Core Viewpoint - Haitong International initiates coverage on H&H International Holdings (01112) with an "Outperform" rating and a target price of HKD 17, highlighting strong growth across its business segments and effective high-end strategy [1] Group 1: Company Overview - H&H Group is a global leader in high-end family nutrition and health products, established in 1999 and headquartered in Hong Kong, listed on the Hong Kong Stock Exchange in 2010 [2] - The company operates in three main sectors: 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 [2] - H&H owns well-known brands such as Biostime, Swisse, and SolidGold, and has achieved global expansion through acquisitions, establishing R&D and production centers in Australia, France, and the USA [2] Group 2: Business Performance - The ANC business in China shows steady growth, with Swisse holding the number one market share in both China and Australia [3] - For the first three quarters of 2025, the ANC segment generated revenue of CNY 5.24 billion, a year-on-year increase of 6.0%, with Q3 alone achieving CNY 1.80 billion, up 6.3% year-on-year [3] - Biostime, H&H's core brand in the baby nutrition sector, has seen a strong recovery, with BNC revenue reaching CNY 3.97 billion for the first three quarters of 2025, a 24.0% increase year-on-year, and Q3 revenue soaring to CNY 1.47 billion, up 90.6% [4] - The infant formula segment is the primary growth driver, with revenue for the first three quarters of 2025 increasing by 33.3% year-on-year, and Q3 revenue up 104.0% year-on-year [4] - The PNC business also shows robust growth, with revenue of CNY 1.59 billion for the first three quarters of 2025, a year-on-year increase of 8.2%, and Q3 revenue reaching CNY 0.51 billion, up 7.2% [5]

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].

Core Insights - The capital market's long-term focus on Jianhe Group is shifting from historical issues to growth certainty itself, with changes in Swisse's China business being a key variable [1] Group Structure and Growth - After ten years of development, Swisse has transitioned from market introduction to a mature localized system, forming a dual growth structure of "core brand stability + sub-brand increment" [1] - This structure indicates that even with overall industry demand fluctuations, the group's core business possesses certain defensive characteristics while retaining upward elasticity [1] Financial Performance and Market Response - Swisse's continuous growth in the Chinese market provides more solid performance support for the group's book goodwill [1] - Since 2025, Jianhe Group's stock price has increased by over 40%, significantly outperforming previous market expectations [1] Valuation and Investor Focus - The recovery is not driven by sentiment but is based on a gradually clearer growth structure and improved business predictability [1] - The systematic operation of Swisse has shifted Jianhe Group's valuation logic from "repair hypothesis" to "data validation" [1] - For investors, the focus will shift from short-term growth rates to whether this structure can be sustained, if sub-brands can consistently contribute incrementally, and whether systemic advantages can further translate into profitability [1]

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 | ...