股份授予+董事长增持+自愿禁售承诺，彰显公司增长信心。2026 年1 月9 日，公司宣布，（1）于2025 年11 月14 日采纳股份奖励计划，旨在表彰贡献及吸引外部人才。公司将收购不多于总股本的2%用于该 奖励计划；（2）公司董事会主席、执行董事、首席执行官兼控股股东向华先生于2026 年1 月2 日至 2026 年1 月6 日期间收购7.7 万股以增持股权，并表示了进一步增持计划；（3）控股股东作出自愿禁售 承诺：2026 年1月8 日，向华自愿承诺自该日起12 个月内，将不以任何方式减持个人持有的2.13 亿股。 我们认为，这表明公司管理层对公司增长具备较强信心，当前公司渠道扩张顺利，AI 赋能获得智能升 级与流量入口，打开第二增长曲线，公司未来增长高确定性。 投资建议：公司为头部月子中心服务商，渠道扩张+业务协同+AI 赋能，空间广阔，增持+自愿禁售承诺 +未来或将推出激励展现增长信心。预计2025-2027 年营业收入10.37/13.02/16.01 亿元，经调整归母净利 润（后表同）1.19/2.32/2.88 亿元，对应PE 22.26/11.45/9.23X，维持"增持"评级。 机构：东北证 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the coming months [6]. Core Insights - The company, Sheng Bella, is expected to achieve a revenue of no less than 1.035 billion yuan in 2025, representing a year-on-year growth of at least 30%. The adjusted net profit is projected to be no less than 120 million yuan, reflecting a significant increase of 183% [1]. - The company is actively expanding its store network, with a total of 113 stores as of the first half of 2025, an increase of 36 stores compared to the end of 2024. This expansion is expected to enhance customer recognition and improve data richness for AI applications [2]. - The management's confidence in the company's growth is demonstrated through a share incentive plan and stock purchases by the chairman, indicating a commitment to long-term value creation [3]. Financial Projections - Revenue projections for 2025-2027 are as follows: 1.0365 billion yuan in 2025, 1.302 billion yuan in 2026, and 1.601 billion yuan in 2027, with corresponding adjusted net profits of 119 million yuan, 232 million yuan, and 288 million yuan respectively [4][5]. - The company is expected to achieve a price-to-earnings (P/E) ratio of 22.26 in 2025, decreasing to 9.23 by 2027, indicating improving profitability over time [5].

Group 1 - A customer reported being misled by a postpartum recovery center, resulting in a charge of 68,000 yuan for a three-hour massage session [1][2] - The center's staff claimed the customer had various physical issues that could be resolved through massage, which led to the customer's impulsive decision to pay [1][2] - After realizing no improvement post-treatment, the customer sought a refund but faced resistance from the center, which cited a signed agreement [2][3] Group 2 - Following intervention from a local news outlet, the center agreed to a full refund of 68,000 yuan, which was processed by December 30 [3] - The center acknowledged the incident and expressed intentions to improve service protocols and standards to prevent similar occurrences in the future [3]