Group 1: Financial Performance - Revenue from the Americas market increased by 4.26% year-on-year, reaching 760 million CNY in the first half of 2025 despite trade tensions [5] - The company maintained a stable gross margin for its export business to the Americas through various cost control measures [5] Group 2: Strategies for Market Expansion - The company plans to scale up its gummy business and explore existing large clients' needs, preparing for sales opportunities in 2026 [2] - Focus on expanding sales in the Latin American market, particularly targeting new clients in Brazil [2] - Strengthening team development by equipping sales regions with business development and customer operation teams [2] Group 3: Response to Tariff Challenges - The company has implemented strategies to mitigate the impact of tariffs, including adjusting end-user prices and locking in raw material costs [2] - Engaging in negotiations with suppliers to reduce cost increases and sourcing alternative materials [2] Group 4: Globalization and Supply Chain Efficiency - The company is advancing its global strategy by enhancing local capabilities and improving operational efficiency in overseas factories [3] - Plans to diversify market risks by expanding into emerging markets such as Southeast Asia and Latin America [6] Group 5: Production Capacity and Order Fulfillment - Domestic factories have a medium to high capacity utilization for soft capsules, gummies, and tablets, while beverage powder capacity is underutilized [4] - The company is steadily progressing in fulfilling existing orders, with overall sales and delivery conditions being normal [4] Group 6: Future Development Focus - The company aims to solidify its leading position in domestic markets while expanding into new consumer channels [6] - Plans to enhance technological capabilities, including the development of an AI-driven formula design system and digital transformation initiatives [7] Group 7: Goodwill and Acquisitions - The company reported goodwill of over 400 million CNY due to acquisitions, with no current impairment risks identified [7] - Integration of acquired companies into the overall business strategy to strengthen global supply capabilities [7]

Investment Rating - The report rates the health supplement industry as "Outperform" [1] Core Insights - The health supplement industry is entering a new upward cycle, driven by rising health awareness among younger consumers and the emergence of new consumption trends [6][9] - The market for nutritional health products in China is projected to reach 522.3 billion yuan by 2024, with a compound annual growth rate of 5.7% from 2019 to 2024 [10][11] - Online sales channels are becoming increasingly important, with a significant rise in sales through platforms like Douyin, which has become the leading online sales platform for health supplements [32][35] Summary by Sections Industry Characteristics - The industry is characterized by a clear trend towards younger consumers, the emergence of new niche markets, and accelerated product iteration [7][9] - The overall scale of the traditional health supplement market is over 300 billion yuan, growing at approximately 5% annually, while new consumption segments such as anti-aging and cardiovascular health are emerging [9] Market Dynamics - The online sales of health supplements in China grew from 107.4 billion yuan in 2022 to 142.1 billion yuan in 2023, indicating a strong shift towards e-commerce [29][30] - Douyin's sales growth in health supplements reached 38% in the first half of 2025, surpassing other platforms like Tmall and JD [32] Key Segments - The report identifies several high-growth segments within the health supplement industry: - Anti-aging: Focused on products like ergothioneine and NAD+ [49][52] - Sports nutrition: Emphasizing glucosamine and calcium products [55] - Cardiovascular health: Highlighting deep-sea fish oil and phospholipid products [58] - Liver health: Addressing needs arising from unhealthy lifestyles [61] - Probiotics: Targeting gut health and overall wellness [66] Investment Recommendations - The report suggests focusing on brands with strong product operation capabilities and high brand recognition, such as Ruoyuchen and H&H International Holdings [5][69] - For production, it recommends selecting leading companies with substantial scale and customer resources, such as Xianle Health [5][69] - In the raw material sector, it highlights industry leaders like Jindawei [5][69]

Core Viewpoint - The food and beverage industry is experiencing a mixed performance, with some companies showing growth while others face challenges due to market adjustments and inventory pressures [2][8][9]. Market Performance - The Shanghai and Shenzhen 300 Index fell by 0.81%, while the Shenwan Food and Beverage Index decreased by 1.5% during the specified period [1]. - The top five gaining stocks included Huanlejia, Gaisi Food, Qianwei Yangchu, Baihe Co., and Huifa Food [1]. Institutional Insights - Open-source Securities suggests focusing on three lines: national mid-to-high-end recovery, regional leaders, and high-end liquor valuation recovery [2]. - Key companies to watch include Shede Liquor, Shanxi Fenjiu, Gujing Gongjiu, and Moutai, with a focus on new consumption trends and channels [2]. - Huachuang Securities recommends exploring new opportunities in the health product sector, particularly H&H International and Xianle Health [3]. Industry Trends - The liquor industry is undergoing a rational adjustment, with companies like Moutai and Zhenjiu Liudu exploring new paths to enhance market reach [7]. - The white liquor sector is seeing a significant inventory issue, with 20 listed liquor companies holding nearly 170 billion yuan in inventory, leading to cash flow pressures for some mid-tier companies [9]. Company Developments - Wuliangye has launched a promotional campaign allowing car buyers to purchase its liquor at a 25% discount [10][11]. - Yingjia Gongjiu has established a new sales company to enhance its market presence [12]. - Jiusuan Co. has adjusted its growth strategy, focusing on maintaining market share rather than absolute growth [13]. Macro Events - The Chinese warehousing index for August was reported at 49.3%, indicating a decline in new orders and a slowdown in goods turnover, which may impact the food and beverage sector [4]. - The emergence of H5N1 avian influenza in the UK could have implications for poultry-related food products [5]. Financial Metrics - The financial performance of the liquor industry shows a significant disparity, with 15 out of 21 listed companies reporting revenue declines, while only six managed to achieve growth [8]. - The industry is expected to face continued challenges, with some analysts predicting a prolonged adjustment period before recovery [8]. Inventory and Capacity Issues - Many liquor companies are struggling with high inventory levels, with some facing a six-year inventory turnover cycle, which could further strain cash flow [9]. - Despite low capacity utilization rates, some companies continue to expand production, raising concerns about future inventory management [9].

（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]