Company Performance - The company reported 3Q25 operating data with a revenue of 3.79 billion yuan, representing a year-on-year increase of 28.1%, exceeding market expectations primarily due to better-than-expected growth in infant formula [1] - For the first nine months of 2025, total revenue reached 10.81 billion yuan, up 12% year-on-year, with a comparable growth rate of 12.3% [1] Business Segments - BNC segment saw a remarkable revenue increase of 90.6% year-on-year to 1.47 billion yuan, with infant formula revenue rising 104% to 1.23 billion yuan, capturing a 17.3% market share in China's ultra-premium infant formula sector [1] - ANC segment achieved a revenue growth of 5.6% year-on-year to 1.8 billion yuan, with a 15.7% increase in revenue for the first nine months of 2025, and a 70.6% contribution from the China region [2] - PNC segment reported a revenue increase of 7.3% year-on-year to 510 million yuan, with a stable performance in both the China and North America regions [2] Future Outlook - The company expects full-year revenue growth to be in the high single to low double digits, with all three business segments maintaining good growth trends [2] - The BNC segment is projected to achieve over 20% year-on-year growth, while ANC is expected to see mid to high single-digit growth, and PNC is anticipated to grow in the low double digits [2] Profitability and Valuation - The company raised its profit forecast for 2025 and 2026 by 5.1% and 4.3% respectively, now estimating profits of 670 million yuan and 790 million yuan [2] - The current trading multiples are 12x and 10x for 2025 and 2026 P/E, with a target price set at 17.7 HKD, indicating a 29% upside potential [2]
H&H国际控股(01112.HK)：3Q25经营超预期 婴配奶粉表现亮眼