8月26日，健合集团（H&H国际控股, 1112.HK）公布2025年中期业绩：营收70.2亿元，同比增长5.2%，经调整EBITDA 利润率15.7%，经调整可比纯利同比增长4.6%。董事会主席罗飞在业绩沟通会上强调了公司业绩的稳健增长、进取态 势和韧性。更值得注意的是，这份成绩并非单一业务线的偶然爆发，而是ANC、BNC、PNC"三驾马车"与财务优化共 振的结果，标志着公司"全家庭营养健康"战略真正进入收获期。 一、业绩亮点深度剖析：三驾马车齐头并进 ANC（成人营养与护理）作为集团的核心引擎，期内营收同比增长5.9%至34.4亿元，其中中国区表现尤为亮眼，收入 同比大增13.1%。Swisse稳居中国内地VHMS（维生素、草本及矿物补充剂）市场第一。Swisse PLUS聚焦抗衰老，以 NAD和麦角硫因等功效成分切入银发经济和年轻群体的抗衰需求；Little Swisse面向儿童群体，实现持续增长，进一步 拓展用户覆盖。品牌升级"内在有底气，自然斯维诗"强化了与消费者的情感链接，新品如高纯鱼油+辅酶Q10以科研实 力提升高端定位。渠道方面，Swisse继续在天猫、京东、抖音等电商平台稳居第一，抖音业务增 ...

Core Viewpoint - H&H Group reported a revenue of 13.05 billion yuan for 2024, with the Chinese market contributing 66.6% of total revenue, indicating a strong focus on family nutrition and health products [1] Group Summary Revenue Performance - H&H Group's revenue for 2024 reached 13.05 billion yuan, with a significant portion (66.6%) coming from the Chinese market [1] - The revenue from nutritional supplements has increased from 9.0% a decade ago to 67.7% in 2024, showcasing a successful strategic transformation [1] Business Segments - The Adult Nutrition and Care (ANC) segment generated 6.7 billion yuan in 2024, accounting for 51.3% of total revenue, with a year-on-year growth of 8.8% [2] - The Baby Nutrition and Care (BNC) segment reported revenue of 4.38 billion yuan, representing 33.6% of total revenue, facing challenges due to market adjustments and regulatory transitions [3] - The Pet Nutrition and Care (PNC) segment achieved revenue of 1.97 billion yuan, with a year-on-year growth of 4.4% [3] Market Trends and Strategies - The Chinese health supplement market is projected to grow from 328.2 billion yuan in 2023 to 423.7 billion yuan by 2027, indicating a robust growth trajectory for the industry [4] - H&H Group is enhancing its multi-category layout to solidify its market position, focusing on high-end products and innovative segments to meet evolving consumer demands [5] - The company aims to maintain and expand growth in its three main business units (ANC, BNC, PNC) by 2025, emphasizing the importance of scientific innovation and operational efficiency [5]