香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Health and Happiness (H&H) International Holdings Limited 健合(H&H)國際控股有限公司 截至二零二五年九月三十日止九個月的 未經審核營運數據 健 合(H&H)國際控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事 （「董 事」）會（「董事會」）欣然公佈本集團截至二零二五年九月三十日止九個月（「有 關期間」）的 未 經 審 核 營 運 數 據。 2 營 養 補 充 品 包 括 合 生 元 益 生 菌 補 充 品、合 生 元 嬰 幼 兒 產 品、Swisse維 生 素、草 本 及 礦 物 補 充劑產品以及Solid Gold及Zesty Paws品 牌 的 寵 物 營 養 品。 – 1 – （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號 ...

Core Insights - On has emerged as a fast-growing challenger in the athletic footwear market, gaining traction against established brands like Nike, Adidas, and Puma, particularly following Iga Światek's Wimbledon victory [2] - Between 2021 and 2023, challenger brands like Hoka and On saw revenue growth of 29%, while traditional brands only grew by 8% [2] - Hoka achieved a record quarterly sales of $653 million, a 20% year-over-year increase, while On is projected to reach approximately $2.6 billion in sales for fiscal year 2024, with net profits tripling from the previous year [2] Brand Strategy - Effective brand building goes beyond aesthetics; On focuses on a streamlined product line and proprietary technology, emphasizing emotional connection and performance [3] - Transitioning from performance to lifestyle branding is crucial for growth; brands should start by focusing on core audiences before expanding to a broader market [4] - Establishing a brand identity that transcends logos is essential; consistency and repetition in branding help build recognition and trust [5] Growth Challenges - Brands must avoid losing their unique value in the pursuit of growth; maintaining focus on core offerings is vital to avoid dilution of brand identity [6] - Community engagement is invaluable for smaller brands, but it cannot be forced; understanding and adapting to different market communities is key [7] - Successful scaling requires a clear, replicable system that maintains brand uniqueness while resisting the urge to conform to market pressures [8]

Core Insights - The trend of high-priced bakery products, particularly from foreign brands, is becoming a new label for the market, with items like croissants priced at 39 yuan and European-style bread at 76 yuan attracting significant consumer interest [1][3]. Pricing and Consumer Behavior - Mid to high-end bakery brands are focusing on concepts of quality, health, and social experience, leading to a general increase in product prices due to rising costs of ingredients, labor, and rent, along with brand premiums and marketing strategies [3][15]. - Consumers express surprise at the high prices, with some noting that a single piece of bread can cost as much as a meal, indicating a shift in spending habits [5][6]. - Despite some complaints about the prices, many young consumers are willing to queue for these high-priced items, demonstrating a strong demand for trendy bakery products [6][8]. Market Dynamics - The popularity of foreign bakery brands in Xiamen is evident, with many offering unique products that are priced higher than traditional bakeries [13]. - The increase in prices is attributed to significant rises in the costs of baking ingredients such as sugar, flour, butter, and chocolate, as well as the labor-intensive "handmade" production methods and high rental costs [16]. - Young consumers are motivated to purchase these high-priced items for the perceived quality and social recognition gained from sharing their experiences on social media [16]. Marketing Strategies - Some brands employ marketing tactics like scarcity marketing and brand positioning to create a high-end image, targeting specific consumer demographics [16]. - However, sustainable business practices require a balance between effective marketing and maintaining product quality and value for money to retain customers [16].

Core Insights - The company Leifen has launched a new product line of shavers after a four-year development period, aiming for high precision and quality comparable to Apple products [1][3] - The company has faced supply chain challenges and production inefficiencies, leading to initial stock shortages of the new shaver [3][21] - Leifen's growth trajectory has been significant, with global sales increasing from 150 million yuan in 2021 to 4.1 billion yuan in 2024 [3][5] Product Development and Innovation - The new shaver features a self-developed linear motor, which improves shaving efficiency and user experience compared to traditional rotary and oscillating models [13] - The company emphasizes the use of advanced manufacturing techniques, such as CNC processing, to enhance product quality [1][13] - Leifen aims to expand its product categories beyond personal care appliances, focusing on market size and consumer needs [13][14] Market Position and Competition - Leifen has been criticized for its marketing-heavy approach and perceived imitation of Dyson products, which has affected its international expansion [5][6] - The company is positioned differently from other Chinese small appliance brands by investing more in design and R&D, with a target R&D expenditure of 10% [7][8] - The competitive landscape is challenging, with many similar products in the market, necessitating continuous innovation to avoid being labeled as a copycat [8][12] Operational Challenges - Production capacity issues have hindered the timely availability of the new shaver, with ongoing adjustments to improve manufacturing processes [21][22] - The company has experienced significant personnel changes, bringing in talent from larger firms to enhance its capabilities [10][29] - Quality control and product performance have been identified as areas needing improvement, leading to a restructuring of the R&D and production teams [28][29] Future Directions - Leifen's future strategy includes a focus on creating innovative products that enhance daily life, moving beyond mere imitation of existing products [36] - The company is committed to improving its brand recognition and consumer perception, particularly in light of its new product offerings [24][26] - There is an ongoing effort to establish a reliable supply chain and production process to support future growth and product launches [22][35]

Core Viewpoint - The article highlights the success of Shenzhen Yuanju Food Co., Ltd. in the frozen food market, particularly through its brand "Xidejia," which has gained significant popularity online and offline, achieving over 3 million followers on JD.com and strong sales across various provinces and convenience stores [2][30]. Group 1: Company Overview - Shenzhen Yuanju Food Co., Ltd. specializes in the production of high-quality frozen foods, including various meatballs and other frozen products, and has successfully captured a loyal customer base both online and offline [3][4]. - The company has been recognized for its commitment to quality, with a modern production facility that emphasizes automation and strict quality control [13][15]. Group 2: Product Development and Marketing - Yuanju Food has successfully entered the "Shenshan Younong" regional public brand initiative, with seven star products, including beef balls and bacon, selected for promotion [6][51]. - The brand "Xidejia," established in December 2009, has become a leading name in the frozen food industry, leveraging internet marketing strategies to enhance its market presence [36][40]. Group 3: Market Position and Strategy - The company has established itself as a major supplier for 7-11 convenience stores in South China, maintaining a long-term partnership that reflects its product quality and market competitiveness [25][27]. - Yuanju Food's strategy includes focusing on product quality and leveraging online platforms like JD.com and social media for marketing, which has resulted in a significant increase in customer engagement and sales [42][43]. Group 4: Future Prospects - The company aims to expand its market reach in the Greater Bay Area, particularly in Guangzhou and Shenzhen, by utilizing the "Shenshan Younong" brand to attract a broader consumer base [62]. - The positive impact of the "Shenshan Younong" brand on sales during the previous winter season has boosted the company's confidence in future growth [60].

Core Insights - The European market has become a crucial destination for Chinese electric vehicle (EV) manufacturers, with imports from China increasing nearly sevenfold from 2020 to 2023, making the EU the largest export market for Chinese EVs [1][2] - Despite the growth potential, challenges such as regulatory compliance, consumer biases, and cultural differences exist for Chinese companies entering the European market [1][4] Market Growth - In the first half of 2025, Europe sold 1.782 million new energy vehicles, an increase of over 340,000 units compared to the same period last year, reflecting a year-on-year growth rate of 23.7% [2] - The European market is seen as a favorable destination due to its growth stage, policy environment, and increasing acceptance of Chinese products [2][4] Policy Environment - The EU has stringent compliance requirements, but it is still considered more favorable compared to other developed markets due to its stable political environment and predictable market conditions [3][4] - Compliance in Europe is described as a "marathon" rather than a "sprint," requiring Chinese companies to integrate regulatory considerations from the early stages of product development [7][8] Consumer Perception - There is a shift in consumer perception towards Chinese EVs, with some consumers recognizing their technological advancements and expressing excitement about their offerings [3][4] - However, establishing a deep brand trust remains a challenge, as many consumers still associate Chinese brands with lower price points rather than quality [9][10] Brand Building - Chinese EV manufacturers need to focus on building brand recognition and trust in Europe, which involves not just marketing but also understanding local consumer needs and preferences [9][11] - Engaging with local stakeholders, including government, customers, and industry associations, is essential for fostering relationships and enhancing brand image [11][12] Compliance and Localization - Successful integration into the European market requires a systematic approach to compliance, including understanding regulations related to sustainability, data security, and corporate governance [6][7] - Localizing operations and actively participating in the regulatory process can help Chinese companies align with European standards and consumer expectations [7][8]

Core Insights - The celebration of the eighth Chinese Farmers' Harvest Festival in Shanghai highlights the city's focus on technological innovation, brand development, and urban-rural integration in modern agriculture [1] Group 1: Technological Empowerment - Shanghai's agricultural success is attributed to technological advancements, with projects like "unmanned farms" achieving full automation in rice planting and blockchain combined with AI creating a trust system for agricultural products [2] - The establishment of the "Agricultural and Rural Data Innovation Laboratory" aims to explore innovative applications of public agricultural data and promote market-oriented data supply mechanisms [2] - Companies like Jiqing Technology are injecting "digital genes" into traditional agriculture, emphasizing that Shanghai's agricultural model does not prioritize large-scale planting but leverages technology for innovation [2] Group 2: Brand Leadership - The focus of Shanghai agriculture is on the added value of agricultural products rather than mere yield, with e-commerce platforms and brand operations driving a new economy [3] - The Shanghai E-commerce Association has initiated a campaign to expand e-commerce development for urban agricultural products, facilitating rapid distribution from farms to tables [3] - Continuous efforts in brand cultivation are evident, with the Shanghai E-commerce Association releasing the "Top 50 New Consumption Brands in Shanghai" list for four consecutive years [3] Group 3: Talent Gathering - The agricultural sector in Shanghai is witnessing a return of skilled individuals, including overseas-educated professionals and urban white-collar workers, contributing to rural vitality [4] - The "whole village operation" model for rural revitalization has gained attention, with agreements signed between rural representatives and operational enterprises to connect urban capital, professional talent, and rural resources [4]

Group 1 - The essence of traffic is fundamentally about users, and companies invest heavily in acquiring this traffic through platforms like Douyin to reach their target audience [1][3][4] - Successful platforms like Douyin and Xiaohongshu leverage user-generated content (UGC) to continuously produce high-quality content, attracting billions of users and creating a positive feedback loop that enhances traffic [3][4] - Companies in niche markets can effectively showcase their professional value through marketing content, which can influence consumer decisions and foster emotional connections with users [4][5] Group 2 - Major companies consistently invest significant resources in online marketing, not merely due to their wealth but as a strategic necessity to capture market opportunities [5][6] - Time is a critical asset for businesses, and seizing market opportunities promptly is essential for establishing a competitive advantage [6][7] - While low-cost marketing methods exist, they often come with high time and opportunity costs, requiring exceptional skills from operators, which are not easily found [8][9] Group 3 - The evolution from focusing solely on traffic to emphasizing brand building reflects a shift in marketing strategies driven by market competition [9][10] - In less competitive markets, companies should prioritize paid advertising to quickly expand their customer base, while in saturated markets, a focus on long-term content strategies and brand recognition becomes crucial [10][11] - Effective online marketing plays a vital role in the overall business strategy of small and medium-sized enterprises, influencing both customer acquisition and brand development [11]

Summary of the Gold and Jewelry Industry Conference Call Industry Overview - The Chinese gold and jewelry market reached a scale of 841.3 billion yuan in 2023, with gold jewelry accounting for approximately 500 billion yuan, while the diamond market is around 60 billion yuan but is experiencing a rapid decline [1][4] - The jade and gemstone segment represents about 18%, approximately 150 billion yuan, with offline channels dominating sales at around 90% [1][4] - The gold and jewelry industry is closely linked to economic development, with significant potential for growth in the Chinese market as per capita jewelry consumption is still lower than in the U.S. [1][5] Key Insights and Arguments - The jewelry industry's aesthetic characteristics are influenced by economic foundations, with consumer preferences reflecting aspirations towards higher consumption tiers [2] - Post-pandemic, there has been an increased preference for gold jewelry among Chinese consumers, correlating with the country's enhanced national strength during the pandemic [2] - The gold jewelry sector is characterized by low margins and high turnover, while K-gold and diamond products have higher profit margins [1][8] - Direct sales models are prevalent in the high-end market, while franchise models cater to the mass market [9] Market Trends and Consumer Behavior - In 2023, global gold consumption was approximately 1,089 tons, with jewelry demand accounting for 60% to 65% of this figure [10] - The demand for wedding-related jewelry constitutes about one-third of jewelry consumption, with a growing trend towards self-purchase driven by an increase in single individuals [10] - Gold price stability is crucial for maintaining demand; sharp price drops can trigger buying frenzies, while rapid increases may suppress consumption [11] Innovations and Product Development - Significant advancements in gold jewelry craftsmanship have been noted, including traditional gold techniques and innovative designs appealing to younger and male consumers [12][13] - New product lines, such as IP collaborations and unique designs, have achieved profit margins of 20% to 40%, attracting a broader customer base [13] Competitive Landscape and Brand Dynamics - Domestic brands are increasingly performing well in the high-end market, with companies like Laopuhuangjin showing a 77% overlap with high-end luxury brand clientele [6] - The industry is transitioning from a channel-driven model to a brand-driven model, emphasizing brand culture, operational capabilities, and design [18][21] - The valuation of luxury goods groups is significantly higher than that of ordinary jewelry companies, with luxury groups maintaining valuations between 20 to 50 times earnings compared to 4 to 25 times for regular jewelry firms [20] Future Outlook - The gold and jewelry industry is expected to continue growing, with a focus on brand development and market consolidation [21] - The rise of traditional Chinese design styles and the increasing popularity of domestic brands suggest a promising future for companies like Laopuhuangjin, which have strong brand potential and international expansion opportunities [22]

Group 1 - The annual fishing season in Yangjiang, Guangdong, has evolved from simple fishing to diverse cultural and tourism activities, enhancing the overall experience for visitors [1] - The integration of cultural elements, such as folk customs and beach music festivals, transforms the fishing ceremony into a cultural tourism feast, which is crucial for driving consumption [1] - Establishing a public brand for seafood products through standardized production and full-chain supervision can significantly increase their value, allowing high-quality products to command better prices [1] Group 2 - The local industry aims to leverage two key strategies to expand the modern fishing industry's development space and improve the livelihoods of fishermen [2]