委托管理模式赋能主业扩张环比提速，品牌口碑继续强化1H25 月子中心收入3.87 亿/yoy+25.3%，含托 管中心的月子中心收入规模达4.60 亿/yoy+36.5%，1H25 末公司月子中心数量达113 家（圣贝拉31家/艾 屿16 家/小贝拉66 家），较24 年末净新开36 家（圣贝拉8 家/艾屿2家/小贝拉26 家），其中34 家以管理 中心模式落地。会员粘性优化，月子中心老客户转介绍率40.2%/同比+3pct。品牌正外部性溢出带动圣 贝拉/艾屿/小贝拉单个产康客户平均合约价值yoy+8.1%/+36.3%/+4.8%。随标准化能力提升和品牌体验 优化，我们认为月子中心主业业绩有望保持韧性增长。 机构：华泰证券 研究员：樊俊豪/曾珺 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 ...

Core Viewpoint - Saint Bella is positioning itself as a leader in the postpartum care and recovery industry, aiming to become the "first global family quality care stock" through a differentiated business model and strong financial performance [1][4]. Group 1: Market Position - Saint Bella holds the top position in the postpartum care and recovery sector in Asia and China, with a market share of approximately 1.2% based on projected 2024 revenues [2]. - The company is recognized as the fastest-growing large-scale postpartum care and recovery group in China, leading the industry in revenue growth rates from 2022 to 2024 [2][7]. - Saint Bella is the first operator in the mainland to expand its postpartum care centers beyond China, establishing a global service network [3]. Group 2: Business Model - The company has developed a comprehensive service ecosystem that covers prenatal, postpartum, and family childcare, moving beyond the traditional single-service model [3]. - The business model consists of three stages: 1. Establishing a foundation of professional care with a tiered service design [3]. 2. Extending care services into home settings to meet ongoing needs after hospital discharge [3]. 3. Creating a health consumption ecosystem with high-end health food brands focused on women's nutrition [3]. Group 3: Financial Performance - Saint Bella's revenue has shown strong growth, with figures of 472 million, 560 million, and 799 million yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 30.15% [7]. - The company has diversified its revenue streams, with nearly 30% of total income in 2024 coming from services outside postpartum care, indicating reduced reliance on a single business line [7]. - The gross profit has also expanded, with gross profits of 141 million, 205 million, and 270 million yuan from 2022 to 2024, achieving a CAGR of 38.42% [8]. - Adjusted net profits have doubled over two years, reaching 42.26 million yuan in 2024, with a year-on-year growth rate of 103.43% [8][12]. Group 4: Strategic Outlook - Saint Bella's strategy of integrating professional care, home settings, and health consumption is redefining industry standards and creating competitive barriers [4]. - The company is expected to accelerate its global expansion, potentially becoming a representative of Chinese family care solutions on the world stage [12].