H&H 国际控股 20260123 摘要 HNH 国际控股 2025 年业务发展良好，奶粉业务增长超 20%，宠物保 健品保持双位数增长。预计 2026 年将继续推动三大业务板块增长，奶 粉业务增速虽回落但仍将保持正增长并超越行业平均水平。 公司持续降低债务，2025 年实际利息费用节省 1 亿元，预计 2026 年 进一步减少债务总额约 5 亿元，并通过贷款再融资优化利息支出，预计 实际利息支出至少下降 3,000 万元。 预计未来几年收入增速维持在高个位数至接近 10%，通过降负债和财务 优化，净利润提升幅度将超过收入增速。2026 年财务费用可能下降接 近 10 个点或更多，节省 5,000 万元以上。 2025 年利润率接近 15%，2026 年可能与之相当。通过产品组合优化， 如提升 SWISSPLUS 产品占比，可弥补抖音渠道对利润率的稀释影响， 目标 SWISSE 中国保持 17-18%的 EBITDA 利润率。 保健品行业整体呈现中到高单位数增长，线上渠道双位数增长，线下渠 道微跌。抖音作为线上增速最快的平台，占比接近 40%，并以 40-50% 的高双位数增长引领市场。 Q&A 2025 年 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

每经AI快讯，H&H集团(01112.HK)午后一度飙升逾13%，截至发稿涨6.96%，报14.14港元，成交额 9197.16万港元。 ...

H&H集团(01112)午后飙升逾13%，截至发稿，涨6.96%，报14.14港元，成交额9197.16万港元。 公开资料显示，合生元作为H&H集团的核心母婴营养品牌，自1999年创立以来，始终专注于婴幼儿营 养与健康领域。方正证券表示，25年上半年公司婴配粉销售额同比增长10.0%，远超行业平均水平，主 要得益于1段和2段的婴配粉强劲的销售表现。海通国际也表示，婴幼儿配方奶粉成为BNC业务最大增 长引擎。 消息面上，国家统计局日前公布中国2025年出生人口为792万。里昂指出，出生人数低于预期，意味婴 幼儿配方粉市场竞争将加剧，对于企业而言，产品结构及销售动能至关重要，随着2024年的出生高峰逐 步转向第3阶段产品，在第1及第2阶段产品拥有稳定客户基础并能赢得消费者信任的企业，相信将能更 受惠于现有客户延伸至购买第3阶段产品。 ...

消息面上，国家统计局日前公布中国2025年出生人口为792万。里昂指出，出生人数低于预期，意味婴 幼儿配方粉市场竞争将加剧，对于企业而言，产品结构及销售动能至关重要，随着2024年的出生高峰逐 步转向第3阶段产品，在第1及第2阶段产品拥有稳定客户基础并能赢得消费者信任的企业，相信将能更 受惠于现有客户延伸至购买第3阶段产品。 公开资料显示，合生元作为H&H集团的核心母婴营养品牌，自1999年创立以来，始终专注于婴幼儿营 养与健康领域。方正证券表示，25年上半年公司婴配粉销售额同比增长10.0%，远超行业平均水平，主 要得益于1段和2段的婴配粉强劲的销售表现。海通国际也表示，婴幼儿配方奶粉成为BNC业务最大增 长引擎。 智通财经APP获悉，H&H集团(01112)午后飙升逾13%，截至发稿，涨6.96%，报14.14港元，成交额 9197.16万港元。 ...

Company Overview - Zhenstone Co., Ltd. (振石股份) is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector, covering industries such as wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [1] - The company has established stable partnerships with well-known global clients and is a key supplier for major enterprises in China and internationally, including Vestas, Siemens Gamesa, and Nordex [1] Industry Insights - According to GWEC statistics, the global cumulative installed wind power capacity is expected to reach 1,136 GW by the end of 2024, with projections of 2,118 GW by 2030, indicating a compound annual growth rate of 10.94% for new installations from 2024 to 2030 [2] Financial Performance - The company's revenue for 2022, 2023, and 2024 is approximately 5.267 billion, 5.124 billion, and 4.439 billion RMB respectively, with net profits of about 781 million, 793 million, and 607 million RMB for the same years [4] - The net cash flow from operating activities for the years 2022, 2023, and 2024 is approximately -208 million, -409 million, and 103 million RMB, indicating fluctuations primarily due to the company's business settlement methods [4] - As of the end of 2022, 2023, and 2024, the total assets are approximately 83.97 billion, 84.10 billion, and 90.39 billion RMB respectively, with a debt-to-asset ratio of 71.53%, 71.30%, and 67.77% [5]

Core Viewpoint - The company is expected to achieve a revenue growth of 10% year-on-year in 2025, with projected revenues of 14.3 billion yuan and a net profit of 690 million yuan [1]. Group 1: Revenue Growth - All three business segments are anticipated to show strong growth in 2025. Specifically, ANC revenue is expected to grow in the mid-to-high single digits, while BNC and PNC revenues are projected to achieve low double-digit growth year-on-year [1]. - ANC segment is expected to benefit from increased demand for health products and related policy catalysts, with Swisse China projected to achieve double-digit growth in 2025. The official account indicates a 6% year-on-year increase in sales during the Double Eleven shopping festival, maintaining its position as the leader in the nutrition and health industry [1]. - BNC segment is projected to see over 20% revenue growth in 2025, primarily due to effective customer acquisition strategies, while probiotics and infant nutrition products are expected to stabilize with a significant reduction in decline [1]. - PNC segment is expected to continue double-digit growth in the U.S. market for Zesty Paws, contributing to overall PNC growth, while Solid Gold is anticipated to recover with high single-digit growth, with a narrowing decline in the U.S. market [1]. Group 2: Profitability and Margin - The EBITDA margin for 2025 is expected to align with market expectations, with ANC EBITDA margin remaining stable year-on-year. BNC EBITDA margin is projected to improve to low double digits due to sales improvements, while PNC EBITDA margin is expected to remain in the mid-single digits [2]. - Overall, the group’s EBITDA margin is anticipated to remain stable year-on-year in 2025. For 2026, ANC revenue is expected to achieve high single-digit growth, BNC revenue is projected to grow in the mid-single digits due to a high base, and PNC revenue is expected to continue double-digit growth [2]. Group 3: Profit Forecast and Valuation - The company is trading at 10-9 times the P/E ratio for 2026/2027. Given the strong performance of the milk powder segment, net profit estimates for 2025 and 2026 have been raised by 3% to 690 million yuan and 820 million yuan, respectively, with a profit forecast of 910 million yuan for 2027 [2]. - Considering the competitive nature of the industry, the target price is maintained at 17.7 HKD, corresponding to 13-11 times the P/E ratio for 2026/2027, indicating a 29% upside potential. The company maintains an outperform rating relative to the industry [2].

Core Insights - Swisse has celebrated its 10th anniversary in the Chinese market, reflecting on its past achievements and future growth strategies under the theme "Collaborate for Win-Win, Steady Growth" [1] - The company has evolved from an Australian brand to a global health leader, maintaining a strong focus on consumer health trends and local market needs [3][4] Group 1: Company Growth and Strategy - Swisse has experienced significant growth through two key phases: the 1.0 era capitalizing on the rise of cross-border e-commerce and the 2.0 era focusing on local market adaptation and product diversification [4][5] - The brand has launched multiple product lines, including Little Swisse for children and Swisse Me for young adults, addressing the diverse nutritional needs of various consumer segments [5] - In 2023, Swisse introduced the "Swisse Mega Brand" strategy, achieving a global sales milestone of over 1 billion AUD and becoming the top nutrition brand in China [7] Group 2: Consumer Insights and Product Development - The company has adapted to the evolving consumer demand for personalized, scientific, and age-specific nutrition, moving beyond basic supplementation [8] - Swisse emphasizes its commitment to quality through its "Three Truths" philosophy: true reputation, true effectiveness, and true safety, ensuring consumer trust and product integrity [10] Group 3: Future Directions and Partnerships - Swisse aims to strengthen its ecosystem with partners, focusing on long-term collaboration, product quality, and transparent communication [13][14] - The company plans to continue innovating based on consumer insights and maintain compliance with scientific standards, enhancing brand and channel synergy [14][18]

智通财经APP讯，振石股份(601112.SH)发布公告，公司确定本次发行价格为11.18元/股，网下发行不再 进行累计投标询价。投资者请按此价格在2026年1月19日(T日)进行网上和网下申购，申购时无需缴付申 购资金。其中，网下申购时间为9:30-15:00，网上申购时间为9:30-11:30、13:00-15:00。 ...

Core Insights - The article emphasizes the importance of selecting probiotics specifically designed for the elderly, focusing on balancing gut microbiota, enhancing gut barrier function, improving digestion and absorption, and strengthening immunity [1][2]. Group 1: Product Overview - The top-rated probiotic for the elderly in 2025 is "Plant Formula Active Probiotic Powder," which has a 93% approval rating among elderly users [1]. - "Uipre Gastrointestinal Probiotic" follows closely, known for its solid reputation in elderly gut health [1]. - The article lists a total of ten probiotics that have shown stable performance among elderly users, highlighting their unique features and benefits [1]. Group 2: Plant Formula Active Probiotic Powder - This product meets four essential standards: gentle adaptation, proven efficacy, transparent ingredients, and regulatory compliance [1]. - It has received authoritative certifications and has undergone extensive clinical testing, demonstrating high effectiveness and tolerability among elderly patients [2][3]. - The product employs a multi-faceted approach to gut health, addressing various issues such as constipation, diarrhea, and digestive discomfort [1][3]. Group 3: Uipre Gastrointestinal Probiotic - Uipre is designed for elderly individuals with sensitive guts, post-operative recovery, and chronic constipation, focusing on high activity and precise colonization [5][6]. - It features a unique three-tiered active bacterial colonization system, ensuring high survival rates of probiotics in the gut [5][6]. - The product has received multiple certifications and has been recognized by numerous hospitals for its effectiveness [5][6]. Group 4: User Feedback and Market Performance - Both "Plant Formula" and "Uipre" have established high trust levels among elderly users and healthcare professionals, with significant positive feedback on their effectiveness [4][7]. - The article notes that these products have high ratings on e-commerce platforms, with a substantial percentage of users repurchasing them [4][7]. - Typical user testimonials highlight significant improvements in gut health and overall well-being after using these probiotics [4][7]. Group 5: Additional Probiotic Options - Other notable products include "Kang En Bei Probiotic Powder," which is cost-effective and suitable for daily gut maintenance, and "Tao Chen Bei Jian Probiotic," which combines gut health with bone care [8][9]. - "Jiang Zhong Li Huo Probiotic" integrates traditional Chinese medicine concepts, while "Xiu Zheng Probiotic" is popular in pharmacies for its targeted approach to constipation [9][10]. - The article concludes with a reminder for consumers to consider specific health needs when selecting probiotics and to maintain a balanced diet and exercise for optimal gut health [12].