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]

证券研究报告 | 公司点评报告 2025 年 04 月 23 日 仙乐健康（300791.SZ） 24 年迎难交出答卷，25 年改善可期 消费品/食品饮料 公司 24 年迎难交出答卷，同时积极调整客户结构应对渠道分流变化。叠加提振 内需大背景下预计中国区收入逐季改善，美洲虽面临关税扰动，但公司积极和 客户协商成本转移的同时，动态评估产能转移的可行性；其他地区深化战略客 户合作及扩大区域市场覆盖。公司锚定全球营养健康食品行业 CDMO 龙头，前 瞻性布局海外市场及全球供应链，多元成长潜力显现。 ❑ 风险提示：需求疲软、阶段性产能过剩、政策变动、成本上涨等 强烈推荐（维持） 目标股价：NA 当前股价：25.48 元 基础数据 | 总股本（百万股） | 237 | | --- | --- | | 已上市流通股（百万股） | 198 | | 总市值（十亿元） | 6.0 | | 流通市值（十亿元） | 5.0 | | 每股净资产（MRQ） | 10.9 | | ROE（TTM） | 12.8 | | 资产负债率 | 51.7% | | 主要股东 | 广东光辉投资有限公司 | | 主要股东持股比例 | 42.6% | ...

证券研究报告·公司点评报告·食品加工 仙乐健康（300791） 2025 年一季报点评：积极调整，稳扎稳打 2025 年 04 月 24 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,582 | 4,211 | 4,701 | 5,346 | 5,984 | | 同比（%） | 42.87 | 17.56 | 11.64 | 13.71 | 11.95 | | 归母净利润（百万元） | 281.04 | 325.06 | 391.89 | 496.65 | 585.57 | | 同比（%） | 32.39 | 15.66 | 20.56 | 26.73 | 17.90 | | EPS-最新摊薄（元/股） | 1.18 | 1.37 | 1.65 | 2.09 | 2.47 | | P/E（现价&最新摊薄） | 20.75 | 17.94 | 14.88 | 11.74 | 9.96 | 证券分析师 苏铖 ...

仙乐健康高度重视研发工作。2025年第一季度公司宣布成立抗衰研究院，开启健康与衰老科学的前沿研 究，同时推出多项创新产品，首发推出QUICKFIZZ 闪溶益生菌固体饮料，萃优酪 DHA藻油凝胶糖果荣 获"蓝帽"备案凭证，欧洲事业部新推出XtraGummies 营养软糖系列产品。 本报讯 （记者王镜茹）4月23日晚间，仙乐健康（300791）科技股份有限公司（以下简称"仙乐健康"） 发布2025年一季度报告。报告显示，2025年第一季度公司实现营业收入9.54亿元，同比增长0.28%；实 现归母净利润6864.07万元，同比增长8.90%；实现毛利率33.09%，同比提升2.47个百分点。 业内认为，仙乐健康有望通过充分发挥中国区的优势底盘能力，将成功经验输出至全球市场，从而在全 球范围内占据更大的市场份额。 美洲地区，一季度虽因关税问题导致市场不确定性增加，但公司美洲出口一季度仍实现良好开局，毛利 率同比提升；同时，BestFormulations工厂的核心业务进入扭亏攻坚期，人效和成本显著改善，亦成功 承接了部分原出口美洲订单，新增订单增速显著，储备超过150项拉美区域项目，预计将于下半年逐步 落地。欧洲地 ...

盈利预测与投资评级：当前中国区表现已呈现改善迹象，有望在新消费市场实现重点突破，美洲区BF 核心业务扭亏进入攻坚期，人效提升显著，期待逐步改善。我们预计公司2025-27 年可实现归母净利润 4.00/5.00/5.68 亿元，同比分别+23.01%/+24.94%/+13.75%，当前股价对应2025-27 年PE 分别为 15X/12X/11X，维持"推荐"评级。 25Q1 收入保持平稳，中国区趋势良好，欧洲区大客户实现突破。25Q1 公司收入端实现平稳增长，其 中：1）中国区：实现收入正增长，订单增速高于收入增速，趋势良好；2）美洲区：美洲出口业务实现 稳健开局，且出口业务毛利率同比提升，BF 新增订单增速显著，BF 核心业务的扭亏进入攻坚期；3） 欧洲区：收入同比增长超35%，订单总量增长超30%，公司与南欧头部品牌达成战略合作，并对其拉美 公司产生积极的溢出效应；4）亚太及新兴地区：深化澳洲战略客户合作，同步扩大印尼、泰国等东南 亚市场覆盖，新品销售收入突破百万级，营养软糖品类收入增长超20%。 毛利率有效提升，盈利能力保持稳定。25Q1 公司毛利率/归母净利率分别为33.09%/7.19%，同比 ...

证券研究报告·公司点评报告·食品加工 仙乐健康（300791） 2025 年一季报点评：积极调整，稳扎稳打 2025 年 04 月 24 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,582 | 4,211 | 4,701 | 5,346 | 5,984 | | 同比（%） | 42.87 | 17.56 | 11.64 | 13.71 | 11.95 | | 归母净利润（百万元） | 281.04 | 325.06 | 391.89 | 496.65 | 585.57 | | 同比（%） | 32.39 | 15.66 | 20.56 | 26.73 | 17.90 | | EPS-最新摊薄（元/股） | 1.18 | 1.37 | 1.65 | 2.09 | 2.47 | | P/E（现价&最新摊薄） | 20.75 | 17.94 | 14.88 | 11.74 | 9.96 | [Table_T ...

证 券 研 究 报 告 仙乐健康（300791）2025 年一季报点评 强推（维持） 调整成效初显，布局提速拐点 事项： ❖ 公司发布 2025 年一季报。公司发布 25Q1 季报，公司实现营业总收入 9.54 亿 元，同增 0.28%，归母净利润 0.69 亿元，同增 8.9%，扣非归母净利润 0.65 亿 元，同增 0.21%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,211 | 4,746 | 5,377 | 5,962 | | 同比增速(%) | 17.6% | 12.7% | 13.3% | 10.9% | | 归母净利润(百万) | 325 | 404 | 502 | 588 | | 同比增速(%) | 15.7% | 24.4% | 24.2% | 17.0% | | 每股盈利(元) | 1.37 | 1.70 | 2.12 | 2.48 | | 市盈率(倍) | 19 | 15 | 12 | 10 | ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is expected to achieve revenue of 4.21 billion yuan in 2024, representing a year-on-year growth of 17.56%, with net profit attributable to the parent company projected at 325 million yuan, up 15.66% [1][4]. - The company is actively expanding its new consumer market in China and has achieved mass production of soft candies in the Americas, indicating a positive growth trajectory [2][4]. - The company is focusing on cost reduction and efficiency improvements, which are expected to enhance gross margins [3][4]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 4.21 billion yuan, with a breakdown of 3.25 billion yuan for net profit and 3.28 billion yuan for net profit after deducting non-recurring items [1]. - The revenue from the core business is expected to be 3.25 billion yuan, reflecting a 12.3% increase year-on-year, while BF revenue is anticipated to reach 958 million yuan, marking a 39.91% increase [1][2]. - The gross margin for 2024 is forecasted to be 31.46%, an increase of 1.2 percentage points year-on-year [3]. Regional Performance - In China, revenue is expected to decline by 10.28% due to weak demand in traditional channels, while new consumer market initiatives are showing early success [2]. - In the Americas, BF is projected to contribute 9.6 billion yuan in revenue, a nearly 40% increase, with efforts to mitigate tariff impacts through local production [2]. - In Europe, the company has established a management center in Frankfurt and converted over 40 clients [2]. Product Segmentation - Revenue by product type is expected to be 1.98 billion yuan for soft capsules, 326 million yuan for tablets, 232 million yuan for powders, 995 million yuan for soft candies, 248 million yuan for functional drinks, and 223 million yuan for hard capsules, with soft candies showing a growth of 34.54% [3]. - The gross margins for these products vary, with soft candies achieving a gross margin of 48.88%, reflecting a year-on-year increase of 3.72 percentage points [3]. Future Projections - Revenue is expected to grow to 4.81 billion yuan in 2025, 5.48 billion yuan in 2026, and 6.07 billion yuan in 2027, with corresponding net profits projected at 403 million yuan, 497 million yuan, and 573 million yuan respectively [4][12]. - The company is anticipated to maintain a PE ratio of 15X in 2025, 12X in 2026, and 11X in 2027, indicating a favorable valuation outlook [4].

仙乐健康科技股份有限公司 内部审计管理制度 第一章 总 则 第一条 为加强和规范仙乐健康科技股份有限公司（以下简称"公司"）的内 部审计工作，加强内部控制管理，防范和控制公司风险，保障公司及股东的合法 权益，依据《中华人民共和国公司法》、《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》、《中华人民共和国审计法》、《审计署关于 内部审计工作的规定》、《企业内部控制基本规范》等法律法规以及《仙乐健康科 技股份有限公司章程》（以下简称"章程"），结合公司实际情况，制定本制度。 第二条 本制度适用于公司各内部机构、全资及控股子公司、分公司以及具 有重大影响的参股公司。 第三条 本制度所涉内部审计是指内部审计部门或审计人员对本公司及各下 属单位内部控制、财务状况、资产质量、经营绩效、重大项目等经济活动的真实 性、合法性和效益性进行监督、评价和建议的活动。本制度所涉审计对象特指公 司及其全资或控股子公司、分公司、具有重大影响的参股公司，以及公司各内部 机构和上述子公司的相关责任人员。 第四条 内部审计基本原则： 独立性原则：审计部独立行使职权，不受其他部门或人员干预，确保审计工 作的独立性和权 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 954,215,143.94, representing a slight increase of 0.28% compared to CNY 951,504,195.36 in the same period last year[3]. - Net profit attributable to shareholders increased by 8.90% to CNY 68,640,679.60 from CNY 63,029,722.56 year-on-year[3]. - The company's basic earnings per share rose by 9.55% to CNY 0.2926 from CNY 0.2671 in the same period last year[3]. - Net profit for the current period was ¥56,487,064.91, compared to ¥53,871,136.53 in the previous period, representing an increase of approximately 3.0%[29]. - The net profit attributable to the parent company was ¥68,640,679.60, up from ¥63,029,722.56, indicating a growth of around 8.5%[29]. - Basic and diluted earnings per share improved to ¥0.2926 from ¥0.2671, showing an increase of about 9.9%[30]. Cash Flow - The net cash flow from operating activities improved significantly to CNY 63,522,487.01, compared to a negative cash flow of CNY -72,301,258.02 in the previous year[8]. - Cash flow from operating activities was ¥1,167,076,628.12, compared to ¥918,338,578.40 in the previous period, indicating a significant increase in cash inflow[32]. - Net cash flow from operating activities was $63.52 million, a significant improvement from a net outflow of $72.30 million in the previous period[33]. - The ending balance of cash and cash equivalents was $589.48 million, compared to $403.85 million at the end of the previous year[33]. - Cash inflow from operating activities amounted to $1.19 billion, an increase from $928.32 million year-over-year[33]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 5,614,182,320.66, up 2.34% from CNY 5,486,023,079.85 at the end of the previous year[3]. - The total liabilities increased to ¥2,899,981,514.55 from ¥2,844,825,104.64, reflecting a rise of about 1.9%[27]. - Total equity attributable to the parent company rose to ¥2,591,182,217.68 from ¥2,505,833,682.05, an increase of approximately 3.4%[27]. Shareholder Information - The largest shareholder, Guangdong Guanghui Investment Co., holds 42.60% of the shares, totaling 101,088,000 shares[11]. - Lin Peiqing, a natural person, holds 9.09% of the shares, amounting to 21,565,440 shares, with 16,848,000 shares being his own and 4,717,400 shares held in trust[11]. - Chen Qiong, another natural person, owns 5.54% of the shares, which is 13,141,440 shares, with 3,285,360 shares released from restrictions this period[14]. - The company has implemented a 2025 restricted stock incentive plan, which was approved on January 10, 2023[15]. - The total number of restricted shares at the end of the period is 39,569,828 shares, after 3,327,676 shares were released this period[14]. - The company has a total of 41,496,504 restricted shares at the beginning of the period, with 1,401,000 shares added this period[14]. - The company’s actual controllers are Lin Peiqing and Chen Qiong, who are married[11]. - The shareholding structure indicates significant control by a few key individuals and entities, with the top 10 shareholders holding substantial stakes[11]. Financial Expenses and Investments - Financial expenses increased by 38.46% to CNY 22,265,559.88, primarily due to higher interest expenses[7]. - The company plans to invest up to $40 million in building a production base in Thailand to enhance its global supply chain and competitiveness[21]. - Cash outflow for employee compensation was $249.48 million, up from $216.34 million in the previous period[33]. - The company received tax refunds totaling $12.12 million, compared to $6.43 million in the prior year[33]. Other Financial Metrics - The weighted average return on equity slightly decreased to 2.70% from 2.73% year-on-year[3]. - The company reported a decrease in research and development expenses to ¥29,103,485.10 from ¥30,794,385.11, a reduction of approximately 5.5%[29]. - The company received government subsidies amounting to CNY 1,183,139.40, which positively impacted its financial performance[4]. - Other comprehensive income after tax for the current period was ¥13,655,659.94, a recovery from a loss of ¥26,692,941.41 in the previous period[30].