聚力共赢，稳健增长。 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，以"聚力共赢 稳健增长"为主题的2025 Swisse斯维诗合作伙伴大会日前在广州 召开。值得注意的是，2025年是Swisse斯维诗正式进入中国市场的十周年。 从"澳洲口碑品牌"到"全球健康引领者"，Swisse斯维诗在机遇面前乘风而起，见证并参与了中国健 康产业的蓬勃发展与消费升级，夯实了其在国内营养健康行业的领航增长地位，并以中国市场为原点 驶向了更广阔的星辰大海。 十年淬炼两度飞跃 从澳洲品牌到全球健康引领者 作为源自澳洲、拥有55年历史的自然营养品牌，Swisse斯维诗自2015年正式加入健合集团起，就 开启了与中国健康产业共生共长的十年征程。在本土化运营的十年间，Swisse斯维诗保持对中国健 康消费动向的敏锐洞察，以自然健康的品牌定位贴近中国消费者，传递"运动、营养、正念"的理 念；更在健合集团Premium（高端优质）、Proven（科学验证）、Aspirational（令人向往，追求 卓越）、Engaging（参与互动）PPAE经营模式的指导下，不断提升品牌核心 ...

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 ...

本报讯 （记者梁傲男）12月8日，以"聚力共赢 稳健增长"为主题的2025 Swisse斯维诗合作伙伴大会在广州隆重召开。2025 年是Swisse斯维诗正式进入中国市场的十周年，在十年深耕与积淀的基础上，Swisse斯维诗以真口碑、真有效、真安全的品牌 内核，通过战略发布、经验分享与深度对话，向一路鼎力支持的全体合作伙伴致以诚挚谢意，致力与合作伙伴携手探索大健康 领域的新机遇、共克新挑战。 Swisse斯维诗自2015年加入健合（H&H）国际控股有限公司（以下简称"健合集团"）起，就开启了与中国健康产业共生共 长的十年征程。在本土化运营的十年间，Swisse斯维诗保持对中国健康消费动向的敏锐洞察，以自然健康的品牌定位贴近中国 消费者，传递"运动、营养、正念"的理念。 当前，大健康行业在持续增长中仍面临着消费分级与竞争升级的新挑战。面对行业大环境，Swisse斯维诗在中国市场的十 年跨越式增长，是品牌深耕本土的战略定力与合作伙伴的信任支持双向成就的结果。 同时，健合集团首席执行官及中国区CEO李凤婷表示，站在新十年的起点，Swisse斯维诗携手合作伙伴，正朝着新的远航 阶段稳步前进，品牌将在未来继续坚持以洞察 ...

12月8日，以"聚力共赢 稳健增长"为主题的2025 Swisse斯维诗合作伙伴大会在广州隆重召开。2025年是 Swisse斯维诗正式进入中国市场的十周年，本次大会不仅是一场对过往历程的回顾，更是一次对未来征 程的展望。在十年深耕与积淀的基础上，Swisse斯维诗以真口碑、真有效、真安全的品牌内核，通过战 略发布、经验分享与深度对话，向一路鼎力支持的全体合作伙伴致以诚挚谢意，致力与合作伙伴携手探 索大健康领域的新机遇、共克新挑战。 十年淬炼两度飞跃，从澳洲品牌到全球健康引领者 2018年，跨境电商行业发展逐步走向规范化。Swisse斯维诗于2019年正式开启了国际品牌到本土化转型 的2.0时代，彼时，"健康中国"战略的持续深化促使消费者健康意识大幅提升，Swisse斯维诗精准洞察到 消费者关注内在健康与节奏的真实需求，将营养品打造成生活时尚单品，同时推出了儿童自然营养品品 牌 Little Swisse小小斯维诗、年轻人的及时营养搭档Swisse Me、超高端细胞营养抗衰品牌Swisse PLUS 三大品牌多个品类，满足不同人群的精细化营养需求。同期，Swisse斯维诗取得了中国内地线上VHMS 市场排名N ...

Core Insights - The global functional food market is projected to reach approximately 1.09 trillion yuan in 2024 and may exceed 1.46 trillion yuan by 2030, with China maintaining a high growth trajectory in this sector [1] - The competitive landscape is shifting from "marketing leadership" to "efficacy leadership," emphasizing the importance of scientific validation and product effectiveness [1] Company Analysis - Swisse, a core brand of the Health and Happiness Group's Adult Nutrition Care (ANC) business, is enhancing its product offerings with a focus on "scientific efficacy + multi-scenario reach" [1] - The Swisse PLUS series targets the 35-50 age demographic with anti-aging ingredients like NAD+ and ergothioneine, while the Swisse Me line features convenient products such as gummies and instant powders aimed at younger consumers [1] - In the first half of 2025, Swisse's ANC business revenue grew by 5.9% to 3.44 billion yuan, accounting for nearly half of the group's total revenue, with an overall gross margin of 62.5%, reflecting a year-on-year increase of 1.6 percentage points [1] Industry Trends - The current strategies of functional food brands signal three major trends: efficacy-driven branding creates barriers but demands higher R&D investment and scientific validation; premiumization meets consumer quality demands and enhances product loyalty, requiring brands to accurately gauge health consumption trends; and snackification innovations can broaden consumer reach but involve high market education costs and longer return cycles [1] - Efficacy-driven competition, premium segmentation, and scenario innovation are expected to be key indicators of industry differentiation in the next two to three years [2]

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]