Saint Bella Group (2508) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 25.6% YoY to RMB449.5m; revenue including managed postpartum centers increased 35.0% to RMB522.5m. Gross margin gained 3.6 percentage points to 37.6%.

• Reported net profit was RMB326.9m versus a RMB479.9m loss a year earlier, reflecting a RMB318.2m fair-value gain on investor instruments; adjusted net profit rose 126.2% to RMB38.8m.

• The postpartum network reached 113 centers worldwide, including 53 managed centers; the business expanded through 36 new openings during H1.

Financial highlights

• Revenue increased 25.6% YoY to RMB449.5m; cost of sales rose 18.8% to RMB280.4m and gross profit increased 38.9% to RMB169.1m.

• Reported profit for the period was RMB326.9m versus a loss of RMB479.9m in H1 2024; fair-value changes on investor instruments swung from a RMB461.8m loss to a RMB318.2m gain.

• Adjusted EBITDA reached RMB60.9m versus RMB30.6m; adjusted profit was RMB38.8m versus RMB17.1m, excluding fair-value changes, share-based payment expenses and listing expenses.

• Operating cash flow was RMB12.1m versus RMB31.5m; cash and cash equivalents at period-end were RMB678.9m, including IPO-related financing inflows.

Outlook and guidance

• H2 priorities include deepening presence in core domestic markets, expanding postpartum centers, and exploring high-end customer opportunities in international cities.

• Planned initiatives include scaling nursing talent, upgrading SaaS and AI infrastructure, developing lifecycle health and recovery brands, and advancing neonatal care, postpartum recovery and healthy food products.

• Doctor Bella, an AI agent intended to provide round-the-clock maternal and child care support, was scheduled for launch in H2 2025.

• Overseas expansion plans target five cities in H2 2025; no numerical financial guidance was stated.