来源：IPO早知道 三大板块持续释放动能。 据IPO早知道消息，健合（H&H）国际控股有限公司（1112.HK，以下简称"健合集团"）于11月18日公 布了2025年前九个月未经审核营运数据。 从品类划分来看，营养补充品继续成为收入增长主引擎。成人营养及护理用品（ANC）、婴幼儿营养 及护理用品（BNC）、宠物营养及护理用品（PNC）三大业务中的营养补充品系列占集团总收入的 64.5%，其中维生素、草本及矿物补充剂以及宠物补充品分别实现6.0%及14.2%的收入同比增长。 同时，健合集团致力于提供全家庭营养健康产品与服务，核心市场稳固领先地位，扩张市场持续强劲增 长——ANC业务同比增长6.0%，得益于中国市场及扩张市场同比双位数增长。BNC业务同比增长 24.0%，其中中国内地婴幼儿配方奶粉销售增长35.2%。PNC业务同比增长8.2%，Zesty Paws快乐一爪保 持北美市场领先，同比增长12.4%，Solid Gold素力高于中国内地销售额增长8.0%。 此外，健合集团前三季度稳步推进去杠杆化进程，于9月主动提前偿还美元银团贷款人民币1.5亿元（等 值），并于10月进一步提前偿还人民币1.5亿元（等值 ...

三大板块持续释放动能。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，健合（H&H）国际控股有限公司（1112.HK，以下简称"健合集团"）于11月18 日公布了2025年前九个月未经审核营运数据。 今年前三季度，健合集团实现营收同比增长12.3%至108.05亿元（人民币，下同），三大核心业务 单元全面增长，继续保持稳健的盈利水平与健康的经营现金流转化。 其中，中国市场为集团营收的 最 大 贡 献 者 ， 占 集 团 总 收 入 的 71.0% ， 同 比 增 长 20.6%； 扩 张 市 场 表 现 亮 眼 ， 实 现 同 比 增 长 19.0%，其中亚洲9个扩张市场同比增长64.4%。 从品类划分来看，营养补充品继续成为收入增长主引擎。 成人营养及护理用品（ANC）、婴幼儿营 养及护理用品（BNC）、宠物营养及护理用品（PNC）三大业务中的营养补充品系列占集团总收入 的64.5%，其中维生素、草本及矿物补充剂以及宠物补充品分别实现6.0%及14.2%的收入同比增 长。 BNC方面，依托电商与母婴线下渠道的成功经验，婴幼儿配方奶粉销售额将维持 ...

Core Insights - H&H International Holdings reported a revenue of 10.805 billion RMB for the first nine months of the year, reflecting a year-on-year increase of 12% based on reported standards and 12.3% based on comparable standards [1][1][1] - The company’s high-margin nutritional supplements accounted for 64.5% of total revenue, with vitamins, herbal and mineral supplements, and pet nutrition categories growing by 6% and 14.2% respectively on a comparable basis [1][1][1] - The company anticipates continued growth in the adult nutrition and care products segment in China, while infant nutrition and care products are expected to benefit from e-commerce and marketing activities in specialty stores [1][1][1] - The pet nutrition and care products segment is expected to maintain its momentum through a focus on high-end pet food and nutrition categories, as well as strengthening its presence in cross-border e-commerce channels [1][1][1]

Core Viewpoint - H&H International Holdings reported a 12% year-on-year increase in revenue for the first nine months of the year, driven by strong performance in the nutritional supplements segment, which accounted for 64.5% of total revenue [1] Financial Performance - Revenue for the first nine months reached 10.805 billion RMB, with a reported year-on-year increase of 12% and a like-for-like increase of 12.3% [1] - The nutritional supplements segment, which has a higher profit margin, contributed significantly to the revenue, while vitamin, herbal, and mineral supplements grew by 6% and pet nutrition products increased by 14.2% on a like-for-like basis [1] Market Outlook - The company expects continued growth in the adult nutrition and care products segment in China [1] - For the infant nutrition and care products segment, sales of infant formula are anticipated to maintain growth due to e-commerce and marketing activities in specialized baby stores [1] - In the pet nutrition and care products segment, SolidGold is expected to sustain its momentum by focusing on high-end pet food and nutrition products while enhancing its presence in cross-border e-commerce channels [1]

Core Insights - H&H International Holdings (01112) reported a 12.0% year-on-year increase in total revenue for the nine months ending September 30, 2025, reaching RMB 10.805 billion, with a 12.3% increase on a like-for-like basis [1] Revenue Breakdown - All business segments recorded positive growth, with the high-margin nutritional supplements accounting for 64.5% of total revenue [1] - The vitamins, herbal and mineral supplements, and pet nutrition categories achieved revenue growth of 6.0% and 14.2% on a like-for-like basis, respectively [1] Segment Performance - The adult nutrition and care products segment grew by 5.2% on a reported basis and 6.0% on a like-for-like basis, driven by strong double-digit growth in mainland China and expanding markets [1] - The infant nutrition and care products segment accelerated its growth, with a 24.0% increase, primarily due to a 33.3% year-on-year growth in infant formula milk powder [1] - The infant probiotics and nutritional supplements business saw a reduced decline of 2.3%, with a return to strong double-digit growth in the last three months of the reporting period [1]

Core Insights - H&H International Holdings (01112) reported a 12.0% year-on-year increase in total revenue for the nine months ending September 30, 2025, reaching RMB 10.805 billion [1] - All business segments experienced positive growth, with the high-margin nutritional supplements accounting for 64.5% of total revenue [1] - The adult nutrition and care products segment grew by 5.2% year-on-year, driven by strong double-digit growth in mainland China and expanding markets [1] - The infant nutrition and care products segment accelerated its growth to 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 business saw a reduced decline of 2.3%, with a return to strong double-digit growth in the last three months of the reporting period [1]