事件：仙乐健康于2026 年1 月9 日召开了2026 年投资者交流会，本场交流会以"蓄势健康，出海增链"为 主题，主要分享了公司26~28 年战略规划。 全球化布局+资本赋能，助力公司长期可持续增长。公司已构建7 大生产基地（中国汕头、马鞍山、珠 海，德国、美国、泰国在建），5 大研发基地，50+国家覆盖，全球化布局日趋完备。H 股上市谋划在 即，若成功上市不仅解决公司长期发展资金需求，更有利于推进国际化战略有效落地。 BF 个护业务剥离，26 年轻装上阵。BF 个护业务持续亏损，且与公司营养健康主业协同性较低。公司 2025 年8 月公告意欲剥离该业务，预期年内不久将顺利完成剥离，在回收部分资金的同时，可避免非核 心业务拖累整体业绩，提升整体财务报表质量。 公司作为国内营养健康食品CDMO 龙头，通过"健康蓄势"筑牢核心能力，"出海增链"拓展全球布 局，"业务剥离"聚焦主业发展，长期增长确定性增强。我们预计公司2025-2027 营业收入分别 44.5/49.4/55.7 亿元，分别同比增长6%/11%/13%；预计2025-2027 归母净利润分别为2.6/3.9/5.0 亿元，分 别同比增长-21%/ ...

其技术迁移实践主要围绕三个方向：构建物种专属营养体系、转化应用制剂增效技术、打造智能适口性 解决方案。以仙乐健康推出的NUTRIFUSE超溶磷虾鱼油为例，研发团队针对传统鱼油大分子不易吸 收、腥味重导致宠物拒食等问题，运用在人类营养品中已经验证的E立方仿生增效技术，将鱼油和磷虾 油制作成小分子液体形态，提升了吸收效率。 此外，仙乐健康还同步应用了在人类食品中成熟的祛腥提鲜工艺，改善了产品风味。测试数据显示，该 产品获得了91%的猫咪喜爱度，从实际效果层面验证了技术迁移的可行性。 行业数据显示，2024年中国城镇宠物(犬猫)市场规模已突破3000亿元，其中宠物保健品市场规模达126.5 亿元，同比增长15.73%。在这一背景下，全球知名营养健康食品CDMO企业仙乐健康（300791），正 将其在人类营养领域深耕30余年的技术创新成果，系统性地迁移至宠物健康这一新兴赛道。 趋势洞察 当前，宠物食品已从简单满足基础营养需求，转向更加注重功能性、科学配比和个性化方案的市场阶 段。消费者更加关注原料的天然性与配方的科学性。 这种需求变化与人类营养需求发展过程具有一定相似性。仙乐健康宠物营养项目负责人胡静表示，宠物 主会 ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, with a focus on expanding its market presence and enhancing brand recognition through strategic initiatives [1][4]. Financial Performance - In 25H1, the company achieved operating revenue of 2.042 billion yuan, a year-on-year increase of 2.57%, and a net profit attributable to shareholders of 161 million yuan, up 4.30% year-on-year [1]. - The second quarter of 2025 saw operating revenue of 1.087 billion yuan, reflecting a year-on-year growth of 4.66%, with a net profit of 92 million yuan, an increase of 1.13% [1]. - The gross profit margin for 25H1 was 33.18%, with a slight increase in the second quarter to 33.27% [3]. Segment Performance - By dosage form, soft capsules generated revenue of 947 million yuan (up 6.47%), gummies at 517 million yuan (up 6.35%), tablets at 189 million yuan (up 33.37%), while beverages and powders saw declines of 20.84% and 36.02%, respectively [1]. - Regionally, the China segment reported revenue of 818 million yuan (down 1.63%), while the Americas and Europe segments grew by 4.26% and 21.96%, respectively [1]. Strategic Initiatives - The company is focusing on developing new consumer markets, with new consumption customer revenue growth exceeding 40% in 25H1, despite challenges in traditional segments [2]. - The Americas division is expanding its gummy business and targeting new customers in Latin America, particularly in Brazil [2]. - The European division is actively pursuing new clients and products, particularly in the UK market [2]. - The Asia-Pacific division is enhancing partnerships with key clients in Australia and preparing for market expansion in Russia and Japan [2]. Brand and Market Development - The company participated in 12 domestic and international forums and exhibitions in 25H1 to enhance brand visibility and industry influence [4]. - Key breakthroughs were achieved in probiotics and anti-aging sectors, with the launch of the EverBio platform and the GRAS certification for its proprietary probiotics [4]. - The company is also focusing on the pet nutrition market, having participated in the Asia Pet Expo in August 2025 [4]. Global Business Resilience - The company's global business strategy has demonstrated resilience, with strong performance in the Americas and Europe despite tariff fluctuations [6]. - The ongoing construction of a factory in Thailand is expected to further enhance the company's market presence in Southeast Asia [6].