证券研究报告·公司点评报告·消费 H&H 国际控股（1112.HK） [Table_Main] 2025 年半年报业绩点评：业绩符合此前预告；合生元 市场份额持续提升 买入（维持） | 盈利预测与估值 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 收入总额（百万港元） | 13,051.7 | 14,367.9 | 15,492.4 | 16,438.1 | | 同比 | -6.3% | 10.1% | 7.8% | 6.1% | | 归母净利润（百万港元） | -53.7 | 676.0 | 845.5 | 952.9 | | 同比 | - | - | 25.1% | 12.7% | | 每股收益-最新股本摊薄（港元/股） | 9.01 | 9.79 | 10.77 | 11.88 | | P/E - 现价 | - | 13.27 | 10.61 | 9.42 | | 数据来源：iFind，东吴证券（香港） | | | | | 投资要点 [Table_Author] 2025 年 8 月 28 日 分析师 张景之 (8 ...

Core Viewpoint - The infant formula industry is experiencing a rebound in performance despite a backdrop of reduced market demand and intensified competition, with several companies reporting growth in both revenue and profit for the first half of 2025 [1][9]. Group 1: Company Performance - Health and Nutrition Group (健合集团) reported a revenue increase of 5.2% to RMB 7.02 billion and a net profit growth of 4.6% in the first half of 2025, reversing the decline seen in 2024 [2]. - The three main business segments of Health and Nutrition Group all showed revenue growth, with Adult Nutrition and Care (ANC) at RMB 3.44 billion (up 5.9%), Infant Nutrition and Care (BNC) at RMB 2.50 billion (up 2.9%), and Pet Nutrition and Care (PNC) at RMB 1.08 billion (up 8.6%) [2]. - Aoyou Dairy (澳优乳业) achieved a revenue of approximately RMB 3.887 billion, a 5.6% increase, and a net profit of RMB 181 million, up 24.1% for the same period [6]. - Aoyou's own brand infant formula business generated approximately RMB 2.826 billion, with a 3.1% growth in goat milk formula [6]. Group 2: Market Trends - The sales of infant formula in mainland China grew by 10.0%, significantly outpacing the overall market's retail growth of 0.2% [4]. - The market share of Health and Nutrition Group in the ultra-premium infant formula segment increased from 12.9% to 15.9%, reaching a historical high [4]. - The infant formula market is expected to see a growth rate of around 5% in retail market size by 2025, driven by a rebound in birth rates and supportive policies [11]. - The implementation of a new subsidy policy for families with children under three years old is anticipated to provide structural benefits to the infant formula market [11][12]. Group 3: Consumer Behavior - There is a noticeable trend of consumption upgrading in the infant formula market, with consumers willing to pay higher prices for high-quality or specialized products [12]. - The proportion of consumers purchasing infant formula priced above RMB 300 increased to 26% in 2024, up from 21% in 2023 [12]. - The lower-tier cities and rural markets are showing significant consumption upgrades, releasing potential in the down-market segment and contributing to the expansion of the high-end and ultra-high-end infant formula market [12].

Core Insights - The pet industry continues to experience significant growth, with pet food companies reporting strong performance in the first half of the year, particularly in staple food revenue [1][2] Industry Overview - The domestic pet food market is undergoing a functional and health-oriented upgrade, with industry benefits still ongoing [2][3] - The market for pet food in urban areas is projected to reach 300.2 billion yuan in 2024, reflecting a year-on-year growth of 7.5% [3] Company Performance - Guibao Pet (301498.SZ) reported total revenue of 3.22 billion yuan, a year-on-year increase of 32.72%, and a net profit of 380 million yuan, up 22.6% [2] - Tianyuan Pet (301335.SZ) and Zhongchong Co. (002891.SZ) also achieved double-digit growth in revenue and net profit [2] - The main food business of Guibao Pet saw revenue of 1.88 billion yuan, a remarkable growth of 57.1% [2] - The main food products of Lusi Co. generated revenue of 59.46 million yuan, increasing by 40% [2] - Tianyuan Pet's pet food business revenue reached 670 million yuan, growing by 16.7% [2] - Zhongchong Co. reported main food revenue of 780 million yuan, a significant increase of 85.8% [2] Market Dynamics - The concentration ratio of the pet food market in China is relatively low, with CR5 at 25.4% and CR10 at 32.7%, indicating potential for market consolidation [4] - Marketing expenses for major pet companies have increased significantly, with Guibao Pet at 47.3%, Tianyuan Pet at 48.5%, and Zhongchong Co. at 35.8% [4] - The shift in consumer spending towards preventive care for pets is driving demand for functional pet food products [3][4]

宠物上市公司没有"生育"焦虑。 今年上半年，国家有关部门紧锣密鼓地出台多项政策鼓励生育。相比之下，"毛娃"行业则没有生育焦 虑。近日，多家宠物食品企业公布了上半年成绩单，业绩普遍保持高速增长，特别是宠物主粮业务收入 增长明显。 在业内看来，国内宠物食品功能化、健康化升级仍在持续，行业红利仍未结束。 财报显示，今年上半年，多家宠物相关上市公司的业务均有明显增长。其中，乖宝宠物（301498.SZ） 实现营业总收入32.2亿元，同比增长32.72%；实现归母净利润3.8亿元，同比增长22.6%。同期，天元宠 物（301335.SZ）、中宠股份（002891.SZ）等企业的营收和净利润也均实现双位数增长。 近年来，部分食品企业也在加速布局宠物赛道，同样收获颇丰。健合集团（01112.HK）半年报显示， 上半年实现收入70.2亿元，同比增长5.2%，其中宠物营养及护理用品（PNC）实现收入10.8亿元，同比 增长8.5%，中国市场增幅则达到了17.5%。 记者注意到，今年上半年宠物相关上市公司的业绩增长中，主粮业务增长格外突出。乖宝宠物上半年主 粮业务实现收入18.8亿元，同比增长57.1%；路斯股份上半年主粮产品实 ...

公告介绍，营养补充品为集团收入的最大贡献者。成人营养及护理用品（ANC）、婴幼儿营养及护理用品（BNC）、 宠物营养及护理用品（PNC）三大业务中的营养补充品系列占集团总收入的65.6%，其中维生素、草本及矿物补充剂 以及宠物补充品分别实现5.8%及14.3%的收入同比增长。 8月26日，健合集团发布2025年中期业绩。披露上半年公司营收同比增长5.2%至人民币70.2亿元。中国市场为集团营收 的最大贡献者，增长达8.7%，占集团总收入的70.3%。 上半年，ANC业务同比增长5.9%，中国市场增长13.1%。BNC业务同比增长2.9%，中国内地婴幼儿配方奶粉销售额增 长10.0%。 （企业公告） PNC营收达10.8亿元，同比增长8.6%。其中，高端宠物补充品类实现同比增长14.3%，进一步凸显集团在产品组合与市 场布局上的领先优势。在中国市场，Solid Gold素力高成功完善渠道优化及产品组合高端化调整，PNC中国市场同比增 长达17.5%。Solid Gold素力高在中国市场精准布局细分领域，于2月，Solid Gold素力高免疫双拼粮进驻山姆会员店， 成为山姆渠道唯一一款聚焦初老猫咪的猫粮产品。 ...

Group 1 - Nongfu Spring (09633) reported a 22% year-on-year increase in net profit for the six months ending June 30, 2025, with packaged drinking water revenue growing by 10.7% [1] - Gu Ming (01364) saw a more than 120% year-on-year increase in net profit for the same period, with steady expansion in store count and impressive GMV performance [1] - China Longgong (03339) reported a 37.83% year-on-year increase in net profit, with the loader business being the largest contributor to revenue and profit [1] - AI concept stocks generally rose, with SenseTime (00020) up over 11% and Fourth Paradigm (06682) up over 9%, following the State Council's release of opinions on implementing "AI+" actions [1] - Cao Cao Mobility (02643) reported a 53.5% year-on-year increase in net profit, with gross margin improving from 7.0% to 8.4% [1] Group 2 - H&H International Holdings (01112) experienced a nearly 77% year-on-year decrease in net profit and proposed an interim dividend of HKD 0.19 per share [2] - NIO (09866) saw its stock price rise over 6% this month, benefiting from strong orders for the Onvo L90 and ES8 SUV models [2] - Chip stocks continued their upward trend, with SMIC (00981) up over 6% and Huahong Semiconductor (01347) up over 3%, as institutions remain optimistic about the domestic chip market [2] - Beike (02423) reported a 7.2% year-on-year decrease in net profit for the mid-year results, with Nomura indicating that its third-quarter guidance was below expectations [2] Group 3 - Gaotu (GOTU.US) reported a more than 37% year-on-year increase in revenue for Q2, alongside a new stock buyback plan worth up to USD 100 million [3] - NIO (NIO.US) rose 10.02% as Morgan Stanley highlighted strong orders for the ES8 and a shift in market sentiment towards next year's models [3] - XPeng Motors (XPEV.US) increased by 5.46% as it announced the official launch of the new P7 model on August 27 [3] - Boeing (BA.US) rose 3.51% after Korean Air announced a purchase order for aircraft valued at approximately USD 36.5 billion [4]

Financial Data and Key Metrics Changes - The company reported a revenue growth of 4.9% for the first half of 2025, with an adjusted EBITDA margin maintained at 15.7% [48][49][64] - Adjusted net profit increased by 4.6%, reaching a net profit margin of 5.2% [49][64] - The gross profit margin improved by 1.4 percentage points for core product categories [55] Business Line Data and Key Metrics Changes - The ANC business grew by 5.9%, BNC by 2.9%, and P&C by 8.6% [22] - Nutritional supplements accounted for 65.6% of total revenue, up by 4.1% [18] - The P&C segment saw a 15.5% growth, while the probiotic business experienced a decline of around 10% [9][19] Market Data and Key Metrics Changes - China contributed 70% of total revenue, with a growth driven by IMF sales and nutritional products [20] - The North American market grew by 4.6%, while the ANZ market saw a decline of 15.6% due to Daigou channel sales [20][21] - Expansion markets contributed 66% of revenue, growing by 18.6% [21] Company Strategy and Development Direction - The company aims to maintain its number one position in the ANC market in China and expand into new markets [44][45] - Focus on premiumization and diversification strategies to enhance profitability and market share [46] - Continued investment in product innovation and consumer education to drive growth [15][44] Management Comments on Operating Environment and Future Outlook - Management acknowledged fierce competition in the Chinese market and emphasized the importance of adapting strategies [3] - The company expects to achieve high single-digit sales growth for the full year, with a stable EBITDA margin around 15% [66] - Confidence in overcoming challenges from the Guo Biao transition and maintaining growth momentum [8][49] Other Important Information - The interim dividend payout is set at HKD0.19 per share [12] - The company completed a refinancing of USD 300 million, which is expected to lower financial expenses [11][51] Q&A Session Summary Question: Do you have any guidance update for the whole year's performance? - The company expects high single-digit growth for the whole group, with adjusted EBITDA margin around 15% and adjusted net profit margin close to 5% [66] Question: What are the key drivers for the B&C business growth? - Main drivers include innovative products and penetration into new channels, with a focus on retail and online channels [70][71] Question: Will the IMF gross profit margin be restructured? - Adjustments are being made to improve profitability, with 80% of product categories returning to expected growth [72][73] Question: What is the expectation for the ANC business in ANZ? - The company will continue to promote domestic business growth to offset declines in the Daigou channel, maintaining guidance for the whole year [85][86]

Financial Data and Key Metrics Changes - The company reported a revenue growth of 4.9% for the first half of 2025, with an adjusted EBITDA margin maintained at 15.7% [48][49][64] - Adjusted net profit increased by 4.6%, reaching a net profit margin of 5.2% [49][64] - The gross profit margin improved by 1.4 percentage points for core product categories [55] Business Line Data and Key Metrics Changes - The ANC business grew by 5.9%, BNC by 2.9%, and P&C by 8.6% [22] - Nutritional supplements accounted for 65.6% of total revenue, showing a 4.1% increase [18] - The P&C business globally saw a 14% growth, with SOLIGO returning to 17.5% growth [10][36] Market Data and Key Metrics Changes - China contributed 70% of total revenue, with a 13% growth in the ANC business [20][5] - The ANZ market experienced a 5.6% growth, while the North American market saw a 4.6% growth [7][38] - Expansion markets contributed 66% of revenue, growing by 18.6% [21] Company Strategy and Development Direction - The company aims to diversify its market and brands while consolidating its core market [24] - Focus on premiumization and innovation in product offerings to drive growth [44][45] - Continued investment in new markets and channels to enhance profitability [46] Management's Comments on Operating Environment and Future Outlook - Management acknowledged fierce competition in the Chinese market and emphasized the importance of strategic adjustments [3] - The company remains confident in achieving high single-digit sales growth for the full year [66] - Future strategies include focusing on super premium segments and expanding into new markets [45][46] Other Important Information - The interim dividend payout is set at HKD0.19 per share [12] - The company completed a refinancing of USD 300 million, which is expected to lower financial expenses [11][51] Q&A Session Summary Question: Do you have any guidance update for the whole year's performance? - The company expects high single-digit growth for the whole group, with adjusted EBITDA margin around 15% and adjusted net profit margin close to 5% [66] Question: What are the key drivers for the B&C business growth? - The main drivers include innovative products and penetration into new channels [70][71] Question: Will the product mix and brand be restructured strategically? - Yes, adjustments are being made to improve profitability, particularly in the non-core IMF and probiotic segments [71][73] Question: What is the expectation for the ANC business in ANZ? - The company will continue to promote growth in domestic channels to offset declines in the Daigou channel [85][87]

Core Viewpoint - H&H International Holdings reported a decline in net profit despite a slight increase in revenue, leading to a drop in share price [1] Financial Performance - The company achieved revenue of RMB 7.019 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.89% [1] - Net profit attributable to shareholders was RMB 71.017 million, a significant decrease of 76.78% compared to the previous year [1] - Basic earnings per share were reported at RMB 0.11 [1] Dividend Announcement - The company proposed an interim dividend of HKD 0.19 per ordinary share, down from HKD 0.30 in the same period last year [1] Business Segment Performance - Revenue growth was attributed to all business segments, including adult nutrition and care products, infant nutrition and care products, and pet nutrition and care products [1] - The high-margin nutritional supplements across all three business segments saw a year-on-year revenue increase of 4.6%, accounting for 65.6% of total revenue [1]

智通财经APP获悉，H&H国际控股(01112)跌超5%，截至发稿，跌4.82%，报13.23港元，成交额6605.5 万港元。 消息面上，H&H国际控股发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人民币70.19亿 元(单位下同)，同比增加4.89%；母公司拥有人应占溢利7101.7万元，同比减少76.78%；每股基本盈利 0.11元。拟派发中期股息每股普通股0.19港元，上年同期派0.3港元。 公告称，收入增加主要由于所有业务分部(即成人营养及护理用品、婴幼儿营养及护理用品及宠物营养 及护理用品)增长所致。截至2025年6月30日止6个月，集团所有三个业务分部的高利润率营养补充品所 得收入按同类比较基准按年增长4.6%，占集团总收入的65.6%。 ...