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. ...

Investment Rating - The report does not explicitly provide an investment rating for the nutrition and health industry Core Insights - The nutrition and health food industry is rapidly growing due to increased consumer health awareness and rising disposable incomes, with a market size projected to grow from 1,038.03 billion RMB in 2019 to 1,376.58 billion RMB in 2024, reflecting a CAGR of 5.81% [9] - The industry is characterized by high gross margins, driven by the combination of fast-moving consumer goods attributes and pharmaceutical barriers, allowing brands to maintain high pricing power [5][10] - The demand for high-quality products is expected to continue growing, leading to an expansion of market share for premium offerings [5] Market Background - Nutrition health foods are categorized into health foods and functional foods, with health foods requiring certification and a "blue hat" mark, while functional foods are managed as regular foods [6] - The industry has evolved from a disorganized state to a regulated one, driven by policy guidance, technological innovation, and demand upgrades [7] - The COVID-19 pandemic has heightened health awareness among younger consumers, leading to a surge in demand for functional foods and beverages [8] Market Status - The market size is expected to grow from 1,444.28 billion RMB in 2025 to 1,821.34 billion RMB in 2029, with a CAGR of 5.97% [9] - The aging population and the rising incidence of chronic diseases are driving consumers to seek preventive health management solutions [9][12] - The market is characterized by a high concentration of top brands, with gross margins for self-owned brands in the nutrition health sector exceeding 45% [10] Market Competition - The competition in the nutrition health food market is fragmented, with many companies focusing on specific niches, leading to a low market concentration [16] - Top companies like Xianle Health and Tongrentang dominate the market due to their significant number of approved health food products [16] - The rise of e-commerce has transformed sales channels, with platforms like Douyin and Kuaishou becoming crucial for consumer education and product sales [17][18] Development Trends - The industry is witnessing diversification in product forms, with innovations in flavors and convenience, such as ready-to-eat formats [31] - Consumer trends indicate a shift towards daily health maintenance, with increasing frequency of product use among consumers [32] - There is a notable difference in advantages and disadvantages for pharmaceutical companies and regular food companies entering the nutrition health market, with pharmaceutical firms benefiting from brand trust and funding, while food companies leverage their customer base and rapid product iteration capabilities [34]

Group 1 - The "Second China Health Promotion Conference" was held in Shanghai, focusing on the "National Nutrition Literacy Improvement Plan" to enhance public nutrition health literacy [1][2] - Ganen Group's high-end infant nutrition brand, Ganen, and children's nutrition brand Little Swisse were recognized as excellent units in the children's nutrition literacy improvement initiative [1][2] - The conference featured a strategic cooperation ceremony for the "Children's Nutrition Literacy Improvement Action 2025," highlighting the importance of children's nutrition in national population quality development [2][3] Group 2 - Ganen actively supports the "National Nutrition Literacy Improvement Plan" by collaborating with the China Health Promotion and Education Association to enhance children's nutrition literacy [2][4] - The initiative involves over a hundred maternal and infant chain institutions and includes the launch of a "Children's Precision Nutrition Guide" certification program [2][4] - The "0-6 Years Children's Precision Nutrition Guide" was published to provide scientific and precise nutritional guidance for children aged 0-6 [4][5] Group 3 - Ganen has established a comprehensive nutrition education system based on the guide, including various public awareness campaigns and events [5][6] - The company aims to strengthen the influence of the "0-6 Years Children's Precision Nutrition" initiative and the guide through a multi-level nutrition health education system [6] - Future efforts will focus on optimizing products and creating diverse nutritional combinations to meet the refined parenting needs of the new generation of parents [6]