SIRIO(SZ:300791) 智通财经网·2026-01-31 06:24Core Viewpoint - The health supplement industry in China is undergoing a structural adjustment, and Xianle Health (300791.SZ), a leading company in the sector, is taking significant steps to navigate this transition, including a planned H-share listing despite a projected 53% drop in net profit for 2025 [1] Financial Performance - Xianle Health is positioned as a top player in the global nutrition health food solutions industry, with revenue expected to grow from 3.582 billion RMB in 2023 to 4.211 billion RMB in 2024, reflecting a year-on-year increase of 17.6% [2][3] - However, revenue growth has slowed, with 2025's first nine months showing a revenue of 3.291 billion RMB, a mere 7.96% increase compared to the same period in 2024 [2] - The company’s net profit saw a drastic decline, from 240 million RMB in 2023 to 282 million RMB in 2024, and only 55.535 million RMB in the first nine months of 2025, indicating a significant drop [5] Cost Structure and Profitability - The company’s gross margin improved from 29.65% in 2023 to 30.61% in 2024, and further to 31.48% in the first nine months of 2025, suggesting effective cost control and product structure optimization [4] - However, the period expenses have risen significantly, with sales expense ratio increasing to 8.30% and administrative expense ratio to 10.81% in the first nine months of 2025, reflecting higher market expansion costs and declining operational efficiency [5] Strategic Moves - Xianle Health is pursuing an H-share listing to meet capital demands during the industry’s transition, aiming to support R&D, capacity upgrades, and market expansion [6] - The company is also establishing a global manufacturing network with bases in China, Europe, North America, and Southeast Asia, including a planned investment of 109 million RMB in a Thai facility to produce 2.4 billion gummies annually [8] Market Position and Growth Potential - The global nutrition health food solutions market is projected to grow from 29.4 billion USD in 2024 to 42.4 billion USD by 2029, with a compound annual growth rate of 7.6% [7] - Xianle Health holds a significant market share in the soft capsule and gummy segments, ranking second globally with 6% and 3.6% market shares, respectively, indicating strong competitive advantages [7] Future Outlook - The company is at a critical transformation point, focusing on core nutrition health business while shedding non-core assets and enhancing its global production capabilities [9] - The ability to transition from being "China's first" to "global leader" will depend on effective capital operations, production efficiency, and continuous product innovation in a changing market environment [9]