我们预计公司2025-2027 年实现归母净利润5.76/6.47/7.45 亿元，对应PE 分别为24.5/21.8/19.0 倍，维 持"增持"评级。 风险提示：在研项目进度不及预期风险；渠道经营不及预期风险；竞争加剧风险。 在研管线稳步推进，贴敷料龙头优势显著。研发端，截至2025 年上半年公司累计已获批二类医疗器械 注册证，"重组III 型人源化胶原蛋白填充剂"已完成产品设计输入小试。此外，公司重点强化上游原料 端基础研究，创新多肽"节律肽"新原料已于2025 年7 月完成备案，同时NMN、乙酰姜黄酮等新原料的 开发也在稳步推进中，有望构建差异化竞争壁垒。妆品端，公司获得24 年功效化妆品品牌全国复购率 第一，其国产贴片面膜连续五年全国销量第一，线上电商渠道建设持续推进，收入占比从2024 年同期 的50.3%大幅提升至80.5%。 投资建议：公司线上渠道转型成效显著，长期以"南北双研"模式持续夯实研发实力，在III 类注射填充 类医疗器械、创新原料等高壁垒领域加速布局，建议持续关注公司III 类医疗器械的获批进度，以及渠 道结构优化后的盈利能力改善情况。 事件：公司发布2025 年中报。公司1H25 ...

Summary of H&H Holdings Conference Call Industry Overview - The global dietary supplement (VDS) market is experiencing steady growth, with a market size of approximately $132.4 billion in 2023 and an annual growth rate of 4%-5% [2][7] - The Chinese health supplement market is growing significantly faster than the global average, with a compound annual growth rate (CAGR) of 8%-9% from 2010 to 2023, increasing from over 70 billion yuan to around 224 billion yuan [2][7] - The health supplement industry in China benefits from aging demographics and new consumption trends, with online sales channels accelerating, rising to 60% post-pandemic [2][9] Company Insights - H&H Holdings has transformed into a health supplement company primarily focused on adult health, with over 90% of Swisse brand revenue coming from online channels, maintaining a market share of 7%-8% [2][11] - The company has diversified its brand matrix by launching new brands targeting teenagers, children, and pets, such as Swisse Me, Little Swisse, and Plus [2][11] - H&H Holdings is actively expanding its oral beauty product line, including high-margin products like super light bottles and anti-sugar pills, which are expected to enhance profitability [2][14] Financial Performance and Projections - H&H Holdings is expected to optimize interest expenses by approximately 100 million yuan in 2025 through the replacement of high-interest dollar debt with domestic low-interest loans, which will directly enhance profits [2][5][21] - The company anticipates an adjusted net profit of around 700 million yuan in 2025, representing a nearly 30% year-on-year growth, indicating a turning point in its fundamentals [2][23] - The company’s revenue structure has shifted, with a 24%-25% decline in milk powder revenue in 2024 due to regulatory changes, but a recovery of 44% in the first quarter of 2025 is expected [2][13][14] Market Strategy and Brand Development - H&H Holdings is focusing on the Southeast Asian market for expansion, aiming to replicate the success of the Swisse brand in this region [2][20][27] - The company’s management team has extensive experience in fast-moving consumer goods (FMCG) and foreign investment, which supports strategic clarity and revenue stability across different phases [2][16] - The Swisse brand has expanded its core family nutrition series to include oral beauty products, which are expected to drive future growth [2][15] Risk Assessment - The company has a high level of goodwill, approximately 7.8 billion yuan, primarily concentrated in the Swisse and pet brands, which are performing well with no significant impairment risks [2][22] - Legal issues are not expected to significantly impact the company's financial status, as past experiences suggest a favorable outcome in similar cases [2][25] Conclusion - H&H Holdings is positioned for significant growth in the health supplement market, with a strong focus on online sales and brand diversification. The company’s financial outlook is positive, with expectations of increased profitability and market expansion, particularly in Southeast Asia. The management's strategic decisions and market positioning provide a solid foundation for future growth [2][26][27]