Saint Bella Group 圣贝拉

RMB 1,045.859M, +31.0% (FY2024: 798.666M)

GP RMB 376.226M (+39.1%); gross margin 36.0% (was 33.9%)

RMB 411.180M — includes a one-off, non-cash +318.189M fair-value gain (preferred shares converting at IPO). Durable operating figure = adjusted NP 124.6M (F-107).

RMB 124.601M, +194.9% (FY2024: 42.256M); margin 11.9% (was 5.3%)

RMB 174.346M (FY2024: 72.474M)

Basic RMB 1.27; diluted RMB 0.27 (FY2024: LPS 102.12)

2022: 471.5M → 2023: 559.9M → 2024: 798.7M → 2025: 1,045.9M (2023→2025 CAGR 36.7%)

RMB 899.3M, +30.8% (~86% of revenue)

RMB 81.9M, +36.7%; gross margin 37.2%

RMB 64.7M, +26.3%; gross margin 72.8% (+11.3pp); No.1 Tmall nutrition 2022–25

Mainland RMB 1,021.6M; overseas 24.3M (~2.3%); services 968.5M / products 77.3M

Marketing 10.5% (−1.4pp); admin 14.6% (−1.4pp)

Cash RMB 549.6M (2024: 66.0M) + restricted/deposits 158.3M

None paid or declared for FY2025

Total equity +998.6M end-2025 (owners +983.9M) vs attributable −1,460.4M end-2024 — pre-IPO preferred-share liabilities cleared at listing

Revenue 449.5M (+25.6%); GM 37.6%; adjusted NP 38.8M (+126.1%), margin 8.6%; combined revenue incl. managed 522.5M

Total 29.9/36.5/33.9%; centers 28.7/34.1/31.8%; food 43.7/63.3/61.5%

Positive every year: +24.1 / +56.7 / +49.1M (2022/23/24) — cash-generative even through the statutory-loss years

Group RMB 156,059 (+5.0%); Saint Bella 266,796 (+11.6%); Baby Bella 108,375 (+12.6%); Bella Isla 171,896 (+2.8%)

Saint Bella brand ASP RMB 267,000, +11.6%; double-digit ASP growth 8 consecutive years; never cut prices

Avg revenue/customer: Saint Bella 239,155; Bella Isla 167,197; Baby Bella 96,246; per room-night RMB 7,015; 28-day packages from 138,800 / 108,800 / 68,800

95.5% comprehensive secondary-sales conversion; diversified offerings 29.5% of revenue

Centers inside upscale hotels; 405/459/867 rooms reserved 2022/23/24; new centers cash-flow positive within ~3 months; minimal renovation capex

Saint Bella care 269.6M + recovery 54.8M; Baby Bella care 222.4M + recovery 32.4M; Bella Isla 43.9M + 5.4M

~9,500 licensed baby-sitters (+36.0%); avg contract 122.8 days; 823 customers (+20.9%); renewal ~56.7%

693 qualified nursing specialists; 4,439 postpartum packages sold 2024 (~38% via referrals/own channels)

140 mainland centers as of 2025-12-31 (net +63 from 77)

140 stores across 41 cities worldwide; No.1 in postpartum care in Asia by scale; outlook 'nearly 150 stores'

2022: 36 → 2023: 43 → 2024: 77 → Jun 2025: 96 (62 self-op / 34 managed)

140 stores / 41 cities at AR date; 2026 plan: 15 new stores in 10 cities; countries: China (incl. HK), Singapore, US, Thailand

27 mainland cities + HK + Singapore + Greater LA; ~30 cities, 3 countries

4 overseas cities, 8 overseas centers in 2025; overseas GMV +280.0% YoY (off a ~2.3%-of-revenue base); markets: Singapore, North America, Australia

Eastern US, UK, France, Thailand, Australia; strategic agreements SIGNED with partners in NY, London, Paris, Bangkok

30–40% minority stakes in 4 Wuhan Freya (弗蕾亚) companies for ~RMB 22.4M; board control of 3 (consolidated); option to 60–80%. Freya: est. 2013, 3 shops, 160+ rooms, ASP ~RMB 50k, ~10,000 HNW families

Jul 15 2025: Waldorf Astoria Monarch Beach (CA) + Baccarat Hotel New York

Organic + M&A; 'only postpartum brand globally with total scale >RMB 1B'; overseas into Europe + Middle East; Dr. Bella across nearly 150 stores; no quantitative guidance

Saint Bella 2017; Baby Bella 2019; Bella Isla 2024; STB (recovery) 2022; PrimeCare 予家 2018; GHT 广禾堂 acquired Oct 2021; S-bra acquired May 2022

圣贝拉会员权益中心 with tiers 悦己 (Self-care) / 金卡 (Gold) / 铂金 (Platinum): concierge benefits, members-only events, points mall, UCCA art visits + Kids study tours, psychology counseling, IPHI infant sleep guidance, 24H 1-on-1 in-home nurse

No.1 in Tmall postpartum-nutrition category 2022–2025; food gross margin 72.8%; ~70% e-commerce share (founded 2003 Shanghai)

>RMB 230k avg spend (2024); nightly ~6,740–7,015 — above every benchmark's annual membership fee

2023 Robb Report Best of the Best (Luxury Family Wellness); Marie Claire Top 100; Forbes China maternal & child health Top 10

Largest postpartum care+recovery group in Asia AND China by 2024 center revenue (RMB 628M, 1.2% share; No.2 = 418M); fastest-growing scaled group (26.4% CAGR); No.1 ultra-premium (374M vs 89M)

No.1 by 2024 center revenue: Group 628M (1.2%) vs A 418M (0.8%), E-Korea 403M, B 366M, F 279M

Postpartum care+recovery: RMB 38.6B (2019) → 67.5B (2024), CAGR 11.8%; → 79.3B (2025E) → 200.8B (2030E), CAGR 20.4%

Postpartum care services 7.5% (2019) → 17.0% (2024); centers 1.3% → 6.0%; South Korea / Taiwan >60%

China home care industry RMB 805.3B (2025E) → >928.0B (2026E); postpartum+childcare+nutrition 298.4B in 2025 (+17.5%)

Family care industry 711.3B (2024) → 1,443.8B (2030E); home childcare 35.8B → 105.2B (2030E); China births 14.7M (2019) → 9.5M (2024)

National childcare subsidy RMB 3,600/child/yr for under-3s (from 2025-01-01; >24M recipients); under-3 tax deduction raised to RMB 2,000/mo

Launched Dr. Bella (self-developed vertical AI agent); strategic investment in WITH1000 (>10M sets clinical data from 400+ institutions); Yunji partnership; embodied-intelligence fund

NON-BINDING cooperation framework with Beijing Yunji Technology (02670.HK): AI + robotics in home care; link ~150 scenarios + >1M clinical data sets; JV 'to be explored'; 'may or may not proceed'

Investor in a RMB 1B fund (Shanghai Dunhong Capital, >10B AUM; prior: Unitree, Lingban), targeting embodied robots; funded from operating income

Dr. Bella = AI health agent for women across pregnancy, birth and parenting

Dealings commenced 2025-06-26, HKEX Main Board, stock code 2508

95,420,000 offer shares at HK$6.58 fixed price; board lot 500

Offer Size Adjustment Option fully exercised: 109,733,000 shares at HK$6.58; net proceeds HK$629.95M; HK tranche 193.00x, intl 15.59x subscribed

HK$3,917.9M

~29% network expansion; ~37% new services/products (incl. elderly care, retail, recovery); ~6% training; ~18% R&D/AI/data; ~9% working capital

Danny Xiang 35.68%; Minee Lin 9.98%; Tencent Mobility 9.75%

Tencent 11.61% (RMB 150M Series C), Gaorong 8.26%, Ningbo Tangzhu 6.61%, SHK 2.98%, China Life 1.96%, Mirae 1.75%, C Capital (Adrian Cheng) 1.69%, Swire 0.68%; total pre-IPO raised >RMB 300M

US$41.46M / 49.443M shares (51.82% of base): GIMM $6.37M, ChinaAMC(HK) $4.0M, JKKB $13.08M, Carl Wu $1.0M, SS Morgan $6.0M, Minwise $4.0M, Wang Qianqing $7.0M

Danny Xiang + vehicles ~35.7% controlling; strategic holders incl. Tencent, Swire Properties, SHK Strategic, Mirae Asset

Danny Xiang (向华), 38 — founder / Chairman / CEO; Oxford engineering; ex-UBS Asia M&A

Minee Lin (林宛颐), 37 — co-founder & COO since Jul 2017

Liang Jun (Tencent, non-exec); INEDs Wu Shuqing, Rainer Bürkle (ex-Marriott Greater China luxury VP), Shen Guanxian (ex-GS/Citi/CICC)

Strategic cooperation announced via HKEX voluntary announcement (2026-03-18): technology & consumer-insight support, joint investment incubation + acquisitions toward a multi-brand global home-care group

L Catterton (~$40B AUM, 300+ brands): international expansion, HNW consumer insights, membership-system optimization, M&A pipeline

Up to HK$100M on-market buyback, price cap HK$6.85, 2026-06-30 → 2028-06-29; rationale: price below intrinsic value

IPO HK$6.58 (Jun 2025); ~HK$5.45 (Feb 2026); ~HK$3.39 (Jul 2026) ≈ −48% vs IPO; award trustee bought at avg HK$3.81

Net HK$709.1M raised (incl. over-allotment); only HK$113.1M (~16%) deployed in 2025 — dry powder for expansion + M&A

Controlling shareholder increased his stake with a voluntary lock-up (2026-01-09); 2025 incentive plan authorises repurchase up to 2% of shares via Futu Trust

SAINT BELLA Inc. → SAINT BELLA GROUP LIMITED (聖貝拉集團有限公司); EGM 2026-02-05

Members drove ~98% of core sales; ~265,000 members (FY2024); fee income immaterial vs ~$3.2B revenue

Grey Card $100 → $200/yr; member discount 25% → 30%; converts discounting into a paid club, self-selects high-intent customers

Invite-only; $10,000 initiation + $5,000/yr; pure status-gate pricing

Tiers ~£2,000 (entry) → £25,000+ (Elite); travel / access / education advisory — closest HNW family-concierge model

£3,800/yr Every House; 270k+ members, 48 houses; taken private $2.7B EV (Aug 2025), never profitable as a listed co.

Competition; growth-execution; service quality; negative publicity; marketing efficiency; dependence on hotel relationships (generally no long-term agreements); new/acquired centers underperforming; incidents/liability; regulatory compliance