SAINT BELLA GP reported a robust top-line performance for the six months ended 30 June 2026, with revenue climbing 36.0% year on year to RMB 611.41 million. Growth was broad-based across its core postpartum care, home-care services and female health-nourishment segments, supported by continued network expansion and acquisitions.
• Financial overview – Revenue: RMB 611.41 million (1H 2025: RMB 449.51 million). – Gross profit: RMB 221.22 million, up 30.8%; gross margin eased 1.4 pp to 36.2% as new and acquired centres diluted profitability during ramp-up. – Net profit: RMB 53.97 million versus RMB 326.90 million a year earlier, reflecting the absence of a one-off RMB 318.20 million fair-value gain booked in 1H 2025. – Adjusted net profit (non-HKFRS): RMB 60.58 million, up 56.2%, lifting the adjusted net margin to 9.9% (1H 2025: 8.6%). – Basic EPS: RMB 0.08 (1H 2025: RMB 17.31). – Operating cash flow: RMB 87.33 million; cash and cash equivalents stood at RMB 392.08 million at period-end (31 Dec 2025: RMB 549.65 million).
• Segment highlights 1. Postpartum care revenue rose 31.4% to RMB 508.00 million. Average selling price across the “Saint Bella”, “Bella Isla” and “Baby Bella” brands increased 15.9% to RMB 171,011. The network expanded to 148 global outlets, aided by the strategic acquisition of Wuhan-based “Fu Lei Ya”. 2. Home-care services grew 59.1% to RMB 61.40 million, driven by upgraded age-specific childcare offerings; the specialist pool expanded to 11,495 professionals. 3. Female health-nourishment sales advanced 44.4% to RMB 35.10 million, buoyed by strong demand for core “Yue Zhi Jing Hua” products and new “Yue Zhi Cha Yin” lines. 4. AI intelligent-agent services generated inaugural revenue of RMB 6.90 million, as the proprietary “Dr. Bella” platform was deployed in 207 stores.
• Cost management and margins Marketing and administrative expense ratios declined by 0.7 pp and 5.4 pp respectively, reflecting scale benefits and technology-driven efficiencies. Research and development spending edged up 9.1% to RMB 6.19 million.
• Balance sheet and capital allocation Total assets less current liabilities reached RMB 1.13 billion. Interest-bearing bank borrowings increased to RMB 93.50 million, while lease liabilities stood at RMB 176.25 million. The interest-bearing debt ratio was 5.4%. From the HK$709.10 million IPO proceeds (including HK$79.13 million from the over-allotment), HK$86.90 million was deployed in 1H 2026, leaving HK$509.20 million earmarked mainly for network expansion, new services, talent development, R&D and working capital. No interim dividend was declared.
• Outlook and strategy Management reiterated its goal of becoming a leading global home-care brand group. Priorities for 2H 2026 include continued dual-track growth (organic openings and targeted M&A), launch of a flagship full-cycle women’s-care hub in Beijing, further overseas roll-outs in cities such as London and Sydney, and broader commercialisation of the “AI + Care” platform.
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