SIRIO(SZ:300791) Mei Ri Jing Ji Xin Wen·2026-01-12 00:05Core Viewpoint - Xianle Health is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to deepen its global strategy and enhance overseas business development [1][2]. Group 1: Company Performance - In 2024, Xianle Health's main business revenue reached 4.184 billion yuan, a year-on-year increase of 17.25%, but revenue in China declined by 10.28% to 1.66 billion yuan [3]. - For the first half of 2025, the company's main business revenue was 2.028 billion yuan, a year-on-year increase of 2.62%, with Chinese revenue at 818 million yuan, showing a decline of 1.63% [3]. - Revenue growth in the Americas and Europe was significant, with increases of 59.56% and 14.25% respectively in 2024, and 4.26% and 21.96% respectively in the first half of 2025 [3]. Group 2: Strategic Initiatives - The company aims to leverage international capital markets through H-share listing to create a diversified capital operation platform [2]. - Xianle Health has been pursuing a globalization strategy since 2016, including the acquisition of Ayanda, a European soft capsule manufacturer, to enhance its market presence in Europe [2]. - The company has established a global supply chain with production bases in China, Germany, the USA, and Thailand, enhancing its local supply capabilities [2]. Group 3: Operational Challenges - Domestic performance is under pressure due to structural changes in the market, with traditional brands facing challenges from new retail and cross-industry pharmaceutical brands [3]. - The company announced a delay in its digital information construction project, extending the expected completion date from December 31, 2025, to December 31, 2026 [3]. - Production capacity utilization rates vary, with domestic soft capsules and gummies at medium to high levels, while the beverage powder capacity is underutilized [4].