天眼查App显示，近日，广东爪哈宠物用品有限公司成立，注册资本500万人民币，经营范围为一般项 目：宠物食品及用品批发；宠物食品及用品零售；宠物服务（不含动物诊疗）；日用化学产品制造；日 用化学产品销售；日用杂品制造；日用杂品销售；玩具制造；玩具销售；日用百货销售；互联网销售 （除销售需要许可的商品）；货物进出口；技术进出口。（除依法须经批准的项目外，凭营业执照依法 自主开展经营活动）。 ...

天眼查App显示，近日，广州华璟宠物用品有限公司成立，注册资本5万人民币，经营范围为宠物服务 （不含动物诊疗）;宠物食品及用品批发;宠物食品及用品零售;服装服饰零售;鞋帽零售;化妆品零售;文具 用品零售;日用品销售;母婴用品销售;箱包销售;户外用品销售;玩具、动漫及游艺用品销售;玩具销售;纸制 品销售;日用品批发;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;信息咨询服务 （不含许可类信息咨询服务）。 ...

Core Insights - H&H International Holdings reported a revenue of 10.805 billion RMB for the first nine months of the year, reflecting a year-on-year increase of 12% based on reported standards and 12.3% based on comparable standards [1][1][1] - The company’s high-margin nutritional supplements accounted for 64.5% of total revenue, with vitamins, herbal and mineral supplements, and pet nutrition categories growing by 6% and 14.2% respectively on a comparable basis [1][1][1] - The company anticipates continued growth in the adult nutrition and care products segment in China, while infant nutrition and care products are expected to benefit from e-commerce and marketing activities in specialty stores [1][1][1] - The pet nutrition and care products segment is expected to maintain its momentum through a focus on high-end pet food and nutrition categories, as well as strengthening its presence in cross-border e-commerce channels [1][1][1]

Core Viewpoint - H&H International Holdings reported a 12% year-on-year increase in revenue for the first nine months of the year, driven by strong performance in the nutritional supplements segment, which accounted for 64.5% of total revenue [1] Financial Performance - Revenue for the first nine months reached 10.805 billion RMB, with a reported year-on-year increase of 12% and a like-for-like increase of 12.3% [1] - The nutritional supplements segment, which has a higher profit margin, contributed significantly to the revenue, while vitamin, herbal, and mineral supplements grew by 6% and pet nutrition products increased by 14.2% on a like-for-like basis [1] Market Outlook - The company expects continued growth in the adult nutrition and care products segment in China [1] - For the infant nutrition and care products segment, sales of infant formula are anticipated to maintain growth due to e-commerce and marketing activities in specialized baby stores [1] - In the pet nutrition and care products segment, SolidGold is expected to sustain its momentum by focusing on high-end pet food and nutrition products while enhancing its presence in cross-border e-commerce channels [1]

Group 1: Financial Performance - H&H International Holdings reported a total revenue increase of 12.0% year-on-year to RMB 10.8053 billion for the nine months ending September 30, 2025, with all business segments showing positive growth [1] - The nutrition supplements segment accounted for 64.5% of total revenue, with vitamins, herbal and mineral supplements, and pet nutrition categories achieving revenue growth of 6.0% and 14.2% respectively [1] - The adult nutrition and care products segment grew by 5.2% year-on-year, driven by strong double-digit growth in mainland China and expanding markets [1] Group 2: Segment Performance - The infant nutrition and care products segment accelerated growth with a 24.0% increase, primarily due to a 33.3% year-on-year growth in infant formula milk powder [1] - The infant probiotics and nutritional supplements business saw a reduced decline of 2.3%, with a return to strong double-digit growth in the last three months of the reporting period [1] - The pet nutrition and care products segment increased by 8.2% year-on-year, contributing 14.7% to total revenue, supported by a strong 12.4% growth in sales of ZestyPaws in North America [1] Group 3: Debt Management - The company has been steadily reducing its leverage ratio while maintaining robust liquidity, with a voluntary early repayment of USD 152 million in loans in September [2] - As of September 30, 2025, the company maintained a cash balance of RMB 1.74 billion [2] - An additional voluntary early repayment of USD 152 million in loans was made in October to further reduce total debt [2]

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 ...

Group 1: Global Asset Allocation Strategy - The global asset allocation environment is expected to transition from preemptive interest rate cuts by the Federal Reserve to a re-inflation cycle driven by both fiscal and monetary policy easing [2][8] - The focus for 2026 will be on the liquidity turning point's impact on asset rotation, with a gradual shift from liquidity-driven to fundamental trend-driven asset logic in domestic markets [8][11] - The report emphasizes the importance of monitoring inflation trends as a tactical timing cue for investment strategies, suggesting a balanced allocation between equities and bonds in the first quarter of 2026 [8][11] Group 2: Industry Investment Strategies - The defense and military industry is entering a new cycle driven by both domestic demand growth and external potential release, with a focus on modernization and technological advancements [2][15] - The young manufacturing industry is highlighted for its global supply chain opportunities, emphasizing the irreversible trend of globalization and the competitive landscape for Chinese enterprises [3][14] - The report identifies key sectors for investment, including defense, aerospace, and advanced manufacturing, driven by government policies and market demand [15][16] Group 3: Economic and Market Outlook - Economic demand is expected to stabilize and recover in 2026, with PPI bottoming out and turning positive, leading to a rotation in industry styles from technology growth to cyclical assets [10][11] - The report predicts that the overall market will see a recovery in corporate earnings, particularly in sectors benefiting from the recovery of industrial product inflation [11][12] - The analysis indicates that the current valuation of cyclical consumer assets remains below historical averages, suggesting potential for future appreciation [12][13]

Core Insights - The report indicates that China's defense equipment construction is entering a new cycle driven by both "steady growth in domestic demand" and "release of external potential" [15] - The global asset allocation environment is expected to transition from preventive interest rate cuts by the Federal Reserve to a re-inflation cycle driven by both fiscal and monetary policy easing [8][10] - The manufacturing industry is anticipated to experience a structural recovery, with a focus on cyclical assets as economic demand stabilizes and PPI (Producer Price Index) begins to rise [10][11] Group 1: Global Asset Allocation Strategy - The report outlines three major trading themes for 2025, including the breaking of the "American exceptionalism" narrative, the impact of a weak dollar, and the tightening of liquidity due to government shutdowns [8] - It emphasizes the importance of monitoring liquidity turning points and their effects on asset rotation, suggesting a shift from liquidity-driven to fundamental-driven asset logic in China [8][10] - Tactical strategies for 2026 include balancing equity and bond allocations initially, then shifting to an overweight position in equities as inflation and corporate earnings recover [8][10] Group 2: Industry-Specific Investment Strategies - The defense and military industry is highlighted as a key area for investment, with a focus on modernization and technological advancements in military equipment [15] - The report identifies opportunities in the light manufacturing sector, particularly in global supply chain shifts and the competitive advantages of leading companies [15][16] - It suggests that cyclical assets, particularly in sectors like power equipment, chemicals, and non-ferrous metals, will benefit from the anticipated recovery in PPI and economic demand [12][15] Group 3: Economic and Market Trends - The report predicts a stabilization in economic demand and a gradual recovery in PPI, which will influence market style factors and lead to a rotation from technology growth to cyclical assets [10][11] - It notes that the historical relationship between M1-M2 growth rates and A-share performance suggests a potential upturn in corporate profitability and stock market performance in 2026 [11][12] - The report also highlights the importance of government policies, such as the "Fifteen Five" plan, which emphasizes economic construction and modernization of industries [12][15]

天眼查App显示，近日，东莞市恒泰宠物用品有限公司成立，注册资本50万人民币，经营范围为一般项 目：宠物食品及用品零售；日用品销售；服装制造；服饰制造；服装服饰批发；服装服饰零售；箱包销 售；家用纺织制成品制造；针纺织品及原料销售；照明器具销售；电子产品销售；日用玻璃制品销售； 办公用品销售；工艺美术品及礼仪用品销售（象牙及其制品除外）；五金产品零售；计算机软硬件及辅 助设备批发；家用电器销售；汽车零配件批发；体育用品及器材零售；机械设备销售；机械零件、零部 件销售；互联网销售（除销售需要许可的商品）；日用杂品制造；货物进出口；技术进出口。（除依法 须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，成都爪稚趣宠物用品有限公司成立，法定代表人为赵涵，注册资本100万人民 币，经营范围为一般项目：宠物食品及用品零售；宠物食品及用品批发；玩具销售；日用杂品销售；日 用化学产品销售；日用百货销售；日用品销售；皮革制品销售；橡胶制品销售；金属制品销售；仪器仪 表销售；电子产品销售；通信设备销售；针纺织品销售；工艺美术品及礼仪用品销售（象牙及其制品除 外）；建筑材料销售；计算机软硬件及辅助设备零售；货物进出口；技术进出口。（除依法须经批准的 项目外，凭营业执照依法自主开展经营活动）。 ...