Core Insights - The company reported a total revenue of 10.805 billion RMB for the first nine months of 2025, representing a year-on-year growth of 12.3%, with all three core business segments showing growth and maintaining robust profitability and cash flow [1] - The Chinese market contributed 71.0% of total revenue, growing by 20.6% year-on-year, while the expansion markets showed a notable growth of 19.0%, particularly in nine Asian markets with a growth rate of 64.4% [1] - The nutritional supplements segment continues to be the main driver of revenue growth, accounting for 64.5% of total revenue, with vitamins, herbal and mineral supplements, and pet supplements achieving year-on-year growth of 6.0% and 14.2% respectively [1] Group Performance - The company aims to provide nutritional health products and services for the entire family, maintaining a leading position in core markets while experiencing strong growth in expansion markets [2] - The Adult Nutrition and Care (ANC) segment grew by 6.0%, driven by double-digit growth in both the Chinese and expansion markets [2] - The Baby Nutrition and Care (BNC) segment saw a significant growth of 24.0%, with sales of infant formula in mainland China increasing by 35.2% [2] - The Pet Nutrition and Care (PNC) segment grew by 8.2%, with Zesty Paws maintaining its leading position in the North American market with a growth of 12.4% [2] Business Segment Analysis ANC Segment - The ANC segment generated revenue of 5.24 billion RMB, reflecting a year-on-year growth of 6.0%, with Swisse achieving a 15.7% growth in the Chinese market [3] - The online cross-border e-commerce channel sales grew by 23.1%, and Douyin channel sales surged by 77.7% [3] - Swisse continues to implement its "Swisse Mega Brand" strategy, launching high-end products to meet diverse consumer health needs [3] BNC Segment - The BNC segment generated revenue of 3.97 billion RMB, with a strong year-on-year growth of 24.0% [7] - The company strengthened its e-commerce and offline channels, achieving a market share of 16.4% in the ultra-premium infant formula segment, a historical high [7] - The company launched various marketing activities to connect with consumers and enhance channel stickiness [9][10] PNC Segment - The PNC segment generated revenue of 1.59 billion RMB, with an 8.2% year-on-year growth [12] - The growth is attributed to the increasing pet population and the trend towards premium pet nutrition products [12] - Solid Gold is focusing on brand youthfulness and emotional connection with consumers, launching campaigns to promote its "scientific pet care" philosophy [12] Future Outlook - The company plans to continue investing in scientific innovation and advancing its "whole family nutrition health" strategy to meet diverse consumer needs [18] - The ANC segment is expected to maintain growth momentum, with a focus on product innovation and online channel expansion [18] - The BNC segment will leverage successful e-commerce and offline strategies to sustain sales growth [18] - The PNC segment is projected to continue its growth trajectory, with a focus on high-end pet food and nutrition products [19]

Core Insights - H&H International Holdings Limited reported a 12.3% year-on-year revenue growth to RMB 10.805 billion for the first nine months of 2025, with all three core business units showing comprehensive growth [1] - The Chinese market contributed 71.0% of total revenue, growing by 20.6% year-on-year, while expansion markets saw a remarkable 19.0% growth, with nine Asian expansion markets growing by 64.4% [1] - Nutritional supplements remain the main revenue growth driver, accounting for 64.5% of total revenue, with vitamins, herbs, and mineral supplements growing by 6.0% and pet supplements by 14.2% [1] Business Unit Summaries Adult Nutrition and Care (ANC) - ANC revenue reached RMB 5.24 billion, a 6.0% year-on-year increase, with Swisse brand in China growing by 15.7% [3] - Online cross-border e-commerce sales grew by 23.1%, and Douyin channel sales surged by 77.7%, reinforcing Swisse's No.1 position in the overall VHMS market in China [3] - Swisse continues to innovate with high-end products targeting various health needs, including heart health and anti-aging [3] Baby Nutrition and Care (BNC) - BNC revenue reached RMB 3.97 billion, with a strong 24.0% year-on-year growth, driven by a 35.2% increase in infant formula sales in mainland China [7] - The market share for high-end infant formula reached a historic high of 16.4%, increasing to 17.3% in Q3 [7] - BNC's marketing initiatives, including educational campaigns for new mothers, have strengthened consumer connections [9][10] Pet Nutrition and Care (PNC) - PNC revenue reached RMB 1.59 billion, growing by 8.2%, supported by increasing pet ownership and a trend towards premium pet nutrition products [11] - In China, Solid Gold brand achieved an 8.0% growth, while Zesty Paws in North America grew by 12.4% [11][13] - Solid Gold's marketing strategies, including collaborations with popular figures, have successfully engaged younger pet owners [11] Financial Health and Strategy - The company is actively improving its capital structure, having repaid RMB 150 million of USD syndicated loans in September and October [2] - As of September 30, the company maintained a cash reserve of RMB 1.74 billion, ensuring robust liquidity for long-term development [2] - The CEO emphasized ongoing efforts in deleveraging and optimizing capital structure to support future growth, aiming to become a leader in the global premium nutrition and health industry [15]

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 ...