Core Insights - Tongqinglou Restaurant Co., Ltd. reported a revenue of 1.331 billion yuan for the first half of 2025, representing a year-on-year growth of 4.67% [1] - The net profit for the same period was 71.9986 million yuan, showing a decline of 11.06% compared to the previous year [1] - The basic earnings per share stood at 0.28 yuan per share [1] Business Overview - The company's main business includes restaurant services, hotel accommodation, and food-related operations [1] - As of the end of the reporting period, Tongqinglou operated 133 direct stores across various regions including Anhui, Jiangsu, Beijing, Shanghai, and Hangzhou [1] - The breakdown of the stores includes 58 Tongqinglou restaurant locations, 11 Fumao hotels, and 64 new brand stores, which consist of 4 direct stores of Tongqinglou Da Bao, with franchise store numbers not included in the report [1]

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].