12月8日，Swisse斯维诗"聚力共赢，稳健增长"十周年合作伙伴大会如期举行。这个进入中国市场整整十年的澳洲品牌，用一场大会来回顾其 在中国市场的跨越式发展。 过去十年，中国大健康市场的变革速度远超预期：跨境电商从零爆发、一般贸易持续开放、口服美容品类迅速崛起，消费需求分层加速，渠道 走向抖音等多极并立。 作者 | 古尔波什 前言： 从跨境电商的试水者到中国市场第一，Swisse的中国十年是一部国际品牌本土化的教科书。 在这场永不停歇的竞赛中，Swisse不仅成功穿越周期，更完成了从"代购宠儿"到行业巨头的跃迁。Swisse自2019年起即稳居中国内地线上 VHMS 市场第一，并成为健合集团成人营养业务（ANC）的核心驱动力。 站在十年的节点上回望，中国市场成就了Swisse，而Swisse也已成为中国营养健康行业结构变迁的一部分。 中国十年： 01 与市场共振的三次战略跃迁 Swisse的中国征程始于2015年健合集团的战略性收购，其十年发展可清晰划分为三个关键阶段。 1.0时代（2016-2018年）是市场新军的精准卡位期 。 Swisse凭借代购兴起与跨境电商发展的双重机遇快速切入市场。在保健品市场仍 ...

Summary of H&H Holdings Conference Call Industry Overview - The global dietary supplement (VDS) market is experiencing steady growth, with a market size of approximately $132.4 billion in 2023 and an annual growth rate of 4%-5% [2][7] - The Chinese health supplement market is growing significantly faster than the global average, with a compound annual growth rate (CAGR) of 8%-9% from 2010 to 2023, increasing from over 70 billion yuan to around 224 billion yuan [2][7] - The health supplement industry in China benefits from aging demographics and new consumption trends, with online sales channels accelerating, rising to 60% post-pandemic [2][9] Company Insights - H&H Holdings has transformed into a health supplement company primarily focused on adult health, with over 90% of Swisse brand revenue coming from online channels, maintaining a market share of 7%-8% [2][11] - The company has diversified its brand matrix by launching new brands targeting teenagers, children, and pets, such as Swisse Me, Little Swisse, and Plus [2][11] - H&H Holdings is actively expanding its oral beauty product line, including high-margin products like super light bottles and anti-sugar pills, which are expected to enhance profitability [2][14] Financial Performance and Projections - H&H Holdings is expected to optimize interest expenses by approximately 100 million yuan in 2025 through the replacement of high-interest dollar debt with domestic low-interest loans, which will directly enhance profits [2][5][21] - The company anticipates an adjusted net profit of around 700 million yuan in 2025, representing a nearly 30% year-on-year growth, indicating a turning point in its fundamentals [2][23] - The company’s revenue structure has shifted, with a 24%-25% decline in milk powder revenue in 2024 due to regulatory changes, but a recovery of 44% in the first quarter of 2025 is expected [2][13][14] Market Strategy and Brand Development - H&H Holdings is focusing on the Southeast Asian market for expansion, aiming to replicate the success of the Swisse brand in this region [2][20][27] - The company’s management team has extensive experience in fast-moving consumer goods (FMCG) and foreign investment, which supports strategic clarity and revenue stability across different phases [2][16] - The Swisse brand has expanded its core family nutrition series to include oral beauty products, which are expected to drive future growth [2][15] Risk Assessment - The company has a high level of goodwill, approximately 7.8 billion yuan, primarily concentrated in the Swisse and pet brands, which are performing well with no significant impairment risks [2][22] - Legal issues are not expected to significantly impact the company's financial status, as past experiences suggest a favorable outcome in similar cases [2][25] Conclusion - H&H Holdings is positioned for significant growth in the health supplement market, with a strong focus on online sales and brand diversification. The company’s financial outlook is positive, with expectations of increased profitability and market expansion, particularly in Southeast Asia. The management's strategic decisions and market positioning provide a solid foundation for future growth [2][26][27]