来源：金吾财讯 该机构续指，25Q1-3公司BNC收入39.73亿元，同比+24.0%，其中25Q3收入14.71亿元，同比+90.6%。 婴幼儿配方奶粉单季度同比+104.0%，主因新旧国标转换导致的基数问题、母婴店及电商渠道的持续投 入与新手妈妈教育策略的有效推进。合生元在中国超高端婴幼儿配方奶粉市场份额前9个月达16.4%， 单三季度份额进一步提升至17.3%；婴幼儿益生菌及营养品收入单三季度同比+58.8%，前9个月跌幅收 窄至2.3%，药店渠道三季度也实现同比企稳。同时，随着奶粉的强劲增长，以及新国标切换顺利完 成，预计BNC业务EBITDA率会回升到12%-15%。 该机构表示，公司25Q1-3收入同比+12.3%，其中25Q3收入同比+28.5%，收入超预期增长，债务结构持 续优化。全年看公司ANC业务不断拓展线上渠道及海外市场，持续稳固行业领先地位，BNC业务持续 改善，超高端婴配粉增长强劲份额逆势提升，PNC推进中国市场的高端化进程及全球化布局，内生利润 有望继续改善。考虑到公司收入端超预期增长，以及债务持续优化，该机构调整公司25-26年EPS分别 为0.71、1.04，对应25年估值17 ...

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 ...