Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [10]. Core Views - The company has shown significant growth in overseas markets, with a notable shift in revenue distribution towards international sales, which now account for 60.56% of total revenue, up from 39.44% the previous year [5][6]. - In 2024, the company achieved a revenue of 42.11 billion yuan, a year-on-year increase of 17.56%, and a net profit of 3.28 billion yuan, reflecting a growth of 16.70% [5]. - The company's main products, soft capsules and gummies, contributed over 70% of total revenue, with soft capsules generating 19.84 billion yuan (up 29.91%) and gummies 9.95 billion yuan (up 34.54%) in 2024 [5][6]. - The gross profit margin for the main business improved to 31.05%, with the gross margin for soft capsules slightly decreasing to 25.57% and for gummies increasing to 48.88% [5][6]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 9.54 billion yuan, a slight increase of 0.28% year-on-year, while the net profit was 0.65 billion yuan, up 0.21% [5]. - The domestic market faced challenges, leading to limited sales growth in Q4 2024 and Q1 2025, with revenue growth rates dropping significantly compared to previous periods [5]. - The company forecasts earnings per share (EPS) of 1.68 yuan, 2.08 yuan, and 2.41 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 16.01, 12.88, and 11.14 based on the closing price of 26.85 yuan on May 14 [6][7]. Market Dynamics - The Americas market saw a remarkable revenue growth of 59.56%, contributing 39.56% to the main revenue, while the European market grew by 14.25% [5][6]. - The report highlights that the company’s expansion strategy, including the acquisition of BF, positions it well in the U.S. market, which is expected to remain unaffected by new trade tariffs [6].

Group 1 - The concept of ergothioneine has gained significant attention in the A-share market, with stocks related to this concept experiencing strong price increases [2][3] - Key stocks in the ergothioneine sector include Tuoxin Pharmaceutical and Chuaning Biological, both of which reached their daily limit up, while other companies like Bawei Co., Xianle Health, and Huaxi Biological also saw gains [2][3] - The chairman of Kelun Pharmaceutical, Liu Gexin, has endorsed the company's anti-aging product "ergothioneine capsules," claiming to have used the product for three years, which has contributed to the product's popularity [2][3] Group 2 - Kelun Pharmaceutical reported a revenue of 4.39 billion yuan in Q1, a year-on-year decline of 29.42%, with a net profit of 584 million yuan, down 43.07% [2][4] - The decline in revenue and profit is attributed to high base effects from the previous year and the impact of centralized procurement on the infusion business [2][4] - The company aims to establish a new subsidiary, Kelun Yongnian, to focus on the sales of ergothioneine products, indicating a strategic shift towards the health industry [3][4] Group 3 - There are 14 stocks in the A-share market related to ergothioneine, with Huadong Medicine, Kelun Pharmaceutical, and Chuaning Biological having the largest market capitalizations [4] - The average stock price increase for ergothioneine-related stocks this year is 19.16%, with Ruoyuchen leading with a 104.62% increase [4] - Half of the ergothioneine concept stocks reported positive net profits in Q1, with companies like Changshan Pharmaceutical turning losses into profits [4] Group 4 - There was a significant net inflow of capital into ergothioneine concept stocks today, with Chuaning Biological, Jindawei, and Kelun Pharmaceutical seeing the highest net inflows of 563 million yuan, 153 million yuan, and 129 million yuan respectively [5]

Group 1 - The pet economy concept rose by 1.98%, ranking third among concept sectors, with 54 stocks increasing in value, including major gainers like Meino Biological and Jieya Co., which hit the 20% limit up [1][2] - Notable stocks with significant increases include Xianle Health, Huisheng Biological, and Yiyuan Magic Yam, which rose by 13.41%, 10.50%, and 9.10% respectively [1] - The leading decliners in the sector were Zhiou Technology, Qingmu Technology, and Yingstone Network, which fell by 4.64%, 4.42%, and 2.73% respectively [1] Group 2 - The pet economy sector saw a net inflow of 236 million yuan, with 48 stocks receiving net inflows, and 7 stocks attracting over 30 million yuan each [2] - The top stock for net inflow was Yong'an Pharmaceutical, with a net inflow of 68.36 million yuan, followed by Jieya Co., Ruoyuchen, and Meino Biological with net inflows of 48.24 million yuan, 46.14 million yuan, and 45.47 million yuan respectively [2][3] Group 3 - In terms of net inflow ratios, Jieya Co., Jiabiyou, and Meino Biological led with net inflow rates of 27.98%, 13.31%, and 11.04% respectively [3] - The pet economy sector's inflow ranking included stocks like Yong'an Pharmaceutical, Jieya Co., Ruoyuchen, and Meino Biological, all showing strong performance in terms of trading volume and turnover rates [3][4]

Group 1 - The vitamin concept sector rose by 1.55%, ranking 6th among concept sectors, with 48 stocks increasing in value, including Meino Biological reaching a 20% limit up [1][2] - Notable gainers in the vitamin sector included Xiwang Food, Yong'an Pharmaceutical, and Jindawei, which all hit the limit up, while Xianle Health, Oukang Pharmaceutical, and Fujilai also saw significant increases of 13.41%, 8.31%, and 6.54% respectively [1][2] - The sector experienced a net inflow of 548 million yuan from main funds, with 41 stocks receiving net inflows, and 8 stocks exceeding 30 million yuan in net inflow, led by Jindawei with 155 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Jindawei, Xiwang Food, and Andisu, with net inflow ratios of 29.36%, 27.57%, and 20.19% respectively [3][4] - The trading volume and turnover rates for leading stocks in the vitamin sector were significant, with Jindawei showing a turnover rate of 4.82% and a price increase of 9.99% [3][4] - Other notable stocks included Yong'an Pharmaceutical with a 9.99% increase and a turnover rate of 31.54%, and Zhejiang Pharmaceutical with a modest increase of 0.29% [3][4]

Group 1 - The core viewpoint of the article highlights the strong performance of the consumer sector, particularly in new consumption areas such as daily chemicals, health products, and pet economy, leading to significant stock price increases for companies like Huaye Spice and Baiyang Co. [1] - The article notes that several companies, including Jindawei, Xiwang Food, and Jiaoda Onl, have also seen their stock prices hit the daily limit, indicating a broad market trend in the consumer sector [1] - Institutions have pointed out that domestic new consumption enterprises are experiencing robust growth, driven by ongoing upgrades in aesthetics and spiritual satisfaction, particularly in emotional and experiential consumption [1]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the annual line, indicating a slight increase of 0.23% and a total trading volume of 1,076.285 billion yuan [1]. Group 1: Market Performance - As of 13:59 today, the Shanghai Composite Index stands at 3,377.11 points, reflecting a year-to-date performance above the annual line [1]. - A total of 49 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1]. Group 2: Notable Stocks - The stocks with the largest deviation rates include: - Baoxin Technology (002514) with a deviation rate of 5.49% and a daily increase of 9.93% [1]. - ST Zhongzhu (600568) with a deviation rate of 4.76% and a daily increase of 5.22% [1]. - King Med (603882) with a deviation rate of 4.28% and a daily increase of 4.42% [1]. - Other stocks that have just crossed the annual line include: - Duofu Du (002506) with a deviation rate of 4.02% and a daily increase of 9.95% [1]. - Shapais (300791) with a deviation rate of 4.16% and a daily increase of 4.67% [1]. Group 3: Trading Data - The total trading volume for A-shares today reached 1,076.285 billion yuan, indicating active market participation [1]. - The stocks listed show varying turnover rates, with some stocks like Baoxin Technology and ST Zhongzhu having turnover rates of 9.92% and 1.36% respectively [1].

Core Points - The company, Xianle Health Technology Co., Ltd., will soon announce the implementation of the 2024 equity distribution, which will affect the convertible bonds [1] - The convertible bonds (code: 123113; abbreviation: Xianle Convertible Bonds) will suspend conversion from May 13, 2025, until the equity registration date for the 2024 distribution, resuming on the first trading day after the registration [1] - The company assures that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1] Summary by Sections - **Convertible Bond Adjustment**: The adjustment of the conversion price for the convertible bonds will occur in the event of stock dividends, capital increases, new share issuances, rights issues, or cash dividends, with specific formulas provided for each scenario [1][2] - **Price Adjustment Mechanism**: The formulas for adjusting the conversion price are detailed, including variables such as the previous conversion price (P0), stock dividend rate (n), new share issuance rate (k), new share price (A), and cash dividend per share (D) [1][2] - **Disclosure of Adjustments**: The company will publish announcements regarding the adjustment of the conversion price in designated media, including the adjustment date, method, and any suspension of conversion [2]

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-049 | | --- | --- | --- | | 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 关于仙乐转债暂停转股的提示性公告 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。 重要内容提示 因仙乐健康科技股份有限公司（以下简称"公司"）将于近日发布 2024 年 度权益分派实施公告，根据《仙乐健康科技股份有限公司向不特定对象发行可转 换公司债券募集说明书》中"转股价格的调整方式及计算公式"条款的规定（详 见附件），公司可转换公司债券（债券代码：123113；债券简称：仙乐转债）将 于 2025 年 5 月 13 日至公司 2024 年度权益分派股权登记日暂停转股，公司 2024 年度权益分派股权登记日后的第一个交易日起恢复转股。在上述期间，公司可转 换公司债券正常交易，敬请公司可转换公司债券持有人留意。 1、债券代码：123113；债券简称：仙乐转债 2、转股起止日期：2021 年 10 月 25 日至 2027 年 4 月 18 日 3、暂 ...

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-048 | | --- | --- | --- | | 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 关于回购注销部分限制性股票暨减少注册资本 通知债权人的公告 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。 仙乐健康科技股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召开 的第四届董事会第八次会议和第四届监事会第六次会议，于 2025 年 5 月 8 日召 开 2024 年年度股东大会，分别审议通过了《关于回购注销 2023 年限制性股票激 励计划部分已授予但尚未解除限售的限制性股票的议案》，2023 年限制性股票 激励计划首次授予及预留授予的限制性股票第一个解除限售期解除限售条件未 达成，所有激励对象当期拟解除限售的限制性股票（即授予数量的 30%）由公司 回购注销，同时，6 名原激励对象因主动辞职已不再符合激励计划相关的激励条 件，其已获授但尚未解除限售的限制性股票由公司回购注销。本次回购注销后， 公司总股本将相应减少。具体内 ...

广东信达律师事务所 股东大会法律意见书 中国深圳福田区益田路 6001 号太平金融大厦 11 楼、12 楼 邮政编码：518038 11、12/F, TaiPingFiance Tower,Yitian Road 6001,Futian District, ShenZhen, P. R. China 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755)88265537 网址(Website)：https://www.sundiallawfirm.com 广东信达律师事务所 关于仙乐健康科技股份有限公司 2024年年度股东大会的 法律意见书 信达会字（2025）第090号 致：仙乐健康科技股份有限公司（下称"贵公司"） 广东信达律师事务所接受贵公司的委托，指派周蒴婷律师及高灵灵律师（下 称"本所律师"）参加了贵公司2024年年度股东大会（下称"本次股东大会"）， 并进行了必要的验证工作。现根据《中华人民共和国公司法》（下称"《公司法》"）、 《上市公司股东会规则》（下称"《股东会规则》"）、《深圳证券交易所上市 公司股东会网络投票实施细则》（下称"《网络投票实施细则》"）等法律法规 ...