以下文章来源于盐财经 ，作者宝珠 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 作者宝珠 编辑江江 16.88万的悦己套餐、22.88万的经典套餐、28.88万的别致套餐、38.88万的女王套餐…… 上海某圣贝拉月子中心门店的价目表上，不同套餐的价格一览无余。钟钟在其中选择了16.88万元28天的基础套餐，她用半开玩笑的口吻对盐财经记者 说："我应该是月子中心里最穷的。" | ROOM TYPE | ROOM SIZE | | ROOM PRICE (28天/42天/56天) | | | --- | --- | --- | --- | --- | | 悦己套餐 | 一室一厅 | 16.88-22.88w | 24.88-33.88w | 32.88-44.88w | | 经典套餐 | 一室一厅 | 20.88-28.88w | 30.88-42.88w | 56.88-76.88w | | 别致套餐 | 一室一厅 | 28.88-38.88w | 42.88-57.88w | 56.88-76.88w | | 女王套餐 | 豪华套房 | 38.88-58.88w | 57.88-87.88w ...

Core Viewpoint - The high-end maternal and infant care brand Saint Bella is facing significant challenges in its upcoming IPO process due to increasing operational losses, insufficient risk management capabilities, and recurring compliance issues in its operations [1][8][16]. Group 1: Business Model and Financial Performance - Saint Bella has positioned itself as a high-end maternal care service provider, operating three differentiated brands targeting various market segments, but all focus on the high-end market, leading to potential homogenization risks [3][4]. - The pricing for its maternal care packages in mainland China starts at 168,800 RMB for the Saint Bella brand, 98,800 RMB for the Ai Yu brand, and 68,000 RMB for the Xiao Bella brand, indicating a premium pricing strategy [4]. - The revenue structure is heavily reliant on maternal care services, which accounted for 85.7% of total revenue in the first half of 2024, showing slow progress in diversifying its business [4][6]. - Financial data reveals that Saint Bella incurred a loss of 480 million RMB in the first half of 2024, a significant increase from a loss of 75 million RMB in the same period of 2023, indicating ongoing financial distress [8]. Group 2: Cost Structure and Profitability - The gross profit margin for the maternal care business was 34.1% in 2023, while the functional food segment achieved a much higher margin of 63.3%, highlighting a disparity in profitability across business segments [6][7]. - The operational model is characterized by high costs due to partnerships with luxury hotels and leasing standalone villas, leading to rising rental expenses that accounted for 37% of total sales costs from 2021 to 2023 [10]. - The sales costs increased by 33.08% in the first half of 2024, outpacing revenue growth, which raises concerns about the sustainability of the business model [10]. Group 3: Regulatory and Compliance Issues - Saint Bella has faced multiple administrative penalties for compliance issues, including operating without necessary licenses, which raises concerns about its operational management and regulatory adherence [16]. - The company acknowledges that a declining birth rate could hinder market growth, yet it has not adequately addressed the implications of its operational model facing stricter regulatory scrutiny [13][16]. - The industry is experiencing a downturn, with a significant increase in the number of maternal care centers in first-tier cities, while demand growth lags behind, creating a challenging market environment [13]. Group 4: Strategic Direction and Leadership - The founder of Saint Bella, Xiang Hua, is recognized for his academic and professional background, which adds a layer of credibility to the brand, but the company's past performance raises questions about the sustainability of its business model [18][20]. - The company's fundraising strategy includes expanding maternal care services while also venturing into elder care and new retail, reflecting internal anxieties about growth and market positioning [20]. - The challenge remains for Saint Bella to break the cycle of high service costs versus the limited high-net-worth customer base, which could impact the success of its IPO and long-term viability [20].