证券研究报告 | 公司点评 | 食品加工 25H1 公司实现营业收入 20.4 亿元（同比+2.6%，下同）；归母净利润 1.6 亿 元（+4.3%）；扣非归母净利润 1.6 亿元（+3.3%）。毛利率 33.2%（+1.1pct）， 净利率 6.7%（-0.2pct）。25Q2 公司实现营业收入 10.9 亿元（+4.7%）；归母净 利润 9248 万元（+1.1%）；扣非归母净利润 9442 万元（+5.5%）。毛利率 33.3% （-0.1pct），净利率 7.3%（-0.6pct）。符合预期。 投资要点 ❑ 分地区：25Q2 中国区盈利能力提升，美洲区在关税干扰和 PC 业务拖累下仍保 持增长、展现韧性，欧洲区超预期增长、势头良好 25H1 中国/欧洲/美洲/其他地区分别实现收入 8.2/3.6/7.6/1.0 亿元，同比- 1.6%/+22.0%/+4.3%/-22.9%，收入占比 40.1%/17.6%/37.2%/5.1%；其中美洲的 BF/出口业务分别实现收入 4.6/3.0 亿元，同比+2.4%/+7.4%，收入占比 22.6%/14.6%。具体来看： 1、中国区： （1）收入：Q2 下滑偏 ...

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

证券研究报告·公司点评报告·食品加工 仙乐健康（300791） 2025 年中报点评：拥抱新消费，经营韧性强 2025 年 08 月 27 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,582 | 4,211 | 4,572 | 5,092 | 5,664 | | 同比（%） | 42.87 | 17.56 | 8.58 | 11.38 | 11.22 | | 归母净利润（百万元） | 281.04 | 325.06 | 366.85 | 459.03 | 527.04 | | 同比（%） | 32.39 | 15.66 | 12.86 | 25.13 | 14.82 | | EPS-最新摊薄（元/股） | 0.91 | 1.06 | 1.19 | 1.49 | 1.71 | | P/E（现价&最新摊薄） | 28.34 | 24.51 | 21.71 | 17.35 | 15.11 | [Table_ ...

三、协同共创：打造核心产品力 基于前述技术能力，仙乐健康聚焦人群、剂型与研发三大增量路径，通过"C-R-M"产品服务价值(洞察 咨询 Consulting、研发创新 R&D、全球供应链交付 Manufacturing)，助力合作伙伴打造核心产品力。凭 借在营养健康食品行业持续多年的创新及贡献，仙乐健康于近期荣获了NSF认证机构颁发的"卓越价值 伙伴"及HNC 2025年度 Hi Health Awards"营养健康食品CDMO卓越领袖奖"。 四、面向未来：推动行业健康发展 当前，全球营养健康食品行业正处于一个充满挑战的不确定性周期。一方面，消费升级与健康意识提升 推动市场持续扩容。另一方面，政策监管趋严，供应链波动及同质化竞争加剧，促使企业重构技术壁垒 与响应效率。在此变局中，仙乐健康（300791）以创新为锚点，将其定位为穿越周期、把握确定性的核 心驱动力，通过多维度创新实践，赋能全球客户开拓市场。 一、洞悉趋势：锚定创新方向 仙乐健康的创新实践，建立在对营养健康食品市场动态和消费者需求的持续分析与理解之上。中国营养 健康食品市场展现出可观的增量潜力，同时消费者的需求也呈现出日益多元化、个性化的特点。面对这 ...

Group 1: Central-Local Fiscal Relations - The report discusses the historical, current, and future analysis of central-local fiscal relations, indicating that reforms may focus on cultivating local tax sources, moderately centralizing fiscal responsibilities, and promoting fiscal system reforms below the provincial level [5]. - It highlights that the macro tax burden is decreasing and land finance is waning, making it essential to cultivate new tax sources for local governments, with a projected increase in local revenue of approximately 209.3 billion yuan from consumption tax reforms [5]. - The report suggests that the central government may take on more fiscal responsibilities in areas with broader impacts, such as higher education, public health, and social security, to alleviate local fiscal pressures [5]. Group 2: Computer Industry - Cambrian Technology - Cambrian Technology reported a significant revenue increase of 4,348% year-on-year for H1 2025, reaching 28.81 billion yuan, with a net profit of 1.038 billion yuan, reflecting a 296% increase [9][10]. - The company maintained a gross margin of 55.88% in Q2 2025, indicating stable profitability despite rapid revenue growth, with expectations for strong cash flow and inventory recovery in Q3 [10][11]. - The report anticipates that the AI wave will significantly boost demand for computing power, with Cambrian positioned to benefit from increased domestic market share in the face of geopolitical challenges [11][12]. Group 3: Food and Beverage Industry - Nongfu Spring - Nongfu Spring reported a revenue of 25.622 billion yuan for H1 2025, a year-on-year increase of 15.6%, with a net profit of 7.622 billion yuan, up 22.1% [20]. - The company is expected to continue recovering market share in packaged water and is focused on innovation in beverage products, projecting net profits of 14.6 billion yuan by 2027 [20]. Group 4: Environmental Sector - Huahong Technology - Huahong Technology experienced significant profit growth in H1 2025, driven by improved cost control and the recovery of rare earth prices, with expectations for rapid growth as new capacities come online [21]. - The report maintains a "buy" rating, emphasizing the company's strong position in the recycling of rare earths and the anticipated demand from the automotive sector [21]. Group 5: Real Estate Sector - China Overseas Property - China Overseas Property reported a revenue increase of 3.7% in H1 2025, with a net profit of 7.69 billion yuan, reflecting a 4.3% growth [24]. - The company is focusing on optimizing its service structure and expanding its management area, with expectations for continued growth in the property management sector [25].

Core Viewpoint - Xianle Health (300791) reported a moderate increase in revenue and net profit for the first half of 2025, indicating stable financial performance despite challenges in cash flow and rising expenses [1][6]. Financial Performance - Total revenue for the first half of 2025 reached 2.042 billion yuan, a year-on-year increase of 2.57% [1] - Net profit attributable to shareholders was 161 million yuan, up 4.3% year-on-year [1] - In Q2 2025, total revenue was 1.087 billion yuan, reflecting a 4.66% increase compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was approximately 92.48 million yuan, a 1.13% increase year-on-year [1] - Gross margin improved to 33.18%, up 3.55% year-on-year, while net margin decreased to 6.67%, down 2.26% [1] - Total expenses (selling, administrative, and financial) amounted to 453 million yuan, accounting for 22.2% of revenue, an increase of 12.72% year-on-year [1] Cash Flow and Debt - The net cash flow from operating activities increased by 39.74%, attributed to higher cash receipts from sales [3] - The net cash flow from investing activities saw a significant decline of 621.94%, due to payments for investment projects [3] - The net cash flow from financing activities increased by 43.72%, primarily due to bill discounting [4] - The net increase in cash and cash equivalents decreased by 46.71%, also linked to payments for investment projects [5] - The company’s cash and cash equivalents to current liabilities ratio is 98.16%, indicating a tight liquidity position [8] - Interest-bearing debt reached 1.401 billion yuan, reflecting a 15.31% increase year-on-year [1] Accounts Receivable - Accounts receivable amounted to 747.1 million yuan, a 12.49% increase year-on-year, with accounts receivable to net profit ratio at 229.94% [1][8] Investment Returns - The company's return on invested capital (ROIC) was 8.65%, indicating average capital returns, with a historical median ROIC of 12.63% since its listing [6] - The net profit margin for the previous year was 6.7%, suggesting average value addition from products or services [6] Market Position - The primary business model relies heavily on marketing-driven strategies, necessitating further analysis of the underlying factors [7] - The most significant fund holding Xianle Health is the Xinyuan Guozheng 2000 Index Enhanced A, which has shown substantial growth over the past year [9]

事件：公司发布2025 年半年报，25H1 实现营收20.4 亿元，同比+2.6%；实现归母净利润1.6 亿元，同比 +4.3%；实现扣非归母净利润1.6 亿元，同比+3.3%。其中25Q2 实现营收10.9 亿元，同比+4.7%；实现归 母净利润0.9 亿元，同比+1.1%；实现扣非归母净利润0.9 亿元，同比+5.5%。 中国区新消费市场取得亮眼突破，美洲关税压力下稳健增长。25H1 中国/ 美洲/ 欧洲/ 其他地区实现收 入8.2/7.6/3.6/1.0 亿元， 同比-1.6%/+4.3%/+22.0%/-22.9%，其中中国区收入略降，但公司全面拥抱新消 费趋势，新消费客户营收同比增速超过40%，占比提升至50%，取得亮眼突破；中国区大单品战略也取 得成效，落地推广10 个大单品，储备25 个产品，在益生菌和抗衰赛道取得重大突破。25H1 公司美洲区 域在关税扰动下仍取得稳健增长，欧洲市场实现双位数增长，其他地区收入因高基数有所下降。分剂型 来看，25H1 软胶囊/片剂/粉剂/软糖/饮品/硬胶囊/其他剂型收入同比 +6.5%/+33.4%/-36.0%/+6.4%/-20.8%/+11.0%/-17. ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 仙乐健康（300791.SZ） 新消费市场突破，内生净利率再提升 事件：公司发布 2025 年半年报，25H1 实现营收 20.4 亿元，同比+2.6%； 实现归母净利润 1.6 亿元，同比+4.3%；实现扣非归母净利润 1.6 亿元， 同比+3.3%。其中 25Q2 实现营收 10.9 亿元，同比+4.7%；实现归母净 利润 0.9 亿元，同比+1.1%；实现扣非归母净利润 0.9 亿元，同比+5.5%。 中国区新消费市场取得亮眼突破，美洲关税压力下稳健增长。25H1 中国 / 美 洲 / 欧 洲 / 其 他 地 区 实 现 收 入 8.2/7.6/3.6/1.0 亿元，同比 - 1.6%/+4.3%/+22.0%/-22.9%，其中中国区收入略降，但公司全面拥抱新 消费趋势，新消费客户营收同比增速超过 40%，占比提升至 50%，取得 亮眼突破；中国区大单品战略也取得成效，落地推广 10 个大单品，储备 25 个产品，在益生菌和抗衰赛道取得重大突破。25H1 公司美洲区域在关 税扰动下仍取得稳健增长，欧洲市场实现双位 ...

Investment Rating - The report maintains a "Strong Buy" rating for Xianle Health, expecting it to outperform the benchmark index by over 20% in the next six months [2][22]. Core Views - Xianle Health's H1 2025 performance shows steady growth, with total revenue reaching 2.04 billion yuan, a year-on-year increase of 2.6%, and net profit attributable to shareholders at 161 million yuan, up 4.3% [2]. - The company is focusing on optimizing its BFPC business, which is currently underperforming, while also expanding into high-potential segments such as probiotics and anti-aging products [2][7]. - The report highlights the resilience of the Americas market and the successful expansion of new retail clients in China, contributing to overall revenue growth [2][7]. Financial Performance Summary - For H1 2025, the company reported total revenue of 2.04 billion yuan, with a net profit of 161 million yuan, reflecting a 4.3% increase year-on-year [2]. - The financial forecast for 2025-2027 shows projected revenues of 4.59 billion yuan in 2025, 5.09 billion yuan in 2026, and 5.56 billion yuan in 2027, with corresponding net profits of 352 million yuan, 451 million yuan, and 524 million yuan respectively [2][11]. - The report indicates a stable gross margin of 33.3% for Q2 2025, with a slight year-on-year decrease of 0.1 percentage points [2][7]. Market Position and Strategy - Xianle Health is actively pursuing new consumer markets, with a reported 40% growth in new retail clients in H1 2025 [2][7]. - The company plans to seek investment or divestment opportunities for its underperforming BFPC business, which is expected to enhance overall profitability and market competitiveness [2][7]. - The introduction of AI tools in production and R&D is aimed at improving efficiency and strengthening long-term competitive capabilities [2][7].

公司最新毛利率为33.18%，较上季度毛利率增加0.09个百分点，实现3个季度连续上涨，较去年同期毛 利率增加1.14个百分点，实现2年连续上涨。最新ROE为6.31%。 公司摊薄每股收益为0.53元，较去年同报告期摊薄每股收益增加0.02元，同比较去年同期上涨4.29%。 公司最新总资产周转率为0.36次。最新存货周转率为2.57次。 公司股东户数为1.21万户，前十大股东持股数量为2.22亿股，占总股本比例为72.07%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 广东光辉投资有限公司 | 42.66% | | 2 | 林培青 | 9.10% | | 3 | 陈琼 | 5.55% | | 4 | 杨容 | 3.22% | | 5 | 高锋 | 2.97% | | ଚ | 姚壮民 | 2.62% | | 7 | 玄元私募基金投资管理(广东)有限公司-玄元科新273号私募证券投资基金 | 1.98% | | 8 | 珠海阿巴马私募基金投资管理有限公司-阿巴马悦享红利96号私募证券投资基金 | 1.85% | | 9 | 上海君禾私募 ...