股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 健合（H&H）國際控股有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01112 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | ...

Core Insights - The Chinese consumer market is shifting from linear growth to a multi-dimensional coexistence, with different generations (X, Y, Z) having distinct preferences and needs [1] - The company, 健合集团, adopts a "whole family nutrition" strategy to address consumer diversification, utilizing brands like 合生元 and Swisse to meet varying health demands across generations [1] - Financial performance supports the robustness of this strategy, with revenue reaching 7.02 billion yuan in the first half of 2025, a year-on-year increase of 5.2%, and a gross margin of 62.5%, up by 1.6 percentage points [1] Financial Performance - The three main business segments show growth: ANC increased by 5.9%, BNC by 2.9%, and PNC by 8.6% [1] - The net operating cash flow amounted to 999.8 million yuan, with cash reserves of 1.83 billion yuan [1] Business Strategy - The multi-business collaboration structure provides the company with balance during industry fluctuations, with adult and pet segments supporting growth as maternal and infant demand recovers [1] - The "multi-brand + multi-scenario" model offers robust support in the context of consumer diversification, indicating a shift in brand competition focus from "single product explosion" to "structural balance" [1]

Core Insights - The article highlights the changing competitive logic among brands due to increasingly fragmented consumer demands, necessitating new connection strategies for growth [1] - H&H Group's approach centers on building a trust network focused on "family," which is noteworthy in the current market landscape [1] Company Strategy - H&H Group implements a "whole family nutrition" strategy through a multi-brand matrix including Biostime (infants), Swisse (adults), and Zesty Paws, Solid Gold (pets), addressing the health needs of different family members [1] - The key to this model is not merely cross-category extension but leveraging the "family trust chain" to facilitate natural brand diffusion, where trust in maternal and infant products can lead to awareness of other group brands [1] Financial Performance - In the first half of 2025, H&H Group achieved revenue of 7.02 billion yuan, a year-on-year increase of 5.2%, with a gross margin of 62.5%, up by 1.6 percentage points [1] - All three major segments of the company maintained positive growth, indicating stability amidst consumer fragmentation [1] Market Context - The article suggests that in an era of increasingly refined consumer preferences, understanding relational trust may be a critical variable for brands to navigate through market cycles [1]

Core Insights - The article highlights the net inflow and outflow of funds for various companies in the Hong Kong stock market, indicating significant movements in investor sentiment and market dynamics [1][2][3] Net Inflow Summary - The top three companies with the highest net inflow of funds are Huahong Semiconductor (华虹半导体) with 388 million, Pop Mart (泡泡玛特) with 320 million, and Qingdao Beer (青岛啤酒股份) with 305 million [1][2] - The net inflow percentages for these companies are 8.15%, 7.92%, and 58.54% respectively, indicating strong investor interest, particularly in Qingdao Beer [2][3] Net Outflow Summary - The companies with the highest net outflow of funds include Alibaba-W (阿里巴巴-W) with -523 million, Southern Hang Seng Technology (南方恒生科技) with -429 million, and Tencent Holdings (腾讯控股) with -355 million [1][2] - The net outflow percentages for these companies are -3.89%, -4.86%, and -3.36% respectively, reflecting a negative sentiment among investors towards these stocks [2][3] Net Inflow Ratio Summary - The companies with the highest net inflow ratios are Shenzhen Expressway (深圳高速公路股份) at 68.48%, Anhui Wanshan Expressway (安徽皖通高速公路) at 64.22%, and Legend Holdings (联想控股) at 59.98% [1][3] - These ratios suggest a strong demand for shares in these companies relative to their trading volume [3] Net Outflow Ratio Summary - The companies with the highest net outflow ratios are Huadian International Power (华电国际电力股份) at -62.31%, CIMC Enric (中集安瑞科) at -54.98%, and Connoisseur-B (康诺亚-B) at -52.78% [1][3] - These figures indicate significant selling pressure and a lack of confidence among investors in these stocks [3]

Core Insights - The Chinese infant formula market is experiencing a significant shift, with foreign brands showing strong growth despite an overall market increase of only 0.5% [1][3] - The return of foreign brands marks a new phase in the competitive landscape of the Chinese infant formula market, which has seen dramatic changes over the past two decades [3][5] Market Dynamics - In 2008, the melamine scandal led to a collapse in consumer trust for domestic brands, allowing foreign brands to capture up to 60% market share [3][5] - The following decade was dominated by foreign brands, with companies like Mead Johnson and Wyeth leading the market [5] - A turning point occurred in 2017 when domestic brands began to regain market share, culminating in Feihe surpassing Wyeth in 2019 [5][8] Current Performance - In the first half of 2025, Feihe reported a revenue decline of 9.36% and a net profit drop of 46.66%, while foreign brands like FrieslandCampina and A2 Milk Company continued to grow [8][9] - FrieslandCampina's brand, Friso, has become the leading international brand in the Chinese infant formula market, with its product becoming the best-selling SKU [8][11] Strategies of Foreign Brands - Foreign brands are leveraging a three-pronged strategy to reclaim market share: 1. **Premiumization**: Focusing on high-end products, with the ultra-premium segment accounting for 64.4% of the market [10][11] 2. **Channel Penetration**: Expanding into lower-tier cities through digital platforms, enhancing direct connections with retailers [15][16] 3. **Price Stability**: Maintaining price integrity amidst a domestic price war, ensuring profitability for retailers [16][17] Challenges for Domestic Brands - Domestic brands face significant challenges, including a fragmented pricing structure and declining consumer confidence [18][20] - The transition to new national standards has led to pricing chaos and reduced channel profitability [20] - Domestic brands are also struggling with cost competitiveness, as imported raw materials can be cheaper than local production [20] Strategic Shifts for Domestic Brands - Domestic companies are diversifying their product offerings and exploring international markets to counteract declining sales [21][23] - The focus is shifting towards all-age nutrition, expanding from infant formula to products for children, adults, and seniors [23][30] Future Outlook - The restructuring of the market is underway, with an increasing concentration of market share among leading brands [24][29] - The competition is evolving from basic nutrition to advanced ingredient development, with a focus on active components like HMO [26][30] - Foreign brands are localizing their supply chains to enhance competitiveness in the Chinese market [27][28] Conclusion - The infant formula industry in China is entering a new phase of refined competition, where trust and innovation will be key determinants of success [30][31]

Investment Rating - The report provides a positive outlook for the Hong Kong food and beverage sector, indicating potential investment opportunities in resilient companies within the industry [2][9]. Core Insights - The report outlines six phases of the Hang Seng Consumer Staples Index, highlighting the cyclical nature of the industry and the impact of external factors such as economic conditions and policy changes on consumer demand [3][4][28]. - The analysis emphasizes the importance of identifying resilient stocks in the food and beverage sector, particularly in the upstream farming and downstream dairy product industries, as they are expected to benefit from market dynamics and policy support [6][7][53]. Summary by Sections Phase Review of the Hang Seng Consumer Staples Index - Phase 1: Downward trend due to slowing GDP and reduced consumer demand, leading to a decline in the index [3]. - Phase 2: Strong recovery driven by global economic recovery and improved earnings of leading consumer staples companies [3]. - Phase 3: Period of volatility influenced by trade tensions and tightening global liquidity [3]. - Phase 4: Rapid increase in the index due to the rigid demand for essential consumption during the pandemic [3]. - Phase 5: Continuous decline influenced by repeated pandemic disruptions and rising raw material costs [4]. - Phase 6: Valuation recovery initiated by domestic consumption policies and inflow of long-term capital [4][28]. Investment Opportunities in the Food and Beverage Sector - Upstream farming opportunities are highlighted, with a focus on the dairy and beef sectors, where prices are expected to stabilize and rise due to supply constraints and recovering demand [6][44]. - Downstream dairy product opportunities are supported by recent policies aimed at boosting demand and improving market competition, which will benefit leading companies in the sector [7][53]. Investment Recommendations - Companies such as Yurun Agriculture (09858.HK) and Modern Farming (01117.HK) are recommended for their strong cash flow and potential to benefit from the anticipated recovery in raw milk prices [9][57]. - The report suggests that policy support will create upward momentum for companies like Mengniu Dairy (02319.HK) and H&H International Holdings (01112.HK), which are positioned to capitalize on market opportunities [10][57]. - The potential for industry restructuring and the emergence of leading companies is noted, particularly in the coconut water segment, with recommendations for IFBH (06603.HK) [11][58].

Group 1 - The current health consumption market in China is entering a phase of "multi-generational coexistence and parallel demand" [1] - Generation Z emphasizes instant gratification and experiential innovation, while Generation Y pursues scientific health and quality of life [1] - Companies face the challenge of systematically covering these different consumer groups with their product offerings [1] Group 2 - Health and Happiness Group demonstrates structural resilience through its "whole family nutrition" strategy in a multi-generational market [2] - The company's business encompasses three main segments: Baby and Child Nutrition Care (BNC), Adult Nutrition Care (ANC), and Pet Nutrition Care (PNC) [2] - For the first half of 2025, the group reported revenue of 7.02 billion yuan, a year-on-year increase of 5.2%, with a net operating cash flow of 999.8 million yuan and cash reserves of 1.83 billion yuan [2] Group 3 - The long-term logic for investors in Health and Happiness Group lies not in short-term data but in a sustainable growth model characterized by multi-brand synergy, robust cash flow, and premium category enhancement [2] - The "whole family nutrition" system can maintain stability in both expansion and adjustment phases of the market while capturing structural opportunities [2] - The strategic advantage of Health and Happiness Group in the consumer cycle of generational change is its long-termism, grounded in science and professionalism, achieving resilient growth through a multi-brand matrix [2]

Group 1 - The Chinese consumer goods market is undergoing a structural transformation, with generational shifts from "unified demand" to "diversified and refined" consumption patterns [1] - The Z generation, over 260 million strong, represents 20% of the population and contributes approximately 40% of consumption power, while the Y generation remains the main force in mid-to-high-end consumption, willing to pay an average premium of 25% for quality health products [1] - This generational resonance is shifting brand competition from "single product explosion" to "systematic growth" [1] Group 2 - Companies that can structurally cover multi-generational needs are accumulating long-term advantages, with健合集团 (Jianhe Group) being a typical example of this trend [1] - Jianhe Group's "full family nutrition" strategy spans infant, adult, and pet nutrition, creating a layered and complementary growth model [1] - In the first half of 2025, Jianhe Group achieved revenue of 7.02 billion yuan, a year-on-year increase of 5.2%, with a gross margin of 62.5%, up 1.6 percentage points, demonstrating robust profitability [1] Group 3 - The BNC (infant nutrition) segment is steadily recovering, while the ANC (adult nutrition) business grew by 5.9% year-on-year, serving as a major growth engine for the first half of the year [1] - The PNC (pet nutrition) business continues to show high growth trends, with multi-brand and multi-track collaboration enhancing Jianhe's growth resilience [1] - Facing generational differentiation and fragmented demand, Jianhe Group's value logic is shifting towards "long-term stability," supported by structured business layout, sustainable cash flow, and global capabilities [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01112 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100, ...

Core Insights - The Chinese health food industry is experiencing a structural transformation characterized by "inventory reshuffling and weakened growth," moving away from the era of broad-based growth due to regulatory upgrades and evolving consumer concepts [2][10] Industry Overview - In the first half of 2025, the online market for health food reached a sales figure of 60.41 billion yuan, with a year-on-year growth rate of 16.2%, indicating the sector's competitive intensity [2] - Major companies are facing declining revenues, with inventory turnover days increasing, signaling a challenging environment for traditional growth models [2][10] Company Performance - The vitality ranking of health food companies shows significant performance disparities, with innovative companies gaining a premium [4][5] - Key players like健合集团 reported a revenue of 7.02 billion yuan, with a 71.7% increase in revenue from emerging Asian markets, highlighting successful global strategies [5] - 仙乐健康, a leading CDMO, achieved a revenue of 2.042 billion yuan (+2.57%), with a remarkable 200% growth in private traffic contributing to its success [7] - 汤臣倍健's second-quarter net profit grew by 71.4%, indicating effective inventory management and operational efficiency [9] Market Trends - The health food sector is witnessing structural growth, with significant differentiation in performance across companies and product categories [5] - Categories such as cardiovascular health (37.4% growth), bone health (34.9% growth), and women's health (26.0% growth) are emerging as key growth drivers [10] - The shift towards new consumption channels, including live streaming and private domains, is becoming crucial for enhancing customer loyalty and combating rising public traffic costs [10][13] Future Outlook - The industry is expected to continue its trend of differentiation, with a focus on precision, technology, and globalization as core competitive strategies [10][12] - Companies are encouraged to explore overseas markets, particularly in Southeast Asia and Latin America, to leverage demographic advantages and growth potential [13] - The competition is entering a new phase centered on quality improvement, with long-term strategic focus and technological accumulation being vital for success [13]