Core Viewpoint - Company is facing short-term performance pressure due to increased impairment losses and strategic investments, with a significant decline in net profit expected for 2025 [1][3] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 101 million and 151 million yuan for 2025, representing a year-on-year decline of 53% to 69% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 57.5 million and 85.97 million yuan, reflecting a year-on-year decrease of 74% to 82% [1] - A one-time non-cash impairment loss of 195 million yuan was recognized for assets related to the Best Formulation personal care business [1] - The company confirmed an investment impairment loss of 56.55 million yuan due to underperformance of a brand operation company, impacting the non-recurring net profit more significantly than the attributable net profit [1] Group 2: Strategic Initiatives - The company plans to grant 2.2025 million shares to 85 management and core technical personnel at a price of 12.21 yuan per share, with performance targets set for revenue growth in 2026, 2027, and 2028 [2] - An employee stock ownership plan will be implemented for up to 12 individuals, with profit targets for 2026 and 2027 set at no less than 380 million yuan and 450 million yuan, respectively [2] - These initiatives aim to clarify the company's operational goals for the next three years, enhancing market confidence and stabilizing expectations [2] Group 3: Market Position and Growth Outlook - As a leading company in the domestic nutrition and health food sector, the company is adjusting its operations to focus on customer and regional expansion, which is expected to support stable growth in its core business [3] - The strategic layout in precision nutrition and pet nutrition is designed to create a second growth curve for the company [3] - Revenue projections for 2025 to 2027 are estimated at 4.51 billion, 5.12 billion, and 5.61 billion yuan, with year-on-year growth rates of 7%, 14%, and 10%, respectively [3] - Expected net profits for 2025 to 2027 are projected at 130 million, 380 million, and 450 million yuan, with year-on-year growth rates of -61%, 204%, and 18%, respectively [3]

中国营养健康食品行业的龙头企业仙乐健康，在1月30日向市场投下了一枚重磅消息：公司已正式向香港联交所递交主板上市申请，同步披露申请材料，迈 出了构建"A+H"双资本平台的关键一步。 值得注意的是，这一战略性举措，恰逢公司披露2025年业绩预告，其归母净利润预计出现较大幅度下滑，引发了市场对其发展前景的广泛关注。 当前，全球营养健康食品市场正处快速扩张期，尤其是软胶囊、软糖等细分赛道增速显著。通过建立"A+H"双平台，仙乐健康不仅能优化资本结构，更能提 升国际品牌声誉，为其在海外市场拓展、供应链全球优化及潜在并购提供强有力的资金与平台支持，从而在行业黄金增长期中抢占更有利的竞争位置。 长远来看，这一战略转型有望为公司打开新的成长空间。剥离非核心业务有助于"轻装上阵"，集中资源巩固在营养健康解决方案领域的领先优势。 一方面，公司对协同效应有限的个人护理业务计提了高达1.95亿元的资产减值损失，为其剥离做财务准备，这一举措虽影响当期利润，但长远看将使公司更 加聚焦于营养健康食品解决方案的核心主业。 另一方面，公司在精准营养、宠物营养等新兴领域的前期战略性投入，以及为全球化战略启动的咨询项目费用，也在短期内增加了支出 ...

当中国保健品行业从高速增长步入结构性调整阶段，产业链上的每一家企业都在寻找自己的生存之道与发展路径。作为营养健康食品解决方案行业的全球前 三、中国第一的头部企业，仙乐健康（300791.SZ）在2026年初的一系列动作，无疑为这个转型期的行业投下了一枚重磅炸弹。 一边是2025年净利润同比预降53%至69%的业绩"断崖"，一边是正式向香港联交所递交主板上市申请的资本动作，仙乐健康似乎正在以一种近乎"壮士断 腕"的方式，在业务收缩与全球化扩张之间寻求破局之道。 财务指标恶化背后：经营包袱已卸 轻装上阵 据灼识咨询数据，按2024年收入计算，仙乐健康在营养健康食品解决方案行业中位居全球前三、中国第一。这一行业龙头地位不仅为其境外上市提供了有力 支撑，也使其在全球供应链重构的背景下具备了更强的议价能力和抗风险能力。 从财务表现来看，2023年至2024年，公司营收从35.82亿元增长至42.11亿元，同比增长17.6%，呈现强劲增长态势2025年前九个月营收32.91亿元，较2024年 同期增长7.96%，增速显著放缓。 | | 截至12月31日止年度 | | 截至 | | --- | --- | --- | -- ...

| | 截至12月31日止年度 | | 截至 | | --- | --- | --- | --- | | | 2023年 | 2024年 | 202 | | | | (人民幣千元) | | | | | | (未經 | | 收入 | 3,582,022 | 4.211.064 | 3,04 | | 銷售成本 | (2,519,921) (2,922,209) | | (2.12 | | 毛利用品 . | 1,062,101 | 1,288,855 | 97 | | 其他收益 ··· ·· ·· | 28,020 | 27.957 | | | 其他收益及虧損 .. | 14,709 | 1.149 | | | 銷售開支 | (277,608) | (353,204) | (23 | | 行政開支 | (351,992) | (419,938) | (26 | | 研發開支 | (110,495) | (125,937) | ( | | 分佔一間聯營公司之業績 | | | | | 就資產分類為持作出售確認之 | | | | | 減值虧損 | | | | | 金融資產減值虧損(包括減值 | | | | | 虧損發回) ...

Core Viewpoint - Xianle Health is expected to report a significant decline in net profit for 2025, with estimates ranging from 101 million to 151 million yuan, representing a year-on-year drop of 53% to 69%. The non-recurring net profit is projected to decrease by 74% to 82%, amounting to between 57.5 million and 85.97 million yuan. This performance shift is attributed to multiple factors, including non-core business losses, strategic investments, and changes in the industry environment [1][6]. Financial Performance Overview - From 2022 to 2024, Xianle Health's revenue grew from 2.507 billion yuan to 4.211 billion yuan, with year-on-year growth rates of 5.84%, 42.87%, and 17.56% respectively. Net profit increased from 212 million yuan to 325 million yuan, with year-on-year growth rates of -8.43%, 32.39%, and 15.66% [1][6]. - In the first three quarters of 2025, the company reported revenue of 3.291 billion yuan, a year-on-year increase of 7.96%, and a net profit of 260 million yuan, up 8.53%, indicating that the significant decline is primarily concentrated in the fourth quarter of 2025 [1][6]. Causes of Profit Decline - The core reason for the profit decline in 2025 is the ongoing losses in the personal care business and related asset impairment provisions. The operational environment for this segment has deteriorated since 2025, with decreased customer demand and increased operational costs due to intensified US-China trade tensions. Additionally, team changes in the second half of 2025 exacerbated operational difficulties, leading to increased losses and significant declines in revenue and gross profit [2][7]. - The company has decided to divest the personal care segment to focus on its core business and enhance overall profitability, resulting in an asset impairment loss of 194.9587 million yuan [2][7]. Strategic Investments and Challenges - Xianle Health has initiated strategic consulting projects in 2025, incurring high one-time consulting fees. The company is also investing in emerging sectors such as precision nutrition and pet nutrition, but these investments have not yet yielded benefits to offset the profitability pressures from both core and non-core businesses [3][8]. - The investment impairment related to Hubei Yibenhui also impacted performance, with a provision for investment impairment loss of 56.5473 million yuan due to unmet performance expectations [3][8]. Business Structure and Market Dynamics - The company’s business structure has undergone significant changes, with domestic revenue declining from 1.491 billion yuan in 2022 to 1.66 billion yuan in 2024, a year-on-year drop of 10.28%. The first half of 2025 continued this downward trend, with revenue of 818 million yuan, down 1.63% year-on-year. This shift is attributed to changing consumer trends in the domestic health product market, with new e-commerce brands and cross-border e-commerce brands gaining market share [4][9]. - To adapt to domestic market changes, Xianle Health has accelerated adjustments to its customer structure and channel layout, with a notable recovery in domestic business growth by the third quarter of 2025, where strategic key account customer revenue grew nearly 30% year-on-year [5][10]. Global Expansion and Risks - Since 2016, Xianle Health has pursued a global expansion strategy, acquiring companies like Germany's Ayanda and the US's Best Formulations, resulting in rapid growth in overseas revenue from 1.016 billion yuan to 2.55 billion yuan from 2022 to 2024. However, growth in the first half of 2025 slowed to 5.58%, indicating challenges in the international market as well [5][10]. - The CDMO model presents inherent risks, requiring substantial upfront investment in research and process validation to secure long-term customer orders. The current shortening of the product life cycle in the domestic health product market, from 18 months to less than 9 months, complicates the amortization of these initial investments, potentially impacting overall profitability [10].

Market Overview - On January 30, the food processing sector declined by 0.68%, with *ST Chuntian leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the food processing sector included: - Baba Foods (605338) with a closing price of 31.30, up 3.16% [1] - Chunxue Foods (605567) at 11.75, up 2.00% [1] - Weizhi Xiang (6805609) at 29.88, up 1.81% [1] - Major decliners included: - *ST Chuntian (600381) at 3.51, down 4.88% [2] - Gaisi Foods (920826) at 13.54, down 3.63% [2] - Tangchen Beijian (300146) at 12.17, down 2.48% [2] Capital Flow - The food processing sector experienced a net outflow of 57.72 million yuan from institutional investors, while retail investors saw a net outflow of 46.55 million yuan [2] - Conversely, speculative funds recorded a net inflow of 104 million yuan [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Huadong Shares (002840) with a net outflow of 9.89 million yuan from institutional investors [3] - Chunxue Foods (605567) saw a net inflow of 7.02 million yuan from institutional investors [3] - Qianwei Yangchu (001215) had a net inflow of 6.95 million yuan from speculative funds [3]

事项： 公司发布2025 年业绩预告及2026 年激励计划。（1）发布业绩预告：25 年预计实现归母净利润1.01 至 1.51 亿元，同比-68.85 至-53.44%；扣非归母净利润0.58 至0.86 亿元，同比-82.45 至-73.77%，主要系 BFPC 及对湖北怡本荟的长期股权投资计提资产减值准备扰动。（2）发布2026 年限制性股票激励计 划： 拟以12.21 元/股的价格授予220.25 万股，占当前股本总数的0.72%，覆盖85名管理及核心技术人员（含 外籍骨干），26-28 年100%解锁的营收目标分别不低于50.90/53.83/58.32 亿元。（3）发布2026 年员工 持股计划：总份数不超过3205.75 万份，覆盖不超过12 名核心管理层，26-27 年100%解锁目标分别为 2026 年净利润（具体口径见附录表格，后同）不低于3.8 亿元，2027 年不低于4.5 亿元或26-27 年累计 净利润不低于8.3 亿元。（4）修订2023/2025 股权激励计划：针对23 年激励计划，将26 年100%解锁营 收目标从55.66 亿元调整至50.90 亿元；针对25 年激励计划， ...

1月30日，仙乐健康（300791.SZ）发布公告称，公司已正式向香港联交所递交主板上市申请，并同步披 露申请材料，开启"A+H"双资本平台布局。这家中国营养健康食品解决方案领域的龙头企业，正试图在 业绩短期承压的背景下，通过全球化资本运作寻找新的增长突破口。 从行业背景来看，全球营养健康食品市场正处于快速增长期。灼识咨询数据显示，2024年全球营养健康 食品商品交易总额达1900亿美元，预计2029年将增至2490亿美元；其中，营养健康食品解决方案市场增 速更优，2024-2029年复合年增长率预计为7.6%，而仙乐健康重点布局的软糖、软胶囊细分领域增速更 高，分别达10.3%、8.5%，显著跑赢行业平均水平。在此背景下，仙乐健康亟需通过资本补血，抓住全 球市场增长机遇。不过，本次发行并上市尚需取得中国证券监督管理委员会、香港证监会和香港联交所 等相关政府机关、监管机构、证券交易所的备案、批准和/或核准，该事项仍存在不确定性。 就在1月29日晚间，仙乐健康披露其2025年业绩预告，其归属于上市公司股东的净利润预计为1.01 亿-1.51亿元，较2024年的3.25亿元下降53%-69%；扣除非经常性损益后的 ...

Industry Overview - The probiotic industry is expected to maintain a compound annual growth rate (CAGR) of 14.2% from 2023 to 2025, driven primarily by price increases, with an average price CAGR of 11.3% and a sales CAGR of 2.4% [1][2] - The market is witnessing significant growth in high-functionality and composite products, which are expected to drive demand [2] Market Dynamics - Sales of AKK probiotic products on platforms like Taobao, Tmall, JD, and Douyin are projected to increase from 13,700 units in January 2025 to 47,200 units by October 2025, indicating a potential surge in market opportunities as more entrants join the sector [3] Company Developments - Xianle Health's proprietary probiotic AKK ONE received GRAS certification in May 2025, enhancing its positioning in high-growth markets such as weight management and metabolic health. AKK ONE has a protein content 50% higher than conventional AKK strains and increases beneficial bacteria by approximately 1.5 times [4] - Junyao Health's subsidiary, Runying Bio, has developed two high-quality AKK strains, AKK BG-001 and AKK WST01, with a focus on cost optimization and efficiency improvements. The production process has seen a 50% reduction in fermentation time and a 70% increase in cell count [5] - Beijia Clean invested 210 million yuan in Shan'enkang, acquiring a 52% stake. Shan'enkang has established a large AKK strain library and has developed AKK PROBIO strains with high survival rates in gastrointestinal conditions [6] Investment Recommendations - Companies to watch include Xianle Health (300791.SZ), Junyao Health (605388.SH), and Beijia Clean (603059.SH) due to their innovative products and market positioning [7]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [10]. Core Insights - The company has released its 2025 earnings forecast, projecting a net profit attributable to shareholders between 101 million to 151 million yuan, representing a year-on-year decline of 68.85% to 53.44% [2]. - The company has introduced a 2026 restricted stock incentive plan, granting 2.2025 million shares at a price of 12.21 yuan per share, covering 85 management and core technical personnel [2]. - The company aims for revenue targets of no less than 50.90 billion yuan, 53.83 billion yuan, and 58.32 billion yuan for the years 2026 to 2028, respectively [2]. - The company plans to dispose of its non-core personal care business, BFPC, and has fully provided for asset impairment of 195 million yuan, which is expected to enhance focus on its core business [8]. - The global nutrition and health food solutions market is projected to grow from 29.4 billion USD in 2024 to 42.4 billion USD by 2029, with a compound annual growth rate (CAGR) of 7.6% [11]. Financial Summary - Total revenue is expected to reach 4.533 billion yuan in 2025, with a year-on-year growth rate of 7.6% [10]. - The net profit attributable to shareholders is projected to be 121 million yuan in 2025, reflecting a significant decline of 62.7% compared to the previous year [10]. - The company’s earnings per share (EPS) is forecasted to be 0.39 yuan in 2025, with a price-to-earnings (P/E) ratio of 60 [10].