每经AI快讯，仙乐健康（SZ 300791，收盘价：23.33元）10月9日晚间发布公告称，仙乐健康科技股份 有限公司及公司子公司在2025年第三季度取得4项发明专利证书、1项保健食品注册证书和22项保健食品 备案凭证。 截至发稿，仙乐健康市值为72亿元。 每经头条（nbdtoutiao）——与美元脱钩后，暴涨102倍，揭秘黄金疯涨背后神秘的"无形之手"！专家： 推动金价上涨的逻辑没有变 （记者 曾健辉） 2025年1至6月份，仙乐健康的营业收入构成为：软胶囊占比46.38%，软糖占比25.31%，片剂占比 9.26%，功能饮品占比5.42%，硬胶囊占比5.31%。 ...

Group 1 - The core point of the article is that Xianle Health announced the termination of its long-term employee stock ownership plan during a board meeting held on September 26, 2025 [1] - For the first half of 2025, Xianle Health's revenue composition was as follows: soft capsules accounted for 46.38%, gummies for 25.31%, tablets for 9.26%, functional beverages for 5.42%, and hard capsules for 5.31% [1] - As of the time of reporting, Xianle Health's market capitalization was 7.4 billion yuan [1]

强化企业合作，擦亮金字招牌 20世纪80年代初，抚顺开启林下参人工种植探索，后逐步拓展园参规模化种植，为产业延续注入新活 力。如今，辽宁人参产业已实现从传统单一药材种植向现代化、标准化全产业链的跨越。 企业合作赋能产业振兴。在从传统种植到全产业链的升级中，扬子江与秘参堂的深度合作成为关键推 力。扬子江拥有先进的质量生产管控体系和现代化研发平台；秘参堂则家族三代传承人参种植与炮制技 艺。双方以专业和经验完成深度携手、优势互补，在共建的7000余亩人参种植基地，推行"三无一全"品 牌认证标准，即无硫加工、无黄曲霉素污染、无公害，且全过程可追溯，并通过规范化种植模式从源头 把控品质。其中，5830亩人参通过《中药材生产质量管理规范》（中药材GAP）认证。双方还联合研发 保健食品、功能饮品等高附加值产品，努力擦亮"辽宁人参"金字招牌。 立足资源禀赋，追求卓越品质 辽宁地处北纬40度至45度，四季分明、昼夜温差大，适宜参体皂苷等有效成分沉淀。作为辽宁重要的水 源涵养林基地与用材林基地，抚顺森林覆盖率达65.71％，活立木总蓄积量达8206.61万立方米，海拔 1347米的辽宁最高峰——岗山矗立在青山绿水间，空气与水源洁 ...

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by over 15% in the next six months [5][18]. Core Views - The company is undergoing a strategic transformation that is causing short-term pressure but is expected to empower long-term development through cross-border mergers and acquisitions [1][4]. - The company has a strong presence in the nutritional health product industry, with nearly 20 years of R&D and production experience, and offers comprehensive contract manufacturing services [4]. Financial Performance Summary - For 2023A, the company reported revenue of 871 million yuan, with a projected revenue of 801 million yuan for 2024A, followed by 944 million yuan in 2025E, 1,421 million yuan in 2026E, and 1,687 million yuan in 2027E [1][10]. - The year-on-year growth rates for revenue are projected to be 20.1% for 2023A, -8.0% for 2024A, 17.8% for 2025E, 50.4% for 2026E, and 18.8% for 2027E [1][10]. - The net profit attributable to the parent company is expected to decrease from 169 million yuan in 2023A to 139 million yuan in 2024A, before recovering to 152 million yuan in 2025E, 205 million yuan in 2026E, and 245 million yuan in 2027E [1][10]. - The company’s return on equity (ROE) is projected to decline from 11.2% in 2023A to 8.7% in 2024A, before gradually increasing to 12.5% by 2027E [1][10]. Business Segment Performance - In the first half of 2025, the company achieved revenue of 420 million yuan, with a year-on-year growth of 2.06%. The contract manufacturing segment showed resilience with a revenue of 366 million yuan, up 10.71% year-on-year, while the self-owned brand segment saw a decline of 33.61% [2][3]. - The company launched a new brand, focusing on a strategic shift towards scientifically-based health products, aiming to build a unique nutritional health system for Asian consumers over the next decade [2]. Cost and Investment Insights - The company is increasing its costs and investments for transformation, which has led to a short-term pressure on profits. The gross margin and net profit margin for the first half of 2025 were 36.22% and 17.10%, respectively, both showing a decline compared to the previous year [3]. - Operating cash flow for the first half of 2025 was 74 million yuan, reflecting a year-on-year increase of 14.02%, indicating a stable operational condition [3]. Mergers and Acquisitions - The company completed a cross-border acquisition of 56% of Ora for 67 million yuan, which is expected to enhance its overseas supply chain and accelerate international expansion [4]. Ora reported a revenue of 42.28 million New Zealand dollars in 2024, with a significant year-on-year growth of 102.34% [4].

Core Viewpoint - The company reported a mixed performance in its 2025 H1 results, with revenue growth but a decline in net profit, indicating challenges in its self-owned brand segment while the contract manufacturing business showed strong growth [1][2][3]. Financial Performance - In 2025 H1, the company achieved revenue of 420 million yuan, a year-on-year increase of 2.06%, and a net profit attributable to shareholders of 72 million yuan, a year-on-year decrease of 13.37% [1]. - For Q2 2025, revenue was 213 million yuan, down 4.44% year-on-year, with a net profit of 37 million yuan, down 23.79% year-on-year [1]. Business Segments - The contract manufacturing business saw double-digit growth, with revenue of 366 million yuan in H1 2025, up 10.71% year-on-year, while the self-owned brand business generated 52 million yuan, down 33.61% year-on-year [2]. - In terms of product types, functional beverages grew by 18.41% to 120 million yuan, while soft capsules declined by 6.03% to 151 million yuan. Other forms like powders and tablets showed varied performance, with powders up 35.99% and tablets down 20.11% [2]. Geographic Performance - Revenue from domestic operations was 379 million yuan, down 1.73% year-on-year, while international revenue reached 39 million yuan, up 66.43% year-on-year [3]. Profitability Metrics - The gross margin for H1 2025 was 36.22%, a decrease of 3.28 percentage points year-on-year, and the net profit margin was 17.10%, down 3.04 percentage points year-on-year [3]. - The company experienced increased management expenses, attributed to strategic transformation efforts [3]. Strategic Developments - The acquisition of a 56% stake in New Zealand's Ora factory was completed, with expectations for significant revenue contributions in 2025, as the factory reported strong growth in 2024 [4]. - The company launched a new brand focused on "food and medicine homology," targeting specific nutritional needs of Asian consumers, and plans to leverage cross-border cooperation for competitive advantage in domestic pharmacy channels [5]. Future Outlook - The company anticipates revenue growth driven by its contract manufacturing business and expects contributions from cross-border and pet-related businesses in the future [5]. - Projections for 2025-2027 indicate revenues of 1.117 billion, 1.286 billion, and 1.446 billion yuan, with net profits of 169 million, 205 million, and 236 million yuan respectively, reflecting a positive growth trajectory [5].

Group 1 - The core viewpoint of the article highlights the recent announcement by Xianle Health regarding its board meeting and the review of its 2025 semi-annual report [1] - For the first half of 2025, Xianle Health's revenue composition is as follows: soft capsules account for 46.38%, gummies for 25.31%, tablets for 9.26%, functional beverages for 5.42%, and hard capsules for 5.31% [1] - As of the report, Xianle Health has a market capitalization of 7.7 billion yuan [1] Group 2 - The article also mentions that the A-share market has seen trading volumes exceed 2 trillion yuan for eight consecutive days, indicating a robust trading environment [1] - It notes that major brokerage firms are actively recruiting for the autumn season, with 25 job positions available, reflecting a demand for talent in the industry [1]

Group 1 - The company, Xianle Health, announced that its fourth board meeting was held on July 30, 2025, via teleconference, where it reviewed the proposal regarding not adjusting the conversion price of "Xianle Convertible Bonds" [2] - For the year 2024, the revenue composition of Xianle Health is as follows: soft capsules accounted for 47.1%, gummies for 23.63%, tablets for 7.73%, functional beverages for 5.89%, powders for 5.5%, and hard capsules for 5.29% [2]

Core Viewpoint - Baihe Co., Ltd. is facing operational challenges with a decline in revenue and profit, prompting the company to adopt a strategy of "internal growth + external expansion" to enhance competitiveness [1][4]. Financial Performance - In 2024, Baihe Co., Ltd. reported revenue of 801 million yuan, a decrease of 8.02% year-on-year, and a net profit of 139 million yuan, down 17.6% [1][2]. - The company's main business gross margin was 36.21%, a decline of 0.89 percentage points compared to the previous year [1][3]. - The revenue from the main nutrition and health food business was 796 million yuan, down 7.95% year-on-year [3]. Product Performance - Sales of key products such as soft capsules and tablets saw declines, with revenues of 319 million yuan and 103 million yuan, down 15.82% and 7.53% respectively [3]. - Functional beverages, however, experienced growth, with revenue reaching 193 million yuan, an increase of 37.32% [3]. R&D and Strategic Initiatives - Baihe Co., Ltd. increased its R&D expenditure to 35.78 million yuan, representing 4.47% of revenue, a 15.63% increase from the previous year [4]. - The company received 424 health food registration certificates in 2024, a significant increase of 188.44% from the previous year [5]. Acquisition Plans - Baihe Co., Ltd. plans to invest 16.24 million New Zealand dollars (approximately 67 million yuan) to acquire 56% of New Zealand-based Ora Nutrition Limited, aiming to expand its overseas market presence [1][5]. - The acquisition is valued at 29 million New Zealand dollars, reflecting a premium of 155.24% over the book value [6]. Market Performance - In 2024, Baihe Co., Ltd. achieved overseas revenue of 69.88 million yuan, a year-on-year increase of 39.23% [6].