览富财经网讯：1月29日，仙乐健康科技股份有限公司（简称：仙乐健康，300791.SZ）递表港交所主 板，中信证券为其独家保荐人。 据了解，仙乐健康是领先的营养健康食品解决方案供应商，公司在2024年全球营养健康食品解决方案市 场中按收入计排名第三，并在中国营养健康食品解决方案市场中位居第一。此外，按2024年的收入计， 亦为全球第二大以软糖及软胶囊为基础的营养健康食品解决方案供应商。立足于潜力巨大的营养健康食 品解决方案市场，公司的业务表现实现稳健增长并保持可持续发展。仙乐健康作为营养健康食品解决方 案市场的先驱，已建立全球业务布局，拥有全球整合且于本地快速响应的生产基地、研发中心及供应链 体系网络。强大的研发与供应链能力，结合全球资源支撑的卓越营运效率，使公司能够持续为全球客户 提供端到端的解决方案，涵盖市场洞察、定制化解决方案、差异化研发、全球生产能力、全行业协作及 营销赋能。 财务资料： 根据招股书披露显示，于往绩记录期间，仙乐健康的收入及毛利录得强劲增长。收入由2023年的人民币 3,582.0百万元增加17.6%至2024年的人民币4,211.1百万元。收入亦由截至 2024年9月30日止九个月的 ...

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]

据招股书，该公司成立于1993年，随着对健康需求的深入理解，该公司的战略重心逐步由制药转向营养 健康食品领域，并在过去33年的蓬勃发展中，该公司已建立全面的解决方案组合，覆盖全人群的全品类 多剂型产品体系，并得到跨多种业务模式的多元化客户群的支持。 据港交所1月29日披露，仙乐健康科技股份有限公司(简称：仙乐健康，300791.SZ)向港交所主板递交上 市申请书，中信证券为其独家保荐人。该公司是领先的营养健康食品解决方案提供商，根据灼识咨询数 据按2024年的收入计，该公司于全球营养健康食品解决方案市场占据第三大市场份额，而在中国营养健 康食品解决方案市场则排名第一。此外，根据灼识咨询的资料，按2024年收入计，该公司位列全球第二 大的软糖及软胶囊营养健康食品解决方案提供商。 ...

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 in the global nutritional health food solutions market as of 2024, and the first in the Chinese market [1] - According to data from Zhi Shi Consulting, Xianle Health ranks as the second-largest global provider of gummy and soft capsule nutritional health food solutions based on revenue for 2024 [1] Group 2 - The company was established in 1993 and has shifted its strategic focus from pharmaceuticals to nutritional health food, developing a comprehensive solution portfolio over 33 years [5] - Xianle Health offers a wide range of products across various dosage forms, supported by a diversified customer base across multiple business models [5]

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]

北京商报讯（记者 丁宁）1月29日晚间，仙乐健康（300791）发布2025年业绩预告显示，预计2025年实 现归属净利润为1.01亿元至1.51亿元，同比下降53%至69%。 仙乐健康还表示，因个人护理业务并非公司主业，不能产生协同效应，为提升公司的整体盈利能力和市 场竞争力，聚焦营养健康食品解决方案主业，公司拟处置个人护理业务板块，因此对截至2025年12月31 日个人护理业务板块涉及的存货、长期待摊费用、固定资产、使用权资产、无形资产等计提资产减值损 失，合计19495.87万元。 仙乐健康表示，自2025年以来个人护理业务的经营环境发生重大变化，客户需求下降，中美贸易摩擦加 剧导致个人护理业务的运营成本上升；加之，2025年下半年团队成员变动，进一步加剧个人护理业务的 经营难度，致使全年亏损增加，收入和毛利同比下降较为明显，对公司净利润产生较大影响。 ...

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 ...

Core Viewpoint - Xianle Health's H-share listing aims to deepen the company's global strategy, leveraging international capital market advantages to accelerate overseas business development [1][3]. Group 1: Company Overview - Xianle Health, established in 1993 and headquartered in Shantou, Guangdong, is one of China's large CDMO (Contract Development and Manufacturing Organization) companies in the nutrition and health food sector [3]. - The company was listed on the Shenzhen Stock Exchange's ChiNext board on September 25, 2019, becoming the first A-share CDMO company in the nutrition and health food industry in China [3]. - If the Hong Kong listing is successful, Xianle Health is expected to become the first A+H listed company in the nutrition and health sector [3]. Group 2: Globalization Strategy - Xianle Health has been pursuing a globalization strategy for years, establishing localized supply capabilities in China (Shantou, Ma'anshan, Zhuhai), the United States, and Germany through investments and acquisitions [3]. - The company established a presence in the U.S. as early as 2012 and acquired Sirio Germany in 2016 to enhance its European capabilities [3]. - In January 2023, Xianle Health acquired control of U.S.-based BFPC, a leading CDMO in nutritional supplements, to strengthen its production base across North America and Europe [4]. Group 3: Financial Performance - For the first three quarters of 2025, Xianle Health reported total revenue of 3.291 billion yuan, a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 260 million yuan, up 8.53% [9][10]. - The company’s operating cash flow for the reporting period was 411 million yuan, reflecting a 45.50% increase [10]. - As of June 30, 2025, the company’s total assets were approximately 5.878 billion yuan, with equity attributable to shareholders at about 2.654 billion yuan, marking a 22% increase from the previous year [10]. Group 4: Challenges and Risks - Despite the strategic acquisitions, BFPC has not contributed positively to Xianle Health's earnings, with losses reported for 2023 to the first half of 2025 totaling approximately 143 million yuan, 151 million yuan, and 86.94 million yuan respectively [4]. - The company has signed a non-binding letter of intent with a potential buyer for the acquisition of BFPC, indicating potential impairment risks related to the personal care business assets [7]. - As of June 30, 2025, the goodwill from the acquisition of BFPC was valued at 251 million yuan, representing 17.05% of the company's equity [7].

Core Viewpoint - Xianle Health is strategically shifting its focus towards overseas markets by planning an IPO in Hong Kong, aiming to become the first A+H listed company in its industry, while divesting from underperforming segments to enhance its global presence [2][3][15]. Financial Performance - Domestic business revenue reached 818 million CNY, showing a year-on-year decline of 1.63%, indicating a stagnant performance [2]. - In contrast, overseas business revenue was 1.224 billion CNY, experiencing a growth of 5.58%, highlighting its role as a key profit driver [2]. Strategic Moves - The company has established seven production bases and five R&D centers across China and Europe, ensuring a comprehensive supply chain from product development to logistics [6]. - Recent infrastructure upgrades include the opening of a smart logistics center in Shantou and an industrial park in Thailand, enhancing its cross-border e-commerce capabilities [10]. Market Trends - The global health food market is projected to reach 226.8 billion USD by 2026, driven by trends such as aging populations and the increasing prevalence of chronic diseases among younger individuals [11]. Divestment Strategy - Xianle Health has decided to sell its subsidiary BFPC, which has incurred losses of nearly 380 million CNY over three and a half years, to streamline operations and focus on more profitable ventures [13]. IPO Plans - The upcoming IPO in Hong Kong is aimed at raising funds for R&D, digital transformation, and capacity expansion, with a focus on leveraging AI for precision nutrition and building smart factories [14]. - The company's strategy of divesting unprofitable segments while capitalizing on overseas business growth positions it favorably for the IPO and future market opportunities [15].