Financial Performance - Revenue for the year ended December 31, 2023, was RMB 13,926.5 million, representing a 9.0% increase from RMB 12,775.9 million in 2022[2] - Gross profit increased to RMB 8,294.3 million, up 7.7% from RMB 7,703.5 million in the previous year[2] - Adjusted comparable EBITDA rose by 12.4% to RMB 2,215.5 million, compared to RMB 1,971.9 million in 2022[2] - Net profit decreased by 4.9% to RMB 581.8 million, down from RMB 611.8 million in 2022[2] - The adjusted comparable net profit was RMB 778.3 million, reflecting a 6.4% increase from RMB 731.2 million in the prior year[2] - Total revenue for the year ended December 31, 2023, reached RMB 13,926,470 thousand, an increase from RMB 12,775,914 thousand in 2022, representing a growth of approximately 9%[21] - The company reported a pre-tax profit of RMB 933,602 thousand for the year, compared to RMB 1,030,931 thousand in the previous year, indicating a decrease of about 9.4%[17][19] - The company reported a pre-tax profit of RMB 1,472,992 thousand for 2023, compared to RMB 1,324,163 thousand in 2022, reflecting an increase of approximately 11.2%[31] Assets and Liabilities - Total non-current assets amounted to RMB 14,908.6 million, a slight decrease from RMB 15,103.6 million in 2022[9] - Current assets totaled RMB 5,133.4 million, down from RMB 5,859.4 million in the previous year[9] - The company reported a net asset value of RMB 6,295.2 million, an increase from RMB 6,141.9 million in 2022[9] - As of December 31, 2023, the group recorded net current liabilities of RMB 3,307.8 million, primarily due to bank loans and preferred notes totaling RMB 4,722.1 million maturing within the next twelve months[11] - Total debt as of December 31, 2023, was RMB 8,933.7 million, a decrease from RMB 9,363.4 million in 2022, indicating a reduction of approximately 4.6%[88] - The net leverage ratio improved to 3.42 times as of December 31, 2023, down from 3.58 times in the previous year[87] Cash Flow and Financing - The net cash flow from operating activities for the year ended December 31, 2023, was RMB 1,096.9 million, derived from a pre-tax cash flow of RMB 1,653.0 million after deducting income tax payments of RMB 556.2 million[83] - Cash flow used in investing activities was RMB 52.1 million, primarily due to purchases of property, plant, and equipment, as well as intangible assets totaling RMB 91.0 million[84] - Cash flow used in financing activities was RMB 1,994.6 million, mainly related to repayment of bank loans and interest payments totaling RMB 1,842.6 million[85] - The company has not utilized its available revolving credit of USD 75.0 million as of the announcement date, indicating a strong liquidity position[86] - The company successfully issued RMB 500 million in guaranteed bonds at a 7.5% interest rate on March 20, 2024[90] Segment Performance - The infant formula segment generated revenue of RMB 5,179,961 thousand, while the probiotics and nutritional supplements segment contributed RMB 1,111,749 thousand for the year ended December 31, 2023[19] - Revenue from the pet nutrition and care segment was RMB 1,529,530 thousand, showing a significant contribution to the overall revenue[21] - The nutritional supplements segment generated revenue of RMB 8,415.3 million, representing a year-on-year growth of 35.3% and accounting for 60.4% of total revenue[58] - Revenue from the adult nutrition and care products segment in mainland China grew by 37.4%, contributing 66.0% to the total revenue of this segment[60] - The company achieved revenue growth of 9.0% in adult nutrition and care products and 8.2% in infant nutrition and care products[44] Market and Growth Strategy - The company plans to continue expanding its product offerings and market presence, particularly in the pet nutrition sector, as part of its growth strategy[19] - The company is expanding into Southeast Asia, India, and the Middle East, achieving strong momentum in these markets[46] - The company aims to optimize its capital structure and reduce leverage while maintaining healthy cash conversion levels[46] - The group plans to invest in the pet nutrition and care products segment to achieve future growth, including expanding Zesty Paws' market position in North America[56] - The group intends to stabilize the revenue level of its infant formula business with the support of innovative high-end products and a stable birth rate in China[56] Expenses and Costs - The cost of goods sold for the year was RMB 5,318,971 thousand, compared to RMB 4,823,197 thousand in the previous year, reflecting an increase of approximately 10.3%[31] - Sales and distribution costs increased by 7.6% to RMB 5,405.2 million, with the percentage of these costs relative to total revenue decreasing from 39.3% to 38.8%[70] - Administrative expenses rose by 16.6% to RMB 848.5 million, with the percentage of revenue increasing from 5.7% to 6.1%[75] - Research and development (R&D) expenses increased by 30.3% to RMB 206.1 million, representing 1.5% of total revenue, up from 1.2% in the previous year[76] Dividends and Shareholder Returns - The proposed dividend for the year is RMB 101.6 million, down from RMB 220.7 million in the previous year[9] - The board of directors proposed a final dividend of HKD 0.18 per share, leading to a total annual dividend of HKD 0.62 per share, which represents approximately 46% of the adjusted net profit for the year ending December 31, 2023[92] - The interim dividend paid for the year was HKD 0.44 per share, an increase from HKD 0.25 per share in 2022[38] Compliance and Governance - The financial statements have been prepared in accordance with International Financial Reporting Standards and Hong Kong Companies Ordinance disclosure requirements[11] - The company has adopted the corporate governance code as per the listing rules and has complied with all provisions for the year ending December 31, 2023[95] - The audit committee consists of three members, all of whom are non-executive directors, ensuring compliance with the listing rules[97] - The independent auditor has reviewed the preliminary performance announcement and confirmed consistency with the consolidated financial statements for the year ending December 31, 2023[99]

Group 1 - The company H&H International Holdings (01112) announced the full redemption of its outstanding 5.625% senior notes due in 2024 to reduce financing costs and optimize its capital structure [1] - As of the announcement date, the outstanding principal amount of the notes is $53.352 million [1] - The company has notified the relevant note trustee that the principal amount of $53.352 million will be redeemed on March 25, 2024, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest [1] Group 2 - Following the redemption, all redeemed notes will be canceled [1] - The company will continue to explore opportunities to lower financing costs and optimize its capital structure [1]

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年3月6日 港元11.66 港元10.40 -10.8% 健合国际 (1112 HK) 2023 年净利润和现金余额低于预期  2023 年销售额符合预期，净利润不及预期：健合国际公布了2023年初步 个股评级 业绩，全年销售额同比增长高个位数（符合一致性/交银国际预期的 中性 9%/8%），但调整后净利润同比增长个位数，低于市场/交银国际预期的 24%/19%。公司公布的净利润同比下降个位数，原因为以下一次性因素： 1）仍待新国标批准的进口婴幼儿配方羊奶粉系列约1.78 亿人民币存货撇 1年股价表现 销及拨备；2）过往收购Aurelia及Good Goût导致的1 亿人民币商誉减值； 1112 HK 恒生指数 3）财务成本增加和人民币兑美元贬值带来的外汇损失增加。 5% 0% -5%  现金余额低于预期，可能引起投资者关注：截至 2023 年底，健合国际的 -10% 现金余额从 2023 年 6 月的 21 亿人民币降至 13.7 亿人民币，低于我们预计 -15% -20% 的 21 亿人民币。其中已经包括 1.4 亿美元的债务偿还，与我们 ...

智通财经APP讯，H&H国际控股(01112)公布，于2023年，按呈报及同类比较基准，该集团均实现高单 位数的收入增长。该增长主要受来自其所有三大战略业务支柱(包括成人营养及护理用品、婴幼儿营养 及护理用品以及宠物营养及护理用品)的高利润及快速增长营养补充品收入的双位数增长所带动。 其中，成人营养及护理用品分部实现强劲双位数增长，有关增长受下列因素带动：各地区的消费者在新 冠肺炎后对保健品的殷切需求，以及该集团致力推出创新品类，如SwissePlus+系列及软糖，配合集团 的高端优质、科学验证、令人向往及参与互动(PPAE)模式。值得注意的是，SwissePlus+于2023年在中 国内地成人营养及护理用品的收入总额带来可观的双位数贡献。此外，该集团SwissePlus+中的NAD+系 列在抗衰老品类取得顶尖地位，抢占极高市场份额，而Swisse净肝片则保持其在中国内地高端蓟分部市 场的领先地位。Swisse重夺澳洲整体维生素、草本及矿物补充剂市场的榜首地位，并在复合维生素、口 服美容、消化及肝脏健康以及肌肉健康等主要分类中稳居第一。 婴幼儿营养及护理用品分部收入取得低双位数降幅。尽管市况不利，惟该集团于2 ...

2 0 2 3 INTERIM REPORT 中期報告 Health and Happiness (H&H) International Holdings Limited 健合(H&H)國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (Stock Code 股份代號：1112) AURELIA Biostime (Swisse) esty Paw, solid gold, do 公司資料 2 財務摘要 4 主席報告 5 管理層討論及分析 10 企業管治及其他資料 18 中期簡明綜合財務報表審閱報告 32 目錄 中期簡明綜合損益及其他全面收益表 34 | --- | --- | |--------------------------|-------| | | | | 中期簡明綜合財務狀況表 | | | 中期簡明綜合權益變動表 | | | | | | 中期簡明綜合現金流量表 | | | 中期簡明綜合財務報表附註 | | 35 37 39 41 (Swisse resty Paw . S li ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Health and Happiness (H&H) International Holdings Limited 健合(H&H)國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1112） 截至二零二三年六月三十日止六個月的 中期業績公告 | --- | --- | --- | --- | |----------------------|---------------------------------------------|-------------------------------------------|----------| | | | | | | 財務摘要 | | 截至六月三十日止六個月 | | | | 二零二三年 人民幣百萬元 （未 經 審 核） | 二零二二年 人民幣百萬元 （未 經 ...

2 0 2 2 ANNUAL REPORT 年度報告 Health and Happiness (H&H) International Holdings Limited 健合(H&H)國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (Stock Code 股份代號：1112) O938 JAUNNA SSO 目錄 公司資料 2 財務摘要 4 主席報告 6 管理層討論及分析 13 董事及高級管理層履歷 23 企業管治報告 29 董事會報告 54 獨立核數師報告 87 綜合損益及其他全面收益表 93 綜合財務狀況表 94 綜合權益變動表 96 綜合現金流量表 98 財務報表附註 100 五年財務概要 208 T AURELIA 公司資料 | --- | --- | |-----------------------------------------------|------------------------------------| | 董事會 | 公司秘書 | | 執行董事 | 楊文筠女 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Health and Happiness (H&H) International Holdings Limited 健合(H&H)國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1112） 截至二零二二年十二月三十一日止年度的 年度業績公告 | --- | --- | --- | --- | --- | |----------------|----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------- ...