这场传播事件的主角——联合利华旗下高端营养健康品牌OLLY，诞生于美国加州，由世界各 地的健康和营养专家研发而成。背靠联合利华，其品质保障、产品理念和研发实力都曾获新华 社等主流媒体报道及皮肤、营养等领域医学专家的专业认可。 本 次 活 动 主 张 "OLLY 懂 你 漂 亮 做 自 己 " ， 显 然 试 图 在 功 效 之 外 ， 与 女 性 建 立 更 深 层 的 情 感 连 接 。 但 真 正 值 得 探 讨 的 问 题 是 ： 在 " 她 经 济 " 话 语 权 争 夺 日 益 激 烈 的 今 天 ， OLLY 为 何 选 择 用"退一步"的方式与女性对话？这种选择背后，又折射出怎样的品牌逻辑？ 今年的3 . 8妇女节，当不少品牌还在重复"致敬女性" "无畏绽放"这类宏大叙事时，OLLY与其 品牌全球代言人(普通食品)赵露思合作的一条TVC，用一种更轻巧的方式切入了女性的日常生 活。 镜头里，赵露思通过玻璃橱窗、手持小镜随时随地"照"自己，带着一种自洽的欣赏和毫不掩饰 的愉悦。这个名为"想照就照"的创意，迅速在社交平台引发共鸣，成为热门话题。 这 一 洞 察 之 所 以 能 戳 中 许 多 人 ， ...

此外，仙乐健康的资产质量正面临严峻挑战。招股书显示，截至2025年9月30日，公司流动净资产由2024年末的11.98亿元骤降56.8%至5.17亿元，半年多 时间缩水超6亿元。这一滑坡主要源于其他金融负债增加4.56亿元、贸易应付款项增加1.58亿元、借款增加0.95亿元，同时现金及现金等价物减少0.97亿 元，资金链紧张态势凸显，以及公司短期偿债能力的显著下降。 | | 截至12月31日 | | 截至9月30日 | | --- | --- | --- | --- | | | 2023年 | 2024年 | 2025年 | | | | (人民幣千元) | | | | | | (未經審核) | | 流動資產總值 | 1,932,928 | 2,022,938 | 2,156,451 | | 非流動資產總值 | 3,262,799 | 3,463,084 | 3,525,715 | | 資產總值 | 5,195,727 | 5,486,022 | 5,682,166 | | 流動負債總額 . | 751.129 | 824.537 | 1.639.225 | | 非流動負債總額 .. | 1.878.430 | ...

Core Viewpoint - Xianle Health has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, aiming to tap into both A-share and H-share markets, despite facing significant challenges such as halved profits, high debt ratios, and ongoing losses in non-core businesses [1][19]. Financial Performance - Xianle Health has experienced a significant decline in profits, with net profit expected to drop by 53%-69% in 2025, resulting in a projected profit of between 1.01 billion and 1.51 billion RMB, marking the worst performance since its listing [3][19]. - The company reported revenues of 35.82 billion RMB and 42.11 billion RMB for 2023 and 2024, respectively, but the growth trend reversed in 2025, with a 36.25% year-on-year decline in net profit to 1.53 billion RMB in the first three quarters [3][19]. Business Structure and Market Position - Xianle Health has established a business model characterized by "domestic contraction and overseas expansion," with revenue from mainland China and Hong Kong decreasing from 51.7% in 2023 to 38.8% in 2025, while revenue from overseas markets increased from 48.3% to 61.2% in the same period [4][22]. - The company holds 184 global patents and has developed over 6,000 mature formulas, maintaining deep collaborations with seven of the top ten global health food brands and two major pharmaceutical companies [2][21]. Operational Challenges - The company faces operational pressures due to an imbalance in its business structure, external environmental pressures, and internal management fluctuations, particularly in its personal care segment, which has seen a significant drop in customer demand and increased operational costs due to U.S.-China trade tensions [4][6][22]. - Xianle Health's gross margin has been adversely affected by the performance of its core products, with soft capsules and gummies accounting for about 70% of revenue but showing lower profitability compared to competitors [6][25]. Debt and Cash Flow - The company's debt ratio has increased from 50.6% in 2023 to 55.1% in the first three quarters of 2025, indicating rising financial pressure compared to competitors with debt ratios around 20% [9][26]. - Operating cash flow has declined from 5.66 billion RMB in 2024 to 3.22 billion RMB in the first three quarters of 2025, highlighting tightening liquidity [9][26]. Fundraising History - Xianle Health has raised a total of 2.044 billion RMB through two rounds of fundraising since its A-share listing, with a significant portion allocated to debt repayment and working capital [10][27]. - The company plans to use proceeds from its Hong Kong IPO to build new production facilities and expand globally, despite existing underutilized capacity [14][29]. Strategic Transformation - The company attempted to diversify into personal care products, establishing a subsidiary that has since become a financial burden, leading to significant losses and asset impairment provisions totaling 2.52 billion RMB [16][31]. - Despite the potential growth in the global health food market, Xianle Health's efforts to pivot into new areas have not yet yielded positive results, further exacerbating financial pressures [30][32].

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].

一对来自潮汕的夫妇，冲击港股IPO。 港交所1月29日披露，仙乐健康科技股份有限公司（以下简称：仙乐健康）向港交所主板递交上市申请书，中信证券为其独家保荐人。 公司表示，此次赴港上市旨在深化全球化战略布局，打造多元化资本运作平台，进一步提升资本实力与综合竞争力。 据悉， 仙乐健康成立于1993年，总部位于广东汕头，是国内大型营养健康食品合同生产（CDMO）企业之一。业务涵盖产品研发、制造、包装及市场营 销全链条服务。2019年9月25日，仙乐健康在深圳证券交易所创业板上市，成为国内首家A股营养健康食品CDMO企业。 若本次赴港上市顺利完成，仙乐健康有望成为营养健康行业首家A+H上市公司。 仙乐健康最新发布的年度业绩预告显示，预计2025年年度归属于上市公司股东的净利润为1.01亿元至1.51亿元，同比下降53%至69%；归属于上市公司股 东的扣除非经常性损益的净利润5750.28万元至8596.67万元，同比下滑74%至82%。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公 元 司股东的净利 | 盈利:10,124.16 万元 - 15,135.61 万 ...

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].

Core Viewpoint - Company is facing short-term performance pressure due to increased impairment losses and strategic investments, with a significant decline in net profit expected for 2025 [1][3] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 101 million and 151 million yuan for 2025, representing a year-on-year decline of 53% to 69% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 57.5 million and 85.97 million yuan, reflecting a year-on-year decrease of 74% to 82% [1] - A one-time non-cash impairment loss of 195 million yuan was recognized for assets related to the Best Formulation personal care business [1] - The company confirmed an investment impairment loss of 56.55 million yuan due to underperformance of a brand operation company, impacting the non-recurring net profit more significantly than the attributable net profit [1] Group 2: Strategic Initiatives - The company plans to grant 2.2025 million shares to 85 management and core technical personnel at a price of 12.21 yuan per share, with performance targets set for revenue growth in 2026, 2027, and 2028 [2] - An employee stock ownership plan will be implemented for up to 12 individuals, with profit targets for 2026 and 2027 set at no less than 380 million yuan and 450 million yuan, respectively [2] - These initiatives aim to clarify the company's operational goals for the next three years, enhancing market confidence and stabilizing expectations [2] Group 3: Market Position and Growth Outlook - As a leading company in the domestic nutrition and health food sector, the company is adjusting its operations to focus on customer and regional expansion, which is expected to support stable growth in its core business [3] - The strategic layout in precision nutrition and pet nutrition is designed to create a second growth curve for the company [3] - Revenue projections for 2025 to 2027 are estimated at 4.51 billion, 5.12 billion, and 5.61 billion yuan, with year-on-year growth rates of 7%, 14%, and 10%, respectively [3] - Expected net profits for 2025 to 2027 are projected at 130 million, 380 million, and 450 million yuan, with year-on-year growth rates of -61%, 204%, and 18%, respectively [3]

中国营养健康食品行业的龙头企业仙乐健康，在1月30日向市场投下了一枚重磅消息：公司已正式向香港联交所递交主板上市申请，同步披露申请材料，迈 出了构建"A+H"双资本平台的关键一步。 值得注意的是，这一战略性举措，恰逢公司披露2025年业绩预告，其归母净利润预计出现较大幅度下滑，引发了市场对其发展前景的广泛关注。 当前，全球营养健康食品市场正处快速扩张期，尤其是软胶囊、软糖等细分赛道增速显著。通过建立"A+H"双平台，仙乐健康不仅能优化资本结构，更能提 升国际品牌声誉，为其在海外市场拓展、供应链全球优化及潜在并购提供强有力的资金与平台支持，从而在行业黄金增长期中抢占更有利的竞争位置。 长远来看，这一战略转型有望为公司打开新的成长空间。剥离非核心业务有助于"轻装上阵"，集中资源巩固在营养健康解决方案领域的领先优势。 一方面，公司对协同效应有限的个人护理业务计提了高达1.95亿元的资产减值损失，为其剥离做财务准备，这一举措虽影响当期利润，但长远看将使公司更 加聚焦于营养健康食品解决方案的核心主业。 另一方面，公司在精准营养、宠物营养等新兴领域的前期战略性投入，以及为全球化战略启动的咨询项目费用，也在短期内增加了支出 ...

1月30日，仙乐健康（300791.SZ）发布公告称，公司已正式向香港联交所递交主板上市申请，并同步披 露申请材料，开启"A+H"双资本平台布局。这家中国营养健康食品解决方案领域的龙头企业，正试图在 业绩短期承压的背景下，通过全球化资本运作寻找新的增长突破口。 从行业背景来看，全球营养健康食品市场正处于快速增长期。灼识咨询数据显示，2024年全球营养健康 食品商品交易总额达1900亿美元，预计2029年将增至2490亿美元；其中，营养健康食品解决方案市场增 速更优，2024-2029年复合年增长率预计为7.6%，而仙乐健康重点布局的软糖、软胶囊细分领域增速更 高，分别达10.3%、8.5%，显著跑赢行业平均水平。在此背景下，仙乐健康亟需通过资本补血，抓住全 球市场增长机遇。不过，本次发行并上市尚需取得中国证券监督管理委员会、香港证监会和香港联交所 等相关政府机关、监管机构、证券交易所的备案、批准和/或核准，该事项仍存在不确定性。 就在1月29日晚间，仙乐健康披露其2025年业绩预告，其归属于上市公司股东的净利润预计为1.01 亿-1.51亿元，较2024年的3.25亿元下降53%-69%；扣除非经常性损益后的 ...

中国上市公司网讯1月29日，港交所官网披露了仙乐健康科技股份有限公司(以下简称"仙乐健康")在港 交所提交的上市申请，公司上市材料被正式受理，独家保荐人为中信证券。 公开数据显示，仙乐健康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，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，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。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步增 长并保持可持续发展。 公司成立于1993年，随着对健康需求的深入理解，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，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。 中国上市公司网讯1月29日，港交所官网披露了仙乐健康科技股份有限公司(以下简称"仙乐健康")在港 交所提交的上市申请，公司上市材料被正式受理，独家保荐人为中信证券。 公开数据显示，仙乐健康是领先的营养健康食品解决方案提供商，根据 ...