SIRIO(SZ:300791) Sou Hu Cai Jing·2026-01-12 12:53Core Viewpoint - Xianle Health plans to issue overseas listed foreign shares (H-shares) and apply for listing on the main board of the Hong Kong Stock Exchange, indicating a strategic adjustment to its growth path and capital structure in response to market conditions and shareholder interests [1][5]. Financial Performance - Xianle Health's revenue from 2022 to 2024 was 2.507 billion, 3.582 billion, and 4.211 billion yuan, with year-on-year growth rates of 5.84%, 42.87%, and 17.56% respectively; net profit for the same period was 212 million, 281 million, and 325 million yuan, with year-on-year changes of -8.43%, 32.39%, and 15.66% [5]. - In the first three quarters of 2025, Xianle Health reported revenue of 3.291 billion yuan, a year-on-year increase of 7.96%, and net profit of 260 million yuan, up 8.53% year-on-year [5]. Domestic Business Trends - Domestic business revenue for Xianle Health from 2022 to 2024 was 1.491 billion, 1.850 billion, and 1.660 billion yuan, with year-on-year growth rates of 2.28%, 24.11%, and -10.28%; in the first half of 2025, domestic revenue was 818 million yuan, down 1.63% year-on-year [8]. - The decline in domestic business is attributed to reduced orders from traditional clients, but by the third quarter of 2025, domestic business showed signs of recovery, particularly from key clients like Amway and Bayer [8][9]. Emerging Market Dynamics - Xianle Health has acknowledged a previous lack of focus on the emerging health product market, but by the third quarter of 2025, revenue from new consumer clients exceeded half of the total revenue from the China region [9]. - Revenue and order volume from the China region grew over 20% and 25% year-on-year, with strong performance from emerging channels such as MCN and private domain customers, where revenue from MCN clients increased over 60% [9]. CDMO Model and Challenges - The CDMO (Contract Development and Manufacturing Organization) model typically exhibits a J-shaped profit curve, where initial high investments lead to long-term client retention and scale orders; however, market changes can disrupt this model, leading to potential losses if products exit the market prematurely [10]. - Xianle Health is leveraging its accumulated R&D data assets and is undergoing a digital transformation to enhance product development success rates, while also establishing local supply chains and market insights globally [10]. International Expansion - Xianle Health has expanded its international presence by acquiring control of Best Formulations in the U.S. in 2023, a North American soft capsule CDMO, following its earlier acquisition of German competitor Ayanda in 2016 [11]. - Revenue from international operations from 2022 to 2024 was 1.016 billion, 1.731 billion, and 2.550 billion yuan, with year-on-year growth rates of 11.54%, 70.40%, and 47.33%; in the first half of 2025, international revenue reached 1.224 billion yuan, up 5.58% year-on-year [11].