保健品大卖，Swisse斯维诗母公司回暖。 11月中旬，健合集团公布，1-9月营收108亿，同比增长12.3%，成人、婴幼儿和宠物三大业务板块，均 实现正增长。 其中，Swisse贡献成人板块超7成收入，预估体量超35亿。双11期间，其在多个电商平台的销量居前。 "在全渠道保持稳健增长的关键，是适配不同场景下的消费需求，做差异化运营。"健合集团相关负责人 告诉《21CBR》。 健合国际控股主席罗飞表示，将通过持续的产品创新及线上渠道拓展，维持Swisse在维生素、草本及矿 物补充剂市场的领先地位。 心脏健康、抗衰老及排毒品类的产品，表现最为突出。 复苏明显 罗飞掌舵下，今年以来，健合的复苏势头明显。 罗的战略核心是"全家庭营养矩阵"，覆盖婴童、成人、宠物营养与护理等三大业务，拥有合生元、 Swisse斯维诗和Solid Gold素力高等品牌。 其中，营养补充品系列，贡献了集团超六成收入。 1-9月，Swisse斯维诗所在的ANC（成人营养与护理用品）板块，营收52.4亿元，同比增长6%。中国内 地业务表现突出，收入涨幅达15.7%。 Swisse拥有益生菌微泡片、维生素片、柠檬酸钙片等当家产品，针对不同消费群 ...

Core Viewpoint - The company reported a total revenue of 10.81 billion RMB for the first three quarters of 2025, reflecting a year-on-year increase of 12.3%, with all business segments showing positive growth [1] Revenue Breakdown - The adult nutrition and care products segment saw a revenue increase of 6.0% year-on-year [1] - The infant nutrition and care products segment experienced a significant revenue growth of 24.0%, with infant formula revenue rising by 33.3% [1] - The pet nutrition and care products segment recorded a revenue increase of 8.2% year-on-year [1] Regional Performance - Domestic revenue for the adult nutrition and care segment grew by 15.7%, with cross-border e-commerce revenue increasing by 23.1% and Douyin revenue soaring by 77.7% [1] - Revenue from Australia declined by 19.4%, attributed to the company's proactive adjustment of purchasing channels, while local growth in Australia was 8.9% [1] - Other regions saw a revenue increase of 19%, mainly driven by high growth in nine emerging markets in Asia [1] Brand Performance - The company's brand, Biostime, achieved a market share of 16.4% in the ultra-premium infant formula market, with a quarterly share of 17.3% in Q3 2025 [1] - The decline in probiotic revenue has narrowed, likely due to new product promotions and the stabilization of pharmacy channels [1] Financial Position - The company ended Q3 2025 with a cash balance of 1.74 billion RMB after repaying 150 million RMB equivalent in USD debt, indicating a strong financial position [1] - Overall, the company is expected to maintain positive growth across multiple business segments, positioning itself as a long-term supplier of nutrition products for all family members [1] Profit Forecast - The company is projected to achieve a net profit attributable to shareholders of 518 million RMB, 672 million RMB, and 781 million RMB for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 16, 12, and 11 times [2]

分析师及联系人 [Table_Author] 董思远 陈硕旸 SAC：S0490517070016 SAC：S0490524020002 SFC：BQK487 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨 H&H 国际控股（01112.HK） [Table_Title] H&H 国际控股 2025 年前三季经营数据点评： 婴配粉修复加速，国内保健品维持良性增长 报告要点 [Table_Summary] 2025 年前三季度，撇除外汇影响，公司总收入 108.1 亿元（同比+12.3%）。所有业务分部收入 均录得正面增长，成人营养及护理用品分部收入同比+6.0%。婴幼儿营养及护理用品分部收入 同比+24.0%，其中婴配粉收入同比+33.3%，婴幼儿益生菌及营养补充品业务收入跌幅收窄至 2.3%。宠物营养及护理用品分部收入同比+8.2%。 请阅读最后评级说明和重要声明 %% %% research.95579.com %% %% 1 [Table_scodeMsg2] H&H 国际控股（01112.HK） cjzqdt11111 [Table_Title H&H 国际控股2] 202 ...

11月18日，健合（H&H）国际控股有限公司公布 2025 年前九个月未经审核营运数据。报告期内集 团实现营收 108.05 亿元，同比增长 12.3%，成人营养及护理（ANC）、婴幼儿营养及护理（BNC）、 宠物营养及护理（PNC）三大核心业务均保持增长，经营现金流稳健。中国市场仍为主要收入来源，占 比 71.0%，同比提升 20.6%；扩张市场同比增长 19.0%，其中亚洲九个市场增幅达到 64.4%。 截至前三季度，三大业务单元中的营养补充品收入占比 64.5%，依旧是主要增长驱动力。维生素、 草本及矿物补充剂和宠物补充品分别同比增长 6.0% 和 14.2%。 ANC 业务实现营收 52.4 亿元，同比增长 6.0%。Swisse 在中国市场增长 15.7%，电商渠道是主要推 动力，跨境电商销售同比增长 23.1%，抖音渠道同比增长 77.7%。在澳新地区，本地市场同比增长 8.9%，新品与品牌活动带动零售表现；出口业务受代购下滑影响同比下降。多个扩张市场维持双位数 增长，新加坡和意大利部分细分品类继续位列市场前列。 PNC 业务前三季度营收 15.9 亿元，同比增长 8.2%。宠物消费结构升级推动行 ...

机构：中金公司 研究员：陈文博/王文丹 公司近况 公司公布3Q25 经营数据：9M25 收入108.1 亿元，同比+12%（按照同类比较基准增长12.3%）；其中 3Q25 收入37.9 亿元，同比+28.1%；经营数据超市场预期，主因婴配奶粉增长超预期。 评论 预计全年收入同比增长高单至低双，利润率有望保持健康水平。 我们预计公司全年收入有望实现同比高单至低双的增长，三大板块收入均将保持较好增长趋势；其中 ANC全年收入有望实现同比中至高单增长，BNC全年收入有望同比增长超20%，PNC全年收入有望同比 增长低双位数。利润端，我们预计公司25 年将维持健康的利润率水平，财务成本有望持续优化。 盈利预测与估值 考虑奶粉业务表现亮眼，上调25/26 年盈利预测5.1%/4.3%至6.7/7.9 亿元，公司当前交易于12/10 倍25/26 年P/E。维持目标价17.7 港币，对应16/13 倍25/26 年P/E和29%股价上行空间，维持跑赢行业评级。 风险 需求疲弱；竞争加剧；新品拓展不及预期；关税不确定性。 3Q25 BNC 婴配奶粉表现亮眼，ANC 及PNC 稳健增长。分业务看：1）BNC：3Q25 收入 ...

来源：金吾财讯 该机构续指，25Q1-3公司BNC收入39.73亿元，同比+24.0%，其中25Q3收入14.71亿元，同比+90.6%。 婴幼儿配方奶粉单季度同比+104.0%，主因新旧国标转换导致的基数问题、母婴店及电商渠道的持续投 入与新手妈妈教育策略的有效推进。合生元在中国超高端婴幼儿配方奶粉市场份额前9个月达16.4%， 单三季度份额进一步提升至17.3%；婴幼儿益生菌及营养品收入单三季度同比+58.8%，前9个月跌幅收 窄至2.3%，药店渠道三季度也实现同比企稳。同时，随着奶粉的强劲增长，以及新国标切换顺利完 成，预计BNC业务EBITDA率会回升到12%-15%。 该机构表示，公司25Q1-3收入同比+12.3%，其中25Q3收入同比+28.5%，收入超预期增长，债务结构持 续优化。全年看公司ANC业务不断拓展线上渠道及海外市场，持续稳固行业领先地位，BNC业务持续 改善，超高端婴配粉增长强劲份额逆势提升，PNC推进中国市场的高端化进程及全球化布局，内生利润 有望继续改善。考虑到公司收入端超预期增长，以及债务持续优化，该机构调整公司25-26年EPS分别 为0.71、1.04，对应25年估值17 ...

Core Viewpoint - H&H International Holdings (01112) reported strong Q3 performance with a 28.1% year-on-year revenue increase to HKD 3.79 billion, driven by exceptional growth in the BNC segment, particularly in infant formula [1][2] Performance Summary - For the first nine months of 2025, revenue reached HKD 10.81 billion, reflecting a 12% year-on-year increase, with Q3 revenue at HKD 3.79 billion, up 28.1% year-on-year, exceeding market expectations primarily due to infant formula growth [1][3] Segment Performance - **BNC (Infant Formula)**: Q3 revenue surged 90.6% to HKD 1.47 billion, with infant formula sales up 104% to HKD 1.23 billion. The market share in China's ultra-premium infant formula segment increased to 17.3% due to ongoing investments in maternal and e-commerce channels [2] - **ANC (Adult Nutrition)**: Q3 revenue grew 5.6% (6.3% on a comparable basis) to HKD 1.8 billion, with a 15.7% year-on-year increase in the China region, now accounting for 70.6% of total revenue. Cross-border e-commerce and Douyin channels showed significant growth [2] - **PNC (Pet Nutrition)**: Q3 revenue increased 7.3% to HKD 510 million, with steady performance in both China and North America [2] Future Outlook - The company is expected to achieve high single to low double-digit revenue growth in 2025, with all three segments maintaining positive growth trends. Profit margins are anticipated to remain healthy, supported by ongoing financial cost optimization [3] Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 has been raised by 5.1% and 4.3% to HKD 670 million and HKD 790 million, respectively. The current trading multiples are 12x and 10x for 2025 and 2026 P/E, with a target price of HKD 17.7, indicating a 29% upside potential [4]

Core Insights - The core point of the article is that Jianhe Group reported a significant increase in revenue and market share in the infant formula sector for the first nine months of 2025, indicating strong growth in the company's performance [1] Financial Performance - Jianhe Group achieved a revenue of 10.805 billion yuan for the first nine months of 2025, representing a year-on-year growth of 12.3% [1] - The sales revenue of infant formula in mainland China saw a substantial increase of 35.2% year-on-year during the reporting period [1] Market Position - In the third quarter, the market share of the ultra-premium infant formula brand, He Sheng Yuan, rose to 17.3%, marking a historical high for the company [1] - He Sheng Yuan's infant probiotic nutritional supplements also returned to double-digit growth, reflecting a positive trend in product demand [1]

Group 1: Market Overview - The Hang Seng Index fell by 0.45%, down 117 points, closing at 25,812 points, while the Hang Seng Tech Index dropped by 0.98% [1] - The trading volume in the Hong Kong stock market reached HKD 112.6 billion in the morning session [1] Group 2: Hydrogen Energy Sector - Hydrogen energy stocks experienced a significant rise, driven by the continuous rollout of green hydrogen ammonia industry policies, indicating a maturing industry [1] - Reshaping Energy (02570) surged by 24.29%, while Guofu Hydrogen Energy (02582) increased by over 4.64% [1] Group 3: Oil Sector - Oil stocks continued their recent upward trend, with institutions noting the resilience of the three major oil companies during the oil price downturn [1] - Sinopec (00386) rose by 3.6%, PetroChina (00857) increased by 2.49%, and CNOOC (00883) gained 2.11% [1] Group 4: Telecommunications and Technology - Changfei Optical Fiber and Cable (06869) saw an increase of over 4% after China Telecom completed the world's first ultra-long-distance hollow core fiber transmission experiment [1] - Boleton (01333) surged by over 10% as the company is set to globally launch its autonomous driving specialized mining truck this Friday [1] Group 5: Gold and Consumer Products - Shangshan Gold (01939) rose nearly 2% following a profit warning, which is expected to boost its global layout of intelligent gold terminals [1] - H&H International Holdings (01112) increased by over 2%, with a strong growth momentum in its infant-related products, particularly in infant formula sales exceeding industry averages [1] Group 6: Medical and Defense Sectors - Yimai Sunshine (02522) rose by over 4% as the company plans to further invest in Yinghe Medical, validating its commercial path for medical data assetization [1] - China Shipbuilding Defense (00317) increased by over 4%, with institutions noting that second-hand ship prices have surpassed new ship prices, indicating an upcoming positive trend in the shipbuilding sector [1] Group 7: Declining Stocks - Jacobson Pharmaceutical (02633) fell by over 8% due to a 5.36% year-on-year decrease in mid-term earnings, despite a 20% increase in dividends [2] - Yuejiang (02432) dropped by over 4%, accumulating a decline of over 40% in the past two months, having completed two rounds of equity financing in four months [2]

Core Viewpoint - H&H International Holdings (01112.HK) experienced a significant increase in stock price, rising over 4% to reach 13.7 HKD with a trading volume of 27.18 million HKD [1] Group 1 - The stock price of H&H International Holdings increased by 4.1% [1] - The current trading price is reported at 13.7 HKD [1] - The total trading volume reached 27.18 million HKD [1]