Core Insights - Tencent Holdings (00700), Alibaba-W (09988), and Hong Kong Exchanges (00388) led the market in net inflows, with amounts of 1.115 billion, 1.055 billion, and 309 million respectively [1] - China Mobile (00941), Luoyang Molybdenum (03993), and CICC (03908) experienced the highest net outflows, with amounts of -1.053 billion, -184 million, and -181 million respectively [1] - In terms of net inflow ratios, China Telecom Services (00552), Yihua Tong (02402), and Sunshine Insurance (06963) topped the list with ratios of 167.31%, 126.18%, and 118.17% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.115 billion, representing a 13.09% increase, closing at 614.500 [2] - Alibaba-W (09988) saw a net inflow of 1.055 billion, with a 12.23% increase, closing at 146.400 [2] - Hong Kong Exchanges (00388) recorded a net inflow of 309 million, with a 24.77% increase, closing at 407.000 [2] Net Outflow Rankings - China Mobile (00941) faced a net outflow of -1.053 billion, a decrease of -54.21%, closing at 83.700 [2] - Luoyang Molybdenum (03993) had a net outflow of -184 million, down by -29.82%, closing at 19.100 [2] - CICC (03908) experienced a net outflow of -181 million, a decrease of -30.22%, closing at 20.540 [2] Net Inflow Ratio Rankings - China Telecom Services (00552) achieved a net inflow ratio of 167.31%, with a net inflow of 26.5926 million, closing at 4.520 [3] - Yihua Tong (02402) had a net inflow ratio of 126.18%, with a net inflow of 26.5481 million, closing at 23.980 [3] - Sunshine Insurance (06963) recorded a net inflow ratio of 118.17%, with a net inflow of 31.5558 million, closing at 3.940 [3]

H&H国际控股(01112)公布，于2025年12月23日，向合共41名合资格参与者授出1307万份购股权，每份 购股权行使价13.54港元。 ...

格隆汇12月23日丨H&H国际控股(01112.HK)公告，于2025年12月23日，合共1307万份购股权(「购股 权」，可认购13,070,000股股份)已根据2024年股份计划授予合共41名合资格参与者(「承授人」)，其中 包括(i)执行董事王亦东；及(ii)其他四名公司行政总裁办公室成员，分别为Akash Bedi先生、李凤婷、 Nicholas Russell Lamande Mann及张琦章，惟须待承授人接纳后，方可作实。 ...

智通财经APP讯，H&H国际控股(01112)公布，于2025年12月23日，向合共41名合资格参与者授出1307 万份购股权，每份购股权行使价13.54港元。 ...

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） 授出購股權 於 二 零 二 五 年 十 二 月 二 十 三 日，合 共13,070,000份購股權（「購股權」，可 認 購 13,070,000股 股 份）已根據二零二四年股份計劃授予合共41名合資格參與者（「承 授 人」），其 中 包 括(i)執 行 董 事 王 亦 東 先 生；及(ii)其他四名本公司行政總裁辦公 室（「行政總裁辦公室」）成員，分別為Akash Bedi先生、李鳳婷女士、Nicholas Russell Lamande Mann先 生 及 張 琦 章 先 生，惟 須 待 承 授 人 接 納 後， ...

Core Viewpoint - The Fourth China Nutritionist Development Conference aims to promote innovation and high-quality development in the nutrition and health industry, aligning with the "Healthy China 2030" strategy and the growing health consumption demands of the public [1] Group 1: Event Overview - The conference was held from December 20 to 22 in Zhuhai, gathering nutrition experts, industry practitioners, and leading health brands under the theme "Aggregation Towards New" [1] - The event has become an annual platform for industry trend insights and professional exchanges over the past three years [4] Group 2: Company Participation and Recognition - Health and nutrition leader, Jianhe Group, showcased its Australian natural nutrition brand Swisse and high-end infant nutrition brand Heshengyuan, winning three awards for its products [3][4] - The awarded products include Heshengyuan Lactase + Probiotics Powder, which won the "Scientific Food Nourishment Promotion Award," and Heshengyuan Calcium, Zinc, and Vitamin D Oral Liquid and Swisse Choline Milk Thistle Tablets, which received the "Outstanding Scientific Formula Award" [4][3] Group 3: Product Innovations - Heshengyuan Lactase + Probiotics Powder is a collaborative product developed with Chongqing Maternal and Child Health Hospital, providing a solution for lactose intolerance [6] - Heshengyuan Calcium, Zinc, and Vitamin D Oral Liquid is designed based on consumer feedback, focusing on high-quality calcium supplementation for children [8] - Swisse Choline Milk Thistle Tablets emphasize liver health, adhering to the "Three Truths" principle of genuine effectiveness and safety [9] Group 4: Industry Trends and Future Outlook - The nutrition and health industry is evolving towards more scientific, professional, and personalized solutions, driven by increasing health awareness and changing consumer demands [19] - Jianhe Group aims to provide trustworthy nutrition health solutions through its PPAE business model, focusing on premium quality, scientific validation, aspiration, and engagement [19] - The company plans to continue collaborating with nutritionists and industry partners to respond to market changes and contribute to the high-quality development of China's nutrition health industry [19]

Core Insights - The "Golden Award" annual outstanding company selection by Gelonghui will announce its results on December 22, highlighting companies with significant brand value in the capital market [1][2] - The "Annual Brand Value Award (Small and Medium Market Capitalization)" recognizes companies that have achieved the highest brand value, emphasizing the importance of brand differentiation, awareness, and customer loyalty [1] Group 1: Award Recipients - Ten companies have been awarded the "Annual Brand Value Award (Small and Medium Market Capitalization)", including Crazy Sports (00082.HK), H&H International Holdings (01112.HK), Huaxing Capital Holdings (01911.HK), and others [1] - The award selection process involved quantitative data analysis and expert review to determine the final results [1] Group 2: Evaluation Criteria - The award evaluates brand value from multiple perspectives, including brand differentiation, recognition, and customer loyalty [1] - The aim of the selection is to create a reference for the most valuable listed companies and unicorns in the investment community [2]

Group 1 - The "Annual Brand Value Award (Small and Medium Market Capitalization)" recognizes companies with the highest brand value in the capital market, emphasizing the importance of brand differentiation, awareness, and customer loyalty [1][2] - The award selection process involved quantitative data analysis and expert review, highlighting the innovative practices of the selected companies in enhancing their brand value [1] - The event featured the announcement of the "2025 Annual Outstanding Company List," which included ten companies awarded for their brand value [1] Group 2 - The "Golden Grid Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

Investment Rating - The report maintains a "Strongly Outperform" rating for the health supplement industry [3] Core Insights - The health supplement market in China is expected to grow significantly, with a retail scale projected to reach 260.2 billion yuan by 2024, reflecting a CAGR of 6.3% from 2019 to 2024 [6][16] - The industry is characterized by a dual driving force from both mature markets and emerging consumer trends, with a notable shift towards younger demographics and new consumption patterns [22][40] - The contract manufacturing segment is anticipated to see increased concentration, benefiting from stable demand growth and the influx of new brands [2][8] Summary by Sections 1. Continuous Expansion of Health Supplements - The health supplement market is expanding, with the global market expected to reach 191.5 billion USD by 2024 [16] - The penetration rate of health supplements in China is significantly lower than in developed countries, indicating substantial growth potential [21][20] 2. Consumer Changes Driving Channel Transformation and Product Iteration - The primary sales channels for health supplements have shifted from direct sales and pharmacies to e-commerce, with e-commerce accounting for 48.02% of sales in 2023 [46] - The rise of live-streaming e-commerce has significantly contributed to the growth of the health supplement industry, with a penetration rate projected to reach 34.3% by 2024 [6][46] 3. Increased Concentration in the Contract Manufacturing Segment - The contract manufacturing segment is expected to benefit from the growing demand for health supplements, with major players like Xianle Health and Baihe Co. projected to capture significant market shares [2][7] - Brand owners are actively adapting to new trends, focusing on product innovation and channel diversification to capture market opportunities [8][7] 4. Investment Recommendations - The report suggests focusing on leading contract manufacturers with strong R&D capabilities and those that are well-positioned to benefit from emerging consumer trends [8] - Specific companies recommended for investment include Xianle Health and Baihe Co. in the contract manufacturing space, and H&H International Holdings and Tongrentang in the brand segment [8]

Core Viewpoint - Haitong International has initiated coverage on H&H International Holdings with an "Outperform" rating and a target price of HKD 17, projecting net profits of RMB 415 million, RMB 641 million, and RMB 818 million for 2025 to 2027, representing year-on-year growth of 873.36%, 54.35%, and 27.50% respectively, with earnings per share of RMB 0.64, RMB 0.99, and RMB 1.27 [1] Group 1 - The company owns well-known brands such as Biostime, Swisse, and SolidGold, and has achieved a global presence through acquisitions [1] - H&H International has established R&D and production centers in Australia, France, and the United States [1] - Despite a slowdown in overall industry growth, the Adult Natural Health Nutrition and Care (ANC) business demonstrates resilience and growth potential, supporting the overall performance of the group [1]