业绩增速放缓，仙乐健康赴港“筹钱”

Core Viewpoint - Xianle Health has submitted a listing application to the Hong Kong Stock Exchange, aiming to establish an "A+H" dual capital platform to enhance its global strategy and capital strength [2] Group 1: Company Overview - Xianle Health was founded in 1993, initially focusing on pharmaceutical manufacturing, and entered the nutritional health food contract manufacturing sector in 2000 [2] - The company has been expanding its global business since 2016, acquiring German company Ayanda and gaining control of US company Best Formulations [2] - Xianle Health was listed on the Shenzhen Stock Exchange in September 2019 and primarily operates under the CDMO (Contract Development and Manufacturing Organization) model, producing soft capsules and gummies for international brands like Pfizer and HTC Group Ltd [2] Group 2: Financial Performance - Xianle Health's core products, soft capsules and gummies, account for over 70% of its revenue [2] - According to data from ZhiShi Consulting, Xianle Health ranks third globally and first in China in the nutritional health food CDMO market, with market shares of 6% and 3.6% for soft capsules and gummies, respectively [2] - Recent financial data shows a slowdown in revenue growth, with revenues of 3.582 billion yuan, 4.211 billion yuan, and 3.291 billion yuan for the first three quarters of 2023, 2024, and 2025, respectively, and net profits of 240 million yuan, 282 million yuan, and 56 million yuan for the same periods [3] Group 3: Future Outlook - Xianle Health anticipates a decline in net profit for 2025, projected between 101 million yuan and 151 million yuan, representing a year-on-year decrease of 53% to 69% [3] - The decline is attributed to a 195 million yuan asset impairment loss from the personal care segment, which has been underperforming due to decreased customer demand and rising costs [3] - The company plans to use the funds raised from the Hong Kong listing to enhance product R&D, implement global digital upgrades, build smart factories, optimize capacity layout, and improve sales and market expansion capabilities [4]