Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant revenue and profit growth, driven by effective management strategies and expansion of service offerings [1][2][3] Financial Performance - Revenue for the first half of 2025 reached 450 million, a year-on-year increase of 25.6%, while total revenue including the management center was 523 million, up 35% [1] - Adjusted net profit was 38.78 million, reflecting a 126.1% year-on-year increase, and net profit attributable to shareholders was 327 million, marking a turnaround from losses [1] - The company exceeded its previous profit forecast, with net profit not less than 320 million and adjusted net profit not less than 38 million [1] Business Expansion - The company accelerated its expansion, adding 36 new stores in the first half of 2025, surpassing the total number of new stores opened in 2024 [1][2] - The number of maternity centers reached 113 by the end of the first half of 2025, with significant contributions from various brands [2] Service Offerings and Growth - The company is developing a comprehensive service matrix, with new business segments such as postpartum recovery, home care, and food services showing positive growth trends [1][2] - The conversion rate for secondary sales reached a record high of 93.8%, indicating strong customer retention and cross-selling potential [2] Profitability and Efficiency - The gross margin for the maternity center business improved to 35.5%, up 3.5 percentage points year-on-year, benefiting from increased management output [2] - Marketing expenses decreased to 12.0% of revenue, and management expenses fell to 22.1%, contributing to an overall gross margin of 37.6% [3] Future Outlook - The company plans to launch the industry's first AI Agent product in the second half of 2025, which is expected to enhance profitability [3] - Long-term growth is anticipated through overseas expansion, mergers and acquisitions, and technological advancements [3] Earnings Forecast and Valuation - The company maintains its earnings forecast, projecting adjusted net profits of 121 million, 205 million, and 306 million for 2025 to 2027, respectively [3] - The target price is set at 9.76 HKD, with a "buy" rating based on the company's growth potential and market position [3]

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].