精确的战略方向调整，前瞻性的布局和坚实的财务基础，为健合集团走出周期提供了新可能。 日前，健合集团（H&H）公布了2025年中期业绩报告。上半年，健合集团营收同比增长5.2%至70.2亿 元。其中，中国市场为集团营收的最大贡献者，同比增长达8.7%，占总收入的70.3%。 分业务看，ANC（成人营养护理）业务营收达34.4亿元，同比增长5.9%； BNC（婴幼儿营养与护理） 业务营收同比增长2.9%至25.0亿元；PNC（宠物营养护理）业务上半年营收达10.8亿元，同比增长 8.6%。 以今年"618"购物季为例，在财报中，健合集团援引天猫统计称，Swisse海外旗舰店于2025年5月20日至 6月18日期间位列天猫保健食品╱膳食补充品类别销售额第一名。 此外，这期间，Swisse也均成为京东、抖音以及唯品会品牌健康营养保健类别、海外膳食补充品类别、 营养补充品类别销售额的第一名。 产品和品牌结构上，为顺应不断变化的市场需求，Swisse也在不断推陈出新，形成完整的产品布局，增 长空间显著。 财报显示，通过"mega brand"策略，健合集团成功推动超高端细胞级营养品牌SwissePlus 及针对儿童健 康 ...

Investment Rating - The report maintains a "Buy" rating for H&H International Holdings [11] Core Views - H&H International Holdings reported a revenue increase of 4.9% year-on-year for H1 2025, with adjusted comparable net profit rising by 4.6%, aligning with previous guidance [11] - The company is expanding its ANC business through online channels and overseas markets, solidifying its industry-leading position, while the BNC business is improving with a rise in ultra-premium infant formula market share [11] - Despite pressure on apparent profits, the company is optimizing its capital structure, which is expected to accelerate debt reduction in the future [11] Financial Performance - For H1 2025, the company achieved a revenue of 7.019 billion yuan, a year-on-year increase of 4.9%, and an adjusted comparable net profit of 363 million yuan, a year-on-year increase of 4.6% [5][11] - The adjusted EBITDA for H1 2025 was 1.101 billion yuan, reflecting a decrease of 3.4% year-on-year, with an adjusted EBITDA margin of 15.7% [5][11] - The company plans to distribute an interim dividend of 0.19 HKD per share, totaling 109 million yuan [5] Business Segment Performance - ANC business grew by 5.0% year-on-year in H1 2025, with significant growth in the Chinese mainland market, particularly through the Swisse brand [5][11] - BNC business saw a 2.9% increase year-on-year, with the ultra-premium infant formula market share reaching a historical high of 15.9% in the Chinese mainland [5][11] - PNC business reported a 9.6% year-on-year increase, with improved profitability driven by margin enhancements [5][11] Future Outlook - The company expects continued growth in the second half of 2025, with Swisse focusing on product innovation and online channel expansion [6][11] - The BNC segment is anticipated to benefit from the transition to new national standards and the ongoing recovery in infant formula sales [6][11] - PNC is expected to maintain its growth trajectory, particularly in the North American market [6][11] Financial Projections - EPS estimates for 2025, 2026, and 2027 are projected at 0.56, 1.03, and 1.26 yuan respectively [11] - The company’s total revenue is expected to reach 14.083 billion yuan in 2025, with a year-on-year growth of 8% [7][11]

H&H国际控股(01112)发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人民币70.19亿元(单 位下同)，同比增加4.89%;母公司拥有人应占溢利7101.7万元，同比减少76.78%;每股基本盈利0.11元。 拟派发中期股息每股普通股0.19港元。 在中国内地婴幼儿营养及护理用品分部，截至2025年6月30日止6个月，总收入较去年同期上升3.8%至 人民币23.25亿元。在婴幼儿营养及护理用品分部，截至2025年6月30日止6个月，来自中国内地婴幼儿 配方奶粉的收入按年上升10.0%至人民币19.05亿元，原因是集团按照策略重点持续开展行之有效的消费 者教育(尤其是于电子商务及婴幼儿专卖店渠道)及扩大市场份额。于2025年6月，合生元在中国内地超 高端婴幼儿配方奶粉分部的份额由去年的12.9%增长至15.9%，创历史新高。 截至2025年6月30日止6个月，来自中国内地宠物营养及护理用品分部的收入亦恢复增长，较去年同期上 升17.5%至人民币2.05亿元。增长主要由于Solid Gold成功重组后继续实施高端化，并将资源重新分配至 推出新的高利润率宠物食品及营养品。截至2025年6月30 ...

在中国内地婴幼儿营养及护理用品分部，截至2025年6月30日止6个月，总收入较去年同期上升3.8%至 人民币23.25亿元。在婴幼儿营养及护理用品分部，截至2025年6月30日止6个月，来自中国内地婴幼儿 配方奶粉的收入按年上升10.0%至人民币19.05亿元，原因是集团按照策略重点持续开展行之有效的消费 者教育(尤其是于电子商务及婴幼儿专卖店渠道)及扩大市场份额。于2025年6月，合生元在中国内地超 高端婴幼儿配方奶粉分部的份额由去年的12.9%增长至15.9%，创历史新高。 截至2025年6月30日止6个月，来自中国内地成人营养及护理用品分部的收入实现强劲增长，较去年同期 上升13.1%，占集团成人营养及护理用品总收入的70.0%。增长主要由于紧贴快速变化消费者喜好的 Swisse创新品类取得亮丽表现，尤以美容、抗衰老及排毒品类的表现最为突出。增长亦得益于集团的渠 道拓展工作，特别是快速拓展线上渠道，跨境电子商务渠道的销售额上升18.1%，占中国内地成人营养 及护理用品收入的81.5%。来自山姆会员店等新零售渠道(涵盖跨境电子商务渠道及一般贸易)的收入上 升28.2%，占中国内地成人营养及护理用品总收入的 ...

Core Viewpoint - H&H Group reported a revenue of 13.05 billion yuan for 2024, with the Chinese market contributing 66.6% of total revenue, indicating a strong focus on family nutrition and health products [1] Group Summary Revenue Performance - H&H Group's revenue for 2024 reached 13.05 billion yuan, with a significant portion (66.6%) coming from the Chinese market [1] - The revenue from nutritional supplements has increased from 9.0% a decade ago to 67.7% in 2024, showcasing a successful strategic transformation [1] Business Segments - The Adult Nutrition and Care (ANC) segment generated 6.7 billion yuan in 2024, accounting for 51.3% of total revenue, with a year-on-year growth of 8.8% [2] - The Baby Nutrition and Care (BNC) segment reported revenue of 4.38 billion yuan, representing 33.6% of total revenue, facing challenges due to market adjustments and regulatory transitions [3] - The Pet Nutrition and Care (PNC) segment achieved revenue of 1.97 billion yuan, with a year-on-year growth of 4.4% [3] Market Trends and Strategies - The Chinese health supplement market is projected to grow from 328.2 billion yuan in 2023 to 423.7 billion yuan by 2027, indicating a robust growth trajectory for the industry [4] - H&H Group is enhancing its multi-category layout to solidify its market position, focusing on high-end products and innovative segments to meet evolving consumer demands [5] - The company aims to maintain and expand growth in its three main business units (ANC, BNC, PNC) by 2025, emphasizing the importance of scientific innovation and operational efficiency [5]