| | | 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 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现增加、否决或变更议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、 会议召开情况 1、现场会议召开时间：2025 年 5 月 8 日（星期四）14:30 2、现场会议召开地点：汕头市龙湖区泰山路 83 号公司行政楼会议室 3、网络投票时间：2025 年 5 月 8 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 8 日 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 8 日 9:15-15:00 期间的任意时间。 4、召集人：公司董事会 5、主持人：董事长林培青先生 6、会议的召集、召开与表决程序符合《中华人民共和国公司法》、《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— ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The hyaluronic acid food market is experiencing significant growth driven by increasing health awareness and regulatory support, with the market size projected to grow from 6.8 billion to 18.8 billion from 2019 to 2023, and expected to reach 34.6 billion by 2028 [7][8] - The industry is characterized by a fragmented market structure with a few leading brands, and the demand for hyaluronic acid products is rapidly increasing due to consumer interest in health and beauty [15][16] Market Background - Hyaluronic acid is a natural component found in the human body, and its application in food products is a new segment within health foods. The domestic brands are well-positioned in the market due to technological breakthroughs and capacity releases in upstream production [4][5] - The market for food-grade hyaluronic acid is expanding, with significant regulatory milestones achieved, allowing its use in ordinary food products [6] Market Status - The market size for hyaluronic acid food products in China has grown significantly, with a compound annual growth rate (CAGR) of 42.05% from 2019 to 2023 in the number of approved products, indicating a strong upward trend in consumer demand [8][10] - The supply side is bolstered by advancements in production technology, particularly microbial fermentation, which has improved production efficiency and reduced costs [9] Market Competition - The competitive landscape is divided into three tiers, with leading companies like Tongrentang and Xianle Health in the second tier, and brands like Yanruyu in the third tier [15][16] - The report highlights ten recommended brands, including Huaxi Biological, which is a global leader in the hyaluronic acid sector, and Tongrentang, known for integrating traditional medicine with modern health products [16][17][20] Development Trends - The industry is witnessing a trend of upstream and downstream integration, with leading producers focusing on technological innovations to enhance product quality and reduce costs [27] - Consumer demand is becoming increasingly segmented, with products tailored for different demographics, such as beauty drinks for younger consumers and joint health supplements for the elderly [28] - Cross-industry collaborations and brand partnerships are emerging as a significant trend, allowing brands to leverage each other's market presence and expand their product offerings [29][30]

Core Viewpoint - The company reported a mixed performance in Q1 2025, with slight revenue growth but a decline in profit, indicating ongoing challenges in the domestic market and the impact of high base effects in North America [1][2][3]. Financial Performance - Total revenue for Q1 2025 reached 954 million yuan, a year-on-year increase of 0.28% - Total profit amounted to 64.86 million yuan, reflecting a year-on-year decrease of 6.44% - Net profit attributable to shareholders was 68.64 million yuan, up 8.9% year-on-year, while the non-recurring net profit was 65.06 million yuan, a slight increase of 0.21% [1]. Domestic and International Business Dynamics - Domestic business pressures are gradually easing, while the Americas region faces growth challenges due to high base effects. Revenue in China is under pressure primarily due to the impact of medical insurance payment policies on core customer pharmacy channel businesses and the loss of some low-margin beverage orders [2]. - The company is actively exploring new retail channels, membership supermarkets, and private domain sales to mitigate domestic business pressures. The establishment of local factories in Germany and the U.S. is expected to enhance overseas business performance and reduce the impact of tariff changes [4]. Profitability and Cost Structure - The net profit margin increased by 0.57 percentage points year-on-year to 7.19%, and the gross profit margin rose by 2.47 percentage points to 33.09%. However, the operating profit margin decreased by 0.86 percentage points due to increased operating expenses [3]. - The decrease in operating expenses and income tax contributed to the rise in net profit margin, primarily due to high base effects from the previous year [3]. Future Outlook - The company expects net profits attributable to shareholders to reach 370 million yuan, 438 million yuan, and 491 million yuan for the years 2025, 2026, and 2027, respectively. Corresponding EPS is projected to be 1.56, 1.84, and 2.07 yuan, with PE ratios of 16, 14, and 12 times [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 954 million yuan in Q1 2025, reflecting a year-on-year increase of 0.28%. The total profit amounted to 64.86 million yuan, down 6.44% year-on-year. The net profit attributable to the parent company was 68.64 million yuan, up 8.9% year-on-year, while the net profit excluding non-recurring items was 65.06 million yuan, showing a slight increase of 0.21% year-on-year [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 9.54 billion yuan, with a total profit of 648.6 million yuan and a net profit attributable to the parent company of 686.4 million yuan [2][4]. - The gross profit margin increased by 2.47 percentage points year-on-year to 33.09%, while the net profit margin rose by 0.57 percentage points to 7.19% [10]. Business Outlook - Domestic business pressures are gradually easing, with the company actively exploring new retail channels and membership-based supermarkets to mitigate the impact of structural adjustments in the health product industry [10]. - The company is also expanding its global footprint, with local factories in Germany and the United States, which are expected to reduce the impact of tariff changes on its overseas business [10]. Profit Forecast - The company forecasts net profits of 370 million yuan, 438 million yuan, and 491 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.56, 1.84, and 2.07 yuan [10].

Investment Rating - The industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - The report highlights a positive outlook for the beverage sector, driven by the upcoming peak season and supportive macroeconomic policies from the central government [2][12] - The report emphasizes the potential for valuation recovery in the liquor sector, particularly in light of the recent political bureau meeting that indicated a more proactive fiscal and monetary policy [2][12] Summary by Sections Market Performance Review - For the week of April 21 to April 25, the food and beverage sector declined by 1.36%, while the Shanghai Composite Index rose by 0.38%. Notable performances included snacks (+4.50%) and soft drinks (+2.21%), while categories like beer (-0.72%) and health products (-1.28%) saw declines [1][19] Weekly Perspective Updates - **Liquor Sector**: The liquor sector saw a decline of 1.75%, attributed to the off-peak consumption period and inventory adjustments. However, the upcoming May Day holiday is expected to boost demand for banquet scenarios, aiding in inventory reduction [2][12] - **Beer and Beverage Sector**: The beer sector decreased by 0.72%, but companies like Zhujiang Brewery saw a 5.7% increase in stock price due to better-than-expected Q1 performance. The report anticipates improved demand as the weather warms and consumption policies are implemented [3][13] - **Consumer Goods Sector**: The report identifies opportunities in the snack sector, with a focus on companies that have shown resilience and potential for growth. The upcoming sales season for soft drinks is also highlighted as a catalyst for growth [3][14] Investment Recommendations - **Liquor Sector**: Recommended stocks include strong alpha leaders like Moutai and Shanxi Fenjiu, as well as cyclical stocks like Luzhou Laojiao and Jiugui Liquor [4][18] - **Consumer Goods**: The report recommends focusing on snacks and dairy products, with specific mentions of companies like Ganyuan Foods and Yuyuan Foods, which are expected to benefit from low base effects in Q2 [4][18] Sector and Individual Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the snack and soft drink sectors are currently outperforming others, while the liquor sector is under pressure [19][22]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company's revenue for 2024 reached 4.211 billion yuan, a year-on-year increase of 17.56%, with a net profit attributable to shareholders of 0.325 billion yuan, up 15.66% year-on-year [6] - In Q1 2025, the company achieved revenue of 0.954 billion yuan, a slight increase of 0.28% year-on-year, and a net profit of 0.069 billion yuan, up 8.90% year-on-year [6] - The company is positioned as a leading CDMO in the health food industry, with a focus on product innovation and technological upgrades, supported by a global supply capability across China, the US, and Europe [9] Summary by Sections Recent Performance - The company's performance in the last year shows a mixed trend, with a 1-month decline of 4.7% and a 12-month decline of 9.5% compared to the CSI 300 index [4] - As of April 25, 2025, the current stock price is 25.41 yuan, with a market capitalization of approximately 6.029 billion yuan [4] Regional Performance - In 2024, revenue by region was as follows: China 1.661 billion yuan (down 10.28%), Europe 0.604 billion yuan (up 14.25%), Americas 1.666 billion yuan (up 59.56%), and other regions 0.280 billion yuan (up 77.38%) [6] - The Chinese market showed signs of recovery in Q1 2025, with revenue stabilizing due to the company's efforts in expanding new consumer markets [6] Product Performance - In 2024, revenue by product type was: soft capsules 1.984 billion yuan (up 29.91%), tablets 0.326 billion yuan (down 10.05%), powders 0.232 billion yuan (down 20.90%), gummies 0.995 billion yuan (up 34.54%), beverages 0.248 billion yuan (down 41.22%), hard capsules 0.223 billion yuan (up 46.83%), and other forms 0.177 billion yuan (up 141.32%) [6] - The company has seen significant growth in high-margin products like gummies, which have increased their market share from approximately 5% in 2022 to nearly 10% in 2024 [6] Profitability - The gross margin for 2024 was 31.46%, improving to 33.09% in Q1 2025, reflecting a year-on-year increase of 1.19 percentage points and 2.47 percentage points respectively [6] - The company’s net profit margin for 2024 was 7.72%, slightly decreasing to 7.19% in Q1 2025 [7] Financial Forecast - The projected revenue for 2025 is 4.663 billion yuan, with a net profit of 0.400 billion yuan, and EPS of 1.69 yuan [8] - The company expects a revenue growth rate of 11% in 2025, with a net profit growth rate of 23% [8] Competitive Position - The company is enhancing its competitive barriers through multi-dimensional capability improvements, including product innovation, supply chain optimization, and digital transformation [9] - The company’s innovative products contributed over 35% to sales in 2024, with higher gross margins than average [9]

Group 1: Company Performance - In Q1 2025, the company achieved a net profit of 68.64 million RMB, representing an 8.90% year-on-year increase [6] - The gross profit margin for Q1 2025 was 33.09%, an increase of 2.47 percentage points compared to the same period last year [6] - For the full year 2024, the company reported total revenue of 4.21 billion RMB, a 17.6% increase year-on-year, and a net profit of 325 million RMB, up 15.7% [8] Group 2: Market and Growth Strategy - The Chinese nutrition and health food market is projected to reach 260.2 billion RMB in 2024, with a CAGR of 6.3% from 2019 to 2024 [8] - The company plans to enhance its global smart supply chain capabilities and strengthen collaboration between domestic and international operations [2][7] - The company aims to expand its domestic market share by focusing on high-value clients and exploring new consumption channels such as live streaming and offline retail [2][7] Group 3: International Business and Challenges - Approximately 60% of the company's business is international, with 40% coming from the U.S. market [3] - The company is actively managing the impact of tariffs on its U.S. exports, with less than 15% of its total revenue coming from exports to the U.S. [3] - The company is exploring local production options in the U.S. to mitigate tariff impacts and enhance its supply chain resilience [3] Group 4: Product Development and Innovation - The company focuses on six key functional areas: anti-aging, probiotics, beauty and health, cardiovascular metabolism, immune enhancement, and bone and joint health [5] - The company is developing a "Xianle Probiotic Technology Platform" to lead the probiotics industry and is responding to national initiatives on weight management with new product launches [5] - The production capacity utilization rate for gummies and bagged drinks exceeded 70% as of March 2025, while powder products still have room for improvement [4]

2025Q1 毛利率同增2pct 至33.09%，主要系采购端降本叠加优化定价策略所致，销售/管理费用率分别同 增2pct/2pct 至9.33%/11.85%，主要系销售团队升级及市场营销推广所致，净利率同增0.3pct 至5.92%， 基本持平。 事件 2025 年4 月23 日，仙乐健康发布2025 年一季度报告。 2025Q1 总营收9.54 亿元（同增0.3%），高基数下增速边际放缓，归母净利润0.69 亿元（同增9%），扣 非净利润0.65亿元（同增0.2%）。 投资要点 降本增效持续推进，盈利能力保持稳定 内生外延释放规模，海外市场加速开拓 公司一方面通过产品创新与运营优化提升内生业务，另一方面BF 贡献外延式增长。分地区来看，国内 通过重组销售团队，建立新零售赛道BD 团队，推动内外部资源共享与整合，有望助推国内业务企稳回 升；美洲BF 规模效应持续显现，目前在手订单充足；欧洲自动化包装生产线投产缩短本地交付周期， 后续公司持续优化产品清单，提升现有品牌和渠道客户体量。 盈利预测 我们短期看好公司通过推动一系列整合措施和降本增效措施，促进BF 盈利能力提升，长期看好公司产 品研发创新能力、B ...

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]