Core Insights - The Chinese infant formula market is undergoing significant transformation, with newborn numbers dropping from 14.65 million in 2019 to 9.54 million in 2024, leading to a 13.9% year-on-year decline in industry scale for 2023. However, the ultra-premium segment is experiencing a 4.2% growth, indicating a structural differentiation within the market [1][3]. Group 1: Market Trends - The ultra-premium infant formula market is entering a critical growth phase in 2023, with the implementation of new national standards accelerating industry reshuffling, resulting in smaller brands exiting the market and larger, technologically advanced brands gaining more space [3]. - By 2024, the market share of ultra-premium infant formula is expected to reach 37%, an increase of 4.2 percentage points from 2023 [3]. Group 2: Company Performance - The company, Jianhe Group, has shown remarkable performance amidst industry changes, with a 46.9% year-on-year increase in its infant formula business in Q1 2025, and its ultra-premium market share rising to 15.6% [1][3]. - Jianhe Group's brand, Biostime, has effectively captured market trends, with its Paixing series benefiting from core formulations like LPN and SN-2 PLUS, leading to sales growth of 55.4% and 8.7% for its first and second stages, respectively, in the first two months of 2025 [3]. Group 3: Sales and Distribution Strategy - In response to a 9.8% decline in offline sales, Jianhe Group adopted a "dual-channel drive" strategy, achieving a 117% year-on-year increase in GMV during the Double Eleven shopping festival in 2024, and enhancing offline sales through 2,263 parent-child events, resulting in a 27% increase in actual sales [6]. - The company has improved customer acquisition efficiency, with a 25% increase in new customers in 2024 [6]. Group 4: Supply Chain and Product Innovation - Jianhe Group has optimized its supply chain, reducing inventory turnover days from 159 in 2023 to 150 in 2024, showcasing strong inventory management capabilities [8]. - The company is expanding its product offerings beyond infant formula to include innovative products like lactoferrin and probiotics, as well as entering the children's nutrition market with the launch of Biostime's children's milk powder targeting ages 3-14 [8]. - The company is successfully transitioning from quantity to quality through high-end products, multi-channel operations, and extending user lifecycle value, positioning itself as a model for the entire maternal and infant industry amid declining population dividends [8].

智通财经APP获悉，摩根士丹利发布研报称，调整部分内地消费品股目标价。在获该行"与大市同步"评 级内地消费品股中，认为H&H国际控股(01112)有较高的重新评级的可能性。 该行对H&H目标价由11.5港元升至13.4港元，评级"与大市同步"，认为下半年奶粉基数较低，且1-2阶段 奶粉产品需求强劲，预计未来几季表现改善。该行降H&H国际今明两年收入预测分别11%及10%，纯利 预测降29%及25%。 该行对高鑫零售(06808)目标价由2.4港元降至2.3港元，评级"与大市同步"，预期2026财年同店销售增长 稳定或轻微正增长。另外，新控股股东上场后，股东回报计划和新店模式可能成为股价驱动因素。该行 降高鑫今明两年收入预测分别1%及3%，纯利预测则分别降2%及上调5%。 该行对恒安国际(01044)目标价由24港元降至21港元，评级"与大市同步"，预计卫生巾销售受新兴品牌 及线上和直播促销的压力，令上半年公司销售下降15%至20%。考虑到卫生巾是公司主要盈利来源，若 下半年持续疲软，明年盈测可能面临进一步下调风险。该行降恒安国际今明两年收入预测分别2%及 1%，纯利预测降18%及13%。 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights that the liquor industry is gradually releasing pressure from distribution channels, indicating a potential for future growth. It suggests focusing on three main lines: leading brands, high-certainty regional liquors, and elastic stocks benefiting from recovery and increased risk appetite [1][2]. - The snack sector shows significant growth potential, with companies like Yanjing Beer and Zhujiang Beer being highlighted for their strong performance. The report emphasizes the importance of channel leadership and growth potential in selecting stocks [3][6]. Summary by Sections Liquor Industry - The report notes that the liquor industry is experiencing a deep adjustment, shifting from scale growth to high-quality development. It emphasizes the importance of brand strength and strategic initiatives to capture new consumer trends [2]. - The expected revenue for Zhenjiu Lidong in H1 2025 is projected to be between 2.4 billion to 2.55 billion yuan, reflecting a year-on-year decline of 38.3% to 41.9% due to economic uncertainties and policy impacts [2]. Beer and Beverage Sector - The beer segment shows promising results, with Huiquan Brewery reporting a revenue of 351 million yuan in H1 2025, a year-on-year increase of 1.03%, and a net profit of 40 million yuan, up 25.52% [3]. - Unified Enterprises China achieved a revenue of 17.087 billion yuan in H1 2025, representing a 10.6% year-on-year growth, with a net profit of 1.287 billion yuan, up 33.2% [3]. Snack Sector - The snack sector is highlighted for its recovery in stock prices, with expectations for continued high growth due to new product launches and channel transformations. The report notes a narrowing decline in raw milk prices, which may positively impact the dairy segment [6].

Group 1 - The "Special Food Festival - New Consumption Industry Development Conference" was held in Beijing, focusing on the new consumption field of the special food industry, discussing high-quality development paths [1] - Key industry representatives attended the conference, including members from the China Nutrition and Health Food Association and experts from various institutions [3] - The conference highlighted the importance of meeting consumer needs in the nutrition and health industry, marking the beginning of a "new golden era" for the sector [5] Group 2 - The conference featured a speech by Liu Wei from the company, emphasizing the importance of the "Three Truths" standard (true quality, true effectiveness, true safety) in building consumer trust and supporting industry standardization [5][11] - The company announced its participation in establishing a group standard for precise nutrition supplementation for children aged 0-18, aiming to create a clear and quantifiable nutritional standard [9] - An initiative titled "Quality Nutrition Leading the Way" was launched to promote a trustworthy and innovative industry environment, with the company actively participating in this effort [11] Group 3 - A roundtable discussion on the new consumption and high-quality development paths in the nutrition health industry was held, featuring experts from various fields [13] - The company expressed its commitment to building rigorous and scientific standards to meet market demands and enhance consumer benefits [15] - The company aims to lead the industry with high standards and collaborative efforts, promoting high-quality development through its PPAE business model [17]

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]