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]

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, driven by strong performance in the new consumer market in China and stable growth in the Americas despite tariff pressures [1][2]. Financial Performance - In 25H1, the company achieved revenue of 2.04 billion yuan, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 160 million yuan, up 4.3% year-on-year [1]. - For 25Q2, revenue reached 1.09 billion yuan, reflecting a year-on-year growth of 4.7%, while net profit was 90 million yuan, a 1.1% increase year-on-year [1]. - The company’s internal business generated revenue of 1.58 billion yuan in 25H1, up 2.6% year-on-year, with a net profit of 220 million yuan, marking an 11.1% increase year-on-year [2]. Regional Performance - Revenue from different regions in 25H1 was as follows: China 820 million yuan (down 1.6%), Americas 760 million yuan (up 4.3%), Europe 360 million yuan (up 22.0%), and other regions 100 million yuan (down 22.9%) [1]. - The company’s new consumer clients in China saw revenue growth exceeding 40%, contributing to 50% of total revenue [1]. Product Performance - Revenue growth by product type in 25H1 was as follows: soft capsules +6.5%, tablets +33.4%, powders -36.0%, gummies +6.4%, beverages -20.8%, hard capsules +11.0%, and other forms -17.9% [1]. Profitability and Cost Management - The company’s gross profit margin in 25Q2 was 33.3%, a slight decrease of 0.1 percentage points year-on-year, primarily due to fluctuations in the BF segment [2]. - The net profit margin for 25Q2 was 7.3%, down 0.6 percentage points year-on-year [2]. Future Outlook - The company anticipates accelerated growth in the Chinese market in 25H2, supported by a low base and breakthroughs in the new consumer market [3]. - The company plans to seek investment, divestiture, or sale opportunities for its subsidiary Best Formulations PC LLC, which is expected to enhance overall profitability and focus on core business [3]. Investment Projections - The company has slightly adjusted its profit forecasts for 2025-2027, expecting net profits of 370 million yuan, 470 million yuan, and 560 million yuan, representing year-on-year growth of 14.7%, 25.9%, and 18.3% respectively [3].

Investment Rating - The investment rating for the company is "Maintain Buy" [7] Core Views - The company achieved a revenue of 2.04 billion yuan in H1 2025, representing a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 160 million yuan, up 4.3% year-on-year [1] - The company has made significant breakthroughs in the new consumption market, with revenue from new consumption customers growing over 40% year-on-year, now accounting for 50% of total revenue [2] - The company is expected to accelerate growth in the Chinese market in H2 2025, while overseas markets are anticipated to maintain rapid expansion [4] Financial Performance - In H1 2025, the company's internal business generated revenue of 1.58 billion yuan, up 2.6% year-on-year, and a net profit of 220 million yuan, an increase of 11.1% year-on-year, with an internal business net profit margin rising by 1.1 percentage points to 14.1% [3] - The company reported a gross margin of 33.3% in Q2 2025, a slight decrease of 0.1 percentage points year-on-year, primarily due to fluctuations in the gross margin of Best Formulations [3] - The company has adjusted its profit forecast slightly due to short-term losses from Best Formulations, projecting net profits of 370 million, 470 million, and 560 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 14.7%, 25.9%, and 18.3% [4] Market Segmentation - Revenue from different regions in H1 2025 was as follows: China 820 million yuan (down 1.6% year-on-year), Americas 760 million yuan (up 4.3%), Europe 360 million yuan (up 22.0%), and other regions 100 million yuan (down 22.9%) [2] - The company has successfully implemented a big product strategy, promoting 10 major products and reserving 25 products, achieving significant breakthroughs in probiotics and anti-aging sectors [2] Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 21x for 2025, 17x for 2026, and 14x for 2027 [4] - The projected earnings per share (EPS) for 2025 is 1.21 yuan, with a net asset return rate of 13.5% [6]

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].

Group 1 - The company reported a total operating revenue of 2.042 billion yuan, an increase of 51.14 million yuan compared to the same period last year, marking three consecutive years of growth and a year-on-year increase of 2.57% [1] - The net profit attributable to shareholders was 161 million yuan, an increase of 6.644 million yuan compared to the same period last year, achieving two consecutive years of growth and a year-on-year increase of 4.30% [1] - The net cash inflow from operating activities was 160 million yuan, an increase of 45.3736 million yuan compared to the same period last year, representing a year-on-year increase of 39.74% [1] Group 2 - The company's latest debt-to-asset ratio is 53.56% [3] - The latest gross profit margin is 33.18%, an increase of 0.09 percentage points from the previous quarter, achieving three consecutive quarters of growth and a year-on-year increase of 1.14 percentage points, marking two consecutive years of growth [3] - The latest return on equity (ROE) is 6.31% [3] Group 3 - The diluted earnings per share are 0.53 yuan, an increase of 0.02 yuan compared to the same period last year, representing a year-on-year increase of 4.29% [3] - The latest total asset turnover ratio is 0.36 times [3] - The latest inventory turnover ratio is 2.57 times [3] Group 4 - The number of shareholders is 12,100, with the top ten shareholders holding 222 million shares, accounting for 72.07% of the total share capital [3] - The largest shareholder is Guangdong Guanghui Investment Co., Ltd., holding 42.66% of the shares [3] - Other significant shareholders include Lin Peiqing (9.10%), Chen Qiong (5.55%), and Yang Rong (3.22%) [3]

仙乐健康始终将创新作为发展根基。公司拥有159项专利，94项发明专利，以及众多保健食品注册证书 和备案凭证。平台创新上，EverBio 益生菌技术平台发布，自主益生菌AKK ONE 获美国GRAS安全认 证，"荔枝元 （LychOtics ）"荣获"年度肠道健康成分"奖项。在细分领域持续深耕，打造出多领域产品 矩阵。品牌建设层面，公司高频亮相行业盛会，强化技术标杆地位。 中证报中证网讯（王珞）8月25日晚间，仙乐健康（300791）（300791）发布2025年半年度报告。报告 显示，公司上半年营业收入达20.42亿元，同比增长2.57%；归属于上市公司股东的净利润为1.61亿元， 同比增长4.30%；扣非后净利润1.59亿元，同比增长3.25%。 面对智能制造的产业趋势，仙乐健康大力推进AI与业务融合，多个智能化项目逐步落地。与AI头部企 业合作建设"AI+功能营养平台"，启用汕头智慧物流中心，推出AI赋能功能营养平台，启动全球黑灯工 厂与智能制造蓝图。公司正从传统CDMO向"营养科技企业"转型。 在业务布局上，仙乐健康积极推进结构优化与全球拓展。中国区全面拥抱新消费趋势，直播电商、跨境 电商等新消费渠道营 ...

Core Viewpoint - Xianle Health reported a steady growth in revenue and net profit for the first half of 2025, reflecting a robust adaptation to new consumer trends and a balanced development structure in the Chinese market [1][2]. Financial Performance - The company achieved a revenue of 2.042 billion yuan, representing a year-on-year increase of 2.57% [1]. - The net profit attributable to shareholders was 161 million yuan, up 4.3% year-on-year [1]. - The net profit after deducting non-recurring items was 159 million yuan, with a growth of 3.25% [1]. New Consumer Trends - Xianle Health embraced new consumption trends, with significant breakthroughs in live e-commerce, cross-border e-commerce, private domain, and new retail channels [1]. - Revenue from new consumer clients grew by over 40%, with their contribution to total revenue approaching 50% [1]. Product Development - The company launched 10 major products in the first half of the year and has 25 reserve products in the pipeline, targeting core customer groups such as children, women, and working professionals [2]. - Xianle Health entered the pet nutrition sector, leveraging human technology for pet applications, aiming to create high-end nutritional solutions for pets [2]. Global Expansion - The company achieved breakthroughs in the Americas, Europe, and Asia-Pacific markets, showcasing a "multi-point flowering" strategy [2]. - The European market exceeded sales targets with double-digit growth, adding two new clients with sales exceeding one million euros and establishing a sales entity in the UK [2]. Innovation and Patents - As of June 30, the company held 159 patents, including 94 invention patents, and had 112 health food registration certificates [3]. - Xianle Health actively participated in international industry events to strengthen its technical benchmark position among global B-end clients [3]. Future Strategy - The company plans to leverage its "technology + manufacturing + globalization" advantages to continuously release long-term value during industrial upgrades [3]. - Xianle Health aims to define the global competitiveness of Chinese enterprises through practical actions and innovation [3].

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, with a focus on expanding its market presence and enhancing brand recognition through strategic initiatives [1][4]. Financial Performance - In 25H1, the company achieved operating revenue of 2.042 billion yuan, a year-on-year increase of 2.57%, and a net profit attributable to shareholders of 161 million yuan, up 4.30% year-on-year [1]. - The second quarter of 2025 saw operating revenue of 1.087 billion yuan, reflecting a year-on-year growth of 4.66%, with a net profit of 92 million yuan, an increase of 1.13% [1]. - The gross profit margin for 25H1 was 33.18%, with a slight increase in the second quarter to 33.27% [3]. Segment Performance - By dosage form, soft capsules generated revenue of 947 million yuan (up 6.47%), gummies at 517 million yuan (up 6.35%), tablets at 189 million yuan (up 33.37%), while beverages and powders saw declines of 20.84% and 36.02%, respectively [1]. - Regionally, the China segment reported revenue of 818 million yuan (down 1.63%), while the Americas and Europe segments grew by 4.26% and 21.96%, respectively [1]. Strategic Initiatives - The company is focusing on developing new consumer markets, with new consumption customer revenue growth exceeding 40% in 25H1, despite challenges in traditional segments [2]. - The Americas division is expanding its gummy business and targeting new customers in Latin America, particularly in Brazil [2]. - The European division is actively pursuing new clients and products, particularly in the UK market [2]. - The Asia-Pacific division is enhancing partnerships with key clients in Australia and preparing for market expansion in Russia and Japan [2]. Brand and Market Development - The company participated in 12 domestic and international forums and exhibitions in 25H1 to enhance brand visibility and industry influence [4]. - Key breakthroughs were achieved in probiotics and anti-aging sectors, with the launch of the EverBio platform and the GRAS certification for its proprietary probiotics [4]. - The company is also focusing on the pet nutrition market, having participated in the Asia Pet Expo in August 2025 [4]. Global Business Resilience - The company's global business strategy has demonstrated resilience, with strong performance in the Americas and Europe despite tariff fluctuations [6]. - The ongoing construction of a factory in Thailand is expected to further enhance the company's market presence in Southeast Asia [6].

2025年8月26日，仙乐健康(300791.SZ)发布2025年半年度报告。截至2025年8月25日，共有12个机构投 资者披露持有仙乐健康A股股份，合计持股量达1.58亿股，占仙乐健康总股本的51.33%。其中，前十大 机构投资者包括广东光辉投资有限公司、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、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、上海君 禾私募基金管理有限公司-君禾星辰二号私募证券投资基金、上海渊泓投资管理有限公司-渊泓上善1号 私募证券投资基金、中国银行股份有限公司-招商产业精选股票型证券投资基金、珠海横琴长乐汇资本 管理有限公司-专享1号私募证券投资基金、上海浦东发展银行股份有限公司-东方红核心价值混合型证 券投资基金、香港中央结算有限公司、银华-道琼斯88指数，前十大机构投资者合计持股比例达 51.25%。相较于上一季度，前十大机构持股比例合计下跌了0.20个百分点。 公募基金方面，本期较上一季度新披露的公募基金共计5个，包括招商产业精选股票A、东方红核心价 值混合A、银华-道琼斯88指数、招商中证消费龙头指数增强A、鑫元国证2 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Xianle Health [1][4] Core Views - The company has shown revenue improvement quarter-on-quarter, with a year-on-year revenue growth of 4.66% and a net profit growth of 1.13% in Q2 2025. The overall revenue performance is expected to continue improving throughout the year [1][3] - The company is positioning itself as a leader in the global nutrition and health food industry, focusing on developing a comprehensive product matrix and exploring high-potential sectors such as maternal and child health, women's health, probiotics, and modern Chinese medicine [1][4] - The report highlights the potential for significant improvement in profitability following the planned divestiture of the Best Formulations (BF) personal care business, which has been a source of losses [1][4] Financial Performance Summary - For H1 2025, the company achieved revenues of 2.042 billion and a net profit of 161 million, reflecting a year-on-year increase of 2.57% and 4.30% respectively [3] - In Q2 2025, the company reported revenues of 1.087 billion and a net profit of 92 million, with respective year-on-year growth rates of 4.66% and 1.13% [3] - The company’s gross margin for Q2 2025 was 33.27%, with a net profit margin of 8.50% [3] - The report projects EPS for 2025 and 2026 to be 1.17 yuan and 1.35 yuan respectively, reflecting adjustments due to the impact of the BF business [4][5] Market and Regional Performance - The report indicates a slight decline in revenue from the China region in Q2 2025, while the Americas showed improvement and Europe continued to experience high growth [3] - The company’s revenue from the Americas increased due to the removal of tariffs, while the European market saw double-digit growth despite external pressures [3] Product Performance - In H1 2025, the company’s revenue from soft capsules, tablets, gummies, and hard capsules grew by 6.47%, 33.37%, 6.35%, and 11.0% respectively, while powdered products and beverages saw declines of 36.02% and 20.84% [3]