精确的战略方向调整，前瞻性的布局和坚实的财务基础，为健合集团走出周期提供了新可能。 日前，健合集团（H&H）公布了2025年中期业绩报告。上半年，健合集团营收同比增长5.2%至70.2亿 元。其中，中国市场为集团营收的最大贡献者，同比增长达8.7%，占总收入的70.3%。 分业务看，ANC（成人营养护理）业务营收达34.4亿元，同比增长5.9%； BNC（婴幼儿营养与护理） 业务营收同比增长2.9%至25.0亿元；PNC（宠物营养护理）业务上半年营收达10.8亿元，同比增长 8.6%。 以今年"618"购物季为例，在财报中，健合集团援引天猫统计称，Swisse海外旗舰店于2025年5月20日至 6月18日期间位列天猫保健食品╱膳食补充品类别销售额第一名。 此外，这期间，Swisse也均成为京东、抖音以及唯品会品牌健康营养保健类别、海外膳食补充品类别、 营养补充品类别销售额的第一名。 产品和品牌结构上，为顺应不断变化的市场需求，Swisse也在不断推陈出新，形成完整的产品布局，增 长空间显著。 财报显示，通过"mega brand"策略，健合集团成功推动超高端细胞级营养品牌SwissePlus 及针对儿童健 康 ...

1H25 业绩符合市场预期 公司公布1H25 业绩：收入70.2 亿元，同比+4.9%；调整后归母净利润3.6亿元，同比+4.6%。业绩基本 符合市场预期。 机构：中金公司 研究员：陈文博/王文丹 发展趋势 三大板块均录得正增长，奶粉收入止跌回正。1H25 公司整体收入同比+4.9%，其中ANC 收入同比 +5%，ANC 中国区收入同比+13.1%，主因Swisse 创新品类表现较好，且跨境电商及新零售渠道增速较 快；ANC 澳新收入同比-18.5%，主因代购渠道调整。BNC 收入同比+2.9%，其中奶粉收入同比+9.6%， 益生菌收入同比-16%，婴童营养品收入同比-17.1%；随着合生元婴配奶粉完成新国标调整，奶粉业务 重回上行区间，合生元超高端婴配奶粉市占率提升至15.9%，1 阶及2 阶奶粉收入均实现同比高双位数 增长；益生菌及婴童营养品业务对BNC 表现有一定拖累，主因线下药房渠道客流下滑，线上与母婴店 渠道实现增长。PNC 收入同比+9.6%，中国区PNC 收入同比+17.5%；北美PNC 收入同比+6.4%，其中 Zesty Paws 收入同比+12.8%，Solid Gold 收入同比-23. ...

Core Viewpoint - The company reported a revenue increase of 4.9% year-on-year for H1 2025, with adjusted comparable net profit rising by 4.6%, indicating stable performance in line with guidance despite a decline in apparent profit due to one-time expenses and currency fluctuations [1][5]. Financial Performance - H1 2025 revenue reached 7.019 billion yuan, up 4.9% year-on-year, aligning with guidance; net profit was 71 million yuan, down 76.8%, below previous forecasts; adjusted comparable net profit was 363 million yuan, up 4.6%, meeting prior expectations; adjusted comparable net profit margin was 5.2%, stable year-on-year; adjusted comparable EBITDA was 1.101 billion yuan, down 3.4% year-on-year, with an adjusted EBITDA margin of 15.7%, down 1.3 percentage points [2][5]. Business Segment Performance - ANC business showed steady growth with a 5.0% year-on-year increase; adjusted EBITDA margin decreased by 1.2 percentage points to 20.9%, primarily due to increased marketing expenses in Douyin and overseas market expansion; domestic ANC revenue grew by 13.1%, driven by strong performance of Swisse's new product categories and channels like Douyin and new retail, with LittleSwisse series revenue up 32.9% [2][3]. - BNC business improved with a 2.9% year-on-year increase; EBITDA margin decreased by 2.6 percentage points to 12.4%; domestic infant formula revenue rose by 10%, significantly outpacing overall market growth, achieving a historical high market share of 15.9% in the ultra-premium segment [3]. - PNC business advanced with a 9.6% year-on-year increase; adjusted EBITDA margin improved by 1.6 percentage points to 6.7%, driven by margin improvements; domestic PNC revenue grew by 17.5%, aided by the successful restructuring of SolidGold [3]. Capital Structure and Outlook - The company is optimizing its capital structure and financial resilience; adjusted comparable EBITDA decreased by 3.4%, but the EBITDA margin remained robust at 15.7%, consistent with overall guidance; refinancing of $297 million in senior notes due in 2026 positively impacted apparent profit, extending debt maturity and reducing financing costs; cash balance stood at approximately 1.83 billion yuan, indicating solid liquidity [4]. - Looking ahead to H2 2025, growth is expected to continue with Swisse focusing on product innovation and online channel expansion; the Australian and New Zealand markets are anticipated to maintain steady growth, while Southeast Asia will continue to be explored; BNC sales are projected to grow steadily, supported by e-commerce and maternal and infant channel marketing experience [4]. Investment Recommendation - The company maintains a "buy" rating, supported by rapid growth in the Swisse brand in China and an increase in infant formula market share; EPS estimates for 2025-2027 are projected at 0.56, 1.03, and 1.26 yuan respectively [5].

证券研究报告·公司点评报告·消费 H&H 国际控股（1112.HK） [Table_Main] 2025 年半年报业绩点评：业绩符合此前预告；合生元 市场份额持续提升 买入（维持） | 盈利预测与估值 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 收入总额（百万港元） | 13,051.7 | 14,367.9 | 15,492.4 | 16,438.1 | | 同比 | -6.3% | 10.1% | 7.8% | 6.1% | | 归母净利润（百万港元） | -53.7 | 676.0 | 845.5 | 952.9 | | 同比 | - | - | 25.1% | 12.7% | | 每股收益-最新股本摊薄（港元/股） | 9.01 | 9.79 | 10.77 | 11.88 | | P/E - 现价 | - | 13.27 | 10.61 | 9.42 | | 数据来源：iFind，东吴证券（香港） | | | | | 投资要点 [Table_Author] 2025 年 8 月 28 日 分析师 张景之 (8 ...

Investment Rating - The report maintains a "Buy" rating for H&H International Holdings [11] Core Views - H&H International Holdings reported a revenue increase of 4.9% year-on-year for H1 2025, with adjusted comparable net profit rising by 4.6%, aligning with previous guidance [11] - The company is expanding its ANC business through online channels and overseas markets, solidifying its industry-leading position, while the BNC business is improving with a rise in ultra-premium infant formula market share [11] - Despite pressure on apparent profits, the company is optimizing its capital structure, which is expected to accelerate debt reduction in the future [11] Financial Performance - For H1 2025, the company achieved a revenue of 7.019 billion yuan, a year-on-year increase of 4.9%, and an adjusted comparable net profit of 363 million yuan, a year-on-year increase of 4.6% [5][11] - The adjusted EBITDA for H1 2025 was 1.101 billion yuan, reflecting a decrease of 3.4% year-on-year, with an adjusted EBITDA margin of 15.7% [5][11] - The company plans to distribute an interim dividend of 0.19 HKD per share, totaling 109 million yuan [5] Business Segment Performance - ANC business grew by 5.0% year-on-year in H1 2025, with significant growth in the Chinese mainland market, particularly through the Swisse brand [5][11] - BNC business saw a 2.9% increase year-on-year, with the ultra-premium infant formula market share reaching a historical high of 15.9% in the Chinese mainland [5][11] - PNC business reported a 9.6% year-on-year increase, with improved profitability driven by margin enhancements [5][11] Future Outlook - The company expects continued growth in the second half of 2025, with Swisse focusing on product innovation and online channel expansion [6][11] - The BNC segment is anticipated to benefit from the transition to new national standards and the ongoing recovery in infant formula sales [6][11] - PNC is expected to maintain its growth trajectory, particularly in the North American market [6][11] Financial Projections - EPS estimates for 2025, 2026, and 2027 are projected at 0.56, 1.03, and 1.26 yuan respectively [11] - The company’s total revenue is expected to reach 14.083 billion yuan in 2025, with a year-on-year growth of 8% [7][11]

Group 1 - The core viewpoint of the articles highlights H&H International Holdings' revenue growth and improved profit margins for the first half of 2025, driven by various business segments including adult nutrition, infant nutrition, and pet nutrition [1] - For the six months ending June 30, 2025, the company's revenue increased by 4.9% to RMB 7,019.2 million, with a gross margin improvement from 60.9% to 62.5% [1] - The adjusted comparable net profit rose by 4.6% year-on-year, and the company announced an interim dividend of HKD 0.19 per ordinary share [1] Group 2 - In the second half of 2025, the adult nutrition and care segment is expected to maintain growth momentum in mainland China through continuous product innovation and online channel development [2] - The infant nutrition segment anticipates accelerated sales growth due to successful e-commerce and specialty store marketing activities, alongside the transition to new national standards [2] - The pet nutrition segment will continue its growth trajectory, with ZestyPaws executing an omnichannel strategy while SolidGold focuses on high-end pet food and cross-border e-commerce in mainland China [2]

加强看多保健品：新消费新机遇，个股逻辑鲜明 20250515 摘要 • 保健品行业呈现结构性增长，2017-2022 年复合增长率为 5%，虽增速中 低，但新消费趋势下机遇涌现，如仙乐健康通过业务转型实现盈利增长， 估值提升。 • 盐津铺子受益于量贩零售渠道，尽管市场对其增速存疑虑，但长期增长潜 力仍被看好。其利润率虽短期回落，但符合大单品逻辑，在新渠道和消费 场景表现出色。 • 新消费公司涉足保健品领域，通过销售快速增长驱动业绩，个股逻辑凸显。 仙乐健康等企业通过业务转型和剥离亏损业务，实现了盈利并提高了估值。 • 保健品行业具潜力，类似几年前的蓝筹股，有重新任职机会。新品牌需拥 抱新消费路径，挖掘保健品新消费属性，通过渠道合作扩大影响力，如新 健康与 JMC 直播等合作。 • 燕之初作为燕窝代工龙头，具备采购优势和技术积累，拥有 2000 家客户 及 70 项专利。若能打通 C 端市场，实现从代工向品牌转型，估值有望提 升。 Q&A 保健品行业的现状及未来发展趋势如何？ 保健品行业在内需和食品饮料的各个细分领域中算是挖掘较晚的一个洼地。近 年来，随着若羽臣等公司的涉足，保健品行业的关注度显著提升。我们建议 ...