Core Insights - H&H International Holdings Limited reported a revenue growth of 12.3% year-on-year to 10.805 billion RMB for the first three quarters of the year, driven by strong performance across its three core business units [2][5] - The Chinese market contributed significantly, accounting for 71.0% of total revenue with a year-on-year growth of 20.6%, while expansion markets showed impressive growth of 19.0%, particularly in nine Asian markets which grew by 64.4% [2][5] Revenue Breakdown - Nutritional supplements remain the main revenue driver, contributing 64.5% to total revenue, with vitamins, herbal and mineral supplements, and pet supplements achieving year-on-year growth of 6.0% and 14.2% respectively [5] - The Adult Nutrition and Care (ANC) segment grew by 6.0%, supported by double-digit growth in both the Chinese and expansion markets [7] - The Baby Nutrition and Care (BNC) segment saw a significant year-on-year growth of 24.0%, with infant formula sales in mainland China increasing by 35.2% [7] - The Pet Nutrition and Care (PNC) segment grew by 8.2%, with Zesty Paws maintaining market leadership in North America with a growth of 12.4% [7] Financial Health - The company is actively pursuing deleveraging, having repaid 150 million RMB of USD syndicated loans in September and an additional 150 million RMB in October, improving its debt structure and financing efficiency [7] - As of September 30, the company had cash reserves of 1.74 billion RMB, ensuring robust liquidity for long-term development [7] Strategic Focus - H&H Group plans to increase investment in scientific innovation and continue its "whole family nutrition and health" strategy, aiming for sustainable growth in core brands and categories to meet diverse nutritional needs [7][8] - The ANC segment will leverage product innovation and online channel expansion to maintain its leading position in the overall VHMS market [8] - The BNC segment will continue to grow through e-commerce and offline channels, focusing on educating new mothers to solidify market share [10] - The PNC segment will maintain its growth trajectory by focusing on high-end pet food and nutrition products, enhancing cross-border e-commerce efforts [12]

智通财经获悉，11月18日，健合(H&H)国际控股有限公司(01112)公布2025年前九个月未经审核营运数 据。 截至2025年9月30日止九个月，健合集团实现营收同比增长12.3%至人民币108.05亿元，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。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%。 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。 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 ...