Core Viewpoint - The company held a successful online performance briefing for the first half of 2025, showcasing strong investor engagement and addressing key operational strategies and market challenges [1][2]. Group 1: Business Performance and Strategy - The company reported a revenue of 760 million yuan from the Americas in the first half of 2025, reflecting a year-on-year growth of 4.26% despite challenges from the US-China trade war [1][2]. - The company plans to enhance its domestic market position by expanding into new consumer markets, including MCN, cross-border e-commerce, and new retail brands, while focusing on high-quality clients and valuable projects [1]. - The company aims to strengthen its international business by advancing its global strategy, improving local supply chain efficiency, and exploring emerging markets in Southeast Asia and Latin America [2]. Group 2: Risk Management and Operational Efficiency - The company has implemented various measures to mitigate the impact of tariffs on its export business, including adjusting end-user prices, locking in raw material costs, and optimizing production processes [2]. - The company is actively pursuing the divestiture of its personal care business in the US, seeking investment or sale opportunities to enhance its overseas operations [2]. - The company is focusing on building a robust supply chain and operational capabilities to support its growth in the Americas, particularly in the gummy and soft capsule segments [2].

Group 1 - The core point of the article is that Xianle Health announced that its Vice General Manager, Zheng Liqiong, increased her shareholding through a block trade on September 8, 2025, acquiring 140,000 shares, which represents 0.05% of the total share capital, with an investment amount of 3.15 million yuan [1] Group 2 - The shareholding increase indicates a positive signal regarding the company's confidence in its future performance [1] - The transaction was conducted through a block trade, which is often seen as a strategic move to minimize market impact [1] - The amount invested by Zheng Liqiong reflects a significant personal commitment to the company's growth [1]

Core Viewpoint - Xianle Health announced that its Vice General Manager and Acting Financial Officer, Zheng Liqun, has increased her shareholding in the company, reflecting confidence in the company's future development and long-term investment value [2] Summary by Sections - **Shareholding Increase** - Zheng Liqun purchased 140,000 shares of Xianle Health on September 8, 2025, using her own funds through a block trading system [2] - This acquisition represents 0.05% of the company's total share capital, which amounts to 306,033,360 shares after excluding shares held in the company's repurchase account [2] - **Confidence in Future Development** - The increase in shareholding is based on Zheng Liqun's belief in the company's sustained and stable development [2] - The action indicates a recognition of the long-term investment value of Xianle Health's stock [2]

Core Viewpoint - Xianle Health (300791.SZ) announced that its Vice General Manager and Acting Financial Officer, Zheng Liqun, has increased her shareholding in the company, reflecting confidence in the company's future development and long-term investment value [1] Summary by Relevant Sections - **Shareholding Increase** - Zheng Liqun purchased 140,000 shares on September 8, 2025, using her own funds through a block trade on the Shenzhen Stock Exchange [1] - This acquisition represents 0.05% of the company's total share capital, which amounts to 306,033,360 shares after excluding shares held in the company's repurchase account [1]

Core Viewpoint - Xianle Health announced that its Vice General Manager and Acting Financial Officer, Zheng Liqun, increased her stake in the company, reflecting confidence in its future development and long-term investment value [1] Group 1: Shareholding Activity - Zheng Liqun purchased 140,000 shares of Xianle Health on September 8, 2025, using her own funds through a block trading system [1] - This acquisition represents approximately 0.05% of the company's total share capital, which is about 306 million shares after excluding shares in the company's repurchase account [1] Group 2: Financial Performance - For the first half of 2025, Xianle Health's revenue composition was as follows: soft capsules accounted for 46.38%, gummies for 25.31%, tablets for 9.26%, functional beverages for 5.42%, and hard capsules for 5.31% [1] - As of the report date, Xianle Health's market capitalization was 7.7 billion yuan [1]

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-087 | | --- | --- | --- | | 证券代码：123113 | 证券简称：仙乐转债 | | 仙乐健康科技股份有限公司 关于高级管理人员增持公司股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 仙乐健康科技股份有限公司（以下简称"公司"）于 2025 年 9 月 9 日收到公 司副总经理、代理财务负责人郑丽群女士出具的《关于增持公司股份的告知函》， 基于对公司未来持续稳定发展的信心以及对公司股票长期投资价值的认可，郑丽 群女士于 2025 年 9 月 8 日以其自有资金通过深圳证券交易所交易系统以大宗交 易方式增持公司股份 140,000 股，占公司总股本剔除公司回购证券专用账户中的 股份后股本总数 306,033,360 股的 0.05%。现将相关情况公告如下： 一、增持主体基本情况 1、增持主体：公司副总经理、代理财务负责人郑丽群女士。 2、本次增持前持股情况：郑丽群女士在本次增持前持有公司股份 354,632 股，占公司总股本剔除公司回购证券专用账户中 ...

Group 1: Financial Performance - Revenue from the Americas market increased by 4.26% year-on-year, reaching 760 million CNY in the first half of 2025 despite trade tensions [5] - The company maintained a stable gross margin for its export business to the Americas through various cost control measures [5] Group 2: Strategies for Market Expansion - The company plans to scale up its gummy business and explore existing large clients' needs, preparing for sales opportunities in 2026 [2] - Focus on expanding sales in the Latin American market, particularly targeting new clients in Brazil [2] - Strengthening team development by equipping sales regions with business development and customer operation teams [2] Group 3: Response to Tariff Challenges - The company has implemented strategies to mitigate the impact of tariffs, including adjusting end-user prices and locking in raw material costs [2] - Engaging in negotiations with suppliers to reduce cost increases and sourcing alternative materials [2] Group 4: Globalization and Supply Chain Efficiency - The company is advancing its global strategy by enhancing local capabilities and improving operational efficiency in overseas factories [3] - Plans to diversify market risks by expanding into emerging markets such as Southeast Asia and Latin America [6] Group 5: Production Capacity and Order Fulfillment - Domestic factories have a medium to high capacity utilization for soft capsules, gummies, and tablets, while beverage powder capacity is underutilized [4] - The company is steadily progressing in fulfilling existing orders, with overall sales and delivery conditions being normal [4] Group 6: Future Development Focus - The company aims to solidify its leading position in domestic markets while expanding into new consumer channels [6] - Plans to enhance technological capabilities, including the development of an AI-driven formula design system and digital transformation initiatives [7] Group 7: Goodwill and Acquisitions - The company reported goodwill of over 400 million CNY due to acquisitions, with no current impairment risks identified [7] - Integration of acquired companies into the overall business strategy to strengthen global supply capabilities [7]

Investment Rating - The report rates the health supplement industry as "Outperform" [1] Core Insights - The health supplement industry is entering a new upward cycle, driven by rising health awareness among younger consumers and the emergence of new consumption trends [6][9] - The market for nutritional health products in China is projected to reach 522.3 billion yuan by 2024, with a compound annual growth rate of 5.7% from 2019 to 2024 [10][11] - Online sales channels are becoming increasingly important, with a significant rise in sales through platforms like Douyin, which has become the leading online sales platform for health supplements [32][35] Summary by Sections Industry Characteristics - The industry is characterized by a clear trend towards younger consumers, the emergence of new niche markets, and accelerated product iteration [7][9] - The overall scale of the traditional health supplement market is over 300 billion yuan, growing at approximately 5% annually, while new consumption segments such as anti-aging and cardiovascular health are emerging [9] Market Dynamics - The online sales of health supplements in China grew from 107.4 billion yuan in 2022 to 142.1 billion yuan in 2023, indicating a strong shift towards e-commerce [29][30] - Douyin's sales growth in health supplements reached 38% in the first half of 2025, surpassing other platforms like Tmall and JD [32] Key Segments - The report identifies several high-growth segments within the health supplement industry: - Anti-aging: Focused on products like ergothioneine and NAD+ [49][52] - Sports nutrition: Emphasizing glucosamine and calcium products [55] - Cardiovascular health: Highlighting deep-sea fish oil and phospholipid products [58] - Liver health: Addressing needs arising from unhealthy lifestyles [61] - Probiotics: Targeting gut health and overall wellness [66] Investment Recommendations - The report suggests focusing on brands with strong product operation capabilities and high brand recognition, such as Ruoyuchen and H&H International Holdings [5][69] - For production, it recommends selecting leading companies with substantial scale and customer resources, such as Xianle Health [5][69] - In the raw material sector, it highlights industry leaders like Jindawei [5][69]

Core Viewpoint - The food and beverage industry is experiencing a mixed performance, with some companies showing growth while others face challenges due to market adjustments and inventory pressures [2][8][9]. Market Performance - The Shanghai and Shenzhen 300 Index fell by 0.81%, while the Shenwan Food and Beverage Index decreased by 1.5% during the specified period [1]. - The top five gaining stocks included Huanlejia, Gaisi Food, Qianwei Yangchu, Baihe Co., and Huifa Food [1]. Institutional Insights - Open-source Securities suggests focusing on three lines: national mid-to-high-end recovery, regional leaders, and high-end liquor valuation recovery [2]. - Key companies to watch include Shede Liquor, Shanxi Fenjiu, Gujing Gongjiu, and Moutai, with a focus on new consumption trends and channels [2]. - Huachuang Securities recommends exploring new opportunities in the health product sector, particularly H&H International and Xianle Health [3]. Industry Trends - The liquor industry is undergoing a rational adjustment, with companies like Moutai and Zhenjiu Liudu exploring new paths to enhance market reach [7]. - The white liquor sector is seeing a significant inventory issue, with 20 listed liquor companies holding nearly 170 billion yuan in inventory, leading to cash flow pressures for some mid-tier companies [9]. Company Developments - Wuliangye has launched a promotional campaign allowing car buyers to purchase its liquor at a 25% discount [10][11]. - Yingjia Gongjiu has established a new sales company to enhance its market presence [12]. - Jiusuan Co. has adjusted its growth strategy, focusing on maintaining market share rather than absolute growth [13]. Macro Events - The Chinese warehousing index for August was reported at 49.3%, indicating a decline in new orders and a slowdown in goods turnover, which may impact the food and beverage sector [4]. - The emergence of H5N1 avian influenza in the UK could have implications for poultry-related food products [5]. Financial Metrics - The financial performance of the liquor industry shows a significant disparity, with 15 out of 21 listed companies reporting revenue declines, while only six managed to achieve growth [8]. - The industry is expected to face continued challenges, with some analysts predicting a prolonged adjustment period before recovery [8]. Inventory and Capacity Issues - Many liquor companies are struggling with high inventory levels, with some facing a six-year inventory turnover cycle, which could further strain cash flow [9]. - Despite low capacity utilization rates, some companies continue to expand production, raising concerns about future inventory management [9].

（文章来源：证券日报） 证券日报网讯 9月4日晚间，仙乐健康发布公告称，公司于2025年8月4日召开2025年第三次临时股东大 会，审议通过了《关于变更公司注册资本及修订〈公司章程〉的议案》。公司于近日完成了工商变更登 记手续，并取得了汕头市市场监督管理局换发的营业执照。 ...