CITIC Securities has released a research report initiating coverage on SAINT BELLA (02508) with a "buy" rating. SAINT BELLA is China's largest family care group, with brands including Saint Bella, Xiao Bella, and Aiyu, deeply rooted in China's high-tier cities and gradually expanding globally. Against the backdrop of China's family structure trending toward smaller sizes and rising women's self-care demands, high-end maternity care center demand is expected to sustain continuous growth. The company currently holds prominent competitive advantages in the industry, ranking first in market share. The report states that with its luxury brand positioning, standardized professional services, and diversified brand matrix, the firm believes the company possesses growth potential, with single-store revenue expected to increase and clear expansion opportunities both domestically and internationally, driving dual growth in revenue and profitability. Additionally, family care services and food retail business have maintained positive development trends in recent years, which are expected to further expand the company's growth potential based on synergy effects with maternity care centers.