海通国际主要观点如下： 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。 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平。婴幼儿配方 奶粉成为最大增长引擎，25Q1-Q3该收入同比+33.3%，25Q3单季收入同比+104.0%，推动BNC业务实现 跨越式发展。 高端化成效凸显，PNC业务稳健增长 SolidGold(素力高)作为美国宠物营养领域的先驱品牌，1 ...

Core Viewpoint - Miao Ke Lan Duo, a leading cheese company, is expanding into the pet food market by recruiting for positions related to pet cheese products, indicating a strategic move into the "it economy" sector [2][3]. Company Summary - Miao Ke Lan Duo is looking to establish a pet cheese product line from scratch, with a three-year development plan for the new business [3]. - The company has historically focused on cheese products, which account for over 80% of its revenue, but has faced challenges due to a lack of business diversification [3][4]. - The company's revenue growth has slowed significantly, with a notable decline in net profit from 1.93 billion yuan in 2021 to 790 million yuan in 2023, although a slight recovery is expected in 2024 [4][8]. Industry Summary - The pet economy in China is projected to exceed 300 billion yuan in 2024, with significant growth in both dog and cat markets [9]. - Over 30 leading companies from various sectors, including food and beverage, are entering the pet industry, indicating a trend of cross-industry expansion [10]. - The pet food and supplies market is characterized by intense competition, with both foreign and domestic brands vying for market share, necessitating innovation and product differentiation [11].