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]

Summary of the Conference Call on the Health Supplement CDMO Industry Industry Overview - The health supplement market in China is the second largest globally, with significant growth potential due to low penetration rates, approximately 1/4 to 1/5 of that in Europe and the US [1][4] - The largest segment is vitamin dietary supplements (EDS), accounting for about 60% of the market, with a noticeable trend towards functional foods [1][4] - The dual-track regulatory policy (registration + filing) has lowered entry barriers and accelerated product launches while enhancing regulatory oversight [1][5] Key Trends and Insights - Online channels have significantly impacted the health supplement market, achieving a penetration rate of around 60%, the highest globally, which has disrupted traditional offline channels [1][9] - Emerging brands are leveraging online platforms to target specific demographics, leading to a decline in traditional dietary supplement market share [1][9] - The concentration of brands and contract manufacturing in the health supplement industry is low, below 20%, with new online brands further dispersing market concentration [1][8] Regulatory Impact - The introduction of the dual-track system in 2016 has streamlined the approval process for new products, allowing for quicker market entry while increasing regulatory scrutiny to eliminate non-compliant products [5][7] - The 2019 Tianjin Qianjin incident led to stricter internal control mechanisms and a comprehensive industry cleanup, enhancing the overall transparency and standardization of the market [5][6] Consumer Demand and Behavior - Increasing income and health awareness among Chinese consumers are driving demand for health supplements, with a shift from serious health products to functional foods [6][12] - The traditional dietary supplement consumption patterns are evolving, with younger demographics becoming the primary consumers, influenced by the rise of online shopping [6][9] Company-Specific Insights Xianle Health - Xianle Health, a leading player in the health supplement CDMO sector, has achieved continuous revenue growth through international expansion and product innovation, despite profit fluctuations due to industry and global factors [3][13] - The acquisition of the US-based BF company has temporarily impacted profits but is expected to become a long-term growth driver [3][18] - Collaborations with new consumer brands have improved domestic revenue, with a notable partnership with brands like Dongfang Zhenxuan and Yang Men Dian [3][17] Baihe Co. - Baihe Co. has recently acquired New Zealand's Auri Company, which is expected to contribute to revenue growth [21] - The company has shown strong performance in the functional beverage sector, adapting well to new consumer demands despite being less focused on large client customization compared to Xianle [21] Future Outlook - The health supplement CDMO industry in China has substantial growth potential, with a current penetration rate of about 10%, lower than that of Europe and Japan (15%-20%) [12] - The high online penetration rate suggests a promising future for contract manufacturing, with expectations of increased demand driven by the rise of online sales channels [12][20] - Xianle plans to enhance cooperation with new consumer clients and expand into Southeast Asia through cross-border e-commerce and new factory setups [20]

Core Insights - The company, Xianle Health, indicated that by the first half of 2025, the proportion of its advantageous dosage forms will increase, leading to an overall improvement in gross profit margin due to product structure optimization [1] - The gross profit margin and sales ratio of gummy products have both seen a year-on-year increase, while the competitive edge and profitability of soft capsules are expected to enhance as the business scales up [1] Group 1 - The company is implementing lean production and continuous cost reduction strategies, including supplier integration and negotiation, global procurement, and the promotion of preferred materials to achieve systematic cost reductions [1] - The introduction of an intelligent flexible production scheduling system and the establishment of a dynamic capacity matching mechanism have improved equipment and personnel utilization [1] - Continuous efforts to enhance production stability and process improvements have led to reduced material consumption and increased production line efficiency [1] Group 2 - The company is promoting the localization of spare parts to lower manufacturing costs [1]

Core Viewpoint - Xianle Health's stock price has shown a year-to-date increase of 26.74%, indicating positive market performance despite a recent decline of 2.07% on September 12 [2][1]. Company Overview - Xianle Health Technology Co., Ltd. was established on August 16, 1993, and went public on September 25, 2019. The company is based in Shantou, Guangdong Province and specializes in the research, production, sales, and technical services of nutritional health products [2]. - The company's revenue composition includes soft capsules (46.38%), gummies (25.31%), tablets (9.26%), beverages (5.42%), hard capsules (5.31%), powders (4.45%), and other forms (3.22%) [2]. Financial Performance - For the first half of 2025, Xianle Health reported a revenue of 2.042 billion yuan, representing a year-on-year growth of 2.57%. The net profit attributable to shareholders was 161 million yuan, reflecting a growth of 4.30% compared to the previous year [2]. - Since its A-share listing, Xianle Health has distributed a total of 583 million yuan in dividends, with 415 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Xianle Health reached 12,100, an increase of 9.08% from the previous period. The average number of circulating shares per shareholder was 21,172, up by 19.00% [2]. - Notable institutional shareholders include招商产业精选股票A (holding 2.2 million shares) and东方红核心价值混合A (holding 1.8095 million shares), both of which are new entrants among the top ten circulating shareholders [3].

2025 年 9 月 5 日投资者关系活动记录表 仙乐健康科技股份有限公司 投资者关系活动记录表 证券代码：300791 证券简称：仙乐健康 证券代码：123113 证券简称：仙乐转债 仙乐健康科技股份有限公司 编号： 2025-004 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（ ） 参与单位名称 及人员姓名 投资者网上提问 时间 2025 年 9 月 5 日 15:30-17:30 方式 公司通过"全景·路演天下"（https://rs.p5w.net/）采用网络远程的方式 召开业绩说明会 上市公司 接待人员姓名 公司董事长兼总经理：林培青 副总经理、代理财务负责人：郑丽群 副总经理、董事会秘书：刘若阳 独立董事：高见 保荐代表人：刘兴德 投资者关系活 动主要内容介 问题：美洲市场收入同比增长 4.26，其中出口业务克服关税影响同增 7.4，请问公司是如何应对关税问题，未来在美洲市场有什么具体的拓展 1 仙乐健康科技股份有限公司 投资者关系活动记录表 绍 计划 答：公司积极采取多种手段控制对等关税对美出口业务的影响：首先，公 ...

Group 1 - Xianle Health's stock price has declined by 2.7% on September 3, reaching 24.10 CNY per share, with a trading volume of 81.97 million CNY and a turnover rate of 1.31%, resulting in a total market capitalization of 7.406 billion CNY [1] - The stock has experienced a continuous decline over three days, with a cumulative drop of 8.02% during this period [1] - Xianle Health, established on August 16, 1993, and listed on September 25, 2019, specializes in the research, production, sales, and technical services of nutritional health products [1] Group 2 - The main revenue composition of Xianle Health includes soft capsules (46.38%), gummies (25.31%), tablets (9.26%), beverages (5.42%), hard capsules (5.31%), powders (4.45%), and other forms (3.22%), with additional supplements accounting for 0.65% [1] - Among the top ten circulating shareholders, a fund under China Merchants Fund, specifically the China Merchants Industry Select Stock A (010341), entered the top ten in the second quarter, holding 2.2 million shares, which is 0.86% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 1.474 million CNY, with a total floating loss of 4.6199 million CNY during the three-day decline [2]

Core Viewpoint - Xianle Health reported steady revenue growth and profitability in the first half of 2025, with a focus on expanding new consumer markets and optimizing business structure in response to challenges in specific segments [1][2][4]. Financial Performance - In H1 2025, the company achieved revenue of 2.04 billion yuan, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 160 million yuan, up 4.3% year-on-year [1]. - Q2 2025 revenue reached 1.09 billion yuan, reflecting a 4.7% year-on-year growth, while net profit was 90 million yuan, a 1.1% increase year-on-year [1]. Regional Performance - Revenue from the China region in H1 2025 was 820 million yuan, down 1.6% year-on-year, impacted by the Changqing market, although new consumer clients showed growth in revenue and online penetration [2]. - The Americas region generated 760 million yuan in H1 2025, a 4.3% increase year-on-year, with exports maintaining positive growth despite tariff disruptions [2]. - The European region performed strongly with H1 2025 revenue of 360 million yuan, up 22.0% year-on-year, exceeding sales targets [2]. - Other regions reported revenue of 100 million yuan, down 23.0% year-on-year [2]. Product Segment Performance - Revenue growth by product type in H1 2025 included soft capsules (+6.5%), tablets (+33.4%), gummies (+6.35%), and hard capsules (+11.0%), while powder (-36.0%) and beverages (-20.8%) saw declines [2]. Profitability and Cost Management - The company's gross margin improved by 1.13 percentage points to 33.2% in H1 2025, attributed to lean production and cost reduction efforts [3]. - In Q2 2025, the gross margin slightly decreased by 0.1 percentage points to 33.3%, likely due to disruptions in the BF business [3]. - The net profit margin for Q2 2025 was 8.5%, down 0.3 percentage points year-on-year [3]. Future Outlook - The company anticipates stable recovery in domestic business and continued growth in new consumer markets, with potential in high-growth areas like pet nutrition [4]. - The successful divestiture of the BFPC segment could enhance profit elasticity and overall growth [4]. - Revenue forecasts for 2025 to 2027 are projected at 4.492 billion, 5.104 billion, and 5.863 billion yuan, with net profits of 350 million, 460 million, and 570 million yuan respectively [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 204.2 million and a net profit of 16.1 million for the first half of 2025, with year-on-year growth of 2.57% and 4.30% respectively [2] - The company is actively embracing new consumption trends, with private domain and cross-border business revenues growing over 200% and 100% respectively, and the revenue share from new consumption customers increasing from 30% to 50% [3] - The company has successfully launched 10 major products in the first half of 2025, with 25 products in the pipeline [3] - The gross margin for the China region improved by 1.09 percentage points to 35.75% in the first half of 2025, indicating strong profitability despite market challenges [3] Financial Summary - Total revenue is projected to grow from 3,582 million in 2023 to 5,664 million by 2027, with a compound annual growth rate (CAGR) of approximately 11.22% [1] - Net profit attributable to the parent company is expected to increase from 281.04 million in 2023 to 527.04 million by 2027, reflecting a CAGR of 14.82% [1] - The earnings per share (EPS) is forecasted to rise from 0.91 in 2023 to 1.71 by 2027, indicating a positive growth trajectory [1] - The price-to-earnings (P/E) ratio is projected to decrease from 28.34 in 2023 to 15.11 by 2027, suggesting an improving valuation over time [1]

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].