Saint Bella Group (2508) H2 2026 earnings summary

Executive summary

• FY2025 revenue rose 31.0% YoY to RMB1.046bn; adjusted net profit increased 194.9% to RMB124.6m, while reported net profit was RMB411.2m after a material fair-value gain on investor instruments.

• Strategy combines postpartum care with full-lifecycle family services, overseas expansion and AI-enabled operating tools; the network reached 140 centers across 41 cities.

Financial highlights

• Revenue was RMB1,045.9m versus RMB798.7m; gross profit rose 39.1% to RMB376.2m and gross margin expanded to 36.0% from 33.9%.

• Adjusted net profit was RMB124.6m versus RMB42.3m; adjusted margin rose to 11.9% from 5.3%.

• Reported net profit was RMB411.2m versus a RMB543.3m loss; the swing included a RMB318.2m fair-value gain on investor instruments, versus a RMB493.7m loss in 2024.

• Adjusted EBITDA increased to RMB174.3m from RMB72.5m; basic EPS was RMB1.27 and diluted EPS RMB0.27, versus a loss per share of RMB102.12 in 2024.

Outlook and guidance

• FY2026 target: non-postpartum care revenue share above 30%; deepen collaboration among STB, Home Giving and GuangHeTang.

• Postpartum growth plans prioritize 10 core cities, regional acquisitions, continued US and Southeast Asia investment, and orderly entry into Europe and other markets.

• Dr. Bella is planned for internal deployment across nearly 150 centers, then broader domestic and international rollout; the stated three-year aim is a leading global vertical-care data platform.

• L Catterton strategic partnership announced in March 2026, focused on technology, international expansion, brand ecosystem development and potential investments and acquisitions.