**Light-Asset Mass Store Expansion: SAINT BELLA's H1 Revenue Exceeds 500 Million Yuan**

On August 20, SAINT BELLA (02508.HK) released its interim results announcement. In the first half of 2025, the company achieved total revenue (including managed postpartum confinement centers) of 523 million yuan, representing a year-on-year growth of 35%. Benefiting from the "Partner Store Program," the number of managed postpartum confinement centers increased by 34 during the period, bringing the total to 53.

The postpartum confinement center business serves as SAINT BELLA's growth foundation and traffic gateway. During the reporting period, SAINT BELLA accelerated store expansion, with managed store revenue reaching 73 million yuan, a year-on-year increase of 159.6%. The company has formed an ultra-high-end and high-end postpartum confinement center matrix comprising SAINT BELLA, Aiyu, and Little Bella brands.

**The Business Economics of Postpartum Confinement**

However, when customers leave the postpartum confinement centers, SAINT BELLA's services do not end there. Today, most new mothers have urgent needs for physical and health recovery, prompting SAINT BELLA to actively operate in the postpartum recovery sector. In the first half of 2025, the average contract values for postpartum recovery services at SAINT BELLA, Aiyu, and Little Bella were 46,021 yuan, 21,456 yuan, and 20,168 yuan respectively, representing year-on-year increases of 8.1%, 36.3%, and 4.8%.

SAINT BELLA has expanded its business into the broader family care industry chain through brands such as Yujia and Guanghetang, which collaborate with postpartum confinement centers in sales. According to the interim results announcement, SAINT BELLA's family care services generated revenue of over 38.6 million yuan in the first half of this year, surging 41.7% year-on-year.

Specifically, Yujia's average customer contract duration increased from 107 days to 132 days, up 23.4% year-on-year, while average service duration per customer rose from 94 days to 102 days, an 8.5% year-on-year increase.

Furthermore, among customers receiving postpartum care services at SAINT BELLA, 93.8% purchased additional services and products. Guanghetang, SAINT BELLA's women's health nutrition brand, has maintained its position as the top brand in Tmall's postpartum nutrition category for three consecutive years, commanding over 60% market share. Guanghetang's well-known products include "Blood Orange and Red Ginseng Paste," "Rose and Lingzhi Paste," and "White Tomato and Kudzu Root Paste," with a comprehensive product matrix covering women's menstrual periods, pregnancy, postpartum confinement, lactation, maintenance, and menopause stages.

According to Frost & Sullivan forecasts, the postpartum care and recovery industry will grow to 79.3 billion yuan by 2025, with a compound annual growth rate of 20.4% from 2025 to 2030.

**"Light-Asset" Model Accelerates Store Expansion**

SAINT BELLA has consistently pursued a "light-asset" model, with most stores leased in high-end hotels and similar venues. Benefiting from flexible leasing arrangements and low store capital expenditure, SAINT BELLA achieved a net profit of 327 million yuan in the first half of 2025, marking a significant turnaround to profitability.

Simultaneously, store numbers across SAINT BELLA's various brands grew rapidly, with global stores reaching 113; membership increased by 16,200 people, surging 105.8% year-on-year; and existing customer referral rates improved to 40.2%, up 3 percentage points from the same period last year.

While accelerating store expansion, SAINT BELLA's marketing and administrative expense ratios both declined to varying degrees. In the first half of 2025, the company's marketing expense ratio was 12%, down 0.6 percentage points, while the administrative expense ratio was 22.1%, down 4.4 percentage points.

In its interim results report, SAINT BELLA clearly stated that in the second half of 2025, the company aims to achieve target market share in key cities while simultaneously launching high-end deployments in international cities including New York, London, and Sydney.