证券研究报告·公司深度研究·食品加工 仙乐健康（300791） 笃志力行，驭变成势 2026 年 01 月 12 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 | 4,522 | 5,044 | 5,636 | | 同比（%） | 42.87 | 17.56 | 7.39 | 11.54 | 11.73 | | 归母净利润（百万元） | 281.04 | 325.06 | 253.19 | 405.07 | 476.71 | | 同比（%） | 32.39 | 15.66 | (22.11) | 59.99 | 17.68 | | EPS-最新摊薄（元/股） | 0.91 | 1.06 | 0.82 | 1.32 | 1.55 | | P/E（现价&最新摊薄） | 27.09 | 23.42 | 30.07 | 18.80 | 15.97 | [Table_Tag] [Table ...

数据显示，光大保德信基金旗下1只基金位居仙乐健康十大流通股东。光大保德信信用添益债券A类 （360013）三季度新进十大流通股东，持有股数203.29万股，占流通股的比例为0.79%。根据测算，今 日浮亏损失约73.18万元。连续6天下跌期间浮亏损失298.84万元。 光大保德信信用添益债券A类（360013）成立日期2011年5月16日，最新规模52.21亿。今年以来收益 4.55%，同类排名99/7476；近一年收益29.6%，同类排名73/6594；成立以来收益205.63%。 1月12日，仙乐健康跌1.45%，截至发稿，报24.39元/股，成交1.76亿元，换手率2.80%，总市值75.03亿 元。仙乐健康股价已经连续6天下跌，区间累计跌幅5.68%。 资料显示，仙乐健康科技股份有限公司位于广东省汕头市泰山路83号，成立日期1993年8月16日，上市 日期2019年9月25日，公司主营业务涉及营养保健食品的研发、生产、销售及技术服务。主营业务收入 构成为：软胶囊46.38%，软糖25.31%，片剂9.26%，饮品5.42%，硬胶囊5.31%，粉剂4.45%，其他剂型 3.22%，其他(补充)0.65% ...

每经记者｜吴泽鹏 每经编辑｜陈星 仙乐健康（SZ300791，股价24.75元，市值76.14亿元）于1月11日晚间发布公告，公司拟发行境外上市 外资股（H股）股票并申请在香港联交所主板挂牌上市，拟聘任德勤·关黄陈方会计师行为公司本次H股 上市的审计机构。 《每日经济新闻》记者注意到，近年来，仙乐健康国内业绩增长承压，2024年，其境内收入同比下滑 10.28%，2025年上半年同比也下滑1.63%。相比之下，其在美洲、欧洲的业绩均保持增长。 此前公司曾介绍，国内长青市场（指经久不衰的长青客户和具备竞争壁垒、生命周期较长的长青产品所 构成的市场）部分传统渠道承压，海外布局取得扎实进展，中美欧亚太的产能布局基本落成。 此外，记者还发现，仙乐健康于2021年发行可转债募资10亿元投向马鞍山生产基地扩产等项目，最近， 仙乐健康宣布数字信息化建设项目延期。 根据仙乐健康1月11日晚间的公告，公司拟发行境外上市外资股（H股）股票并申请在香港联交所主板 挂牌上市。 仙乐健康还宣布，根据公司本次H股上市的需要，公司拟聘任德勤·关黄陈方会计师行为公司本次H股上 市的审计机构。截至目前，公司正积极与相关中介机构就本次发行并上市 ...

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%。 截至发稿，仙乐健康市值为78亿元。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 每经AI快讯，仙乐健康（SZ 300791，收盘价：25.28元）12月22日晚间发布公告称，截至本公告披露 日，公司对控股子公司提供的担保总额度约为人民币约1.42亿元，担保余额约为人民币约1.34亿元，占 公司最近一期经审计归属于母公司所有者权益的比例约为5.33%。截至本公告披露日，公司控股子公司 对控股子公司提供的担保总额度约为人民币7547.74万元，担保余额约为人民币4848.14万元，占公司最 近一期经审计归属于母公司所有者权益的比例约为1.93%。 （记者 曾健辉） ...

Group 1 - The core viewpoint of the article highlights that Xianle Health (SZ 300791) held its 16th meeting of the fourth board of directors on December 19, 2025, via teleconference to review proposals including amendments to certain company regulations [1] - For the first half of 2025, Xianle Health's revenue composition is 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 has a market capitalization of 7.8 billion yuan [1] Group 2 - The article also mentions that the new energy heavy truck sector experienced a significant surge in sales, with November sales increasing by 178% year-on-year, indicating a strong demand that has led to supply shortages [1] - Customers are reportedly urging manufacturers directly at the factory for orders, reflecting an unprecedented demand scenario in the industry [1]

Core Viewpoint - The company focuses on the pharmaceutical health industry, implementing a strategic approach of "focusing on core, three forces combined, comprehensive innovation, and win-win cooperation" through the "23456" strategy [1] Group 1: Strategic Focus - The company aims to drive development through a "dual-wheel" approach, enhancing its capabilities by building "three major advantages," establishing "four major sectors," and targeting "five major fields" [1] - The core objective is to achieve a virtuous cycle of "research driving sales, and sales supporting research," ultimately enhancing the company's core competitiveness, industry influence, and international capabilities [1] Group 2: Business Specialization - The company's business focus is reflected in the specialized positioning of its subsidiaries: - The main company serves as the production base for oral solid preparations - Central Pharmaceutical is the production base for soft capsules - Biochemical Pharmaceuticals focuses on sterile preparations - Kunlun Pharmaceuticals is dedicated to active pharmaceutical ingredients - Youth Health Source specializes in traditional Chinese medicine production [1] Group 3: Innovation and Investment - The company emphasizes "comprehensive innovation," leveraging the opportunity of the science and technology reform demonstration to enhance corporate vitality through mechanism, product, technology, marketing, and business model innovations [1] - The company participates in establishing an industrial pharmaceutical fund, focusing on investments in innovative drugs, medical devices, and biotechnology within the health sector, reflecting its "win-win cooperation" strategy [1] - The goal of the fund is to integrate industry resources and provide project reserves and synergistic effects for the long-term development of its main business, rather than shifting focus to cash management [1]

Group 1 - The company has decided to change the special account for raised funds to optimize fund management and improve operational efficiency [3][4][22] - The total amount raised from the public offering was RMB 67,424 million, with a net amount of RMB 60,249.51 million after deducting issuance costs [29][30] - The new special account will be opened at Qingdao Bank for the "Headquarters Production Base Construction Project" [3][4][22] Group 2 - The company has launched a "Quality Improvement and Efficiency Enhancement" initiative to enhance operational quality and shareholder returns [7][24] - The company aims to focus on its core business of nutritional health food development and production, with a recent acquisition of Oranutrition Limited to strengthen its international presence [8][24] - In the first three quarters of 2025, the company reported revenue of RMB 645 million, a year-on-year increase of 6.44%, while net profit decreased by 15.15% [8] Group 3 - The company has a consistent cash dividend policy, distributing RMB 7.50 per 10 shares for the 2023 fiscal year, totaling RMB 85.47 million, which is 50.56% of the net profit [10][11] - The company has conducted two share buybacks, totaling 1,726,100 shares, with a total expenditure of approximately RMB 68.86 million [12] Group 4 - The company emphasizes compliance with corporate governance and regulatory requirements, continuously improving its governance structure [13] - The company is committed to transparent investor relations, ensuring timely and accurate information disclosure [14] Group 5 - The company recognizes the importance of its key stakeholders in governance and compliance, enhancing their responsibilities and training [15] - The company aims to maintain a sustainable and high-quality development trajectory while protecting shareholder interests [15][16]

Core Viewpoint - The company has announced a delay in the completion of certain fundraising projects, specifically the "Headquarters Production Base Construction Project" and the "Headquarters Office and Operational Support Construction Project," now expected to be operational by December 2026, without altering the intended use of the raised funds or negatively impacting normal operations [1][11][12]. Fundraising Project Overview - The company successfully raised a total of RMB 674.24 million by issuing 16 million shares at RMB 42.14 each, with a net amount of RMB 602.49 million after deducting issuance costs [2][3]. - The funds are managed under a dedicated account system in compliance with regulatory requirements, ensuring the safety of the raised funds [2][3]. Delay Details and Reasons - The delay in the fundraising projects is based on a prudent assessment of the current progress and market conditions, with no changes to the project scope or funding usage [4][5]. - The "Headquarters Production Base Construction Project" has a total investment of RMB 152.68 million, with RMB 124.41 million allocated from the raised funds. As of October 31, 2025, approximately RMB 96.35 million has been utilized, representing about 77.45% of the project [6][11]. - The company aims to enhance project quality and control the pace of capital expansion in response to market demand and technological advancements [5][6]. Project Re-evaluation - The implementation of the "Headquarters Production Base Construction Project" is deemed necessary to improve production efficiency and competitiveness in the growing health food market, which is becoming increasingly competitive [7][8]. - The project aligns with national policies promoting the development of health and nutrition products, ensuring compliance with industry standards [8][9]. Impact of Delay - The delay is a strategic decision based on objective circumstances and will not affect the project's content or the intended use of the raised funds, ensuring no adverse effects on the company's operations or financial status [11][12]. Board Meeting and Approval Process - The board of directors convened on December 1, 2025, to approve the delay in the fundraising projects, which does not require shareholder approval [12][19]. - The board's decision was unanimous, reflecting a collective agreement on the necessity of the delay for the benefit of the company and its shareholders [19]. Fundraising Account Change - The company has decided to change the dedicated fundraising account to improve operational efficiency, with no impact on the intended use of the funds [37][39]. - The new account will be established at Qingdao Bank, ensuring continued compliance with regulatory requirements [39][40].

Group 1 - The core viewpoint of the news is that 技源集团 (TechSource Group) experienced a decline in stock price and a net outflow in financing on November 17, with a trading volume of 36.29 million yuan and a financing balance of 65.33 million yuan, which represents 5.77% of its market capitalization [1] - As of September 30, the number of shareholders for TechSource Group decreased by 56.80% to 26,900, while the average circulating shares per person increased by 131.47% to 1,444 shares [2] - For the period from January to September 2025, TechSource Group reported a revenue of 797 million yuan, reflecting a year-on-year growth of 7.58%, while the net profit attributable to shareholders decreased by 14.72% to 117 million yuan [2] Group 2 - The main business of TechSource Group includes the research, innovation, and industrialization of dietary nutritional supplements, with revenue composition as follows: nutritional raw materials 34.70%, formulations 15.24%, and various specific nutritional raw materials and formulations contributing to the total [1]

Core Viewpoint - The company reported steady revenue and profit growth in the first three quarters of 2025, indicating a stable operational performance and potential for long-term growth [1][3]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 3.291 billion yuan, a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 260 million yuan, up 8.53% year-on-year [1]. - For Q3 2025, the company recorded revenue of 1.250 billion yuan, representing an 18.11% year-on-year growth, with a net profit of 99.15 million yuan, an increase of 16.20% year-on-year [1]. Profitability Metrics - The net profit margin for the first three quarters of 2025 improved by 0.04 percentage points to 7.91%, while the gross margin increased by 1.05 percentage points to 32.26% [2]. - In Q3 2025, the net profit margin slightly declined by 0.13 percentage points to 7.93%, with a gross margin increase of 1.12 percentage points to 30.76% [2]. Cost Structure - The sales expense ratio increased by 0.67 percentage points, and the management expense ratio rose by 1 percentage point in the first three quarters of 2025, while R&D expenses decreased by 0.18 percentage points [2]. - In Q3 2025, the sales expense ratio increased by 0.45 percentage points, and the management expense ratio rose by 0.16 percentage points, with a slight decrease in financial expenses by 0.29 percentage points [2]. Growth Drivers - The increase in gross margin is attributed to the high growth rates of core product categories such as gummies [2]. - The company is focusing on new retail and expanding its customer base in Europe and the U.S., which may further enhance the order proportion of gummies and soft capsules [2]. Long-term Outlook - The company is expected to maintain a positive long-term growth trend, with projected net profits of 341 million yuan, 431 million yuan, and 538 million yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 22, 18, and 14 times [3].