6月首次公开提交了招股说明书，并在2025年1月进行了更新。一旦成功上市，圣贝拉集团将开创港股市场中家庭品质护 理领域的先河。 圣贝拉集团近日宣布，已正式向港交所递交IPO备案申请，计划在香港上市。 在股东结构方面，圣贝拉集团吸引了多家知名机构的投资。其中，腾讯持股比例为11.6%，高榕资本持股约8.3%，显示出市场对圣贝拉集团发展前景的看 好。中国人寿、Mirae Asset、C Capital、太古地产、新鸿基公司等多家机构也位列股东名单之中。 具体来看，昆山唐陆持股4%，中国人寿持股2%，River Delta、海南圣诞、C Capital各持股1.8%、1.7%和1.7%。诸暨健投、Gotham Equity、耀和、Pegasus Capital和雅畔等股东也分别持有不同比例的股份。 圣贝拉集团的成功上市，不仅将为投资者带来新的投资机会，也将进一步推动家庭品质护理市场的发展。随着消费者对高品质家庭护理服务需求的不断增 加，圣贝拉集团有望在未来实现更加稳健的增长。 作为一家专注于高品质家庭护理服务的综合集团，圣贝拉自2017年成立以来，始终致力于满足年轻一代对家庭护理不 ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $337.7 million, a 20.3% increase from $280.7 million in Q1 2024 [9] - Adjusted earnings per share rose to $1.42, up 17.4% from $1.21 in Q1 2024 [9] - Adjusted EBITDA increased to $40.6 million, a 25.1% rise from $32.4 million in Q1 2024 [9] - Gross margin percentage improved to 31.9% from 31.4% in Q1 2024 [24] - Adjusted EBITDA margin was 12%, compared to 11.6% in Q1 2024 [25] Business Line Data and Key Metrics Changes - Personal Care segment revenues were $258.3 million, accounting for 76.5% of total revenue, with a 7.4% organic revenue growth [23] - Hospice same store revenue increased by 9.9%, with average daily census rising to 3,515, a 4.6% increase year-over-year [14][21] - Home Health segment revenues were $18 million, representing 5.3% of total revenue, with a 1.3% organic revenue growth [22] Market Data and Key Metrics Changes - Personal Care services received favorable reimbursement support, including a 5.5% rate increase in Illinois effective January 1, 2025 [12] - Same store hours in Personal Care increased by 2% compared to Q1 2024, marking the largest year-over-year volume growth in recent quarters [13] - The company experienced solid caregiver hiring success, with 79 hires per day in Personal Care, up from 78 in Q1 2024 [10] Company Strategy and Development Direction - The company aims for a minimum annual revenue growth of 10%, focusing on acquisitions that complement organic growth [17] - The Gentiva acquisition added approximately $280 million in annualized revenues, significantly expanding market coverage [22] - The company is actively pursuing additional acquisition opportunities to enhance density in existing markets and add clinical services [23][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued demand for home-based care, viewing it as a growth opportunity [18] - The company anticipates stable gross margins and consistent cash flow conversion in line with historical averages [25][27] - Management noted that the clinical hiring environment remains challenging, but improvements have been observed in the personal care segment [11][67] Other Important Information - The company utilized approximately $2.5 million in ARPA funding during Q1 2025, with $8.8 million remaining [28] - As of March 31, 2025, the company had cash on hand of approximately $97 million and reduced bank debt by $20 million [9][28] Q&A Session Summary Question: Commentary on hospice cap limitations - Management indicated that cap limitations have not been material, with effective management of referral mix [33][34] Question: Impact of weather on personal care services - Management confirmed weather events affected January but noted a rebound in February and March, expecting hours growth to remain in the 2% to 2.5% range [40][41] Question: Hospice revenue growth expectations - Management projected hospice revenue growth in the 5% to 7% range, leaning towards the upper end [44] Question: Margin expansion expectations - Management expects typical margin expansion of 40 to 50 basis points into Q2, with Q1 usually being the low point [50][51] Question: Impact of Medicaid changes - Management stated that potential changes to Medicaid would likely have no direct impact on the company, as its patient base is primarily elderly and disabled [54][56] Question: Performance of Gentiva post-acquisition - Management reported that Gentiva's bottom line performance has exceeded expectations, while top line growth was slightly lighter than anticipated [77] Question: Update on home health services - Management noted stability in Medicare rates and improvements in contracting with Medicare Advantage plans, with discounts narrowing from 40% to 15-20% [106]