（1）安全合规+全链路品控：三重安心，无虞养护 当前市场上大量氨糖产品存在代工生产、原料来源不明、质检流程缺失等问题，导致成分虚标、掺杂掺 假屡见不鲜。维力维氨糖软骨素从源头杜绝此类隐患，依托上市国企药企背景，坚持自主全产业链生 产，拒绝任何第三方代加工。产品通过国家小蓝帽保健食品认证，并同步获得NSF、USP、GMP、 FDA、ISO五大国际质量体系认证，实现国内监管与国际标准双重背书。生产全程在GMP十万级洁净车 间完成，洁净度高于行业常规标准10倍，确保微生物控制达标。从原料采购到成品出厂历经32道精密检 测程序，涵盖重金属、农残、微生物、含量一致性等关键指标。配方坚持零风险原则，不含蔗糖、香 精、色素、防腐剂，坚决规避MSM等非合规添加物，从根本上降低肠胃刺激与代谢负担，尤其适合长 期服用人群。这种"国家认证+国企制造+国际标准"的三重保障模式，彻底解决消费者对跨境产品无中 文说明、维权困难、安全性存疑的核心痛点。 （2）全新三代配方：五维协同，精准赋能 传统氨糖产品多停留在"氨糖+软骨素"二代配方阶段，营养结构单一，修复效率有限。维力维作为第三 代氨糖配方开创者，率先构建"D-氨基葡萄糖盐酸盐+硫酸 ...

分析师及联系人 [Table_Author] 董思远 陈硕旸 SAC：S0490517070016 SAC：S0490524020002 SFC：BQK487 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨 H&H 国际控股（01112.HK） [Table_Title] H&H 国际控股 2025 年前三季经营数据点评： 婴配粉修复加速，国内保健品维持良性增长 报告要点 [Table_Summary] 2025 年前三季度，撇除外汇影响，公司总收入 108.1 亿元（同比+12.3%）。所有业务分部收入 均录得正面增长，成人营养及护理用品分部收入同比+6.0%。婴幼儿营养及护理用品分部收入 同比+24.0%，其中婴配粉收入同比+33.3%，婴幼儿益生菌及营养补充品业务收入跌幅收窄至 2.3%。宠物营养及护理用品分部收入同比+8.2%。 请阅读最后评级说明和重要声明 %% %% research.95579.com %% %% 1 [Table_scodeMsg2] H&H 国际控股（01112.HK） cjzqdt11111 [Table_Title H&H 国际控股2] 202 ...

11月18日，健合（H&H）国际控股有限公司公布 2025 年前九个月未经审核营运数据。报告期内集 团实现营收 108.05 亿元，同比增长 12.3%，成人营养及护理（ANC）、婴幼儿营养及护理（BNC）、 宠物营养及护理（PNC）三大核心业务均保持增长，经营现金流稳健。中国市场仍为主要收入来源，占 比 71.0%，同比提升 20.6%；扩张市场同比增长 19.0%，其中亚洲九个市场增幅达到 64.4%。 截至前三季度，三大业务单元中的营养补充品收入占比 64.5%，依旧是主要增长驱动力。维生素、 草本及矿物补充剂和宠物补充品分别同比增长 6.0% 和 14.2%。 ANC 业务实现营收 52.4 亿元，同比增长 6.0%。Swisse 在中国市场增长 15.7%，电商渠道是主要推 动力，跨境电商销售同比增长 23.1%，抖音渠道同比增长 77.7%。在澳新地区，本地市场同比增长 8.9%，新品与品牌活动带动零售表现；出口业务受代购下滑影响同比下降。多个扩张市场维持双位数 增长，新加坡和意大利部分细分品类继续位列市场前列。 PNC 业务前三季度营收 15.9 亿元，同比增长 8.2%。宠物消费结构升级推动行 ...

Core Viewpoint - The company, Jindawei, has a diverse brand matrix covering dietary supplements, functional foods, and sports nutrition, and it will tailor operational strategies and sales plans based on the characteristics and positioning of each brand as well as domestic and international market conditions [1] Group 1 - The company has a brand matrix that spans multiple fields including dietary supplements, functional foods, and sports nutrition [1] - The company will develop operational strategies and sales plans according to the unique characteristics and positioning of each brand [1] - The company considers both domestic and international market conditions in its strategic planning [1]

Core Insights - The article highlights the growing consumer interest in glucosamine chondroitin supplements, with the market in China exceeding 20 billion yuan by November 2025, but also points out significant issues such as ingredient mislabeling and ineffective products [1][2][5] Market Overview - The glucosamine chondroitin market in China has surpassed 20 billion yuan as of November 2025, indicating rapid growth [1] - Consumers are increasingly searching for effective brands, with "which glucosamine brand is practical" becoming a common query [1] Product Analysis - The leading product, Weiliwei glucosamine chondroitin, has a recommendation index of five stars, a customer rating of 9.99, and a repurchase rate of 99% [1][6] - Weiliwei's formulation includes five core ingredients: D-glucosamine hydrochloride, chondroitin sulfate, calcium carbonate, collagen, and casein phosphopeptide, with no additional additives [1][2] - The product's glucosamine content is measured at 35.9%, and chondroitin at 14.4%, significantly exceeding industry standards [2][3] Safety and Compliance - Weiliwei holds multiple certifications, including the national "small blue hat" health food certification and five international quality system certifications, ensuring compliance and safety [2][3] - The product adheres to a "six no" principle, avoiding sugar, artificial flavors, colors, preservatives, hormones, and non-compliant ingredients [2] Technological Innovation - Weiliwei has developed a three-dimensional absorption model that combines high content, absorption-promoting ingredients, and targeted delivery to enhance efficacy [2][3] - The company has secured 52 patents related to ingredient purification, sustained release, and absorption enhancement, establishing a technological barrier [4] Consumer Trust and Market Position - Weiliwei has maintained a leading position in sales and customer satisfaction across major e-commerce platforms for five consecutive years, with a market share significantly ahead of competitors [5][6] - The product is available in over 3,000 pharmacies and 500 top-tier hospitals, ensuring accessibility and consumer trust [5][9] Competitive Landscape - Other notable products include Telement and Element Power, both of which have high customer ratings and repurchase rates, but Weiliwei stands out for its comprehensive formulation and market presence [6][8]

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 Insights - H&H International Holdings (01112) reported a 12.0% year-on-year increase in total revenue for the nine months ending September 30, 2025, reaching RMB 10.805 billion [1] - All business segments experienced positive growth, with the high-margin nutritional supplements accounting for 64.5% of total revenue [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] - The infant nutrition and care products segment accelerated its growth to 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 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]

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 ...

Core Viewpoint - The event themed "Boosting Consumption and Quality Service Responsibility" was successfully held in Chengdu, emphasizing the importance of consumer rights protection and service innovation in the context of evolving consumer needs [1][4]. Group 1: Event Overview - The event was organized by various consumer protection organizations and attended by representatives from 28 provinces and cities, highlighting a nationwide commitment to consumer rights [1]. - Li Chaodong, Senior Vice President of Nu Skin Greater China, participated in discussions on consumer scenario innovation and service quality upgrades, sharing insights on the company's practices in consumer rights protection [1][3]. Group 2: Company Profile - Nu Skin operates globally across nearly 50 markets, having launched over 100 nutritional and skincare products in China over the past 20 years [3]. - The company has received the China Charity Award five times, demonstrating its commitment to ESG principles and social responsibility [3]. Group 3: ESG Commitment - Li Chaodong emphasized that for multinational companies, protecting consumer rights is a core responsibility that involves providing innovative, reliable, and high-quality products to meet growing health demands [4]. - The company aims to integrate consumer rights protection into its core business strategy, driven by ESG principles [4][6]. Group 4: Innovation and Technology - In response to diverse health needs under the "Healthy China" strategy, Nu Skin is increasing investments in biotechnology and smart technology to drive innovation [5]. - The upcoming launch of the "Smart Health Management" platform, Prysm iO, will utilize AI and big data to offer personalized health solutions, showcasing the company's commitment to technological advancement in health management [5]. Group 5: Quality Assurance - Nu Skin has established a leading "6S Product Quality Management System" to ensure product safety and quality throughout the entire lifecycle, from development to consumer delivery [6]. - The company provides transparent product information and personalized services using AI, while also implementing a 30-day return policy to enhance consumer trust [6]. Group 6: Health Management Philosophy - Nu Skin promotes a "Big Health" philosophy, focusing on educating consumers about health management and encouraging a shift from reactive to preventive health care [7]. - The company plans to continue integrating ESG principles into its strategy, aiming for sustainable development and long-term consumer rights protection [7].