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].

Core Points - The company is Tonghua Golden-Horse Pharmaceutical Industry Co., Ltd, established in 1993 and registered in Jilin Province, China [4][6][7] - The company aims to build a health industry chain and ecosystem, contributing to the modernization and internationalization of the national health industry while maximizing shareholder returns [9] - The registered capital of the company is RMB 966,494,707 [7] Chapter Summaries Chapter 1: General Principles - The company is established to protect the rights of shareholders, employees, and creditors, following the Company Law and Securities Law of the People's Republic of China [4] - The company has undergone several changes in its registration and licensing, including a name change to Tonghua Golden-Horse Pharmaceutical Industry Co., Ltd in 2000 [6][7] Chapter 2: Business Objectives and Scope - The business objectives include serving human health and contributing to the health industry [9] - The business scope includes manufacturing various pharmaceutical forms, research and development of traditional Chinese medicine, and medical project investments [9] Chapter 3: Shares - The company issues shares in the form of stocks, with a total of 966,494,707 shares issued, all being ordinary shares [10][21] - The company follows principles of fairness and transparency in share issuance [10] Chapter 4: Shareholders and Shareholder Meetings - Shareholders have rights to dividends, attend meetings, and supervise company operations [16] - The company must hold annual shareholder meetings within six months after the end of the fiscal year [25] Chapter 5: Board of Directors - The board of directors is responsible for the company's management and must act in the best interest of the company and its shareholders [18] - The company has provisions for independent directors and committees within the board [18] Chapter 6: Senior Management - Senior management includes the general manager, deputy general managers, and other key personnel [8] Chapter 7: Financial Accounting System, Profit Distribution, and Auditing - The company must adhere to a financial accounting system and undergo internal audits [8] Chapter 8: Notices and Announcements - The company is required to issue notices and announcements as per legal requirements [8] Chapter 9: Mergers, Divisions, Capital Increases, Reductions, Dissolution, and Liquidation - The company can merge, divide, increase or reduce capital, and dissolve according to legal procedures [8] Chapter 10: Amendments to the Articles - The company can amend its articles of association following the prescribed procedures [8] Chapter 11: Supplementary Provisions - The articles of association serve as a binding document for the company, shareholders, directors, and senior management [8]

根据《中华人民共和国药品管理法》《药品生产监督管理办法》《药品生产质量管理规范》等法律法规规章，经现场检查和综合评定，现将国药集团威奇达 药业有限公司等14家药品生产企业药品GMP符合性现场检查结果予以通告（见附件）。 山西省药品监督管理局 2025年6月3日 转自：山西省药品监督管理局网站 山西省药品监督管理局药品GMP符合性检查结果通告 药品GMP符合性检查企业目录 | 序 | 企业名 | 检查地址 | 检查范围 | 检查时 | 检 查 | | --- | --- | --- | --- | --- | --- | | 号 | 称 | | | 间 | 结 | | | | | | | 果 | | | 国药集 | | | 2025年 | 符 | | | 团威奇 | | | 1月16 | 合 | | 1 | 达药业 | 山西省大同市经济技术开发区高新技术产业园 | 硬胶囊剂（青霉素类）（青霉素口服制剂二车间：Ⅴ线） | | | | | 有限公 | | | 日-1月 | 要 | | | | | | 19日 | 求 | | | 司 | | | | | | | | 持有人地址：山西省大同经济技术开发区思贤街 | | ...

Core Points - GuangYuYuan Chinese Herbal Medicine Co., Ltd. is a publicly listed company established in accordance with the Company Law of the People's Republic of China, with a registered capital of RMB 489,491,141 [2][3] - The company aims to innovate and inherit traditional Chinese medicine culture, contributing to the health of the Chinese people [4] - The company has a comprehensive business scope that includes the production, sales, and research of various traditional and Western medicine forms [4] Company Structure - The company is governed by a board of directors, with the chairman serving as the legal representative [3] - The company has established a party committee and a disciplinary committee to ensure adherence to the leadership of the Communist Party of China [1] - The company has a total of 489,491,141 shares issued, all of which are ordinary shares [5] Share Issuance and Management - The issuance of shares follows principles of openness, fairness, and justice, ensuring equal rights for all shares of the same category [4][5] - The company can increase its capital through various methods, including issuing shares to unspecified objects or existing shareholders [6][7] - The company is prohibited from acquiring its own shares, except under specific circumstances approved by the shareholders' meeting [6][7] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and the ability to supervise the company's operations [11] - Shareholders are required to comply with laws and the company's articles of association, and they cannot withdraw their capital except as legally permitted [16][40] - The company must maintain transparency and disclose information regarding significant events and shareholder rights [13][17] Governance and Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [48][49] - Shareholder proposals must be submitted in advance, and the company is required to notify shareholders of meeting details [58][59] - Voting at shareholder meetings can be conducted in person or by proxy, with specific rules governing the validity of votes [66][67]

General Information - Chongqing Pharscin Pharmaceutical Co., Ltd. was established as a joint-stock company in accordance with the Company Law of the People's Republic of China [2] - The company was registered with the Chongqing Market Supervision Administration and obtained its business license on September 22, 2017, with a registered capital of RMB 417.596314 million [2][3] - The company issued 40.06 million shares to the public and was listed on the Shenzhen Stock Exchange on October 20, 2017 [2][3] Company Structure - The company is a permanent joint-stock company, with the chairman serving as the legal representative [3] - The legal representative's civil activities conducted on behalf of the company will have legal consequences for the company [3] - Shareholders are liable for the company's debts only to the extent of their subscribed shares, while the company is liable for its debts with all its assets [3] Management and Governance - Senior management includes the general manager, deputy general managers, financial officer, and board secretary [4] - The company has established a party organization in accordance with the Communist Party of China regulations, which plays a leading role in governance [4] Business Objectives and Scope - The company's business objective is to promote national medicine and provide quality healthcare products [4] - The business scope includes the production of various pharmaceutical forms, including injections, tablets, and traditional Chinese medicine, as well as related consulting and technology transfer services [4][5] Share Issuance and Capital Management - The company issues shares in the form of stocks, adhering to principles of openness, fairness, and justice [6] - The total number of shares issued at the establishment was 300 million, with a par value of RMB 1 per share [6] - The company has a total of 417.596314 million shares issued, all of which are ordinary shares [6] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company governance [12] - Shareholders must comply with laws and the company's articles of association, and they are liable for their subscribed capital [40] - The company has provisions for shareholders to request the convening of a general meeting under certain conditions [52][57] Corporate Governance and Decision-Making - The general meeting of shareholders is the company's authority, responsible for electing directors and approving major corporate actions [46] - The company must hold an annual general meeting within six months after the end of the fiscal year [51] - Decisions regarding significant transactions and capital changes require shareholder approval [47][50] Financial Management and Investment - The company is required to disclose financial information and adhere to regulations regarding financial assistance and investments [21][49] - The company can engage in financial investments within approved limits and must disclose significant financial activities [48][49]

Core Insights - Julydeer® is a dietary supplement brand founded in 2012 in Colorado, USA, focusing on "scientific, rigorous, innovative, and safe" principles in its product development and manufacturing [1] - The brand emphasizes technological innovation and has established a comprehensive R&D and production system for dietary supplements, ensuring product safety and efficacy through various certifications [1] - The company combines traditional herbal wisdom with modern scientific research, adhering to evidence-based medicine principles in its product formulations [1] Product Range - **Liver Protector: Milk Thistle Hard Capsules** - Contains 10,000mg of North American wild milk thistle seeds and 500mg of concentrated silymarin extract per serving - Designed for individuals with liver damage from alcohol, fatty liver, or abnormal liver indicators, showing clinical evidence of improving liver function [2] - **Cardiovascular Shield: Natto Hard Capsules** - Contains 150mg of natto kinase per bottle, supporting cardiovascular health with a gentle and safe thrombolytic effect [2] - **Krill Oil Soft Capsules** - Contains 1,000mg of Antarctic krill oil, enhancing Omega-3 absorption and showing significant effects on blood lipid regulation [3] - **Fish Oil Soft Capsules** - Contains 400mg of DHA and 100mg of EPA, supporting brain and eye health, particularly beneficial for children's brain development and elderly cognitive maintenance [4] - **Joint and Respiratory Health: Quercetin Hard Capsules** - Demonstrates a 15% reduction in blood uric acid levels and a 35% decrease in gout attack risk [6] - **Anti-Aging and Immune Support: PQQ Collagen Hard Capsules** - Activates mitochondrial function and reduces oxidative damage to skin cells [7] - **Astaxanthin Soft Capsules** - Features a patented extraction method that improves absorption by 260%, significantly enhancing its antioxidant effects [8] - **Women's Multivitamin Tablets** - Provides a comprehensive nutrient profile to improve hair loss and enhance immunity [9] - **Brain Health and Sleep Management: Phosphatidylserine Hard Capsules** - Supports cognitive function and alleviates anxiety, particularly beneficial for students and high-pressure workers [14] Brand Positioning - Julydeer® aims to redefine dietary supplements with a focus on "precision nutrition," adhering to high standards of purity, concentration, absorption, and transformation [1] - The brand's claims are supported by scientific literature, avoiding absolute terms and disease treatment claims, thus ensuring compliance with advertising laws and health food regulations [1]

2025 年 04 月 28 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 刘洁铭 S0350521110006 | | | liujm@ghzq.com.cn | | 证券分析师： | 秦一方 S0350523120001 | | | qinyf@ghzq.com.cn | | 联系人 ： | 黄诗汶 S0350124040004 | | | huangsw01@ghzq.com.cn | [Table_Title] 2025Q1 国内业务企稳，盈利能力持续强化 ——仙乐健康（300791）2024 年报和 2025 年一 季报点评 最近一年走势 | 相对沪深 300 | 表现 | 2025/04/25 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 仙乐健康 | -4.7% | 1.8% | -9.5% | | 沪深 300 | -3.7% | -1.2% | 7.3% | | 市场数据 | 2025/04/25 | | --- | --- | | 当前价格（元） | 25.41 | ...