Core Viewpoint - CITIC Securities initiates coverage on Saint Bella (02508) with a "Buy" rating, highlighting its position as the largest family care group in China and its potential for growth in the high-end maternity center market [1] Company Overview - Saint Bella operates several brands including Saint Bella, Little Bella, and Ai Yu, focusing on high-tier cities in China while gradually expanding globally [1] - The company holds the top market share in the family care industry, benefiting from the trend of smaller family structures and increasing self-care demands among women [1] Growth Potential - The report emphasizes that Saint Bella's luxury brand positioning, standardized professional services, and diverse brand matrix provide significant growth potential [1] - Single-store revenue is expected to increase, with clear opportunities for domestic and international store openings, driving both revenue and profit growth [1] Business Development - Family care services and food retail businesses have shown positive growth trends in recent years, which may further enhance the company's growth potential through synergies with maternity centers [1]

报告中称，凭借高奢品牌定位、标准化专业化服务及多元品牌矩阵，该行认为公司具备成长潜力，单店 收入有望提升、海内外开店空间明确，驱动收入、盈利双增长。此外，家庭护理服务及食品零售业务近 年来保持积极发展趋势，有望基于月子中心协同效应，进一步打开公司成长空间。 智通财经APP获悉，中信证券发布研报称，首次覆盖圣贝拉(02508)，给予"买入"评级。SAINT BELLA 是中国最大的家庭护理集团，旗下品牌包括圣贝拉、小贝拉、艾屿等，深耕中国高线城市，逐步走向全 球。在中国家庭结构趋向小型化、女性悦己需求提升的背景下，高端月子中心需求有望持续增长;目前 公司在行业内竞争优势突出，市占率位列第一。 ...

Core Viewpoint - Despite the strong performance of technology and pharmaceutical funds, public funds are gradually adopting a defensive mindset [1] Group 1: ETF Construction Strategies - The construction speed of popular industry ETFs has slowed down as stock prices heat up [4] - As of September 19, 2023, the strongest technology fund has achieved a performance of 196%, while the strongest pharmaceutical fund has exceeded 170% [5] - The construction speed of ETFs is influenced by the performance of the underlying sectors, with slower construction in sectors that have seen rapid price increases [5][6] Group 2: Shift to New Consumption - Head funds are increasingly participating in new consumption IPOs, indicating a strategic shift towards defensive assets [7] - Notable new consumption companies, such as IFBH, have attracted significant public fund interest, reflecting a growing focus on consumer stocks [8] - The new consumption sector is seen as a core defensive asset due to its relatively stable stock performance and emerging growth drivers [9] Group 3: Market Outlook and Investment Logic - The third quarter of 2023 is expected to be a period of market differentiation, with a focus on selecting quality companies [10] - Analysts suggest that the new consumption sector is gaining traction due to its emphasis on consumer experience and the emergence of leading brands in the capital market [10] - The consumption sector is anticipated to benefit from clearer demand-side policies in the second half of the year, leading to improved profitability [11]

Group 1 - The core viewpoint indicates that despite strong performance in technology and pharmaceutical funds, some public funds are shifting towards a defensive strategy, with new consumption stocks potentially offering better investment safety [1][4] - The construction speed of popular thematic ETFs has slowed down significantly as stock prices rise, with specific ETFs showing low stock positions just before their listing [2][3] - The slowdown in ETF construction speed is attributed to the substantial gains in related sector funds, with technology funds achieving up to 196% and pharmaceutical funds over 170% year-to-date [3] Group 2 - Some funds are beginning to replace their holdings in pharmaceuticals and technology with defensive consumer stocks, indicating a strategic shift among fund managers [4][6] - Public funds have started to participate in the IPOs of consumer stocks, which was rare earlier in the year, suggesting a growing interest in the consumer sector [4][5] - The consumer sector is viewed as a key defensive asset for public funds, driven by reasonable valuations and the emergence of quality companies with new performance drivers [6][8] Group 3 - Fund managers believe that the third quarter will see a differentiation in market performance, emphasizing the importance of selecting quality companies as the market becomes more rational [7] - New consumption trends are characterized by a focus on consumer experience and the emergence of leading brands in the capital market, which could lead to sustained interest in these sectors [7][8] - The consumer industry is expected to benefit from clearer demand-side policies in the second half of the year, potentially leading to improved profitability and competitive dynamics [8]

Core Insights - The maternity center industry is facing significant challenges, with predictions that up to 60% of centers may close by 2025 due to overexpansion and insufficient demand [1][5] - High-end hotels are also struggling, with over 1,000 mid-range and upscale hotels closing last year, and many facing bankruptcy [1][5] - A trend of maternity centers partnering with high-end hotels is emerging as a potential solution for both industries [1][7] Industry Overview - The number of maternity centers in first-tier and new first-tier cities has increased by nearly 80% over the past five years, while demand has only grown by 40-50% [2] - The closure of maternity centers has accelerated, with at least ten centers shutting down in the first two months of the year [4] - Mid-range maternity centers are the hardest hit, while high-end centers show resilience and continued growth [5] Financial Performance - Saint Bella, a high-end maternity center, reported a total revenue of 523 million yuan in the first half of 2025, a 35% year-on-year increase, and a net profit of 327 million yuan [7] - The average contract value for postpartum care services at Saint Bella centers has shown a slight increase from 6,740 yuan in 2022 to 7,015 yuan in 2024 [6] Cost Structure - High-end maternity centers face high operational costs, particularly in rent and labor, which can account for 20-30% of their revenue [9][12] - Labor costs for high-end maternity centers are significantly higher than in other standardized service industries, with Saint Bella's labor costs comprising over 30% of total sales costs [12][14] Market Dynamics - The maternity center market is experiencing a significant contraction, with over half of the existing centers closing in the past two years [15] - The high-end hotel sector is exploring new business models to utilize vacant rooms, including the integration of maternity centers [9][18] - Despite the potential benefits of partnerships, the scalability of high-end maternity centers remains a challenge due to high costs and market saturation [11][14]

Core Viewpoint - The maternity center industry is facing significant challenges, with a wave of bankruptcies and closures, particularly among mid-range centers, while high-end centers show some resilience [1][4][6]. Group 1: Industry Challenges - The maternity center industry has seen a dramatic increase in the number of centers, with a nearly 80% growth in first-tier and new first-tier cities over the past five years, while demand has only increased by 40% to 50% [4][6]. - The closure of over 67 maternity centers, including the notable case of Aijia, has triggered a wave of bankruptcies across the industry, with more than ten centers shutting down in the first two months of the year [1][4]. - A forecast suggests that 2025 could be the most challenging year for the maternity center industry, with potential closures of up to 60% of centers [2]. Group 2: Market Dynamics - High-end and ultra-high-end maternity centers are exhibiting growth, with a compound annual growth rate (CAGR) of 31.5% and 29.9% respectively from 2018 to 2023, outperforming mid-range and budget segments [6]. - The collaboration between maternity centers and high-end hotels is emerging as a trend, with centers like Saint Bella successfully turning profitable by leveraging hotel resources [2][8]. - The average contract value for postpartum care services at Saint Bella centers has shown a slight increase, indicating a potential for revenue growth despite overall industry challenges [7]. Group 3: Financial Performance - Saint Bella reported a total revenue of 523 million yuan in the first half of 2025, a 35% year-on-year increase, with a net profit of 327 million yuan, marking a significant turnaround [8]. - The rental costs for maternity centers operating within hotels have remained substantial, accounting for 22.5% of revenue in 2023, highlighting the financial pressures faced by these businesses [10]. Group 4: Future Outlook - The industry is expected to evolve towards a lighter asset model, allowing high-end maternity centers to utilize hotel resources effectively, thereby reducing costs associated with renovations and dining [6][12]. - Despite the potential for growth, the high costs of labor and rent continue to pose significant challenges for scaling operations within the maternity center sector [11][12]. - The overall market for maternity services is under pressure, with a significant reduction in the number of operational centers, dropping from over 5,000 to around 2,470 in just two years [13].

Group 1 - Saint Bella reported its first financial results since going public, achieving total revenue of 523 million yuan in the first half of 2025, a year-on-year increase of 35%, and a net profit of 327 million yuan, marking a significant turnaround from losses [1][6] - The company operates under a light asset model, partnering with high-end hotels such as the Peninsula Hotel in Beijing and the Waldorf Astoria in Shanghai to establish its maternity centers, which have become profitable despite the traditional hotel industry facing challenges [1][6][12] - The number of managed maternity centers increased to 53, contributing 73 million yuan in revenue, a 159.6% increase year-on-year, highlighting the effectiveness of the partnership strategy [6][22] Group 2 - The pricing for Saint Bella's maternity packages ranges from 168,800 yuan to 388,800 yuan for stays of 28 to 56 days, positioning it as a premium service in the market [3][5][7] - The high-end hotel collaboration allows for enhanced service offerings, including customized meal plans and access to hotel amenities, which are attractive to consumers [12][16] - The overall market for maternity services in China is projected to grow significantly, with a forecasted compound annual growth rate of 24% from 2024 to 2030, indicating substantial growth potential for the industry [21][22] Group 3 - The traditional high-end hotel industry is experiencing a downturn, with occupancy rates and revenue per available room (RevPAR) declining, prompting hotels to seek new revenue streams through partnerships with maternity centers [22][28] - The integration of maternity centers into high-end hotels can enhance hotel profitability by utilizing underused space and increasing overall service offerings, thus addressing the challenges faced by the hotel industry [24][27] - The collaboration between maternity centers and hotels is seen as a new business model that can revitalize the hotel sector, providing stable income and attracting new customer segments [25][30]

Core Viewpoint - Saint Bella reported a total revenue of 523 million RMB in the first half of 2025, representing a year-on-year growth of 35% due to its "partner store plan" and an increase in managed maternity centers [2] Group 1: Financial Performance - The company achieved a net profit of 327 million RMB in the first half of 2025, marking a significant turnaround to profitability [7] - Managed store revenue reached 73 million RMB, showing a year-on-year increase of 159.6% [2] - Marketing expense ratio was 12%, down by 0.6 percentage points, while management expense ratio was 22.1%, down by 4.4 percentage points [8] Group 2: Business Expansion - The number of managed maternity centers increased by 34 to a total of 53 [2] - The total number of global stores reached 113, with membership increasing by 16,200, a growth of 105.8% [7] - The company aims to achieve market share targets in key cities and plans to expand into international markets such as New York, London, and Sydney [8] Group 3: Product and Service Offering - Average contract values for postpartum recovery services were 46,021 RMB for Saint Bella, 21,456 RMB for Ai Yu, and 20,168 RMB for Xiao Bella, with respective year-on-year growth rates of 8.1%, 36.3%, and 4.8% [4] - Family care services generated over 38.6 million RMB in revenue, a year-on-year increase of 41.7% [4] - 93.8% of clients receiving postpartum care also purchased additional services and products [4] Group 4: Market Outlook - The postpartum care and recovery industry is projected to grow to 79.3 billion RMB by 2025, with a compound annual growth rate of 20.4% from 2025 to 2030 [5]

Core Viewpoint - Saint Bella achieved a total revenue of 523 million yuan in the first half of 2025, representing a year-on-year growth of 35%, driven by its "partner store plan" and an increase in managed maternity centers [2]. Group 1: Business Expansion and Revenue Growth - The maternity center business serves as the cornerstone for growth and traffic entry for Saint Bella, with the number of managed centers increasing by 34 to a total of 53 [2]. - Revenue from managed maternity centers reached 73 million yuan, a significant year-on-year increase of 159.6% [2]. - The average contract value for postpartum recovery services across Saint Bella, Ai Yu, and Xiao Bella was 46,021 yuan, 21,456 yuan, and 20,168 yuan respectively, with year-on-year growth rates of 8.1%, 36.3%, and 4.8% [4]. Group 2: Service Diversification and Market Position - Saint Bella expanded its business into the family care industry through collaborations with brands like Yu Jia and Guang He Tang, achieving revenue of over 38.6 million yuan from family care services, a year-on-year increase of 41.7% [4]. - 93.8% of clients receiving postpartum care services also purchased additional services and products, indicating strong cross-selling potential [5]. - Guang He Tang, a women's health brand under Saint Bella, has maintained a market share of over 60% in the Tmall maternity nutrition category for three consecutive years [5]. Group 3: Financial Performance and Operational Efficiency - The company adopted a "light asset" model, primarily leasing stores in high-end hotels, resulting in a net profit of 327 million yuan in the first half of 2025, marking a significant turnaround [8]. - The total number of stores reached 113 globally, with membership increasing by 16,200, a year-on-year growth of 105.8% [8]. - Marketing and management expense ratios decreased to 12% and 22.1% respectively, reflecting improved operational efficiency [8]. Group 4: Industry Outlook - The postpartum care and recovery industry is projected to grow to 79.3 billion yuan by 2025, with a compound annual growth rate of 20.4% from 2025 to 2030 [6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [4]. Core Insights - The company has demonstrated significant revenue growth, achieving an operating income of 450 million yuan in H1 2025, representing a year-on-year increase of 25.6% [1]. - The gross profit margin improved to 37.6%, up by 3.6 percentage points, driven by a substantial reduction in expense ratios, particularly in sales and management costs [1]. - The adjusted net profit reached 39 million yuan, with an adjusted net profit margin of 8.63%, reflecting a notable improvement in profitability [1]. Summary by Sections Revenue Growth - In H1 2025, total revenue reached 460 million yuan, a 36.5% increase, with self-operated maternity centers contributing 387 million yuan, up 25.3% [2]. - The number of stores increased to 113, with a net addition of 36 stores compared to the end of 2024, indicating rapid expansion in the partnership store model [2]. - Customer recognition has improved, leading to an increase in average transaction values across different brands [2]. Business Segments - The home care business saw revenue growth of 41.7% in H1 2025, with a gross margin of 36.5% [3]. - The food business, focusing on women's health, generated revenue of 243,000 yuan, up 10.5%, with a gross margin of 72.4% [3]. - The introduction of new products has expanded the product matrix, enhancing the company's market position [3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 1.066 billion, 1.337 billion, and 1.640 billion yuan, respectively, with net profits expected to reach 120 million, 256 million, and 326 million yuan [4]. - The report anticipates continued improvement in operational and profitability metrics, supported by the rapid expansion of partnership stores and differentiated positioning [4].