作为全球高端营养及健康产业领导者，健合(H&H)国际控股有限公司(股份代号：1112.HK，以下简 称"健合集团")于2025年11月18日披露2025年前三季度营运数据，用扎实的业绩印证了品牌硬实力。在 消费升级与健康需求攀升的背景下，健合集团营收同比增长12.3%至108.05亿元，成人营养及护理用品 (ANC)、婴幼儿营养及护理用品(BNC)、宠物营养及护理用品(PNC)¹三大核心业务齐头并进，盈利与现 金流表现双双向好。 中国市场作为集团的核心市场，以71.0%的收入占比和20.6%的同比增速，彰显出强大的品牌号召力与 市场认可度。而在全球化布局中，扩张市场正加速崛起，19.0% 的整体增速下，亚洲9个市场更是以 64.4%的爆发式增长，为集团开拓新增长曲线。尤为关键的是，营养补充品系列成为增长主引擎，贡献 超六成营收，其中宠物补充品14.2%的同比增幅，凸显出宠物经济赛道的巨大潜力，也印证了健合多元 化产品矩阵的竞争优势。 集团致力于提供全家庭营养健康产品与服务，核心市场稳固领先地位，扩张市场持续强劲增长。ANC 业务同比增长6.0%，得益于中国市场及扩张市场同比双位数增长。BNC业务同比增长24. ...

Core Viewpoint - H&H International Holdings (01112) reported a 5% year-on-year increase in total revenue for H1 2025, amounting to 7.019 billion yuan, with adjusted comparable EBITDA decreasing by 3% to 1.101 billion yuan, and adjusted comparable net profit increasing by 5% to 363 million yuan. The company is expected to see EPS of 0.79, 1.05, and 1.30 yuan for 2025-2027, with a "Buy" investment rating assigned by Huaxin Securities [1]. Revenue and Profitability - The company experienced a year-on-year revenue increase, with a notable improvement in gross margin. The gross margin for H1 2025 rose by 2 percentage points to 62.53%, driven by higher margins in adult and pet nutrition and care products, along with product mix optimization [1]. - The proportion of sales and distribution/administrative expenses relative to revenue increased by 3 percentage points and decreased by 0.4 percentage points to 42.33% and 5.68%, respectively, due to changes in the channel mix for adult nutrition and care products in mainland China and investments in new market expansion strategies [1]. - Adjusted comparable EBITDA margin and adjusted comparable net profit margin decreased by 1 percentage point and 0.02 percentage points to 15.68% and 5.17%, respectively, primarily due to high base effects from the previous year and increased selling expenses [1]. Business Segment Performance - The adult nutrition and care products segment saw a 5% year-on-year revenue increase to 3.439 billion yuan, largely attributed to the outstanding performance of Swisse's innovative anti-aging product line, which grew by 39% compared to the benchmark [2]. - Revenue from infant nutrition and care products increased by 3% year-on-year to 2.501 billion yuan, driven by effective e-commerce channel development and new mother education initiatives in specialty stores. The company successfully transitioned its products to meet new national standards, with the market share of its premium infant formula brand reaching a historical high of 15.9% [2]. - The pet nutrition and care products segment experienced a 10% year-on-year revenue increase to 1.079 billion yuan, with gross margin rising by 12 percentage points to 58.70%. This growth was supported by deepened partnerships in North America and the ongoing high-end upgrade of Solid Gold in mainland China, leading to significant improvements in profitability [2]. Regional and Channel Insights - Revenue from mainland China increased by 9% year-on-year to 4.936 billion yuan, driven by strong growth in adult nutrition and care products and rapid channel expansion. Cross-border e-commerce revenue grew by 18%, with Douyin channel revenue surging by 80%, becoming a key growth engine [3]. - Revenue from Australia and New Zealand decreased by 18% to 801 million yuan, primarily due to a decline in corporate purchasing business [3]. - North American revenue increased by 6% to 862 million yuan, benefiting from the popularity of premium pet nutrition products and a growing pet population, with major retailers like Amazon, Walmart, and PerSmart performing well [3]. - Other regions saw a 17% year-on-year revenue increase to 420 million yuan, with strong growth in the Asian expansion market [3].

Core Viewpoint - H&H International Holdings reported a decline in net profit despite a slight increase in revenue, leading to a drop in share price [1] Financial Performance - The company achieved revenue of RMB 7.019 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.89% [1] - Net profit attributable to shareholders was RMB 71.017 million, a significant decrease of 76.78% compared to the previous year [1] - Basic earnings per share were reported at RMB 0.11 [1] Dividend Announcement - The company proposed an interim dividend of HKD 0.19 per ordinary share, down from HKD 0.30 in the same period last year [1] Business Segment Performance - Revenue growth was attributed to all business segments, including adult nutrition and care products, infant nutrition and care products, and pet nutrition and care products [1] - The high-margin nutritional supplements across all three business segments saw a year-on-year revenue increase of 4.6%, accounting for 65.6% of total revenue [1]

Core Viewpoint - H&H International Holdings reported a mixed financial performance for the six months ending June 30, 2025, with revenue growth but a significant decline in profit attributable to shareholders [1] Financial Performance - The company achieved a revenue of RMB 7.019 billion, representing a year-on-year increase of 4.89% [1] - Profit attributable to shareholders was RMB 71.017 million, a decrease of 76.78% compared to the previous year [1] - Basic earnings per share were reported at RMB 0.11 [1] Dividend Announcement - The company proposed an interim dividend of HKD 0.19 per ordinary share, down from HKD 0.30 in the same period last year [1] Business Segment Performance - Revenue growth was attributed to all business segments, including adult nutrition and care products, infant nutrition and care products, and pet nutrition and care products [1] - The high-margin nutritional supplements across all three business segments saw a year-on-year revenue increase of 4.6%, accounting for 65.6% of total revenue [1]

Core Insights - H&H International Holdings reported a revenue of RMB 7.019 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.89% [1] - The net profit attributable to shareholders decreased by 76.78% to RMB 71.017 million, with basic earnings per share at RMB 0.11 [1] - The company proposed an interim dividend of HKD 0.19 per ordinary share [1] Revenue Breakdown - All business segments, including adult nutrition and care products, infant nutrition and care products, and pet nutrition and care products, contributed to revenue growth [1] - High-margin nutritional supplements accounted for 65.6% of total revenue, with a year-on-year growth of 4.6% [1] Adult Nutrition Segment - Revenue from the adult nutrition and care products segment in mainland China grew by 13.1%, making up 70.0% of total revenue in this category [2] - The growth was driven by the Swisse brand's innovative product categories, particularly in beauty, anti-aging, and detox products [2] - Online sales, especially through cross-border e-commerce channels, increased by 18.1%, representing 81.5% of the adult nutrition revenue [2] - Revenue from new retail channels, including Sam's Club, rose by 28.2%, accounting for 9.0% of total adult nutrition revenue [2] - Swisse maintained its position as the top brand in the online vitamin, herbal, and mineral supplement market in mainland China [2] Infant Nutrition Segment - The infant nutrition and care products segment reported a total revenue of RMB 2.325 billion, up 3.8% year-on-year [3] - Revenue from infant formula milk powder increased by 10.0% to RMB 1.905 billion, attributed to effective consumer education and market share expansion [3] - The market share of the brand "合生元" in the ultra-premium infant formula segment rose from 12.9% to 15.9%, reaching a historical high [3] Pet Nutrition Segment - The pet nutrition and care products segment saw a revenue increase of 17.5% to RMB 205 million [3] - The growth was primarily due to the successful restructuring of the Solid Gold brand, focusing on high-end products [3] - New high-margin pet food and nutrition products accounted for 33.8% of total revenue in the pet nutrition segment [3]

Core Viewpoint - H&H International Holdings reported a revenue of RMB 7.019 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.89%, while net profit attributable to shareholders decreased by 76.78% to RMB 71.017 million, with basic earnings per share at RMB 0.11. The company proposed an interim dividend of HKD 0.19 per share [1] Group 1: Revenue Growth - The revenue increase was driven by growth across all business segments, including adult nutrition and care products, infant nutrition and care products, and pet nutrition and care products, with high-margin nutritional supplements accounting for 65.6% of total revenue [1] - The adult nutrition and care products segment in mainland China saw a robust revenue growth of 13.1%, contributing 70.0% to the segment's total revenue, primarily due to the strong performance of Swisse's innovative product categories, particularly in beauty, anti-aging, and detox [2] - The cross-border e-commerce channel sales rose by 18.1%, making up 81.5% of the adult nutrition and care products revenue in mainland China, while new retail channels like Sam's Club contributed to a 28.2% revenue increase [2] Group 2: Infant Nutrition - The infant nutrition and care products segment reported a total revenue increase of 3.8% to RMB 2.325 billion, with revenue from infant formula milk powder rising by 10.0% to RMB 1.905 billion, driven by effective consumer education and market share expansion [3] - The market share of the premium infant formula segment for the brand 合生元 (Hapson) increased from 12.9% to 15.9%, reaching a historical high [3] Group 3: Pet Nutrition - The pet nutrition and care products segment also experienced a recovery, with revenue increasing by 17.5% to RMB 205 million, attributed to the successful restructuring of Solid Gold and the introduction of new high-margin pet food and nutritional products [3] - New products accounted for 33.8% of total revenue in the pet nutrition and care products segment [3]