Core Insights - The article discusses the comprehensive family care ecosystem developed by Shengbela, which spans postpartum care, daily family care, women's health functional foods, children's care, and elderly care, aiming to provide a one-stop health and care solution for modern families [1][2] Market Growth - The family care industry in China is projected to grow from RMB 392.8 billion in 2019 to RMB 711.3 billion by 2024, with a compound annual growth rate (CAGR) of 12.6% [1] - The market size is expected to continue rising, reaching RMB 805.3 billion in 2025 and RMB 1,443.8 billion by 2030, with a CAGR of 12.4% [1] Strategic Acquisitions and Partnerships - Shengbela has strategically acquired the "Guanghetang" brand to enter the health food sector, focusing on e-commerce sales of women's health products [1][2] - The company is also investing in Nexus Media to enhance its digital marketing capabilities, indicating a focus on both internal market share growth and external expansion [2] Business Model Innovation - Shengbela employs a light asset operation strategy by establishing postpartum care centers within existing high-end hotels, significantly reducing fixed asset investments [2] - The company utilizes a "service + retail + AI" strategy to enhance customer lifetime value and single customer contribution, integrating AI technology for personalized product recommendations [2][3] Financial Performance - Shengbela's revenue has shown steady growth, with projected revenues of RMB 4.72 billion, RMB 5.60 billion, and RMB 7.99 billion for 2022, 2023, and 2024 respectively, reflecting a CAGR of 30% [3] - Adjusted net profits are expected to improve from a loss of RMB 0.45 billion in 2022 to a profit of RMB 0.42 billion in 2024, with gross margins increasing from 29.9% to 33.9% during the same period [3] Future Projections - Revenue forecasts for 2025 to 2027 are RMB 11.04 billion, RMB 14.80 billion, and RMB 19.57 billion, with corresponding net profits of RMB 1.09 billion, RMB 2.00 billion, and RMB 3.19 billion [4] - The current price-to-earnings (PE) ratios are projected to be 39.3, 21.3, and 13.4 for the years 2025, 2026, and 2027 respectively, indicating a strong investment potential [4]

Investment Rating - The report maintains a "Buy" investment rating for the company Saint Bella [2] Core Insights - Saint Bella is building a comprehensive family care ecosystem, expanding from postpartum care to various health services for women and children, aiming to provide a one-stop health and care solution for modern families [3][20] - The family care market in China is projected to grow significantly, from RMB 3,928 billion in 2019 to RMB 7,113 billion in 2024, with a compound annual growth rate (CAGR) of 12.6% [3][27] - The company has adopted an asset-light operational strategy, partnering with high-end hotels to reduce capital expenditure while enhancing service flexibility [5][36] - Saint Bella's revenue is expected to grow from RMB 799 million in 2024 to RMB 1,957 million by 2027, with a forecasted net profit of RMB 3.19 billion in 2027 [7][8] Summary by Sections Company Overview - Saint Bella was founded in 2017, focusing on high-end postpartum care through a light asset model in collaboration with luxury hotels [16][20] - The company has developed a multi-brand strategy, including Saint Bella, Baby Bella, and Bella Isla, to cater to different consumer segments [20][36] Main Business and Industry - The family care industry in China is expected to reach RMB 14,438 billion by 2030, with a CAGR of 12.4% from 2025 to 2030 [24][27] - The postpartum care segment is a significant contributor to Saint Bella's revenue, with projected income from postpartum care services increasing from RMB 3.45 billion in 2022 to RMB 5.36 billion in 2024 [34][46] Investment and Outlook - Saint Bella plans to expand its market presence internationally, having opened its first overseas center in Singapore and planning further expansion into the U.S. [92] - The company is investing in AI and digital technologies to enhance its service offerings and operational efficiency, aiming to create a tech-enabled family care platform [91][92]

Core Viewpoint - SAINT BELLA Inc. has successfully listed on the Hong Kong Stock Exchange with a strong market debut, indicating robust investor interest and confidence in the company's business model and growth potential [1][3]. Group 1: IPO Details - The company issued 109.7 million shares at an offering price of HKD 6.58, with a closing price of HKD 8.80 on the first day, resulting in a market capitalization of HKD 53.66 billion [1][2]. - The global offering was oversubscribed by more than 15 times, while the Hong Kong public offering saw a subscription rate of 193 times [3]. Group 2: Business Overview - SAINT BELLA operates three main business lines: maternity centers, home care services, and women's health functional foods [3]. - The company has established a network of 96 high-end maternity centers under its brands, including 62 self-operated and 34 managed centers, with plans to expand further [3][4]. Group 3: Financial Performance - Revenue figures from 2021 to 2024 show a growth trajectory, with total revenues of RMB 259 million, RMB 472 million, RMB 560 million, and RMB 799 million, respectively [3]. - The maternity center business is the core revenue driver, contributing over 80% of total income, with specific revenues of RMB 233 million, RMB 407 million, RMB 468 million, and RMB 678 million for the same period [3]. Group 4: Pricing and Market Position - SAINT BELLA positions itself as a high-end maternity service provider, with package prices starting at HKD 138,800 for a 28-day stay, earning the nickname "the Hermes of maternity centers" [4]. - The company also offers customized home care services and has seen a 52.4% year-on-year growth in this segment, reaching RMB 69.07 million in 2024 [4]. Group 5: Future Plans - The company plans to expand its maternity center network by approximately 55 new centers from 2025 to 2029, including 4 to 5 overseas centers [4]. - SAINT BELLA is exploring new retail brands and products aimed at postpartum women and infant care, with plans to launch new retail brands starting in 2026 [5].

Core Viewpoint - Saint Bella, the largest postpartum care and recovery group in Asia and China, has launched its global IPO, with significant interest from long-term and healthcare funds, indicating strong market confidence in the company [1][4]. Group 1: IPO Details - The global offering consists of 95.42 million shares, with 9.542 million shares available for public sale in Hong Kong and 85.878 million shares for international placement [1]. - The offering price is set at HKD 6.58 per share, aiming to raise approximately HKD 628 million, resulting in a post-IPO valuation of HKD 3.918 billion [1][10]. - The IPO subscription period ends on June 23, 2023, with plans for listing on the Hong Kong Stock Exchange on June 26, 2025 [1]. Group 2: Key Investors - Seven cornerstone investors have been introduced, collectively subscribing for USD 41.5 million (approximately HKD 325.3 million), including notable firms like Huaxia Fund and GIMM [3][4]. - The presence of both domestic leading fund companies and local state-owned enterprises among the cornerstone investors reflects strong recognition of the company's market position and performance [4]. Group 3: Business Overview - Founded in 2017, Saint Bella operates 96 high-end postpartum care centers, including 62 self-operated and 34 managed centers, making it the largest in Asia and China [5][6]. - The company has expanded its network rapidly, adding 11, 7, and 34 centers in 2022, 2023, and 2024, respectively [6][7]. Group 4: Financial Performance - Revenue for Saint Bella has shown significant growth, with figures of CNY 472 million, CNY 560 million, and CNY 799 million for 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate of 30.1% [8][9]. - The growth is driven by the expansion of postpartum care services and the introduction of new products, with approximately 84% of postpartum care clients also utilizing other services [8]. Group 5: Future Plans - The company plans to open 55 new postpartum care centers from 2025 to 2029, focusing on acquisitions and organic growth to enhance market presence [11]. - Investment in AI technology is a priority, with plans to integrate AIoT devices to improve service delivery and customer experience [12].

Core Viewpoint - SAINT BELLA Inc. is launching an IPO to raise up to HKD 627 million, with a valuation of HKD 3.918 billion, and has secured cornerstone investments totaling USD 41.5 million from various notable investors [4][5]. Group 1: IPO Details - The IPO will run from today until the 23rd, with plans to list on the Hong Kong Stock Exchange under the stock code "2508" on June 26, 2025 [2]. - SAINT BELLA plans to issue 95,420,000 shares, with 9,542,000 shares available for public offering in Hong Kong and 85,878,000 shares for international offering [3]. Group 2: Financial and Operational Highlights - The company has reported revenues of CNY 472 million, CNY 560 million, and CNY 799 million for the years 2022, 2023, and 2024 respectively [7]. - The total contract value for all business lines from 2022 to 2024 was CNY 589 million, CNY 776 million, and CNY 976 million [8]. - In 2023, the company achieved profitability with an adjusted net profit of CNY 20.77 million, which is expected to increase to CNY 42.25 million in 2024 [9]. Group 3: Business Expansion and Strategy - The funds raised from the IPO will be primarily used to expand the postpartum care network, open new centers in existing and new cities, and integrate competitors [9]. - SAINT BELLA operates 96 high-end postpartum care centers under various brands, with a significant market share in cities like Hangzhou and Shanghai [5]. - The company is also expanding its global footprint with centers in Hong Kong, Singapore, and Los Angeles [5]. Group 4: Service Offerings - In addition to postpartum care centers, SAINT BELLA offers family care services and functional health foods for women, enhancing customer lifetime value [6]. - Approximately 84% of postpartum care service clients also utilize other services or products offered by SAINT BELLA, indicating strong customer retention [6].

Core Viewpoint - The high-end maternity care brand Saint Bella has been approved to initiate its IPO process in Hong Kong, aiming to issue up to 192 million shares, positioning itself as a luxury service provider in the maternity care sector [2][11]. Company Overview - Founded by Xiang Hua, a graduate of Oxford University, Saint Bella was established in 2017 to fill a market gap for high-end maternity centers as younger generations enter parenthood [4][6]. - The company operates a unique model combining maternity care with high-end hotel services, which has allowed it to scale effectively while minimizing capital expenditure [6][10]. Business Model and Services - Saint Bella defines itself as a comprehensive family care brand group, with its main business segment being maternity centers, accounting for over 80% of its revenue [12]. - The company has expanded its service offerings to include family care services and women's health functional foods, with a network of approximately 70 high-end maternity centers across over 20 cities [12][18]. Financial Performance - From 2021 to 2023, Saint Bella's revenue grew from 259 million RMB to 560 million RMB, reflecting a 116% increase, primarily driven by the expansion of its maternity center network [14][15]. - Despite revenue growth, the company has faced significant losses, totaling 1.25 billion RMB over the reported periods, with losses increasing each year due to high operational costs, particularly in rent and staffing [15][17]. Market Context - The maternity care market in China is experiencing a shift, with a decline in newborn numbers from over 15 million in 2018 to approximately 9 million projected for 2024. However, demand for high-end services among middle and upper-class women is on the rise [20][21]. - The penetration rate of family care services in China has increased from 6.9% in 2018 to 16.2% in 2023, indicating significant growth potential in the maternity care segment [21]. Competitive Landscape - Saint Bella is not alone in the market; competitors like Aidi Palace have also adopted similar high-end, asset-light business models and have successfully gone public [20][21]. - The market remains fragmented, with the top five maternity centers holding only about 10% market share, suggesting opportunities for growth and consolidation [21].

Core Viewpoint - Saint Bella Group has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to pioneer the family quality care sector in the Hong Kong market [1] Financial Performance - From 2021 to 2023, the group's sales increased from RMB 258.76 million to RMB 559.91 million, nearly doubling, while operating revenue rose from RMB 259 million to RMB 560 million, representing an increase of over 116% [2] - For the first half of 2024, the group reported revenue of RMB 357.78 million, a year-on-year growth of 32%, with gross profit reaching RMB 121.75 million, up approximately 30% compared to the same period last year [3] Business Model and Structure - Saint Bella Group focuses on high-quality family care services through three main business segments: postpartum care centers, family care services, and women's health functional foods, achieving a comprehensive layout of "scenario-based services + new retail products" [1] - The group has attracted investments from several well-known institutions, including Tencent with an 11.6% stake and Gao Rong Capital with approximately 8.3%, indicating strong market confidence in the group's growth prospects [3] Market Outlook - The successful IPO of Saint Bella Group is expected to provide new investment opportunities for investors and further promote the development of the family quality care market, as consumer demand for high-quality family care services continues to rise [5]