| 证券代码：300791 | 证券简称：仙乐健康 公告编码：2025-055 | | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | 仙乐健康科技股份有限公司 第四届监事会第八次会议决议公告 本公司及监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、监事会会议召开情况 仙乐健康科技股份有限公司（以下简称"公司"）于 2025 年 5 月 27 日以通 讯会议方式召开第四届监事会第八次会议。会议通知于 2025 年 5 月 23 日以电子 邮件、微信信息等方式送达给全体监事。本次会议由监事会主席谢盈瑜女士召集 和主持，应到监事 3 人，实到监事 3 人。本次会议的召集、召开符合《中华人民 共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》《深圳证券交 易所创业板股票上市规则》《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》《仙乐健康科技股份有限公司章程》（以下简称"《公 司章程》"）和《仙乐健康科技股份有限公司监事会议事规则》的有关规定，会议 合法有效。 本议案尚需提交公司股东大会审议。 三、 ...

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-054 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 仙乐健康科技股份有限公司 第四届董事会第十次会议决议公告 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。 经与会董事认真审议，本次会议以回收表决票的表决方式逐项表决通过了以 下决议： 1、审议通过了《关于向不特定对象发行可转换公司债券部分募投项目结项 或调整建设投资规模后结项并将节余募集资金永久补充流动资金的议案》 经审议，董事会同意公司将"马鞍山生产基地扩产项目"调减建设投资规模后 予以结项，将"软胶囊车间技术升级改造项目"予以结项；除预留募集资金 327.91 1 万元继续用于支付"马鞍山生产基地扩产项目"尚需支付的合同尾款等款项，以及 预留募集资金 874.55 万元继续用于支付"软胶囊车间技术升级改造项目"尚需支 付的合同尾款等款项外，将"马鞍山生产基地扩产项目"节余的募集资金 9,762.76 万元和"软胶囊车间技术升级改造项目"节余的募集资金 801.91 万元（ ...

Summary of Conference Call Records Industry or Company Involved - **ZTO Express (中通快递)** - **Lao Pu Gold (老铺黄金)** - **Smart Imaging Equipment Industry (智能影像设备行业)** - **Health Supplements Industry (保健品行业)** Key Points and Arguments ZTO Express - ZTO Express's market share has rebounded, with a projected growth in warehouse volume of 20%-24% for 2025. The price reduction at headquarters is primarily due to an increase in lightweight items and a decrease in customer acquisition costs, with a 50% increase in orders over 5 yuan. The overall price reduction of 1.1 jiao only narrows the price gap with competitors and does not exceed expectations [1][2] - The company faced challenges in cost control, with a single ticket cost of 0.94 yuan remaining stable year-on-year. Despite volume growth, costs did not decrease, mainly due to an increase in scattered orders. Capital expenditure reached nearly 2 billion yuan, a 16% year-on-year increase, aimed at boosting future capacity and gradually lowering costs [4] - The express delivery industry is expected to face intensified price wars, particularly in the second half of the year. ZTO Express has advantages such as strong capital expenditure capabilities and a flexible response to market changes [5] Lao Pu Gold - Lao Pu Gold completed a fundraising of approximately 2.6 billion HKD to enhance its capital structure, with funds allocated for inventory replenishment and store openings. The company reported over 100% growth in SKP and Vientiane channels, with online promotions also contributing to sales [6][7] - New store openings are expected to significantly boost revenue in the second half of the year and next year, with minimal conflict with existing channels [7][8] Smart Imaging Equipment Industry - The smart imaging equipment market is approaching 100 billion RMB, driven by increased outdoor activities and social media penetration. Chinese companies like Sunny Optical and Weir shares are performing well in the supply chain, with DJI and Insta360 rapidly rising in brand recognition [10][12] - Xi'an Catering's panoramic camera revenue has a compound growth rate exceeding 60%, with significant sales growth. The company leads in AI stitching and stabilization technology, with a competitive edge in cost compared to overseas manufacturers [13][15] - Despite a decline in profit margins due to reduced subsidies and increased R&D investment, the company expects to stabilize net profit margins at 15%-20% through innovation and cost advantages [17][18] Health Supplements Industry - The health supplement market has seen significant changes, with a rise in emerging consumer trends and capital market interest. Online sales channels are growing rapidly, while traditional channels are declining [19][20] - New categories such as beauty and anti-aging products are experiencing rapid growth, with companies like H&H and Xianle Health actively expanding in this sector [21][22] - Happiness Health reported double-digit growth in order numbers in Q1 2025, with a low single-digit revenue growth, and has successfully adjusted its business model to embrace new consumer channels [23][24] Other Important but Possibly Overlooked Content - The competitive landscape for smart imaging equipment is expected to focus on leading brands and specific price segments, with Xi'an Catering maintaining a stable profit margin despite market pressures [18] - The brand strength of Lao Pu Gold is crucial for its growth, with innovative product designs and a strong market presence enhancing its competitive position [9] - The impact of the US-China trade war on Happiness Health has led to strategic adjustments, including optimizing business structures and enhancing production capabilities [25]

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-053 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 仙乐健康科技股份有限公司 关于仙乐转债恢复转股的提示性公告 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。 因仙乐健康科技股份有限公司（以下简称"公司"）于近日实施 2024 年度权 益分派，根据《仙乐健康科技股份有限公司创业板向不特定对象发行可转换公司 债券募集说明书》及相关规定，公司可转换公司债券（债券代码：123113；债券 简称：仙乐转债）于 2025 年 5 月 13 日至本次权益分派股权登记日（2025 年 5 月 26 日）暂停转股，具体内容详见公司于 2025 年 5 月 13 日在中国证监会指定创 业板信息披露媒体巨潮资讯网（www.cninfo.com.cn）披露的《关于仙乐转债暂停 转股的提示性公告》（公告编码：2025-49）。 根据规定，"仙乐转债"将于本次权益分派股权登记日后的第一个交易日即 2025 年 5 月 27 日恢复转股。敬请公司可转换公 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational targets for 2025. The report emphasizes three main investment lines: leading brands with competitive advantages, high-certainty regional brands, and flexible stocks benefiting from recovery and increased risk appetite [1][2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in the first four months of 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The report highlights the broad recovery potential in the catering supply space, with leading companies expected to benefit from improved performance and market expansion strategies [4][7]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, high-quality growth with a focus on market share rather than aggressive growth targets. Key strategies include product innovation, market penetration, and international expansion [2]. - Major companies like Guizhou Moutai and Shanxi Fenjiu are focusing on maintaining market stability and enhancing their brand presence among younger consumers [2]. Beer and Beverage - The beer production for January to April 2025 was 11.44 million kiloliters, reflecting a slight decline. However, April showed a 4.8% increase in production, indicating potential for recovery [3]. - The beverage sector is characterized by intense competition, but new product launches and recovery in consumer demand are expected to sustain high growth [3]. Catering Supply - The report notes significant opportunities for leading companies in the catering supply sector, particularly with the introduction of new products and expansion into new categories [4][7]. - Companies like Three Squirrels are diversifying their product lines and enhancing their distribution channels to capture more market share [7].

Core Viewpoint - Xianle Health has received approval from the Thailand Board of Investment for establishing a production base in Thailand, focusing on modern technology food production and processing [1] Investment Approval - The Thailand Board of Investment approved Xianle Health's application for investment, allowing the company to engage in food and beverage production, food additives, food ingredients, and dietary supplements manufacturing [1] - The approval includes the use of agricultural by-products or waste as raw materials for production activities, along with corresponding rights and incentives [1] Board Meeting and Funding - On November 28, 2024, the company held its fourth board meeting, where it approved the proposal for establishing a production base in Thailand [1] - The board agreed to use self-owned and self-raised funds totaling no more than $40 million for the investment [1] - The investment will be executed through Xianle Holdings Limited, a wholly-owned subsidiary in Hong Kong, and Xianle Holdings (Asia) Limited, a wholly-owned subsidiary in Singapore, to establish a wholly-owned project company, Xianle Health Technology (Thailand) Co., Ltd. [1]

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-052 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 1 公司将继续积极推进本次对外投资相关工作，并按照相关法律法规的规定及 时披露进展情况，敬请广大投资者注意投资风险。 四、备查文件 1、泰国投资促进委员会办公室出具的批准信。 仙乐健康科技股份有限公司 关于在泰国投资建设生产基地进展的公告 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、本次对外投资概述 仙乐健康科技股份有限公司（以下简称"公司"）于 2024 年 11 月 28 日召 开第四届董事会第四次会议，审议通过了《关于在泰国投资建设生产基地的议案》， 董事会同意公司使用自有资金和自筹资金合计不超过 4000 万美元，通过公司的 香港全资子公司仙乐控股有限公司和新加坡全资孙公司仙乐控股（亚洲）有限公 司在泰国合资设立全资项目公司仙乐健康科技（泰国）有限公司（暂定名，以泰 国公司注册机关核准的名称为准）投资建设泰国生产基地，并同意授权公司管理 层及其授权人员采取必要 ...

Core Viewpoint - The current Chinese nutrition and health food market is undergoing significant transformation, with new consumption trends creating opportunities for growth, particularly for leading B-end enterprises [1] New Channels - Four core growth directions identified: interest e-commerce and grass-planting communities, online cross-border sales, private domain e-commerce, and new retail offline. a) Douyin-driven interest e-commerce and Xiaohongshu-based grass-planting communities are thriving, with Douyin's health product sales expected to grow by 52.5% year-on-year in 2024; b) Online cross-border health products are experiencing explosive growth, with Douyin's global purchase GMV projected to increase by 204% year-on-year in 2024; c) Private domain e-commerce is characterized by high average order value and strong repurchase rates, expected to develop rapidly; d) Offline new retail supermarkets are in the process of expanding, with significant growth anticipated in health product sales [2] New Trends - The diversification of efficacy and the emergence of snack-like dosage forms are raising demands on supply-side R&D capabilities. The "self-care economy" is flourishing, leading consumers to have more specific and personalized efficacy expectations; emerging dosage forms like gummies and beverages offer palatability and convenience, fostering daily consumption habits [3] All-Age Groups - The consumer base for health products is becoming increasingly age-diverse. Young consumers are emerging as a new force in health product consumption due to the popularization of health and wellness concepts and work-related stress. Initially dominated by the "her economy," focusing on oral beauty, weight management, and women's health, the market is now seeing active participation from the "his economy," with manufacturers focusing on liver protection and fatigue resistance [4] Advantages of Leading B-End Enterprises - As new consumer brands in the nutrition and health food industry rise, C-end sales are expected to grow at a mid-to-high single-digit CAGR. The market for dietary supplements in China is projected to reach 232.34 billion yuan in 2024, with a year-on-year growth of 3.7%. Despite a slowdown due to a high base in 2023 and significant declines in pharmacy channels, the long-term growth trend remains intact. The per capita consumption of nutrition and health products in China is significantly lower than in mature markets like the US, Japan, and Australia, indicating potential for growth. The "Healthy China" strategy, stable economic development, and the expansion of the consumer base across all age groups are expected to drive continued growth in the C-end market. Enterprises with stronger R&D capabilities and scale advantages are likely to capture higher market shares, with the B-end market further concentrating towards leading players [5]

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-050 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 仙乐健康科技股份有限公司 特别提示： 1、仙乐健康科技股份有限公司（以下简称"公司"）2024 年度权益分派方 案已获 2025 年 5 月 8 日召开的 2024 年年度股东大会审议通过。 2、公司回购专用证券账户中的股份不享有利润分配及资本公积金转增股本 的权利，因此，公司回购专用证券账户中的回购股份 1,285,600 股不参与本次权 益分派。本次权益分派方案为以公司总股本 237,274,117 股扣除回购专用证券账 户股份 1,285,600 股后的股本 235,988,517 股为基数，向全体股东每 10 股派发现 金红利 6.50 元（含税），合计派发现金红利 153,392,536.05 元（含税），同时进行 资本公积金转增股本，全体股东每 10 股转增 3 股，合计转增股数 70,796,555 股。 转增后公司总股本将增加至 308,070,672 股。本次不送红股，剩余未分配利润结 转至下一年度。 3、 ...

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。 重要提示： | 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-051 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 仙乐健康科技股份有限公司 关于调整仙乐转债转股价格的公告 债券代码：123113 转股价格调整起始日期：2025 年 5 月 27 日 一、转股价格调整依据 根据仙乐健康科技股份有限公司（以下简称"公司"）《创业板向不特定对 象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）发行条款 及中国证监会关于可转换公司债券发行的有关规定，仙乐转债发行之后，若公司 发生转增股本、派送现金股利情况，则转股价格相应调整。具体的转股价格调整 公式如下： 转增股本：P1=P0/（1+n）； 派送现金股利：P1=P0-D； 1 上述两项同时进行：P1＝（P0-D）/（1+n）。 债券简称：仙乐转债 调整前转股价格：人民币 41.96 元/股 调整后转股价格：人民币 31.82 元/股 2 个归属期归属条件成就的议案》、《关于 ...