Group 1 - The core viewpoint of the report indicates that H&H International Holdings (01112) achieved a revenue of 10.805 billion yuan in Q1-3 of 2025, representing a year-on-year increase of 12.3%, with Q3 revenue reaching 3.786 billion yuan, up 28.5%, exceeding market expectations [1][3] - In terms of regional performance, the Chinese market accounted for 71.0% of total revenue in the first three quarters, showing a year-on-year growth of 20.6%. The Australia-New Zealand market declined by 19.4%, primarily due to a drop in purchasing agent business, while North America saw a growth of 5.9%, and other markets grew by 19.0%, with nine expanding Asian markets showing a remarkable growth of 64.4% [1] - The company's ANC (Adult Nutrition Category) business generated revenue of 5.243 billion yuan in Q1-3, up 6.0% year-on-year, with Q3 revenue of 1.804 billion yuan, increasing by 6.3%. Swisse maintained its position as the leading brand in the all-channel nutrition and health product market in mainland China, with a year-on-year revenue growth of 15.7% [1][3] Group 2 - The BNC (Baby Nutrition Category) revenue reached 3.973 billion yuan in Q1-3, reflecting a year-on-year increase of 24.0%, with Q3 revenue soaring to 1.471 billion yuan, up 90.6%. The significant growth in infant formula was attributed to the transition to new national standards and effective strategies in maternal education and channel investment [2] - The market share of the company's premium infant formula brand, Gan Shen Yuan, reached 16.4% in the first nine months, further increasing to 17.3% in Q3. Revenue from infant probiotics and nutritional products grew by 58.8% in Q3, with the decline in revenue narrowing to 2.3% over the first nine months [2] - The report anticipates that the EBITDA margin for the BNC business will rebound to 12%-15% due to strong growth in infant formula and the successful completion of the new national standard transition [2]

Group 1: Market Overview - The Hang Seng Index fell by 0.45%, down 117 points, closing at 25,812 points, while the Hang Seng Tech Index dropped by 0.98% [1] - The trading volume in the Hong Kong stock market reached HKD 112.6 billion in the morning session [1] Group 2: Hydrogen Energy Sector - Hydrogen energy stocks experienced a significant rise, driven by the continuous rollout of green hydrogen ammonia industry policies, indicating a maturing industry [1] - Reshaping Energy (02570) surged by 24.29%, while Guofu Hydrogen Energy (02582) increased by over 4.64% [1] Group 3: Oil Sector - Oil stocks continued their recent upward trend, with institutions noting the resilience of the three major oil companies during the oil price downturn [1] - Sinopec (00386) rose by 3.6%, PetroChina (00857) increased by 2.49%, and CNOOC (00883) gained 2.11% [1] Group 4: Telecommunications and Technology - Changfei Optical Fiber and Cable (06869) saw an increase of over 4% after China Telecom completed the world's first ultra-long-distance hollow core fiber transmission experiment [1] - Boleton (01333) surged by over 10% as the company is set to globally launch its autonomous driving specialized mining truck this Friday [1] Group 5: Gold and Consumer Products - Shangshan Gold (01939) rose nearly 2% following a profit warning, which is expected to boost its global layout of intelligent gold terminals [1] - H&H International Holdings (01112) increased by over 2%, with a strong growth momentum in its infant-related products, particularly in infant formula sales exceeding industry averages [1] Group 6: Medical and Defense Sectors - Yimai Sunshine (02522) rose by over 4% as the company plans to further invest in Yinghe Medical, validating its commercial path for medical data assetization [1] - China Shipbuilding Defense (00317) increased by over 4%, with institutions noting that second-hand ship prices have surpassed new ship prices, indicating an upcoming positive trend in the shipbuilding sector [1] Group 7: Declining Stocks - Jacobson Pharmaceutical (02633) fell by over 8% due to a 5.36% year-on-year decrease in mid-term earnings, despite a 20% increase in dividends [2] - Yuejiang (02432) dropped by over 4%, accumulating a decline of over 40% in the past two months, having completed two rounds of equity financing in four months [2]

Core Viewpoint - H&H International Holdings reported a 12.0% year-on-year increase in total revenue for the nine months ending September 30, 2025, driven by strong growth in its infant nutrition and care products segment, particularly in infant formula milk powder [1] Group 1: Financial Performance - Total revenue reached RMB 10.805 billion, with a 12.3% increase on a like-for-like basis [1] - The infant nutrition and care products segment experienced a significant growth rate of 24.0%, primarily due to a 33.3% year-on-year increase in infant formula milk powder sales [1] - The infant probiotics and nutritional supplements segment saw a reduced decline of 2.3%, with a strong double-digit growth resurgence in the last three months of the reporting period [1] Group 2: Market Outlook - According to Founder Securities, the infant formula milk powder industry is currently under pressure due to demand factors, but H&H's sales in this category increased by 10.0% year-on-year in the first half of 2025, outperforming the industry average [1] - The strong sales performance of Stage 1 and Stage 2 infant formula milk powder is a key driver of this growth [1] - The ongoing implementation of childcare subsidy policies is expected to improve demand for infant formula milk powder, with H&H's products likely to maintain a growth trajectory, while the infant probiotics and nutritional supplements are anticipated to gradually return to a growth path [1]

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 ...