证券研究报告|行业专题报告 保健品 行业评级 强于大市（首次评级） 2025年9月5日 解构： 迈入科学消费新阶段的保健品行业投资框架 证券分析师： 谢丽媛 执业证书编号：S0210524040004 谭志千 执业证书编号：S0210525040004 请务必阅读报告末页的重要声明 华福证券 华福证券 摘要 为什么说保健品行业发展迎来了新的拐点向上周期？ 有哪些细分赛道近年保持在高景气度？ 投资建议 风险提示 1）监管风险；2）市场竞争风险；3）消费者保健需求变迁风险。 2 华福证券 华福证券 ◆ 年轻消费者占比提升：以25-35岁年龄段为主，以女性消费者为主，代表一种健康的生活方式，本质还是健康意识的提升，以及对于衰老的焦虑。 ◆ 线上占比提升，抖音渠道成为重要的种草和转化平台：线上增速很快，尤其是以跨境电商为主的渠道，可以绕过线下保健食品监管的要求，尤其符 合现阶段年轻消费者对于一些新的未获批的成分的需求。 ◆ 产品迭代速度加快：下游产品迭代快，产品生命周期短，对品牌端的产品研发，产品运营，渠道优势和营销水平提出了更高的要求。 ✓ 抗衰赛道：麦角硫因，PQQ，NAD+产品等 ✓ 运动健康：氨糖，钙DK产品 ...

精确的战略方向调整，前瞻性的布局和坚实的财务基础，为健合集团走出周期提供了新可能。 日前，健合集团（H&H）公布了2025年中期业绩报告。上半年，健合集团营收同比增长5.2%至70.2亿 元。其中，中国市场为集团营收的最大贡献者，同比增长达8.7%，占总收入的70.3%。 分业务看，ANC（成人营养护理）业务营收达34.4亿元，同比增长5.9%； BNC（婴幼儿营养与护理） 业务营收同比增长2.9%至25.0亿元；PNC（宠物营养护理）业务上半年营收达10.8亿元，同比增长 8.6%。 以今年"618"购物季为例，在财报中，健合集团援引天猫统计称，Swisse海外旗舰店于2025年5月20日至 6月18日期间位列天猫保健食品╱膳食补充品类别销售额第一名。 此外，这期间，Swisse也均成为京东、抖音以及唯品会品牌健康营养保健类别、海外膳食补充品类别、 营养补充品类别销售额的第一名。 产品和品牌结构上，为顺应不断变化的市场需求，Swisse也在不断推陈出新，形成完整的产品布局，增 长空间显著。 财报显示，通过"mega brand"策略，健合集团成功推动超高端细胞级营养品牌SwissePlus 及针对儿童健 康 ...

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 | 本月底法定/註冊股本總額： HKD 100,000,000 FF301 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: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名 ...

1H25 业绩符合市场预期 公司公布1H25 业绩：收入70.2 亿元，同比+4.9%；调整后归母净利润3.6亿元，同比+4.6%。业绩基本 符合市场预期。 机构：中金公司 研究员：陈文博/王文丹 发展趋势 三大板块均录得正增长，奶粉收入止跌回正。1H25 公司整体收入同比+4.9%，其中ANC 收入同比 +5%，ANC 中国区收入同比+13.1%，主因Swisse 创新品类表现较好，且跨境电商及新零售渠道增速较 快；ANC 澳新收入同比-18.5%，主因代购渠道调整。BNC 收入同比+2.9%，其中奶粉收入同比+9.6%， 益生菌收入同比-16%，婴童营养品收入同比-17.1%；随着合生元婴配奶粉完成新国标调整，奶粉业务 重回上行区间，合生元超高端婴配奶粉市占率提升至15.9%，1 阶及2 阶奶粉收入均实现同比高双位数 增长；益生菌及婴童营养品业务对BNC 表现有一定拖累，主因线下药房渠道客流下滑，线上与母婴店 渠道实现增长。PNC 收入同比+9.6%，中国区PNC 收入同比+17.5%；北美PNC 收入同比+6.4%，其中 Zesty Paws 收入同比+12.8%，Solid Gold 收入同比-23. ...

8月26日，健合集团（H&H国际控股, 1112.HK）公布2025年中期业绩：营收70.2亿元，同比增长5.2%，经调整EBITDA 利润率15.7%，经调整可比纯利同比增长4.6%。董事会主席罗飞在业绩沟通会上强调了公司业绩的稳健增长、进取态 势和韧性。更值得注意的是，这份成绩并非单一业务线的偶然爆发，而是ANC、BNC、PNC"三驾马车"与财务优化共 振的结果，标志着公司"全家庭营养健康"战略真正进入收获期。 一、业绩亮点深度剖析：三驾马车齐头并进 ANC（成人营养与护理）作为集团的核心引擎，期内营收同比增长5.9%至34.4亿元，其中中国区表现尤为亮眼，收入 同比大增13.1%。Swisse稳居中国内地VHMS（维生素、草本及矿物补充剂）市场第一。Swisse PLUS聚焦抗衰老，以 NAD和麦角硫因等功效成分切入银发经济和年轻群体的抗衰需求；Little Swisse面向儿童群体，实现持续增长，进一步 拓展用户覆盖。品牌升级"内在有底气，自然斯维诗"强化了与消费者的情感链接，新品如高纯鱼油+辅酶Q10以科研实 力提升高端定位。渠道方面，Swisse继续在天猫、京东、抖音等电商平台稳居第一，抖音业务增 ...

2025 INTERIM REPORT ╈僿㕕⼔ Health and Happiness (H&H) International Holdings Limited ⢹⺭ )) ㎜꤂䫞罇僘⪞ (Incorporated in the Cayman Islands with limited liability) 亥ꝧ傻紮㼗錝⫈䡗环╯僘⪞ (Stock Code 罇♸♏谝1112) 執行董事 羅飛先生 （主席） 王亦東先生 目錄 健合(H&H)國際控股有限公司 | 二零二五年中期報告 1 2 公司資料 4 財務摘要 6 主席報告 11 管理層討論及分析 21 企業管治及其他資料 36 中期簡明綜合財務報表審閱報告 37 中期簡明綜合損益及其他全面收益表 38 中期簡明綜合財務狀況表 40 中期簡明綜合權益變動表 42 中期簡明綜合現金流量表 44 中期簡明綜合財務報表附註 公司資料 董事會 非執行董事 Laetitia Marie Edmee Jehanne Albertini女士* 張文會博士 羅云先生 Mingshu Zhao Wiggins女士 獨立非執行董事 陳偉成先生 駱劉燕清女士 丁遠教授 董事委員會 ...

目前，28家A股及H股上市乳企2025年半年报已披露完毕。综合来看，受多重因素影响，国内乳制品行 业整体面临较大压力，超六成企业营收同比下滑，净利润呈现涨跌各半的局面。 上半年，原奶板块仍未能走出亏损困境，相关企业业绩承压明显。头部企业通过成本管控、技术革新和 战略调整，展现出较强的经营韧性，亏损幅度有所收窄。 "上半年乳企普遍以利润为核心调整业务策略，努力实现可持续发展。头部企业凭借强大的综合实力， 在净利润方面保持增长，基本盘保持稳定。"中国农垦乳业联盟专家组组长宋亮对《证券日报》记者表 示。 头部企业优势明显 上半年，28家上市乳企实现营收总额1901.48亿元，同比下降1.05%；实现归属于上市公司股东的净利润 合计123.99亿元，同比下降14.83%；经营活动产生的现金流量净额合计49.41亿元，同比下降31.72%； 研发费用合计6.97亿元，同比增长14.99%；存货合计370.18亿元，同比下降6.18%。 具体来看，营收超百亿元的企业共5家，包括内蒙古伊利实业集团股份有限公司（以下简称"伊利"）、 中国蒙牛乳业有限公司（以下简称"蒙牛"）、光明乳业股份有限公司（以下简称"光明乳业"）、中国 ...

经济观察网健合集团发布的2025年中期业绩显示，上半年其营收同比增长5.2%至70.2亿元。其中，中国 市场是营收最大贡献者，增长达8.7%，占总收入的70.3%。在健合集团的三大业务板块中，宠物营养与 护理用品业务的营收增幅最大；成人营养与护理用品业务是营收占比最大，达到34.4亿元；针对婴幼儿 营养与护理业务，健合预计，下半年婴配粉销售额将稳步增长。 ...

Core Viewpoint - The company reported a revenue increase of 4.9% year-on-year for H1 2025, with adjusted comparable net profit rising by 4.6%, indicating stable performance in line with guidance despite a decline in apparent profit due to one-time expenses and currency fluctuations [1][5]. Financial Performance - H1 2025 revenue reached 7.019 billion yuan, up 4.9% year-on-year, aligning with guidance; net profit was 71 million yuan, down 76.8%, below previous forecasts; adjusted comparable net profit was 363 million yuan, up 4.6%, meeting prior expectations; adjusted comparable net profit margin was 5.2%, stable year-on-year; adjusted comparable EBITDA was 1.101 billion yuan, down 3.4% year-on-year, with an adjusted EBITDA margin of 15.7%, down 1.3 percentage points [2][5]. Business Segment Performance - ANC business showed steady growth with a 5.0% year-on-year increase; adjusted EBITDA margin decreased by 1.2 percentage points to 20.9%, primarily due to increased marketing expenses in Douyin and overseas market expansion; domestic ANC revenue grew by 13.1%, driven by strong performance of Swisse's new product categories and channels like Douyin and new retail, with LittleSwisse series revenue up 32.9% [2][3]. - BNC business improved with a 2.9% year-on-year increase; EBITDA margin decreased by 2.6 percentage points to 12.4%; domestic infant formula revenue rose by 10%, significantly outpacing overall market growth, achieving a historical high market share of 15.9% in the ultra-premium segment [3]. - PNC business advanced with a 9.6% year-on-year increase; adjusted EBITDA margin improved by 1.6 percentage points to 6.7%, driven by margin improvements; domestic PNC revenue grew by 17.5%, aided by the successful restructuring of SolidGold [3]. Capital Structure and Outlook - The company is optimizing its capital structure and financial resilience; adjusted comparable EBITDA decreased by 3.4%, but the EBITDA margin remained robust at 15.7%, consistent with overall guidance; refinancing of $297 million in senior notes due in 2026 positively impacted apparent profit, extending debt maturity and reducing financing costs; cash balance stood at approximately 1.83 billion yuan, indicating solid liquidity [4]. - Looking ahead to H2 2025, growth is expected to continue with Swisse focusing on product innovation and online channel expansion; the Australian and New Zealand markets are anticipated to maintain steady growth, while Southeast Asia will continue to be explored; BNC sales are projected to grow steadily, supported by e-commerce and maternal and infant channel marketing experience [4]. Investment Recommendation - The company maintains a "buy" rating, supported by rapid growth in the Swisse brand in China and an increase in infant formula market share; EPS estimates for 2025-2027 are projected at 0.56, 1.03, and 1.26 yuan respectively [5].

Market Overview - The retail market size for infant formula in China was 161.9 billion yuan in 2018, with a projected decline to 136.7 billion yuan by 2024, reflecting a negative growth trend in recent years [2] - The market is expected to recover slightly in 2025, with a forecasted growth of 5.2% to reach 143.8 billion yuan [2] Market Segmentation - In 2024, the market segmentation for maternal and infant products shows that infant formula accounts for 50.4% of the total market, followed by maternal and infant cleaning products at 19.4% and infant skincare at 9.8% [2][3] Sales Channels - In the first four months of 2025, the overall sales of infant formula across all channels grew by 2.3%, with online channels experiencing a significant increase of 12.3%, while offline channels saw a decline of 1.4% [4] - Specific offline channels such as brand specialty stores and maternal and infant stores reported substantial growth rates of 49.5% and 48.7%, respectively [5] Company Performance - Companies like健合集团 (Jianhe Group) and 澳优乳业 (Aoyou Dairy) reported revenue and profit growth in their infant formula segments for the first half of 2025, with Jianhe Group's revenue increasing by 5.2% to 70.2 billion yuan and Aoyou's revenue rising by 5.6% to approximately 38.87 billion yuan [8][10] - Jianhe Group's infant nutrition business saw a 2.9% increase in revenue, while Aoyou's self-owned brand infant formula business generated approximately 28.26 billion yuan in revenue [8][10] Market Trends - The infant formula market is undergoing significant changes, with a shift towards high-end and ultra-high-end products despite overall market demand shrinking [12] - The report indicates that the market is expected to enter a new growth phase due to factors such as a rebound in birth rates and supportive government policies, with a projected growth rate of around 5% for the infant formula retail market in 2025 [13] Consumer Behavior - There is a noticeable trend of consumption upgrading in the infant formula market, with consumers willing to pay higher prices for quality products, particularly among the younger generation [14] - The proportion of consumers purchasing infant formula priced above 300 yuan increased to 26% in 2024, up from 21% in 2023 [14]