Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating a positive outlook for the sector relative to the broader market [1]. Core Insights - The report highlights that the Consumer Price Index (CPI) in December 2025 reached its highest year-on-year increase since March 2023, with food prices continuing to improve. This is attributed to policies aimed at boosting domestic demand and increased consumer spending during the New Year period [5][48]. - The food and beverage sector saw a 2.12% increase in the market last week, underperforming the CSI 300 index by 0.66 percentage points, ranking 26th among 31 sectors [10]. - Key companies such as Sam's Club and Alibaba are expanding aggressively, with Sam's Club projected to exceed 140 billion yuan in sales for 2025, marking a 40% increase from 2024 [48]. Summary by Sections 1. Market Performance - The food and beverage sector's performance was highlighted, with a 2.12% increase last week, while the pre-processed food sub-sector performed particularly well with a 6.72% increase [10][13]. - The top five performing stocks included Qianwei Yangchun, Anji Food, and Yangyuan Beverage, with respective increases of 22.52%, 18.34%, and 14.78% [10][15]. 2. Price Trends - The report notes that food prices have shown significant increases, particularly in fresh vegetables and fruits, which rose by 18.2% and 4.4% year-on-year, respectively [5]. - The price of milk was reported at 12.17 yuan per liter, with a slight year-on-year decrease of 0.16% [26]. 3. Industry Dynamics - The report discusses the expansion of membership supermarkets and instant retail, with notable growth in companies like Sam's Club and Alibaba's Taobao Flash Sale [48][49]. - The government is implementing a comprehensive policy to stimulate domestic demand, focusing on enhancing consumer spending and supporting private investment [49]. 4. Core Company Updates - New Dairy announced a cash dividend of 0.70 yuan per share, while Fuling Pickled Vegetables and Luzhou Laojiao also declared significant cash dividends [51].

Core Viewpoint - The company is initiating a plan to issue H-shares and list on the Hong Kong Stock Exchange, driven by a significant divergence in revenue growth between its domestic and international businesses, with international operations becoming the main growth engine while domestic operations face challenges [3][4]. Group 1: Financial Performance - In 2024, the company's international business revenue grew by 47.33% to 2.55 billion yuan, accounting for over 60% of total revenue, while domestic revenue declined by 10.28% [2][4]. - For the first half of 2025, the company reported total revenue of 2.04 billion yuan, a year-on-year increase of 2.57%, with net profit attributable to shareholders rising by 4.30% to 161 million yuan [4]. - The company's revenue from domestic operations in the first half of 2025 was 818 million yuan, down 1.63%, while international revenue was 1.22 billion yuan, up 5.58% [4]. Group 2: Strategic Initiatives - The company aims to deepen its global strategy and enhance its capital strength through the issuance of H-shares, which is seen as a pragmatic response to the sluggish growth in the domestic market [3][4]. - The company is also seeking investment or divestment opportunities for its subsidiary BFPC, which has been operating at a loss, to improve overall profitability and market competitiveness [9]. Group 3: Business Model and Market Position - The company operates in the CDMO (Contract Development and Manufacturing Organization) sector, providing a full range of services from product development to marketing support [8]. - Since its listing in 2019, the company has shown a trend of increasing revenue from 1.58 billion yuan to 4.21 billion yuan by 2024, with a notable shift in the revenue contribution from domestic to international markets [8].

Group 1 - The core viewpoint of the article highlights that Xianle Health is a leading CDMO enterprise in the health supplement sector, focusing on the research and manufacturing of health and functional foods [1] - The company has demonstrated a stable performance with a projected CAGR of 18% for both revenue and net profit attributable to the parent company from 2012 to 2024, leading the industry [1] - Xianle Health possesses multiple R&D centers and has superior innovation and insight capabilities, allowing it to quickly capture market trends and efficiently bring products to market [1] Group 2 - The company has a comprehensive production line and a flexible supply system, enabling rapid product launch and feedback to key clients [1] - It is innovating with new dosage forms (such as burst beads and Xueyou yogurt®) and expanding into six high-potential categories, including anti-aging, probiotics, beauty and health, cardiovascular metabolism, immune enhancement, and sports nutrition [1] - Given the significant overseas market potential and the company's competitive advantages in R&D and supply chain, the current valuation is considered cost-effective, maintaining a "buy" rating [1]

首次覆盖方面，1月12日券商共给出了6次首次覆盖，其中泉阳泉获得中泰证券给予"增持"评级，伊利股份获得湘财证券 给予"增持"评级，视声智能获得华源证券给予"增持"评级，普蕊斯获得中邮证券给予"买入"评级，优优绿能获得中国国 际金融给予"跑赢行业"评级。 | | | 6家最新被首次覆盖的公司 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 行业 | | 600189 | 泉阳泉 | 中泰证券 | 增持 | 饮料乳品 | | 600887 | 伊利股份 | 湘财证券 | 增持 | 饮料乳品 | | 920976 | 视声智能 | 华源证券 | 増持 | 计算机设备 | | 301257 | 普蕊斯 | 中邮证券 | 买人 | 医疗服务 | | 301590 | 优优绿能 | 中国国际会融 | 跑赢行业 | 其他电源设备 | | 603986 | 兆易创新 | 国融证券 | 推荐 | 半导体 | | | | 日期:01月12日,南财投研通×21快讯制图 | | | 南财投研通数据显示，1月12日，券商给予上市公司目标价共9次，按最新 ...

Core Viewpoint - Xianle Health is initiating its listing process in Hong Kong to enhance its global strategy and leverage international capital markets for accelerating overseas business development [1][2] Group 1: Company Overview - Xianle Health specializes in the research and manufacturing of health and functional foods, establishing a localized supply capability across China, the United States, and Germany [1][2] - The company reported a revenue of 3.292 billion yuan and a net profit of 260 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 7.96% and 8.53% respectively [4] - The overseas business has become a significant revenue pillar, contributing 1.224 billion yuan in sales for the first half of 2025, a year-on-year increase of 5.58%, accounting for 59.94% of total revenue [1][3] Group 2: Market and Financial Performance - The global retail market for nutrition and health foods is projected to reach $191.5 billion in 2024, with a compound annual growth rate (CAGR) of 5.8%, expected to maintain this growth rate until 2026 [2] - In the first half of 2025, Xianle Health's revenue from the Americas reached 760 million yuan, showing a year-on-year growth of 4.26%, demonstrating the company's strong risk resilience and strategic foresight [3] - Domestic revenue in China for the first half of 2025 was 818 million yuan, reflecting a decline of 1.63% year-on-year, attributed to generational shifts in demand and structural changes in supply [4] Group 3: Strategic Initiatives - The funds raised from the Hong Kong listing will be allocated to enhance product R&D, improve supply chain efficiency, implement global digital upgrades, and optimize production capacity in key regions [2] - Xianle Health is actively expanding into new consumer channels and markets, with new consumption channels like live e-commerce and cross-border e-commerce achieving over 40% year-on-year revenue growth [5] - The company is also venturing into the pet nutrition sector, aiming to develop high-end nutritional solutions for pets [5]

Core Viewpoint - Xianle Health is initiating its listing process in Hong Kong to enhance its global strategy and leverage international capital markets for accelerated overseas business development [1][2]. Group 1: Company Overview - Xianle Health specializes in the research and manufacturing of health and functional foods, establishing a localized supply capability across China, the United States, and Germany [1][2]. - The company reported a revenue of 3.292 billion yuan and a net profit of 260 million yuan for the first three quarters of 2025, reflecting a year-on-year revenue growth of 7.96% and a net profit growth of 8.53% [4]. Group 2: Business Performance - In the first half of 2025, Xianle Health's overseas business generated sales of 1.224 billion yuan, a year-on-year increase of 5.58%, accounting for 59.94% of total revenue [1][3]. - Domestic revenue in China for the same period was 818 million yuan, showing a decline of 1.63% year-on-year [4]. Group 3: Strategic Initiatives - The funds raised from the Hong Kong listing will be allocated to enhance product R&D, improve supply chain efficiency, implement a global digital upgrade plan, and optimize production capacity in key global regions [2]. - Xianle Health is actively expanding into new consumer channels and markets, with significant growth in live e-commerce, cross-border e-commerce, and new retail channels, achieving over 40% year-on-year revenue growth from new consumer clients [5]. Group 4: Market Trends - The global retail market for nutrition and health foods is projected to reach $191.5 billion in 2024, with a compound annual growth rate of 5.8% over the past three years, expected to maintain this growth rate through 2026 [2].

智通财经记者 | 李科文 智通财经编辑 | 谢欣 1月12日，仙乐健康公告，公司拟发行境外上市外资股（H股）股票并申请在香港联交所主板挂牌上市。 1月12日，仙乐健康向智通财经记者表示，当前公司尚处在港股上市的筹划阶段，公司将充分考虑现有股东的利益和境内外资本市场的情况，在股东会决议 有效期内选择适当的时机和发行窗口完成本次发行并上市。 仙乐健康是国内大型营养健康食品合同生产（CDMO）企业之一。 结合近三年业绩表现，仙乐健康筹划港股IPO更像是对未来增长路径和资本结构的适应性调整。不过，效果仍有待后续经营与市场反馈验证。 整体来看，仙乐健康近三年仍维持增长。 智通财经李科文制图 智通财经李科文制图 国内业务曾是仙乐健康的业绩支柱，但2024年起，这部分业务出现下滑。 据财报，2022年至2024年，仙乐健康国内业务营收14.91亿元、18.5亿元和16.6亿元，同比2.28%、24.11%和-10.28%。2025年上半年，仙乐健康国内业务营收 8.18亿元，同比-1.63%。 背后是过去三年国内保健品市场发生了细微变化。 2022年至2024年，仙乐健康营收分别为25.07亿元、35.82亿元和42.11 ...

1月11日晚，仙乐健康（300791）科技股份有限公司（简称"仙乐健康"）发布公告宣布，公司拟发行境 外上市外资股（H股）股票并申请在香港联交所主板挂牌上市。同日，仙乐健康还宣布，拟为负责公司 个人护理业务的控股子公司Best Formulations PC LLC（简称"BFPC公司"）寻求投资、剥离、出售或其 他机会。 美国亏损子公司寻求剥离机会 对于此次赴港上市的目的，仙乐健康表示，为深化公司全球化战略布局，利用国际资本市场优势，打造 多元化资本运作平台，进一步提高公司资本实力和综合竞争力，以加快海外业务发展，完善境内外双循 环格局，巩固行业地位。 仙乐健康成立于1993年，于2019年在深交所上市，是营养健康食品合同研发生产商，致力于为全球营养 健康食品行业的客户提供包括基础研究与产品开发、制造、包装、物流及市场营销支持在内的全链式解 决方案，公司的业务领域涵盖功能性食品、特殊膳食食品、保健食品。 截至2025年6月30日，仙乐健康商誉账面价值为4.35亿元，占公司报告期末归属于母公司的所有者权益 比例为17.05%。仙乐健康在2025年半年报中披露，如Sirio Germany和美国Best For ...

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]