仙乐健康递表港交所谋“A+H”双平台，全球化布局提速

Core Viewpoint - Xianle Health has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, aiming to establish an "A+H" dual capital platform amidst short-term performance pressures, seeking new growth opportunities through global capital operations [1][3]. Company Performance - Xianle Health's net profit for 2025 is projected to be between 101 million and 151 million yuan, a decline of 53%-69% compared to 325 million yuan in 2024; the net profit after excluding non-recurring losses is expected to drop by 74%-82%, amounting to 57.5 million to 85.97 million yuan [1]. - The core competitiveness of Xianle Health remains intact, with 2024 revenue reaching 4.211 billion yuan and maintaining a revenue scale of 3.291 billion yuan in the first three quarters of 2025; the revenue compound annual growth rates for soft capsules and gummies from 2022 to 2024 are 41% and 30%, respectively [3]. Business Adjustments - A significant reason for the performance decline is the 195 million yuan asset impairment loss related to the personal care business, which faced challenges such as decreased customer demand and increased operational costs due to Sino-U.S. trade tensions [2]. - The company has decided to divest the personal care segment, with the impairment primarily affecting the income statement without impacting cash flow [2]. Strategic Initiatives - Xianle Health is launching a strategic consulting project that incurs one-time expenses, alongside initial investments in new sectors like precision nutrition and pet nutrition, which are expected to show long-term value potential [2]. - The strategic intent behind the Hong Kong listing is to leverage the advantages of the international capital market to enhance global expansion and optimize the supply chain [3]. Industry Context - The global nutrition and health food market is experiencing rapid growth, with the total transaction value expected to reach 190 billion USD in 2024 and grow to 249 billion USD by 2029; the nutrition health food solutions market is projected to have a compound annual growth rate of 7.6% from 2024 to 2029 [4]. - The sub-segments of gummies and soft capsules, which Xianle Health focuses on, are expected to grow at rates of 10.3% and 8.5%, respectively, significantly outpacing the industry average [4].