格隆汇1月13日｜东吴证券研报指出，仙乐健康为保健品CDMO龙头企业，主营保健食品及功能性食品 的研发制造，2012-2024年收入/归母净利润CAGR均为18%，经营稳健，领跑行业。公司具备多地研发 中心，研发创新及洞察能力领先，能够第一时间"捕捉"市场热点，通过完备的产线、灵活的供应体系， 尽快实现产品落地并反哺重要客户；同时创新剂型（爆珠、萃优酪®等）、延展品类（六大高潜赛道如 抗衰、益生菌、美丽健康、心脑代谢、免疫提升、运动营养）。考虑到公司海外市场空间较大，且研发 及供应链端具备明显竞争力，认为当下估值具备性价比，维持"买入"评级。 ...

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]

每日经济新闻 每经AI快讯，东吴证券1月12日发布研报称，给予仙乐健康（300791.SZ）"买入"评级。评级理由主要包 括：1）仙乐健康为保健品CDMO龙头企业；2）保健品行业分散化发展，CDMO环节受益；3）以全球 视野为格局，欧洲稳健增长，美洲改善在途；4）新零售客户重要性提升。风险提示：国际贸易摩擦、 汇率波动、资产减值、剥离失败的风险。 每经头条（nbdtoutiao）——年产量是传统大田120倍以上，1个人管理1栋楼！实探中国"植物工厂"：水 稻生产期从120天减到60天，没有虫害不用打农药 （记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

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]