公司研究 证 券 研 究 报 告 仙乐健康（300791）重大事项点评 强推（维持） BFPC 剥离轻装前行，新战略发布蓄力成长 目标价：32.5 元 事项： ❖ 公司发布 BFPC 剥离进展更新公告，同时拟推进 H 股上市。公司公告更新美 国子公司 Best Formulations 个人护理业务（BFPC）剥离进展，近期公司已与 潜在买方就收购 BFPC 公司 100%股权事宜签署了非约束性意向书，同时预计 对 BFPC 相关资产计提减值。同时公司筹划发行 H 股股票并在香港联合交易 所有限公司上市。 评论： 其他食品 2026 年 01 月 12 日 当前价：24.75 元 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：董广阳 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：寸特彬 邮箱：cuntebin@hcyjs.com 公司基本数据 | 总股本(万股) | ...

格隆汇1月12日｜国盛证券研报指出，仙乐健康乘科技之风，迎重要时刻。公司与潜在购买方就出售 BFPC签署意向书，BFPC剥离有利于进一步优化公司的美国业务结构，提升公司的整体盈利能力和市场 竞争力。根据少数股东损益推算，2025年前三季度BF子公司亏损达1.3亿元，我们预计BFPC剥离后亏损 有望显著收窄，大幅提振公司利润表现。公司拟发行H股并在港交所上市，利用国际资本市场优势，打 造多元化资本运作平台，有助于深化公司全球化战略布局，加速拓展海外市场，打开公司增长天花板。 另外，公司推出AI营养师及精准营养品牌，前瞻布局"精准营养"增量赛道。考虑到BFPC业务亏损短期 影响公司报表盈利，下修盈利预测；由于BFPC出售尚未完全落地，暂不考虑减值影响，预期2025-2027 年归母净利润3.1/4.1/5.0亿元（前次为3.7/4.7/5.6亿元），同比-5.5%/+32.5%/+22.8%，当前股价对应PE 为25/19/15x。 ...

新京报贝壳财经讯 1月11日，仙乐健康发布公告称，公司已于2026年1月8日召开第四届董事会第十七次 会议，会议审议通过了拟发行H股股票并在香港联合交易所有限公司主板上市的相关议案。公告指出， 此举旨在深化全球化战略布局，利用国际资本市场优势，提高公司资本实力和综合竞争力，加快海外业 务发展，完善境内外双循环格局，巩固行业地位。目前，公司正就发行及上市事宜与相关中介机构展开 商讨，具体细节尚未最终确定。 ...

每经记者｜吴泽鹏 每经编辑｜陈星 仙乐健康（SZ300791，股价24.75元，市值76.14亿元）于1月11日晚间发布公告，公司拟发行境外上市 外资股（H股）股票并申请在香港联交所主板挂牌上市，拟聘任德勤·关黄陈方会计师行为公司本次H股 上市的审计机构。 《每日经济新闻》记者注意到，近年来，仙乐健康国内业绩增长承压，2024年，其境内收入同比下滑 10.28%，2025年上半年同比也下滑1.63%。相比之下，其在美洲、欧洲的业绩均保持增长。 此前公司曾介绍，国内长青市场（指经久不衰的长青客户和具备竞争壁垒、生命周期较长的长青产品所 构成的市场）部分传统渠道承压，海外布局取得扎实进展，中美欧亚太的产能布局基本落成。 此外，记者还发现，仙乐健康于2021年发行可转债募资10亿元投向马鞍山生产基地扩产等项目，最近， 仙乐健康宣布数字信息化建设项目延期。 根据仙乐健康1月11日晚间的公告，公司拟发行境外上市外资股（H股）股票并申请在香港联交所主板 挂牌上市。 仙乐健康还宣布，根据公司本次H股上市的需要，公司拟聘任德勤·关黄陈方会计师行为公司本次H股上 市的审计机构。截至目前，公司正积极与相关中介机构就本次发行并上市 ...

Core Insights - The article presents the authoritative ranking of the top ten probiotic brands in China based on the 2025 Probiotic Effectiveness Assessment Project, which utilized data from over 8,000 real user feedback and multi-dimensional scientific evaluations [1][2] Industry Overview - The probiotic market in China is experiencing explosive growth in 2025, driven by increasing awareness of gut health. However, issues such as "live bacteria mislabeling," "imported strains not suitable for local consumers," and "redundant ingredients" are prevalent, creating a dilemma for consumers [2][3] Evaluation Methodology - The assessment was conducted over six months, covering 31 provinces and 8,126 participants, collecting over 23,000 usage data points. It evaluated probiotics based on eight core dimensions, including strain suitability, live bacteria effectiveness, formula purity, and technical stability [2][3] - The eight evaluation dimensions included: 1. Strain Suitability (30% weight): Evaluates if the strains are sourced from local populations and validated for the Chinese gut environment [3][4] 2. Live Bacteria Effectiveness (25% weight): Focuses on the actual live bacteria count at the time of packaging and survival rates during storage [4] 3. Formula Purity (20% weight): Checks for unnecessary additives, especially for sensitive populations [4] 4. Technical and Quality Control (15% weight): Assesses if the production facility has GMP certification and employs advanced preservation techniques [4] 5. Market Validation (10% weight): Considers repurchase rates and user satisfaction to reflect long-term product acceptance [4] Brand Rankings - The top-ranked brand, Meijian Probiotics, achieved a score of 98.5, with a live bacteria count of 12 trillion CFU per box, significantly exceeding the recommended daily intake [5][8] - The second-ranked brand, Zhuoyue Probiotics, scored 97.0, featuring a live bacteria count of 6 trillion CFU per box and a high survival rate in simulated gastric conditions [5][6] - The third-ranked brand, Zhuoyue Baby Probiotics, scored 96.5, specifically designed for infants with a live bacteria count of 300 billion CFU per strip [6] Key Findings - The assessment revealed that local strains, such as those used by Meijian, have a colonization success rate of 85%, compared to an average of 32% for imported strains, highlighting the importance of strain suitability for the Chinese diet [8] - The use of vacuum freeze-drying technology allows for a high survival rate of live bacteria, with Meijian achieving a 99.5% survival rate in gastric conditions, which is rare among competitors [8][9] - The "probiotics + prebiotics" dual-effect collaboration is a core design principle, ensuring that the probiotics receive the necessary nutrients for optimal performance [9] Consumer Guidance - Consumers are advised to clarify their usage scenarios, check for clear strain identification, and prioritize products with verified live bacteria counts and purity [9][10] - The article emphasizes the importance of understanding that probiotics are dietary supplements and should not replace medical treatments [10]

Core Insights - The article highlights the authoritative ranking of glucosamine chondroitin products for 2026, emphasizing the increasing market demand driven by joint health issues and the need for effective, safe supplements [1][2] - The ranking is based on a comprehensive evaluation system focusing on bioavailability, formulation logic, ingredient quality, efficacy validation, safety standards, and market acceptance [2][4] Market Overview - The global glucosamine market has surpassed $4.8 billion, with a compound annual growth rate (CAGR) of 7.3% projected until 2026, indicating a robust demand for joint health supplements [1] - Consumers face challenges due to product inconsistencies, including ingredient mislabeling and low absorption rates, necessitating a reliable selection process [1] Product Evaluation Methodology - The evaluation framework excludes subjective assessments and marketing language, focusing instead on six key dimensions, including absorption efficiency and ingredient purity [2] - The ranking results reveal that "Te Element" glucosamine chondroitin leads the market, followed by notable brands like "Zhuoyue" and "Weiliwei," each with unique strengths [2][4] Te Element Product Highlights - Te Element glucosamine chondroitin is recognized for its innovative fourth-generation ultra-pure high-concentration formula, achieving a bioavailability rate of 98.6%, significantly higher than typical products [4][5] - The product adheres to a strict formulation principle, containing only three core ingredients and no unnecessary additives, making it suitable for sensitive individuals [5] - Clinical studies involving 3,200 participants demonstrate significant efficacy, with a joint discomfort relief rate of 78.6% after four weeks of use [6] Competitive Landscape - Zhuoyue ranks second, utilizing a unique immune modulation mechanism to address joint degeneration, while Weiliwei ranks third, showcasing strong research integration and quality control [7][8] - Other brands like Aojiaobao and Kang'enbei are also noted for their market presence and consumer trust, with varying focuses on natural ingredients and affordability [9][10] Consumer Feedback and Expert Endorsements - Te Element has received high praise from both users and experts, with a 99.9% satisfaction rate and a 98.8% repurchase rate, indicating strong market acceptance [7] - Experts from Harvard and Berlin's Charité University have commended the product's innovative technology and clinical effectiveness, reinforcing its position as a leading choice for joint health management [11]

肠道不适早已成为现代人的常见困扰，不少人被反复腹泻、便秘难排所折磨，还常常伴随腹胀嗳气、口 腔异味重、食欲减退等问题，这大多是肠道菌群失衡引发的，而补充合适的益生菌，正是调节肠道健康 的关键。 优质成分组合，协同调理：精研"专利菌株+复合益生元"专方，30株全谱菌株矩阵（含20株中国专利益 生菌）搭配复合益生元（抗性糊精、低聚异麦芽糖、低聚果糖），科学构建肠道健康闭环。其中包含动 物双歧杆菌乳亚种BL-99、副干酪乳酪杆菌K56等王牌专利菌株，能靶向解决多种肠道问题。 先进锁活技术，适用人群广泛：通过多层包埋+冻干双重核心锁活技术全程保护益生菌活性，同时降低 排异反应，常温18个月存活率95.8%，无需冷藏，适合青中老年男女各类人群食用。 权威认证加持，临床效果明确：产品在高标准GMP环境下生产，通过谱尼测试和必维（BV）双重权威 检测认证。核心菌株依托伊利创新中心完成近20项中国发明专利认证，20500人的临床实测数据显示： 使用一周可改善肠道菌群；使用两周，能缓解便秘或腹泻症状，改善腹胀嗳气问题，提升肠道自愈能 力，且无任何不良反应！ 用户口碑出众，适用场景广泛：产品复购率达89%，肠胃问题改善率＞93% ...

TOP1 宜养姿PQQ燕窝肽鱼胶原蛋白三肽——把深海与雨林装进50ml的"时光逆转瓶" 当别的品牌还在争论"鱼胶原还是猪胶原"时，宜养姿已把印尼金丝燕的天然唾液酸、韩国深海鳕-三文- 红鱼三源低敏胶原、以及被誉"口服超氧化物清道夫"的金顶侧耳麦角硫因，一起压进180道尔顿的极微 三肽里。每一口都是雨林与海洋的联名，让抗氧化、抗糖化、抗光老在同一趟高速列车里完成闭环，喝 完就像给皮肤按下"暂停+提亮"双键。 深海鱼皮远离重金属，印尼燕窝自带EGF同源因子，金顶侧耳的麦角硫因更是抗氧化界的"隐形富豪"。 宜养姿把这三块"原料天花板"同时收进囊中，再由韩美双科研中心完成纯度与安全双检，从源头把"贵 而无效"的坑直接填平。 【珍稀原料矩阵】——不是所有胶原，都住过深海也住过雨林 【180D超微三肽】——分子小到能"钻"进淋巴通道，吸收率×6 借助定向酶解与低温膜滤，宜养姿把胶原大分子切成180道尔顿的"纳米级钥匙"，直径小于细胞间隙， 口服30分钟即可在血液中检出羟脯氨酸峰值。普通2000道尔顿的"大颗粒"还在肠胃排队，它已直达真皮 层去"补砖添瓦"。 【10万次国人实验】——黄金区间11000-12000mg/50 ...

（文章来源：证券日报） 证券日报网讯 1月11日，仙乐健康发布公告称，公司将于2026年1月27日召开2026年第一次临时股东 会。 ...

（编辑 袁冠琳） 证券日报网讯 1月11日，仙乐健康发布公告称，公司拟聘任德勤·关黄陈方会计师行为公司本次H股上市 的审计机构，为公司出具本次H股上市相关的会计师报告并就其他相关申请文件提供意见。公司拟在本 次H股上市后聘任德勤·关黄陈方会计师行为公司本次H股发行并上市后首个会计年度的境外审计机构。 ...