Core Viewpoints - Despite positioning as a high-end postpartum care service, "圣贝拉" has faced significant financial losses, with an adjusted net loss of 44.63 million yuan in 2022, and high costs eroding profits, as rental and labor costs account for nearly 70% of sales costs [1][4] - The company has been exposed to multiple compliance risks, including penalties for unlicensed medical practices and allegations of false advertising, which have raised concerns about its operational integrity [1][5] - "圣贝拉" has been criticized for misleading marketing claims regarding its staff qualifications and services, which have been deemed non-authoritative and misleading [1][18] Financial Performance - "圣贝拉" reported revenues of 472 million yuan in 2022, with adjusted net profits showing instability, fluctuating from a loss of 44.63 million yuan in 2022 to a profit of 20.77 million yuan in 2023 [4][12] - The core business segments include postpartum care, family child care services, and women's functional foods, with postpartum care consistently contributing over 80% of total revenue [6][8] - The average revenue per postpartum care client has remained around 220,000 yuan from 2021 to the first half of 2024, but the number of clients per center has significantly decreased [9][10] Compliance and Legal Issues - "圣贝拉" has faced legal challenges, including a court ruling for commercial defamation against a competitor and penalties for unlicensed medical practices [5][15][20] - The company has been involved in multiple compliance violations, including unauthorized lending practices and misleading advertising claims, which have resulted in fines and reputational damage [20][21] - Allegations of promoting surrogacy services in recruitment materials have raised further regulatory concerns [21] Market Position and Challenges - The high-end postpartum care market is fragmented, with "圣贝拉" holding only about 1% market share despite claiming to have the largest network of high-end centers [25] - The declining birth rate in China poses a significant threat to the business model, as the number of newborns has decreased by over 40% from 2018 to 2023, impacting customer acquisition [26] - The operational model of "圣贝拉" faces challenges in balancing luxury positioning with profitability, compounded by ongoing compliance issues that threaten its market reputation [26]