证 券 研 究 报 告 仙乐健康（300791）2025 年一季报点评 强推（维持） 调整成效初显，布局提速拐点 事项： ❖ 公司发布 2025 年一季报。公司发布 25Q1 季报，公司实现营业总收入 9.54 亿 元，同增 0.28%，归母净利润 0.69 亿元，同增 8.9%，扣非归母净利润 0.65 亿 元，同增 0.21%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,211 | 4,746 | 5,377 | 5,962 | | 同比增速(%) | 17.6% | 12.7% | 13.3% | 10.9% | | 归母净利润(百万) | 325 | 404 | 502 | 588 | | 同比增速(%) | 15.7% | 24.4% | 24.2% | 17.0% | | 每股盈利(元) | 1.37 | 1.70 | 2.12 | 2.48 | | 市盈率(倍) | 19 | 15 | 12 | 10 | ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is expected to achieve revenue of 4.21 billion yuan in 2024, representing a year-on-year growth of 17.56%, with net profit attributable to the parent company projected at 325 million yuan, up 15.66% [1][4]. - The company is actively expanding its new consumer market in China and has achieved mass production of soft candies in the Americas, indicating a positive growth trajectory [2][4]. - The company is focusing on cost reduction and efficiency improvements, which are expected to enhance gross margins [3][4]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 4.21 billion yuan, with a breakdown of 3.25 billion yuan for net profit and 3.28 billion yuan for net profit after deducting non-recurring items [1]. - The revenue from the core business is expected to be 3.25 billion yuan, reflecting a 12.3% increase year-on-year, while BF revenue is anticipated to reach 958 million yuan, marking a 39.91% increase [1][2]. - The gross margin for 2024 is forecasted to be 31.46%, an increase of 1.2 percentage points year-on-year [3]. Regional Performance - In China, revenue is expected to decline by 10.28% due to weak demand in traditional channels, while new consumer market initiatives are showing early success [2]. - In the Americas, BF is projected to contribute 9.6 billion yuan in revenue, a nearly 40% increase, with efforts to mitigate tariff impacts through local production [2]. - In Europe, the company has established a management center in Frankfurt and converted over 40 clients [2]. Product Segmentation - Revenue by product type is expected to be 1.98 billion yuan for soft capsules, 326 million yuan for tablets, 232 million yuan for powders, 995 million yuan for soft candies, 248 million yuan for functional drinks, and 223 million yuan for hard capsules, with soft candies showing a growth of 34.54% [3]. - The gross margins for these products vary, with soft candies achieving a gross margin of 48.88%, reflecting a year-on-year increase of 3.72 percentage points [3]. Future Projections - Revenue is expected to grow to 4.81 billion yuan in 2025, 5.48 billion yuan in 2026, and 6.07 billion yuan in 2027, with corresponding net profits projected at 403 million yuan, 497 million yuan, and 573 million yuan respectively [4][12]. - The company is anticipated to maintain a PE ratio of 15X in 2025, 12X in 2026, and 11X in 2027, indicating a favorable valuation outlook [4].

仙乐健康科技股份有限公司 内部审计管理制度 第一章 总 则 第一条 为加强和规范仙乐健康科技股份有限公司（以下简称"公司"）的内 部审计工作，加强内部控制管理，防范和控制公司风险，保障公司及股东的合法 权益，依据《中华人民共和国公司法》、《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》、《中华人民共和国审计法》、《审计署关于 内部审计工作的规定》、《企业内部控制基本规范》等法律法规以及《仙乐健康科 技股份有限公司章程》（以下简称"章程"），结合公司实际情况，制定本制度。 第二条 本制度适用于公司各内部机构、全资及控股子公司、分公司以及具 有重大影响的参股公司。 第三条 本制度所涉内部审计是指内部审计部门或审计人员对本公司及各下 属单位内部控制、财务状况、资产质量、经营绩效、重大项目等经济活动的真实 性、合法性和效益性进行监督、评价和建议的活动。本制度所涉审计对象特指公 司及其全资或控股子公司、分公司、具有重大影响的参股公司，以及公司各内部 机构和上述子公司的相关责任人员。 第四条 内部审计基本原则： 独立性原则：审计部独立行使职权，不受其他部门或人员干预，确保审计工 作的独立性和权 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 954,215,143.94, representing a slight increase of 0.28% compared to CNY 951,504,195.36 in the same period last year[3]. - Net profit attributable to shareholders increased by 8.90% to CNY 68,640,679.60 from CNY 63,029,722.56 year-on-year[3]. - The company's basic earnings per share rose by 9.55% to CNY 0.2926 from CNY 0.2671 in the same period last year[3]. - Net profit for the current period was ¥56,487,064.91, compared to ¥53,871,136.53 in the previous period, representing an increase of approximately 3.0%[29]. - The net profit attributable to the parent company was ¥68,640,679.60, up from ¥63,029,722.56, indicating a growth of around 8.5%[29]. - Basic and diluted earnings per share improved to ¥0.2926 from ¥0.2671, showing an increase of about 9.9%[30]. Cash Flow - The net cash flow from operating activities improved significantly to CNY 63,522,487.01, compared to a negative cash flow of CNY -72,301,258.02 in the previous year[8]. - Cash flow from operating activities was ¥1,167,076,628.12, compared to ¥918,338,578.40 in the previous period, indicating a significant increase in cash inflow[32]. - Net cash flow from operating activities was $63.52 million, a significant improvement from a net outflow of $72.30 million in the previous period[33]. - The ending balance of cash and cash equivalents was $589.48 million, compared to $403.85 million at the end of the previous year[33]. - Cash inflow from operating activities amounted to $1.19 billion, an increase from $928.32 million year-over-year[33]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 5,614,182,320.66, up 2.34% from CNY 5,486,023,079.85 at the end of the previous year[3]. - The total liabilities increased to ¥2,899,981,514.55 from ¥2,844,825,104.64, reflecting a rise of about 1.9%[27]. - Total equity attributable to the parent company rose to ¥2,591,182,217.68 from ¥2,505,833,682.05, an increase of approximately 3.4%[27]. Shareholder Information - The largest shareholder, Guangdong Guanghui Investment Co., holds 42.60% of the shares, totaling 101,088,000 shares[11]. - Lin Peiqing, a natural person, holds 9.09% of the shares, amounting to 21,565,440 shares, with 16,848,000 shares being his own and 4,717,400 shares held in trust[11]. - Chen Qiong, another natural person, owns 5.54% of the shares, which is 13,141,440 shares, with 3,285,360 shares released from restrictions this period[14]. - The company has implemented a 2025 restricted stock incentive plan, which was approved on January 10, 2023[15]. - The total number of restricted shares at the end of the period is 39,569,828 shares, after 3,327,676 shares were released this period[14]. - The company has a total of 41,496,504 restricted shares at the beginning of the period, with 1,401,000 shares added this period[14]. - The company’s actual controllers are Lin Peiqing and Chen Qiong, who are married[11]. - The shareholding structure indicates significant control by a few key individuals and entities, with the top 10 shareholders holding substantial stakes[11]. Financial Expenses and Investments - Financial expenses increased by 38.46% to CNY 22,265,559.88, primarily due to higher interest expenses[7]. - The company plans to invest up to $40 million in building a production base in Thailand to enhance its global supply chain and competitiveness[21]. - Cash outflow for employee compensation was $249.48 million, up from $216.34 million in the previous period[33]. - The company received tax refunds totaling $12.12 million, compared to $6.43 million in the prior year[33]. Other Financial Metrics - The weighted average return on equity slightly decreased to 2.70% from 2.73% year-on-year[3]. - The company reported a decrease in research and development expenses to ¥29,103,485.10 from ¥30,794,385.11, a reduction of approximately 5.5%[29]. - The company received government subsidies amounting to CNY 1,183,139.40, which positively impacted its financial performance[4]. - Other comprehensive income after tax for the current period was ¥13,655,659.94, a recovery from a loss of ¥26,692,941.41 in the previous period[30].

为充分尊重投资者、提升交流的针对性，现就公司 2024 年度和 2025 年第一 季度业绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投 资者可于 2025 年 4 月 25 日（星期五）15:30 前访问 http://ir.p5w.net/zj/，或扫描 下方二维码，进入问题征集专题页面。公司将通过本次业绩说明会，在信息披露 允许范围内就投资者普遍关注的问题进行回答。 1 | 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-046 | | --- | --- | --- | | 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 关于举行 2024 年度暨 2025 年第一季度 网上业绩说明会的公告 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。 仙乐健康科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日 披露了《2024 年年度报告》和《2024 年年度报告摘要》，已于 2025 年 4 月 24 日 披露了《2025 年第一季度报告》。为便于广大投资者更深入全面 ...

仙乐健康科技股份有限公司 | 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-044 | | --- | --- | --- | | 证券代码：123113 | 证券简称：仙乐转债 | | 董事会 仙乐健康科技股份有限公司 二〇二五年四月二十四日 2025 年第一季度报告披露提示性公告 1 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。 仙乐健康科技股份有限公司（以下简称"公司"）董事会于 2025 年 4 月 22 日召开第四届董事会第九次会议，审议通过了公司《2025 年第一季度报告》；公 司监事会于 2025 年 4 月 22 日召开第四届监事会第七次会议，审议通过了公司 《2025 年第一季度报告》。 为使投资者全面了解公司 2025 年第一季度的经营成果和财务状况，公司 《2025 年第一季度报告》于 2025 年 4 月 24 日在中国证监会指定的创业板信息 披露网站上披露，敬请投资者注意查阅。 特此公告。 ...

| 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-043 | | --- | --- | --- | | 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 第四届监事会第七次会议决议公告 本公司及监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。 一、监事会会议召开情况 仙乐健康科技股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日以通 讯会议方式召开第四届监事会第七次会议。会议通知根据《仙乐健康科技股份有 限公司监事会议事规则》第十二条规定于 2025 年 4 月 20 日以电子邮件、微信信 息等方式送达给全体监事，召集人谢盈瑜女士已在本次会议上作出说明。本次会 议由监事会主席谢盈瑜女士召集和主持，应到监事 3 人，实到监事 3 人。本次会 议的召集、召开符合《中华人民共和国公司法》（以下简称"《公司法》"）《中华 人民共和国证券法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》《仙乐健康科技股份 有限公司章程》（以下简称"《公司章 ...

经与会董事认真审议，本次会议以回收表决票的表决方式逐项表决通过了以 下决议： 1、审议通过了《2025 年第一季度报告》 第四届董事会第九次会议决议公告 | 证券代码：300791 | 证券简称：仙乐健康 | 公告编码：2025-042 | | --- | --- | --- | | 债券代码：123113 | 债券简称：仙乐转债 | | 经审议，董事会认为：公司编制《2025 年第一季度报告》的程序符合法律、 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。 仙乐健康科技股份有限公司 一、 董事会会议召开情况 仙乐健康科技股份有限公司（以下简称"公司"）第四届董事会第九次会议 于 2025 年 4 月 22 日以通讯会议方式召开。会议通知根据《仙乐健康科技股份有 限公司董事会议事规则》第十一条规定于 2025 年 4 月 20 日以电子邮件、微信信 息等方式送达给全体董事及其他列席人员，召集人林培青先生已在本次会议上作 出说明。本次会议由董事长林培青先生召集和主持，应出席董事 7 人，实际出席 董事 7 人。公司监事、高级管理人员列席本次会议。本次会议的召集、 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The overall performance in 2024 is in line with expectations, with a stable start for the new retail business and anticipation for incremental growth [7] - The company expects a compound annual growth rate (CAGR) of 23.64% for net profit over the past three years, excluding BF [7] - The revenue for 2024 is projected to be 4.21 billion yuan, with a year-on-year growth of 17.56% [7] - The net profit attributable to the parent company for 2024 is expected to be 325.06 million yuan, reflecting a year-on-year increase of 15.66% [7] - The company anticipates net profits of 391.89 million yuan, 496.65 million yuan, and 585.57 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 20.56%, 26.73%, and 17.90% [7] Financial Summary - Total revenue for 2023 was 3.58 billion yuan, with a year-on-year increase of 42.87% [1] - The latest diluted EPS for 2024 is projected at 1.37 yuan per share, with a P/E ratio of 17.94 [1] - The gross profit margin for 2024 is expected to be 31.46%, an increase of 1.19 percentage points year-on-year [7] - The company’s total assets are projected to reach 5.49 billion yuan in 2024, with total liabilities of 2.85 billion yuan [8] - The cash flow from operating activities for 2024 is expected to be 567 million yuan [8]

Core Insights - Company reported a total revenue of 4.211 billion yuan for 2024, representing an 18% year-on-year increase, with a net profit of 325 million yuan, up 16% [1] - The fourth quarter of 2024 saw total revenue of 1.163 billion yuan, an 8% increase year-on-year, but a decline in net profit by 11% to 85 million yuan [1] Financial Performance - Gross margin increased by 1 percentage point to 31.46%, driven by cost reductions in procurement and optimized pricing strategies [2] - Sales and management expense ratios rose by 1 percentage point and 0.1 percentage points to 8.39% and 9.92%, respectively, due to sales team upgrades and marketing promotions [2] - Net profit margin slightly decreased by 0.01 percentage points to 6.70%, remaining relatively stable [2] Business Segments - Revenue from soft capsules reached 1.984 billion yuan, a 30% increase, attributed to product innovation and operational optimization, along with contributions from BF for external growth [3] - Revenue from gummy products was 995 million yuan, up 35%, mainly due to market expansion in the Americas and the establishment of BF gummy business [3] Market Expansion - Revenue in the China region decreased by 10% to 1.661 billion yuan, with the company restructuring its sales team and establishing a new retail business development team to stabilize domestic operations [4] - Revenue in the Americas increased by 60% to 1.666 billion yuan, benefiting from scale effects and a strong order backlog [4] - European revenue reached 604 million yuan, a 14% increase, with the launch of automated packaging production lines improving local delivery times [4] Future Outlook - The company is expected to enhance profitability through integration and cost-reduction measures, with a positive long-term outlook on product innovation and strong market competitiveness [5] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.73, 2.23, and 2.70 yuan, with corresponding price-to-earnings (PE) ratios of 14, 11, and 9 times [5]