健合集团2025年前九个月财报显示，公司整体营收达108.05亿元人民币，同比增长12.3%，三大核心业务均实现增长，盈利水平与现金流保持稳健。其 中，中国市场贡献了总收入的71.0%，同比增长20.6%，是集团营收的主要来源。同时，扩张市场亦表现突出，整体同比增长19.0%，其中亚洲9个扩张市 场的增速尤为显著，同比增长达64.4%。健合集团持续聚焦全球高端营养与健康产业，展现出良好的发展态势。 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¹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。 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 ...

Core Insights - H&H International Holdings Limited reported a 12.3% year-on-year revenue growth to RMB 10.805 billion for the first nine months of 2025, with all three core business units showing comprehensive growth [1] - The Chinese market contributed 71.0% of total revenue, growing by 20.6% year-on-year, while expansion markets saw a remarkable 19.0% growth, with nine Asian expansion markets growing by 64.4% [1] - Nutritional supplements remain the main revenue growth driver, accounting for 64.5% of total revenue, with vitamins, herbs, and mineral supplements growing by 6.0% and pet supplements by 14.2% [1] Business Unit Summaries Adult Nutrition and Care (ANC) - ANC revenue reached RMB 5.24 billion, a 6.0% year-on-year increase, with Swisse brand in China growing by 15.7% [3] - Online cross-border e-commerce sales grew by 23.1%, and Douyin channel sales surged by 77.7%, reinforcing Swisse's No.1 position in the overall VHMS market in China [3] - Swisse continues to innovate with high-end products targeting various health needs, including heart health and anti-aging [3] Baby Nutrition and Care (BNC) - BNC revenue reached RMB 3.97 billion, with a strong 24.0% year-on-year growth, driven by a 35.2% increase in infant formula sales in mainland China [7] - The market share for high-end infant formula reached a historic high of 16.4%, increasing to 17.3% in Q3 [7] - BNC's marketing initiatives, including educational campaigns for new mothers, have strengthened consumer connections [9][10] Pet Nutrition and Care (PNC) - PNC revenue reached RMB 1.59 billion, growing by 8.2%, supported by increasing pet ownership and a trend towards premium pet nutrition products [11] - In China, Solid Gold brand achieved an 8.0% growth, while Zesty Paws in North America grew by 12.4% [11][13] - Solid Gold's marketing strategies, including collaborations with popular figures, have successfully engaged younger pet owners [11] Financial Health and Strategy - The company is actively improving its capital structure, having repaid RMB 150 million of USD syndicated loans in September and October [2] - As of September 30, the company maintained a cash reserve of RMB 1.74 billion, ensuring robust liquidity for long-term development [2] - The CEO emphasized ongoing efforts in deleveraging and optimizing capital structure to support future growth, aiming to become a leader in the global premium nutrition and health industry [15]

Core Viewpoint - H&H Group reported a steady revenue growth of 5.2% year-on-year, reaching 7.02 billion RMB, with adjusted EBITDA margin at 15.7% and adjusted net profit increasing by 4.6% year-on-year, indicating the successful implementation of its "whole family nutrition and health" strategy [1] Performance Highlights - ANC (Adult Nutrition and Care) revenue grew by 5.9% to 3.44 billion RMB, with a notable 13.1% increase in China. Swisse remains the top brand in the Chinese VHMS market, focusing on anti-aging and children's segments [2] - BNC (Infant Nutrition and Care) revenue increased by 2.9% to 2.5 billion RMB, with a 10% rise in infant formula sales in mainland China, significantly outperforming the industry average [3] - PNC (Pet Nutrition and Care) revenue rose by 8.6% to 1.08 billion RMB, with high-end pet supplements growing by 14.3%, showcasing strong market demand [3] Growth Logic - The company's growth is driven by a long-term strategy centered on channel empowerment, scientific research, and brand development, creating a positive feedback loop among brand, channel, and users [5] - Continuous investment in product research and development, such as Swisse's high-purity fish oil receiving certification, and innovative product offerings in BNC, demonstrate the company's commitment to meeting refined consumer needs [5] Brand Communication - The company employs targeted marketing strategies on platforms like Xiaohongshu and Douyin, effectively connecting with consumers through emotional engagement and tailored messaging [6] - A multi-channel approach integrates online and offline strategies, enhancing customer acquisition and retention through shared data and user insights [6] Industry Trends - The online health product market is experiencing significant growth, with younger consumers increasingly driving demand. H&H Group benefits from its leading position in e-commerce platforms [7] - The pet health product market is expanding, with a low penetration rate in China compared to the U.S., presenting substantial growth opportunities for H&H Group's brands [8] Value Restructuring - Management provided guidance for 2025, projecting mid-single-digit revenue growth for the group, with high single-digit growth for ANC and BNC, and low double-digit growth for PNC [9] - The company is positioned for valuation recovery, with adjusted net profit expected to reach approximately 650 million RMB by 2025, indicating a favorable outlook compared to historical averages [9][10] - Recent financial optimizations, including a refinancing of $300 million in senior notes, are expected to reduce financial costs and enhance profitability [9] Market Attention - The company's stock price has surged over 32% in the past month, reflecting increased market interest and confidence in its growth trajectory [11] - The combination of recovering infant formula sales, accelerating pet business growth, and reduced financial leverage is likely to recalibrate market pricing for the company's collaborative growth strategy [13]