Swisse增长确定性提升，健合集团的估值修复逻辑正在形成

Core Insights - The capital market's long-term focus on Jianhe Group is shifting from historical issues to growth certainty itself, with changes in Swisse's China business being a key variable [1] Group Structure and Growth - After ten years of development, Swisse has transitioned from market introduction to a mature localized system, forming a dual growth structure of "core brand stability + sub-brand increment" [1] - This structure indicates that even with overall industry demand fluctuations, the group's core business possesses certain defensive characteristics while retaining upward elasticity [1] Financial Performance and Market Response - Swisse's continuous growth in the Chinese market provides more solid performance support for the group's book goodwill [1] - Since 2025, Jianhe Group's stock price has increased by over 40%, significantly outperforming previous market expectations [1] Valuation and Investor Focus - The recovery is not driven by sentiment but is based on a gradually clearer growth structure and improved business predictability [1] - The systematic operation of Swisse has shifted Jianhe Group's valuation logic from "repair hypothesis" to "data validation" [1] - For investors, the focus will shift from short-term growth rates to whether this structure can be sustained, if sub-brands can consistently contribute incrementally, and whether systemic advantages can further translate into profitability [1]