Financial and Investor News
|H&H Group Q1 2026 revenue up 34.4%
Media Release – 22 April 2026
H&H Group Q1 2026 revenue up 34.4% with Swisse, Biostime and Zesty Paws all delivering strong brand performances
Leading global family nutrition company Health and Happiness (H&H) International Holdings Limited ('H&H Group' stock code: 1112.HK) has announced its unaudited operational statistics for the three months ended 31 March 2026. The Group's total revenue increased by 34.4% year-on-year on a reported basis (33.8% on a like-for-like (LFL) basis) to RMB4,259.5 million.
Akash Bedi, Group CEO and CEO of North America, Middle East and India at H&H Group, says it has been a very promising start to the year for the Group, with the Adult and Baby Nutrition and Care segments in particular achieving strong growth, benefiting from two short-term tailwinds – a phasing effect due to the Chinese New Year holidays and a temporary surge in demand for Biostime infant milk formulas (IMF) due to new industry developments during the first quarter of 2026.
"In the first three months of 2026, we have executed our strategy with discipline while tapping into global consumer trends. Our high-margin nutritional supplements made up 59.9% of total revenue, with Swisse's VHMS products growing 24.2%, Biostime's paediatric probiotic and kids nutritional supplements growing 23.1%, and pet supplements under Solid Gold and Zesty Paws growing 16.3%. Importantly, our strong sell-in during the quarter was matched by robust sell-through, which gives us confidence that this growth is genuine and broadly based, positioning us well for continued growth throughout the year. Meanwhile, each of our three business segments sustained their growth momentum, with our Adult Nutrition and Care (ANC) segment achieving 26.3% growth (24.2% LFL basis) led by double-digit growth in Chinese mainland, the Australia and New Zealand (ANZ) domestic market and expansion markets. For our Baby Nutrition and Care (BNC) segment, we continued the momentum from 2025 and accelerated this in the first three months of 2026, achieving 60.9% growth, driven by our infant milk formula (IMF) business in Chinese mainland. Paediatric probiotics and kids nutritional supplements also contributed to this and displayed continued growth (23.1%) in this market. Similarly, our Pet Nutrition and Care (PNC) segment contributed 11.6% to total Group revenue – a performance largely down to the growth of our high-margin pet supplements which continued to accelerate, with Zesty Paws growing by 15.5% on a LFL basis."
The Group continued to steadily reduce its leverage while maintaining robust cash reserves of over RMB2.1 billion. As of 31 March 2026, gross debt further reduced by over RMB300 million compared with 31 December 2025, primarily because H&H voluntarily prepaid over RMB500 million (equivalent) on its USD term loan, supported by the Group's internal liquidity which was enhanced by incrementally low-cost RMB borrowings. These actions underscore the Group's strategy to optimise its capital structure and reduce gross debt. Mr Bedi adds: "Strengthening our balance sheet remains a clear priority. The prepayments we have executed this quarter, funded from internal liquidity, reflect the discipline we are applying to capital allocation, and leave the Group well positioned to invest behind our growth priorities."
Revenue from Chinese mainland, the Group's largest market, grew by 44.9% year-on-year. This performance was bolstered by a surge in sales due to the phasing impact of the Chinese New Year holiday and a temporary increase in demand for Biostime IMFs due to new industry developments. The ANC segment in this market achieved strong double-digit growth momentum (33.5%), with Swisse maintaining its leading position in the overall VHMS market in Chinese mainland.
Mr Bedi comments, "We have continued to successfully align ourselves to evolving consumer trends and strategic categories. This, alongside the growth of our Swisse Plus and Little Swisse ranges, have enabled us to increase our penetration of high growth channels and solidify our leadership in the market. Specifically, Douyin has maintained its place as a major growth engine for Swisse and we now hold the No.3 position[^1] with sales through this channel boosted by 84.3% in the first three months of the year. New retail channels, such as Sam's Club during the Chinese New Year holiday, has also emerged as a key growth channel, with sales through this channel growing 54.7%. Core cross-border e-commerce sales have also contributed to our success in the first three months of the year, growing 37.3%."
The Group's BNC segment in Chinese mainland demonstrated impressive growth and reinforced its competitive strength, led by IMF sales which grew by 74.4%.
"As a result of healthy channel stock replenishment and the disciplined execution of our strategy, we have continued to outperform the IMF market (which has seen a decline in retail scan sales of 0.2%[^2]) and demonstrate a remarkable performance in the first three months of 2026. Importantly, this strong sell-in was matched by robust sell-through, which gives us confidence that the growth is genuine and not a channel build," says Mr Bedi. "This was further bolstered by our success in reaching our crucial audience of new mothers through e-commerce platforms and baby specialty stores – alongside a temporary increase in demand for Biostime IMFs. These efforts resulted in Biostime's share of the super-premium IMF category reaching a new all-time high of 18.2%[^3] for the past twelve months ended 28 February 2026 and 22.1%[^4] for the first two months of 2026, a significant milestone for us."
Sales of paediatric probiotic and kids nutritional supplements in Chinese mainland grew strongly by 20.4% in the three months ending 31 March 2026. This growth continued to be driven by accelerating momentum in baby speciality stores and online channels, alongside product portfolio expansion including in kids nutrition powder supplements and innovative probiotics, such as Nasal Comfort and Super Gold Probiotics.
As anticipated, the Group's PNC segment in Chinese mainland declined as H&H proactively shifts to localising its supply chain – a deliberate step to build a more resilient and cost-efficient China supply base, which is expected to support stronger profitability over the medium term. This transition is projected to be completed by the end of 2026. The focus will remain on boosting Solid Gold's growth in high-margin pet food and supplements through product innovation, including the recent launch of the first ever probiotics range originated from the feline intestinal tract.
North America demonstrated strong growth in the first three months of 2026 (16.3%), thanks to the Group's ongoing leveraging of boosting pet populations and key pet nutrition premiumisation and pet humanisation trends. "I'm very pleased with our performance in North America in this period", comments Mr Bedi. "Zesty Paws has delivered 17.7% growth and has solidified its position as one of the most recognised pet supplements brands in the US. This performance was further amplified by success across Amazon and Chewy e-commerce channels, alongside major retailers including Walmart, Petsmart, Petco, Tractor Supply, Target, Sam's Club, CVS and Menards. Meanwhile, following the completion of our channel optimisation efforts and focus on product premiumisation, Solid Gold has now returned to growth (7.3% LFL basis). This is an important inflection point for the brand."
Australia and New Zealand (ANZ) maintained its leading market position as Australia's No.1 vitamins and mineral supplements brand on both a volume and value basis[^5], while overall revenue declined due to the Group's decision to deprioritise the corporate daigou business. Mr Bedi adds, "our formidable product innovation strategies and channel expansion, which delivered 16.5% growth, have reinforced our market leadership. Most notable innovations include the Swisse Magnesium Glycinate and Little Swisse Kids Gummies, which, along with best-in-class retail execution, has resulted in strong domestic market growth."
Revenue from 'Other Territories' increased by 30.3% year-on-year, boosted by 37.6% growth across the Group's nine Asian expansion markets. The Group maintained its market share rankings through continued portfolio and ongoing distribution gains, including Swisse's No. 1 position in the beauty VHMS, liver health, and men's health markets in Singapore[^6]. IMF sales in France also benefited from a spike in demand for Biostime IMFs due to new industry developments during the first quarter of 2026.
As the year progresses, the Group will remain focused on growing through its nutritional supplements and IMF businesses. Mr Bedi notes, "we expect nutritional supplements to track industry growth, while IMF continues to outperform the market – together driving continued top-line growth for the Group, alongside a healthy level of profitability. For Chinese mainland, we anticipate our ANC segment to maintain its growth trajectory, led by Swisse's market leadership through strong innovation and channel and consumer expansion strategies, including Douyin and new retail channels. For our BNC segment, we anticipate the strong growth momentum will moderate as the current spike in demand for Biostime IMFs due to new industry developments fades. Marketing campaigns focused on new mothers will remain our biggest focus, particularly across e-commerce and baby-speciality channels – as well as improving conversion from early-stage to Stage 3 IMF products. In April 2026, we launched our first-ever Human Milk Oligosaccharide (HMO) IMF – we expect this innovation to be a key long-term growth driver for Biostime as we continue to lead momentum in the super-premium category. For the PNC segment in Chinese mainland, we expect our topline to be impacted as we continue to localise our product supply. Nevertheless, we are focused on accelerating the growth of Solid Gold's high-margin pet food and supplements, sharpening its product mix and strengthening overall profitability. For North America, Zesty Paws will continue to advance its omni-channel expansion and category innovation. For Solid Gold, we intend to increase the sales contribution of high-margin products to drive growth in 2026. Finally for ANZ, we will also continue leveraging our market leadership, product innovation strategies and channel expansion, while expecting a continued decline in the corporate daigou channel in the first half of 2026."
Revenue by product segment, business segment and geography (unaudited)
For the three months ended 31 March
All financial data are unaudited and recorded in RMB million
| Revenue by product segment | ||||
|---|---|---|---|---|
| 2026 | 2025 | Reported Change | LFL Change* | |
| Nutritional Supplements | 2,553.4 | 2,064.9 | 23.7% | 22.8% |
| – VHMS products | 1,924.3 | 1,524.0 | 26.3% | 24.2% |
| – Pet supplements | 396.2 | 351.6 | 12.7% | 16.3% |
| – Paediatric probiotic and kids nutritional supplements | 232.9 | 189.3 | 23.1% | 23.1% |
| Infant Formulas | 1,548.6 | 901.6 | 71.8% | 71.8% |
| Others** | 157.5 | 203.4 | -22.6% | -21.8% |
| Revenue by business segment | ||||
|---|---|---|---|---|
| 2026 | 2025 | Reported Change | LFL Change | |
| Adult nutrition and care products | 1,931.4 | 1,529.1 | 26.3% | 24.2% |
| Baby nutrition and care products | 1,834.7 | 1,140.0 | 60.9% | 60.9% |
| Pet nutrition and care products | 493.4 | 500.8 | -1.5% | 1.5% |
| Revenue by geography | ||||
|---|---|---|---|---|
| 2026 | 2025 | Reported Change | LFL Change | |
| Chinese mainland | 3,158.5 | 2,179.7 | 44.9% | 44.9% |
| North America | 452.4 | 400.7 | 12.9% | 16.3% |
| ANZ | 378.0 | 388.7 | -2.8% | -8.3% |
| Other Territories | 270.6 | 200.8 | 34.8% | 30.3% |
| Group Total | 4,259.5 | 3,169.9 | 34.4% | 33.8% |
*\* For illustrative purpose, the exchange rates of AUD1=RMB4.8120 and USD1=RMB6.9493, and AUD1=RMB4.5345 and USD1=RMB7.1759 have been used for the preparation of the unaudited consolidated revenue of the Company for the three months ended 31 March 2026 and comparative figures for the same period ended 31 March 2025, respectively.*
** Others include pet food from Solid Gold, baby food and snacks from Good Goût, baby accessories from Dodie and other skincare products.
H&H Group is a global health and nutrition company. Dynamic, courageous and ambitious in its mission to make people healthier and happier, the Group strives to inspire wellness while contributing positively to the needs of society and the planet. The Group has three business segments – Adult, Baby and Pet Nutrition and Care – supporting whole-family health and happiness, with premium brands providing nutrition and wellness solutions backed by science. Consumer brands include Swisse, Biostime, Zesty Paws, Solid Gold, Dodie, Good Goût, and Aurelia. H&H Group is a B Corp certified company, committed to continuously improving and using business as a force for good to drive positive impact for people, pets, communities and the planet. The Group is headquartered in Hong Kong SAR and listed on the Hong Kong Stock Exchange ("H&H INTL HLDG" stock code 1112), with a second head office in London. More than 2,800 team members are located across 16 countries. www.hh.global
For media inquiries, contact:
H&H Group
Annabel Vinten
+44 7514535600 / Annabel.vinten@hh.global
Think Alliance Group
Matthew Schultz
+852 3481 1161 / matt.schultz@think-alliance.com
[^1]: According to research statistics by Feigua, an independent data provider, market share data for the past twelve months ended 28 February 2026.
[^2]: According to research statistics by Nielsen, an independent research company, market share data for the past twelve months ended 28 February 2026.
[^3]: According to research statistics by Nielsen, an independent research company, market share data for the past twelve months ended 28 February 2026.
[^4]: According to research statistics by Nielsen, an independent research company, market share data for the past two months ended 28 February 2026.
[^5]: According to research statistics by IQVIA, an independent research company, market share data for the past twelve months ended 28 February 2026.
[^6]: According to research statistics by Nielsen, an independent research company, market share data for the past twelve months ended 28 February 2026.
[^7]: For illustrative purpose, the exchange rates of AUD1=RMB4.8120 and USD1=RMB6.9493, and AUD1=RMB4.5345 and USD1=RMB7.1759 have been used for the preparation of the unaudited consolidated revenue of the Company for the three months ended 31 March 2026 and comparative figures for the same period ended 31 March 2025, respectively.
[^8]: Others include pet food from Solid Gold, baby food and snacks from Good Goût, baby accessories from Dodie and other skincare products.