Core Viewpoint - H&H International Holdings reported a revenue of RMB 7.019 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.89%, while net profit attributable to shareholders decreased by 76.78% to RMB 71.017 million, with basic earnings per share at RMB 0.11. The company proposed an interim dividend of HKD 0.19 per share [1] Group 1: Revenue Growth - The revenue increase was driven by growth across all business segments, including adult nutrition and care products, infant nutrition and care products, and pet nutrition and care products, with high-margin nutritional supplements accounting for 65.6% of total revenue [1] - The adult nutrition and care products segment in mainland China saw a robust revenue growth of 13.1%, contributing 70.0% to the segment's total revenue, primarily due to the strong performance of Swisse's innovative product categories, particularly in beauty, anti-aging, and detox [2] - The cross-border e-commerce channel sales rose by 18.1%, making up 81.5% of the adult nutrition and care products revenue in mainland China, while new retail channels like Sam's Club contributed to a 28.2% revenue increase [2] Group 2: Infant Nutrition - The infant nutrition and care products segment reported a total revenue increase of 3.8% to RMB 2.325 billion, with revenue from infant formula milk powder rising by 10.0% to RMB 1.905 billion, driven by effective consumer education and market share expansion [3] - The market share of the premium infant formula segment for the brand 合生元 (Hapson) increased from 12.9% to 15.9%, reaching a historical high [3] Group 3: Pet Nutrition - The pet nutrition and care products segment also experienced a recovery, with revenue increasing by 17.5% to RMB 205 million, attributed to the successful restructuring of Solid Gold and the introduction of new high-margin pet food and nutritional products [3] - New products accounted for 33.8% of total revenue in the pet nutrition and care products segment [3]

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]

Core Viewpoint - H&H International Holdings (01112) is experiencing positive momentum in its stock price, with a current increase of 2.84% to HKD 12.33, driven by optimistic forecasts regarding its milk powder business and overall market positioning [1] Group 1: Company Performance - The milk powder business is expected to see positive growth starting from Q1 2025, following a period of inventory clearance and replenishment due to new national standards [1] - The sales performance has exceeded expectations post-replenishment, with a projected growth rate of over 40% in Q1 2025 [1] Group 2: Analyst Ratings and Price Targets - Changjiang Securities has a favorable outlook on the company's long-term brand management capabilities and its positioning as a global supplier of nutritional products for families [1] - Morgan Stanley has upgraded its target price for H&H from HKD 11.5 to HKD 13.4, citing a low base for milk powder sales in the second half of the year and strong demand for stage 1-2 milk powder products [1]

Group 1 - H&H International Holdings (01112) saw a stock increase of over 3%, currently trading at 12.33 HKD with a transaction volume of 38.45 million HKD [1] - Changjiang Securities reported that the company's milk powder business is expected to experience positive growth in Q1 2025 after a period of inventory clearance and replenishment following new national standards, with a growth rate exceeding 40% [1] - Morgan Stanley upgraded H&H's target price from 11.5 HKD to 13.4 HKD, citing strong demand for stage 1-2 milk powder products and a low base for the second half of the year, predicting improved performance in upcoming quarters [1]

Group 1 - The core viewpoint is that under the expectation of interest rate cuts by the Federal Reserve, the global capital market is experiencing new variables, and Jianhe Group is a typical beneficiary due to its forward-looking financial layout [1] Group 2 - By the end of 2023, Jianhe Group faced a short-term borrowing pressure exceeding 4.7 billion yuan, a year-on-year increase of 378%. The group effectively aligned its financing strategy with the Federal Reserve's policy cycle, showcasing excellent financial management capabilities [2] - In the third quarter, Jianhe Group completed offshore syndicated financing equivalent to 150 million USD, followed by 540 million USD financing in the fourth quarter. In January 2025, the company issued 3.5-year USD senior notes at favorable coupon rates to refinance debts maturing in 2026, successfully extending debt maturity and reducing financing costs [2] - As of June 2025, Jianhe Group's cash balance reached 1.83 billion yuan, with a net debt ratio expected to drop to 3.4 times by the end of 2024. The proportion of RMB debt is 36.1%, with new debt primarily in low-cost USD [2] Group 3 - Jianhe Group's current price-to-book ratio is approximately 1, significantly lower than the average levels of 2-6 times for leading companies in the health sector in A-shares and around 2 times for international health enterprises, indicating a clear valuation gap [3] - The anticipated interest rate cuts by the Federal Reserve are expected to boost market investment sentiment, and as an undervalued quality stock, Jianhe Group is likely to experience capital repricing [3] - The company has established a dual growth engine with steady development in adult nutrition and care products, while the pet nutrition and care segment is performing well, with Zesty Paws covering over 18,000 stores in the U.S. and accelerating its global market expansion [3] Group 4 - The 2024 financial report indicates that Jianhe Group's nutritional supplement business achieved double-digit growth, with significant results in channel and product innovation in the Chinese mainland market, and continuous expansion in the North American pet nutrition business [4] - The company plans to consolidate its position in the North American market through an omnichannel strategy and product innovation while expanding into Europe, Asia, and the Oceania regions [4] - With proactive debt management optimizing its financial structure and strong growth momentum in core businesses, Jianhe Group is poised to benefit from both performance improvement and valuation recovery, further releasing its value potential as a global health giant [4]

Core Insights - The Chinese infant formula market is undergoing significant transformation, with newborn numbers dropping from 14.65 million in 2019 to 9.54 million in 2024, leading to a 13.9% year-on-year decline in industry scale for 2023. However, the ultra-premium segment is experiencing a 4.2% growth, indicating a structural differentiation within the market [1][3]. Group 1: Market Trends - The ultra-premium infant formula market is entering a critical growth phase in 2023, with the implementation of new national standards accelerating industry reshuffling, resulting in smaller brands exiting the market and larger, technologically advanced brands gaining more space [3]. - By 2024, the market share of ultra-premium infant formula is expected to reach 37%, an increase of 4.2 percentage points from 2023 [3]. Group 2: Company Performance - The company, Jianhe Group, has shown remarkable performance amidst industry changes, with a 46.9% year-on-year increase in its infant formula business in Q1 2025, and its ultra-premium market share rising to 15.6% [1][3]. - Jianhe Group's brand, Biostime, has effectively captured market trends, with its Paixing series benefiting from core formulations like LPN and SN-2 PLUS, leading to sales growth of 55.4% and 8.7% for its first and second stages, respectively, in the first two months of 2025 [3]. Group 3: Sales and Distribution Strategy - In response to a 9.8% decline in offline sales, Jianhe Group adopted a "dual-channel drive" strategy, achieving a 117% year-on-year increase in GMV during the Double Eleven shopping festival in 2024, and enhancing offline sales through 2,263 parent-child events, resulting in a 27% increase in actual sales [6]. - The company has improved customer acquisition efficiency, with a 25% increase in new customers in 2024 [6]. Group 4: Supply Chain and Product Innovation - Jianhe Group has optimized its supply chain, reducing inventory turnover days from 159 in 2023 to 150 in 2024, showcasing strong inventory management capabilities [8]. - The company is expanding its product offerings beyond infant formula to include innovative products like lactoferrin and probiotics, as well as entering the children's nutrition market with the launch of Biostime's children's milk powder targeting ages 3-14 [8]. - The company is successfully transitioning from quantity to quality through high-end products, multi-channel operations, and extending user lifecycle value, positioning itself as a model for the entire maternal and infant industry amid declining population dividends [8].