健合集团今年前三季度总营收超108亿元，不断夯实全家庭营养健康战略

Core Insights - H&H International Holdings Limited reported a 12.3% year-on-year revenue growth to RMB 10.805 billion for the first three quarters of the year, driven by strong performance across its three core business units [2] - The Chinese market contributed 71.0% of total revenue, with a year-on-year growth of 20.6%, while the expansion markets saw a remarkable 19.0% growth, particularly with nine Asian markets growing by 64.4% [2] Revenue Breakdown - Nutritional supplements remain the main 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 [4][5] - The Adult Nutrition and Care (ANC) segment grew by 6.0%, supported by double-digit growth in both the Chinese and expansion markets [7] - The Baby Nutrition and Care (BNC) segment experienced a 24.0% growth, with infant formula sales in mainland China increasing by 35.2% [7] - The Pet Nutrition and Care (PNC) segment grew by 8.2%, with Zesty Paws maintaining its leading position in North America with a 12.4% year-on-year growth [7] Financial Health - The company is actively pursuing a deleveraging process, having repaid RMB 150 million of USD syndicated loans in September and an additional RMB 150 million in October, improving its debt structure and financing efficiency [7] - As of September 30, the company had cash reserves of RMB 1.74 billion, ensuring robust liquidity for long-term development [7] Strategic Focus - The company plans to increase investment in scientific innovation and continue its "whole family nutrition and health" strategy, aiming to meet diverse nutritional needs and solidify its market leadership [7] - In the ANC segment, the company will leverage product innovation and online channel expansion to adapt to changing consumer trends and maintain its leading position in the overall VHMS market [8] - The PNC segment will focus on high-end pet food and nutrition, enhancing cross-border e-commerce efforts to sustain growth [10] - The BNC segment will continue to leverage e-commerce and offline channels, with a focus on educating new mothers to strengthen market position and share [10]