健合集团2025年上半年财报发布，营收增长5.2%，三大业务板块全面上扬

Core Insights - H&H International Holdings Limited reported a 5.2% year-on-year revenue growth, reaching RMB 7.02 billion for the six months ending June 30, 2025, demonstrating strong market resilience and growth vitality [1] - The Chinese market contributed significantly, with an 8.7% growth, accounting for 70.3% of the total revenue [1] - The company focuses on family nutrition and health products, with all three business units (ANC, BNC, PNC) achieving growth and maintaining healthy profitability [1] ANC Business - ANC business revenue reached RMB 3.44 billion, a 5.9% increase year-on-year, with Swisse brand showing a remarkable 13.1% growth in the Chinese market [3] - Swisse holds a 70.0% share of ANC sales and ranks No.1 in the overall VHMS market in mainland China [3] - The brand's strategy includes a "Swisse Mega Brand" matrix, targeting different age groups and health needs, with significant breakthroughs in anti-aging products [3] BNC Business - BNC business revenue was RMB 2.50 billion, growing by 2.9% year-on-year, with 合生元 (Biostime) successfully transitioning to new national standards [5] - The sales of infant formula in mainland China increased by 10.0%, significantly outpacing the industry growth of 0.2%, with Biostime's market share in the ultra-premium segment rising from 12.9% to 15.9% [5] - Marketing efforts included promoting scientific parenting concepts and launching targeted products, which effectively engaged consumers [5] PNC Business - PNC business revenue reached RMB 1.08 billion, with an 8.6% year-on-year growth, driven by trends in pet ownership and high-end pet nutrition products [7] - Solid Gold brand in China saw a 17.5% sales increase, while Zesty Paws in North America grew by 12.8%, maintaining its position as a leading pet supplement brand [7] - The company is expanding its global presence, with a focus on high-end products and market penetration in various regions [7] Future Outlook - The company plans to increase investment in scientific innovation to advance its family nutrition and health strategy [8] - ANC business growth will be driven by product innovation and online channel expansion, while BNC expects steady growth in infant formula sales [8] - PNC business is set to continue its growth trajectory, focusing on high-end products and cross-border e-commerce [8] - The CEO emphasized maintaining ample liquidity and supporting future growth despite external challenges [8]