Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/saint-bella-inc" target="_blank" data-smartkarma-citation="entities:43697:1" rel="noopener">Saint Bella (2508 HK)</a> achieved 1H25 revenue of RMB 449.5M (up 26% YoY) driven by higher sales from postpartum business (up 25% YoY) as number of postpartum centers increased.</li>
<li>The company opened 36 stores in 1H25 and average contract value of postpartum recovery sales at all service brands witnessed rise (Bella Isla saw highest increase, up 36% YoY).</li>
<li>With no major growth hurdles visible for Saint Bella, secular demand in place and with consistent capacity additions it is worth to buy the stock at this point of time.</li>
</ul>



Saint Bella (2508 HK) achieved 1H25 revenue of RMB 449.5M (up 26% YoY) driven by higher sales from postpartum business (up 25% YoY) as number of postpartum centers increased.
The company opened 36 stores in 1H25 and average contract value of postpartum recovery sales at all service brands witnessed rise (Bella Isla saw highest increase, up 36% YoY).
With no major growth hurdles visible for Saint Bella, secular demand in place and with consistent capacity additions it is worth to buy the stock at this point of time.


Saint Bella (2508 HK): Strong Branding, Secular Demand In Place, 1H25 Results Affirms Growth Story

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Saint Bella, a leading family care group in Asia, announced first interim results for the six months ended 30 June 2025 as a public company.</li>
<li>Premium postpartum care service provider successfully completed an initial public offering in Hong Kong at HK$6.58 per share, raising ~HK$709m of net proceeds.</li>
<li>I was impressed with 40%+ YoY revenue growth in the home care services business segment, gross profit margin expansion across the board and net profit of ~RMB327m.</li>
</ul>


Saint Bella, a leading family care group in Asia, announced first interim results for the six months ended 30 June 2025 as a public company.
Premium postpartum care service provider successfully completed an initial public offering in Hong Kong at HK$6.58 per share, raising ~HK$709m of net proceeds.
I was impressed with 40%+ YoY revenue growth in the home care services business segment, gross profit margin expansion across the board and net profit of ~RMB327m.


Saint Bella: H1’25 Earnings Review - Clear Visibility on Strong Growth and Improving Profitability

Equity Capital Markets

<ul>
<li>Saint Bella, a leading postpartum care and recovery group in China, priced its upsized IPO at fixed offer price of HK$6.58 per share.</li>
<li>The offer size adjustment option has been fully exercised. The company issued and allotted 14,313,000 additional offer shares. </li>
<li>Saint Bella sold 109,733,000 shares and raised net proceeds of ~HK$630M or ~$80M. The stock jumped ~49% on first day as a public company and peaked at HK$11.00 per share.</li>
</ul>


Saint Bella, a leading postpartum care and recovery group in China, priced its upsized IPO at fixed offer price of HK$6.58 per share.
The offer size adjustment option has been fully exercised. The company issued and allotted 14,313,000 additional offer shares. 
Saint Bella sold 109,733,000 shares and raised net proceeds of ~HK$630M or ~$80M. The stock jumped ~49% on first day as a public company and peaked at HK$11.00 per share.


Saint Bella IPO (2508.HK): Pricing and Post-IPO Performance, Wild Price Swings Could Be Short-Lived

<ul>
<li>Saint Bella, a luxury maternity and baby care brand, has announced the fixed offer price of HK$6.58 per share for its IPO in Hong Kong.  </li>
<li>The company is expected to IPO next week and initial fixed offer price implies a market cap of ~HK$3.9B. Saint Bella is set to start trading on June 26, 2025.</li>
<li>Cornerstone investors have agreed to invest ~$42M in this offering. China Asset Management, JKKB and SS Morgan are among the cornerstone investors.  </li>
</ul>


Saint Bella, a luxury maternity and baby care brand, has announced the fixed offer price of HK$6.58 per share for its IPO in Hong Kong.  
The company is expected to IPO next week and initial fixed offer price implies a market cap of ~HK$3.9B. Saint Bella is set to start trading on June 26, 2025.
Cornerstone investors have agreed to invest ~$42M in this offering. China Asset Management, JKKB and SS Morgan are among the cornerstone investors.  


Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The mismatch between supply and demand in the postpartum center market has become apparent, coupled with consumption downgrades in high-end market, which has limited the growth potential of SAINT BELLA.</li>
<li>The gross margin of SAINT BELLA that focuses on high-end postpartum services is surprisingly lower than that of traditional general hospital business, indicating that the Company's profitability is disappointing.</li>
<li>SAINT BELLA attempts to attract capital through the story of "high-end services+overseas expansion",but its model has contradictions.The essence of IPO is “a last ditch effort” for capital to cash out.</li>
</ul>


The mismatch between supply and demand in the postpartum center market has become apparent, coupled with consumption downgrades in high-end market, which has limited the growth potential of SAINT BELLA.
The gross margin of SAINT BELLA that focuses on high-end postpartum services is surprisingly lower than that of traditional general hospital business, indicating that the Company's profitability is disappointing.
SAINT BELLA attempts to attract capital through the story of "high-end services+overseas expansion",but its model has contradictions.The essence of IPO is “a last ditch effort” for capital to cash out.


Pre-IPO Saint Bella (PHIP Updates) - Some Points Worth the Attention

Hong Kong

Saint Bella Inc. provides health and wellbeing solutions. The Company offers postpartum care and recovery, home child, and elderly care services and products. Saint Bella serves customers in Hong Kong and China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Saint Bella (2508 HK)