证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 10 年 月 日 H&H 国际控股（01112.HK） 全家营养龙头，开启向上周期 H&H 国际控股：全家庭营养领导者，基本面拐点向上。1999 年公司前身 合生元成立，打造益生菌大单品；2008 年奶粉上市后凭"法国进口"定位 高速成长，2007-2013 年收入/净利润复合增速 70.1%/89.9%。此后公司 开启并购扩张之路，2016 年收购澳洲保健品品牌 Swisse、2020 年收购美 国宠物食品品牌 Solid gold、2021 年收购美国宠物补充品品牌 Zesty Paws， 完成全家庭营养布局，2013-2020 年收入/净利润复合增速 13.7%/4.8%。 2021 年后公司因奶粉业务承压、债务负担加重等步入调整期，2020-2024 年收入/净利润复合增速 3.9%/转亏。2024 年公司收入/净利润 130.5/-0.5 亿元，短期承压；经过奶粉新旧国标替换、债务置换等调整，基本面触底 修复，25Q1-3 营收增速同比+12.0%。 ANC：""1+3"矩阵布局，全球扩张拓市场。ANC 业务为 Swisse" ...

据健康产业观察，每月有1.2亿用户在小红书寻求健康生活指引，其中医疗健康类目的搜索量增速显 著，医疗器械、OTC与保健食品分别增长 36%、78%、53%。这意味着过去几年，这些产品的相关品牌 在小红书平台借由海量博主笔记构筑的"种草"通道，已经关闭了。 文 | 市象 王铁梅 编辑 | 古廿 小红书新规发布后，Swisse（斯维诗）在小红书的官方旗舰店悄然下架了店内全部商品链接。 随着平台《禁止分享商品及服务规则》结束意见征集，一套针对保健品及医药健康类商品的强监管框架 正式落定。新规之下，所有"蓝帽子"认证的保健食品、各类婴幼儿及特殊医学配方奶粉，均被划入禁止 达人分享推广的范围。 对于将小红书视为核心营销阵地、深度依赖其塑造"进口健康"品牌形象的Swisse而言，增速或将遇阻。 在中国市场，Swisse同时运营着"国产蓝帽子"和"跨境进口"两条产品线，这一直是其主要的两条增长 线。蓝帽子产品被直接禁止推广，可能会导致以国产合规产品做背书的跨境产品营销空间也被大幅挤 压。 2024年小红书在年度"种草大赏"上为Swisse颁发了"品牌长效增长"奖。颁奖词写道："多品线科学排兵布 阵，矩阵化种草，带动生意稳增 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 健合（H&H）國際控股有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01112 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本 ...

H&H 国际控股 20260123 摘要 HNH 国际控股 2025 年业务发展良好，奶粉业务增长超 20%，宠物保 健品保持双位数增长。预计 2026 年将继续推动三大业务板块增长，奶 粉业务增速虽回落但仍将保持正增长并超越行业平均水平。 公司持续降低债务，2025 年实际利息费用节省 1 亿元，预计 2026 年 进一步减少债务总额约 5 亿元，并通过贷款再融资优化利息支出，预计 实际利息支出至少下降 3,000 万元。 预计未来几年收入增速维持在高个位数至接近 10%，通过降负债和财务 优化，净利润提升幅度将超过收入增速。2026 年财务费用可能下降接 近 10 个点或更多，节省 5,000 万元以上。 2025 年利润率接近 15%，2026 年可能与之相当。通过产品组合优化， 如提升 SWISSPLUS 产品占比，可弥补抖音渠道对利润率的稀释影响， 目标 SWISSE 中国保持 17-18%的 EBITDA 利润率。 保健品行业整体呈现中到高单位数增长，线上渠道双位数增长，线下渠 道微跌。抖音作为线上增速最快的平台，占比接近 40%，并以 40-50% 的高双位数增长引领市场。 Q&A 2025 年 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

Group 1 - H&H Group (01112.HK) experienced a significant increase in stock price, rising over 13% at one point and currently up 6.96% to HKD 14.14 [1] - The trading volume reached HKD 91.9716 million [1]

Group 1 - H&H Group's stock surged over 13%, currently trading at 14.14 HKD with a transaction volume of 91.97 million HKD [1] - The National Bureau of Statistics reported that China's birth population in 2025 is projected to be 7.92 million, indicating increased competition in the infant formula market [1] - According to Lyon, the lower-than-expected birth numbers highlight the importance of product structure and sales momentum for companies, especially as the market shifts towards stage 3 products [1] Group 2 - By 2025, H&H Group's core brand, Biostime, has shown a 10.0% year-on-year growth in infant formula sales in the first half of the year, significantly outperforming the industry average [1] - The strong sales performance of stage 1 and stage 2 infant formula products has been a key driver for the company's growth [1] - Haitong International noted that infant formula has become the largest growth engine for the BNC business [1]

Core Viewpoint - H&H Group's stock surged over 13% following the announcement of China's declining birth rate, indicating increased competition in the infant formula market and emphasizing the importance of product structure and sales momentum for companies [1] Company Summary - H&H Group's core brand, Biostime, has focused on infant nutrition and health since its establishment in 1999 [1] - In the first half of 2025, Biostime's sales of infant formula increased by 10.0% year-on-year, significantly outperforming the industry average, driven by strong sales of Stage 1 and Stage 2 infant formula [1] - The infant formula segment has become the largest growth driver for H&H Group's BNC business [1] Industry Summary - The National Bureau of Statistics reported that China's birth population for 2025 is projected to be 7.92 million, which is lower than expected, leading to intensified competition in the infant formula market [1] - Companies with a stable customer base and consumer trust in Stage 1 and Stage 2 products are expected to benefit as the market shifts towards Stage 3 products [1]

Company Overview - Zhenstone Co., Ltd. (振石股份) is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector, covering industries such as wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [1] - The company has established stable partnerships with well-known global clients and is a key supplier for major enterprises in China and internationally, including Vestas, Siemens Gamesa, and Nordex [1] Industry Insights - According to GWEC statistics, the global cumulative installed wind power capacity is expected to reach 1,136 GW by the end of 2024, with projections of 2,118 GW by 2030, indicating a compound annual growth rate of 10.94% for new installations from 2024 to 2030 [2] Financial Performance - The company's revenue for 2022, 2023, and 2024 is approximately 5.267 billion, 5.124 billion, and 4.439 billion RMB respectively, with net profits of about 781 million, 793 million, and 607 million RMB for the same years [4] - The net cash flow from operating activities for the years 2022, 2023, and 2024 is approximately -208 million, -409 million, and 103 million RMB, indicating fluctuations primarily due to the company's business settlement methods [4] - As of the end of 2022, 2023, and 2024, the total assets are approximately 83.97 billion, 84.10 billion, and 90.39 billion RMB respectively, with a debt-to-asset ratio of 71.53%, 71.30%, and 67.77% [5]

Core Viewpoint - The company is expected to achieve a revenue growth of 10% year-on-year in 2025, with projected revenues of 14.3 billion yuan and a net profit of 690 million yuan [1]. Group 1: Revenue Growth - All three business segments are anticipated to show strong growth in 2025. Specifically, ANC revenue is expected to grow in the mid-to-high single digits, while BNC and PNC revenues are projected to achieve low double-digit growth year-on-year [1]. - ANC segment is expected to benefit from increased demand for health products and related policy catalysts, with Swisse China projected to achieve double-digit growth in 2025. The official account indicates a 6% year-on-year increase in sales during the Double Eleven shopping festival, maintaining its position as the leader in the nutrition and health industry [1]. - BNC segment is projected to see over 20% revenue growth in 2025, primarily due to effective customer acquisition strategies, while probiotics and infant nutrition products are expected to stabilize with a significant reduction in decline [1]. - PNC segment is expected to continue double-digit growth in the U.S. market for Zesty Paws, contributing to overall PNC growth, while Solid Gold is anticipated to recover with high single-digit growth, with a narrowing decline in the U.S. market [1]. Group 2: Profitability and Margin - The EBITDA margin for 2025 is expected to align with market expectations, with ANC EBITDA margin remaining stable year-on-year. BNC EBITDA margin is projected to improve to low double digits due to sales improvements, while PNC EBITDA margin is expected to remain in the mid-single digits [2]. - Overall, the group’s EBITDA margin is anticipated to remain stable year-on-year in 2025. For 2026, ANC revenue is expected to achieve high single-digit growth, BNC revenue is projected to grow in the mid-single digits due to a high base, and PNC revenue is expected to continue double-digit growth [2]. Group 3: Profit Forecast and Valuation - The company is trading at 10-9 times the P/E ratio for 2026/2027. Given the strong performance of the milk powder segment, net profit estimates for 2025 and 2026 have been raised by 3% to 690 million yuan and 820 million yuan, respectively, with a profit forecast of 910 million yuan for 2027 [2]. - Considering the competitive nature of the industry, the target price is maintained at 17.7 HKD, corresponding to 13-11 times the P/E ratio for 2026/2027, indicating a 29% upside potential. The company maintains an outperform rating relative to the industry [2].