SAINT BELLA Group (02508), the world's first listed company in the family healthcare sector, recently released its inaugural earnings report following its Hong Kong Stock Exchange listing. Despite macroeconomic pressures and declining birth rates, this postnatal care leader has successfully weathered macro volatility and delivered impressive turnaround results.

**Policy Benefits Drive Performance Surge**

In late July this year, the national childcare subsidy program was officially announced, bringing significant benefits to the maternal and infant industry. Research estimates suggest that national childcare subsidy policies could drive social retail sales growth by approximately 0.14-0.2 percentage points. Under the dual catalysts of "substantial" policies including childcare subsidies, extended maternity leave, and tax deductions for childcare expenses, combined with women's growing self-care consciousness and changing family structures, China's postnatal care and recovery industry penetration continues to rise.

According to a Sullivan report, the family healthcare industry is projected to reach RMB 805.3 billion by 2025. The postnatal care and recovery sector maintains strong growth momentum, with Frost & Sullivan predicting the family care and recovery industry will reach RMB 79.3 billion by 2025, with an expected compound annual growth rate of 20.4% from 2025 to 2030. Securities analysts believe the family healthcare sector's growth potential will continue expanding in the future.

As a leading family healthcare enterprise, SAINT BELLA has positioned itself at the industry forefront. Compared to other postnatal care centers, SAINT BELLA's differentiated competitive advantage lies in its comprehensive value chain covering newborn care, postnatal recovery, and healthy food products, enabling rapid growth.

According to the interim report, SAINT BELLA Group (including managed postnatal center revenue) achieved total revenue of RMB 523 million in H1 2025, up 35.0% year-over-year. At the group level, operating revenue reached RMB 450 million, up 25.6% year-over-year, with attributable net profit of RMB 327 million, achieving a complete turnaround from losses in the same period last year. Adjusted net profit reached RMB 39 million, with adjusted net margin improving 3.8 percentage points to 8.6%.

Meanwhile, SAINT BELLA's operational scale expanded in the first half. Benefiting from the company's "partner store program," both managed postnatal centers and group stores expanded simultaneously. Managed store revenue reached RMB 73.0 million, up 160% year-over-year. SAINT BELLA Group now operates 113 stores globally, adding 36 stores in H1 2025 alone. Market share continues to grow steadily.

**Quality Enhancement and Building Second Growth Curve**

Analysis of the earnings announcement reveals that SAINT BELLA Group operates three main business segments: postnatal center operations, family care services, and food products. The postnatal center business serves as its growth foundation and traffic entry point.

Notably, SAINT BELLA's differentiated advantage in postnatal care services lies in store operational efficiency, customer service quality, and service reputation. Therefore, SAINT BELLA has developed its own SaaS system and AI framework, continuously iterating AI Agent capabilities to enhance service efficiency and quality, combined with comprehensive talent training systems to effectively improve customer experience and satisfaction, which translates to operational performance.

According to financial reports, in H1 2025, with deep application of intelligent systems, SAINT BELLA's existing customer referral rate increased to 40.2%, up 3 percentage points year-over-year. This simultaneously improved SAINT BELLA's operational efficiency, laying the foundation for reduced marketing costs. Data shows SAINT BELLA's marketing expense ratio decreased 0.6 percentage points to 12.0% in the first half, while administrative expense ratio fell 4.4 percentage points to 22.1%.

While continuously improving cost efficiency in postnatal care business, SAINT BELLA is gradually opening family care and healthy food market segments through external acquisitions and strategic partnerships. Family care services, as a complement and extension of postnatal care business, sees SAINT BELLA continuously strengthening synergistic sales strategies between family care services and postnatal centers. In H1 2025, family care services achieved revenue of RMB 38.6 million, up significantly by 41.7% year-over-year, with gross margin of 36.5%, up 1.4 percentage points year-over-year.

Additionally, in 2021, SAINT BELLA acquired "Guanghetang," a healthy food brand with over 20 years of history. In H1 2025, Guanghetang optimized its product portfolio, launching three innovative products: Blood Orange Red Ginseng Cream, Rose Reishi Cream, and White Tomato Kudzu Root Cream, gradually forming a comprehensive product matrix covering menstrual periods, pregnancy, confinement, lactation, maintenance, and menopause stages. Guanghetang products have ranked first in Tmall 618 postnatal nutrition category for three consecutive years, with market share exceeding 60%. In H1 2025, Guanghetang business revenue grew 10.6% year-over-year, with gross margin reaching 72.4%. Undeniably, emerging business segments are becoming SAINT BELLA's primary second growth curve for future development.

**Outlook and Market Recognition**

Reviewing H1 2025, SAINT BELLA's performance leads the postnatal recovery and maternal-infant sectors. Following the positive earnings announcement, multiple institutions have given it "buy" ratings. Recent research reports highlight its differentiated competitiveness of "premium services + full family ecosystem + globalization + AI technology empowerment," predicting company revenues of RMB 11.04, 14.80, and 19.57 billion for 2025-2027 respectively. Simultaneously, other research reports express optimism about SAINT BELLA's asset-light operating model and digitalization investments, expecting higher profit contributions in the second half compared to the first half.

Overall, SAINT BELLA is transforming from a postnatal center operator to a data intelligence-driven health management enterprise with global capabilities, covering women's and families' full life-cycle health needs. As more industry policies are substantially implemented, SAINT BELLA as an industry pioneer may create benchmark effects, further enhancing brand recognition and unlocking greater industrial value.