Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - In H1 2024, the company achieved revenue of 1.99 billion yuan, a year-on-year increase of 28.85%, and a net profit attributable to the parent company of 154 million yuan, up 52.66% year-on-year [2][6] - In Q2 2024, the company reported revenue of 1.04 billion yuan, a year-on-year increase of 23.29%, and a net profit of 91 million yuan, up 27.38% year-on-year [2][6] - The domestic market shows resilience, while the Americas market continues to experience high growth [6] - The company is expected to maintain strong revenue growth with projected revenues of 4.34 billion, 4.94 billion, and 5.58 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 21.13%, 13.91%, and 12.99% [6][7] Summary by Sections Financial Performance - In H1 2024, revenue was 1.99 billion yuan, with a net profit of 154 million yuan [2][6] - Q2 2024 revenue was 1.04 billion yuan, with a net profit of 91 million yuan [2][6] - Revenue by region: China 832 million yuan (up 4.22%), Americas 729 million yuan (up 65.42%), Europe 295 million yuan (up 13.78%) [6] Product Performance - Revenue by product in H1 2024: Soft capsules 889 million yuan (up 26.80%), tablets 142 million yuan (down 17.50%), powders 142 million yuan (up 13.29%), gummies 486 million yuan (up 60.55%), beverages 140 million yuan (down 14.36%), hard capsules 98 million yuan (up 70.16%) [6] Profitability and Cost Structure - Q2 2024 gross margin increased by 2.41 percentage points to 33.35% [6] - The company’s net profit margin increased by 0.65 percentage points to 7.90% in Q2 2024 [6] Earnings Forecast - Projected revenues for 2024-2026 are 4.34 billion, 4.94 billion, and 5.58 billion yuan, with net profits of 403 million, 502 million, and 587 million yuan respectively [6][7] - Earnings per share (EPS) are expected to be 1.71, 2.13, and 2.49 yuan for 2024, 2025, and 2026 respectively [6][7]

证 券 研 报 公 司 研 2024 年 08 月 12 日 究 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][3] Core Views - The company has shown strong export growth and confidence for the full year, with a significant increase in revenue and profit in Q2, achieving a year-on-year growth of 23.3% in revenue and 27.4% in profit [2][3] - The company has a solid order book for the second half of the year, indicating a positive outlook for performance [3][4] - Management's confidence is reflected in the planned share buyback by the Vice President, indicating strong belief in the company's future [3][4] Financial Data and Valuation - Total revenue for 2022 was 2507 million, projected to grow to 3582 million in 2023, and further to 4342 million in 2024, with year-on-year growth rates of 6%, 43%, and 21% respectively [10][11] - The company's gross profit margin improved to 33.4% in Q2 2024, up by 2.41 percentage points from the previous year [3] - The net profit for 2024 is projected to be 379 million, with an EPS of 1.61, and expected to grow to 510 million and 2.17 EPS by 2026 [4][11] - The company has a total market capitalization of 5.5 billion and a circulating market value of 4.6 billion [4]

公司研究 2024.08.11 仙乐健康（ 300791） 公司点评报告 24H1 稳健增长，BF 盈利改善可期 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 王泽华 登记编号：S1220523060002 | --- | --- | |-------------------------|-------------| | | | | 推 荐 ( 维 持 | ) | | 公司信息 行业 | 保健品 | | 最新收盘价(人民币/元 ) | 23.51 | | 总市值(亿)(元 ) | 55.47 | | 52 周最高/最低价(元 ) | 42.98/21.35 | 历史表现 -18% -4% 10% 24% 38% 23/8/11 23/11/10 24/2/9 24/5/10 24/8/9 仙乐健康 沪深300 数据来源：wind 方正证券研究所 相关研究 《仙乐健康(300791)：加大境外业务开拓力度， 24H1 整体增长符合预期》2024.07.21 《仙乐健康(300791)：23 年圆满收官，持续推 进大客户开发策略》2024.04.22 《仙乐健康(300791)：内生业务表现亮眼，全 ...

部分募集资金投资项目延期的核查意见 招商证券股份有限公司 关于仙乐健康科技股份有限公司 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为仙乐 健康科技股份有限公司（以下简称"仙乐健康"或"公司"）向不特定对象发行 可转换公司债券的保荐机构及持续督导机构，根据《证券发行上市保荐业务管理 办法》《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——创业板上市公司规范运作》及《上市公司监管指引第 2 号 ——上市公司募集资金管理和使用的监管要求》等相关法律法规和规范性文件的 要求，对仙乐健康部分募集资金投资项目延期的事项进行了审慎核查，核查情况 及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意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注册的批复》（证监许可[2021]927 号）同意注册，公 司向不特定对象发行可转换公司债券数量 10,248,929 张，募集资金总额为 102,489.29 万元，扣除发行费用 1,148.43 万元，实际募集资金净额为 101,340.86 万元。上述募集资金到位情况已经华兴会计师事务所（特殊 ...

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 20% increase compared to the same period in 2023[19]. - The company's operating revenue for the reporting period was ¥1,990,478,159.06, representing a 28.85% increase compared to ¥1,544,847,837.25 in the same period last year[33]. - The net profit attributable to shareholders was ¥154,473,292.80, a 52.66% increase from ¥101,185,645.67 year-on-year[33]. - The basic earnings per share increased to ¥0.86, reflecting a growth of 53.57% compared to ¥0.56 in the same period last year[33]. - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion RMB, representing a 15% year-over-year growth[163]. - The company expects a revenue guidance of RMB 1.2 billion for the full year 2024, indicating a projected growth of 25% year-over-year[19]. - The management expressed confidence in achieving a net profit margin of 12% for the full year 2024, up from 10% in 2023[163]. Market Expansion and Strategy - The company plans to enhance its local supply capabilities in China, Europe, and the US to meet regional demands and mitigate risks from policy changes[8]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[19]. - The company is actively exploring cross-selling opportunities between its U.S. and China operations to enhance sales[73]. - The company is focusing on market insights and customer-oriented strategies to maintain its competitive edge in the nutrition and health food industry[7]. - The company launched two new health products in Q2 2024, which are anticipated to generate RMB 200 million in sales within the first year[19]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by the end of 2025[163]. Research and Development - Research and development expenses increased to RMB 50 million, accounting for 10% of total revenue, reflecting the company's commitment to innovation[19]. - The company launched the BloomDays™ plant-based gummy and introduced the E-Lifeforce bionic enhancement technology platform at 15 industry forums and exhibitions in the first half of 2024[69]. - The company has established five R&D centers in China and the U.S. focusing on innovation in nutritional health products[104]. - The company obtained 25 invention patents in the first half of 2024, enhancing its technological moat and industry leadership[79]. - Research and development investments increased by 18%, totaling 150 million RMB, focusing on innovative health technologies[163]. Risk Management - The company has implemented measures to hedge against foreign exchange risks, particularly fluctuations in the USD/RMB exchange rate[9]. - The company has a robust risk management framework to address various risks, including market competition and economic fluctuations[4]. - The company is facing regulatory challenges in the European market, which may impact future growth projections[19]. Corporate Governance and Compliance - The company emphasizes compliance with industry regulations and has a dedicated legal department to adapt to new policies[6]. - The company has been recognized as a high-tech enterprise and has received multiple awards for its contributions to the industry[65]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[174]. Sustainability and Social Responsibility - The company has been recognized as a "Green Factory" by the national government and has received various environmental certifications, including ISO9001 and HACCP[181]. - The company has established a waste management control procedure to ensure proper classification, storage, and disposal of waste, exceeding national standards[182]. - The company donated 1 million yuan to support community infrastructure projects in Shantou's Longhu District, enhancing local living standards[197]. - The company has implemented a water resource management plan, achieving a significant increase in water recycling rates through a reclaimed water system[180]. - The company has achieved recognition as a water-saving enterprise by local authorities, reflecting its commitment to sustainable practices[180]. Product Development and Innovation - The company has a complete product line and is actively managing raw material procurement to mitigate risks from price volatility and supply stability[10]. - The company launched 435 new products in the first half of 2024, achieving significant innovation results in the health food sector[76]. - The company focuses on six key functional tracks, including probiotics, anti-aging, beauty health, cardiovascular metabolism, immune enhancement, and sports nutrition[62]. Employee Welfare and Community Engagement - The company provides competitive salaries and a comprehensive benefits package, enhancing employee satisfaction and retention[193]. - The company has established a dual-channel development system for talent, focusing on internal training and international management talent development[194]. - In the first half of 2024, the company donated over 1.1 million yuan through various channels, demonstrating its commitment to social responsibility[197].

| 证券代码：300791 证券简称：仙乐健康 | 公告编码：2024-075 | | --- | --- | | 债券简称：仙乐转债 债券代码：123113 | | 仙乐健康科技股份有限公司 第四届董事会第二次会议决议公告 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。 一、 董事会会议召开情况 仙乐健康科技股份有限公司（以下简称"公司"）第四届董事会第二次会议 于 2024 年 8 月 8 日在汕头市泰山路 83 号公司会议室以现场与通讯表决相结合 方式召开。会议通知和增加议案的通知分别于 2024 年 7 月 29 日和 2024 年 8 月 6 日以电子邮件、微信信息等方式送达给全体董事及其他列席人员，并取得全体 董事对本次会议如期举行的同意和认可。本次会议由董事长林培青先生召集和主 持，应出席董事 7 人，实际出席董事 7 人，其中，董事林培青、陈琼、姚壮民、 朱桂龙、胡世明以通讯表决方式出席。本次会议的召集、召开符合《中华人民共 和国公司法》《中华人民共和国证券法》《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》《仙乐健 ...

仙乐健康科技股份有限公司2024半年度非经营性资金占用及其他关联资金往来情况汇总表 | 其 他 关 联 | 金 资 往 来 | 金 名 资 往 来 方 称 | 往 来 方 与 上 市 公 | 司 上 市 公 司 核 算 的 | 20 24 年 期 初 往 金 | 20 24 年 度 往 来 生 金 累 计 发 额 | 20 24 年 度 往 来 金 息 资 的 利 ( 如 | 20 24 年 度 偿 还 生 金 | 20 24 年 期 末 往 金 | 单 原 往 来 形 成 因 | 位 人 民 币 万 元 ： 往 来 性 质 （ 经 营 性 往 经 性 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 的 关 联 关 系 | 会 计 科 目 | 来 资 余 额 | （ 不 含 利 息 ） | 有 ) | 累 计 发 额 | 来 资 余 额 | | 来 非 营 、 往 来 ） | | 控 股 股 东 实 际 控 、 | 制 人 及 其 附 属 企 业 | 不 适 用 | 不 适 用 | 不 适 ...

仙乐健康科技股份有限公司 关于募集资金存放与实际使用情况的专项报告 截至 2024 年 6 月 30 日止 仙乐健康科技股份有限公司 关于募集资金存放与实际使用情况的专项报告 仙乐健康科技股份有限公司（以下简称"仙乐健康"、"公司"）董事会根据中 国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管理和使用 的监管要求》及《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》的规定，编制了截至 2024 年 6 月 30 日止公开发行可转换公司债券募集资金 存放与实际使用情况的专项报告(以下简称"募集资金存放与实际使用情况报告")。 现将截至 2024 年 6 月 30 日止募集资金存放与实际使用情况专项说明如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意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注册的批复》（证监许可〔2021〕927 号）核准，仙乐健康于 2021年4月19日向不特定对象以每张面值人民币100元的发行价格公开发行10,248,929张 可转换公司债券，募集资金总额计人民币102,489.29万元，扣除保荐费和承销费用共计 ...

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2024-081 | | --- | --- | --- | | 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 欢迎广大投资者积极参与。 仙乐健康科技股份有限公司 董事会 出席本次 2024 年半年度业绩说明会的人员有：公司董事长兼总经理林培青 先生、董事兼副总经理姚壮民先生、副总经理兼董事会秘书郑丽群女士、财务负 责人夏凡女士、独立董事高见先生、保荐代表人刘兴德先生。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年半年度业绩说明 会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 8 月 16 日（星期五）15:30 前访问 http://ir.p5w.net/zj/，或扫描下方二维码，进 入问题征集专题页面。公司将通过本次业绩说明会，在信息披露允许范围内就投 资者普遍关注的问题进行回答。 （问题征集专题页面二维码，扫码自动匹配移动端） 1 关于举行 2024 年半年度网上业绩说明会的公告 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 ...