Core Viewpoint - The infant formula industry is experiencing a rebound in performance despite a backdrop of reduced market demand and intensified competition, with several companies reporting growth in both revenue and profit for the first half of 2025 [1][9]. Group 1: Company Performance - Health and Nutrition Group (健合集团) reported a revenue increase of 5.2% to RMB 7.02 billion and a net profit growth of 4.6% in the first half of 2025, reversing the decline seen in 2024 [2]. - The three main business segments of Health and Nutrition Group all showed revenue growth, with Adult Nutrition and Care (ANC) at RMB 3.44 billion (up 5.9%), Infant Nutrition and Care (BNC) at RMB 2.50 billion (up 2.9%), and Pet Nutrition and Care (PNC) at RMB 1.08 billion (up 8.6%) [2]. - Aoyou Dairy (澳优乳业) achieved a revenue of approximately RMB 3.887 billion, a 5.6% increase, and a net profit of RMB 181 million, up 24.1% for the same period [6]. - Aoyou's own brand infant formula business generated approximately RMB 2.826 billion, with a 3.1% growth in goat milk formula [6]. Group 2: Market Trends - The sales of infant formula in mainland China grew by 10.0%, significantly outpacing the overall market's retail growth of 0.2% [4]. - The market share of Health and Nutrition Group in the ultra-premium infant formula segment increased from 12.9% to 15.9%, reaching a historical high [4]. - The infant formula market is expected to see a growth rate of around 5% in retail market size by 2025, driven by a rebound in birth rates and supportive policies [11]. - The implementation of a new subsidy policy for families with children under three years old is anticipated to provide structural benefits to the infant formula market [11][12]. Group 3: Consumer Behavior - There is a noticeable trend of consumption upgrading in the infant formula market, with consumers willing to pay higher prices for high-quality or specialized products [12]. - The proportion of consumers purchasing infant formula priced above RMB 300 increased to 26% in 2024, up from 21% in 2023 [12]. - The lower-tier cities and rural markets are showing significant consumption upgrades, releasing potential in the down-market segment and contributing to the expansion of the high-end and ultra-high-end infant formula market [12].

Core Viewpoint - H&H International Holdings reported a decline in net profit despite a slight increase in revenue, leading to a drop in share price [1] Financial Performance - The company achieved revenue of RMB 7.019 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.89% [1] - Net profit attributable to shareholders was RMB 71.017 million, a significant decrease of 76.78% compared to the previous year [1] - Basic earnings per share were reported at RMB 0.11 [1] Dividend Announcement - The company proposed an interim dividend of HKD 0.19 per ordinary share, down from HKD 0.30 in the same period last year [1] Business Segment Performance - Revenue growth was attributed to all business segments, including adult nutrition and care products, infant nutrition and care products, and pet nutrition and care products [1] - The high-margin nutritional supplements across all three business segments saw a year-on-year revenue increase of 4.6%, accounting for 65.6% of total revenue [1]

智通财经APP获悉，H&H国际控股(01112)跌超5%，截至发稿，跌4.82%，报13.23港元，成交额6605.5 万港元。 消息面上，H&H国际控股发布截至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，上年同期派0.3港元。 公告称，收入增加主要由于所有业务分部(即成人营养及护理用品、婴幼儿营养及护理用品及宠物营养 及护理用品)增长所致。截至2025年6月30日止6个月，集团所有三个业务分部的高利润率营养补充品所 得收入按同类比较基准按年增长4.6%，占集团总收入的65.6%。 ...

Core Insights - H&H International Holdings reported a mid-single-digit revenue growth for the six months ending June 30, 2025, driven by growth across all business segments, including adult nutrition and care products, infant nutrition and care products, and pet nutrition and care products [1] Group 1: Adult Nutrition and Care Products - The adult nutrition and care products segment experienced a mid-single-digit revenue increase, primarily due to double-digit growth in mainland China and strong performance in other expanding markets [1] - The growth in this segment is attributed to rising consumer demand for beauty, anti-aging, and detox products, as well as the success of innovative product lines such as Swisse Plus+, Little Swisse, Smart Melts, and Swisse Magnesium Glycinate [1] - Swisse maintains a leading position in the overall vitamin, herbal, and mineral supplement market in mainland China, benefiting from its strong e-commerce presence [1] Group 2: Infant Nutrition and Care Products - The infant nutrition and care products segment saw a return to growth with a low single-digit year-on-year increase, driven by high single-digit growth in infant formula sales [2] - The strategy to attract new consumers, particularly through e-commerce and specialty infant stores, has helped expand market share, with Biostime's ultra-premium infant formula market share increasing from 13.0% to 15.8% [2] - During the 618 online shopping festival, the sales volume of the first and second stages of infant formula recorded a 103% increase [2] - However, the infant probiotics and nutritional supplements segment experienced a double-digit year-on-year decline due to reduced foot traffic in pharmacy channels and industry-wide challenges, although online sales in mainland China still showed low single-digit growth [2] Group 3: Pet Nutrition and Care Products - The pet nutrition and care products segment recorded a high single-digit revenue growth compared to the same period last year, benefiting from the increasing trend of premiumization in pet nutrition, pet humanization, and a rising number of pets [3] - The high-margin pet supplements segment continues to achieve steady revenue growth in the low to mid-double digits [3]