健合集团前三季度总营收同比增长12.3% 三大板块持续释放动能

Core Insights - H&H International Holdings Limited reported a 12.3% year-on-year revenue growth to 10.805 billion yuan for the first three quarters of 2025, with all three core business units showing robust performance [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 primary revenue driver, 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] Business Unit Performance - The Adult Nutrition and Care (ANC) segment grew by 6.0% year-on-year, driven by double-digit growth in both the Chinese and expansion markets, with ANC revenue reaching 5.24 billion yuan [2] - The Baby Nutrition and Care (BNC) segment saw a 24.0% year-on-year revenue increase, with sales of infant formula in mainland China growing by 35.2%, significantly outperforming the overall market [3] - The Pet Nutrition and Care (PNC) segment achieved an 8.2% year-on-year revenue growth, with Solid Gold maintaining a leading position in North America, growing by 12.4% [2][3] Future Outlook - The company plans to continue investing in scientific innovation and advancing its "whole family nutrition and health" strategy to meet diverse nutritional needs and maintain market leadership [3] - In the ANC segment, the company will focus on product innovation and online channel expansion to adapt to changing consumer trends [4] - The BNC segment will leverage successful e-commerce and offline channels to sustain growth, while the PNC segment will focus on high-end pet food and nutrition products [4]