仙乐健康(300791)：股权激励及员工持股双加码 明晰未来增长 传递市场信心

Core Viewpoint - Company is facing short-term performance pressure due to increased impairment losses and strategic investments, with a significant decline in net profit expected for 2025 [1][3] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 101 million and 151 million yuan for 2025, representing a year-on-year decline of 53% to 69% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 57.5 million and 85.97 million yuan, reflecting a year-on-year decrease of 74% to 82% [1] - A one-time non-cash impairment loss of 195 million yuan was recognized for assets related to the Best Formulation personal care business [1] - The company confirmed an investment impairment loss of 56.55 million yuan due to underperformance of a brand operation company, impacting the non-recurring net profit more significantly than the attributable net profit [1] Group 2: Strategic Initiatives - The company plans to grant 2.2025 million shares to 85 management and core technical personnel at a price of 12.21 yuan per share, with performance targets set for revenue growth in 2026, 2027, and 2028 [2] - An employee stock ownership plan will be implemented for up to 12 individuals, with profit targets for 2026 and 2027 set at no less than 380 million yuan and 450 million yuan, respectively [2] - These initiatives aim to clarify the company's operational goals for the next three years, enhancing market confidence and stabilizing expectations [2] Group 3: Market Position and Growth Outlook - As a leading company in the domestic nutrition and health food sector, the company is adjusting its operations to focus on customer and regional expansion, which is expected to support stable growth in its core business [3] - The strategic layout in precision nutrition and pet nutrition is designed to create a second growth curve for the company [3] - Revenue projections for 2025 to 2027 are estimated at 4.51 billion, 5.12 billion, and 5.61 billion yuan, with year-on-year growth rates of 7%, 14%, and 10%, respectively [3] - Expected net profits for 2025 to 2027 are projected at 130 million, 380 million, and 450 million yuan, with year-on-year growth rates of -61%, 204%, and 18%, respectively [3]