11月25日，市场监管总局召开食品安全专题新闻发布会披露，截至今年11月中旬，全国市场监管系统已 完成食品安全抽检570.26万批次，不合格率仅为2.74%；风险监测发现率也控制在4.36%。"十四五"以 来，多批次不合格的企业数量已经呈大幅下降趋势，2024年与2020年相比下降了近50%，今年前三季度 同比又下降了57.47%，食品安全形势稳步向好。 科技创新与跨部门协同为监管增效。孙会川介绍，今年已研制106项食品补充检验方法，可检测近千种 物质，覆盖面制品、肉制品等多个品类；针对食品中潜在的非食用物质风险，将那非类、拉非类等物质 纳入监管名录并配套检验方法，查处一大批非法添加案件；67项食品快速检测方法在农贸市场、校园食 堂落地应用，提升了问题发现效率。 我国以全链条覆盖为核心，织密监管防护网。市场监管总局食品安全总监孙会川表示，生产环节"抓大 不放小"，既实现所有在产生产企业全覆盖，也加大对加工小作坊抽检力度；经营环节"求全不漏项"， 超市、便利店、农批市场等传统业态尽数纳入，餐饮外卖、直播带货、生鲜电商等新业态也纳入监管视 野，进口食品同样未缺席。目前，抽检已覆盖39大类食品，检验项目涵盖农药、兽 ...

记者11月25日从市场监管总局召开的专题新闻发布会上获悉，截止到今年11月中旬，全国市场监管系统 完成食品安全抽检570.26万批次，检出不合格样品15.6万批次，不合格率为2.74%；完成风险监测23.44 万批次，检出问题样品1.02万批次，风险发现率为4.36%。发现的问题主要集中在农药残留超标、食品 添加剂滥用以及微生物污染等这几个方面。 把"孩子吃的"作为关注的重点，对在产婴幼儿配方食品生产企业实现100%抽检全覆盖，对婴幼儿配方 奶粉等食品实施"月月检"，每个月都抽检全部在产的婴幼儿配方食品企业，全力保障中国宝宝们的口粮 安全；组织各省市场监管部门对校园餐以及食材集中采购平台开展"双周检"，要求在每两年的周期内， 实现对全国所有大中小学校园食堂抽检的全覆盖，力争做到让孩子们吃好，让家长们放心。 把"有问题的"作为抽检的重点，一方面将今年重点整治的校园食品、农村假冒伪劣食品、制售假劣肉制 品、食品添加剂滥用以及食用植物油等突出问题，作为抽检监测的重点。同时对既往抽检不合格率比较 高的食品品种和检验项目，加大抽检的批次，对检出不合格的企业实施跟踪抽检，对于投诉举报、舆情 反映的突出问题，加强风险研判， ...

来源：金吾财讯 该机构续指，25Q1-3公司BNC收入39.73亿元，同比+24.0%，其中25Q3收入14.71亿元，同比+90.6%。 婴幼儿配方奶粉单季度同比+104.0%，主因新旧国标转换导致的基数问题、母婴店及电商渠道的持续投 入与新手妈妈教育策略的有效推进。合生元在中国超高端婴幼儿配方奶粉市场份额前9个月达16.4%， 单三季度份额进一步提升至17.3%；婴幼儿益生菌及营养品收入单三季度同比+58.8%，前9个月跌幅收 窄至2.3%，药店渠道三季度也实现同比企稳。同时，随着奶粉的强劲增长，以及新国标切换顺利完 成，预计BNC业务EBITDA率会回升到12%-15%。 该机构表示，公司25Q1-3收入同比+12.3%，其中25Q3收入同比+28.5%，收入超预期增长，债务结构持 续优化。全年看公司ANC业务不断拓展线上渠道及海外市场，持续稳固行业领先地位，BNC业务持续 改善，超高端婴配粉增长强劲份额逆势提升，PNC推进中国市场的高端化进程及全球化布局，内生利润 有望继续改善。考虑到公司收入端超预期增长，以及债务持续优化，该机构调整公司25-26年EPS分别 为0.71、1.04，对应25年估值17 ...

Core Viewpoint - The article emphasizes the importance of the first 1,000 days of life as a critical window for growth and development, highlighting the role of maternal and child health in the broader context of China's "Healthy China" and rural revitalization strategies [1] Group 1: Foundation and Mission - Mead Johnson China established the Mead Johnson Charity Foundation in 2020 to support maternal and child health initiatives in response to national health strategies [1] - The foundation aims to protect newborns and promote health through systematic public welfare projects, focusing on rural maternal and child health, rare disease care, and community support [1][2] Group 2: Key Projects and Achievements - The flagship project "Love Transmission: Better Start" has benefited over 200,000 families across more than 100 counties since its launch in 2021, with a focus on maternal and child nutrition improvement [2] - The foundation has published a report demonstrating the effectiveness of early nutrition interventions in improving key health indicators such as growth retardation and anemia rates among pregnant women and infants [2] - Mead Johnson has developed 17 specialized medical formula products for children with rare metabolic diseases, showcasing its commitment to addressing unique health needs [3][2] Group 3: Emergency Response and Training - The foundation has established a robust emergency response mechanism, donating over 87,000 cans of formula during natural disasters to ensure food security for affected infants [4] - Collaborations with authoritative organizations have led to the creation of practical nutrition training manuals for grassroots healthcare workers, enhancing local maternal and child health services [4] Group 4: Innovative Public Welfare Models - The "5:1 Charity Matching" mechanism allows consumers to contribute to charity through their purchases, effectively linking daily consumption with public welfare participation [5] Group 5: Impact and Recognition - Over five years, the foundation has reached over 300,000 families across 21 provinces and 3 municipalities, with total donations exceeding 150 million yuan, earning multiple awards for its contributions to rural revitalization and transparency [6] Group 6: Future Strategic Focus - The foundation plans to expand its focus from maternal and child health to encompass health services across the entire life cycle, leveraging its experience and scientific research to address broader health needs [12][11]

Core Viewpoint - Moonlight Resources (ASX: ML8) is set to launch its IPO in early December, capitalizing on the rising prices of gold, rare earths, and uranium, with a diversified mineral portfolio and a strong management team driving investor interest [1][6][30]. Group 1: IPO Details - The IPO price is set at AUD 0.20 per share, with plans to issue 50 million shares to raise AUD 10 million [1]. - Investors will receive free options for every two shares purchased, with an exercise price of AUD 0.30 per share, valid for 36 months post-listing [1][2]. Group 2: Exploration Focus - Approximately 65.8% of the raised funds will be allocated to exploring high-priority targets with potential for rapid resource definition, particularly focusing on the initial resource estimate for gold projects [2][25]. - The flagship Clermont gold project spans 268 square kilometers and is located near a historically significant gold-producing area, with over 6.5 million ounces of gold mined historically [8][11]. Group 3: Geological Potential - Historical drilling data from the Leo Grande mineralization zone indicates strong continuity and stable thickness, with significant high-grade intercepts reported [12][13]. - The Clermont project is viewed as a "resource anchor" for Moonlight, with additional high-priority targets identified for concurrent exploration [13][14]. Group 4: Strategic Asset Diversification - Moonlight's portfolio includes not only gold but also rare earth and uranium assets, which are critical for advanced manufacturing and energy transition [15][18]. - The MacDonnell Ranges project shows promising uranium and rare earth concentrations, with plans for a 5,000-meter shallow drilling program post-IPO [18][21]. Group 5: Management and Execution - The company boasts a highly experienced management team, including Dr. Bin Guo and Greg Starr, who have extensive backgrounds in mining and exploration [22][23]. - A performance equity mechanism aligns management incentives with resource growth and exploration milestones, enhancing long-term commitment [24]. Group 6: Future Growth Plans - Moonlight plans a systematic 20,000-meter drilling program to define its first JORC-compliant gold resource within 12-18 months post-IPO [25][26]. - The company aims to leverage its gold, rare earth, and uranium assets to create a robust growth narrative, with the potential for significant valuation increases as exploration progresses [27][30].

北京商报讯（记者 孔文燮）11 月 19 日，北京商报记者获悉，健合集团公布的 2025 年三季报显示，前9 个月实现营收108.05亿元，同比增长12.3%。报告期间，该集团中国内地婴幼儿配方奶粉销售额同比大 幅增长35.2%。在第三季度，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，合生元婴幼儿益生菌营养补充品也重拾双位数增长。 ...

Group 1: Market Overview - The Hang Seng Index fell by 0.45%, down 117 points, closing at 25,812 points, while the Hang Seng Tech Index dropped by 0.98% [1] - The trading volume in the Hong Kong stock market reached HKD 112.6 billion in the morning session [1] Group 2: Hydrogen Energy Sector - Hydrogen energy stocks experienced a significant rise, driven by the continuous rollout of green hydrogen ammonia industry policies, indicating a maturing industry [1] - Reshaping Energy (02570) surged by 24.29%, while Guofu Hydrogen Energy (02582) increased by over 4.64% [1] Group 3: Oil Sector - Oil stocks continued their recent upward trend, with institutions noting the resilience of the three major oil companies during the oil price downturn [1] - Sinopec (00386) rose by 3.6%, PetroChina (00857) increased by 2.49%, and CNOOC (00883) gained 2.11% [1] Group 4: Telecommunications and Technology - Changfei Optical Fiber and Cable (06869) saw an increase of over 4% after China Telecom completed the world's first ultra-long-distance hollow core fiber transmission experiment [1] - Boleton (01333) surged by over 10% as the company is set to globally launch its autonomous driving specialized mining truck this Friday [1] Group 5: Gold and Consumer Products - Shangshan Gold (01939) rose nearly 2% following a profit warning, which is expected to boost its global layout of intelligent gold terminals [1] - H&H International Holdings (01112) increased by over 2%, with a strong growth momentum in its infant-related products, particularly in infant formula sales exceeding industry averages [1] Group 6: Medical and Defense Sectors - Yimai Sunshine (02522) rose by over 4% as the company plans to further invest in Yinghe Medical, validating its commercial path for medical data assetization [1] - China Shipbuilding Defense (00317) increased by over 4%, with institutions noting that second-hand ship prices have surpassed new ship prices, indicating an upcoming positive trend in the shipbuilding sector [1] Group 7: Declining Stocks - Jacobson Pharmaceutical (02633) fell by over 8% due to a 5.36% year-on-year decrease in mid-term earnings, despite a 20% increase in dividends [2] - Yuejiang (02432) dropped by over 4%, accumulating a decline of over 40% in the past two months, having completed two rounds of equity financing in four months [2]

Core Viewpoint - H&H International Holdings reported a 12.0% year-on-year increase in total revenue for the nine months ending September 30, 2025, driven by strong growth in its infant nutrition and care products segment, particularly in infant formula milk powder [1] Group 1: Financial Performance - Total revenue reached RMB 10.805 billion, with a 12.3% increase on a like-for-like basis [1] - The infant nutrition and care products segment experienced a significant growth rate of 24.0%, primarily due to a 33.3% year-on-year increase in infant formula milk powder sales [1] - The infant probiotics and nutritional supplements segment saw a reduced decline of 2.3%, with a strong double-digit growth resurgence in the last three months of the reporting period [1] Group 2: Market Outlook - According to Founder Securities, the infant formula milk powder industry is currently under pressure due to demand factors, but H&H's sales in this category increased by 10.0% year-on-year in the first half of 2025, outperforming the industry average [1] - The strong sales performance of Stage 1 and Stage 2 infant formula milk powder is a key driver of this growth [1] - The ongoing implementation of childcare subsidy policies is expected to improve demand for infant formula milk powder, with H&H's products likely to maintain a growth trajectory, while the infant probiotics and nutritional supplements are anticipated to gradually return to a growth path [1]

Core Insights - H&H International Holdings Limited reported a 12.3% year-on-year revenue growth to RMB 10.805 billion for the first three quarters of the year, driven by strong performance across its three core business units [2] - The Chinese market contributed 71.0% of total revenue, with a year-on-year growth of 20.6%, while the expansion markets saw a remarkable 19.0% growth, particularly with nine Asian markets growing by 64.4% [2] Revenue Breakdown - Nutritional supplements remain the main revenue driver, 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 [4][5] - The Adult Nutrition and Care (ANC) segment grew by 6.0%, supported by double-digit growth in both the Chinese and expansion markets [7] - The Baby Nutrition and Care (BNC) segment experienced a 24.0% growth, with infant formula sales in mainland China increasing by 35.2% [7] - The Pet Nutrition and Care (PNC) segment grew by 8.2%, with Zesty Paws maintaining its leading position in North America with a 12.4% year-on-year growth [7] Financial Health - The company is actively pursuing a deleveraging process, having repaid RMB 150 million of USD syndicated loans in September and an additional RMB 150 million in October, improving its debt structure and financing efficiency [7] - As of September 30, the company had cash reserves of RMB 1.74 billion, ensuring robust liquidity for long-term development [7] Strategic Focus - The company plans to increase investment in scientific innovation and continue its "whole family nutrition and health" strategy, aiming to meet diverse nutritional needs and solidify its market leadership [7] - In the ANC segment, the company will leverage product innovation and online channel expansion to adapt to changing consumer trends and maintain its leading position in the overall VHMS market [8] - The PNC segment will focus on high-end pet food and nutrition, enhancing cross-border e-commerce efforts to sustain growth [10] - The BNC segment will continue to leverage e-commerce and offline channels, with a focus on educating new mothers to strengthen market position and share [10]

Core Insights - H&H International Holdings Limited reported a revenue growth of 12.3% year-on-year to 10.805 billion RMB for the first three quarters of the year, driven by strong performance across its three core business units [2][5] - The Chinese market contributed significantly, accounting for 71.0% of total revenue with a year-on-year growth of 20.6%, while expansion markets showed impressive growth of 19.0%, particularly in nine Asian markets which grew by 64.4% [2][5] Revenue Breakdown - Nutritional supplements remain the main revenue driver, contributing 64.5% to total revenue, with vitamins, herbal and mineral supplements, and pet supplements achieving year-on-year growth of 6.0% and 14.2% respectively [5] - The Adult Nutrition and Care (ANC) segment grew by 6.0%, supported by double-digit growth in both the Chinese and expansion markets [7] - The Baby Nutrition and Care (BNC) segment saw a significant year-on-year growth of 24.0%, with infant formula sales in mainland China increasing by 35.2% [7] - The Pet Nutrition and Care (PNC) segment grew by 8.2%, with Zesty Paws maintaining market leadership in North America with a growth of 12.4% [7] Financial Health - The company is actively pursuing deleveraging, having repaid 150 million RMB of USD syndicated loans in September and an additional 150 million RMB in October, improving its debt structure and financing efficiency [7] - As of September 30, the company had cash reserves of 1.74 billion RMB, ensuring robust liquidity for long-term development [7] Strategic Focus - H&H Group plans to increase investment in scientific innovation and continue its "whole family nutrition and health" strategy, aiming for sustainable growth in core brands and categories to meet diverse nutritional needs [7][8] - The ANC segment will leverage product innovation and online channel expansion to maintain its leading position in the overall VHMS market [8] - The BNC segment will continue to grow through e-commerce and offline channels, focusing on educating new mothers to solidify market share [10] - The PNC segment will maintain its growth trajectory by focusing on high-end pet food and nutrition products, enhancing cross-border e-commerce efforts [12]