随着中国特殊食品产业由高速增长向高质量发展转型，行业面临法规体系日益完善与消费需求持续升级 的双重变革。构建科学规范、透明可信、安全可控的产业生态，已成为全行业共同的发展目标与关键挑 战。在此背景下，2025年12月5日，由中国营养保健食品协会标准化检验检测专业委员会主办、健合集 团支持的"特殊食品检验检测专题研讨会"在健合集团长沙生产基地顺利举行，汇聚行业力量共商品质提 升路径。 本次会议汇聚了中国营养保健食品协会的多位嘉宾代表，以及来自北京、安徽、黑龙江、江西、深圳、 湖南等多家国家级检测机构的20余位权威专家代表，围绕特殊食品最新法规动态、风险防控与检测技术 等核心议题展开深度研讨，旨在通过政企研三方联动，共同探索质量安全提升路径，为行业可持续发展 注入科学动力，打造信任基石。会议由中国营养保健食品协会标准化检验检测专业委员会主任委员张卫 民主持。 中国营养保健食品协会标准化检验检测专业委员会主任委员 张卫民 健合集团长沙工厂厂长 罗宇滔 健合集团中国区质量总监区泽烽围绕健合集团产品质量安全管控做工作汇报，其表示健合集团已形成了 全程溯源、精益管控、开放合作的质量管理模式，并建立起覆盖原料采购、生产过程 ...

Investment Rating - The report assigns a "Buy" rating for H&H International Holdings, indicating a positive outlook for the company's future performance [5]. Core Insights - H&H International Holdings is positioned as a leader in family nutrition, with a fundamental upward turning point anticipated. The company has undergone significant growth and expansion through acquisitions, but has faced challenges in recent years due to market pressures and debt burdens. However, recent adjustments and a favorable interest rate environment are expected to support a recovery in performance [1][9]. Summary by Sections Company Overview - H&H International Holdings, established in 1999, has evolved from a probiotic-focused company to a comprehensive family nutrition leader, achieving a compound annual growth rate (CAGR) of 70.1% in revenue and 89.9% in net profit from 2007 to 2013. The company has since diversified through acquisitions, including brands like Swisse and Solid Gold, but faced a downturn from 2021 onwards due to pressures in the milk powder segment and increased debt [1][16][18]. Business Structure - The company operates through three main segments: Adult Nutrition and Care (ANC), Infant Nutrition and Care (BNC), and Pet Nutrition and Care (PNC). ANC is the largest segment, projected to generate revenue of 67.0 billion RMB in 2024, a 9.0% increase year-on-year. BNC is expected to decline by 25.8% to 43.8 billion RMB, while PNC is anticipated to grow by 5.3% to 19.7 billion RMB [21][22]. Financial Performance - The company is expected to report revenues of 130.5 billion RMB and a net loss of 0.5 billion RMB in 2024. However, a recovery is anticipated with projected net profits of 4.2 billion RMB in 2025, reflecting a significant year-on-year increase of 886.3% [9][11]. Market Trends - The health supplement market is experiencing robust growth, particularly in China, where e-commerce channels are gaining prominence. The company is leveraging this trend through its Swisse brand, which has a diversified product matrix targeting various consumer segments [2][21]. Future Outlook - The report forecasts a recovery trajectory for the company, driven by improved operational efficiency, a reduction in interest expenses due to a favorable interest rate cycle, and a rebound in sales across its segments. The anticipated net profit growth from 2025 to 2027 is expected to be 886.3%, 38.2%, and 22.3%, respectively [9][11][27].

据健康产业观察，每月有1.2亿用户在小红书寻求健康生活指引，其中医疗健康类目的搜索量增速显 著，医疗器械、OTC与保健食品分别增长 36%、78%、53%。这意味着过去几年，这些产品的相关品牌 在小红书平台借由海量博主笔记构筑的"种草"通道，已经关闭了。 文 | 市象 王铁梅 编辑 | 古廿 小红书新规发布后，Swisse（斯维诗）在小红书的官方旗舰店悄然下架了店内全部商品链接。 随着平台《禁止分享商品及服务规则》结束意见征集，一套针对保健品及医药健康类商品的强监管框架 正式落定。新规之下，所有"蓝帽子"认证的保健食品、各类婴幼儿及特殊医学配方奶粉，均被划入禁止 达人分享推广的范围。 对于将小红书视为核心营销阵地、深度依赖其塑造"进口健康"品牌形象的Swisse而言，增速或将遇阻。 在中国市场，Swisse同时运营着"国产蓝帽子"和"跨境进口"两条产品线，这一直是其主要的两条增长 线。蓝帽子产品被直接禁止推广，可能会导致以国产合规产品做背书的跨境产品营销空间也被大幅挤 压。 2024年小红书在年度"种草大赏"上为Swisse颁发了"品牌长效增长"奖。颁奖词写道："多品线科学排兵布 阵，矩阵化种草，带动生意稳增 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 健合（H&H）國際控股有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01112 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本 ...

Summary of H&H International Holdings Conference Call Company Overview - **Company**: H&H International Holdings - **Industry**: Health Supplements and Nutrition Key Points Business Performance - In 2025, H&H International Holdings experienced strong business growth, with the milk powder segment growing over 20% and pet health products maintaining double-digit growth [2][3] - The company expects to continue driving growth across its three main business segments in 2026, with milk powder growth slowing but still surpassing industry averages [2][4] Financial Management - The company has been actively reducing debt, saving 100 million RMB in interest expenses in 2025, and plans to further reduce total debt by approximately 500 million RMB in 2026 [2][6] - Financial expenses are expected to decrease by at least 30 million RMB in 2026, with a potential reduction of nearly 10 percentage points or more [5][8] Revenue and Profit Outlook - Future revenue growth is projected to remain in the high single digits to nearly 10%, with net profit growth expected to exceed revenue growth due to ongoing debt reduction and financial optimization [7][10] - The EBITDA margin is anticipated to remain around 15% in 2025 and 2026, with a target of 17-18% for the SWISSE brand in China [10][11] Industry Trends - The health supplement industry is showing mid to high single-digit growth, with online channels experiencing double-digit growth while offline channels have slightly declined [11][12] - Douyin (TikTok) is the fastest-growing online platform, accounting for nearly 40% of online sales and leading the market with 40-50% high double-digit growth [11][13] Strategic Initiatives - H&H plans to maintain its position among the top five brands on Douyin and will continue to balance promotional activities throughout the year to ensure stable growth [4][15] - The company is focusing on product trends in anti-aging and weight management, with plans to launch new products in these categories in 2026 [20][21] Channel Strategy - In addition to Douyin, H&H will expand into new retail channels such as Sam's Club and other mid-to-high-end supermarkets, which have shown 20-30% high double-digit growth [17][18] - The new retail channels currently account for a high single-digit percentage of the health supplement market in China [19] Competitive Landscape - Despite being a leading brand, H&H's overall market share is only about 4%, indicating a highly fragmented market with increasing competition [24][25] - The company aims to leverage brand strength, channel integration, and product innovation to maintain sustainable growth in a competitive environment [24][25] Future Plans for Pet Nutrition - H&H is focusing on its Zesty Paws brand in developed markets, with significant growth in Singapore, and plans to consider entering the Chinese market in the next few years as consumer awareness increases [27] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting H&H International Holdings' performance, financial management, industry trends, and future growth strategies.

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]

Group 1 - H&H Group (01112.HK) experienced a significant increase in stock price, rising over 13% at one point and currently up 6.96% to HKD 14.14 [1] - The trading volume reached HKD 91.9716 million [1]

Group 1 - H&H Group's stock surged over 13%, currently trading at 14.14 HKD with a transaction volume of 91.97 million HKD [1] - The National Bureau of Statistics reported that China's birth population in 2025 is projected to be 7.92 million, indicating increased competition in the infant formula market [1] - According to Lyon, the lower-than-expected birth numbers highlight the importance of product structure and sales momentum for companies, especially as the market shifts towards stage 3 products [1] Group 2 - By 2025, H&H Group's core brand, Biostime, has shown a 10.0% year-on-year growth in infant formula sales in the first half of the year, significantly outperforming the industry average [1] - The strong sales performance of stage 1 and stage 2 infant formula products has been a key driver for the company's growth [1] - Haitong International noted that infant formula has become the largest growth engine for the BNC business [1]

Core Viewpoint - H&H Group's stock surged over 13% following the announcement of China's declining birth rate, indicating increased competition in the infant formula market and emphasizing the importance of product structure and sales momentum for companies [1] Company Summary - H&H Group's core brand, Biostime, has focused on infant nutrition and health since its establishment in 1999 [1] - In the first half of 2025, Biostime's sales of infant formula increased by 10.0% year-on-year, significantly outperforming the industry average, driven by strong sales of Stage 1 and Stage 2 infant formula [1] - The infant formula segment has become the largest growth driver for H&H Group's BNC business [1] Industry Summary - The National Bureau of Statistics reported that China's birth population for 2025 is projected to be 7.92 million, which is lower than expected, leading to intensified competition in the infant formula market [1] - Companies with a stable customer base and consumer trust in Stage 1 and Stage 2 products are expected to benefit as the market shifts towards Stage 3 products [1]

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]