Group 1: Xianle Health - The company emphasizes its advantages in pharmaceutical DNA, innovation-driven approach, global supply chain, and comprehensive dosage forms, positioning itself as a leader in global nutrition and health solutions [1] - Xianle Health is facing dual opportunities from the evergreen market and new consumption market, with four competitive advantages: scale, ecosystem, internationalization, and technology [1] - The company expects to achieve a revenue of 4.211 billion yuan in 2024, representing a year-on-year growth of 17.56%, and plans to distribute a cash dividend of 6.5 yuan per 10 shares (tax included) [1] Group 2: Wharton Technology - Wharton Technology's business includes core membrane products, membrane separation engineering, and plant fiber business, with membrane products categorized into ultrafiltration, nanofiltration, and reverse osmosis membranes [2] - The revenue share of household membranes and industrial membranes is approximately 37%, with gross margin growth driven by increased production scale, production line upgrades, process improvements, and enhanced supply chain management [2] - The company anticipates over 20% growth in overseas markets in 2024, with nearly 30% of membrane product revenue coming from exports [2] Group 3: Borui Pharmaceutical - Borui Pharmaceutical has made progress in mylin target research, with BGM1812 showing potential for fat reduction with minimal muscle loss, and plans to submit IND applications in China and the U.S. [3] - The company believes that the mylin and dual-target combination has international competitiveness and plans to advance clinical trials in the U.S. [3] - Over half of the R&D investment is directed towards metabolic directions, with the remainder focused on high-barrier generics and innovative drugs, primarily in respiratory and inhalation formulations [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The overall performance in 2024 is in line with expectations, with a stable start for the new retail business and anticipation for incremental growth [7] - The company expects a compound annual growth rate (CAGR) of 23.64% for net profit over the past three years, excluding BF [7] - The revenue for 2024 is projected to be 4.21 billion yuan, with a year-on-year growth of 17.56% [7] - The net profit attributable to the parent company for 2024 is expected to be 325.06 million yuan, reflecting a year-on-year increase of 15.66% [7] - The company anticipates net profits of 391.89 million yuan, 496.65 million yuan, and 585.57 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 20.56%, 26.73%, and 17.90% [7] Financial Summary - Total revenue for 2023 was 3.58 billion yuan, with a year-on-year increase of 42.87% [1] - The latest diluted EPS for 2024 is projected at 1.37 yuan per share, with a P/E ratio of 17.94 [1] - The gross profit margin for 2024 is expected to be 31.46%, an increase of 1.19 percentage points year-on-year [7] - The company’s total assets are projected to reach 5.49 billion yuan in 2024, with total liabilities of 2.85 billion yuan [8] - The cash flow from operating activities for 2024 is expected to be 567 million yuan [8]

Core Insights - Company reported a total revenue of 4.211 billion yuan for 2024, representing an 18% year-on-year increase, with a net profit of 325 million yuan, up 16% [1] - The fourth quarter of 2024 saw total revenue of 1.163 billion yuan, an 8% increase year-on-year, but a decline in net profit by 11% to 85 million yuan [1] Financial Performance - Gross margin increased by 1 percentage point to 31.46%, driven by cost reductions in procurement and optimized pricing strategies [2] - Sales and management expense ratios rose by 1 percentage point and 0.1 percentage points to 8.39% and 9.92%, respectively, due to sales team upgrades and marketing promotions [2] - Net profit margin slightly decreased by 0.01 percentage points to 6.70%, remaining relatively stable [2] Business Segments - Revenue from soft capsules reached 1.984 billion yuan, a 30% increase, attributed to product innovation and operational optimization, along with contributions from BF for external growth [3] - Revenue from gummy products was 995 million yuan, up 35%, mainly due to market expansion in the Americas and the establishment of BF gummy business [3] Market Expansion - Revenue in the China region decreased by 10% to 1.661 billion yuan, with the company restructuring its sales team and establishing a new retail business development team to stabilize domestic operations [4] - Revenue in the Americas increased by 60% to 1.666 billion yuan, benefiting from scale effects and a strong order backlog [4] - European revenue reached 604 million yuan, a 14% increase, with the launch of automated packaging production lines improving local delivery times [4] Future Outlook - The company is expected to enhance profitability through integration and cost-reduction measures, with a positive long-term outlook on product innovation and strong market competitiveness [5] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.73, 2.23, and 2.70 yuan, with corresponding price-to-earnings (PE) ratios of 14, 11, and 9 times [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall performance in 2024 is in line with expectations, with a stable start in the new retail business and anticipation for growth [7] - The company is expected to achieve a net profit of 3.92 billion, 4.97 billion, and 5.86 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20.56%, 26.73%, and 17.90% [7] Financial Performance Summary - Total revenue for 2023 was 3,582 million yuan, projected to grow to 4,211 million yuan in 2024, representing a year-on-year increase of 17.56% [1] - The net profit attributable to the parent company for 2023 was 281.04 million yuan, expected to rise to 325.06 million yuan in 2024, reflecting a year-on-year growth of 15.66% [1] - The latest diluted EPS for 2023 was 1.18 yuan, projected to increase to 1.37 yuan in 2024 [1] - The company's P/E ratio is expected to decrease from 20.75 in 2023 to 17.94 in 2024, indicating improved valuation [1] Revenue Breakdown - Revenue from the new retail business is expected to stabilize, with domestic market challenges anticipated in 2024, but a recovery is expected in early 2025 [7] - The overseas market's revenue share increased by 12 percentage points to 61%, surpassing domestic revenue [7] - The product structure shows a significant increase in revenue from gummies, which grew by 34.54% year-on-year, while other traditional forms like tablets and powders saw declines [7] Cost and Margin Analysis - The gross margin for 2024 is projected at 31.46%, an increase of 1.19 percentage points year-on-year, attributed to digital transformation and cost optimization [7] - Sales expenses are expected to rise due to team upgrades and marketing efforts, while the overall net profit margin remains stable at 6.7% [7]

证券代码：300791 证券简称：仙乐健康 公告编码：2025-029 证券代码：123113 证券简称：仙乐转债 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 德勤华永会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 公司本年度会计师事务所为德勤华永会计师事务所（特殊普通合伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以实施权益分派股权登记日登记的总股本扣除公司回购 专用证券账户上已回购股份后的股本为基数，向全体股东每10股派发现金红利6.5元（含税），送红股0 股（含税），以资本公积金向全体股东每10股转增3股。 二、公司基本情况 1、公司简介 1、公司业务概况： 公司是全球领先的营养健康食品合同研发生产商，围绕"创新科技"和"国际化"两大战略，致力于为全球 营养健康 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 32.5 yuan [1]. Core Views - The company has shown a clear improvement path in response to adjustments, with a 2024 revenue of 4.211 billion yuan, representing a year-on-year increase of 17.6%, and a net profit of 325 million yuan, up 15.7% [1][5]. - The company plans to distribute a dividend of 0.65 yuan per share, with a dividend payout ratio of approximately 47% [1]. - The report highlights the company's strategic focus on enhancing its core business and expanding into new retail markets, particularly in response to challenges in the domestic market [5]. Financial Performance Summary - **2024 Financial Metrics**: - Total revenue: 4,211 million yuan - Year-on-year growth: 17.6% - Net profit attributable to shareholders: 325 million yuan - Year-on-year growth: 15.7% - Earnings per share: 1.37 yuan - Price-to-earnings ratio: 18 times [1][6]. - **Future Projections**: - 2025E revenue: 4,746 million yuan (growth of 12.7%) - 2025E net profit: 404 million yuan (growth of 24.4%) - 2026E revenue: 5,377 million yuan (growth of 13.3%) - 2026E net profit: 502 million yuan (growth of 24.2%) - 2027E revenue: 5,962 million yuan (growth of 10.9%) - 2027E net profit: 588 million yuan (growth of 17.0%) [1][10]. Market Dynamics - The company is experiencing a mixed performance across different regions, with strong growth in the Americas and Europe, while facing challenges in the domestic market due to weak demand from traditional customers [5]. - The report emphasizes the company's ongoing efforts to enhance operational efficiency and adapt to market changes, particularly through organizational restructuring and team upgrades [5][6].

事件：公司发布2024 年报，24 年公司实现营业收入42.11 亿元，同比+17.56%，实现归母净利润3.25 亿 元，同比+15.66%。24Q4 公司实现营业收入11.63 亿元，同比+7.74%，实现归母净利润0.85 亿元，同 比-11.09%。 24 年收入端实现双位数亮眼表现，不断夯实自身作为营养健康食品解决方案提供商的全球领先地位。 中国区：24 年公司在中国区实现收入16.61 亿元，同比-10.28%，其中24H2 实现收入8.29 亿元，同 比-21.27%。24 年，在组织方面，公司重组中国区销售团队，建立新零售赛道 BD 团队，强化铁三角协 同机制，推动内外部资源共享与整合；在客户方面，公司挖掘高价值客户，打造战略客户项目运作标 杆，落地400+新项目。我们认为，受制于整体消费环境影响，公司在中国区表现出现暂时性下滑，随 着公司组织架构的重组完善，团队活力持续激发，公司预计将在长青市场稳中有进，在跨境、私域、 MCN 等新消费市场取得持续突破，并伴随AI+智慧供应链赋能，抢占生态位，25 年中国区表现有望持 续向好。 美洲区：24 年公司在美洲区实现收入16.66 亿元，同比+59 ...

Company Overview - Xianle Health has a strong foundation in pharmaceutical soft capsule research and production, emphasizing its "pharmaceutical DNA" [4] - The company is positioned as a leader in global nutrition and health solutions, with a comprehensive capability matrix and impressive performance [4] Market Opportunities - The Chinese nutrition and health food market is valued at 2,602 million RMB, with expected mid-to-high single-digit growth [4] - The global nutrition and health food retail market is projected to grow at a steady rate of 5.8%, reaching 226.8 billion USD by 2026 [4] Competitive Advantages - The company identifies four key competitive advantages: 1. As an industry integrator, it defines market authority through scale and capability [5] 2. As an ecosystem leader, it empowers partners through global insights and innovative R&D [5] 3. As an international pioneer, it opens new growth avenues through local expansion [5] 4. By leveraging AI and digitalization, it aims to enhance industry efficiency [5] Financial Performance - In 2024, the company achieved a revenue of 4.211 billion RMB, a year-on-year increase of 17.56% [6] - The net profit attributable to shareholders, excluding non-recurring items, was 328 million RMB, reflecting a growth of 16.70% [6] - The company plans to distribute a cash dividend of 6.5 RMB per 10 shares and a capital increase of 3 shares per 10 shares to shareholders [6][7] Future Strategy - The company aims to enhance its global smart supply chain capabilities [6] - It seeks to expand its domestic market leadership while leveraging its foundational capabilities to support international business growth [6]

仙乐健康科技股份有限公司于2025年4月18日披露了2024年年度报告。报告期内，公司实现营业收入 42.11亿元，同比增长17.56%；归属于上市公司股东的净利润为3.25亿元，同比增长15.66%。其中，经 营活动产生的现金流量净额增长46.85%，而财务费用增长52.10%，这两项数据变化较为显著。以下将 对公司各项财务指标及经营情况进行详细解读。 营收稳健增长，国内外市场表现分化 营业收入：全年营收42.11亿元，增长17.56% 2024年，仙乐健康实现营业收入4,211,063,837.44元，较上年的3,582,022,297.17元增长了17.56%。从季 度数据来看，四个季度营业收入分别为951,504,195.36元、1,038,973,963.70元、1,057,978,223.80元、 1,162,607,454.58元，呈现逐季上升趋势，表明公司业务发展态势良好。 主营业务收入：境内下滑境外增长 主营业务收入为4,183,662,049.81元，占营业收入比重99.35%。其中，境内业务销售收入 1,660,655,953.45元，同比下降10.28%；境外业务销售收入2,550,0 ...

4月17日晚，仙乐健康(300791)发布2024年年度报告。报告显示，2024年公司实现营业收入42.11元，同 比增长17.56%；实现净利润3.25亿元，同比增长15.66%；实现加权平均净资产收益率13.27%，同比增加 1.19个百分点；公司拟派发现金红利1.53亿元（含税）。 仙乐健康持续聚焦抗衰、益生菌、美丽健康、心脑代谢、免疫提升、运动营养等六大重点功能赛道，并 在重点赛道及战略剂型取得关键性突破。2024年，公司完成益生菌二级赛道细分布局，成功上市 QUICKFIZZ™闪溶益生菌；软糖技术持续取得突破，Puracolla®0胶体软糖实现软糖市场最高胶原含量 突破。 在持续完善品类规划工作的同时，仙乐健康积极推进品牌建设，进一步提升了公司的品牌曝光度、美誉 度及行业影响力，巩固了公司作为全球性创新驱动企业的专业形象。2024年，公司积极参与FHE博鳌健 康食品科学大会暨博览会、Vitafoods Asia等国内国际行业论坛及展会活动共30场，荣获2024国际美味 奖、FBIF年度创新功能性食品奖等各类荣誉共15项。 近年来，仙乐健康推进落实全球化战略，依靠在中国、欧洲、美国的七大生产基地和五大 ...