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健合集团上半年三大业务稳健发展 中国市场贡献超七成营收
Zheng Quan Ri Bao Wang· 2025-08-26 13:48
Core Insights - H&H International Holdings Limited reported a 5.2% year-on-year revenue growth to 7.02 billion yuan in the first half of 2025, with the Chinese market contributing 70.3% of total revenue and growing by 8.7% [1] - The company focuses on providing nutrition and health products for families, with all three major business segments—Adult Nutrition and Care (ANC), Baby Nutrition and Care (BNC), and Pet Nutrition and Care (PNC)—showing revenue growth and maintaining a stable adjusted EBITDA margin of 15.7% [1] Business Segment Performance - ANC revenue reached 3.44 billion yuan, up 5.9% year-on-year, with the Chinese market growing by 13.1%. Swisse brand saw a remarkable 38.7% growth, driven by its "Swisse Mega Brand" strategy and expansion into high-end anti-aging products [2] - BNC revenue grew by 2.9% to 2.5 billion yuan, with a 10.0% increase in sales of infant formula in mainland China, significantly outperforming the overall market growth of 0.2%. The market share of the premium infant formula brand, 合生元, increased to 15.9% [3] - PNC revenue reached 1.08 billion yuan, up 8.6%, with high-end pet supplements growing by 14.3%. The brand Solid Gold successfully optimized its channels and product offerings, achieving a 17.5% sales increase [3] Strategic Initiatives - The company plans to enhance innovation and implement a family nutrition health strategy, focusing on different demographic needs. In ANC, it aims to solidify its market position in mainland China and expand into Southeast Asia, India, the Middle East, and Italy [4] - For BNC, the company will leverage e-commerce and maternal channels to drive sales growth, particularly in infant formula, while continuing to educate new mothers as a core strategy [4] - In PNC, Solid Gold will focus on high-end pet food and supplements, enhancing cross-border e-commerce efforts to sustain growth [4] Financial Position - H&H completed refinancing of 297 million USD in senior notes due in 2026, extending debt maturity and reducing overall financing costs. As of June 30, the company had cash reserves of 1.83 billion yuan [4] Leadership Perspective - The CEO emphasized the commitment to maintaining liquidity and supporting future growth while accelerating the development of the three main business segments. The multi-brand and multi-channel strategy is seen as a robust growth support system [5]