HID A 100 司在服 下 一网 occeee 伊利股份半年报显示，其奶粉及奶制品业务收入同比增长14.26%，婴幼儿奶粉零售额实现双位数增 长，市场份额达到18.1%，首次跃居中国市场第一。蒙牛奶粉业务也实现2.46%的增长。 健合集团上半年营收同比增长5.2%至70.2亿元，其中婴幼儿营养与护理业务（BNC）成功止跌回升，营 收达25.0亿元，同比增长2.9%。旗下合生元奶粉在中国内地销售额同比增长10.0%，大幅超越行业0.2% 的整体零售增幅；其在超高端细分市场份额从12.9%提升至15.9%，创历史新高。 在新生儿数量持续承压的背景下，2025年中国奶粉市场却走出了一波逆势回暖的行情。多家主流乳企业 绩回升，高端赛道增长强劲。此番回暖并非市场容量扩张所致，而是乳企转向价值深耕、低线市场释放 潜力，叠加国家生育补贴等政策红利共同作用的结果，标志着行业正从规模竞争迈向结构性增长的新阶 段。 2025年的中国奶粉市场，绘就了一幅"冰与火"交织的行业图景。一方面，新生儿数量持续承压，存量竞 争日益激烈；另一方面，多家主流乳企业绩却逆势回升，高端与超高端奶粉赛道成为强劲的增长引擎。 行业在深度调整后，迎来 ...

2025年的中国奶粉市场，在多重变量交织中绘就了一幅"冰与火"的行业图景：一边是新生儿数量持续承 压、存量竞争日益激烈，另一边却是多家主流乳企业绩逆势回升，高端与超高端奶粉赛道增长强劲。 随着国家层面生育补贴政策首次以现金形式落地，以及消费升级趋势在低线市场持续渗透，奶粉行业在 深度调整后迎来结构性复苏。系统复盘2025年中国奶粉行业的变革与突围可以看到，奶粉销售回暖并非 偶然，而是乳企多年深耕产品、渠道与品牌的结果。 多家乳企业绩逆势回暖 高端赛道成增长引擎 2025年上半年，国内奶粉市场呈现出显著的业绩分化与整体回暖态势。以健合集团、澳优乳业、伊利等 为代表的多家乳企，在婴幼儿配方奶粉板块实现营收与利润双增，扭转了此前行业整体增速放缓甚至下 滑的局面。 伊利奶粉及奶制品业务收入同比增长14.26%，婴幼儿奶粉零售额实现双位数增长，市场份额达到 18.1%，首次跃居中国市场第一；蒙牛奶粉业务也实现2.46%的增长。 健合集团半年报显示，公司上半年营收同比增长5.2%至70.2亿元，其中婴幼儿营养与护理业务（BNC） 营收25.0亿元，同比增长2.9%。尽管BNC增速在集团三大业务中居末，但标志着该业务成功止 ...

2025年的中国奶粉市场，在多重变量交织中绘就了一幅"冰与火"的行业图景：一边是新生儿数量持续承压、存量 竞争日益激烈，另一边却是多家主流乳企业绩逆势回升，高端与超高端奶粉赛道增长强劲。 随着国家层面生育补贴政策首次以现金形式落地，以及消费升级趋势在低线市场持续渗透，奶粉行业在深度调整 后迎来结构性复苏。系统复盘2025年中国奶粉行业的变革与突围可以看到，奶粉销售回暖并非偶然，而是乳企多 年深耕产品、渠道与品牌的结果。 外资品牌方面，达能中国专业特殊营养业务销售同比增长12.9%，a2牛奶、菲仕兰等也录得正向增长。然而，市 场并非全面繁荣——飞鹤、贝因美等部分头部企业上半年业绩仍面临压力，显示出行业在复苏过程中结构性分化 的特征。 高端赛道成增长引擎 2025年上半年，国内奶粉市场呈现出显著的业绩分化与整体回暖态势。以健合集团、澳优乳业、伊利等为代表的 多家乳企，在婴幼儿配方奶粉板块实现营收与利润双增，扭转了此前行业整体增速放缓甚至下滑的局面。 伊利奶粉及奶制品业务收入同比增长14.26%，婴幼儿奶粉零售额实现双位数增长，市场份额达到18.1%，首次跃 居中国市场第一；蒙牛奶粉业务也实现2.46%的增长。 到 ...

研究报告 Research Report 21 Dec 2025 H&H 国际控股 Health and Happiness International Holdings (1112 HK) 首次覆盖：高端家庭营养与健康产品的领先企业 A leading enterprise in high-end family nutrition and health products: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 合生元超预期复苏，婴配粉增长强劲。Biostime（合生元）作为 H&H 集团的核心母婴营养品牌，自 1999 年创立以来，始终专注于婴幼儿 营养与健康领域。其产品以"奶粉+营养品"双轮驱动，精准切入免 疫、过敏等高价值赛道。婴幼儿配方奶粉为品牌拳头产品，营养补充 品以益生菌系列为主要代表。25Q1-Q3，H&H 集团 BNC 业务实现营收 39.7 亿元，同比+24.0%，其中单三季度收入达 14.7 亿元，同比 +90.6%，增速远超集团整体业务水 ...

Core Insights - H&H International Holdings Limited reported a 5.2% year-on-year revenue growth, reaching RMB 7.02 billion for the six months ending June 30, 2025, demonstrating strong market resilience and growth vitality [1] - The Chinese market contributed significantly, with an 8.7% growth, accounting for 70.3% of the total revenue [1] - The company focuses on family nutrition and health products, with all three business units (ANC, BNC, PNC) achieving growth and maintaining healthy profitability [1] ANC Business - ANC business revenue reached RMB 3.44 billion, a 5.9% increase year-on-year, with Swisse brand showing a remarkable 13.1% growth in the Chinese market [3] - Swisse holds a 70.0% share of ANC sales and ranks No.1 in the overall VHMS market in mainland China [3] - The brand's strategy includes a "Swisse Mega Brand" matrix, targeting different age groups and health needs, with significant breakthroughs in anti-aging products [3] BNC Business - BNC business revenue was RMB 2.50 billion, growing by 2.9% year-on-year, with 合生元 (Biostime) successfully transitioning to new national standards [5] - The sales of infant formula in mainland China increased by 10.0%, significantly outpacing the industry growth of 0.2%, with Biostime's market share in the ultra-premium segment rising from 12.9% to 15.9% [5] - Marketing efforts included promoting scientific parenting concepts and launching targeted products, which effectively engaged consumers [5] PNC Business - PNC business revenue reached RMB 1.08 billion, with an 8.6% year-on-year growth, driven by trends in pet ownership and high-end pet nutrition products [7] - Solid Gold brand in China saw a 17.5% sales increase, while Zesty Paws in North America grew by 12.8%, maintaining its position as a leading pet supplement brand [7] - The company is expanding its global presence, with a focus on high-end products and market penetration in various regions [7] Future Outlook - The company plans to increase investment in scientific innovation to advance its family nutrition and health strategy [8] - ANC business growth will be driven by product innovation and online channel expansion, while BNC expects steady growth in infant formula sales [8] - PNC business is set to continue its growth trajectory, focusing on high-end products and cross-border e-commerce [8] - The CEO emphasized maintaining ample liquidity and supporting future growth despite external challenges [8]

Core Viewpoint - H&H Group reported a steady revenue growth of 5.2% year-on-year, reaching 7.02 billion RMB, with adjusted EBITDA margin at 15.7% and adjusted net profit increasing by 4.6% year-on-year, indicating the successful implementation of its "whole family nutrition and health" strategy [1] Performance Highlights - ANC (Adult Nutrition and Care) revenue grew by 5.9% to 3.44 billion RMB, with a notable 13.1% increase in China. Swisse remains the top brand in the Chinese VHMS market, focusing on anti-aging and children's segments [2] - BNC (Infant Nutrition and Care) revenue increased by 2.9% to 2.5 billion RMB, with a 10% rise in infant formula sales in mainland China, significantly outperforming the industry average [3] - PNC (Pet Nutrition and Care) revenue rose by 8.6% to 1.08 billion RMB, with high-end pet supplements growing by 14.3%, showcasing strong market demand [3] Growth Logic - The company's growth is driven by a long-term strategy centered on channel empowerment, scientific research, and brand development, creating a positive feedback loop among brand, channel, and users [5] - Continuous investment in product research and development, such as Swisse's high-purity fish oil receiving certification, and innovative product offerings in BNC, demonstrate the company's commitment to meeting refined consumer needs [5] Brand Communication - The company employs targeted marketing strategies on platforms like Xiaohongshu and Douyin, effectively connecting with consumers through emotional engagement and tailored messaging [6] - A multi-channel approach integrates online and offline strategies, enhancing customer acquisition and retention through shared data and user insights [6] Industry Trends - The online health product market is experiencing significant growth, with younger consumers increasingly driving demand. H&H Group benefits from its leading position in e-commerce platforms [7] - The pet health product market is expanding, with a low penetration rate in China compared to the U.S., presenting substantial growth opportunities for H&H Group's brands [8] Value Restructuring - Management provided guidance for 2025, projecting mid-single-digit revenue growth for the group, with high single-digit growth for ANC and BNC, and low double-digit growth for PNC [9] - The company is positioned for valuation recovery, with adjusted net profit expected to reach approximately 650 million RMB by 2025, indicating a favorable outlook compared to historical averages [9][10] - Recent financial optimizations, including a refinancing of $300 million in senior notes, are expected to reduce financial costs and enhance profitability [9] Market Attention - The company's stock price has surged over 32% in the past month, reflecting increased market interest and confidence in its growth trajectory [11] - The combination of recovering infant formula sales, accelerating pet business growth, and reduced financial leverage is likely to recalibrate market pricing for the company's collaborative growth strategy [13]

Core Viewpoint - The company reported a revenue increase of 4.9% year-on-year for H1 2025, with adjusted comparable net profit rising by 4.6%, indicating stable performance in line with guidance despite a decline in apparent profit due to one-time expenses and currency fluctuations [1][5]. Financial Performance - H1 2025 revenue reached 7.019 billion yuan, up 4.9% year-on-year, aligning with guidance; net profit was 71 million yuan, down 76.8%, below previous forecasts; adjusted comparable net profit was 363 million yuan, up 4.6%, meeting prior expectations; adjusted comparable net profit margin was 5.2%, stable year-on-year; adjusted comparable EBITDA was 1.101 billion yuan, down 3.4% year-on-year, with an adjusted EBITDA margin of 15.7%, down 1.3 percentage points [2][5]. Business Segment Performance - ANC business showed steady growth with a 5.0% year-on-year increase; adjusted EBITDA margin decreased by 1.2 percentage points to 20.9%, primarily due to increased marketing expenses in Douyin and overseas market expansion; domestic ANC revenue grew by 13.1%, driven by strong performance of Swisse's new product categories and channels like Douyin and new retail, with LittleSwisse series revenue up 32.9% [2][3]. - BNC business improved with a 2.9% year-on-year increase; EBITDA margin decreased by 2.6 percentage points to 12.4%; domestic infant formula revenue rose by 10%, significantly outpacing overall market growth, achieving a historical high market share of 15.9% in the ultra-premium segment [3]. - PNC business advanced with a 9.6% year-on-year increase; adjusted EBITDA margin improved by 1.6 percentage points to 6.7%, driven by margin improvements; domestic PNC revenue grew by 17.5%, aided by the successful restructuring of SolidGold [3]. Capital Structure and Outlook - The company is optimizing its capital structure and financial resilience; adjusted comparable EBITDA decreased by 3.4%, but the EBITDA margin remained robust at 15.7%, consistent with overall guidance; refinancing of $297 million in senior notes due in 2026 positively impacted apparent profit, extending debt maturity and reducing financing costs; cash balance stood at approximately 1.83 billion yuan, indicating solid liquidity [4]. - Looking ahead to H2 2025, growth is expected to continue with Swisse focusing on product innovation and online channel expansion; the Australian and New Zealand markets are anticipated to maintain steady growth, while Southeast Asia will continue to be explored; BNC sales are projected to grow steadily, supported by e-commerce and maternal and infant channel marketing experience [4]. Investment Recommendation - The company maintains a "buy" rating, supported by rapid growth in the Swisse brand in China and an increase in infant formula market share; EPS estimates for 2025-2027 are projected at 0.56, 1.03, and 1.26 yuan respectively [5].