Core Insights - H&H International Holdings Limited reported a 12.3% year-on-year revenue growth to RMB 10.805 billion for the first nine months of 2025, with all three core business units showing comprehensive growth [1] - The Chinese market contributed 71.0% of total revenue, growing by 20.6% year-on-year, while expansion markets saw a remarkable 19.0% growth, with nine Asian expansion markets growing by 64.4% [1] - Nutritional supplements remain the main revenue growth driver, accounting for 64.5% of total revenue, with vitamins, herbs, and mineral supplements growing by 6.0% and pet supplements by 14.2% [1] Business Unit Summaries Adult Nutrition and Care (ANC) - ANC revenue reached RMB 5.24 billion, a 6.0% year-on-year increase, with Swisse brand in China growing by 15.7% [3] - Online cross-border e-commerce sales grew by 23.1%, and Douyin channel sales surged by 77.7%, reinforcing Swisse's No.1 position in the overall VHMS market in China [3] - Swisse continues to innovate with high-end products targeting various health needs, including heart health and anti-aging [3] Baby Nutrition and Care (BNC) - BNC revenue reached RMB 3.97 billion, with a strong 24.0% year-on-year growth, driven by a 35.2% increase in infant formula sales in mainland China [7] - The market share for high-end infant formula reached a historic high of 16.4%, increasing to 17.3% in Q3 [7] - BNC's marketing initiatives, including educational campaigns for new mothers, have strengthened consumer connections [9][10] Pet Nutrition and Care (PNC) - PNC revenue reached RMB 1.59 billion, growing by 8.2%, supported by increasing pet ownership and a trend towards premium pet nutrition products [11] - In China, Solid Gold brand achieved an 8.0% growth, while Zesty Paws in North America grew by 12.4% [11][13] - Solid Gold's marketing strategies, including collaborations with popular figures, have successfully engaged younger pet owners [11] Financial Health and Strategy - The company is actively improving its capital structure, having repaid RMB 150 million of USD syndicated loans in September and October [2] - As of September 30, the company maintained a cash reserve of RMB 1.74 billion, ensuring robust liquidity for long-term development [2] - The CEO emphasized ongoing efforts in deleveraging and optimizing capital structure to support future growth, aiming to become a leader in the global premium nutrition and health industry [15]
健合集团2025年前九个月总营收同比稳健增长12.3%达108.05亿元，三大板块持续释放动能