Core Viewpoint - Xianle Health is a leading CDMO enterprise in the health supplement industry, with a stable revenue and net profit CAGR of 18% from 2012 to 2024, actively pursuing mergers and acquisitions to enhance its global supply chain [1] Company Overview - The company specializes in the R&D and manufacturing of health and functional foods, with significant acquisitions in Europe and America to establish production bases [1] - By 2024, the revenue distribution is projected to be 39% from China, 40% from America, 14% from Europe, and 7% from other markets, indicating that overseas revenue has surpassed domestic [1] - The company has multiple R&D centers and a strong innovation capability, allowing it to quickly respond to market trends and customer needs [1] Industry Insights - The global health supplement market is expected to reach 1.2 trillion yuan in 2024, with a CAGR of 5% from 2024 to 2028, with North America, China, and Europe being the top three markets [2] - The CDMO segment is anticipated to grow faster than the overall health supplement industry, with a projected market size of 220 to 250 billion yuan in 2024 and a growth rate of 7-9% from 2024 to 2028 [2] - China's health supplement market could potentially double from 250 billion yuan in 2024 to 520 billion yuan, assuming an increase in penetration rate and consumer spending [2] Regional Performance - The European factory Ayanda is performing steadily, with an expected low double-digit growth rate due to effective sales strategies [3] - The acquisition of Best Formulation (BF) is showing improvement in core nutrition orders, with operational challenges expected to be resolved by 2025 [3] - New retail channels are becoming increasingly important, contributing nearly 100 million yuan in orders since Q3 2024, with a market share exceeding 50% in the domestic market [3] Financial Projections - Revenue forecasts for 2025-2027 are adjusted to 4.522, 5.044, and 5.636 billion yuan, with year-on-year growth rates of 7%, 12%, and 12% respectively [4] - Net profit estimates for the same period are 253 million, 405 million, and 477 million yuan, with a projected decline in 2025 followed by recovery [4] - The current PE ratios are 30x, 19x, and 16x, indicating a favorable valuation given the company's competitive advantages in overseas markets and R&D [4]

Group 1 - The core viewpoint of the article is that Dongwu Securities has given a "Buy" rating to Xianle Health (300791.SZ) based on its leadership in the health supplement CDMO sector and favorable market conditions [1] - Xianle Health is recognized as a leading enterprise in the health supplement CDMO (Contract Development and Manufacturing Organization) industry [1] - The health supplement industry is characterized by decentralized development, which benefits the CDMO segment [1] - The company has a global perspective, with stable growth in Europe and improving conditions in the Americas [1] - The importance of new retail customers is increasing for the company [1]

Investment Rating - The report maintains a "Buy" rating for Xianle Health [1] Core Insights - Xianle Health is a leading CDMO enterprise in the health supplement industry, focusing on the research and manufacturing of health and functional foods. The company has a strong R&D capability and has established a global supply chain through acquisitions [8][13][14] - The health supplement industry is experiencing a new consumption cycle, with significant growth potential in China. The global health supplement market is projected to reach 1.2 trillion yuan by 2024, with a CAGR of 5% from 2024 to 2028 [44][49] - The report highlights the company's revenue and net profit growth, with a CAGR of 18% from 2012 to 2024. The company is expected to benefit from the increasing demand for health supplements and the expansion of its overseas markets [23][28] Summary by Sections 1. Company Overview - Xianle Health has become a top player in the health supplement CDMO sector, with a market share of 8% as of 2023. The company has a comprehensive production capability across various forms of health supplements [14][23] - The company has a stable ownership structure, with the largest shareholder holding 42.60% of the shares, ensuring stability in management [17] 2. Health Supplement Industry - The health supplement market is characterized by regional differentiation, with North America, China, and Europe being the largest markets. The industry is expected to grow significantly, particularly in China, where the market size could double from 250 billion yuan to 520 billion yuan by 2028 [44][49] - The CDMO segment is expected to benefit from the fragmented nature of the health supplement industry, with a projected market size of 220-250 billion yuan by 2024, growing at a rate of 7-9% from 2024 to 2028 [60] 3. Financial Projections - The report adjusts the revenue forecasts for 2025-2027 to 45.22 billion yuan, 50.44 billion yuan, and 56.36 billion yuan, respectively, with corresponding net profits of 2.53 billion yuan, 4.05 billion yuan, and 4.77 billion yuan [1][8] - The earnings per share (EPS) are projected to be 0.82 yuan, 1.32 yuan, and 1.55 yuan for 2025-2027, with current price-to-earnings ratios of 30x, 19x, and 16x [1][8]

Market Overview - The food processing sector increased by 0.28% on January 12, with Hai Xin Food leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1] Top Performers - Hai Xin Food (002702) closed at 7.62, up by 3.25% with a trading volume of 913,900 shares and a transaction value of 682 million [1] - Other notable gainers include: - Gai Shi Food (920826) at 14.45, up by 3.14% [1] - Kang Bi Te (920429) at 15.95, up by 3.04% [1] - Xi Wang Food (000639) at 3.42, up by 2.70% [1] - Hui Fa Food (603536) at 11.74, up by 2.18% [1] Underperformers - Qian Wei Yang Chu (001215) closed at 45.60, down by 3.33% with a trading volume of 62,200 shares and a transaction value of 286 million [2] - Other notable decliners include: - Ba Bi Food (605338) at 31.39, down by 2.52% [2] - Xian Le Health (300791) at 24.39, down by 1.45% [2] Capital Flow - The food processing sector experienced a net outflow of 131 million from institutional investors, while retail investors saw a net inflow of 111 million [2] - Notable capital flows include: - Anjiu Food (603345) had a net inflow of 62.62 million from institutional investors [3] - Gai Shi Food (920826) saw a net inflow of 24.97 million from institutional investors [3] - Tang Chen Bei Jian (300146) had a net inflow of 14.78 million from institutional investors [3]

Investment Rating - The report maintains a "Strong Buy" rating for Xianle Health, with a target price of 32.5 CNY [2][6]. Core Views - The company is progressing with the divestiture of its BFPC subsidiary, which is expected to improve cash flow and allow for a focus on core business operations. The divestiture is anticipated to be completed by the end of January 2026, with corresponding asset impairment recognized in 2025 [2][6]. - Xianle Health plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its capital strength and competitive position globally. The funds raised will be directed towards global capacity expansion, smart factory construction, and upgrades to R&D and supply chain systems [2][6]. - A three-year strategic plan (2026-2028) has been released, focusing on globalization, core capability enhancement, and digital empowerment. The company aims to replicate its efficient and high-quality systems to become the global leader in the health supplement CDMO sector [2][6]. Financial Summary - Total revenue is projected to grow from 4,211 million CNY in 2024 to 5,664 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 11.2% [7]. - The net profit attributable to the parent company is expected to recover from a decline in 2025 to 484 million CNY by 2027, reflecting a significant rebound [7]. - The earnings per share (EPS) is forecasted to increase from 1.06 CNY in 2024 to 1.57 CNY in 2027, indicating a positive trend in profitability [7].

Group 1 - Xianle Health's stock price fell by 1.45% on January 12, closing at 24.39 CNY per share, with a trading volume of 176 million CNY and a turnover rate of 2.80%, resulting in a total market capitalization of 7.503 billion CNY [1] - The stock has experienced a continuous decline for six days, with a cumulative drop of 5.68% during this period [1] - Xianle Health, established on August 16, 1993, and listed on September 25, 2019, specializes in the research, production, sales, and technical services of nutritional health products [1] Group 2 - The main revenue composition of Xianle Health includes soft capsules (46.38%), gummies (25.31%), tablets (9.26%), beverages (5.42%), hard capsules (5.31%), powders (4.45%), and other forms (3.22%), with additional supplements accounting for 0.65% [1] - Among the top ten circulating shareholders, the Everbright Prudential Credit Enhancer Bond A Fund (360013) entered the list in the third quarter, holding 2.0329 million shares, which is 0.79% of the circulating shares [2] - The fund has incurred a floating loss of approximately 731,800 CNY today and a total floating loss of 2.9884 million CNY during the six-day decline [2]

Group 1 - The core point of the article is that Xianle Health (300791.SZ) plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and accelerate overseas business development [1][4] - The company has appointed Deloitte as the auditing firm for the H-share listing [1] - Xianle Health provides comprehensive solutions for the global nutrition and health food industry, including research, product development, manufacturing, packaging, logistics, and marketing support [4] Group 2 - For the first three quarters of 2025, Xianle Health achieved total revenue of 3.291 billion yuan, a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 260 million yuan, up 8.53% [4] - As of the end of the reporting period, the company's cash and cash equivalents were 542 million yuan, slightly down from 556 million yuan in the same period last year, while accounts receivable increased by 19.37% to 829 million yuan [4] - The accounts receivable accounted for 255.14% of the latest annual net profit, indicating a significant increase in receivables relative to profit [4] Group 3 - In the first half of 2025, Xianle Health's revenue in China was 818 million yuan, showing a year-on-year decline of 1.63% [5] - The company noted that the demand side is driven by generational changes and refined scenarios, while the supply side is undergoing structural reshaping from 2022 to 2024 [5] - Some fundraising investment projects have been postponed, including the "Digital Information Construction Project," which has been delayed by one year to December 31, 2026 [5]

Group 1 - The core viewpoint of the article highlights that leading companies in the nutrition and health food industry are accelerating capital operations to expand their development pathways amid increasing global competition [1][2] - Xianle Health announced its plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategic layout and capital strength [1] - The company aims to leverage international capital market advantages to accelerate overseas business development and strengthen its industry position [1] Group 2 - The trend of A-share companies listing in Hong Kong is increasing, with 19 A-share companies expected to raise a total of 139.99 billion HKD by 2025, which will account for nearly half of the total IPO amount in Hong Kong [2] - The influx of A-share companies into the Hong Kong market reflects the optimization of the interconnectivity mechanism and the increasing attractiveness of the Hong Kong market for mainland enterprises [2] - For companies like Xianle Health, listing in Hong Kong not only facilitates the introduction of international capital for overseas expansion and R&D investment but also enhances brand global influence [2]

格隆汇1月12日｜国盛证券研报指出，仙乐健康乘科技之风，迎重要时刻。公司与潜在购买方就出售 BFPC签署意向书，BFPC剥离有利于进一步优化公司的美国业务结构，提升公司的整体盈利能力和市场 竞争力。根据少数股东损益推算，2025年前三季度BF子公司亏损达1.3亿元，我们预计BFPC剥离后亏损 有望显著收窄，大幅提振公司利润表现。公司拟发行H股并在港交所上市，利用国际资本市场优势，打 造多元化资本运作平台，有助于深化公司全球化战略布局，加速拓展海外市场，打开公司增长天花板。 另外，公司推出AI营养师及精准营养品牌，前瞻布局"精准营养"增量赛道。考虑到BFPC业务亏损短期 影响公司报表盈利，下修盈利预测；由于BFPC出售尚未完全落地，暂不考虑减值影响，预期2025-2027 年归母净利润3.1/4.1/5.0亿元（前次为3.7/4.7/5.6亿元），同比-5.5%/+32.5%/+22.8%，当前股价对应PE 为25/19/15x。 ...

Core Viewpoint - Xianle Health Technology Co., Ltd. has announced plans to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant step in its globalization strategy [1] Company Overview - Established in 1993, Xianle Health is a leading global provider of comprehensive solutions for nutrition and health products, offering services that include research and product development, manufacturing, packaging, logistics, and marketing support [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext board on September 25, 2019, becoming the first A-share listed CDMO enterprise in the nutrition and health food sector [1] Strategic Focus - Xianle Health is focused on the trends of health consumption upgrades and aims to enhance customer service, research innovation, and agile supply chain competitive barriers [1] - The company is strategically targeting high-potential global markets and is building a global operational network characterized by "headquarters empowerment and regional deep cultivation" [1] Fundraising and Future Plans - The upcoming H-share issuance is expected to optimize the capacity layout in key regional markets, strengthen core competitiveness, accelerate the construction of new productive capabilities, supplement working capital, and enhance the company's capital strength and overall influence [1]