H&H集团(01112)午后飙升逾13%，截至发稿，涨6.96%，报14.14港元，成交额9197.16万港元。 公开资料显示，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。方正证券表示，25年上半年公司婴配粉销售额同比增长10.0%，远超行业平均水平，主 要得益于1段和2段的婴配粉强劲的销售表现。海通国际也表示，婴幼儿配方奶粉成为BNC业务最大增 长引擎。 消息面上，国家统计局日前公布中国2025年出生人口为792万。里昂指出，出生人数低于预期，意味婴 幼儿配方粉市场竞争将加剧，对于企业而言，产品结构及销售动能至关重要，随着2024年的出生高峰逐 步转向第3阶段产品，在第1及第2阶段产品拥有稳定客户基础并能赢得消费者信任的企业，相信将能更 受惠于现有客户延伸至购买第3阶段产品。 ...

智通财经APP获悉，海通国际发布研报称，首次覆盖给予H&H国际控股(01112)"优于大市"评级，对应 目标价17港元，H&H业务覆盖婴幼儿营养与护理(BNC)、成人自然健康营养与护理(ANC)和宠物营养与 护理(PNC)三大板块，2025年前三季度，集团各业务表现亮眼保持稳健增长。高端化战略成效显著，多 品牌协同助力集团持续拓展全球市场。 海通国际主要观点如下： 高端家庭健康营养产品的领先企业 H&H(健合集团)是一家专注于高端家庭营养与健康产品的全球性企业，成立于1999年，总部位于中国香 港，2010年于港交所上市。集团以"让人们更健康更快乐"为使命，业务覆盖婴幼儿营养与护理(BNC)、 成人自然健康营养与护理(ANC)和宠物营养与护理(PNC)三大领域，产品行销全球20多个国家和地区。 旗下拥有合生元、Swisse斯维诗、SolidGold素力高等知名品牌，通过并购实现全球化布局，在澳大利 亚、法国、美国等地设立研发与生产中心。 ANC业务中国区稳健增长，Swisse中国和澳洲市占率第一 Swisse斯维诗是源自澳大利亚的全球性健康营养品牌，由Kevin Ring于1969年创立。品牌最初以生产维 生 ...

近日，健合集团发布2025年三季度营运数据，其中中国区业务板块实现正向增长，表现亮眼，运营商财 经网由此注意到了公司中国区CEO李凤婷。 运营商财经网 周颖/文 具体来看，在中国市场，成人营养及护理用品分部增幅为15.7%，宠物营养及护理用品分部增长8.0%， 而婴幼儿配方奶粉销售额上涨35.2%，其中合生元在超高端婴幼儿配方奶粉的市场份额于当季上升至 17.3%，再创历史新高，表现良好。 运营商财经网副总经理康锐认为，健合集团在中国市场的业务有所复苏，令人惊讶，说明李凤婷的能力 超强。 健合集团中国区CEO李凤婷的前任是安玉婷,安玉婷于2019年3月晋升为健合集团行政总裁，全面负责集 团战略规划及业务发展，2022年12月31日离任首席执行官一职，调任为非执行董事。 运营商财经（官方微信公众号yyscjrd）—— 主流财经网站，一家全面覆盖科技、金融、证券、汽车、 房产、食品、医药、日化、酒业及其他各种消费品网站。 公开资料显示，李凤婷2008年毕业于浙江大学，曾在中国及新加坡宝洁任职，2018年加入健合集团，担 任成人营养及护理用品中国区销售及营销总经理，并于2019年获委任为成人营养及护理用品中国区执行 ...

Group 1 - The core point of the news is the acquisition of Burger King Japan by Goldman Sachs for 70 billion yen, which is approximately 3.2 billion RMB, following significant growth in revenue and store expansion in Japan [27] - The company has expanded its store count to over 311 and achieved a revenue increase of 290 times since 2017 [27] Group 2 - YUM China plans to expand its store count to over 30,000 by 2030, aiming to double its current number of stores within six years [11] - The company has successfully maintained its market position despite challenges in the market environment, achieving a revenue growth of 5 billion RMB [3] Group 3 - Pinduoduo reported a 9% year-on-year increase in revenue for the third quarter, reaching 108.28 billion RMB, driven by growth in online market services [6] - The adjusted net profit for the same period increased by 14% to 31.38 billion RMB [6] Group 4 - Kuaishou's third-quarter revenue reached 35.55 billion RMB, marking a 14.2% year-on-year growth, with e-commerce GMV increasing by 15.2% [12] - The average daily active users of the Kuaishou app exceeded 416 million [12] Group 5 - The company Jianhe reported a revenue of 10.8 billion RMB for the first nine months of the year, with a significant 35.2% increase in sales of infant formula [8] - The market share of its premium infant formula brand rose to 17.3% in the third quarter [8] Group 6 - The company Manner Coffee is reportedly considering an IPO in Hong Kong as early as 2026, although it has not confirmed the rumors [24] - The company is currently preparing for a pre-IPO roadshow aiming to raise 100 million USD [25]

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 ...

Core Insights - H&H Group's strategic adjustments, forward-looking layout, and solid financial foundation provide new possibilities for navigating cycles [1] - The company reported a 5.2% year-on-year revenue growth to 7.02 billion yuan in the first half of 2025, with the Chinese market contributing significantly [1][2] - The adult nutrition care (ANC) segment achieved revenue of 3.44 billion yuan, growing 5.9% year-on-year, while the pet nutrition care (PNC) segment grew 8.6% to 1.08 billion yuan [1][5] Revenue Breakdown - The Chinese market accounted for 70.3% of total revenue, with an 8.7% year-on-year growth [1] - ANC revenue was 3.44 billion yuan, BNC (infant nutrition and care) revenue was 2.50 billion yuan (up 2.9%), and PNC revenue was 1.08 billion yuan [1][5] - Swisse brand in the ANC segment saw a 13.1% growth in China, becoming the market leader [2][4] Market Trends - The global nutrition and health industry is undergoing adjustments amid declining population dividends and increasing competition [2] - H&H Group's focus on family nutrition has positioned it as a leader in the industry [2] - The demand for high-end infant formula is rising, with BNC segment revenue growing 10% in the Chinese market, significantly outperforming the overall market growth of 0.2% [8] Product Innovation - H&H Group is expanding its product offerings under the "mega brand" strategy, including high-end brands like SwissePlus and Little Swisse [3] - The company is responding to the growing demand for innovative anti-aging solutions, achieving significant breakthroughs in high-margin anti-aging supplements [3] Geographic Expansion - H&H Group's ANC business has seen growth in overseas markets, with Swisse becoming the top brand in Australia for vitamins and supplements [4] - The PNC segment is also growing steadily, with Solid Gold in China achieving a 17.5% growth rate [5][6] Financial Performance - The company recorded a gross profit of 4.389 billion yuan, a 7.8% increase year-on-year, with a gross margin improvement from 60.9% to 62.5% [10][11] - Cash reserves exceeded 18.3 billion yuan, supported by strong profit performance and efficient working capital conversion [12] - The company is actively refinancing to improve debt conditions and reduce overall financing costs [12]

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]

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]

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]