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 revenue growth of 12.3% year-on-year to 10.805 billion RMB for the first three quarters of the year, driven by strong performance across its three core business units [2][5] - The Chinese market contributed significantly, accounting for 71.0% of total revenue with a year-on-year growth of 20.6%, while expansion markets showed impressive growth of 19.0%, particularly in nine Asian markets which grew by 64.4% [2][5] Revenue Breakdown - Nutritional supplements remain the main revenue driver, contributing 64.5% to total revenue, with vitamins, herbal and mineral supplements, and pet supplements achieving year-on-year growth of 6.0% and 14.2% respectively [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 saw a significant year-on-year growth of 24.0%, 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 market leadership in North America with a growth of 12.4% [7] Financial Health - The company is actively pursuing deleveraging, having repaid 150 million RMB of USD syndicated loans in September and an additional 150 million RMB in October, improving its debt structure and financing efficiency [7] - As of September 30, the company had cash reserves of 1.74 billion RMB, ensuring robust liquidity for long-term development [7] Strategic Focus - H&H Group plans to increase investment in scientific innovation and continue its "whole family nutrition and health" strategy, aiming for sustainable growth in core brands and categories to meet diverse nutritional needs [7][8] - The ANC segment will leverage product innovation and online channel expansion to maintain its leading position in the overall VHMS market [8] - The BNC segment will continue to grow through e-commerce and offline channels, focusing on educating new mothers to solidify market share [10] - The PNC segment will maintain its growth trajectory by focusing on high-end pet food and nutrition products, enhancing cross-border e-commerce efforts [12]