Core Viewpoint - The company reported a mixed performance in Q1 2025, with slight revenue growth but a decline in profit, indicating ongoing challenges in the domestic market and the impact of high base effects in North America [1][2][3]. Financial Performance - Total revenue for Q1 2025 reached 954 million yuan, a year-on-year increase of 0.28% - Total profit amounted to 64.86 million yuan, reflecting a year-on-year decrease of 6.44% - Net profit attributable to shareholders was 68.64 million yuan, up 8.9% year-on-year, while the non-recurring net profit was 65.06 million yuan, a slight increase of 0.21% [1]. Domestic and International Business Dynamics - Domestic business pressures are gradually easing, while the Americas region faces growth challenges due to high base effects. Revenue in China is under pressure primarily due to the impact of medical insurance payment policies on core customer pharmacy channel businesses and the loss of some low-margin beverage orders [2]. - The company is actively exploring new retail channels, membership supermarkets, and private domain sales to mitigate domestic business pressures. The establishment of local factories in Germany and the U.S. is expected to enhance overseas business performance and reduce the impact of tariff changes [4]. Profitability and Cost Structure - The net profit margin increased by 0.57 percentage points year-on-year to 7.19%, and the gross profit margin rose by 2.47 percentage points to 33.09%. However, the operating profit margin decreased by 0.86 percentage points due to increased operating expenses [3]. - The decrease in operating expenses and income tax contributed to the rise in net profit margin, primarily due to high base effects from the previous year [3]. Future Outlook - The company expects net profits attributable to shareholders to reach 370 million yuan, 438 million yuan, and 491 million yuan for the years 2025, 2026, and 2027, respectively. Corresponding EPS is projected to be 1.56, 1.84, and 2.07 yuan, with PE ratios of 16, 14, and 12 times [4].

丨证券研究报告丨 [Table_Summary] 仙乐健康发布 2025 年一季报，公司 2025Q1 实现营业总收入 9.54 亿元（同比+0.28%）；利润 总额 6486 万元（同比-6.44%）；归母净利润 6864 万元（同比+8.9%），扣非净利润 6506 万元 （同比+0.21%）。 分析师及联系人 [Table_Author] 董思远 陈硕旸 SAC：S0490517070016 SAC：S0490524020002 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% 公司研究丨点评报告丨仙乐健康（300791.SZ） [Table_Title] 仙乐健康 2025 年一季报点评：国内业务压力逐 步减弱，BF 减亏仍在推进当中 报告要点 research.95579.com 1 仙乐健康（300791.SZ） cjzqdt11111 [Table_Title 仙乐健康 2025 2] 年一季报点评：国内业务压力逐 步减弱，BF 减亏仍在推进当中 [Table_Summary2] 事件描述 仙乐健康发布 2025 年一季报，公司 2025Q1 实现营业总收入 9.54 ...

1Q25 业绩基本符合我们预期 今年以来公司将推进多项调整政策以应对渠道变革及白热化价格竞争，线下公司将1）重塑基础营养品 价值链，通过低客单、低日服的方式与连锁药店合作打造多款单品以推动销量增长，1Q 推出的钙DK 产品表现好于预期，2Q 有望继续推出维生素、益生菌等产品；2）多模式专业化运作驱动重功能、刚需 品增长，如蛋白粉等；3）推出专业化、高净值的高端化产品如专供药线渠道的批文产品，提升复购。 线上渠道方面，公司有望透过高端产品升级，如双金标藻油、高纯极地鱼油等展开差异化，及基础营养 素的单品推广，同时公司将启动主品牌的抖音直播间搭建，提升品牌认知。我们预计以上措施有望自 2Q 起贡献额外收入增量，我们判断公司挑战最大的时期已经过去，未来收入及利润有望迎来逐季改 善。 盈利预测与估值 考虑线下渠道压力，下调25/26 年盈利预测6%/6%至8.3/9.8 亿元。公司当前交易在22.5/19.0 倍25/26 年 P/E；但考虑市场估值上行，维持目标价12.6 元，对应26.0/21.9 倍25/26 年P/E 和15.4%股价上行空间； 考虑保健品赛道长期空间广阔，维持跑赢行业评级。 风险 线上竞争加 ...

2025 年 04 月 28 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 刘洁铭 S0350521110006 | | | liujm@ghzq.com.cn | | 证券分析师： | 秦一方 S0350523120001 | | | qinyf@ghzq.com.cn | | 联系人 ： | 黄诗汶 S0350124040004 | | | huangsw01@ghzq.com.cn | [Table_Title] 2025Q1 国内业务企稳，盈利能力持续强化 ——仙乐健康（300791）2024 年报和 2025 年一 季报点评 最近一年走势 | 相对沪深 300 | 表现 | 2025/04/25 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 仙乐健康 | -4.7% | 1.8% | -9.5% | | 沪深 300 | -3.7% | -1.2% | 7.3% | | 市场数据 | 2025/04/25 | | --- | --- | | 当前价格（元） | 25.41 | ...

Core Viewpoint - The news highlights the existence of a black market for counterfeit health products that appear to be imported but are actually produced domestically, exploiting loopholes in regulations and misleading consumers [1][2][3]. Group 1: Industry Practices - Some companies, like Jiangsu Qizhen Tang Biotechnology Co., claim to provide a full suite of services for cross-border health product sales, including the establishment of overseas companies and trademark purchases [2]. - Anhui Quankang Pharmaceutical Co. has registered a company in Hong Kong to create a facade of legitimacy for their products, which are still produced domestically [2]. - Shandong Dongying Yinuokang Pharmaceutical Co. produces health product capsules domestically and then ships them abroad for packaging, making it difficult for authorities to trace the origin of the products [3]. Group 2: Regulatory Environment - The current lack of clear regulations regarding cross-border health products allows companies to operate with significant flexibility in terms of cost, quality, and marketing [2]. - Legal consequences for false advertising and the production of counterfeit drugs are outlined in the Criminal Law, with penalties ranging from fines to imprisonment depending on the severity of the offense [3].

Overview - The women's health supplement market in China is projected to reach a market size of 268.28 billion yuan in 2024, driven by increased health awareness and disposable income among women [1][10] - The market is segmented into various categories, with nutritional supplements accounting for approximately 30.5%, beauty and skincare products for 22.2%, and weight loss supplements for 21.2% [1][10] Market Policies - Recent policies such as the "Quality Strong Country Construction Outline" and "Measures to Restore and Expand Consumption" have been implemented to improve market order and support the women's health supplement industry [3][4] Industry Chain - The upstream of the women's health supplement industry includes suppliers of raw materials like herbal medicine, biological agents, and plant extracts, which significantly impact production costs [6] - The downstream consists of various sales channels including pharmacies, supermarkets, specialty stores, and e-commerce platforms [6] Consumer Demographics - In 2024, the female population in China is estimated to be 689.19 million, representing 48.94% of the total population, providing a solid consumer base for the women's health supplement industry [8] Competitive Landscape - The industry features numerous participants, including domestic companies like汤臣倍健 (Tongrentang) and东阿阿胶 (Dong'e Ejiao), as well as international brands like Swisse and Amway [12][14] - Tongrentang has established itself as a leader with a diverse product line and strong nutritional research capabilities, while Dong'e Ejiao focuses on traditional products catering to specific demographic needs [12][14][16] Industry Trends - Future demand for women's health supplements is expected to shift from single-function products to multi-dimensional solutions, focusing on immune support, weight management, and beauty [18] - There is a growing preference for natural ingredients and products that combine traditional Chinese health elements with modern formulations [18]

本报告分为发展概述、运行环境、产业现状、贸易态势、区域运行、竞争格局、重点厂商、发展战略、产业趋势等主要篇章，共计10章。涉及妇女保健品市 场规模等核心数据。 报告中所有数据，均来自官方机构、行业协会等公开资料以及深入调研获取所得，并且数据经过详细核实和多方求证，以期为行业提供精准、可靠和有效价 值信息！ 智研咨询专家团队倾力打造的《2025-2031年中国妇女保健品行业市场全景调查及投资潜力研究报告》（以下简称《报告》）正式揭晓，自2024年出版以 来，已连续畅销2年，成功成为企业了解和开拓市场，制定战略方向的得力参考资料。报告从国家经济与产业发展的宏观战略视角出发，深入剖析了妇女保 健品行业未来的市场动向，精准挖掘了行业的发展潜力，并对妇女保健品行业的未来前景进行研判。 保健品是食品的一个种类，是指声称并具有特定保健功能或者以补充维生素、矿物质为目的的食品，即适用于特定人群食用，具有调节机体功能，不以治疗 疾病为目的，并且对人体不产生任何急性、亚急性或慢性危害的食品，而妇女保健品是指针对妇女设计的保健品。目前，我国妇女保健品行业细分为八大类 产品，分别为：营养补充类保健品、缓解疲劳类保健品、增强免疫力类保 ...