We are a leading postpartum care and recovery group in China, and we also offer home care services and food products covering women’s needs. We aim to become a leading comprehensive family care group in Asia with an evolving brand portfolio, through enhancing our presence in the existing business segments and operating markets, launching new offerings to tap into new segments such as elderly care services, as well as expanding our service network to promising markets in addition to our established presence in mainland China, Hong Kong, Singapore, and the United States.
According to the Frost & Sullivan Report, we are the largest postpartum care and recovery group both in Asia and in China in terms of revenue from postpartum centers in 2024, the fastest-growing scaled postpartum and recovery group in China in terms of revenue growth rate from 2022 to 2024, and the first postpartum center operator based in mainland China to expand outside of mainland China. In 2024, we had a market share of approximately 1.2% in terms of revenue from postpartum centers in China.
During the Track Record Period, we operated the following major business lines:
‧ Postpartum centers: We offer postpartum care and recovery services at postpartum centers, whose service locations are mostly in upscale hotels under rental arrangements. We have three brands of postpartum centers, namely Saint Bella (our flagship ultra-premium postpartum center brand targeting high net worth families), Bella Isla (our premium brand focusing on mental health through providing a soothing environment and targeting middle to high income families), and Baby Bella (our affordable luxury brand targeting young middle class families).
‧ Home care services: We offer home care services under our PrimeCare for Family brand by arranging baby care specialists with the appropriate skills to provide customers with their requested home care services.
‧ Food products: We offer health food products covering different stages of women’s nutritional needs, mostly on e-commerce platforms.
According to the Frost & Sullivan Report, the total addressable market of family care in China has grown rapidly, among which, the markets of postpartum care and recovery services and home child care services reached RMB67.5 billion and RMB35.8 billion, respectively, in 2024, despite having a significantly lower penetration rate of postpartum care compared with mature markets like South Korea and Taiwan, China. The markets of postpartum care and recovery services and home child care services are expected to reach RMB200.8 billion and RMB105.2 billion by 2030, representing a CAGR of 20.4% and 19.1%, respectively, from 2025 to 2030. In addition, the more premium market segment of postpartum care services is expected to grow at a higher rate than average owing to consumers’ more sophisticated needs driving a growing demand for professional and customized service. According to the Frost & Sullivan Report, there is an increasing popularity of self-pampering products and services and this trend marks a significant shift in women’s spending pattern toward personal growth and mental fulfillment.
Since our foundation in 2017, we have constantly redefined and transformed how traditional family care is rendered, by pioneering in standardizing, professionalizing, customizing, and digitalizing family care services and products. Along the way, we have nurtured a strong brand portfolio that appeals to a large base of customers, and upgraded our operations to be more scalable and better suited to cater to the end market.
Our postpartum centers are mostly located at upscale hotels and, for some of our Saint Bella centers, standalone villas. The premium lodging experience complements our postpartum services well, exemplifying professional services delivered with consistent high quality, standardized yet with a personal touch. Our asset-light strategy, which includes our flexible rental arrangements with hotels, not only facilitates rapid expansion but also minimizes capital expenditure, leading to a shorter payback period for our new centers.
We believe that we have a track record of successfully incubating premium brands in the family care industry. Leveraging our brand image, we believe that social fission marketing plays a key role in contributing to our continued growth. Among our 4,439 postpartum care service packages sold in 2024, approximately 38% of the sales were either referred by our existing customers or acquired via our self-owned online channels (including our websites and mini-programs). Combined with our marketing strategies, we have built a significant online presence among users on social media platforms.
Extending our model of professionalized services beyond postpartum care, we offer home care services under our PrimeCare for Family brand. We arrange baby care specialists with the appropriate skills to provide customers with their requested home care services. During the Track Record Period, our home care services witnessed significant revenue growth, as many of our postpartum care service customers started using our home care services or referred our services to their acquaintances. As part of our effort to extend customer lifetime value, we will continue actively promoting our home care services to customers of our postpartum centers, and improving our service quality to retain existing customers.
Our food products business is conducted through GuangHeTang, a brand we acquired in October 2021. GuangHeTang is one of the industry leaders in China’s women’s health food products industry with a history of more than 20 years in the area of nourishment, health, and wellness. With plant extracts and patented formulas at the core, our product innovation efforts draw upon traditional Chinese medicine theories to develop a comprehensive product portfolio. Since our acquisition, we have rejuvenated the brand by shifting its focus from offline to online channels and continuously reformulating its product offerings. Today, GuangHeTang’s products help women achieve daily health management at different stages, from menstruation to pregnancy, lactation, postpartum, and post-miscarriage. During the Track Record Period, our food products were primarily sold on our self-operated online stores on e-commerce platforms. In 2024, our GuangHeTang flagship stores ranked first on Tmall and Douyin in terms of sales amount in the category of postpartum nutrition. We have also started exploring to cross sell our products at our postpartum centers, as well as developing our self-owned online channels.
Our Network of Postpartum Centers
We have an extensive network of 96 premium postpartum centers under our brand names of Saint Bella, Bella Isla, and Baby Bella — comprising 62 self-operated centers (namely centers operated by one of our consolidated subsidiaries and in which we own the majority interest) and 34 managed centers (namely centers wholly or majority owned by third parties and managed by us) as of the Latest Practicable Date. According to the Frost & Sullivan Report, we had the largest network of premium postpartum centers in China in 2024, with leading market share in multiple cities in terms of revenue, such as Hangzhou and Shanghai.
Our footprint expanded significantly during the Track Record Period, having added 11, seven, and 34 self-operated or managed centers, respectively, for the years ended December 31, 2022, 2023 and 2024. Additionally, we extended our reach by adding our first managed center in Hong Kong in January 2022, our first self-operated overseas center in Singapore in October 2023, and our first managed overseas center in the Greater Los Angeles area in the United States in May 2024, being the first postpartum center operator based in mainland China to expand outside of mainland China, according to the Frost & Sullivan Report.
Our Business Model
Our comprehensive family care services cover a wide spectrum of customer needs which extend their lifetime value — throughout the journey of postpartum care and recovery to home child care, and complemented by wellness product offerings such as food products.
Source: SAINT BELLA (02508) Prospectus (IPO Date : 2025/06/18) |