Investment Rating - The report assigns a "Buy" rating for the company, Saint Bella, as it is expected to have over 20% upside potential based on its valuation compared to peers [2][5]. Core Insights - Saint Bella is positioned as a leading brand in high-end postpartum services, expanding its offerings to cover the entire family service lifecycle from pregnancy to elder care [4][5]. - The company has demonstrated strong revenue growth, with a CAGR of 30% from 2022 to 2024, and is projected to continue this trend with significant increases in adjusted net profit [4][26]. - The family care industry in China is expected to grow significantly, with the market size projected to increase from CNY 392.8 billion in 2019 to CNY 711.3 billion by 2024, reflecting a CAGR of 12.6% [43][44]. Summary by Sections Company Overview - Founded in 2017, Saint Bella has expanded from high-end postpartum services to a comprehensive family care model, including brands like Xiao Bella and Ai Yu [4][16]. - The company has established a stable ownership structure, with the founder holding approximately 35.7% of the shares, ensuring consistent management and strategic direction [19][21]. Financial Performance - Revenue for 2022-2024 was CNY 4.72 billion, CNY 5.60 billion, and CNY 7.99 billion, with a projected revenue of CNY 10.58 billion in 2025 [26][30]. - Adjusted net profit is expected to rise from CNY 0.21 billion in 2024 to CNY 1.17 billion by 2025, indicating a strong recovery and growth trajectory [4][5]. Market Dynamics - The family care industry is characterized by a fragmented market with potential for consolidation, as consumer preferences shift towards established brands [4][49]. - The report highlights the increasing demand for postpartum care driven by changing societal norms and supportive government policies, which are expected to sustain industry growth [49][43]. Competitive Advantages - Saint Bella has developed four core advantages: strong brand recognition, a replicable business model, extensive service offerings, and international expansion strategies [4][5]. - The company is leveraging its brand equity and operational expertise to capture market share in both domestic and international markets [4][5]. Future Outlook - The company plans to expand its service offerings and increase the number of centers, projecting a total of 188 centers by 2027 [6][30]. - The family care market is anticipated to continue its robust growth, with significant opportunities in postpartum care and elder care services [43][44].

Group 1 - The Hong Kong stock market continued its strong performance in the first half of 2025, attracting mainland enterprises, particularly from Zhejiang, which saw 9 companies successfully listed [1][2] - A total of 42 new stocks were listed on the Hong Kong stock exchange in the first half of 2025, representing a 40% year-on-year increase, with total fundraising reaching a new high since 2021, surpassing 87.6 billion HKD for the entire year of 2024 [2][5] - Zhejiang enterprises accounted for the highest number of listings, with a total of 9 companies raising 14.4 billion HKD, a significant increase from just 1.016 billion HKD in the same period of 2024 [2][3] Group 2 - The listed Zhejiang companies span various sectors, including healthcare, consumer goods, and manufacturing, showcasing a diversified development trend [2][3] - Notable companies that went public include Sanhua Intelligent Control, which is a global leader in thermal management, and Cao Cao Travel, the largest ride-hailing platform in Hong Kong [2][4] - The trend of "A+H" dual platform listings is emerging, with leading A-share companies accelerating their listings in Hong Kong, exemplified by Sanhua Intelligent Control's recent IPO [3][4] Group 3 - The Hong Kong IPO market achieved the highest global fundraising amount in the first half of 2025, totaling 102.1 billion HKD, driven by international capital and supportive policies from both mainland and Hong Kong [5] - The market's internationalization provides direct support for enterprises, facilitating access to diverse overseas financing channels and enhancing global strategic layouts [5][6] - Expectations for the second half of 2025 indicate continued market heat, with projected fundraising of 200 billion HKD, primarily in technology, media, and consumer sectors [6]

Core Viewpoint - The listing of Ying Tong Holdings Limited on the Hong Kong Stock Exchange reflects a positive outlook for the consumer market, driven by the rise of emotional economy and self-care consumption trends, despite a poor stock performance on its debut [1][5]. Company Performance - Ying Tong Holdings' stock opened at HKD 2.58 per share, which is 10.42% lower than the offering price of HKD 2.88 per share, raising a total of HKD 960 million by issuing 333.4 million shares [1]. - The company had a subscription price of HKD 3.38 per share during the initial offering, aiming to raise HKD 1.127 billion [1]. - Projected revenues for Ying Tong Holdings from 2023 to 2025 are expected to be HKD 1.699 billion, HKD 1.864 billion, and HKD 2.083 billion, respectively, with net profits of HKD 173 million, HKD 206 million, and HKD 227 million for the same periods [1]. Market Reaction - Despite the company's business performance, the secondary market showed a lack of investor confidence, leading to a significant drop in stock price, with a closing price of HKD 2.40 per share, reflecting a 16.67% decline [5]. - The primary reason for the stock's underperformance is attributed to its business model, which heavily relies on brand licensing, with 99% of its revenue dependent on external brands, limiting operational control [5]. - On the same listing day, other companies like Chow Tai Fook and Saint Bella saw significant stock price increases, contrasting Ying Tong Holdings' performance [5].