呈交日期: 2025年8月5日 I. 法定/註冊股本變動 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7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 | 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 ...

Group 1 - The national childcare subsidy plan will provide cash subsidies of 3,600 yuan per year for children under three years old, benefiting over 20 million families annually starting from January 1, 2025 [1] - The subsidy is expected to stimulate the expansion and growth of the maternal and infant consumption market, making maternal and infant stores a competitive battleground for brands [1] - The channel layout's penetration rate directly affects the brand's reach to consumers and the efficiency of product circulation, which in turn determines the brand's long-term competitiveness in the market [1] Group 2 - Simply expanding channel breadth is insufficient; empowering channels and fine management are crucial for maternal and infant brands [2] - The "Baby Festival" IP created by Hehe Group and its partners led to a 40% increase in new customers and a 27% increase in sales during the event [2] - Hehe Group initiated the "Maternal and Infant Nutrition Literacy Improvement Action," collaborating with over 500 maternal and child health institutions to conduct 3,000 health education activities [2] Group 3 - Short-term benefits from the subsidy may lead to explosive performance, but long-term commitment is essential for stable growth in a competitive market [3] - Hehe Group reported a 46.9% growth in infant formula sales in mainland China as of February 28, 2025, according to Nielsen [3] - The childcare subsidy policy is expected to serve as a litmus test for brand competitiveness in the rapidly evolving maternal and infant industry [3]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The implementation of the childcare subsidy policy is expected to stimulate growth in the food and beverage sector, particularly benefiting the infant formula and dairy product markets [4]. - The report highlights three main investment themes in the liquor segment: strong leading brands, sustained regional advantages, and recovery-driven elastic stocks [1][2]. - In the beer and beverage segment, Budweiser faces sales pressure but is seeing price recovery, while the sugary tea category is gaining market share during peak seasons [3]. Summary by Sections Liquor Industry - Leading brands such as Moutai, Wuliangye, and Luzhou Laojiao dominate the global rankings, with Moutai valued at $58.4 billion, maintaining its position as the most valuable liquor brand globally [2]. - The liquor sector is transitioning from scale growth to high-quality development, with a focus on brand strength and market positioning [2]. Beer and Beverage Sector - Budweiser's Q2 2025 results show a revenue decline of 3.9% and a profit drop of 31.1%, with a notable 6.2% decrease in sales volume [3]. - The sugary tea segment is experiencing a resurgence, with brands like Kang Shifu and Uni-President maintaining leading positions, and sales of Yuanqi Forest's iced tea growing by 53.9% year-on-year [3]. Food Sector - The national childcare subsidy program, effective from January 1, 2025, is projected to enhance birth rates and subsequently increase demand for dairy products [4]. - New product launches by companies like Qiaqia and Ximai are aimed at expanding market presence and tapping into health-oriented consumer trends [4][7].

Core Insights - The article highlights the significant growth in health consumption driven by government policies promoting consumer spending and increasing consumer confidence [1] - Health consumption has shifted from being optional to a necessity, with consumers willing to pay for "certain health value" [1] Group 1: Market Trends - The overall sales of nutritional health products during the 618 shopping festival reached 14.3 billion yuan, a year-on-year increase of over 55%, significantly outpacing non-essential consumer goods [1] - The health industry is experiencing a potential surge, with the market size of health products in China growing from 99.3 billion yuan in 2013 to over 350 billion yuan in 2023, and expected to exceed 430 billion yuan by 2025, with a compound annual growth rate of over 10% [1] Group 2: Company Performance - Health product company,健合集团, has seen its brands Swisse, 合生元, and 素力高 dominate their respective categories during the 618 sales event [1] - The company's "full family coverage" strategy has effectively converted promotional activities into a reliance on "family health management" [1] Group 3: Product Insights - Specific product categories showed remarkable growth: Swisse's adult nutrition NAD+ products increased by 33%, probiotic products surged by 146%, and children's calcium products rose by 91% [1] - 合生元's ultra-premium milk powder sales increased by 103%, and its market share rose from 14.7% in April to 15.8% in May [1] - 素力高's high-end cat food topped the imported category, with pet nutrition products on Douyin increasing by 304% [1] Group 4: Consumer Behavior - The sustainability of health consumption is closely tied to user loyalty, which is driven by the coverage of all health needs within families [1] - The trend indicates a shift towards specialization, segmentation, and quality in the consumer market, with companies needing to demonstrate sustainability [1]

Group 1 - The Ministry of Agriculture and Rural Affairs has issued a notice to accelerate the relief and high-quality development of the dairy industry, emphasizing the implementation of a whitelist system for dairy farms with good credit and operational levels [1] - Financial institutions are encouraged to innovate financial products like "silage loans" to meet the funding needs for silage feed storage, and eligible projects will be included in the agricultural infrastructure financing project reserve [1] - The notice also calls for effective connections between banks, government, and enterprises, promoting credit support through extensions and renewals, and ensuring that dairy cows and facilities can be used as collateral [1] Group 2 - CITIC Securities reports that dairy prices have been at historical lows for nearly four years, leading to widespread losses in the industry, with strong de-stocking intentions [2] - The report anticipates a gradual stabilization of dairy prices in the second half of the year, driven by increased demand for silage and rising culling prices, with a positive outlook for the dairy sector's valuation [2] - Guotai Junan Securities highlights the implementation of a national childcare subsidy program, estimating an annual issuance of around 100 billion, which is expected to boost demand for dairy products, particularly milk powder [2] Group 3 - Relevant Hong Kong stocks in the dairy industry include Ausnutria (01717), H&H International Holdings (01112), Mengniu Dairy (02319), Modern Dairy (01117), China Feihe (06186), Yurun Dairy (09858), and Original Ecology Dairy (01431) [3]

Group 1 - The Ministry of Agriculture and Rural Affairs has issued a notice to accelerate the relief and high-quality development of the dairy industry, emphasizing the implementation of a whitelist system for dairy farms with good credit and operational levels [1] - Financial institutions are encouraged to innovate financial products like "silage loans" to meet the funding needs for silage feed storage, and eligible projects will be included in the agricultural infrastructure financing project library [1] - The notice aims to strengthen the precise connection between banks, government, and enterprises, guiding financial institutions to provide credit support through extensions and renewals without blindly withdrawing or limiting loans [1] Group 2 - CITIC Securities reports that dairy prices have been at historical lows for nearly four years, leading to widespread losses in the industry, with a strong desire for de-stocking [2] - The demand for funding during the silage season is expected to be high, and the price of culling cows is rising, prompting weaker credit-qualified farms to accelerate de-stocking by trading cows for feed [2] - Guotai Junan Securities anticipates that the national childcare subsidy program, which is expected to distribute around 100 billion annually, will boost demand for dairy products, particularly milk powder, despite a projected decline in birth rates [2] Group 3 - Relevant Hong Kong stocks in the dairy industry include Ausnutria (01717), H&H International Holdings (01112), Mengniu Dairy (02319), Modern Dairy (01117), China Feihe (06186), Yurun Dairy (09858), and Original Ecological Dairy (01431) [3]

Market Overview - The Hong Kong stock market indices continued to decline in the afternoon, with the Hang Seng Tech Index dropping over 3.1% at one point, ultimately closing down 2.72%, marking five consecutive days of decline [1] - The Hang Seng Index and the State-Owned Enterprises Index saw slight increases of 1.36% and 1.18%, respectively [1] Sector Performance - Major technology stocks experienced widespread declines, with Alibaba and JD.com falling nearly 3%, and Baidu down 2% [2] - The automotive sector faced significant pressure, with July retail sales of narrow passenger vehicles reportedly down over 11% month-on-month, leading to increased selling in automotive stocks [2] - Semiconductor stocks underperformed throughout the day, with leading company SMIC dropping nearly 6% [2] - Biopharmaceutical stocks, which had been rising, saw a correction [2] - Oil prices rebounded to around $70 due to geopolitical tensions, benefiting oil stocks, with China Petroleum rising nearly 4% [2] - The "three-child" concept stocks gained momentum, while coal, electricity, and steel sectors showed relative activity as part of the "anti-involution" theme [2] Notable Stock Movements - Li Auto saw a significant drop of over 12%, while other major players like BYD, Xpeng, and NIO fell over 5% [4][9] - Semiconductor stocks led the declines, with SMIC down over 6% and other semiconductor companies also experiencing losses [5][6] - Apple-related stocks declined, with GoerTek falling over 5% and other related companies like Sunny Optical and BYD Electronics also down [7][8] - Oil stocks rose, with China Petroleum and Sinopec both increasing by over 3% [10][11] - The "three-child" concept stocks performed well, with H&H International Holdings rising over 11% [12][13] Capital Flows - Southbound funds recorded a net inflow of HKD 11.714 billion, with the Shanghai-Hong Kong Stock Connect contributing HKD 6.427 billion and the Shenzhen-Hong Kong Stock Connect contributing HKD 5.287 billion [20] Market Outlook - Analysts suggest that the Hong Kong market may continue to experience a gradual recovery driven by fundamental factors, with a focus on the Hang Seng Tech Index, biopharmaceuticals, and AI concepts [22]

Group 1 - Hong Kong's baby and children's products stocks saw a midday surge, with H&H International Holdings rising over 12% and China Feihe increasing nearly 3% [2] - The stock price of a specific baby products company reached a high of 183.776, with an opening price of 177.376 and a trading volume of 92.5619 million [3] - The total market capitalization of the company is approximately 58.319 billion, with a price-to-earnings ratio of 13.334 and a price-to-book ratio of 1.257 [3] Group 2 - The State Council Information Office held a press conference to introduce the childcare subsidy system and measures to support childbirth, stating that eligible infants born after January 1, 2022, can receive childcare subsidies [4] - The central government has allocated an initial budget of around 90 billion for the childcare subsidy fund as part of the implementation plan [4]

Group 1 - The national implementation of the childcare subsidy program is a groundbreaking policy aimed at directly providing cash subsidies to families with children under three years old, starting from January 1, 2025, with an annual subsidy of 3,600 yuan per child [1][2] - The subsidy program is expected to benefit over 20 million families annually, potentially stimulating birth rates, especially in lower-tier cities, where the impact of the subsidy may be more pronounced [2][3] - The recent changes in the dairy industry, including the development of deep processing products and exploration of export potential, are expected to create new demand dynamics for the infant formula sector [3][4] Group 2 - The demand for infant formula is anticipated to improve due to the stimulus from the new policy and the expected population growth driven by the 2024 zodiac preferences, leading to a potential recovery in demand by 2025 [3][4] - The overall dairy industry is likely to benefit from the positive trends in population issues and the recovery of the raw milk cycle, which will enhance profitability across the entire industry chain [4] - Recommended companies include China Feihe, H&H International Holdings, Yili, and Mengniu Dairy, which are expected to benefit from the improving market conditions and the recovery of raw milk prices [4]

Core Viewpoint - The announcement of a new childcare subsidy policy in China is expected to significantly benefit the infant and child-related stocks, leading to notable increases in their market performance [1]. Group 1: Stock Performance - H&H International Holdings (01112) rose by 4.28%, trading at 11.7 HKD [1] - Jinxin Fertility (01951) increased by 3.73%, trading at 3.34 HKD [1] - Beikang Medical-B (02170) saw a rise of 2.41%, trading at 2.98 HKD [1] - China Feihe (06186) grew by 1.7%, trading at 4.79 HKD [1] Group 2: Policy Announcement - The State Council Information Office will hold a press conference on July 30, 2023, to discuss the childcare subsidy system and related measures [1]. - Starting from January 1, 2025, families will receive an annual subsidy of 3600 CNY for each child until they reach three years old, regardless of whether they have one, two, or three children [1]. - For children born before January 1, 2025, and under three years old, the subsidy will be calculated based on the number of months eligible [1]. Group 3: Market Analysis - According to CITIC Securities, four sectors are expected to benefit the most: dairy products, maternal and infant retail, infant products, and postpartum care services [1]. - The market size for infant formula is projected to grow from 200 billion CNY to 300 billion CNY by 2025 [1]. - Maternal and infant retail is expected to maintain a growth rate of over 20% [1]. - The infant products market will continue to expand due to consumption upgrades [1]. - Postpartum care services are anticipated to be the fastest-growing segment, with an annual growth rate exceeding 30% [1].