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]

海通国际主要观点如下： 海通国际发布研报称，首次覆盖给予H&H国际控股(01112)"优于大市"评级，对应目标价17港元，H&H 业务覆盖婴幼儿营养与护理(BNC)、成人自然健康营养与护理(ANC)和宠物营养与护理(PNC)三大板 块，2025年前三季度，集团各业务表现亮眼保持稳健增长。高端化战略成效显著，多品牌协同助力集团 持续拓展全球市场。 合生元超预期复苏，婴配粉增长强劲 Biostime(合生元)作为H&H集团的核心母婴营养品牌，自1999年创立以来，始终专注于婴幼儿营养与健 康领域。其产品以"奶粉+营养品"双轮驱动，精准切入免疫、过敏等高价值赛道。婴幼儿配方奶粉为品 牌拳头产品，营养补充品以益生菌系列为主要代表。25Q1-Q3，H&H集团BNC业务实现营收39.7亿元， 同比+24.0%，其中单三季度收入达14.7亿元，同比+90.6%，增速远超集团整体业务水平。婴幼儿配方 奶粉成为最大增长引擎，25Q1-Q3该收入同比+33.3%，25Q3单季收入同比+104.0%，推动BNC业务实现 跨越式发展。 高端化成效凸显，PNC业务稳健增长 SolidGold(素力高)作为美国宠物营养领域的先驱品牌，1 ...

智通财经APP获悉，海通国际发布研报称，首次覆盖给予H&H国际控股(01112)"优于大市"评级，对应 目标价17港元，H&H业务覆盖婴幼儿营养与护理(BNC)、成人自然健康营养与护理(ANC)和宠物营养与 护理(PNC)三大板块，2025年前三季度，集团各业务表现亮眼保持稳健增长。高端化战略成效显著，多 品牌协同助力集团持续拓展全球市场。 海通国际主要观点如下： 高端家庭健康营养产品的领先企业 H&H(健合集团)是一家专注于高端家庭营养与健康产品的全球性企业，成立于1999年，总部位于中国香 港，2010年于港交所上市。集团以"让人们更健康更快乐"为使命，业务覆盖婴幼儿营养与护理(BNC)、 成人自然健康营养与护理(ANC)和宠物营养与护理(PNC)三大领域，产品行销全球20多个国家和地区。 旗下拥有合生元、Swisse斯维诗、SolidGold素力高等知名品牌，通过并购实现全球化布局，在澳大利 亚、法国、美国等地设立研发与生产中心。 ANC业务中国区稳健增长，Swisse中国和澳洲市占率第一 Swisse斯维诗是源自澳大利亚的全球性健康营养品牌，由Kevin Ring于1969年创立。品牌最初以生产维 生 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating for H&H International Holdings, targeting a price of HK$17.00 from the current price of HK$13.45 [1][2]. Core Insights - H&H International Holdings is a leading global enterprise in high-end family nutrition and health products, established in 1999 and headquartered in Hong Kong. The company operates in three main segments: Baby Nutrition and Care (BNC), Adult Natural Health Nutrition and Care (ANC), and Pet Nutrition and Care (PNC), with products sold in over 20 countries [3][9]. - The company has shown significant revenue growth, with a projected increase in net profit from a loss of RMB 54 million in 2024 to RMB 641 million in 2026, reflecting a substantial recovery and growth trajectory [7][12]. Financial Overview - Revenue for 2025 is estimated at RMB 14.13 billion, representing an 8% increase from 2024, with net profit expected to reach RMB 415 million, marking an 873% increase year-on-year [7][12]. - The gross profit margin is projected to improve from 60.6% in 2024 to 61.8% by 2027, indicating enhanced operational efficiency [7]. Business Segment Performance - The ANC segment has shown robust growth, with revenue reaching RMB 52.4 billion in the first three quarters of 2025, a 6% year-on-year increase. Swisse, a key brand in this segment, maintains the number one market share in China [4][44]. - The BNC segment has experienced a remarkable recovery, with revenue increasing by 24% year-on-year to RMB 39.7 billion in the first three quarters of 2025, driven by strong sales of infant formula [5][45]. - The PNC segment also demonstrated steady growth, achieving RMB 15.9 billion in revenue, up 8.2% year-on-year, with brands like SolidGold and ZestyPaws leading the market [6][12]. Market Dynamics - The high-end nutrition and health products market in China is driven by economic growth, urbanization, and rising disposable incomes, leading to increased consumer demand for premium health products [19][25]. - The adult nutrition segment is benefiting from heightened health awareness among consumers, while the baby nutrition market is expected to continue growing due to increasing quality demands from parents [26][32]. Strategic Initiatives - H&H has adopted a multi-brand strategy to enhance its global presence, with significant investments in R&D and marketing to support product innovation and market penetration [10][12]. - The company is focusing on digital health ecosystems and sustainable development, aiming to leverage technology for improved consumer engagement and operational efficiency [10][12].

需要强调的是，这一修复并非情绪驱动，而是建立在增长结构逐步清晰、业务可预期性提升的基础之 上。Swisse的体系化运营，使健合集团的估值逻辑开始从"修复假设"转向"数据验证"。 对于投资者而言，后续关注重点或不再只是短期增速，而在于：这一结构是否能够持续、子品牌能否稳 定贡献增量，以及体系优势是否进一步转化为盈利能力。这些因素，将决定健合集团估值中枢能否真正 抬升。 资本市场对健合集团的长期关注点，正在从历史问题转向增长确定性本身。而Swisse中国业务的变化， 是这一转向中的关键变量。 经过十年发展，Swisse已完成从市场导入到本土化体系成熟的转变，并逐步形成"主品牌稳态 + 子品牌 增量"的双层增长结构。这一结构意味着：即便行业整体需求波动，集团核心业务仍具备一定的防御属 性，同时保留向上弹性。 从经营层面看，Swisse在中国市场的持续增长，为集团账面商誉提供了更扎实的业绩支撑；从市场反馈 看，2025年以来健合集团股价累计涨幅超过40%，明显跑赢此前阶段的市场预期。 ...