【导读】 轻资产大规模扩店，圣贝拉 上半年营收超5亿 元 见习记者 荧墨 8月20日，圣贝拉（02508.HK）发布中期业绩公告，2025年上半年，实现总收入（含受托管理月子中心）5.23亿元，同比增长35%。受 益于"合伙门店计划"，当期受托管理月子中心增加34家，总数增至53家。 月子中心业务是圣贝拉的增长基石与流量入口。报告期内，圣贝拉门店扩张提速，受托管理门店收入规模达7300万元，同比增长 159.6%，已形成由圣贝拉 、 艾屿 、 小贝拉组成的超高端、高端月子中心矩阵。 "坐月子"的生意经 不过，客户走出月子中心，并不意味着圣贝拉的服务就终止了 。 如今，大部分产妇对身材与状态的恢复都有着迫切的需求，因此，圣贝拉 在产后修复赛道上"卖力"经营：2025年上半年，圣贝拉、艾屿、小贝拉的产后修复销售平均合约价值分别为人民币46021元、21456元、 20168元，同比分别增长8.1%、36.3%、4.8%。 记者注意到，圣贝拉通过予家 、 广禾堂等品牌，与月子中心协同销售，将公司业务拓展 至 受众更广的家庭护理产业链。中期业绩公告显 示，今年上半年，圣贝拉的家庭护理服务实现收入3860余万元，同比大 ...

[Table_Title] 证券研究报告 / 港股公司报告 受托管理高速扩张，业务协同打造"月子生态" [Table_Summary] 25H1 业绩高增，盈利能力持续增强：25H1，公司实现营业收入 4.50 亿 元，同比增长 25.6%，主要系合伙门店计划推动渠道快速扩张；毛利率 37.6%/+3.6pcts；费用率大幅度下降，对盈利能力提升作出突出贡献，销 售费用率 12.04%/-0.61pcts，管理费用率 22.13%/-4.41pcts，主要系 SaaS 系统及 AI 的充分利用及规模效应所致；研发费用率 1.26%/-0.56pcts，主 要系系统愈发成熟，研发人员减少；实现经调整净利润 0.39 亿元，经调 净利率 8.63%/+3.83pcts，盈利能力改善明显。 月子中心：合伙门店快速增长，客户认同度不断提高。25H1 总收入 4.60 亿/+36.5%，自营月子中心 3.87 亿/+25.3%；1）量：25H1 门店数共 113 家，相比 24 年末净增 36 家，其中受托中心增加 34 家，分品牌来看，圣 贝拉、艾屿、小贝拉分别具备门店 31/16/66 家，相比于 24 年底净增 ...

证券研究报告 圣贝拉 (2508 HK) 全周期矩阵增长积极，利润弹性释放 | 2025 年 | | | | | --- | --- | --- | --- | | | 8 月 | 21 日│中国香港 | 社会服务 | 公司公布上半年业绩：收入 4.50 亿/同比+25.6%，含托管中心的收入规模 5.23 亿/同比+35%；经调整净利润 3,878 万/同比+126.1%，归母净利润 3.27 亿/同比扭亏，主要为金融工具公允价值变动（+3.18 亿）、上市开支（-0.17 亿）和股份支付（-0.13 亿）影响，符合此前盈利预告（净利润不低于 3.2 亿，经调整净利润不低于 0.38 亿）。受益于委托管理模式有效推进，公司 加速扩张，1H25 较 24 年末净增 36 家，超越 24 年全年开店数量（34 家）。 此外，全周期护理服务矩阵初具雏形，产后修复、到家护理及食品 3 大新业 务均呈现积极增长趋势。我们认为，伴随境内外门店快速扩张，品牌影响力 提升，规模效应有望继续撬动利润弹性。全周期家庭护理版图与会员价值提 升互相作用，或进一步释放生态协同价值。维持"买入"评级。 委托管理模式赋能主业扩张环比提速 ...

Group 1: Photovoltaic Industry - The profitability turning point for BC technology has been reached, with Aishuo achieving a quarterly profit of 130 million and Longi reducing losses by 2.8 billion [2][3] - In the context of widespread losses in the main photovoltaic industry chain, the excess returns of BC technology have been realized, and prices in the industry chain are expected to recover in the second half of the year [3] - Key beneficiaries in the main chain include leading BC companies, while auxiliary materials and equipment related to BC technology are also expected to benefit from increased shipments [4][6] Group 2: Maternal and Infant Industry - The introduction of a 3600 yuan subsidy is expected to stimulate consumption among 20 million families, unlocking a market worth over 100 billion, with the lower-tier market being the biggest winner [2][8] - The expected continuation of local childcare subsidy policies under national guidance will lower family childbirth costs and boost birth intentions, particularly benefiting maternal and infant consumer goods [8][9] - Related beneficiaries include maternal and infant retail channels, product manufacturers, and early education institutions, with specific companies identified as key players in this sector [8][9]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [4][8]. Core Insights - The company, Saint Bella, is positioned in the female-focused market, aiming to create a comprehensive service ecosystem covering "pre-pregnancy, post-pregnancy, childcare, and elderly care" [4]. - 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% [4]. - The adjusted net profit is expected to turn from a loss in 2022 to a profit of 208 million yuan in 2023, and further increase to 423 million yuan in 2024, representing a year-on-year growth of 103.4% [4]. - The postpartum care service is the core pillar of the company's ecosystem, with revenue from maternity centers expected to account for 85% of total revenue in 2024 [4]. Summary by Sections Company Overview - Established in 2017, Saint Bella has a market share of 1.2% in the maternity center sector as of 2024 [4]. - The company targets the mid-to-high-end market and has developed a multi-brand matrix to cater to different consumer segments [4]. Business Model - Saint Bella employs a light-asset high-end cooperation model by setting up maternity centers in existing luxury hotels, which reduces initial investment costs and leverages hotel brand equity to attract high-net-worth clients [5]. - The company has established 96 high-end maternity centers, with 62 self-operated and 34 managed centers as of 2024 [5]. Market Potential - The family care market in China is projected to grow from 392.8 billion yuan in 2019 to 711.3 billion yuan in 2024, with a CAGR of 12.6% [4]. - The elderly care market is expected to provide a dual growth engine for the company, driven by an aging population and evolving family structures [8]. Financial Projections - Revenue forecasts for 2025 to 2027 are 1.1 billion yuan, 1.48 billion yuan, and 1.96 billion yuan, respectively, with corresponding net profits of 94 million yuan, 200 million yuan, and 319 million yuan [8][10]. - The company is expected to achieve a price-to-earnings (P/E) ratio of 43.1, 20.1, and 12.6 for the years 2025, 2026, and 2027, respectively [8].

Core Viewpoint - The closure of the Jimu Zhiya Maternity Center in Beijing highlights the financial instability and operational risks within the maternity center industry, exacerbated by a prepayment model that poses significant risks to consumers and service providers [1][8]. Company Summary - The Jimu Zhiya Maternity Center has ceased all services, with management becoming unreachable and refund agreements unfulfilled, leading to significant debts owed to consumers and staff [1][2]. - The company’s parent, Chengdu Chuangju Jimu Maternity Care Service Co., Ltd., was listed as a dishonest executor with an execution amount exceeding 4.12 million yuan [5]. - Similar incidents have occurred with other maternity centers, indicating a troubling trend of closures and financial mismanagement within the industry [5][6]. Industry Summary - The maternity center market in China has grown from under 100 billion yuan in 2017 to nearly 300 billion yuan projected for 2025, but the annual growth rate has sharply declined from 81.5% to 7.5%, signaling a shift from explosive growth to maturity [8]. - The industry faces unprecedented pressure, with even leading companies experiencing financial difficulties and operational challenges, as seen with companies like Saint Bella and Aidi Gong [6][7]. - The prevalent prepayment model in the industry raises concerns about consumer protection, as many companies may not be able to fulfill their service commitments, leading to potential fraud allegations [8].

Core Viewpoint - The article discusses the recent IPO of Saint Bella, a high-end maternity care center, highlighting its financial struggles and market position despite significant capital backing from notable investors like Tencent and China Life [2][5][15]. Financial Performance - Saint Bella reported losses of 4.12 billion, 2.39 billion, and 5.43 billion from 2022 to 2024, totaling 11.94 billion in losses over three years [7][9]. - Revenue figures for the same period were 4.72 billion, 5.60 billion, and 7.99 billion, indicating a growth trend in revenue but not enough to offset losses [7]. - The company's debt situation is concerning, with the debt-to-asset ratio increasing from 276.77% to 334.86% and total liabilities rising from 650 million to 2.08 billion [2][8]. Business Model and Revenue Sources - Saint Bella's business heavily relies on its maternity centers, which accounted for 85% of total revenue in 2024, with family care services and food sales contributing only 8.6% and 6.4%, respectively [7]. - The average revenue per customer at self-operated maternity centers increased from 224,800 to 239,200 from 2022 to 2024 [7]. Cost Structure - Rental and related costs were significant, amounting to 1.23 billion, 1.26 billion, and 1.94 billion for 2022, 2023, and 2024, respectively, making up 37.2%, 35.4%, and 36.7% of total sales costs [8]. - Human resource costs for professional care teams were also high, totaling 1.09 billion, 1.22 billion, and 1.77 billion over the same period [8]. Market Position and Growth Potential - The maternity care market is projected to grow at a compound annual growth rate (CAGR) of over 25%, driven by younger generations, particularly those born in the 1990s and 2000s [15][16]. - Despite the market potential, Saint Bella faces challenges, as evidenced by the struggles of other companies in the sector, such as the previously listed competitor, Aidi Palace, which reported a revenue decline of 18.4% in 2023 [15]. Compliance and Reputation Issues - Saint Bella has faced compliance issues, including a public apology for false advertising related to non-authoritative certifications and penalties for unlicensed medical practices [10][14][13].

Core Viewpoint - Saint Bella, known as the "Hermès of confinement centers," has recently listed on the Hong Kong Stock Exchange, becoming the first stock in the "family quality care" sector. However, the stock price has experienced significant volatility, closing at 6.99 HKD after an initial spike to 11 HKD, reflecting market concerns about the company's financial health and operational challenges [2][3]. Financial Performance - Saint Bella reported substantial losses from 2022 to 2024, with losses of 4.12 billion, 2.39 billion, and 5.43 billion CNY respectively, totaling 11.94 billion CNY over three years. Despite revenue growth from 4.72 billion CNY in 2022 to 7.99 billion CNY in 2024, the company has not achieved profitability [4][5][6]. - The company's debt situation is concerning, with the debt-to-asset ratio increasing from 276.77% to 334.86% over three years, and total liabilities rising from 650 million CNY to 2.081 billion CNY [2][4]. Business Model and Revenue Sources - Saint Bella's revenue is heavily reliant on its confinement centers, which accounted for 85% of total revenue in 2024. Other segments, such as family care services and food sales, contributed only 8.6% and 6.4% respectively [5][6]. - The average revenue per customer at self-operated confinement centers has increased from 224,800 CNY in 2022 to 239,200 CNY in 2024, indicating a focus on high-end services [6]. Market Position and Growth Potential - The confinement market is projected to grow at a compound annual growth rate (CAGR) of over 25%, driven by younger generations, particularly those born in the 1990s and 2000s, who are increasingly willing to pay for premium services [11]. - Saint Bella operates 96 confinement centers under three brands, with a significant presence in first- and second-tier cities, often located in luxury hotels [7][11]. Compliance and Regulatory Issues - The company has faced compliance challenges, including a public apology for misleading claims regarding its staff's qualifications and previous administrative penalties for unlicensed medical practices [9][10].

Core Viewpoint - The article highlights the challenges and controversies faced by the maternity care industry in China, particularly focusing on the case of the Yuezi Palace Yuan maternity center in Chengdu, which has been accused of false advertising and inadequate service standards [4][6][11]. Industry Overview - The maternity care market in China is projected to grow to over 300 billion yuan by 2024, with more than 5,800 maternity centers expected to operate nationwide [4][13]. - The rapid expansion of the industry has led to significant issues, including inconsistent service quality and a lack of regulatory oversight, which have resulted in increased consumer complaints [11][12]. Company Case Study - The Yuezi Palace Yuan maternity center has faced multiple complaints regarding service discrepancies, including differences between advertised and actual room types and failure to meet promised service standards [5][6]. - The center offers various service packages ranging from 57,980 yuan for 26 days to 628,062 yuan for 42 days, with the most popular packages priced under 130,000 yuan [5][11]. Regulatory Challenges - The maternity care industry suffers from unclear regulatory frameworks, leading to issues such as false advertising and inadequate service delivery [11][15]. - The lack of a unified regulatory body has resulted in a fragmented oversight system, complicating the enforcement of standards and consumer protection [14][15]. Market Dynamics - The industry has seen a rise in complaints and business closures, with over 100 maternity centers reported to have shut down or gone bankrupt in recent months [10][11]. - Despite the challenges, investment interest in the sector remains high, with significant funding from major firms indicating a belief in the industry's potential for growth [14]. Future Outlook - The maternity care market is transitioning from a rapid growth phase to a more mature stage, with expected annual growth rates declining from 81.5% to 7.5% [13]. - Experts suggest that establishing clear industry standards and improving regulatory oversight will be crucial for the sustainable development of the maternity care sector [12][15].

Core Insights - The company Saint Bella, dubbed the "Hermès of postpartum care," experienced a dramatic rise and fall in its stock performance following its IPO, with a 193 times oversubscription and a peak stock price of 11 HKD, leading to a market capitalization loss of over 1.3 billion HKD after a 25% drop in share price [1][5][7] Financial Performance - Saint Bella reported a staggering loss of 1.2 billion HKD over three years, revealing significant financial instability behind its high-end consumer facade [1][3] - The company's operational costs are heavily inflated, with luxury hotel rentals accounting for 35% of revenue and a projected rental expense of 194 million HKD in 2024 [3] Service and Customer Experience - The company's premium service model includes a "star package" costing 588,000 HKD for 28 days, yet it incurs a loss of 30,000 HKD per order despite charging 220,000 HKD per month [3][4] - Customer complaints have surged by 300% in 2024, highlighting issues such as substandard accommodations and safety hazards, leading to increased regulatory scrutiny [4][7] Market Expansion and Challenges - Saint Bella's ambitious international expansion plans have faltered, with a 60% vacancy rate in its Los Angeles location and cultural resistance in Singapore, resulting in overseas revenue constituting only 1.3% of total revenue in 2024 [5][7] - Major investors, including Tencent, have begun to divest, with significant sell-offs occurring shortly after the IPO, indicating a loss of confidence in the company's future [5][7]