高级管理人员薪酬管理制度 第一章 总则 第一条 为进一步完善公司高级管理人员的薪酬管理，健全科学有效的 激励和约束机制，充分调动其工作积极性和创造性，提高公司经营效益和管 理水平，确保公司战略目标的实现，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、中国证监会监管规则以及《仙乐健康科技股份有限 公司章程》（以下简称"《公司章程》"）的有关规定，结合本公司实际情 况，特制定本制度。 第二条 本制度适用于公司高级管理人员，包括总经理、副总经理、董 事会秘书、财务负责人及《公司法》和《公司章程》规定的其他高级管理人 员。 第三条高级管理人员薪酬的确定和管理应遵循以下原则： 仙乐健康股份有限公司 （一）薪酬水平与市场价值规律相符，与公司经营效益及工作目标挂 钩； （二）权利义务对等，薪酬与岗位价值高低、承担责任大小相符； （三）激励与约束并重、奖罚对等、绩效优先、兼顾公平； （四）薪酬与公司战略发展相结合，促进公司长期、可持续发展。 第二章 薪酬管理机构 第四条 薪酬与考核委员会是本制度实施的管理机构，在公司董事会授 权下负责确定及调整具体薪酬方案、考核标准、发放安排等事项，对公司高 级管理人员进行考核， ...

Company and Industry Summary Company Overview - The company is a leader in the health and nutrition sector, focusing on the CDMO (Contract Development and Manufacturing Organization) field for nutritional health products. The global health supplement market reached $175 billion in 2023, with an expected growth rate of 6% in 2024 [1][2]. Key Points from the Earnings Call Market Dynamics - The Chinese market is projected to reach $40 billion in 2024, approximately double the size of the U.S. market. The Asia-Pacific market is expected to grow to $39 billion at a rate of around 5% [2]. - The European market is also showing steady growth, with expectations to reach $31 billion in 2024 [2]. Company Performance - For the first three quarters of 2024, the company reported revenue of ¥3.048 billion, a year-on-year increase of 21.8%. Net profit attributable to shareholders was ¥239 million, up 29.52% [6][7]. - In Q3 alone, revenue was ¥1.058 billion, reflecting a 10.43% year-on-year growth, while net profit was ¥85.32 million, a 1.63% increase [6][7]. Strategic Initiatives - The company is focusing on six major investment themes, including global market coverage, multi-category service capabilities, brand influence, R&D innovation, advanced manufacturing systems, and an international management team [4][5][6]. - The company is leveraging its competitive advantages to replicate its success in the Chinese market globally, utilizing consumer insights and market information integration [2][3]. Regional Performance - The Americas division is experiencing rapid growth, with strong demand in both the U.S. and Latin America. The company has successfully integrated its sales teams across regions to enhance cross-selling opportunities [8][9]. - The Asia-Pacific market is also expanding, with new product registrations and customer acquisitions contributing significantly to sales [15][16]. Challenges and Adjustments - The company is facing structural changes in the Chinese market, with a reported industry growth rate of only 1% in the first half of 2024. However, the company remains optimistic about long-term growth prospects [17][18]. - Adjustments in sales strategies and organizational structure are being implemented to better respond to market changes and enhance customer service capabilities [22][23]. Innovation and R&D - The company has emphasized innovation, with over 30% of total sales revenue coming from new products. The gross margin for innovative products exceeds 40% [27][28]. - The establishment of a high-level anti-aging research institute is aimed at supporting sustainable growth and innovation in product development [27]. Operational Efficiency - The company has made significant strides in cost reduction and operational efficiency, achieving over 70% of its annual cost reduction targets by Q3 [29][30]. - The introduction of automated packaging lines in its European facilities is expected to enhance customer satisfaction and reduce delivery times [14][31]. Future Outlook - The company anticipates continued growth in the Asia-Pacific region and is preparing for a robust performance in 2025 and beyond, supported by organizational enhancements and strategic partnerships [16][32]. - The focus on high-value customers and digital marketing strategies is expected to drive future sales growth [25][26]. Conclusion The company is well-positioned in the health and nutrition market, with strong growth prospects driven by strategic initiatives, regional expansion, and a commitment to innovation. Despite facing challenges in the Chinese market, the overall outlook remains positive, supported by operational improvements and a focus on high-value customer segments.

%% %% 丨证券研究报告丨 公司研究丨点评报告丨仙乐健康（300791.SZ） [Table_Title] 仙乐健康 2024 年三季报点评：渠道结构调整拖 累中国业务节奏，龙头格局优化长期趋势不改 | --- | |-------| | | | | | | | | | | 分析师及联系人 [Table_Author] 董思远 陈硕旸 SAC：S0490517070016 SAC：S0490524020002 SFC：BQK487 请阅读最后评级说明和重要声明 仙乐健康（300791.SZ） cjzqdt11111 2024-11-04 公司研究丨点评报告 资料来源：Wind 相关研究 [Table_Title 仙乐健康 2024 2] 年三季报点评：渠道结构调整拖 累中国业务节奏，龙头格局优化长期趋势不改 [Table_Summary2] 事件描述 仙乐健康公布 2024 年三季报。公司 2024Q1-3 营业总收入 30.48 亿元（同比+21.8%）；归母 净利润 2.4 亿元（同比+29.52%），扣非净利润 2.36 亿元（同比+28.11%）。单 2024Q3 看，公 司实现营业总收入 10.5 ...

证券研究报告 公司点评 仙乐健康(300791.SZ) 食品饮料｜ 食品加工 国内需求偏弱，国外增长强劲 2024 年 10 月 25 日 评级 买入 | --- | --- | |-----------------------|-------------| | 评级变动 交易数据 | 维持 | | 当前价格（元） | 26.80 | | 52 周价格区间（元） | 21.35-42.98 | | 总市值（百万） | 6321.40 | | 流通市值（百万） | 5209.40 | | 总股本（万股） | 23587.30 | | 流通股（万股） | 19437.80 | | | | 涨跌幅比较 -27% -7% 13% 33% 53% 73% 2023-10 2024-01 2024-04 2024-07 2024-10 仙乐健康 食品加工 | --- | --- | --- | --- | |----------|-------|-------|--------| | % | 1M | 3M | 12M | | 仙乐健康 | 14.29 | 22.26 | 42.20 | | 食品加工 | 15.44 | ...

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 2024 年 10 月 30 日投资者关系活动记录表 编号： 2024-009 | --- | --- | |-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | □ 分析师会议 \n ■ 业绩说明会 \n □ 路演活动 | | 参与单位名称 及人员姓名 | | | 时间 | 30 日 15:30-17:30 | | 方式 | 路演天下 " （ https://rs.p5w.net/ ）采用网络远程的方式召开 | | 上市公司 接待人员姓名 | 董事长、总经理：林培青 董事、副总经理：姚壮民 独立董事：胡世明 副总经理、 ...

证券研究报告 | 2024年10月30日 仙乐健康（605338.SH） 优于大市 保健品 ODM 龙头，内生外延并进 2024 年第三度收入同比增长 10.4%。2024 前三季度实现营业总收入 30.48 亿元，同比增长 21.80%；实现归母净利润 2.40 亿元，同比增长 29.52%；实 现扣非归母净利润 2.36 亿元，同比增长 28.11%；2024 第三季度实现营业总 收入 10.58 亿元，同比增长 10.44%；实现归母净利润 0.85 亿元，同比增长 1.63%；实现扣非归母净利润 0.82 亿元，同比增长-4.65%。 中国区第三季度需求边际承压，美洲区延续高增，软糖和硬胶囊剂型收入增 速亮眼。分地区看，2024 年第三季度中国区市场渠道结构调整下阶段性承压， 环比降速，预计第四季度环比改善；美洲区第三季度大客户份额持续提升， 出口业务在手订单充沛，BF 双位数增长；欧洲区三季度延续稳健增长，持续 推动新客户开拓；新域市场在低基数下维持景气增长，开拓印尼、俄罗斯等 新兴市场。分产品看，软胶囊作为公司核心剂型保持较高的增速，软糖则随 渗透率提升保持景气增长，在 2024 年上半年分别增长 ...

公 司 研 究 | --- | --- | --- | |---------|-------------|-------| | | | | | | | | | 25 日 | 月 公司点评 | | | | 买入/维持 | | 仙乐健康(300791) 目标价: 34.68 昨收盘:26.80 仙乐健康：国内需求疲软拖累整体表现，海外延续高增态势 报告标题 走势比较 (10%) 4% 18% 32% 46% 60% 23/10/2524/1/624/3/1924/5/3124/8/1224/10/24 仙乐健康 沪深300 股票数据 总股本/流通(亿股) 总市值/流通(亿元) 12 个月内最高/最低价 (元) | --- | |-------| | | | | | | | | | | | | | | | | | | | | | | | | 相关研究报告 <<仙乐健康：Q2 业绩符合预期，内生 维持较高盈利水平>>--2024-08-15 <<仙乐健康：2024Q1 收入符合预期， 内生盈利水平提升超预期>>--2024- 04-23 <<仙乐健康：内生提速&BF 改善，功 能食品龙头稳步前行>>--2023-11 ...

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2024-096 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 仙乐健康科技股份有限公司 关于董事、高级管理人员增持公司股份计划进展 暨实施时间过半的公告 公司董事、副总经理姚壮民先生保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 重要提示： （六）本次增持计划实施方式：由计划增持主体通过深圳证券交易所交易系 统按照相关法律法规许可的方式（包括但不限于集中竞价交易和大宗交易方式） 增持公司股票。 1、仙乐健康科技股份有限公司（以下简称"公司"）于 2024 年 7 月 25 日 披露了《关于董事、高级管理人员增持公司股份计划的公告》（公告编号：2024- 74）（以下简称"增持计划公告"），公司董事、副总经理姚壮民先生（下称 "姚 壮民先生"或"计划增持主体"）计划自本次增持计划公告之日起 6 个月内（即 2024 年 7 月 26 日至 2025 年 1 ...

Investment Rating - Buy (maintained) [2] Core Views - The company's domestic business is under pressure, while overseas markets continue to show strong growth [1] - The company is expected to achieve its revenue target for 2024, but the net profit target may face challenges due to domestic business pressures [2] - Overseas regions, particularly the Americas and Asia-Pacific, are expected to outperform domestic markets, with the Americas benefiting from the acquisition of BF and cross-synergy sales [3] - The company's gross margin saw a slight year-on-year fluctuation, with minority shareholder losses narrowing quarter-on-quarter but still impacting profitability [3] - The company is a leading CDMO player in the health supplement industry, with a global supply chain and strong R&D capabilities [5] Financial Performance - In Q3 2024, the company achieved revenue of RMB 10.58 billion, a year-on-year increase of 10.43%, with net profit attributable to shareholders of RMB 0.85 billion, up 1.63% year-on-year [3] - For the first three quarters of 2024, the company achieved revenue of RMB 30.48 billion, a year-on-year increase of 21.8%, and net profit attributable to shareholders of RMB 2.40 billion [3] - The company's gross margin in Q3 2024 was 29.63%, a year-on-year decrease of 1.65 percentage points [3] - The company's net profit margin attributable to shareholders in Q3 2024 was 8.07%, a year-on-year decrease of 0.69 percentage points [3] Market Data - The current stock price is RMB 26.60, with a 52-week price range of RMB 21.22-43.38 [2] - The company's total market capitalization is RMB 6,274.22 million, with a circulating market capitalization of RMB 5,170.45 million [2] - The company's total shares outstanding are 235.87 million, with 194.38 million shares in circulation [2] - The average daily trading volume is RMB 170.23 million, with a monthly turnover rate of 2.17% [2] Growth and Profitability Forecast - Revenue is expected to grow to RMB 43.13 billion in 2024, RMB 49.27 billion in 2025, and RMB 56.17 billion in 2026, with year-on-year growth rates of 20%, 14%, and 14% respectively [5][6] - Net profit attributable to shareholders is expected to reach RMB 3.60 billion in 2024, RMB 4.50 billion in 2025, and RMB 5.60 billion in 2026, with year-on-year growth rates of 28%, 25%, and 25% respectively [5][6] - EPS is forecasted to be RMB 1.53 in 2024, RMB 1.91 in 2025, and RMB 2.37 in 2026 [5][6] - ROE is expected to increase from 14% in 2024 to 18% in 2026 [6] Valuation Metrics - The company's P/E ratio is expected to be 17.41x in 2024, 13.95x in 2025, and 11.20x in 2026 [5][6] - The P/B ratio is forecasted to be 2.44x in 2024, 2.24x in 2025, and 2.04x in 2026 [6] - The P/S ratio is expected to decrease from 1.45x in 2024 to 1.12x in 2026 [6] Operational and Financial Metrics - The company's total asset turnover ratio is expected to improve from 0.77 in 2024 to 0.83 in 2026 [8] - The debt-to-asset ratio is forecasted to remain stable at around 55% from 2024 to 2026 [8] - Operating cash flow is expected to increase from RMB 5.59 billion in 2024 to RMB 8.44 billion in 2026 [8]

446 下 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------------|-----------------------|-------------------------------------| | 2024 年 10 月 25 日 \n仙乐健康（ 300791.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 食品饮料 \| | 其他食品Ⅲ | | 国内需求边际承压，夯实内功静待改善 | 投资评级 | | 买入 | -B(维持) | | 事件：公司发布 2024 年三季度报告。根据公告， 2024 年前三季度公司实现营业收 | 股价 | (2024-10-25) | | ...