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%/ ...

Core Insights - The establishment of the "CIFST-SIRIO Nutrition, Health & Food Technology Innovation Fund" aims to support cutting-edge research in the nutrition and health sector, responding to the industry's shift towards technology and precision [1][4] Group 1: Fund Overview - The fund was jointly established by the Chinese Institute of Food Science and Technology and Xianle Health, focusing on innovative research projects in nutrition and health [1] - The fund will release and approve projects in batches over three years, promoting the development and transformation of advanced technologies in the nutrition and health food sector [4] Group 2: Research Projects - Eleven innovative research projects were selected from various prestigious institutions, focusing on core challenges in the nutrition and health field [1] - The selected projects cover three main directions: - Enhanced delivery of functional factors, focusing on the efficient delivery and stabilization of water-soluble and oil-soluble functional factors [3] - Mechanisms of nutrition and health, exploring the role of next-generation probiotics, Akkermansia (AKK), in gut health, glucose and lipid metabolism, and cognitive improvement [3] - Precision interventions for aging, addressing health needs in an aging society through studies on skin aging and chronic inflammation, integrating natural components with AI screening technology [3] Group 3: Company Background - Xianle Health, established in 1993, is a globally recognized contract development and manufacturing organization (CDMO) in the nutrition and health food sector, providing comprehensive solutions including research, product development, manufacturing, packaging, logistics, and marketing support [5] - The company was listed on the Shenzhen Stock Exchange in 2019, becoming the first A-share listed CDMO in the nutrition and health food industry [5]

Core Insights - The Nanjing Urban Food Industry Park was officially unveiled during the 113th National Sugar and Wine Fair, highlighting strategic cooperation and major project signings [1] - The park, located in the Gaochun District, is the only food industry characteristic park being developed in Nanjing, with a planned area of 5.5 square kilometers [1] - The park aims to focus on urban food, leisure food, nutritional health food, and aquatic product processing, while also promoting future food, pet food, and food machinery [1] Industry Development - The Nanjing Urban Food Industry Park is a collaborative effort with the China Food Industry Association, aiming to create a comprehensive food research and manufacturing hub [1] - The park has already attracted several well-known companies, including Unified Food, Zhengxiang Food, and Huitai Biotechnology, positioning itself as the first food industry park in the Yangtze River Delta [1] - The Gaochun Economic Development Zone plans to leverage an "ecology + platform + fund + policy" strategy to achieve an industry scale exceeding 30 billion yuan by the end of 2030 [1]

Core Viewpoint - China Foods (00506) has seen a significant stock price increase of over 20% since September 8, with a current price of 5.03 HKD and a trading volume of 78.07 million HKD [1] Group 1: Stock Performance - The stock price rose by more than 8% recently, with a cumulative increase of over 20% since September 8 [1] - As of the latest update, the stock is trading at 5.03 HKD, reflecting a 4.79% increase [1] Group 2: Strategic Developments - The Shenzhen Stock Exchange announced that China Foods has been included in the Hong Kong Stock Connect list, effective from September 8 [1] - The company is currently formulating its 14th Five-Year Plan, expected to be completed by the end of this year, with business initiatives likely to launch next year [1] - China Foods plans to accelerate its entry into the nutritional health food sector through a combination of organic growth and external acquisitions [1] Group 3: Business Expansion - The company is expanding beyond its core beverage business, with channels like vending machines and "Yuexianghui" already generating nearly 200 million RMB in non-beverage sales in the first half of 2025 [1] - Long-term strategies include consolidating advantages in core categories like carbonated drinks and juices while strategically entering the nutritional health food market [1] - The company aims to achieve operational efficiency through strategic collaboration between its beverage and food segments, with specific initiatives expected to be implemented next year [1]

Core Viewpoint - China Foods (00506) has seen its stock price nearly double this year, with a recent increase of 3.84% to HKD 4.6, and a trading volume of HKD 38.64 million [1] Financial Performance - For the first half of the year, the company reported revenue of CNY 12.278 billion, representing a year-on-year growth of 8.3% [1] - The net profit attributable to shareholders for the same period was CNY 578 million, showing a year-on-year increase of 2.2% [1] Strategic Initiatives - The company has completed the enhancement of resource allocation efficiency and plans to maintain its market investment efforts in the second half of the year to promote business expansion [1] - According to CICC, the company is expanding beyond its beverage business into food distribution, with non-beverage vending machine business reaching nearly CNY 200 million in the first half of 2025 [1] - Long-term plans include consolidating core categories like carbonated drinks and juices while strategically entering the health food sector to optimize operational efficiency [1] - The company is positioned as the most suitable entity within COFCO Group to undertake food business, with related plans actively progressing and specific measures expected to be implemented next year [1]

Group 1 - The core viewpoint of the article highlights that China Foods (00506) has seen its stock price nearly double this year, with a recent increase of approximately 5% [1] - As of the latest report, the stock price is at 4.6 HKD, with a trading volume of 38.64 million HKD [1] - The Shenzhen Stock Exchange announced that China Foods has been added to the Hong Kong Stock Connect list, effective from September 8 [1] Group 2 - The company's mid-year performance report shows a revenue of 12.278 billion CNY, representing a year-on-year growth of 8.3%, and a net profit attributable to shareholders of 578 million CNY, up 2.2% year-on-year [1] - China Foods believes that the efficiency of resource allocation has been largely achieved, and plans to maintain market investment efforts in the second half of the year to promote business expansion [1] - According to China International Capital Corporation (CICC), the company is expanding beyond its beverage business into food distribution, with non-beverage vending machine business reaching nearly 200 million CNY in the first half of 2025 [1] Group 3 - In the long term, while consolidating its advantages in core categories such as carbonated drinks and juices, the company plans to strategically enter the health food sector to enhance operational efficiency through synergy between beverages and food [1] - The company is positioned as the most suitable entity within COFCO Group to undertake food business, with related plans actively progressing and specific measures expected to be implemented next year [1]

Group 1 - The global nutrition and health food industry is currently facing a challenging period of uncertainty, driven by both consumer upgrades and heightened health awareness, alongside stricter regulatory policies and intensified competition [1] - Xianle Health positions itself as a key player navigating through these challenges by focusing on innovation as a core driver to empower global clients in market expansion [1][2] Group 2 - Xianle Health's innovation practices are based on continuous analysis and understanding of market dynamics and consumer demands, recognizing the significant growth potential in the Chinese nutrition and health food market [2] - The company aims to convert market insights into specific solutions through segmented market strategies and product innovation models, supporting partners in business growth amid changing market conditions [2] Group 3 - Technological research and development are crucial for product differentiation and meeting market demands, with Xianle Health focusing on three dimensions: technology, market segments, and quality [3] - The company invests resources to expand the application and depth of technology, ensuring that innovations address specific health pain points for targeted consumer groups [3] Group 4 - Xianle Health emphasizes collaboration to enhance core product capabilities, utilizing its technical strengths to support partners in creating value through insights, R&D, and global supply chain delivery [4] - The company has received recognition for its contributions to the industry, including awards for excellence in health food CDMO leadership [4] Group 5 - The value of Xianle Health's innovation practices extends beyond client empowerment to fostering overall healthy development in the nutrition and health food industry [5] - The company actively builds industry dialogue platforms to explore innovative paths and market breakthroughs, aiming to drive the industry towards a more regulated and sustainable future [5] - Xianle Health plans to deepen technological applications and collaborate with industry stakeholders to evolve the nutrition and health food sector to better meet consumer needs [5]

Core Viewpoint - The company, 技源集团, is utilizing its own funds and bank acceptance bills to pay for part of the fundraising projects and will replace these with raised funds in an equivalent amount, which is deemed to optimize the payment method for fundraising projects and improve fund utilization efficiency [1][5]. Fundraising Basic Situation - The company has received approval from the China Securities Regulatory Commission for its initial public offering, issuing 50.01 million shares at a price of 10.88 yuan per share, raising a total of 544.11 million yuan, with a net amount of 479.82 million yuan after deducting issuance costs of 64.29 million yuan [1][2]. Investment Project Situation - The net raised funds will be allocated to specific projects, including the construction of a health raw material production base and the expansion of a health food production line, with total planned investment of 602.73 million yuan and adjusted fundraising amount of 479.82 million yuan [2]. Reasons for Using Own Funds - The company has encountered operational challenges that necessitate the use of its own funds and bank acceptance bills for initial payments, primarily due to the complexity of managing payroll and other expenses through multiple bank accounts, which could violate regulatory requirements [2][3]. Payment Process - The company plans to use its own funds and bank acceptance bills for project payments and will periodically replace these with raised funds, ensuring that the funds used are treated as project funds, following a structured approval process [4]. Impact on the Company - The approach of using own funds and bank acceptance bills is expected to enhance fund utilization efficiency and reduce financial costs, aligning with the interests of the company and its shareholders without affecting normal operations or project implementation [5]. Review Procedures - The company’s board and supervisory committee have approved the use of own funds and bank acceptance bills for project payments, confirming that the necessary decision-making processes were followed and that the actions comply with relevant regulations [5][6]. Special Opinions - The supervisory committee supports the decision, stating that it adheres to necessary procedures and optimizes payment methods, benefiting the company and shareholders without altering the direction of raised funds [5]. Sponsor's Verification Opinion - The sponsor has verified that the company’s actions comply with regulatory requirements and do not harm the interests of the company or its shareholders, expressing no objections to the use of own funds and bank acceptance bills for project payments [5].

Core Points - The company, 技源集团, has adjusted the amount allocated for certain fundraising projects due to the actual net fundraising amount being lower than initially planned [1][2] - The total amount raised through the public offering was 54,410.88 million RMB, with a net amount of 47,981.82 million RMB after deducting issuance costs [1][2] - The adjustment aims to ensure the smooth implementation of fundraising projects and efficient use of funds without changing the intended use of the raised funds [2][4] Fundraising Basic Situation - The company was approved by the China Securities Regulatory Commission for its initial public offering, issuing 50.01 million shares at a price of 10.88 RMB per share [1] - The total planned investment amount disclosed in the prospectus was 60,272.93 million RMB, which exceeds the actual net amount raised [2] Adjustment of Fundraising Investment Projects - The company plans to adjust the amount allocated to the working capital project while maintaining the total investment amount of 60,272.93 million RMB [2] - The adjustment is necessary to align with the actual net fundraising amount of 47,981.82 million RMB [2] Impact of the Adjustment - The adjustment will not materially affect the normal use of the raised funds and does not change the intended use or harm shareholder interests [3][4] - The decision aligns with the regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange, supporting the company's future development strategy [4] Review Procedures - The adjustment was approved by the company's board of directors and supervisory board, following necessary approval procedures [3][4] - The supervisory board supports the adjustment, emphasizing its necessity for efficient fund usage and project implementation [3][4] Sponsor's Verification Opinion - The sponsor, 东方证券, confirms that the adjustment complies with relevant regulations and does not harm the interests of the company or its shareholders [4]