Group 1: Market Overview - The global nutritional health food solutions market revenue has grown from $21.2 billion in 2020 to an estimated $29.4 billion by 2024, with a compound annual growth rate (CAGR) of 8.5%. It is projected to reach $42.4 billion by 2029, with a CAGR of 7.6% from 2024 to 2029 [3] - The company, Xianle Health, ranks third globally in the nutritional health food solutions market and holds the first position in China. It is the second-largest provider of gummy and soft capsule nutritional health food solutions globally based on 2024 revenue [3] Group 2: Financial Performance - Xianle Health reported a revenue of 3.291 billion yuan for the fiscal year ending September 30, 2025, reflecting a slight increase of 7.96% year-on-year. However, net profit plummeted by approximately 74% to 55.535 million yuan from 213 million yuan in the previous year [5] - The preliminary earnings forecast for 2025 indicates a significant decline in net profit, expected to be between 101 million and 151 million yuan, down 53% to 69% from 325 million yuan in 2024 [5] - The company faces a "revenue without profit" dilemma, primarily due to expanded losses in the personal care business and one-time expenses from new business investments, including a 195 million yuan asset impairment loss for the personal care segment in 2025 [5] Group 3: Asset Quality and Financial Health - As of September 30, 2025, the company's net current assets dropped by 56.8% to 517.226 million yuan from 1.198 billion yuan at the end of 2024, indicating a significant cash flow pressure [6] - The company's total liabilities increased from 2.629 billion yuan in 2023 to 3.129 billion yuan in 2025, with a rising debt ratio from 50.6% to 55.1%, significantly higher than industry benchmarks [8] - Trade receivables rose to 882 million yuan, a 34.7% increase from 655 million yuan at the end of 2023, indicating slower cash collection and exacerbating cash flow issues [7] Group 4: Business Challenges - The personal care business has become a financial burden, lacking synergy with the core business and leading to significant asset impairment [5] - The company’s overseas revenue accounted for 61.2% of total income, with the Americas contributing 39.2% and Europe 17.0%. This heavy reliance on international markets exposes the company to geopolitical and regulatory risks [10] - The company faces challenges from rising trade protectionism and fluctuating tariffs in major markets like the US and EU, which could impact product exports [12] Group 5: Production Capacity and Utilization - The production capacity utilization rates for soft capsules and gummies have shown gradual improvement but remain below optimal levels, with soft capsules at 60.4% and gummies at 79.7% [14] - Other product lines, such as powders and hard capsules, have significantly low utilization rates, with powder utilization dropping to 18.2% by 2025 [14] Group 6: Competitive Landscape - The nutritional health food solutions market is characterized by intense competition and low market concentration, with the top five players holding only 10.5% of the global market share [16] - Despite Xianle Health's position as the third-largest player globally, its market share of 2.0% is weak, facing competition from established companies like GNC and emerging brands that prioritize speed and innovation [16]

Investment Rating - The report does not explicitly state an investment rating for the company. Core Insights - Xianle Health is a leading provider of nutritional health food solutions, ranking third globally in market share and first in China, with a steady growth trajectory and sustainable development [6][11]. - The company operates on a "product + service" model, offering a diverse range of health solutions tailored to various demographics, including pregnant women, infants, children, and the elderly [6][11]. - Xianle Health has established a comprehensive service model that spans the entire industry value chain, from market insights to customized solutions and marketing support [16]. Company Overview - **Company Profile**: Xianle Health is a prominent player in the nutritional health food solutions market, with a significant presence in both global and Chinese markets [6]. - **Ownership Structure**: The company has a concentrated ownership structure, primarily controlled by the Lin family through direct holdings and investment platforms [7]. - **Management Team**: The core team has extensive industry experience, with key members holding significant positions since the company's inception [9][10]. Product Overview - **Target Demographics**: The company caters to a wide range of consumers, including pregnant women, infants, children, adolescents, and the elderly [11]. - **Product Categories**: Xianle Health's offerings include soft capsules, gummies, drinks, tablets, powders, and hard capsules, with a focus on innovative formulations [11][12]. - **Core Products**: The company’s main products, soft capsules and gummies, hold the second-largest global market share in their respective categories [11]. Business Segmentation - **Product Distribution**: In 2023, the company generated total revenue of 35.82 billion yuan, with soft capsules and gummies contributing 15.27 billion and 7.4 billion yuan, respectively [25]. - **Regional Distribution**: In 2024, revenue from mainland China and Hong Kong was projected at 16.61 billion yuan, accounting for 39.4% of total revenue [28]. - **Channel Distribution**: The company primarily sells directly to brand owners and retailers, with direct sales accounting for 99.4% of total revenue in 2023 [31]. Industry Overview - **Market Growth**: The global nutritional health food industry is expected to grow at an average annual rate of approximately 5.6% from 2024 to 2029, reaching a market size of 249 billion USD by 2029 [36]. - **Competitive Landscape**: The industry is characterized by a fragmented market with increasing competition, particularly in China, where the top five companies hold about 15.3% of the market share [62]. - **Cost Analysis**: The cost structure within the industry shows differentiation, with scale efficiencies helping to reduce volatility in production costs [66].

Core Viewpoint - SIRIO PHARMA CO., LTD. (referred to as "Xianle Health") submitted its IPO application to the Hong Kong Stock Exchange on January 29, 2026, aiming for a listing on the main board, with CITIC Securities as the sole sponsor. The company, which went public on the A-share market in September 2019, has a total market capitalization of approximately 7.199 billion RMB as of January 29, 2026. Xianle Health is a leading provider of nutritional health food solutions, holding the third-largest market share globally and the largest in China in this sector based on 2024 revenue [1][1]. Financial Performance - For the fiscal years ending December 31, 2024, and the first nine months of 2025, the company's revenues were approximately 4.211 billion RMB and 3.291 billion RMB, respectively. The net profit for the same periods was 2.82 billion RMB and 0.56 billion RMB, showing a significant decline of 73.89% year-on-year for the first nine months of 2025. The gross profit margins were 30.61% and 31.47% for these periods [7][9][11]. Market Position - Xianle Health is recognized as the third-largest player in the global nutritional health food solutions market and the largest in China, based on revenue projections for 2024. The company is also the second-largest provider of gummy and soft capsule nutritional health food solutions worldwide [1][1]. Product Offerings - The company has developed a comprehensive range of solutions catering to various customer needs across different demographics, including pregnant women, infants, children, adolescents, and the elderly. Its product categories address core health needs such as basic vitamins and minerals, gut health, metabolic health, and immune support, among others. Additionally, Xianle Health has established a presence in the pet nutrition sector [3][3]. Global Operations - Xianle Health has a global business footprint that spans markets in China, the Americas, Europe, and the Asia-Pacific region. The company operates six production bases (with one under construction) and five global R&D centers, reaching customers in over 50 countries and regions. Notably, overseas market revenue accounted for 61.2% of total revenue during the first nine months of 2025 [5][9]. Revenue Sources - The primary revenue for Xianle Health comes from the sales of nutritional health food products, with soft capsules and gummies being the largest contributors. In 2024, these two product types accounted for a significant portion of the company's revenue, while other forms such as drinks, tablets, powders, and hard capsules contributed less [9][9].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [10]. Core Insights - The company has released its 2025 earnings forecast, projecting a net profit attributable to shareholders between 101 million to 151 million yuan, representing a year-on-year decline of 68.85% to 53.44% [2]. - The company has introduced a 2026 restricted stock incentive plan, granting 2.2025 million shares at a price of 12.21 yuan per share, covering 85 management and core technical personnel [2]. - The company aims for revenue targets of no less than 50.90 billion yuan, 53.83 billion yuan, and 58.32 billion yuan for the years 2026 to 2028, respectively [2]. - The company plans to dispose of its non-core personal care business, BFPC, and has fully provided for asset impairment of 195 million yuan, which is expected to enhance focus on its core business [8]. - The global nutrition and 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 (CAGR) of 7.6% [11]. Financial Summary - Total revenue is expected to reach 4.533 billion yuan in 2025, with a year-on-year growth rate of 7.6% [10]. - The net profit attributable to shareholders is projected to be 121 million yuan in 2025, reflecting a significant decline of 62.7% compared to the previous year [10]. - The company’s earnings per share (EPS) is forecasted to be 0.39 yuan in 2025, with a price-to-earnings (P/E) ratio of 60 [10].

Investment Rating - The report maintains a "Strong Buy" rating for Xianle Health, indicating an expectation to outperform the benchmark index by over 20% in the next six months [10]. Core Insights - The company has released its 2025 earnings forecast, projecting a net profit attributable to shareholders between 101 million to 151 million yuan, representing a year-on-year decline of 68.85% to 53.44% [2]. - The company has introduced a 2026 restricted stock incentive plan, granting 2.2025 million shares at a price of 12.21 yuan per share, covering 85 management and core technical personnel [2]. - The company aims to achieve revenue targets of no less than 50.90 billion yuan, 53.83 billion yuan, and 58.32 billion yuan for the years 2026 to 2028, respectively [2]. - The company has also revised its 2023/2025 equity incentive plans, adjusting revenue targets downwards for 2026 [2]. Financial Performance - Total revenue is projected to grow from 4.211 billion yuan in 2024 to 5.536 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.8% [10]. - The net profit is expected to recover significantly from 121 million yuan in 2025 to 458 million yuan in 2027, reflecting a growth rate of 19.5% [10]. - The company’s asset-liability ratio stands at 53.22%, indicating a moderate level of financial leverage [5]. Market Position - The global nutrition and health solutions market is expected to grow from 29.4 billion USD in 2024 to 42.4 billion USD by 2029, with a CAGR of 7.6% [11]. - Xianle Health ranks third globally in the nutrition and health food solutions market, holding a 2.0% market share, with notable strengths in gummy and soft capsule segments [9][11]. - The company is well-positioned to capture market share due to its strong R&D capabilities and a robust supply chain [9]. Incentive Plans - The 2026 restricted stock incentive plan aims to align management and technical personnel's performance with company growth, focusing on both revenue and profit targets [2]. - The employee stock ownership plan covers up to 12 core management members, with profit targets set at no less than 3.8 billion yuan for 2026 and 4.5 billion yuan for 2027 [2][21].

Company Overview - Xianle Health Technology Co., Ltd. is a leading provider of nutritional health food solutions, holding the third-largest market share globally and the largest in China as of 2024 [2] - The company has transitioned its strategic focus from pharmaceuticals to nutritional health foods since its establishment in 1993, developing a comprehensive solution portfolio that caters to various demographics and product forms [2][4] - Xianle Health is recognized as a pioneer in establishing a global business layout in the nutritional health food solutions market, supported by a robust production and R&D network [2][5] Product Offerings - The company offers a wide range of products that address health needs across all age groups, including pregnant women, infants, children, adolescents, and the elderly [4] - It provides various product forms, including soft capsules, gummies, beverages, tablets, powders, and hard capsules, and is innovating to meet diverse market preferences [5][15] Financial Performance - The company's revenue for the nine months ending September 30 for 2023, 2024, and 2025 was approximately CNY 3.582 billion, CNY 4.211 billion, and CNY 3.291 billion, respectively [6] - Profit for the same periods was approximately CNY 240 million, CNY 282 million, and CNY 55.5 million [7] - The gross profit margin has shown a steady increase, with rates of 29.7%, 30.6%, and 31.5% for the respective years [8] Industry Insights - The global nutritional health food market is projected to grow from USD 190 billion in 2024 to USD 249 billion by 2029, with a compound annual growth rate (CAGR) of approximately 5.6% [11] - The nutritional health food solutions market is expected to expand from USD 21.2 billion in 2020 to USD 29.4 billion in 2024, with a CAGR of 8.5% [12] - The market for gummy nutritional health food solutions is anticipated to grow from USD 2.4 billion in 2020 to USD 3.8 billion in 2024, reflecting a CAGR of 10.3% [15]

Company Overview - Xianle Health Technology Co., Ltd. is a leading provider of nutritional health food solutions, holding the third-largest market share globally in the nutritional health food solutions market as of 2024, and ranking first in China [4] - The company was established in 1993 and has shifted its strategic focus from pharmaceuticals to nutritional health foods, developing a comprehensive solution portfolio that covers a wide range of products for all demographics [4][5] - Xianle Health has established a global business layout with integrated production bases, R&D centers, and supply chain networks, enabling it to provide end-to-end solutions to clients worldwide [4][7] Financial Performance - The company's revenue for the nine months ending September 30 for 2023, 2024, and 2025 was approximately CNY 3.582 billion, CNY 4.211 billion, and CNY 3.291 billion, respectively [8][11] - Profit for the same periods was approximately CNY 240 million, CNY 282 million, and CNY 55.5 million [9][11] - Gross profit margins for these periods were 29.7%, 30.6%, and 31.5%, indicating a steady increase in profitability [10][11] Industry Insights - The global nutritional health food market is projected to grow from USD 190 billion in 2024 to USD 249 billion by 2029, with a compound annual growth rate (CAGR) of approximately 5.6% [12] - The nutritional health food solutions market has seen significant growth, with revenue increasing from USD 21.2 billion in 2020 to USD 29.4 billion in 2024, and expected to reach USD 42.4 billion by 2029, reflecting a CAGR of 8.5% [15] - There is a growing trend towards diverse dosage forms in nutritional health foods, with gummies and soft capsules gaining popularity due to their convenience and consumer appeal [17]

Group 1 - The core viewpoint of the article is that Xianle Health Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - Xianle Health is a leading provider of nutritional health food solutions, holding the third-largest market share globally in this sector according to revenue projections for 2024 [1] - In the Chinese market for nutritional health food solutions, Xianle Health ranks first, indicating a strong domestic presence [1] - The company is also the second-largest global provider of gummy and soft capsule nutritional health food solutions based on 2024 revenue estimates [1] Group 2 - Established in 1993, the company has shifted its strategic focus from pharmaceuticals to the nutritional health food sector, reflecting an evolving understanding of health demands [5] - Over its 33 years of development, Xianle Health has built a comprehensive solution portfolio that covers a wide range of products across various dosage forms for all demographics [5] - The company benefits from a diversified customer base supported by multiple business models [5]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 SIRIO PHARMA CO., LTD. 仙 樂 健 康 科 技 股 份 有 限 公 司 （ 於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即 代表 閣下知悉、接納並向仙樂健康科技股份有限公司（「本公司」）、本公司的獨家保薦人、整體 協調人、顧問及包銷團成員表示同意： 於 本 公 司 招 股章 程 根 據 香 港 法 例 第 32章 公 司（ 清盤 及 雜 項 條 文 ）條 例 送 呈 香 港 公 司 註冊 處 處 長 登 記前,不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請,有意 投資者務請僅依據於香港公司註冊處處長註冊的本公司招股 ...