仙乐健康2025年年度报告深度解析：业绩波动、资产减值与海外扩张成关注焦点

核心要点概览

• 净利润大幅下滑：2025年公司归属于上市公司股东的净利润为1.37亿元，同比下降58%，扣非净利润同比下降77.35%。
• 资产减值计提：针对美国子公司Best Formulations PC LLC及湖北怡本荟品牌管理有限公司的长期股权投资计提减值合计2.52亿元，直接影响公司利润。
• 海外扩张：公司持续推进泰国生产基地建设，完成多项审批与土地购买，布局全球供应链。
• 行业地位稳固：公司为中国营养健康食品解决方案市场第一、全球第三大解决方案商，同时在软糖和软胶囊领域全球排名第二。
• 股权激励与员工持股调整：实施新的限制性股票激励计划，终止原有中长期员工持股计划。
• 董事及高管股份变动：部分高管增持和减持公司股份，涉及金额和数量可观。

详细解读

一、经营业绩及财务表现

2025年度公司营业收入为42.63亿元，同比增长1.23%，但净利润的大幅下滑成为最大关注点：归属于上市公司股东的净利润为1.37亿元，同比下降58%；扣除非经常性损益后净利润为7424万元，同比下降77.35%。基本每股收益0.45元，同比减少58%。加权平均净资产收益率仅为5.43%，较2024年下降7.84个百分点。

分季度来看，前三季度公司利润表现尚可，但第四季度出现大额亏损，单季归母净利润为-1.24亿元，扣非净利润为-1.70亿元。公司现金流保持稳定，经营活动现金流量净额为5.70亿元，同比增长0.57%。

二、资产减值影响重大

2025年公司因优化美国业务结构、剥离协同效应较差的个人护理业务（Best Formulations PC LLC），以及对湖北怡本荟品牌管理有限公司的长期股权投资减值，合计计提资产减值准备2.52亿元，导致PC公司持有待售净资产为0，湖北怡本荟长期股权投资净额降至9654万元。这一举措虽可优化资产结构，但对本年度利润影响巨大，属重大不利事项，需投资者高度关注。

三、海外扩张与产能布局

公司持续推进泰国生产基地建设，完成外汇登记、泰国投资许可、工业园区土地使用及经营许可，同时与当地企业签署土地买卖协议。该项目拟投资不超过4000万美元，旨在强化全球供应链和本地化响应能力，提升国际市场份额。海外扩张有助于公司长期成长，但短期内或有费用压力。

四、行业地位与核心竞争力

• 公司为全球第三大营养健康食品解决方案供应商（收入市占率2.0%），中国第一大供应商（市占率4.9%）。
• 全球软糖类、软胶囊类营养健康食品解决方案领域均排名第二。
• 公司产品涵盖软胶囊、软糖、饮品、片剂、粉剂、硬胶囊等六大剂型，累计SKU过千，创新能力突出。
• 客户群体多元，覆盖全人群、全品类、多个渠道。

五、股东结构及股权激励动态

• 前十大股东中，实际控制人林培青及其关联方合计持股比例较高，股权结构稳定。
• 2025年实施新的限制性股票激励计划，首次授予140.10万股、预留31.57万股，覆盖92人。
• 终止原中长期员工持股计划，反映公司激励机制调整，或对员工团队稳定性有影响。
• 部分高管（如副总经理姚壮民、代理财务负责人郑丽群）在2025年内增持公司股份，显示管理层对公司长期价值认可。
• 部分高管亦有减持行为，需关注其后续动向及对市场信心的影响。
• 股东部分股份质押，当前尚有71.5万股未解除质押，需防范质押风险。

六、募投项目调整及资金使用

• 部分募投项目结项或调整投资规模，节余募集资金约1.06亿元已补充流动资金，提升公司资金使用效率。
• “数字信息化建设项目”达到可使用状态时间延期至2026年底，或对数字化转型进展有阶段性影响。

七、章程修订与治理结构变化

• 公司根据最新公司法、上市规则等，对公司章程多次修订，注册资本增至3.08亿元。
• 废止监事会，相关职权由董事会审计委员会行使，治理结构有较大调整，反映公司治理模式变革。

八、美国子公司Best Formulations PC LLC处置进展

公司拟为控股子公司Best Formulations PC LLC寻求投资、剥离、出售或其他机会，意在优化美国业务结构，提升整体盈利能力。目前该事项仍在进展中，若有实质性进展，将对公司业绩带来直接影响，属于重大潜在利好或风险事件，投资者需持续关注相关公告。

投资者需重点关注事项（或影响股价的敏感信息）

• 利润大幅下滑：2025年净利润同比大幅下滑，主要因资产减值和美国业务调整，短期内或影响市场预期与估值水平。
• 资产减值与业务剥离：美国子公司及少数股权投资大额减值，后续处置结果具有重大不确定性，需关注后续公告。
• 海外产能扩张：泰国新基地建设进展顺利，未来产能释放或带来新增长点。
• 股权激励及高管持股变动：新激励计划实施与高管增减持，对公司团队稳定性和市场信心有直接影响。
• 章程和治理结构重大变革：废止监事会，治理权力更集中，对公司管理与监督机制形成新格局。
• 募投项目资金高效使用：节余募集资金补流，有助于缓解短期经营压力。
• 美子公司处置进展：相关事项能否顺利推进，将直接影响公司国际化战略和利润表现。

结语

仙乐健康2025年年报反映出公司正处于业务结构调整与全球化扩张的关键期，短期业绩承压但长期成长逻辑未变。股东和投资者需密切关注美国子公司剥离进展、泰国新基地建设进度、高管持股变动及公司治理结构调整等关键事项，这些均可能成为影响公司股价的重要因素。

免责声明：本文基于公开年报摘要信息整理编写，仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。投资者应结合自身实际情况和专业意见做出决策。

English Version

Detailed Analysis of Sirio Health’s 2025 Annual Report: Profit Decline, Asset Impairment, and Overseas Expansion in Focus

Key Highlights

• Sharp Net Profit Decline: 2025 net profit attributable to shareholders was RMB 136 million, down 58% YoY; net profit excluding non-recurring items was down 77.35% YoY.
• Significant Asset Impairment: RMB 251 million provision for impairment related to US subsidiary Best Formulations PC LLC and equity investment in Hubei YiBenHui, directly impacting profits.
• Overseas Expansion: Company is advancing its Thai production base, completing various approvals and land acquisition, strengthening its global supply chain.
• Solid Industry Position: No. 1 in China in nutrition health food solutions, No. 3 globally; No. 2 globally in gummies and softgel solutions.
• Equity Incentive & Employee Stock Plan Adjustment: New restricted stock incentive plan implemented; original long-term employee stock plan terminated.
• Director and Executive Shareholding Changes: Some executives increased holdings, others reduced, with notable amounts involved.

In-depth Review

1. Operating and Financial Performance

In 2025, operating revenue reached RMB 4.26 billion (+1.23% YoY), but net profit fell sharply: net profit attributable to shareholders was RMB 136 million (-58% YoY); net profit excluding non-recurring items was RMB 74 million (-77.35% YoY). Basic EPS was RMB 0.45 (-58% YoY); ROE was 5.43%, down 7.84 percentage points.

Quarterly data shows a major loss in Q4—single-quarter attributable net profit was -RMB 124 million, excluding non-recurring items -RMB 170 million. Operating cash flow remained stable at RMB 570 million (+0.57% YoY).

2. Major Asset Impairment

The company made a RMB 251 million provision for impairment related to the US subsidiary Best Formulations PC LLC and its equity investment in Hubei YiBenHui, largely due to business restructuring and underperformance. After impairment, the PC LLC asset held for sale was reduced to zero, and equity investment in YiBenHui dropped to RMB 96.54 million. This move, while optimizing the asset structure, has a significant short-term negative impact on profits and should be closely watched by investors.

3. Overseas Expansion & Capacity Planning

The company is making good progress in building its Thailand production base, completing forex registration, Thai investment approval, industrial park land use and business licenses, and signing land purchase agreements. The investment amount is up to USD 40 million, aiming to enhance global supply chain and localized response. This expansion supports long-term growth, though may exert short-term cost pressure.

4. Industry Position & Competitive Strengths

• No. 3 globally (2.0% market share by revenue), No. 1 in China (4.9%) for nutrition health food solutions.
• No. 2 globally in gummies and softgel solutions.
• Comprehensive product portfolio: softgels, gummies, beverages, tablets, powders, hard capsules, with 1000+ SKUs and strong innovation.
• Diversified client base, covering all age groups, product categories, and channels.

5. Shareholder Structure and Incentive Plans

• Top 10 shareholders include actual controller Lin Peiqing and affiliates, holding a high cumulative share, ensuring stability.
• 2025 new restricted stock incentive plan granted 1.4 million shares initially, with 315,700 shares reserved, covering 92 personnel.
• Original long-term employee stock plan terminated, which may impact team stability.
• Some executives (e.g. Vice GM Yao Zhuangmin, Acting CFO Zheng Liqun) increased shareholdings in 2025, showing confidence in long-term value.
• Some executives also reduced holdings, which may affect market sentiment.
• Part of shareholders’ shares remain pledged; 715,000 shares are yet to be released from pledge, posing risk.

6. Use of Raised Funds & Project Adjustments

• Some fundraising projects concluded or had investment scale adjusted, with RMB 106 million of surplus funds used to supplement working capital, enhancing liquidity.
• Digital information project delayed to end-2026, possibly affecting digital transformation progress.

7. Articles of Association & Governance Changes

• Company made several amendments to its articles and increased registered capital to RMB 308 million.
• Supervisory board abolished; its powers transferred to the board’s audit committee, reflecting a major shift in governance structure.

8. Progress on US Subsidiary Divestiture

The company is seeking investment, divestment, or sale opportunities for its US subsidiary Best Formulations PC LLC to optimize its US structure and improve profitability. This matter is still in progress and may have a direct impact on future results, representing a major potential event for the company.

Key Issues for Investors (Potentially Price-Sensitive)

• Sharp Profit Decline: 2025 net profit fell sharply due to asset impairment and US business restructuring, which may affect valuation and market expectations.
• Asset Impairment & Divestiture: Major impairment on US subsidiary and equity investment; outcome of divestiture remains uncertain—investors should watch for further announcements.
• Overseas Expansion: Thai production base progressing well, with potential for new growth once operational.
• Equity Incentives & Shareholding Changes: New incentive plan and executive shareholding changes may impact team stability and market sentiment.
• Major Governance Changes: Abolition of supervisory board concentrates power, changing management and oversight mechanisms.
• Efficient Use of Funds: Surplus raised funds supplementing liquidity, easing short-term pressure.
• Progress on US Subsidiary Disposal: Actual progress will directly impact the company’s international strategy and profitability.

Conclusion

Sirio Health’s 2025 annual report reflects a company in transition—facing short-term profitability pressure but pursuing long-term global growth. Investors should closely monitor developments in the US subsidiary’s divestiture, Thailand plant progress, executive shareholding changes, and governance reforms, as these could all significantly impact share price and company outlook.

Disclaimer: This article is based on publicly available annual report summary information and is for reference only. It does not constitute investment advice. Investment involves risks, and investors should make decisions based on their own circumstances and professional advice.

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