H&H国际控股（01112）：H、H2025年年报点评：扭亏为盈显韧性，盈利质量稳步提升

研究报告 Research Report 25 Mar 2026 H&H 国际控股 Health and Happiness International Holdings (1112 HK) H&H2025 年年报点评：扭亏为盈显韧性，盈利质量稳步提升 Turning a Loss Into a Profit Demonstrates Resilience, and the Quality of Earnings is Steadily Improving [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$12.45 目标价 HK$19.50 HTI ESG 2.2-3.0-2.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$8.04bn / US$1.03bn 日交易额 (3 个月均值) US$3.22mn 发行股票数目 645.56mn 自由流通股 (%) 32% 1 ...