Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company's Q1 2025 total revenue reached 954 million yuan, reflecting a year-on-year growth of 0.3%, while the net profit attributable to shareholders was 69 million yuan, up 9% year-on-year [4][5] - The company is focusing on cost reduction and efficiency improvement, with a gross margin increase of 2 percentage points to 33.09% due to cost savings in procurement and optimized pricing strategies [5] - The company is expanding its overseas market presence while enhancing its domestic operations through product innovation and operational optimization [6] Summary by Sections Financial Performance - Q1 2025 revenue was 954 million yuan, with a year-on-year growth of 0.3% - Net profit attributable to shareholders was 69 million yuan, up 9% year-on-year - Non-recurring net profit was 65 million yuan, reflecting a 0.2% increase year-on-year [4] Cost Management - Gross margin improved by 2 percentage points to 33.09% - Selling and administrative expense ratios increased by 2 percentage points each to 9.33% and 11.85%, respectively, due to sales team upgrades and marketing promotions [5] Growth Strategy - The company is leveraging both organic growth through product innovation and external growth via business expansion - Domestic operations are being stabilized through the restructuring of sales teams and the establishment of new retail channels - The Americas market is showing scale effects with sufficient orders, while the European automated packaging production line has been launched to shorten local delivery times [6] Earnings Forecast - The company is expected to achieve EPS of 1.73, 2.23, and 2.70 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 15, 11, and 10 times [7][10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a total revenue of 4.211 billion yuan for 2024, representing a year-on-year increase of 17.56%. The net profit attributable to the parent company was 325 million yuan, up 15.66% year-on-year, while the net profit excluding non-recurring items was 328 million yuan, reflecting a 16.7% increase [2][4] - In Q4 2024, the company achieved a total revenue of 1.163 billion yuan, which is a 7.74% year-on-year increase. However, the net profit attributable to the parent company decreased by 11.09% to 85.26 million yuan, and the net profit excluding non-recurring items fell by 5.14% to 91.38 million yuan [2][4] Summary by Sections Financial Performance - The company's revenue for 2024 was 4.211 billion yuan, with a gross profit margin of 31.46%, an increase of 1.2 percentage points year-on-year. The net profit margin was 7.72%, down 0.13 percentage points from the previous year [10] - The revenue breakdown shows that domestic revenue was 1.661 billion yuan, down 10.28% year-on-year, while revenue from the Americas was 1.666 billion yuan, up 59.56% year-on-year. European revenue reached 604 million yuan, a 14.25% increase [10] Business Strategy - The company is actively exploring new retail channels and membership-based supermarkets in China to mitigate pressure on domestic sales. The establishment of local factories in Germany and the United States is expected to reduce the impact of tariff changes [10] - The company anticipates that its net profit will reach 370 million yuan in 2025, 438 million yuan in 2026, and 491 million yuan in 2027, with corresponding EPS of 1.56, 1.84, and 2.07 yuan, respectively [10]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2] Core Views - The company has successfully navigated challenges in 2024 and is expected to see improvements in 2025, with a focus on adjusting customer structures to adapt to channel shifts. The backdrop of boosting domestic demand is anticipated to lead to gradual revenue recovery in China [5][6] - Despite tariff disruptions in the Americas, the company is actively negotiating cost transfers with clients and dynamically assessing the feasibility of capacity transfers. Strategic partnerships in other regions are being deepened to expand market coverage [5][6] - The company aims to be a leader in the global nutrition and health food industry, with proactive overseas market and global supply chain layouts revealing diverse growth potential [5] Financial Performance Summary - In 2024, the company achieved revenue of 4.21 billion and net profit of 325 million, representing year-on-year growth of 17.6% and 15.7% respectively. The fourth quarter of 2024 saw revenues of 1.16 billion, with a net profit of 90 million, showing a year-on-year increase of 7.7% [5][6] - For the first quarter of 2025, the company reported revenues of 954 million, with net profit of 69 million, reflecting a slight year-on-year increase of 0.3% in revenue and 8.9% in net profit [5][6] - The company’s revenue from different regions in 2024 showed a decline in China by 10.3%, while the Americas saw a significant increase of 59.6% [5][6] - The gross margin improved to 31.5% in 2024 and 33.1% in Q1 2025, driven by cost reduction strategies and pricing optimization [5][6] Growth Projections - The company forecasts total revenue growth from 3.58 billion in 2023 to 4.84 billion in 2025, with a compound annual growth rate (CAGR) of 15% [6][14] - Earnings per share (EPS) are projected to increase from 1.18 in 2023 to 1.62 in 2025, indicating a positive growth trajectory [6][14] - The report anticipates continued improvement in profitability, with net profit margins expected to stabilize around 7.9% by 2025 [6][14]

证券研究报告·公司点评报告·食品加工 仙乐健康（300791） 2025 年一季报点评：积极调整，稳扎稳打 2025 年 04 月 24 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 | 4,701 | 5,346 | 5,984 | | 同比（%） | 42.87 | 17.56 | 11.64 | 13.71 | 11.95 | | 归母净利润（百万元） | 281.04 | 325.06 | 391.89 | 496.65 | 585.57 | | 同比（%） | 32.39 | 15.66 | 20.56 | 26.73 | 17.90 | | EPS-最新摊薄（元/股） | 1.18 | 1.37 | 1.65 | 2.09 | 2.47 | | P/E（现价&最新摊薄） | 20.75 | 17.94 | 14.88 | 11.74 | 9.96 | 证券分析师 苏铖 ...

Core Viewpoint - Xianle Health reported a positive performance in Q1 2025, with revenue growth and improved profit margins, indicating strong market positioning and growth potential in both domestic and international markets [1][2][3] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 954 million yuan, a year-on-year increase of 0.28% [1] - The net profit attributable to shareholders reached 68.64 million yuan, reflecting a year-on-year growth of 8.90% [1] - The gross profit margin was 33.09%, an increase of 2.47 percentage points compared to the previous year [1] Group 2: Domestic Business Development - The company maintained positive revenue growth in the China region despite a high base from the previous year, with order growth outpacing revenue growth [1] - Xianle Health expanded its leading position in the domestic market by targeting new consumer markets and enhancing its MCN channel [1] - The company successfully launched 13 major products and established a global product map, creating vertical solutions [1] Group 3: International Business Strategy - The company adopted a localized operational strategy to enhance its global business layout, responding quickly to market demands [2] - In the Americas, despite tariff-related uncertainties, the company reported a strong start with improved gross margins and significant order growth [2] - The European business performed well, establishing partnerships with top brands in Southern Europe, while the Asia-Pacific region saw a gross margin exceeding 45%, the highest since 2022 [2] Group 4: Research and Innovation - Xianle Health emphasized research and development by establishing an Anti-Aging Research Institute and launching innovative products [2] - New products include QUICKFIZZ probiotic drinks and DHA algae oil gummies, which received regulatory approval [2]

盈利预测与投资评级：当前中国区表现已呈现改善迹象，有望在新消费市场实现重点突破，美洲区BF 核心业务扭亏进入攻坚期，人效提升显著，期待逐步改善。我们预计公司2025-27 年可实现归母净利润 4.00/5.00/5.68 亿元，同比分别+23.01%/+24.94%/+13.75%，当前股价对应2025-27 年PE 分别为 15X/12X/11X，维持"推荐"评级。 25Q1 收入保持平稳，中国区趋势良好，欧洲区大客户实现突破。25Q1 公司收入端实现平稳增长，其 中：1）中国区：实现收入正增长，订单增速高于收入增速，趋势良好；2）美洲区：美洲出口业务实现 稳健开局，且出口业务毛利率同比提升，BF 新增订单增速显著，BF 核心业务的扭亏进入攻坚期；3） 欧洲区：收入同比增长超35%，订单总量增长超30%，公司与南欧头部品牌达成战略合作，并对其拉美 公司产生积极的溢出效应；4）亚太及新兴地区：深化澳洲战略客户合作，同步扩大印尼、泰国等东南 亚市场覆盖，新品销售收入突破百万级，营养软糖品类收入增长超20%。 毛利率有效提升，盈利能力保持稳定。25Q1 公司毛利率/归母净利率分别为33.09%/7.19%，同比 ...

证券研究报告·公司点评报告·食品加工 仙乐健康（300791） 2025 年一季报点评：积极调整，稳扎稳打 2025 年 04 月 24 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 | 4,701 | 5,346 | 5,984 | | 同比（%） | 42.87 | 17.56 | 11.64 | 13.71 | 11.95 | | 归母净利润（百万元） | 281.04 | 325.06 | 391.89 | 496.65 | 585.57 | | 同比（%） | 32.39 | 15.66 | 20.56 | 26.73 | 17.90 | | EPS-最新摊薄（元/股） | 1.18 | 1.37 | 1.65 | 2.09 | 2.47 | | P/E（现价&最新摊薄） | 20.75 | 17.94 | 14.88 | 11.74 | 9.96 | [Table_T ...

证 券 研 究 报 告 仙乐健康（300791）2025 年一季报点评 强推（维持） 调整成效初显，布局提速拐点 事项： ❖ 公司发布 2025 年一季报。公司发布 25Q1 季报，公司实现营业总收入 9.54 亿 元，同增 0.28%，归母净利润 0.69 亿元，同增 8.9%，扣非归母净利润 0.65 亿 元，同增 0.21%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,211 | 4,746 | 5,377 | 5,962 | | 同比增速(%) | 17.6% | 12.7% | 13.3% | 10.9% | | 归母净利润(百万) | 325 | 404 | 502 | 588 | | 同比增速(%) | 15.7% | 24.4% | 24.2% | 17.0% | | 每股盈利(元) | 1.37 | 1.70 | 2.12 | 2.48 | | 市盈率(倍) | 19 | 15 | 12 | 10 | ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is expected to achieve revenue of 4.21 billion yuan in 2024, representing a year-on-year growth of 17.56%, with net profit attributable to the parent company projected at 325 million yuan, up 15.66% [1][4]. - The company is actively expanding its new consumer market in China and has achieved mass production of soft candies in the Americas, indicating a positive growth trajectory [2][4]. - The company is focusing on cost reduction and efficiency improvements, which are expected to enhance gross margins [3][4]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 4.21 billion yuan, with a breakdown of 3.25 billion yuan for net profit and 3.28 billion yuan for net profit after deducting non-recurring items [1]. - The revenue from the core business is expected to be 3.25 billion yuan, reflecting a 12.3% increase year-on-year, while BF revenue is anticipated to reach 958 million yuan, marking a 39.91% increase [1][2]. - The gross margin for 2024 is forecasted to be 31.46%, an increase of 1.2 percentage points year-on-year [3]. Regional Performance - In China, revenue is expected to decline by 10.28% due to weak demand in traditional channels, while new consumer market initiatives are showing early success [2]. - In the Americas, BF is projected to contribute 9.6 billion yuan in revenue, a nearly 40% increase, with efforts to mitigate tariff impacts through local production [2]. - In Europe, the company has established a management center in Frankfurt and converted over 40 clients [2]. Product Segmentation - Revenue by product type is expected to be 1.98 billion yuan for soft capsules, 326 million yuan for tablets, 232 million yuan for powders, 995 million yuan for soft candies, 248 million yuan for functional drinks, and 223 million yuan for hard capsules, with soft candies showing a growth of 34.54% [3]. - The gross margins for these products vary, with soft candies achieving a gross margin of 48.88%, reflecting a year-on-year increase of 3.72 percentage points [3]. Future Projections - Revenue is expected to grow to 4.81 billion yuan in 2025, 5.48 billion yuan in 2026, and 6.07 billion yuan in 2027, with corresponding net profits projected at 403 million yuan, 497 million yuan, and 573 million yuan respectively [4][12]. - The company is anticipated to maintain a PE ratio of 15X in 2025, 12X in 2026, and 11X in 2027, indicating a favorable valuation outlook [4].

仙乐健康科技股份有限公司 内部审计管理制度 第一章 总 则 第一条 为加强和规范仙乐健康科技股份有限公司（以下简称"公司"）的内 部审计工作，加强内部控制管理，防范和控制公司风险，保障公司及股东的合法 权益，依据《中华人民共和国公司法》、《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》、《中华人民共和国审计法》、《审计署关于 内部审计工作的规定》、《企业内部控制基本规范》等法律法规以及《仙乐健康科 技股份有限公司章程》（以下简称"章程"），结合公司实际情况，制定本制度。 第二条 本制度适用于公司各内部机构、全资及控股子公司、分公司以及具 有重大影响的参股公司。 第三条 本制度所涉内部审计是指内部审计部门或审计人员对本公司及各下 属单位内部控制、财务状况、资产质量、经营绩效、重大项目等经济活动的真实 性、合法性和效益性进行监督、评价和建议的活动。本制度所涉审计对象特指公 司及其全资或控股子公司、分公司、具有重大影响的参股公司，以及公司各内部 机构和上述子公司的相关责任人员。 第四条 内部审计基本原则： 独立性原则：审计部独立行使职权，不受其他部门或人员干预，确保审计工 作的独立性和权 ...