（文章来源：证券日报） 证券日报网讯 9月4日晚间，仙乐健康发布公告称，公司于2025年8月4日召开2025年第三次临时股东大 会，审议通过了《关于变更公司注册资本及修订〈公司章程〉的议案》。公司于近日完成了工商变更登 记手续，并取得了汕头市市场监督管理局换发的营业执照。 ...

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-086 | | --- | --- | --- | | 证券代码：123113 | 证券简称：仙乐转债 | | 仙乐健康科技股份有限公司 关于完成工商变更登记并取得换发营业执照的公告 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 8 月 4 日召开 2025 年第三次临时股东大会，审议通过了《关于变更公司注册资本及修订〈公 司章程〉的议案》。公司于近日完成了工商变更登记手续，并取得了汕头市市场 监督管理局换发的营业执照。现将相关情况公告如下： 一、本次工商变更登记的主要事项 公司注册资本由贰亿叁仟伍佰捌拾柒万贰仟捌佰捌拾元变更为叁亿零柒佰 叁拾壹万捌仟玖佰陆拾元。 二、新取得营业执照的基本信息 统一社会信用代码：91440500617536366K 名称：仙乐健康科技股份有限公司 类型：其他股份有限公司(上市) 法定代表人：林培青 注册资本：叁亿零柒佰叁拾壹万捌仟玖佰陆拾元 成立日期：1993 年 08 月 16 日 住所 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a total revenue of 2.042 billion yuan for H1 2025, representing a year-on-year increase of 2.57%. The net profit attributable to shareholders was 161 million yuan, up 4.3% year-on-year, while the net profit excluding non-recurring items was 159 million yuan, an increase of 3.25% year-on-year [2][4] - In Q2 2025, the company achieved a total revenue of 1.087 billion yuan, reflecting a year-on-year growth of 4.66%. The net profit attributable to shareholders was approximately 92.5 million yuan, a 1.13% increase year-on-year, and the net profit excluding non-recurring items was about 94.4 million yuan, up 5.46% year-on-year [2][4] - The company experienced varied performance across regions, with revenue in China declining by 1.63% to 818 million yuan, while revenue in the Americas grew by 4.26% to 760 million yuan, and Europe saw a significant increase of 21.96% to 359 million yuan [10] - The company's gross profit margin improved by 1.14 percentage points to 33.18% in H1 2025, while the net profit margin increased by 0.13 percentage points to 7.89% [10] - The company is expected to benefit from the aging population and changes in consumer habits post-public health events, leading to a stable upward trend in the health supplement industry [10] - Forecasted net profits for the company are 353 million yuan, 455 million yuan, and 535 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.15, 1.48, and 1.74 yuan, and PE ratios of 21, 16, and 14 times [10]

Group 1 - Xianle Health's stock price has declined by 2.7% on September 3, reaching 24.10 CNY per share, with a trading volume of 81.97 million CNY and a turnover rate of 1.31%, resulting in a total market capitalization of 7.406 billion CNY [1] - The stock has experienced a continuous decline over three days, with a cumulative drop of 8.02% during this period [1] - Xianle Health, established on August 16, 1993, and listed on September 25, 2019, specializes in the research, production, sales, and technical services of nutritional health products [1] Group 2 - The main revenue composition of Xianle Health includes soft capsules (46.38%), gummies (25.31%), tablets (9.26%), beverages (5.42%), hard capsules (5.31%), powders (4.45%), and other forms (3.22%), with additional supplements accounting for 0.65% [1] - Among the top ten circulating shareholders, a fund under China Merchants Fund, specifically the China Merchants Industry Select Stock A (010341), entered the top ten in the second quarter, holding 2.2 million shares, which is 0.86% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 1.474 million CNY, with a total floating loss of 4.6199 million CNY during the three-day decline [2]

Market Overview - On September 2, the food processing sector declined by 0.3% compared to the previous trading day, with Xianle Health leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - The following stocks in the food processing sector showed notable performance: - ST Chuntian (600381) closed at 5.48, up 4.98% with a trading volume of 242,300 shares and a turnover of 132 million yuan [1] - Gai Shi Food (836826) closed at 14.23, up 4.10% with a trading volume of 157,300 shares and a turnover of 223 million yuan [1] - Huadong Co. (002840) closed at 11.39, up 3.17% with a trading volume of 348,600 shares and a turnover of 395 million yuan [1] - Xianle Health (300791) closed at 24.77, down 2.94% with a trading volume of 49,100 shares and a turnover of 123 million yuan [2] Capital Flow - The food processing sector experienced a net outflow of 77.54 million yuan from institutional funds, while retail investors saw a net inflow of 127 million yuan [2]

Core Viewpoint - Xianle Health reported steady revenue growth and profitability in the first half of 2025, with a focus on expanding new consumer markets and optimizing business structure in response to challenges in specific segments [1][2][4]. Financial Performance - In H1 2025, 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]. - Q2 2025 revenue reached 1.09 billion yuan, reflecting a 4.7% year-on-year growth, while net profit was 90 million yuan, a 1.1% increase year-on-year [1]. Regional Performance - Revenue from the China region in H1 2025 was 820 million yuan, down 1.6% year-on-year, impacted by the Changqing market, although new consumer clients showed growth in revenue and online penetration [2]. - The Americas region generated 760 million yuan in H1 2025, a 4.3% increase year-on-year, with exports maintaining positive growth despite tariff disruptions [2]. - The European region performed strongly with H1 2025 revenue of 360 million yuan, up 22.0% year-on-year, exceeding sales targets [2]. - Other regions reported revenue of 100 million yuan, down 23.0% year-on-year [2]. Product Segment Performance - Revenue growth by product type in H1 2025 included soft capsules (+6.5%), tablets (+33.4%), gummies (+6.35%), and hard capsules (+11.0%), while powder (-36.0%) and beverages (-20.8%) saw declines [2]. Profitability and Cost Management - The company's gross margin improved by 1.13 percentage points to 33.2% in H1 2025, attributed to lean production and cost reduction efforts [3]. - In Q2 2025, the gross margin slightly decreased by 0.1 percentage points to 33.3%, likely due to disruptions in the BF business [3]. - The net profit margin for Q2 2025 was 8.5%, down 0.3 percentage points year-on-year [3]. Future Outlook - The company anticipates stable recovery in domestic business and continued growth in new consumer markets, with potential in high-growth areas like pet nutrition [4]. - The successful divestiture of the BFPC segment could enhance profit elasticity and overall growth [4]. - Revenue forecasts for 2025 to 2027 are projected at 4.492 billion, 5.104 billion, and 5.863 billion yuan, with net profits of 350 million, 460 million, and 570 million yuan respectively [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10][11] Core Insights - The company has successfully expanded its new consumer client base, with strong performance in the Americas and Europe [3][7] - In H1 2025, 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 [6][7] - The company is positioned as a leading CDMO in the health supplement industry, with a focus on innovation and technology upgrades [10] Summary by Sections Recent Performance - In H1 2025, the company reported revenue of 2.04 billion yuan, with a net profit of 160 million yuan, and a non-recurring net profit of 160 million yuan [6][7] - Q2 2025 revenue was 1.09 billion yuan, a 4.7% increase year-on-year, with a net profit of 90 million yuan, up 1.1% year-on-year [6][7] Regional Performance - China region revenue in H1 2025 was 820 million yuan, down 1.6% year-on-year, affected by the long-term market [7] - The Americas region saw revenue of 760 million yuan, a 4.3% increase year-on-year, with exports maintaining positive growth despite tariff disruptions [7] - The European region achieved revenue of 360 million yuan, a significant 22.0% increase year-on-year, exceeding sales targets [7] Profitability and Cost Management - The company's gross margin improved by 1.13 percentage points to 33.2% in H1 2025, attributed to lean production and cost reduction efforts [7] - In Q2 2025, the gross margin was slightly down by 0.1 percentage points to 33.3% due to disruptions in the BF business [7] Future Outlook - The company anticipates a stable recovery in domestic business revenue and continued growth in new consumer markets, with plans to expand into high-potential sectors like pet nutrition [7][10] - The forecast for revenue from 2025 to 2027 is 44.92 billion yuan, 51.04 billion yuan, and 58.63 billion yuan respectively, with net profits projected at 350 million yuan, 460 million yuan, and 570 million yuan [10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a revenue of 2.04 billion yuan in H1 2025, representing a year-on-year increase of 2.6%, with a net profit attributable to the parent company of 160 million yuan, up 4.3% [1] - The report highlights the successful expansion of new channels in China and the positive operational dynamics of the BF segment [1][2] - The company is actively seeking opportunities to divest its PC business, which is expected to significantly enhance performance flexibility if successful [11] Summary by Sections Revenue and Profitability - In H1 2025, the company reported revenues of 2.04 billion yuan, with a gross margin of 33.2% and a net margin of 6.7% [1] - The revenue breakdown for H1 2025 shows China, Europe, and the Americas contributing 8.2 billion, 3.6 billion, and 7.6 billion yuan respectively, with year-on-year growth rates of -1.6%, +22.0%, and +4.3% [2] - The gross margin in H1 2025 increased by 1.1 percentage points compared to the previous year, indicating stable profitability [4] Regional Performance - The Chinese market experienced a slight revenue decline in Q2 2025 due to order confirmation timing, but overall orders showed double-digit growth [2] - The Americas region maintained growth despite tariff disruptions, with a revenue increase of 7.4% in H1 2025 [3] - The European market outperformed expectations with a revenue growth of 22% in H1 2025, driven by the introduction of standardized products [3] Future Outlook - The company forecasts revenue growth for 2025-2027 to be 46.4 billion, 52.5 billion, and 59.2 billion yuan, with corresponding net profits of 3.5 billion, 4.7 billion, and 5.4 billion yuan [11] - The report anticipates a recovery trend in the Chinese market, supported by a low base effect [11]

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 204.2 million and a net profit of 16.1 million for the first half of 2025, with year-on-year growth of 2.57% and 4.30% respectively [2] - The company is actively embracing new consumption trends, with private domain and cross-border business revenues growing over 200% and 100% respectively, and the revenue share from new consumption customers increasing from 30% to 50% [3] - The company has successfully launched 10 major products in the first half of 2025, with 25 products in the pipeline [3] - The gross margin for the China region improved by 1.09 percentage points to 35.75% in the first half of 2025, indicating strong profitability despite market challenges [3] Financial Summary - Total revenue is projected to grow from 3,582 million in 2023 to 5,664 million by 2027, with a compound annual growth rate (CAGR) of approximately 11.22% [1] - Net profit attributable to the parent company is expected to increase from 281.04 million in 2023 to 527.04 million by 2027, reflecting a CAGR of 14.82% [1] - The earnings per share (EPS) is forecasted to rise from 0.91 in 2023 to 1.71 by 2027, indicating a positive growth trajectory [1] - The price-to-earnings (P/E) ratio is projected to decrease from 28.34 in 2023 to 15.11 by 2027, suggesting an improving valuation over time [1]