证券研究报告·公司点评报告·食品加工 仙乐健康（300791） 2025 年中报点评：拥抱新消费，经营韧性强 2025 年 08 月 27 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,582 | 4,211 | 4,572 | 5,092 | 5,664 | | 同比（%） | 42.87 | 17.56 | 8.58 | 11.38 | 11.22 | | 归母净利润（百万元） | 281.04 | 325.06 | 366.85 | 459.03 | 527.04 | | 同比（%） | 32.39 | 15.66 | 12.86 | 25.13 | 14.82 | | EPS-最新摊薄（元/股） | 0.91 | 1.06 | 1.19 | 1.49 | 1.71 | | P/E（现价&最新摊薄） | 28.34 | 24.51 | 21.71 | 17.35 | 15.11 | [Table_ ...

证券研究报告 | 公司点评报告 2025 年 08 月 26 日 仙乐健康（300791.SZ） 营收环比改善，内生利润率提升 消费品/食品饮料 25Q2 公司收入/归母净利润分别同比+4.66%/+1.13%，整体收入端环比改善， BF 亏损扩大，但内生净利率受益于降本增效有所提升。公司锚定全球营养健康 食品行业 CDMO 龙头，积极探索完善产品矩阵寻求开发更多客户，洞察需求提 升成长能力。同时公司前瞻布局高潜赛道，聚焦孕婴童、女性、益生菌与现代 汉方等前沿领域打造全生命周期营养产品矩阵，前瞻布局宠物赛道，打造"人 类营养技术迁移+宠物风味场景适配"创新模式，有望支撑未来增长。我们认为 公司 H2 有望延续全年逐季改善的态势，同时建议关注 BF 个护业务剥离进展， 及其带动的盈利能力显著改善的弹性。考虑到 BF 个护业务对亏损扩大对全年 业绩的影响，我们对此前盈利预测有所调整，预计 25-26 年 EPS 分别为 1.17 元、1.35 元，维持"强烈推荐"投资评级。 强烈推荐（维持） 目标估值：NA 当前股价：25.2 元 基础数据 | 总股本（百万股） | 307 | | --- | --- | | 已 ...

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：123113 证券简称：仙乐转债 仙乐健康科技股份有限公司 2025 年 8 月 25 日投资者关系活动记录表 编号： 2025-003 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | □其他（ ） | | | 王见鹿（信达资本）、周韵（华安证券）、张潇倩（天风证券）、訾猛（国 | | | 泰海通）、陈力宇（国泰海通）、柴程森（长城基金）、吴林轩（国盛证 | | | 券）、孙天一（浙商证券）、张梓萱（华鑫证券）、黄欣培（财通证券）、 | | | 蒲天瑞（农银汇理）、赵玥（申万资管）、张玉洁（君和资本）、张云（磐 | | | 厚资本）、吴越（华西证券）、王苏煦（汇安基金）、黄亚铷（路博迈基 | | | 金）、任龙（招商证券）、秦一方（国海证券）、韩骋（健顺投资）、杨 | | 参与单位名称 | 逸文（中邮证券）、官忠涛（建信养老金）、董旭（光大保德信）、方勇 | | 及人员姓名 | （开源证券）、童杰（华福 ...

Core Viewpoint - The health supplement market in China is experiencing significant challenges, as evidenced by the poor performance of leading companies like汤臣倍健, which has seen substantial declines in revenue and profit. However, the overall market is still growing, driven by younger consumers seeking health products, indicating a shift in consumer behavior and preferences [3][4][32]. Group 1: Company Performance -汤臣倍健 reported a revenue of 35.32 billion yuan in the first half of 2025, a year-on-year decline of 23.43%, with a net profit of 7.37 billion yuan, down 17.34% [3]. - For the entire year of 2024,汤臣倍健's revenue was 68.38 billion yuan, a decrease of 27.3%, and net profit fell by 62.62%, marking the largest decline since its listing [3][9]. - The company's market capitalization has dropped from a peak of 600 billion yuan to approximately 209 billion yuan, resulting in a loss of nearly 400 billion yuan in value [3][9]. Group 2: Market Trends - The health supplement industry is not in decline; rather, it is evolving, with younger consumers engaging in "punk health" practices, leading to increased spending on health products [5][14]. - Data from 2023 indicates a 255% increase in consumption of uric acid monitoring products among consumers born in the 1990s, with 30% of their spending on immune-boosting supplements [15]. - Brands targeting younger demographics, such as诺特兰德 and Swisse, are thriving by employing innovative marketing strategies and product offerings [16][19]. Group 3: Challenges and Strategies -汤臣倍健's traditional marketing and distribution strategies have become outdated, leading to a significant drop in sales across its product lines [10][11]. - The company has reduced its advertising and marketing expenses, which has further contributed to declining revenues and profits [11]. - Despite launching new products,汤臣倍健 has struggled to capture the younger market, missing out on the e-commerce boom and innovative marketing tactics that competitors have successfully utilized [12][17]. Group 4: Historical Context - The Chinese health supplement market has evolved over nearly 40 years, with discussions around "intelligence tax" continuing as long as consumers fear aging, death, and loss of beauty [21][32]. - The market saw significant growth in the 1990s, but regulatory changes led to a downturn, from which汤臣倍健 and other second-generation companies emerged to dominate the market [31][32]. - Recent data shows that the health supplement market generated sales of 604.1 billion yuan in the first half of 2025, reflecting a growth of 16.2%, with specific categories like sleep management products growing by 53.1% [32].

Core Viewpoint - The article discusses the strategic shift of Dongfang Zhenxuan after the departure of its key figure, Dong Yuhui, and highlights the potential for growth in its business model, which is transitioning from traditional live-stream selling to a more diversified approach similar to Sam's Club and Pinduoduo [1][4]. Company Strategy - Dongfang Zhenxuan is moving towards a business model that reduces reliance on top streamers, aiming to enhance brand reputation and market confidence through product innovation and quality control [1][5]. - The company plans to increase its membership base significantly, targeting 50,000 to 100,000 members by improving its reputation and leveraging word-of-mouth marketing [5][6]. Membership Growth - Membership numbers have shown rapid growth, with approximately 40,000 members by the end of July 2023, and a daily increase in new members from 300 in June to 410 in July, indicating a 40% month-over-month increase [6][7]. - The company’s focus on high-quality products is expected to drive repeat purchases among members, contributing to exponential profit growth as the scale of operations increases [7][8]. Financial Performance - The Gross Merchandise Value (GMV) is projected to reach approximately 880 million by June 2025, reflecting a year-over-year growth of 28%, with self-operated products contributing around 350 million, a 15% increase [6]. - Sales data indicates strong demand for specific products, such as the newly launched sanitary napkins, which sold over 1.5 million packages shortly after release, highlighting consumer interest and market potential [6][7]. Market Positioning - The company is positioned to capitalize on the growing demand for high-quality consumer goods, as evidenced by the success of similar models like Sam's Club, which had 4 million members in 2021 and is expected to reach 9 million by 2025 [3][4]. - The overall market appears to be lacking in high-quality products, suggesting that Dongfang Zhenxuan's focus on quality and consumer trust could lead to significant market share growth [5][6].

Group 1 - The latest stock price of Xianle Health is 23.49 yuan, an increase of 0.34 yuan from the previous trading day, with an opening price of 23.23 yuan, a high of 23.58 yuan, a low of 23.10 yuan, a trading volume of 24,618 hands, and a transaction amount of 0.58 billion yuan [1] - Xianle Health operates in the food and beverage industry, focusing on the research, development, production, and sales of nutritional health foods, with products including gummies, tablets, and powders, serving global nutritional health food brands [1] - Recently, the company participated as a co-organizer in the first Shantou Health Industry Innovation Development Conference and Health Product Expo, showcasing innovative solutions in maternal and child nutrition, women's health, and probiotics, and signed a strategic cooperation agreement with the Chinese Institute of Food Science and Technology to establish an innovation fund [1] Group 2 - The innovation fund will focus on supporting research and innovation in areas such as bionic enhancement and dosage form technology, as well as nutrition and health [1] - On August 11, Xianle Health saw a net inflow of 642,800 yuan in main funds, while over the past five trading days, there was a cumulative net outflow of 8.2576 million yuan [2]

Core Insights - The article highlights the significant development and potential of the Tianma industry in Guizhou Province, emphasizing its role in economic growth and rural revitalization [1][4][9] Industry Development - Guizhou has established itself as the leading region for Tianma cultivation in China, with a history of artificial planting dating back to the 1970s, resulting in a comprehensive industrial chain [2][3] - The province has set a target to develop a 10 billion yuan Tianma industry cluster by 2030, focusing on quality improvement, brand cultivation, and standardized planting [1][4] Technological Innovation - Guizhou University plays a crucial role in advancing Tianma cultivation through research and development, having established a provincial expert team and developed new varieties [5][6] - The province has implemented innovative agricultural techniques to enhance yield and quality, achieving a target of 27 kg of Tianma per square meter [3][6] Economic Impact - The Tianma industry is projected to generate a comprehensive output value of 6.4 billion yuan by 2024, with over 60 counties in Guizhou engaged in Tianma cultivation [4][9] - The industry has created new business entities and improved market competitiveness, benefiting thousands of local farmers [7][8] Brand and Market Expansion - Guizhou is leveraging its unique resources to create a strong brand identity for Tianma, with products tailored to various consumer markets, including ready-to-eat items [8][9] - The establishment of a traceability system from breeding to sales enhances product quality and consumer trust [8][9]

Group 1 - The Henan Foreign Trade Quality Product Exhibition showcases over 300 foreign trade enterprises, providing consumers with a wider range of shopping options [1][3] - The event features various product categories, including food items like soft candies, bread, and chocolate, attracting many visitors [1] - Companies like Jin Si Hou Food Co. plan to expand into Southeast Asian markets while maintaining a strong domestic sales base [1] Group 2 - The exhibition highlights the dual focus on both domestic and foreign markets, with many companies actively participating to promote their products [2] - Financial service areas were established at the event to address cross-border payment challenges faced by foreign trade enterprises [2] - The exhibition aims to facilitate seamless supply-demand connections and boost market confidence for foreign trade companies [3]

Core Points - The article discusses the challenges faced by small shop owners in complying with food safety regulations and the implications of selling expired products [1][2][3] - It highlights the leniency shown by regulatory authorities towards first-time offenders under certain conditions, reflecting a shift in enforcement practices [20][21] Group 1: Case of Zhang Junxian - Zhang Junxian, a 63-year-old shop owner, faced an investigation for selling expired bread, which was reported by a customer [3][4] - The expired bread had a net weight of 80 grams, with a purchase price of 7.5 yuan and a selling price of 8 yuan, indicating the small profit margins typical for small retailers [4][6] - The investigation revealed that Zhang had not properly checked the expiration date due to oversight, which is a common issue among small shop owners [6][8] Group 2: Regulatory Environment - The current Food Safety Law, enacted in 2009 and revised in 2015, emphasizes strict enforcement and penalties for violations, aiming to maintain food safety standards [7][8] - Regulatory officials, while tasked with enforcing the law, often express empathy towards small business owners, recognizing the difficulties they face [8][15] - The recent introduction of a "first violation no penalty" policy allows for leniency in cases where the violation is minor and the offender is cooperative [20][21] Group 3: Broader Implications - The article also touches on the issue of "professional claimants" who exploit food safety regulations for financial gain, complicating the landscape for small retailers [16][19] - The case of another shop owner, Gan Aixia, illustrates the challenges faced by small businesses in maintaining compliance, especially when unexpected hardships arise [10][15] - The regulatory approach is evolving, with discussions around providing more support and understanding for small business owners, reflecting a balance between enforcement and compassion [21][22]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [10]. Core Views - The company has shown significant growth in overseas markets, with a notable shift in revenue distribution towards international sales, which now account for 60.56% of total revenue, up from 39.44% the previous year [5][6]. - In 2024, the company achieved a revenue of 42.11 billion yuan, a year-on-year increase of 17.56%, and a net profit of 3.28 billion yuan, reflecting a growth of 16.70% [5]. - The company's main products, soft capsules and gummies, contributed over 70% of total revenue, with soft capsules generating 19.84 billion yuan (up 29.91%) and gummies 9.95 billion yuan (up 34.54%) in 2024 [5][6]. - The gross profit margin for the main business improved to 31.05%, with the gross margin for soft capsules slightly decreasing to 25.57% and for gummies increasing to 48.88% [5][6]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 9.54 billion yuan, a slight increase of 0.28% year-on-year, while the net profit was 0.65 billion yuan, up 0.21% [5]. - The domestic market faced challenges, leading to limited sales growth in Q4 2024 and Q1 2025, with revenue growth rates dropping significantly compared to previous periods [5]. - The company forecasts earnings per share (EPS) of 1.68 yuan, 2.08 yuan, and 2.41 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 16.01, 12.88, and 11.14 based on the closing price of 26.85 yuan on May 14 [6][7]. Market Dynamics - The Americas market saw a remarkable revenue growth of 59.56%, contributing 39.56% to the main revenue, while the European market grew by 14.25% [5][6]. - The report highlights that the company’s expansion strategy, including the acquisition of BF, positions it well in the U.S. market, which is expected to remain unaffected by new trade tariffs [6].