三、协同共创：打造核心产品力 基于前述技术能力，仙乐健康聚焦人群、剂型与研发三大增量路径，通过"C-R-M"产品服务价值(洞察 咨询 Consulting、研发创新 R&D、全球供应链交付 Manufacturing)，助力合作伙伴打造核心产品力。凭 借在营养健康食品行业持续多年的创新及贡献，仙乐健康于近期荣获了NSF认证机构颁发的"卓越价值 伙伴"及HNC 2025年度 Hi Health Awards"营养健康食品CDMO卓越领袖奖"。 四、面向未来：推动行业健康发展 当前，全球营养健康食品行业正处于一个充满挑战的不确定性周期。一方面，消费升级与健康意识提升 推动市场持续扩容。另一方面，政策监管趋严，供应链波动及同质化竞争加剧，促使企业重构技术壁垒 与响应效率。在此变局中，仙乐健康（300791）以创新为锚点，将其定位为穿越周期、把握确定性的核 心驱动力，通过多维度创新实践，赋能全球客户开拓市场。 一、洞悉趋势：锚定创新方向 仙乐健康的创新实践，建立在对营养健康食品市场动态和消费者需求的持续分析与理解之上。中国营养 健康食品市场展现出可观的增量潜力，同时消费者的需求也呈现出日益多元化、个性化的特点。面对这 ...

Group 1 - The latest stock price of Xianle Health is 23.49 yuan, an increase of 0.34 yuan from the previous trading day, with an opening price of 23.23 yuan, a high of 23.58 yuan, a low of 23.10 yuan, a trading volume of 24,618 hands, and a transaction amount of 0.58 billion yuan [1] - Xianle Health operates in the food and beverage industry, focusing on the research, development, production, and sales of nutritional health foods, with products including gummies, tablets, and powders, serving global nutritional health food brands [1] - Recently, the company participated as a co-organizer in the first Shantou Health Industry Innovation Development Conference and Health Product Expo, showcasing innovative solutions in maternal and child nutrition, women's health, and probiotics, and signed a strategic cooperation agreement with the Chinese Institute of Food Science and Technology to establish an innovation fund [1] Group 2 - The innovation fund will focus on supporting research and innovation in areas such as bionic enhancement and dosage form technology, as well as nutrition and health [1] - On August 11, Xianle Health saw a net inflow of 642,800 yuan in main funds, while over the past five trading days, there was a cumulative net outflow of 8.2576 million yuan [2]

Group 1 - The first Shantou Health Industry Innovation Development Conference and Health Product Expo was held on August 8, showcasing the local health industry and the participation of Xianle Health as a representative of local enterprises [1] - Xianle Health signed a strategic cooperation agreement with the Chinese Institute of Food Science and Technology to establish the "Xianle Health Joint Innovation Fund," aimed at integrating resources in nutrition and health for innovation and sustainable development [1][2] - The health management awareness among consumers is increasing, leading to a shift in the nutrition and health food industry towards refined, scenario-based, and personalized development [1] Group 2 - In the infant and child nutrition sector, Xianle Health focuses on dosage form innovation to address market homogenization, developing differentiated technical solutions tailored to the physiological characteristics of different growth stages [2] - For women's nutrition, Xianle Health combines patented ingredients with formulation technology to create comprehensive solutions addressing skin care and physiological regulation [2] - The EverBio technology platform ensures the stability of probiotics from production to consumption, providing reliable probiotic products [2] Group 3 - Xianle Health organized a forum on "Innovation and Practice of Precision Nutrition," gathering local government leaders, academic experts, clinical physicians, and industry representatives to discuss market trends and technological advancements [3] - The company shared its experiences in high-potential sectors and modernization of traditional Chinese medicine, while experts discussed clinical applications of functional bacteria and the evolution of nutritional technology [3]

Core Insights - The first Shantou Health Industry Innovation Development Conference and Health Products Expo was successfully held from August 8 to 10, 2025, with Xianle Health Technology Co., Ltd. participating as a co-organizer [1] - Xianle Health announced a strategic cooperation agreement with the Chinese Institute of Food Science and Technology to establish the "Xianle Health Joint Innovation Fund," aimed at integrating resources for sustainable innovation in the nutrition and health industry [1] - The company showcased its innovative research achievements, including the E-Cube Bionic Enhancement Technology Platform, focusing on product experience enhancement through differentiated technical solutions for various age groups [1] Industry Developments - During the conference, Xianle Health, in collaboration with local medical associations, held a forum on "Innovation and Practice of Precision Nutrition," exploring pathways for translating functional nutrition from research to public benefit [2] - The expo served as a platform for public health education, with Xianle Health creating an immersive nutrition science experience area that attracted over a thousand citizens [2] - Looking ahead, Xianle Health aims to lead in nutritional technology and enhance the development of the nutrition and health food industry through research innovation and smart manufacturing [2]

Investment Rating - The report does not explicitly provide an investment rating for the health food industry Core Insights - The health food industry in China is transitioning from chaotic growth to regulated and rapid development, driven by e-commerce and a younger health concept [3][4] - The aging population and the rise of lifestyle diseases are increasing consumer focus on health, leading to a growing demand for nutritional interventions [3][6] - The market for nutritional health foods is expected to grow significantly, with the global market projected to reach 1,376.58 billion yuan by 2024 and 1,821.34 billion yuan by 2029 [12] - The industry is characterized by a competitive landscape where leading brands dominate market share, while small and medium enterprises face intense competition [4][41] Summary by Sections Market Overview - Nutritional health foods are categorized into health foods and functional foods, with health foods strictly regulated and functional foods having lower entry barriers [5] - The market is experiencing a significant increase in consumer health awareness, with per capita medical spending expected to reach 2,547 yuan in 2024, a 16% increase year-on-year [3] Industry Chain Analysis - The nutritional health food industry chain in China has formed a complete closed loop, with upstream relying on technological breakthroughs, midstream focusing on innovative formulations, and downstream utilizing diversified channels to reach younger consumers [14] - The industry is marked by a clear division between leading enterprises and small to medium-sized companies, with leading brands like汤臣倍健 and 仙乐健康 holding significant market shares [4][41] Consumer Insights - The consumer base for nutritional health foods is expanding, with middle-aged and elderly groups being the core consumers, while younger generations are emerging as key growth drivers [29][32] - Post-pandemic, over half of the population has shown increased interest in nutritional supplements, particularly among the 36-40 age group [31] Competitive Landscape - The competitive landscape of the nutritional health food industry is fragmented, with low industry concentration and significant differences in profit margins among companies [36][41] - Leading brands leverage their research capabilities and diverse product offerings to maintain market dominance, while smaller companies focus on niche markets [38][41] Development Trends - The industry is witnessing a trend towards product innovation, with a shift towards snack-like forms of nutritional health foods to cater to a broader consumer base [44][45] - Cross-industry collaboration is becoming more common, with traditional pharmaceutical companies and regular food enterprises expanding into the nutritional health food sector [47][49]

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: Market Outlook - Morgan Stanley is optimistic about the Chinese stock market, with a baseline expectation for the MSCI China Index at 80 and a target for the CSI 300 Index at 4150 points [1] - UBS sees foreign capital inflow as a significant trading logic for the Chinese stock market in the coming quarters, with Hong Kong stocks expected to outperform A-shares [1] - Deutsche Bank analysts express concerns about fiscal balance in countries outside the US, highlighting Japan's low demand for 20-year bonds as a sign of fiscal stress [1] Group 2: Economic Indicators - Barclays analysts predict a potential further decline in the US dollar, but strong economic data may limit the extent of the drop [2] - ANZ analysts note that the downgrade of the US credit rating by Moody's has reignited interest in gold due to concerns over economic slowdown and rising inflation [3] - CBA forecasts gold prices to reach $3750 per ounce in Q4, driven by safe-haven demand and a weakening dollar [4] Group 3: Industry Insights - CICC reports that the domestic nutrition and health food industry has significant long-term growth potential, with a market size exceeding $35 billion [5] - CITIC Securities indicates that the pesticide industry in China is accelerating consolidation, with leading companies enhancing competitiveness through mergers and acquisitions [6] - CITIC Securities also highlights that the domestic wind turbine industry is expected to enter a phase of simultaneous growth in volume and price due to improved supply-demand dynamics [7]

Core Insights - The domestic nutrition and health food industry in China has significant long-term development potential [1] Industry Overview - The scale of China's nutrition and health food industry exceeds 35 billion USD, with a rapid growth rate [1] - The current concentration of the industry is low, providing opportunities for certain downstream brands and leading contract manufacturers to increase their market share [1] Market Dynamics - The industry is characterized by stratification, where the quality market builds a competitive moat through "big single products + R&D advantages" [1] - The new consumption market focuses on "demand insight + category innovation + online capabilities" [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Chinese nutrition and health food market is experiencing stable growth, with a compound annual growth rate (CAGR) of 5.7% from 2019 to 2024, and an expected acceleration to 6.6% from 2024 to 2029. Nutritional functional foods are projected to grow at a CAGR of 8.5%, indicating a rising consumer acceptance of daily nutritional supplements and functional foods [13][14][15] - The market is driven by multiple factors including an aging population, rising income levels, the proliferation of e-commerce channels, government policy support, and increasing health awareness among consumers [15][16] Summary by Sections Industry Overview - The Chinese nutrition and health food sector is categorized into nutritional functional foods and health foods, focusing on safety and functionality to meet the daily nutritional needs of specific populations, particularly the elderly [7][9] Market Dynamics - The market is characterized by a high concentration of suppliers in the upstream segment, supported by strong R&D capabilities in the midstream, and a diverse sales model in the downstream, integrating online and offline channels [11][12] Consumer Trends - The dietary structure of the elderly population in China is significantly imbalanced, with regional disparities exacerbating nutritional deficiencies and increasing chronic disease risks, making dietary optimization a core national health strategy [9][10] Market Size and Growth - The market for nutritional health foods in China is projected to reach CNY 5,223 billion by 2024, with nutritional functional foods accounting for CNY 2,891 billion and health foods for CNY 2,331 billion [14] Product Segmentation - The nutritional functional food industry is diversifying into six key segments: weight management, sports nutrition, beauty nutrition, gut health, healthy snacks, and basic nutrition, catering to the varied health needs of consumers [20][21][29][30] Future Trends - The market is expected to see a shift towards personalized nutrition and precision health products, driven by advancements in technology and consumer demand for tailored health solutions [33][34]

Group 1: Company Performance - In Q1 2025, the company achieved a net profit of 68.64 million RMB, representing an 8.90% year-on-year increase [6] - The gross profit margin for Q1 2025 was 33.09%, an increase of 2.47 percentage points compared to the same period last year [6] - For the full year 2024, the company reported total revenue of 4.21 billion RMB, a 17.6% increase year-on-year, and a net profit of 325 million RMB, up 15.7% [8] Group 2: Market and Growth Strategy - The Chinese nutrition and health food market is projected to reach 260.2 billion RMB in 2024, with a CAGR of 6.3% from 2019 to 2024 [8] - The company plans to enhance its global smart supply chain capabilities and strengthen collaboration between domestic and international operations [2][7] - The company aims to expand its domestic market share by focusing on high-value clients and exploring new consumption channels such as live streaming and offline retail [2][7] Group 3: International Business and Challenges - Approximately 60% of the company's business is international, with 40% coming from the U.S. market [3] - The company is actively managing the impact of tariffs on its U.S. exports, with less than 15% of its total revenue coming from exports to the U.S. [3] - The company is exploring local production options in the U.S. to mitigate tariff impacts and enhance its supply chain resilience [3] Group 4: Product Development and Innovation - The company focuses on six key functional areas: anti-aging, probiotics, beauty and health, cardiovascular metabolism, immune enhancement, and bone and joint health [5] - The company is developing a "Xianle Probiotic Technology Platform" to lead the probiotics industry and is responding to national initiatives on weight management with new product launches [5] - The production capacity utilization rate for gummies and bagged drinks exceeded 70% as of March 2025, while powder products still have room for improvement [4]