SIRIO(SZ:300791) Xin Jing Bao·2026-01-12 12:40Core Viewpoint - Xianle Health plans to issue H-shares and seek investment opportunities for its subsidiary BFPC to enhance its global strategy and capital strength [1][2] Group 1: Company Overview - Xianle Health, established in 1993 and listed on the Shenzhen Stock Exchange in 2019, specializes in contract R&D and manufacturing for the nutrition and health food industry, offering comprehensive solutions including research, development, manufacturing, packaging, logistics, and marketing support [2] - The company has been pursuing a global strategy since 2012, establishing operations in the U.S. and acquiring Sirio Germany in 2016 to enhance its localized production capabilities [2][3] Group 2: Subsidiary Performance - BFPC, a leading U.S. CDMO for nutritional supplements, has not contributed positively to Xianle Health's financial performance, reporting losses of 143 million, 151 million, and 86.94 million yuan from 2023 to the first half of 2025 [3] - As of June 30, 2025, the goodwill from the acquisition of BFPC stands at 251 million yuan, with a total goodwill value of 435 million yuan, representing 17.05% of the company's equity [4] Group 3: Financial Performance - In 2024, Xianle Health reported revenues of 4.211 billion yuan, a year-on-year increase of 17.56%, with net profit of 325 million yuan, up 15.66% [5] - Domestic sales declined by 10.28% to 1.661 billion yuan, while international sales grew by 47.33% to 2.550 billion yuan [5] - For the first half of 2025, revenues reached 2.042 billion yuan, a 2.57% increase, with net profit of 161 million yuan, up 4.30% [5] Group 4: Market Dynamics - The domestic market is facing challenges due to generational shifts and rapid innovation, while the supply side is undergoing structural changes, leading to increased pressure on traditional brands [5][6] - The industry is entering a phase of accelerated innovation characterized by diverse product categories and rapid iterations, necessitating higher responsiveness and innovation capabilities from contract manufacturers [6]