NewTimeSpace | Revenue Surpasses RMB 1 Billion, Stock Price Drops Nearly 40% Below Issue Price: SAINT BELLA (02508.HK)’s Breakthroughs and Predicaments

Recently, SAINT BELLA Group (02508.HK), the largest high-end postpartum care center group in China, officially released its first full annual report. This Hangzhou-based global leader in the family care industry has demonstrated a significant improvement in its profitability.

Financial data shows that the company’s revenue surpassed the RMB 1 billion mark for the first time in 2025, reaching RMB 1.046 billion, a year-on-year increase of 31.0%. Adjusted net profit reached RMB 125 million, representing a year-on-year surge of 194.9%.

NewTimeSpace noted that since March 2026, despite announcing strategic collaborations and positive financial results, SAINT BELLA Group’s stock price has moved in the opposite direction. Since the start of March, the share price has declined by nearly 20%.

Revenue Breaches RMB 1 Billion; 63 New Domestic Centers Added in One Year

Public records show that SAINT BELLA Group opened its first center in Hangzhou in November 2017. It is a comprehensive postpartum care and recovery group. Its core business includes postpartum care centers, home care services, and nutritional products tailored for women’s health needs, with additional plans to expand into elderly care services.

On March 30, 2026, the group disclosed its first full annual report since listing. Data reveals that 2025 revenue reached RMB 1.046 billion (+31.0% YoY); net profit was RMB 411 million, and adjusted net profit was RMB 125 million (+194.9% YoY). The company successfully turned its unadjusted net profit from a loss to a profit.

The report points out that this turnaround is primarily due to the optimization of the business structure, an increase in the proportion of high-margin business, and the fact that non-postpartum segments (such as health food) have begun to turn a profit, driving overall profitability upward. Additionally, through the deep application of SaaS systems and AI technology, the company improved human efficiency and optimized costs. Combined adjusted marketing and administrative expenses decreased by 2.8%.

As the core business, postpartum care center revenue (including managed centers) grew 30.8% year-on-year to RMB 899 million. Specifically, the Average Selling Price (ASP) for the flagship high-end brand, SAINT BELLA, rose to RMB 267,000 in 2025 (+11.6% YoY); the "affordable luxury" brand, Xiao Bella, saw its ASP rise to RMB 108,000 (+12.6% YoY), reflecting a continuous strengthening of brand premium power.

As of December 31, 2025, the group operated 140 centers in Mainland China, a net increase of 63 compared to 77 at the end of 2024. Furthermore, in 2025, SAINT BELLA accelerated its international expansion, successfully entering four overseas cities with eight centers established across Southeast Asia, Europe, and North America. Overseas business GMV increased by 280.0% year-on-year.

Expanding Strategic Cooperation: Exploring Robotics and Maternal Care

NewTimeSpace learned that in 2025, while continuing to expand its physical centers, SAINT BELLA also began its layout in AI.

In 2025, the group officially launched its self-developed vertical AI Large Language Model (LLM), "Dr. Bella." Leveraging tens of millions of real-world nursing data points, it aims to create an intelligent service entry point for the entire pregnancy and childcare cycle, completing a full-ecosystem service loop.

Additionally, the group made a strategic investment in WITH 1000 AI, a maternal and child AI service provider, to consolidate data barriers and implement SaaS services across hundreds of partner institutions. It also entered a strategic partnership with Yunji Technology to explore the deployment of service robots in nursing scenarios, completing smart pilot programs at core stores. Simultaneously, the group positioned itself in embodied intelligence industrial funds to deepen industry chain synergy.

Since March 2026, SAINT BELLA Group has continued to expand strategic cooperation and explore robotics.

NewTimeSpace learned that on March 24, SAINT BELLA announced it would officially participate as an industrial investor in the "Hangzhou Embodied Intelligence Industrial Fund." This fund was co-launched by Dunhong Capital (the lead investor in Unitree Robotics) and Hangzhou local state-owned assets, focusing on AI applications and embodied intelligence robots.

Furthermore, on March 18, the company announced a strategic partnership with the consumer-focused private equity firm L Catterton. SAINT BELLA stated that both parties would utilize L Catterton’s global network of top-tier consumer resources to systematically search for, evaluate, and secure high-growth maternal care and healthy consumer goods companies worldwide. This layout aims to build a brand ecosystem covering multiple categories through external M&A, ultimately accelerating the group’s evolution from a single service operator into a multi-brand, global family care brand group.

Continuous Decline in Newborns; Stock Price Drops Nearly 40% Below Issue Price

NewTimeSpace noted that despite business progress and financial growth, SAINT BELLA’s stock price has performed poorly.

As of the close on April 8, 2026, the company was quoted at HKD 4.11, down 8.26% for the day. Since March 2026, the share price has seen a cumulative decline of 19.57%.

SAINT BELLA Group listed on the HKEX on June 26, 2025, with an offer price of HKD 6.58. On its first day of trading, it briefly touched HKD 11 (a 67% increase), but later retraced to close at HKD 8.8. Since then, the stock has been on a downward trend. At today's close, the price is 37.54% below the issue price, with market capitalization shrinking to RMB 2.557 billion.

While the group continues to expand, the share price's inverse movement may be tied to broader industry factors.

The long-term headwind of declining birth rates is an indisputable fact—China's newborn population dropped from 16.87 million in 2014 to approximately 7.92 million in 2025. Although SAINT BELLA targets high-net-worth clients whose willingness to have children remains relatively resilient, a shrinking total market means that growth must rely on increasing penetration, which inherently implies higher customer acquisition costs.

Moreover, the postpartum care center industry is a typical "service-intensive" sector where professional medical teams and high-end hotel leases constitute rigid expenses. Some media reports point out that the cost structure of high-end centers is naturally high, with lease and labor costs combined accounting for nearly 70% of the cost of sales. This structure is difficult to change fundamentally through mere scale expansion.

In the high-end market, Aidigong remains suspended from trading due to operational difficulties, while new capital-backed brands like Jasmine are accelerating their layouts. Although SAINT BELLA has achieved differentiated coverage through its multi-brand matrix (SAINT BELLA / Xiao Bella / Aiyu), market concentration remains low.

According to Frost & Sullivan data, the top five brands in China’s postpartum care center market held a combined market share of only 3.7% in 2024. Despite being the largest high-end network in China, SAINT BELLA Group accounts for only 1.2% of the total domestic market.

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