Investment Rating - The report maintains a "Buy" rating for H&H International Holdings [11] Core Views - H&H International Holdings reported a revenue increase of 4.9% year-on-year for H1 2025, with adjusted comparable net profit rising by 4.6%, aligning with previous guidance [11] - The company is expanding its ANC business through online channels and overseas markets, solidifying its industry-leading position, while the BNC business is improving with a rise in ultra-premium infant formula market share [11] - Despite pressure on apparent profits, the company is optimizing its capital structure, which is expected to accelerate debt reduction in the future [11] Financial Performance - For H1 2025, the company achieved a revenue of 7.019 billion yuan, a year-on-year increase of 4.9%, and an adjusted comparable net profit of 363 million yuan, a year-on-year increase of 4.6% [5][11] - The adjusted EBITDA for H1 2025 was 1.101 billion yuan, reflecting a decrease of 3.4% year-on-year, with an adjusted EBITDA margin of 15.7% [5][11] - The company plans to distribute an interim dividend of 0.19 HKD per share, totaling 109 million yuan [5] Business Segment Performance - ANC business grew by 5.0% year-on-year in H1 2025, with significant growth in the Chinese mainland market, particularly through the Swisse brand [5][11] - BNC business saw a 2.9% increase year-on-year, with the ultra-premium infant formula market share reaching a historical high of 15.9% in the Chinese mainland [5][11] - PNC business reported a 9.6% year-on-year increase, with improved profitability driven by margin enhancements [5][11] Future Outlook - The company expects continued growth in the second half of 2025, with Swisse focusing on product innovation and online channel expansion [6][11] - The BNC segment is anticipated to benefit from the transition to new national standards and the ongoing recovery in infant formula sales [6][11] - PNC is expected to maintain its growth trajectory, particularly in the North American market [6][11] Financial Projections - EPS estimates for 2025, 2026, and 2027 are projected at 0.56, 1.03, and 1.26 yuan respectively [11] - The company’s total revenue is expected to reach 14.083 billion yuan in 2025, with a year-on-year growth of 8% [7][11]

Core Insights - H&H International Holdings Limited reported a 5.2% year-on-year revenue growth to 7.02 billion yuan in the first half of 2025, with the Chinese market contributing 70.3% of total revenue and growing by 8.7% [1] - The company focuses on providing nutrition and health products for families, with all three major business segments—Adult Nutrition and Care (ANC), Baby Nutrition and Care (BNC), and Pet Nutrition and Care (PNC)—showing revenue growth and maintaining a stable adjusted EBITDA margin of 15.7% [1] Business Segment Performance - ANC revenue reached 3.44 billion yuan, up 5.9% year-on-year, with the Chinese market growing by 13.1%. Swisse brand saw a remarkable 38.7% growth, driven by its "Swisse Mega Brand" strategy and expansion into high-end anti-aging products [2] - BNC revenue grew by 2.9% to 2.5 billion yuan, with a 10.0% increase in sales of infant formula in mainland China, significantly outperforming the overall market growth of 0.2%. The market share of the premium infant formula brand, 合生元, increased to 15.9% [3] - PNC revenue reached 1.08 billion yuan, up 8.6%, with high-end pet supplements growing by 14.3%. The brand Solid Gold successfully optimized its channels and product offerings, achieving a 17.5% sales increase [3] Strategic Initiatives - The company plans to enhance innovation and implement a family nutrition health strategy, focusing on different demographic needs. In ANC, it aims to solidify its market position in mainland China and expand into Southeast Asia, India, the Middle East, and Italy [4] - For BNC, the company will leverage e-commerce and maternal channels to drive sales growth, particularly in infant formula, while continuing to educate new mothers as a core strategy [4] - In PNC, Solid Gold will focus on high-end pet food and supplements, enhancing cross-border e-commerce efforts to sustain growth [4] Financial Position - H&H completed refinancing of 297 million USD in senior notes due in 2026, extending debt maturity and reducing overall financing costs. As of June 30, the company had cash reserves of 1.83 billion yuan [4] Leadership Perspective - The CEO emphasized the commitment to maintaining liquidity and supporting future growth while accelerating the development of the three main business segments. The multi-brand and multi-channel strategy is seen as a robust growth support system [5]

H&H国际控股(01112)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。 在中国内地婴幼儿营养及护理用品分部，截至2025年6月30日止6个月，总收入较去年同期上升3.8%至 人民币23.25亿元。在婴幼儿营养及护理用品分部，截至2025年6月30日止6个月，来自中国内地婴幼儿 配方奶粉的收入按年上升10.0%至人民币19.05亿元，原因是集团按照策略重点持续开展行之有效的消费 者教育(尤其是于电子商务及婴幼儿专卖店渠道)及扩大市场份额。于2025年6月，合生元在中国内地超 高端婴幼儿配方奶粉分部的份额由去年的12.9%增长至15.9%，创历史新高。 截至2025年6月30日止6个月，来自中国内地宠物营养及护理用品分部的收入亦恢复增长，较去年同期上 升17.5%至人民币2.05亿元。增长主要由于Solid Gold成功重组后继续实施高端化，并将资源重新分配至 推出新的高利润率宠物食品及营养品。截至2025年6月30 ...

在中国内地婴幼儿营养及护理用品分部，截至2025年6月30日止6个月，总收入较去年同期上升3.8%至 人民币23.25亿元。在婴幼儿营养及护理用品分部，截至2025年6月30日止6个月，来自中国内地婴幼儿 配方奶粉的收入按年上升10.0%至人民币19.05亿元，原因是集团按照策略重点持续开展行之有效的消费 者教育(尤其是于电子商务及婴幼儿专卖店渠道)及扩大市场份额。于2025年6月，合生元在中国内地超 高端婴幼儿配方奶粉分部的份额由去年的12.9%增长至15.9%，创历史新高。 截至2025年6月30日止6个月，来自中国内地成人营养及护理用品分部的收入实现强劲增长，较去年同期 上升13.1%，占集团成人营养及护理用品总收入的70.0%。增长主要由于紧贴快速变化消费者喜好的 Swisse创新品类取得亮丽表现，尤以美容、抗衰老及排毒品类的表现最为突出。增长亦得益于集团的渠 道拓展工作，特别是快速拓展线上渠道，跨境电子商务渠道的销售额上升18.1%，占中国内地成人营养 及护理用品收入的81.5%。来自山姆会员店等新零售渠道(涵盖跨境电子商务渠道及一般贸易)的收入上 升28.2%，占中国内地成人营养及护理用品总收入的 ...

Group 1 - The core viewpoint of the articles highlights H&H International Holdings' revenue growth and improved profit margins for the first half of 2025, driven by various business segments including adult nutrition, infant nutrition, and pet nutrition [1] - For the six months ending June 30, 2025, the company's revenue increased by 4.9% to RMB 7,019.2 million, with a gross margin improvement from 60.9% to 62.5% [1] - The adjusted comparable net profit rose by 4.6% year-on-year, and the company announced an interim dividend of HKD 0.19 per ordinary share [1] Group 2 - In the second half of 2025, the adult nutrition and care segment is expected to maintain growth momentum in mainland China through continuous product innovation and online channel development [2] - The infant nutrition segment anticipates accelerated sales growth due to successful e-commerce and specialty store marketing activities, alongside the transition to new national standards [2] - The pet nutrition segment will continue its growth trajectory, with ZestyPaws executing an omnichannel strategy while SolidGold focuses on high-end pet food and cross-border e-commerce in mainland China [2]

| 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 健合（H&H）國際控股有限公司 | | 股份代號 | 01112 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年六月三十日止六個月的中期業績公告 | | | 公告日期 | 2025年8月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.19 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.19 HKD | | 匯率 | 1 HKD : 1 HK ...

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 之 有 限 公 司） （股 份 代 號：1112） 董事名單與其角色和職能 健 合(H&H)國際控股有限公司（「本公司」）董事會（「董事會」）成員自二零二五年 八 月 二 十 六 日 起 載 列 如 下： 非執行董事 Laetitia Albertini女 士 張文會博士 羅云先生 Mingshu Zhao Wiggins女 士 獨立非執行董事 陳偉成先生 駱劉燕清女士 丁遠教授 董 事 會 設 立 四 個 委 員 會。各 董 事 會 成 員 在 該 等 委 員 會 中 所 擔 任 的 職 位 的 情 況 如 下。 審核委員會 丁遠教授 （委 員 會 主 席） 陳偉成先生 羅云先生 執行董事 羅飛先生 （主 席） 王亦東先生 提名委員會 羅飛先生 （委 員 會 主 席） 陳偉成先生 駱劉燕清女士 – 1 – 薪酬委員會 陳偉成先生 （委 員 會 主 席） 羅飛先生 駱劉燕清女士 環 境、社 會 及 管 治 委 員 會 Laet ...

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） 截至二零二五年六月三十日止六個月的 中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 二零二五年 | 截至六月三十日止六個月 二零二四年 | 變 動 | | | 人民幣百萬元 | 人民幣百萬元 | | | | （未 經 審 核） | （未 經 審 核） | | | 收 入 | 7,019.2 | 6,692.1 | +4.9% | | 毛 利 | 4,389.1 | 4,072.3 | +7.8% | | EBITDA* | 1,033.1 | 1,098.4 ...

Core Viewpoint - The "Special Food Festival - New Consumption Industry Development Conference" held in Beijing focuses on the new consumption trends in the special food industry, emphasizing technological innovation, market trend analysis, and industry self-discipline to promote high-quality development and sustainability in the sector [1] Group 1: Industry Trends and Standards - The nutrition and health industry is entering a "new golden age," with a critical need to meet consumer demands and help them identify quality nutrition products [2] - The lack of universal nutritional supplementation standards for children aged 0-18 years is a significant issue, prompting the establishment of a quantitative system for nutritional supplementation tailored to different age groups [2] - The conference initiated the "Quality Nutrition Benchmark Leadership" proposal to foster a trustworthy, standardized, and innovative industry environment [3] Group 2: Company Initiatives and Contributions - The company, as a leader in the global high-end nutrition and health industry, actively participates in discussions and proposes industry development suggestions [1] - The company promotes the "Three Truths" standard (true quality, true effectiveness, true safety) through its Swisse brand, aiming to build consumer trust and support the standardization of the special food industry [2] - The company is committed to the construction of group standards and aims to enhance the nutritional health industry by collaborating with industry peers to meet market demands with precise solutions [3]

长江证券发布研报称，公司奶粉业务在经历了老产品去库存周期及新国标更新后的补货后，于2025Q1 迎来正增长。且落地后动销超预期，2025Q1增速超40%。该行看好公司长期以来积累的品牌运营能力 及全球化家庭全成员营养品供应商定位。 大摩表示，在获该行"与大市同步"评级内地消费品股中，认为H&H国际控股有较高的重新评级的可能 性。大摩对H&H目标价由11.5港元升至13.4港元，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。 H&H国际控股(01112)涨超3%，截至发稿，涨2.84%，报12.33港元，成交额3844.56万港元。 ...