Core Viewpoint - H&H International Holdings (01112) is rated "Outperform" by Haitong International with a target price of HKD 17, reflecting strong growth across its business segments, including Baby Nutrition and Care (BNC), Adult Natural Health Nutrition and Care (ANC), and Pet Nutrition and Care (PNC) [1] Group 1: Business Overview - H&H is a global leader in high-end family health nutrition products, established in 1999 and listed on the Hong Kong Stock Exchange in 2010, with a mission to enhance health and happiness [1] - The company operates in over 20 countries and regions, leveraging well-known brands such as Biostime, Swisse, and SolidGold, and has established R&D and production centers in Australia, France, and the USA through acquisitions [1] Group 2: ANC Business Performance - The ANC business in China has shown steady growth, with revenue reaching CNY 5.24 billion in Q1-Q3 2025, a year-on-year increase of 6.0%, and Q3 alone generating CNY 1.8 billion, up 6.3% year-on-year [2] - Swisse holds the number one market share in both China and Australia, demonstrating resilience and growth potential amid a slowing industry [2] Group 3: BNC Business Performance - Biostime, H&H's core brand in the infant nutrition sector, has seen a strong recovery, with BNC revenue reaching CNY 3.97 billion in Q1-Q3 2025, a 24.0% year-on-year increase, and Q3 revenue soaring to CNY 1.47 billion, up 90.6% year-on-year [3] - The infant formula segment has been the primary growth driver, with revenue increasing by 33.3% year-on-year in Q1-Q3 2025 and a remarkable 104.0% year-on-year growth in Q3 alone [3] Group 4: PNC Business Performance - The PNC business has shown steady growth, with revenue of CNY 1.59 billion in Q1-Q3 2025, reflecting an 8.2% year-on-year increase, and Q3 revenue reaching CNY 0.51 billion, up 7.2% year-on-year [4] - SolidGold and ZestyPaws are key brands in the PNC segment, focusing on natural and functional pet nutrition products [4]
海通国际：首予H&H国际控股(01112)“优于大市”评级 高端家庭营养与健康产品的领先企业