Core Viewpoint - The company demonstrates strong revenue growth and improving profitability, driven by rapid expansion of partnership stores and enhanced customer recognition across its various business segments [1][2][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 450 million yuan, a year-on-year increase of 25.6%, primarily due to the rapid expansion of partnership stores [1]. - The gross margin improved to 37.6%, up by 3.6 percentage points, while the adjusted net profit reached 39 million yuan, with an adjusted net profit margin of 8.63%, an increase of 3.83 percentage points [1]. - The company’s total revenue for the first half of 2025 was 460 million yuan, reflecting a growth of 36.5%, with self-operated maternity centers contributing 387 million yuan, a 25.3% increase [2]. Group 2: Business Expansion and Customer Engagement - The number of stores increased to 113, with a net addition of 36 stores compared to the end of 2024, indicating a strong growth trajectory in the partnership management model [2]. - Customer recognition is on the rise, with a membership base of 16,200, a 105.8% increase, and 93.8% of customers purchasing additional products or services [2]. - The average customer price for different brands reached 46,000 yuan for 圣贝拉, 21,000 yuan for 艾屿, and 20,000 yuan for 小贝拉, showing year-on-year increases of 8.1%, 36.3%, and 4.8% respectively [2]. Group 3: Service and Product Development - The family care business reported revenue of 39 million yuan, a 41.7% increase, with a gross margin of 36.5% [3]. - The average price of care packages rose to 86,000 yuan, a 16.7% increase, supported by the growing number of育婴师, which reached 3,150 [3]. - The food business generated revenue of 243,000 yuan, a 10.5% increase, with a gross margin of 72.4%, benefiting from online promotional collaborations [3]. Group 4: Future Outlook - The company is expected to continue its strong performance with projected revenues of 1.066 billion yuan, 1.337 billion yuan, and 1.640 billion yuan from 2025 to 2027, alongside anticipated net profits of 120 million yuan, 256 million yuan, and 326 million yuan respectively [4]. - The combination of rapid expansion of partnership stores, differentiated positioning to enhance customer spending, and a comprehensive ecosystem across multiple business lines is likely to strengthen the company's operational and profitability capabilities [4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [4]. Core Insights - The company has demonstrated significant revenue growth, achieving an operating income of 450 million yuan in H1 2025, representing a year-on-year increase of 25.6% [1]. - The gross profit margin improved to 37.6%, up by 3.6 percentage points, driven by a substantial reduction in expense ratios, particularly in sales and management costs [1]. - The adjusted net profit reached 39 million yuan, with an adjusted net profit margin of 8.63%, reflecting a notable improvement in profitability [1]. Summary by Sections Revenue Growth - In H1 2025, total revenue reached 460 million yuan, a 36.5% increase, with self-operated maternity centers contributing 387 million yuan, up 25.3% [2]. - The number of stores increased to 113, with a net addition of 36 stores compared to the end of 2024, indicating rapid expansion in the partnership store model [2]. - Customer recognition has improved, leading to an increase in average transaction values across different brands [2]. Business Segments - The home care business saw revenue growth of 41.7% in H1 2025, with a gross margin of 36.5% [3]. - The food business, focusing on women's health, generated revenue of 243,000 yuan, up 10.5%, with a gross margin of 72.4% [3]. - The introduction of new products has expanded the product matrix, enhancing the company's market position [3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 1.066 billion, 1.337 billion, and 1.640 billion yuan, respectively, with net profits expected to reach 120 million, 256 million, and 326 million yuan [4]. - The report anticipates continued improvement in operational and profitability metrics, supported by the rapid expansion of partnership stores and differentiated positioning [4].

Core Viewpoint - Saint Bella achieved significant growth in revenue and profitability in the first half of 2025, marking its first comprehensive profit with a net profit exceeding 327 million RMB, reversing the loss from the previous year, and demonstrating the sustainability of its business model and leadership in the industry [1] Revenue and Profit Growth - In the first half of 2025, Saint Bella Group reported total revenue of 523 million RMB, a year-on-year increase of 35%, with group-level revenue at 450 million RMB, up 25.6% [2] - The entrusted management stores generated revenue of 73 million RMB, a remarkable growth of 160%, showcasing the effectiveness of its light asset model [2] - The overall gross margin improved from 34% to 37.6%, an increase of 3.6 percentage points, driven by strong performance in its core segments [2] Business Segment Performance - The core postpartum care business, supported by a network of 113 stores, achieved total revenue of 460 million RMB, a 36.5% increase, with self-operated centers contributing 387 million RMB, up 25.3% [3] - The family care service segment saw a significant revenue increase of 41.7%, maintaining a stable gross margin of 36.5% [3] - The health food segment, bolstered by the acquisition of Guanghetang, reported a revenue growth of 10.6% with a high gross margin of 72.4% [4] Technological and Operational Efficiency - Saint Bella implemented a SaaS+AI digital standard operating system, enhancing the standardization and precision of care processes [5] - Marketing expenses and management expenses decreased, with marketing expenses down by 0.6 percentage points and management expenses down by 4.4 percentage points, contributing to expanded profit margins [5] Future Outlook - The company plans to continue expanding its core market and accelerate the layout of postpartum care centers while strengthening its ecosystem in family care and health food sectors [6] - The health food market is projected to grow at a compound annual growth rate of 12.7% by 2030, presenting new growth opportunities for Saint Bella [4]