| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2026-023 | | --- | --- | --- | | 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 董事会薪酬与考核委员会 关于公司 2026 年限制性股票激励计划 首次授予激励对象名单的公示情况说明及核查意见 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 2026 年 1 月 28 日召开 了第四届董事会第十八次会议，审议通过了《关于〈仙乐健康科技股份有限公司 2026 年限制性股票激励计划（草案）〉及其摘要的议案》《关于〈仙乐健康科技 股份有限公司 2026 年限制性股票激励计划实施考核管理办法〉的议案》等相关 议案。具体内容详见公司于 2026 年 1 月 30 日在巨潮资讯网（www.cninfo.com.cn） 上披露的相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证券 交易所创业板股票上市规则》（以下简称"《上市规则》"）、《深圳证券交易所 创业板上市公 ...

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2026-024 | | --- | --- | --- | | 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 关于增加公司对子公司申请银行授信预计提供担保 进展的公告 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。 一、本次担保的基本情况 仙乐健康科技股份有限公司（以下简称"公司"）于 2025 年 12 月 19 日召 开第四届董事会第十六次会议，审议通过了《关于增加公司对子公司申请银行授 信预计提供担保额度的议案》，为进一步支持公司控股子公司 Best Formulations LLC（以下简称"Best Formulations"）的业务发展和新建项目资金需求，公司 董事会同意公司增加为 Best Formulations 申请银行授信提供连带责任担保额度 3,000 万美元，增加前述额度后，累计担保的债权本金额度为不超过 5,000 万美 元，担保期限为自 Best Formulations 的债务履行期限届满之日起不超过三年（具 体担保金额和担保期 ...

广东信达律师事务所 法律意见书 关于仙乐健康科技股份有限公司 2026 年员工持股计划（草案） 的法律意见书 信达持股字(2026)第 002 号 致：仙乐健康科技股份有限公司 关于仙乐健康科技股份有限公司 2026 年员工持股计划（草案） 的法律意见书 中国广东深圳福田区益田路 6001 号太平金融大厦 11、12 楼 邮编：518038 电话（Tel）：（0755）88265288 传真（Fax）：（0755）88265537 广东信达律师事务所 法律意见书 广东信达律师事务所 广东信达律师事务所（以下简称"信达"）接受仙乐健康科技股份有限公司（以 下简称"仙乐健康"或"本公司"或"公司"）的委托，以特聘专项法律顾问的身 份，根据《中华人民共和国公司法》《中华人民共和国证券法》《关于上市公司实 施员工持股计划试点的指导意见》《深圳证券交易所上市公司自律监管指引第2号 ——创业板上市公司规范运作》及其他有关法律、法规、规范性文件的规定，按照 律师行业公认的业务标准、道德规范和勤勉尽责精神，为仙乐健康2026年员工持股 计划相关事项出具《广东信达律师事务所关于仙乐健康科技股份有限公司2026年员 工持股计划（ ...

Core Viewpoint - Xianle Health has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, aiming to tap into both A-share and H-share markets, despite facing significant challenges such as halved profits, high debt ratios, and ongoing losses in non-core businesses [1][19]. Financial Performance - Xianle Health has experienced a significant decline in profits, with net profit expected to drop by 53%-69% in 2025, resulting in a projected profit of between 1.01 billion and 1.51 billion RMB, marking the worst performance since its listing [3][19]. - The company reported revenues of 35.82 billion RMB and 42.11 billion RMB for 2023 and 2024, respectively, but the growth trend reversed in 2025, with a 36.25% year-on-year decline in net profit to 1.53 billion RMB in the first three quarters [3][19]. Business Structure and Market Position - Xianle Health has established a business model characterized by "domestic contraction and overseas expansion," with revenue from mainland China and Hong Kong decreasing from 51.7% in 2023 to 38.8% in 2025, while revenue from overseas markets increased from 48.3% to 61.2% in the same period [4][22]. - The company holds 184 global patents and has developed over 6,000 mature formulas, maintaining deep collaborations with seven of the top ten global health food brands and two major pharmaceutical companies [2][21]. Operational Challenges - The company faces operational pressures due to an imbalance in its business structure, external environmental pressures, and internal management fluctuations, particularly in its personal care segment, which has seen a significant drop in customer demand and increased operational costs due to U.S.-China trade tensions [4][6][22]. - Xianle Health's gross margin has been adversely affected by the performance of its core products, with soft capsules and gummies accounting for about 70% of revenue but showing lower profitability compared to competitors [6][25]. Debt and Cash Flow - The company's debt ratio has increased from 50.6% in 2023 to 55.1% in the first three quarters of 2025, indicating rising financial pressure compared to competitors with debt ratios around 20% [9][26]. - Operating cash flow has declined from 5.66 billion RMB in 2024 to 3.22 billion RMB in the first three quarters of 2025, highlighting tightening liquidity [9][26]. Fundraising History - Xianle Health has raised a total of 2.044 billion RMB through two rounds of fundraising since its A-share listing, with a significant portion allocated to debt repayment and working capital [10][27]. - The company plans to use proceeds from its Hong Kong IPO to build new production facilities and expand globally, despite existing underutilized capacity [14][29]. Strategic Transformation - The company attempted to diversify into personal care products, establishing a subsidiary that has since become a financial burden, leading to significant losses and asset impairment provisions totaling 2.52 billion RMB [16][31]. - Despite the potential growth in the global health food market, Xianle Health's efforts to pivot into new areas have not yet yielded positive results, further exacerbating financial pressures [30][32].

Core Insights - The Chinese nutrition and health industry is experiencing a surge in IPO activities, indicating a shift from local operations to global expansion and a focus on scientific validation [4][5]. IPO Developments - In 2025, several companies in the nutrition and health sector are set to go public, covering the entire supply chain from raw materials to manufacturing and branding [4]. - Dongpeng Beverage plans to list on the Hong Kong Stock Exchange in early 2026, aiming to raise over HKD 10.1 billion, marking the largest IPO in the non-alcoholic beverage sector in Hong Kong history [4]. - Xianle Health is advancing its H-share listing while optimizing its global CDMO platform by divesting non-core assets [4]. - Ruoyuchen has submitted its application to the Hong Kong Stock Exchange, focusing on its proprietary brand FineNutri to transition from a service provider to a brand owner [4]. - Other companies like Jiyuan Group and Hengmei Health are also pursuing listings to enhance their production capacities and market presence [4][5]. Regulatory Updates - The National Market Supervision Administration has released several guidelines and regulations affecting the health and nutrition sector, including the review of special medical formula food production licenses and the management of live-streaming e-commerce [6][7]. - New regulations have been introduced to ensure compliance in the marketing of health products, including a ban on certain food sales in live-streaming environments [6]. Market Trends - There is a notable increase in demand for health supplements, with sales of ginseng and other tonic products rising by 55% year-on-year during the New Year holiday [17]. - The import of medical and health products has also seen significant growth, with a 70.4% increase in imports in Hubei province in 2025 [17]. Industry Insights - The current wave of capital influx is not merely for financing but signals a critical transition in the industry towards scientific validation and global operations [4]. - Companies with genuine research capabilities, compliant product systems, and international perspectives are expected to gain a competitive edge in high-quality development [4].

Investment Rating - The report does not explicitly state an investment rating for the company. Core Insights - Xianle Health is a leading provider of nutritional health food solutions, ranking third globally in market share and first in China, with a steady growth trajectory and sustainable development [6][11]. - The company operates on a "product + service" model, offering a diverse range of health solutions tailored to various demographics, including pregnant women, infants, children, and the elderly [6][11]. - Xianle Health has established a comprehensive service model that spans the entire industry value chain, from market insights to customized solutions and marketing support [16]. Company Overview - **Company Profile**: Xianle Health is a prominent player in the nutritional health food solutions market, with a significant presence in both global and Chinese markets [6]. - **Ownership Structure**: The company has a concentrated ownership structure, primarily controlled by the Lin family through direct holdings and investment platforms [7]. - **Management Team**: The core team has extensive industry experience, with key members holding significant positions since the company's inception [9][10]. Product Overview - **Target Demographics**: The company caters to a wide range of consumers, including pregnant women, infants, children, adolescents, and the elderly [11]. - **Product Categories**: Xianle Health's offerings include soft capsules, gummies, drinks, tablets, powders, and hard capsules, with a focus on innovative formulations [11][12]. - **Core Products**: The company’s main products, soft capsules and gummies, hold the second-largest global market share in their respective categories [11]. Business Segmentation - **Product Distribution**: In 2023, the company generated total revenue of 35.82 billion yuan, with soft capsules and gummies contributing 15.27 billion and 7.4 billion yuan, respectively [25]. - **Regional Distribution**: In 2024, revenue from mainland China and Hong Kong was projected at 16.61 billion yuan, accounting for 39.4% of total revenue [28]. - **Channel Distribution**: The company primarily sells directly to brand owners and retailers, with direct sales accounting for 99.4% of total revenue in 2023 [31]. Industry Overview - **Market Growth**: The global nutritional health food industry is expected to grow at an average annual rate of approximately 5.6% from 2024 to 2029, reaching a market size of 249 billion USD by 2029 [36]. - **Competitive Landscape**: The industry is characterized by a fragmented market with increasing competition, particularly in China, where the top five companies hold about 15.3% of the market share [62]. - **Cost Analysis**: The cost structure within the industry shows differentiation, with scale efficiencies helping to reduce volatility in production costs [66].

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2026-022 | | --- | --- | --- | | 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 2026 年限制性股票激励计划内幕信息知情人 按照《上市公司股权激励管理办法》《深圳证券交易所创业板上市公司自律 监管指南第 1 号——业务办理》《深圳证券交易所创业板股票上市规则》等有关 法律、法规及规范性文件的相关规定，公司针对 2026 年限制性股票激励计划（以 下简称"本激励计划"）采取了充分必要的保密措施，同时对本激励计划的内幕 信息知情人进行了登记管理。 根据相关法律法规的规定，通过向中国证券登记结算有限责任公司深圳分公 司（以下简称"中国结算深圳分公司"）查询，公司对本激励计划内幕信息知情 人在本激励计划草案公开披露前 6 个月内（即 2025 年 7 月 29 日-2026 年 1 月 29 日，以下简称"自查期间"）买卖公司股票情况进行了自查，现将相关情况公告 如下： 一、核查范围及程序 1 1、核查对象为本激励计划的内幕信息知情人（以下简称"核查对象"）。 2、公司对本激励 ...

Core Viewpoint - Xianle Health has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to establish a dual capital platform "A+H" to adapt to future growth paths and capital structure adjustments [1] Group 1: Company Overview - Xianle Health, established in 1993, transitioned from pharmaceutical manufacturing to the nutrition and health food contract manufacturing (CDMO) sector in 2000 [4] - The company has expanded globally since 2016, acquiring German company Ayanda and gaining control of American company Best Formulations [4] - Xianle Health is currently the largest CDMO in China and the third largest globally in the nutrition and health food sector, with soft capsules and gummies accounting for over 70% of its revenue [4] Group 2: Financial Performance - Recent financial data shows a slowdown in revenue growth, with revenues of 3.582 billion yuan, 4.211 billion yuan, and 3.291 billion yuan for the first three quarters of 2023, 2024, and 2025 respectively [5] - Net profits for the same periods were 240 million yuan, 282 million yuan, and 56 million yuan, with a projected decline in net profit for 2025 by 53% to 69% due to asset impairment losses and strategic investments [5][6] - The company plans to use funds from the IPO to enhance product R&D, implement digital upgrades, and optimize production capacity [7] Group 3: Market Challenges - The CDMO model heavily relies on large client orders, making revenue stability vulnerable to brand strategy changes [4] - The lifecycle of popular health products is shortening, impacting the CDMO model's profitability, as upfront costs may not be recouped if products exit the market prematurely [7] - The company aims to transition from a "manufacturing service provider" to a "solution provider" to improve pricing power and mitigate pressure from downstream pricing [6]

Core Viewpoint - Xianle Health has submitted a listing application to the Hong Kong Stock Exchange, aiming to establish an "A+H" dual capital platform to enhance its global strategy and capital strength [2] Group 1: Company Overview - Xianle Health was founded in 1993, initially focusing on pharmaceutical manufacturing, and entered the nutritional health food contract manufacturing sector in 2000 [2] - The company has been expanding its global business since 2016, acquiring German company Ayanda and gaining control of US company Best Formulations [2] - Xianle Health was listed on the Shenzhen Stock Exchange in September 2019 and primarily operates under the CDMO (Contract Development and Manufacturing Organization) model, producing soft capsules and gummies for international brands like Pfizer and HTC Group Ltd [2] Group 2: Financial Performance - Xianle Health's core products, soft capsules and gummies, account for over 70% of its revenue [2] - According to data from ZhiShi Consulting, Xianle Health ranks third globally and first in China in the nutritional health food CDMO market, with market shares of 6% and 3.6% for soft capsules and gummies, respectively [2] - Recent financial data shows a slowdown in revenue growth, with revenues of 3.582 billion yuan, 4.211 billion yuan, and 3.291 billion yuan for the first three quarters of 2023, 2024, and 2025, respectively, and net profits of 240 million yuan, 282 million yuan, and 56 million yuan for the same periods [3] Group 3: Future Outlook - Xianle Health anticipates a decline in net profit for 2025, projected between 101 million yuan and 151 million yuan, representing a year-on-year decrease of 53% to 69% [3] - The decline is attributed to a 195 million yuan asset impairment loss from the personal care segment, which has been underperforming due to decreased customer demand and rising costs [3] - The company plans to use the funds raised from the Hong Kong listing to enhance product R&D, implement global digital upgrades, build smart factories, optimize capacity layout, and improve sales and market expansion capabilities [4]

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2026-021 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 1 仙乐健康科技股份有限公司 关于第三届职工代表大会第七次会议决议的公告 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（下称"公司"或"仙乐健康"）于 2026 年 2 月 3 日在公司会议室举行第三届职工代表大会第七次会议（以下简称"会议"）， 现将会议决议情况公告如下： 一、会议决议情况 经全体出席会议的职工代表民主讨论及无记名投票，审议通过了如下事项： 审议通过了《关于〈仙乐健康科技股份有限公司 2026 年员工持股计划（草 案）〉及其摘要的议案》 公司《2026 年员工持股计划（草案）》及其摘要符合《公司法》《证券法》 《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》等相关法律、行政法规、规 范性文件和《公司章程》的规定，遵循依法合规、自愿参与、风险自担、资金自 筹的 ...