证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 仙乐健康（300791.SZ） 新消费市场突破，内生净利率再提升 事件：公司发布 2025 年半年报，25H1 实现营收 20.4 亿元，同比+2.6%； 实现归母净利润 1.6 亿元，同比+4.3%；实现扣非归母净利润 1.6 亿元， 同比+3.3%。其中 25Q2 实现营收 10.9 亿元，同比+4.7%；实现归母净 利润 0.9 亿元，同比+1.1%；实现扣非归母净利润 0.9 亿元，同比+5.5%。 中国区新消费市场取得亮眼突破，美洲关税压力下稳健增长。25H1 中国 / 美 洲 / 欧 洲 / 其 他 地 区 实 现 收 入 8.2/7.6/3.6/1.0 亿元，同比 - 1.6%/+4.3%/+22.0%/-22.9%，其中中国区收入略降，但公司全面拥抱新 消费趋势，新消费客户营收同比增速超过 40%，占比提升至 50%，取得 亮眼突破；中国区大单品战略也取得成效，落地推广 10 个大单品，储备 25 个产品，在益生菌和抗衰赛道取得重大突破。25H1 公司美洲区域在关 税扰动下仍取得稳健增长，欧洲市场实现双位 ...

Employment Situation - The average urban survey unemployment rate in China for the first half of the year is 5.2%, a decrease of 0.1 percentage points from the first quarter, indicating overall stability in the employment situation [1] - Various local policies have been implemented to strengthen characteristic industries, actively expand job opportunities, and increase subsidy amounts to support employment and entrepreneurship [1] Entrepreneurship and Job Creation - In Qinhuangdao, Hebei, a food culture street established five years ago has over 300 merchants, creating thousands of related job positions, particularly attracting young entrepreneurs [3][5] - Young entrepreneurs account for approximately 15% to 20% of new merchants in the area, with many offering creative products that were not available in previous years [5] - The street sees daily foot traffic of around 50,000 people, contributing to a 30% year-on-year increase in overall sales [7] Support for Young Entrepreneurs - Policies such as rent reductions and tax incentives are in place to support young entrepreneurs, with one entrepreneur stating that they can earn back their annual rent of 60,000 yuan within a month due to high customer traffic [7] - The cultural and tourism market is thriving, providing new job opportunities for young people, with a notable increase in demand for professionals in the cultural creative industry [9] Government Initiatives - The central government has allocated 66.7 billion yuan in employment subsidy funds to support local job retention and expansion [18] - Local governments have reduced unemployment insurance rates, saving businesses 45.6 billion yuan in costs in the first quarter alone [18] - Special recruitment activities have been launched, with over 10 million job postings made available, and universities have successfully expanded job opportunities by over 4.7 million [18] Support for University Graduates - Various incentives are provided for university student entrepreneurship, including exemptions from business registration fees and subsidies for renovations [13] - A total of 567 million yuan in various entrepreneurial subsidies has been distributed this year to assist young entrepreneurs [16]

Core Insights - The conference focused on the theme "Resilient Chains Coexist to Revitalize the Future," discussing brand co-prosperity, corporate competitiveness, governance, ESG marketing, technological innovation, and new consumption insights [1][8] - Emphasis was placed on the importance of brand value and emotional connection with consumers, particularly in the context of high-speed rail travel [2] - The significance of ESG (Environmental, Social, Governance) in enhancing corporate brand influence and addressing sustainability challenges was highlighted [2][6] Group 1: Brand Development and Innovation - The conference gathered practitioners, scholars, and industry leaders to explore new opportunities for brand economy and digital ecosystem integration [1] - The concept of "resilience" in industrial chains was discussed as essential for adapting to market changes and ensuring stable development [3] - The role of "patient capital" in fostering deep integration of technological and industrial innovation was analyzed, emphasizing its importance for high-quality economic development [2] Group 2: ESG and Corporate Governance - Company governance was identified as a core element of ESG, crucial for long-term development and measuring corporate social responsibility [1][2] - The need for social recognition of corporate governance's role in ESG was emphasized, calling for collaborative efforts to enhance corporate governance reform [1] - The integration of ESG principles into brand building was presented as a necessary step for companies to achieve sustainable development and competitive advantage [2][6] Group 3: Market Trends and Consumer Insights - The new consumer market is undergoing significant changes driven by diverse and personalized consumer demands, as well as advancements in technology [6] - The importance of emotional resonance between brands and consumers was stressed, particularly through innovative marketing strategies [2][6] - The conference underscored the necessity for companies to adapt to these market transformations to establish deep connections with consumers [6] Group 4: Awards and Recognition - The "Haino Award" was presented to 113 companies and 26 individuals, recognizing their contributions to brand excellence and innovation [7] - Notable awardees included well-known brands such as Yanjing Beer, Northern Huachuang, and others, highlighting the recognition of brand heroes in the industry [7] Group 5: Future Directions - The conference concluded with a call for collaboration among government, enterprises, and society to drive high-quality brand development and economic growth [8] - The need for continuous innovation and quality focus was emphasized as essential for creating a bright future for Chinese brands [8] - The event aimed to inspire a new chapter in brand development, promoting industrial chain integration and resilience [8]

Core Viewpoint - The credit rating report for Xianle Health Technology Co., Ltd. indicates a stable credit rating of AA- with a focus on the company's strong production capabilities and market position in the nutritional health food sector [3][6][11]. Company Overview - Xianle Health specializes in B-end business as a significant contract manufacturer of nutritional health foods, with a diverse product line including soft capsules, gummies, beverages, tablets, powders, and hard capsules [3][17]. - The company has established seven production bases and five R&D centers across China, Europe, and the United States, enhancing its manufacturing and research capabilities [5][17]. Financial Performance - In 2024, the company achieved total revenue of 42.11 billion yuan, representing a year-on-year growth of 17.56%, with a gross profit margin of 31.46% [5][22]. - Key financial metrics include total assets of 56.14 billion yuan and total liabilities of 16.19 billion yuan as of 2024 [3][22]. Market Position and Growth - The global nutritional health food market is projected to grow, with the Chinese market expected to reach 260.2 billion yuan in 2024, reflecting a compound annual growth rate of 6.3% from 2019 to 2024 [11][12]. - The company has seen a significant increase in overseas revenue, which accounted for 60.56% of total revenue by the end of 2024, driven by sales growth in the Americas [22]. Product and R&D Capabilities - The company has over 6,000 mature nutritional health food formulations and has received multiple health food registration certificates, indicating strong product development capabilities [17][16]. - R&D expenses increased by 13.98% in 2024, showcasing the company's commitment to innovation and product development [16]. Debt and Financial Stability - The company's debt structure is considered reasonable, with a strong ability to generate cash flow from operations, and a good EBITDA interest coverage ratio [6][22]. - The company issued 10.25 billion yuan in convertible bonds to fund expansion projects, with a portion of the funds redirected to supplement working capital [8][9]. Industry Environment - The nutritional health food industry is supported by government policies promoting health management and the "Healthy China" initiative, which is expected to drive market growth [12][11]. - New consumption trends, including online and cross-border sales channels, are emerging, with a notable increase in the online penetration rate of nutritional health products [13][14].

Group 1: Background and Current Status of the New Consumption Market - The rise of the new consumption market is driven by stable economic growth, increasing disposable income, and enhanced consumer purchasing power, laying a solid economic foundation for its development [1][8]. - Rapid advancements in internet technology, particularly mobile internet, along with the application of big data and artificial intelligence, have enabled precise marketing and personalized services, accelerating the transformation of the new consumption market [1][9]. - Government policies support the new consumption market, with plans to establish a system and policy framework for promoting new consumption over the next 3 to 5 years, and approximately 300 billion yuan in special bonds allocated to unleash consumption potential [1][10]. - In 2024, the total retail sales of consumer goods are projected to reach 487,895 billion yuan, a 3.5% increase from the previous year, with online retail sales showing significant growth at 155,225 billion yuan, up 7.2% [1][11][13]. Group 2: Consumer Behavior and Key Areas in the New Consumption Market - Consumer behavior is evolving, with increasing demand for quality, health, environmental sustainability, and personalization, driven by the internet's expansion of awareness and choice [2]. - Key areas in the new consumption market include the dairy and beverage sector, which is innovating products to meet health demands; the pet economy, which is experiencing significant growth; the medical beauty industry, which is evolving under the "self-care" trend; and the jewelry sector, where younger consumers are becoming the main force [2]. Group 3: Trends in the New Retail Industry and Future Outlook - The new retail industry is characterized by the mainstreaming of omnichannel retail, with deepening integration of online and offline channels, providing seamless shopping experiences [3]. - The application of artificial intelligence and big data enables precise marketing and personalized recommendations, enhancing customer service efficiency [3]. - Supply chain optimization through advanced logistics technology and collaboration improves cost efficiency and delivery speed, increasing consumer satisfaction [3]. - Future trends indicate a continuous upgrade in consumption structure, with a rise in service consumption, rapid growth in tourism, entertainment, and health services, and a strong market for green and low-carbon products [3].

Group 1 - The core viewpoint of the article is that Sanyuan Foods is launching a new tea beverage store under the brand "Beijing Milk Company" to engage with younger consumers and adapt to market changes [1][6][11] - The new store emphasizes fresh milk and beverages, with a menu featuring "24h direct supply from the farm" and a range of products including tea drinks and fresh milk [5][12] - Sanyuan Foods plans to open 5-6 new self-operated stores in Beijing this year, focusing on differentiated layouts based on community, business districts, and tourist attractions [5][11] Group 2 - The tea beverage market is highly competitive, and Sanyuan Foods needs to leverage its strengths and adopt a differentiated approach to establish a foothold in the new consumer market [1][10] - The store's design and branding evoke nostalgia, aiming to connect with consumers' memories while appealing to modern tastes [3][6] - Sanyuan Foods is utilizing smart technology in its operations, such as robot-made coffee and self-service ice cream, to attract younger customers [5][12] Group 3 - The company recognizes the need to innovate and adapt to the rapidly changing preferences of young consumers, as traditional retail models are losing relevance [7][11] - Sanyuan Foods aims to maintain its core identity while exploring new business opportunities, emphasizing the importance of fresh milk supply and unique product offerings [10][12] - The brand's historical significance and established reputation provide a solid foundation for its new ventures, but it must remain responsive to market trends and consumer demands [9][12]