Group 1 - The company, Xianle Health, announced that its fourth board meeting was held on July 30, 2025, via teleconference, where it reviewed the proposal regarding not adjusting the conversion price of "Xianle Convertible Bonds" [2] - For the year 2024, the revenue composition of Xianle Health is as follows: soft capsules accounted for 47.1%, gummies for 23.63%, tablets for 7.73%, functional beverages for 5.89%, powders for 5.5%, and hard capsules for 5.29% [2]

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-075 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 仙乐健康科技股份有限公司 关于不向下修正"仙乐转债"转股价格的公告 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。 特别提示： 1、截至 2025 年 7 月 30 日，仙乐健康科技股份有限公司（以下简称"公司"） 股票已经出现在任意连续三十个交易日中至少有十五个交易日的收盘价低于"仙 乐转债"当期转股价格的 85%的情形，触及"仙乐转债"转股价格向下修正条款。 2、经公司第四届董事会第十二次会议审议通过，公司董事会决定本次不行 使"仙乐转债"的转股价格向下修正的权利，且在未来六个月内（即 2025 年 7 月 31 日至 2026 年 1 月 30 日），如再次触发"仙乐转债"转股价格向下修正条 款，亦不提出向下修正方案。 公司于 2025 年 7 月 30 日召开了第四届董事会第十二次会议，审议通过了 《关于不向下修正"仙乐转债"转股价格的议案》，公司董事会决定本次不行使 ...

仙乐健康科技股份有限公司 第四届董事会第十二次会议决议公告 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。 一、 董事会会议召开情况 | 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-074 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 本议案无需提交公司股东大会审议。 经与会董事认真审议，本次会议以回收表决票的表决方式表决通过了以下决 议： 1、审议通过了《关于不向下修正"仙乐转债"转股价格的议案》 董事会决定本次不行使"仙乐转债"的转股价格向下修正的权利，且在未来 六个月内（即 2025 年 7 月 31 日至 2026 年 1 月 30 日），如再次触发"仙乐转 1 债"转股价格向下修正条款，亦不提出向下修正方案。 表决结果：7 票赞成，0 票反对，0 票弃权。 仙乐健康科技股份有限公司（以下简称"公司"）第四届董事会第十二次会 议于 2025 年 7 月 30 日以通讯会议方式召开。会议通知于 2025 年 7 月 30 日以 微信信息等方式送达给全体董事及其他列席人员 ...

Core Insights - Xianle Health and Memory Tensor signed a strategic cooperation agreement at WAIC 2025 to transform the health industry from standardized manufacturing to personalized services through innovative projects [1][3] Group 1: Strategic Cooperation - The partnership aims to build a large model infrastructure for the nutrition and health industry based on the MemOS memory tensor operating system [3] - Xianle Health will establish a private AI computing cluster compliant with GMP standards and migrate its formula data assets to the MemVault multi-level knowledge hub [3][4] Group 2: Innovative Systems - Three core systems will be developed: PharmaQA for regulatory consultation, FormuGenius for formula generation, and NutriTrend for global market intelligence [3][4] - The collaboration will also include a joint laboratory to create a personalized formula simulation system and an intelligent clinical trial design engine [4] Group 3: Industry Transformation - The MemOS system will enable intelligent attribution of formula failures, marking a significant shift from experience-driven to cognitive computing in the CDMO industry [4] - The focus is on addressing the core challenges of low cost and low hallucination in industrial large models, aiming to empower the health industry through AI innovation [4]

从资金流向上来看，当日食品加工板块主力资金净流出1.27亿元，游资资金净流出2488.55万元，散户资 金净流入1.52亿元。食品加工板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 603345 | 安井食品 | | 3588.42万 | 9.81% | -3645.99万 | -9.97% | 57.57万 | 0.16% | | 002515 | 金字火腿 | | 2249.10万 | 14.02% | -1481.85万 | -9.24% | -767.25万 | -4.78% | | 002702 海欣食品 | | | 1308.54万 | 13.69% | -383.06万 | -4.01% | -925.48万 | -9.68% | | 002626 | 金达威 | | 1100.54万 | 4.62% | 1399.42万 | 5.88% | -2499.96 ...

Group 1 - Xianle Health (300791) signed a strategic cooperation agreement with Memory Tensor (Shanghai) Technology Co., Ltd. at the 2025 World Artificial Intelligence Conference [1] - The collaboration aims to build a dedicated industrial large model infrastructure based on the MemOS memory tensor operating system [1] - The partnership will implement three innovative projects to transform the health industry from standardized manufacturing to personalized services [1]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Views - The liquor industry is strengthening its internal capabilities, with companies focusing on management, product, and channel improvements. The industry is currently at a low valuation and is expected to stabilize as sales pressure eases [2]. - In the beer and beverage sector, East Peak Beverage reported impressive mid-year results, while the industry continues to show high growth potential despite intense competition [3]. - The report highlights the ongoing transformation in product selection at Sam's Club, emphasizing operational efficiency through local supply chain adjustments [4]. Summary by Sections Liquor Industry - The liquor sector is in a phase of continuous improvement, with major companies like Guizhou Moutai and Shanxi Fenjiu enhancing their management and product offerings. The industry is currently experiencing a seasonal downturn, but valuations are low, suggesting potential for recovery [2]. Beer and Beverage Sector - The beer segment is advised to focus on high-growth products and structural performance, with companies like Yanjing Beer and Zhujiang Beer being highlighted. East Peak Beverage's revenue for the first half of 2025 reached 10.737 billion yuan, a year-on-year increase of 36.37% [3]. Food Sector - Sam's Club is undergoing a significant product selection transformation, with a shift towards national best-selling items to improve operational efficiency. The report notes that the low-temperature dairy market is performing better than the ambient temperature segment [4][7].

Core Insights - The increasing prevalence of electronic devices has heightened awareness of the potential visual hazards associated with prolonged screen exposure, leading to a surge in demand for lutein as a vital nutrient for eye health [1][3] - The children's market for lutein products has become a competitive battleground, driven by rising concerns among parents regarding children's vision health [1][15] Market Overview - The domestic market for lutein is estimated to reach nearly 6 billion yuan, with a compound annual growth rate (CAGR) of 19.8% from 2020 to 2024, significantly outpacing global market growth [4][3] - The eye care sector is the primary contributor to market growth, with annual sales of lutein soft capsules exceeding 200 million bottles [4] Competitive Landscape - The lutein market is characterized by intense competition across both health food and regular food sectors, with no dominant brand currently leading the market [2][20] - Major players in the extraction and processing segment include Chenguang Biotech, DSM, and Kemin, creating a "three-legged" competitive structure [4] Product Development - The market has seen a rapid increase in the registration of lutein health products, with over 150 products registered, primarily in capsule form [7][8] - Innovative product forms such as gummies and ready-to-drink beverages are gaining popularity, with the market for lutein gummies expected to exceed 1.5 billion yuan by 2024 [11] Consumer Trends - The demand for lutein products is driven by the rising incidence of myopia among children, with the overall myopia rate in Chinese children reaching 51.9% [18] - The average price of imported lutein products is significantly higher than that of domestic products, with imported items often exceeding 100 yuan per unit [17] Regulatory Environment - Lutein products are primarily classified as health foods and must undergo a registration process, as they are not included in the approved health food ingredient directory [9][14] - The lack of a clear definition for dietary supplements in China has led to many imported lutein products being marketed as regular foods, despite their health claims [13] Future Outlook - The lutein market is expected to continue evolving, with a focus on product differentiation and innovation to address the challenges of market saturation and consumer trust [20][22] - Companies are encouraged to invest in research and development to create unique products that can withstand competition and avoid the pitfalls of market homogenization [22]

Core Viewpoint - The company is expected to trigger the downward adjustment of the conversion price for its convertible bonds due to the stock closing price being below 85% of the current conversion price, which is set at 27.10 CNY per share [12]. Summary by Sections Convertible Bond Issuance Overview - The company issued 10,248,900 convertible bonds with a face value of 100 CNY each, raising a total of 1,024.89 million CNY, with a net amount of 1,016.17 million CNY after deducting issuance costs [1]. - The bonds were approved by the China Securities Regulatory Commission and began trading on May 14, 2021, under the name "Xianle Convertible Bonds" with the code "123113" [2]. Conversion Period and Price Adjustment - The conversion period for the bonds started on October 25, 2021, which is six months after the issuance [2]. - The conversion price has been adjusted multiple times due to various corporate actions, including cash dividends and stock grants, with the latest adjustment on June 7, 2023, changing the price from 56.42 CNY to 56.07 CNY [6]. Downward Adjustment Conditions - The company has the authority to propose a downward adjustment of the conversion price if the stock price is below 85% of the conversion price for at least 15 out of 30 consecutive trading days [11]. - If the adjustment condition is met, the board will convene to decide on the adjustment and disclose the decision promptly [12]. Recent Stock Performance - From July 10 to July 23, 2025, the company's stock has closed below the threshold for the conversion price adjustment, indicating a potential trigger for the downward adjustment [12].

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-073 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 仙乐健康科技股份有限公司 5、自 2025 年 7 月 10 日至 2025 年 7 月 23 日，公司股票已有 10 个交易日的 收盘价低于当期转股价格的 85%，即 27.10 元/股，预计后续触发转股价格向下修 正条件。若触发，公司将于触发当日召开董事会审议决定是否修正转股价格，并 及时履行信息披露义务。 一、可转债发行上市的基本情况 （一）可转换公司债券发行概况 经中国证券监督管理委员会《关于同意仙乐健康科技股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2021〕927 号）同意注册， 仙乐健康科技股份有限公司（以下简称"仙乐健康"或"公司"）向不特定对象 发行可转换公司债券 1,024.89 万张，每张面值 100.00 元，募集资金总额为人民 币 102,489.29 万元，扣除相关发行费用后实际募集资金净额为人民币 101,616.75 关于仙乐转债预计触发转股价格修正条件的提示性公告 本 ...