近日，健合集团发布2025年三季度营运数据，其中中国区业务板块实现正向增长，表现亮眼，运营商财 经网由此注意到了公司中国区CEO李凤婷。 运营商财经网 周颖/文 具体来看，在中国市场，成人营养及护理用品分部增幅为15.7%，宠物营养及护理用品分部增长8.0%， 而婴幼儿配方奶粉销售额上涨35.2%，其中合生元在超高端婴幼儿配方奶粉的市场份额于当季上升至 17.3%，再创历史新高，表现良好。 运营商财经网副总经理康锐认为，健合集团在中国市场的业务有所复苏，令人惊讶，说明李凤婷的能力 超强。 健合集团中国区CEO李凤婷的前任是安玉婷,安玉婷于2019年3月晋升为健合集团行政总裁，全面负责集 团战略规划及业务发展，2022年12月31日离任首席执行官一职，调任为非执行董事。 运营商财经（官方微信公众号yyscjrd）—— 主流财经网站，一家全面覆盖科技、金融、证券、汽车、 房产、食品、医药、日化、酒业及其他各种消费品网站。 公开资料显示，李凤婷2008年毕业于浙江大学，曾在中国及新加坡宝洁任职，2018年加入健合集团，担 任成人营养及护理用品中国区销售及营销总经理，并于2019年获委任为成人营养及护理用品中国区执行 ...

Core Viewpoint - Swisse has successfully navigated a decade of growth in the Chinese health market, evolving from an Australian brand to a global health leader, leveraging local insights and consumer trends to enhance its brand positioning and product offerings [5][10]. Group 1: Company Growth and Market Position - Swisse entered the Chinese market in 2015 and has since become a pioneer in the nutrition industry, achieving significant milestones through strategic adaptations to local consumer preferences [5][6]. - The brand capitalized on the rise of cross-border e-commerce and the growing trust in overseas products, leading to a substantial increase in visibility and sales from 2016 to 2018 [6][7]. - By 2019, Swisse transitioned to a localized brand strategy, launching multiple product lines to cater to diverse consumer needs, resulting in a top ranking in the online VHMS market in China [7][9]. - In 2023, Swisse announced the "Swisse Mega Brand" strategy, achieving over 1 billion AUD in global sales and becoming the top nutrition brand in China [9][10]. Group 2: Consumer Insights and Product Innovation - Swisse's product development is driven by a deep understanding of evolving consumer health needs, shifting from basic supplementation to personalized, age-specific nutrition [12][15]. - The brand emphasizes a "natural health" philosophy, aligning its product offerings with consumer lifestyles and fostering emotional connections with its audience [12][13]. - Swisse adheres to a "three truths" principle—genuine reputation, proven effectiveness, and safety—ensuring high-quality products that resonate with consumers [15]. Group 3: Strategic Partnerships and Future Outlook - The company emphasizes long-term partnerships and product quality, aiming to build a collaborative ecosystem with stakeholders [18][22]. - Swisse plans to continue innovating based on consumer insights, reinforcing its commitment to scientific validation and compliance while enhancing brand and channel synergy [19][22]. - The leadership expresses confidence in navigating future challenges and opportunities in the health market, focusing on sustainable growth and high-quality development [22].

Core Insights - The company reported a total revenue of 10.805 billion RMB for the first nine months of 2025, representing a year-on-year growth of 12.3%, with all three core business segments showing growth and maintaining robust profitability and cash flow [1] - The Chinese market contributed 71.0% of total revenue, growing by 20.6% year-on-year, while the expansion markets showed a notable growth of 19.0%, particularly in nine Asian markets with a growth rate of 64.4% [1] - The nutritional supplements segment continues to be the main driver of revenue growth, accounting for 64.5% of total revenue, with vitamins, herbal and mineral supplements, and pet supplements achieving year-on-year growth of 6.0% and 14.2% respectively [1] Group Performance - The company aims to provide nutritional health products and services for the entire family, maintaining a leading position in core markets while experiencing strong growth in expansion markets [2] - The Adult Nutrition and Care (ANC) segment grew by 6.0%, driven by double-digit growth in both the Chinese and expansion markets [2] - The Baby Nutrition and Care (BNC) segment saw a significant growth of 24.0%, with sales of infant formula in mainland China increasing by 35.2% [2] - The Pet Nutrition and Care (PNC) segment grew by 8.2%, with Zesty Paws maintaining its leading position in the North American market with a growth of 12.4% [2] Business Segment Analysis ANC Segment - The ANC segment generated revenue of 5.24 billion RMB, reflecting a year-on-year growth of 6.0%, with Swisse achieving a 15.7% growth in the Chinese market [3] - The online cross-border e-commerce channel sales grew by 23.1%, and Douyin channel sales surged by 77.7% [3] - Swisse continues to implement its "Swisse Mega Brand" strategy, launching high-end products to meet diverse consumer health needs [3] BNC Segment - The BNC segment generated revenue of 3.97 billion RMB, with a strong year-on-year growth of 24.0% [7] - The company strengthened its e-commerce and offline channels, achieving a market share of 16.4% in the ultra-premium infant formula segment, a historical high [7] - The company launched various marketing activities to connect with consumers and enhance channel stickiness [9][10] PNC Segment - The PNC segment generated revenue of 1.59 billion RMB, with an 8.2% year-on-year growth [12] - The growth is attributed to the increasing pet population and the trend towards premium pet nutrition products [12] - Solid Gold is focusing on brand youthfulness and emotional connection with consumers, launching campaigns to promote its "scientific pet care" philosophy [12] Future Outlook - The company plans to continue investing in scientific innovation and advancing its "whole family nutrition health" strategy to meet diverse consumer needs [18] - The ANC segment is expected to maintain growth momentum, with a focus on product innovation and online channel expansion [18] - The BNC segment will leverage successful e-commerce and offline strategies to sustain sales growth [18] - The PNC segment is projected to continue its growth trajectory, with a focus on high-end pet food and nutrition products [19]

Core Insights - Swisse has celebrated its 10th anniversary in the Chinese market, emphasizing its commitment to exploring new opportunities in the health sector with partners [1][4] - The company has successfully transitioned through three phases of market engagement, adapting to consumer needs and market trends [2][3][4] Group 1: Company Growth and Strategy - Swisse entered the Chinese market in 2015 and has since maintained a strong focus on local consumer health trends, promoting a brand ethos centered on "movement, nutrition, and mindfulness" [1][3] - The brand capitalized on the rise of cross-border e-commerce and the trust in overseas products, launching popular items that resonated with young consumers, leading to significant growth from 2016 to 2018 [2][3] - In 2019, Swisse began its localization transformation, launching multiple sub-brands to cater to diverse consumer needs, achieving the top position in the online VHMS market in China [3][4] Group 2: Market Position and Future Outlook - In 2023, Swisse introduced the "Swisse Mega Brand" strategy, marking its entry into a multi-brand and multi-category development phase, achieving over 1 billion AUD in global sales [4][5] - The brand has become the top nutrition brand in China by mid-2025, reflecting its dual growth in both global and Chinese markets [4] - The leadership of H&H Group emphasizes ongoing product innovation driven by consumer insights and a commitment to quality and compliance, aiming for high-quality development in the health sector [5]

Core Insights - The nutrition and health industry is currently in an adjustment phase, with declines in infant formula, intensified competition in adult nutrition, and structural differentiation in the pet segment. Despite this, the company achieved a revenue of 10.805 billion yuan in the first three quarters, reflecting a year-on-year growth of 12.3%, indicating stability [1] Group 1: Company Growth Strategy - The core value of the company lies not in a single product explosion but in the establishment of a "whole family nutrition health ecosystem" across infant, adult, and pet segments, extending the consumer lifecycle [1] - The company leverages maternal and infant channels, content marketing, and a comprehensive domestic and international e-commerce system to create a wide-reaching touchpoint network [1] - In the adult segment, Swisse has established clear positioning through a high-end and youthful product matrix across multiple subcategories [1] Group 2: International Market Structure - The company's international layout consists of three layers: - Core driving market (China) accounts for over 70% and remains the growth engine [2] - Mature markets (Australia and New Zealand) show stable growth, with Swisse maintaining a leading position and achieving an 8.9% growth [2] - Expanding markets (Southeast Asia, Middle East, Italy, etc.) are experiencing double-digit growth, representing potential future waves over the next three to five years [3] Group 3: Supply Chain and Operational Resilience - The company's supply chain system is crucial for supporting multi-market operations, with six R&D centers and multiple production bases facilitating resource sharing and raw material interchange [3] - The resilience of the supply chain allows the company to maintain stable gross margins during cost fluctuations and ensures product quality consistency within a global traceability system [3] Group 4: Long-term Investment Value - The company possesses three long-term value points: - A multi-category structure that reduces cyclical risks [4] - A multi-regional layout that enhances growth elasticity [4] - A high-end product mix that improves profitability and brand barriers [4] - As the industry transitions from an expansion phase to a refined competition phase, the company's systemic competitiveness in supply chain, internationalization, and brand matrix will be key to its sustained growth capability [4]

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11月30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12月3日 I. 法定/註冊股本變動 III.已發行股份及/或庫存股份變動詳情 | 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 | ...

Core Viewpoint - H&H International Holdings (01112) has shown strong revenue growth in Q3 2025, with a year-on-year increase of 28.5%, leading to a positive market response with a stock price increase of 5.15% [1] Group 1: Financial Performance - For the first three quarters of 2025, H&H International Holdings reported a revenue of 10.81 billion yuan, reflecting a year-on-year growth of 12% [1] - In Q3 2025, the company achieved a revenue of 3.79 billion yuan, which is a 28.1% increase compared to the same quarter last year [1] - The company's revenue growth is primarily driven by the strong performance of its infant formula segment, which exceeded market expectations [1] Group 2: Business Segments - The company's ANC (Adult Nutrition Category) business is expanding its online channels and overseas markets, maintaining its industry-leading position [1] - The BNC (Baby Nutrition Category) business is showing continuous improvement, with a strong growth in ultra-premium infant formula, gaining market share despite industry challenges [1] - The PNC (Personal Nutrition Category) is advancing the high-end process in the Chinese market and global layout, with expectations for continued improvement in internal profits [1] Group 3: Future Outlook - The company is expected to achieve a high single to low double-digit revenue growth for the full year, with all three business segments maintaining a positive growth trend [1] - The ANC segment is projected to achieve a year-on-year growth in the mid to high single digits, while the BNC segment is expected to grow over 20% year-on-year [1] - The PNC segment is anticipated to see a low double-digit year-on-year growth, with the company maintaining a healthy profit margin and optimizing financial costs [1]

Core Viewpoint - H&H International Holdings (01112) has shown strong revenue growth in Q3 2025, exceeding market expectations, with a notable increase in its debt structure optimization [1] Group 1: Financial Performance - For the first three quarters of 2025, H&H International Holdings reported a revenue increase of 12.3% year-on-year, with Q3 revenue rising by 28.5% [1] - The company's revenue for the first nine months of 2025 reached 10.81 billion yuan, reflecting a 12% year-on-year growth [1] - Q3 2025 revenue was 3.79 billion yuan, marking a 28.1% increase compared to the same period last year [1] Group 2: Business Segments - The company's ANC (Adult Nutrition Category) business is expanding its online channels and overseas markets, maintaining its industry-leading position [1] - The BNC (Baby Nutrition Category) business is showing continuous improvement, with strong growth in ultra-premium infant formula, gaining market share [1] - The PNC (Personal Nutrition Category) is advancing the high-end process in the Chinese market and global layout, with internal profits expected to continue improving [1] Group 3: Future Outlook - The company is expected to achieve a high single to low double-digit revenue growth for the full year, with all three business segments maintaining a positive growth trend [1] - ANC is projected to achieve a mid to high single-digit year-on-year revenue growth for the full year, while BNC is expected to exceed 20% year-on-year growth [1] - PNC is anticipated to see low double-digit year-on-year growth, with the company maintaining a healthy profit margin and optimizing financial costs in 2025 [1]

Core Viewpoint - H&H International Holdings has shown strong revenue growth in Q3 2025, exceeding market expectations, driven by robust performance in its infant formula segment [1] Group 1: Financial Performance - For the first three quarters of 2025, H&H International Holdings reported a revenue of 10.81 billion yuan, representing a year-on-year increase of 12% [1] - In Q3 2025, the company's revenue reached 3.79 billion yuan, reflecting a year-on-year growth of 28.1% [1] - The company is expected to achieve a full-year revenue growth in the high single to low double digits, with all three business segments showing positive growth trends [1] Group 2: Business Segments - The ANC (Adult Nutrition Category) business is anticipated to achieve a year-on-year growth in the mid to high single digits for the full year [1] - The BNC (Baby Nutrition Category) is projected to grow over 20% year-on-year [1] - The PNC (Personal Nutrition Category) is expected to see a low double-digit year-on-year growth [1] Group 3: Debt and Profitability - The company's debt structure continues to improve, contributing to a healthy profit margin outlook for 2025 [1] - Financial costs are expected to continue optimizing, supporting overall profitability [1]

Core Insights - The parent company of Swisse, Jianhe Group, reported a revenue of 10.8 billion yuan for the first nine months of the year, marking a year-on-year growth of 12.3% across its adult, infant, and pet nutrition segments [1][4]. Group 1: Revenue and Growth - Swisse contributed over 70% of the adult segment revenue, estimated to exceed 3.5 billion yuan, with strong sales during the Double 11 shopping festival [2][4]. - The ANC (Adult Nutrition and Care Products) segment, which includes Swisse, generated 5.24 billion yuan in revenue, reflecting a 6% year-on-year increase, with a notable 15.7% growth in mainland China [4]. Group 2: Product Performance - Products in heart health, anti-aging, and detox categories performed exceptionally well, with flagship items like probiotics, vitamin tablets, and calcium citrate tablets achieving sales of over 50,000 units each on Swisse's Tmall flagship store [5]. - New product launches in 2023, including the second-generation ultra-light bottle and the PLUS NAD+ rejuvenation bottle, cater to evolving consumer health needs [5]. Group 3: Channel Expansion - The ANC division's growth was bolstered by channel expansion, with cross-border e-commerce sales increasing by 23.1% and Douyin channel sales soaring by 77.7% [8]. - Swisse's marketing strategy on Douyin focuses on consumer education, leveraging strong product efficacy and scientific validation to engage consumers effectively [8][9]. Group 4: Brand Strategy and Market Position - The brand strategy matrix has been deepened, introducing high-end cellular nutrition products under Swisse PLUS, nutritional foods under Swisse Me, and children's health products under Little Swisse, targeting various age groups [5][12]. - Swisse has sponsored popular variety shows to enhance brand visibility and engagement [10]. Group 5: Business Model and Future Outlook - Jianhe Group has created a comprehensive nutrition product matrix through strategic acquisitions, including the purchase of Swisse for 10 billion yuan and investments in pet nutrition brands [11][12]. - The company aims to achieve cross-segment consumer conversion by focusing on family-centric health solutions, leveraging its adult user base to promote children's and pet health products [12].