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align=\"center\">\u003Cstrong>健合集團二零二六年九個月運營業績錄得雙位數增長 — 所有業務分部維持增長勢頭並進一步強化資產負債表\u003C/strong>\u003C/p>\n\n二零二六年十月二十六日，星期一。領先的全球家庭營養用品公司健合(H&H)國際控股有限公司（「健合集團」，港交所股票代號：1112）今日公佈截至二零二六年九月三十日止九個月之運營業績。集團收入按呈報基準按年上升 24.5%（按同類比較基準上升 24.4%）至人民幣 13,448.0 百萬元，受到集團成人營養及護理用品（ANC）以及嬰幼兒營養及護理用品（BNC）分部的增長所推動，並得益於高利潤率營養補充品的增長。[^1]\n\n集團的行政總裁暨北美、印度及中東區行政總裁 Akash Bedi 先生表示，集團在這段時期成績斐然，他對於涵蓋集團的成人與嬰幼兒營養及護理用品分部的增長特別感到鼓舞 — 集團在第三季度加大了在核心市場及部分擴張市場戰略性新產品的發佈和舉措，推動了持續的增長。\n\nBedi 先生表示：「二零二六年首九個月實現強勁業績，體現我們業務重點的成功執行，尤其專注於戰略性新品的發佈以及靈活的營銷舉措 — 這些舉措在第三季度得到加速推進。這些努力已取得豐碩成果，尤其在我們的成人與嬰幼兒營養及護理用品兩個分部，按同類比較基準分別實現按年 16.4%與 44.6%的強勁增長。我們的成人營養及護理用品分部在中國內地和澳新（ANZ）本土兩大核心市場，以及在擴張市場，均實現了全面增長，持續展現出色業績。同時，在嬰幼兒營養及護理用品分部方面，我們持續利用結構性增長動力，實現嬰幼兒配方奶粉（IMF）業務在中國內地顯著增長（54.5%），進而推動此分部的整體增長。值得關注的是，我們在中國內地的超高端嬰幼兒配方奶粉的市場份額從前一年的 15.4%[^2] 躍升至 22.3%的史上新高[^3]。集團的寵物營養及護理用品（PNC）分部方面，增長放緩至溫和的 0.2%，其中高利潤率的寵物營養補充品仍維持持續增長（8.1%）。」\n\nBedi 先生補充表示：「營養補充品仍是我們產品供應一個關鍵的部分，佔整體收入過半（59.5%），對於我們業務的持續增長至關重要。在這個品類中，維生素、草本及礦物補充劑（VHMS）產品、寵物補充品、以及嬰幼兒益生菌與兒童營養補充品按同類比較基準分別實現 16.6%、8.1%及 9.4%的增長。」\n\n此外，集團持續強化資產負債表，於二零二六年首九個月減少債務總額逾人民幣 13 億元。於二零二六年九月三十日，人民幣計值的借款連同人民幣對沖安排現已提供相當於借款總額 100%的風險覆蓋。\n\n集團持續在其最大的中國內地市場表現良好，收入按年增長 31.9%。Swisse 斯維詩實現強勁的增長，推動成人營養及護理用品分部 21.5%的增長，嬰幼兒配方奶粉的銷售額上升 54.5%，帶動嬰幼兒營養及護理用品分部的增長。寵物營養及護理用品分部則下滑 36.3%。\n\nBedi 先生就業績表現評論表示：「作為我們最大最重要的市場，中國內地在此期間取得的成功令人感到十分鼓舞。成人營養及護理用品分部方面，我們成功地透過 mega-brand（大品牌）策略釋放新的結構性需求，並通過核心產品與創新產品持續推動產品組合高端化 — 進一步完善 Swisse Plus 及 Little Swisse 的子品牌下全面的產品矩陣。更具體地說，包括心臟健康、新陳代謝及關節健康等品類都表現非常出色。我們看到山姆會員店等新興零售渠道的增長高於市場水平，增幅達 24.3%。抖音依然是主要增長來源，銷售額增長 52.2%，Swisse 斯維詩在此穩守市場第三的地位[^4]。隨著行業整合持續推進且競爭加劇，我們在核心線上跨境電子商務（CBEC）以及一般貿易渠道的銷售額分別增長 21.4%與 21.9%。此分部的穩健表現令 Swisse 斯維詩在線上維生素、草本及礦物補充劑（VHMS）市場穩居榜首[^5]。」\n\nBedi 先生繼續表示：「對於我們嬰幼兒營養及護理用品分部在中國內地持續的增長勢頭亦讓我感到驚艷，在銷售量強勁增長的推動下，嬰幼兒配方奶粉有出色的銷售額，遠超整體嬰幼兒配方奶粉市場（在概約零售銷售下降 4.4%[^6]）。這充分彰顯我們強而有力的批發銷售策略，該策略以我們含母乳低聚醣（HMO）的旗艦產品派星系列為先鋒，輔以嚴謹的渠道執行，以及有效落實新手媽媽教育和向三段轉化的戰略舉措。此外，Biostime 合生元的超高端嬰幼兒配方奶粉亦取得另一個重要的里程碑，借助深厚的品牌信任及精準的消費者參與等結構性趨勢，其市場份額（於截至二零二六年八月三十一日止十二個月）創下 22.3%的歷史新高[^7]。我們的早期階段配方奶粉繼續保持強勁勢頭，為三段嬰幼兒配方奶粉的轉化提供高度清晰的路徑與堅實的基礎。最後，一段及二段嬰幼兒配方奶粉的零售概約銷售分別增加 63.5%及 45.5%[^8]。」\n\n寵物營養及護理用品分部的銷售額下滑 36.3%，我們仍專注於推動 Solid Gold 素力高的高利潤率寵物食品與營養品的增長，該部分業務佔中國內地寵物營養及護理用品總收入 46.8%。\n\n集團的北美市場收入增長 9.3%，其中 Zesty Paws 快樂一爪與 Solid Gold 素力高的銷售額仍然穩健，分別為 8.8%及 7.3%。\n\n「於二零二六年首九個月，我們持續成功利用結構性增長動力，包括不斷變化的人口結構、日益增長的寵物數量以及日益盛行的寵物營養高端化和寵物人性化趨勢。」Bedi 先生就北美的業績表現指出：「我們看到 Zesty Paws 快樂一爪在電子商務渠道，以及在沃爾瑪、PetSmart、Petco、Tractor Supply 與其他零售通路進行廣泛分銷的持續成功，該品牌鞏固其位列美國寵物營養品市場認知度最高的品牌之一。Solid Gold 素力高的銷售額繼續維持穩健，得益於我們推進產品組合高端化策略以及電子商務渠道增長。」\n\n於截至二零二六年九月三十日止三個月的收入下降，主要受到若干重要促銷活動的時間安排有所不同，包括亞馬遜 Prime Day 於二零二五年在七月舉行，而二零二六年則提前至六月舉行，以及二零二五年第三季度新零售客戶的推出和現有零售客戶的拓展。\n\n在澳洲及新西蘭（澳新），產品創新、靈活的營銷活動以及深化與零售商間的合作關係推動成人營養及護理用品分部在澳新國內市場的增長（11.1%），其中 Swisse 斯維詩穩居澳洲整體維生素及礦物補充劑市場榜首[^9]。更值得注意的是，高影響力的創新產品，如 Swisse 甘胺酸鎂（Swisse Magnesium Glycinate）及軟糖等熱門品類，推動了業績表現。同時，突破性的營銷活動亦帶來助力，例如最新推出的女性健康「Hysteria」營銷活動。此外，我們進一步鞏固與藥房及雜貨店渠道（尤其是獨立藥房渠道）、線上以及新西蘭內部主要零售商間的夥伴關係。整體來說，澳新市場收入下降 4.3%。然而，由於集團降低企業代購業務優先級的戰略選擇帶來的影響因相關基數效應正常化而變得較不顯著，二零二六年第三季度重拾增長，單季度收入增加 4.5%。\n\n最後，其他區域的收入增長 19.2%，主要受到集團在亞洲九個擴張市場強勁增長 40.0%所推動，此乃得益於產品組合擴展及分銷網絡不斷拓展，尤其是泰國、中東及印度（MEI）、印尼及馬來西亞。在泰國，Swisse 斯維詩在現代貿易渠道的整體營養品品類中現已是排名第二的品牌[^10]；於新加坡，則穩守肝臟保健及男性健康品類的第一地位[^11]。於意大利，Swisse 斯維詩憑藉在護髮、護膚及美甲品類的領先地位，亦繼續穩居美容維生素、草本及礦物補充劑市場品牌排名第二的地位[^12]。\n\n展望全年及邁向二零二七年，集團仍將戰略性產品發佈與精準營銷舉措列為首要之務，以繼續支持增長勢頭。\n\nBedi 先生總結表示：「在今年即將收官並展望二零二七年之際，我們將繼續專注於通過我們高利潤、高增速的營養補充品及嬰幼兒配方奶粉產品來推動增長並維持穩健的盈利水平。在中國內地，我們將繼續投資核心及創新品類，同時加大營銷投入，以支持新產品發佈與品牌建設計劃，進一步鞏固 Swisse 斯維詩的領先市場地位，以推動成人營養及護理用品分部在二零二七年的增長。同時，我們將優先發展高增長渠道，如抖音和新零售渠道，進一步擴大消費者覆蓋。於嬰幼兒營養及護理用品分部，我們將優先投資專注於新手媽媽教育的電子商務及嬰幼兒用品專賣店渠道的營銷活動，進一步鞏固我們由含母乳低聚醣系列所帶領的旗艦產品派星系列的市場地位，同時提升早期階段到三段嬰幼兒配方奶粉產品的轉換率。」\n\n在北美，集團仍將專注於推進 Zesty Paws 快樂一爪的渠道拓展及突破性品類創新項目，同時加速推動 Solid Gold 素力高在高利潤率品類及電子商務渠道的增長。對於澳新及擴張市場，通過持續的產品創新及渠道擴張，健合將鞏固增長勢頭及市場領先地位。\n\n## 按產品分部及地理位置劃分之收入（未經審核）\n\n_所有財務數據均未經審核並以人民幣百萬元入賬。_\n\n| 按產品分部劃分的收入 | 二零二六年九個月 | 二零二五年九個月 | 呈報變動 | 同類比較變動[^13] | 二零二六年三個月 | 二零二五年三個月 | 呈報變動 | 同類比較變動 |\n|---|---:|---:|---:|---:|---:|---:|---:|---:|\n| 營養補充品 | 7,999.8 | 6,968.6 | 14.8% | 14.6% | 2,760.7 | 2,362.6 | 16.8% | 15.7% |\n| – 維生素、草本及礦物補充劑產品 | 6,147.9 | 5,213.7 | 17.9% | 16.6% | 2,192.8 | 1,795.4 | 22.1% | 21.5% |\n| – 寵物營養品 | 1,186.5 | 1,146.8 | 3.5% | 8.1% | 335.8 | 386.2 | -13.1% | -8.4% |\n| – 嬰幼兒益生菌及營養補充品 | 665.4 | 608.1 | 9.4% | 9.4% | 232.1 | 181.0 | 28.2% | 28.2% |\n| 嬰幼兒配方奶粉 | 4,915.0 | 3,202.8 | 53.5% | 53.5% | 1,822.0 | 1,231.8 | 47.9% | 47.9% |\n| 其他 | 533.2 | 633.9 | -15.9% | -14.7% | 169.4 | 191.6 | -11.6% | -8.8% |\n\n| 按業務分部劃分的收入 | 二零二六年九個月 | 二零二五年九個月 | 呈報變動 | 同類比較變動 | 二零二六年三個月 | 二零二五年三個月 | 呈報變動 | 同類比較變動 |\n|---|---:|---:|---:|---:|---:|---:|---:|---:|\n| 成人營養及護理用品 | 6,172.6 | 5,242.7 | 17.7% | 16.4% | 2,199.5 | 1,804.0 | 21.9% | 21.3% |\n| 嬰幼兒營養及護理用品 | 5,743.1 | 3,972.6 | 44.6% | 44.6% | 2,110.6 | 1,471.2 | 43.5% | 43.5% |\n| 寵物營養及護理用品 | 1,532.3 | 1,590.0 | -3.6% | 0.2% | 442.0 | 510.8 | -13.5% | -9.3% |\n\n| 按地理位置劃分的收入 | 二零二六年九個月 | 二零二五年九個月 | 呈報變動 | 同類比較變動 | 二零二六年三個月 | 二零二五年三個月 | 呈報變動 | 同類比較變動 |\n|---|---:|---:|---:|---:|---:|---:|---:|---:|\n| 中國內地 | 10,115.3 | 7,671.5 | 31.9% | 31.9% | 3,652.9 | 2,735.5 | 33.5% | 33.5% |\n| 北美 | 1,353.9 | 1,292.9 | 4.7% | 9.3% | 397.3 | 430.8 | -7.8% | -3.0% |\n| 澳新 | 1,197.4 | 1,200.2 | -0.2% | -4.3% | 425.7 | 399.5 | 6.6% | 4.5% |\n| 其他區域 | 781.4 | 640.7 | 22.0% | 19.2% | 276.2 | 220.2 | 25.4% | 24.0% |\n| **集團總計** | **13,448.0** | **10,805.3** | **24.5%** | **24.4%** | **4,752.1** | **3,786.0** | **25.5%** | **25.8%** |\n\n---\n\n[^1]: 已分別採用 1 澳元兌人民幣 4.8079 元及 1 美元兌人民幣 6.8535 元、1 澳元兌人民幣 4.6110 元及 1 美元兌人民幣 7.1642 元的匯率編製本公司截至二零二六年九月三十日止九個月及三個月的未經審核綜合收入以及截至二零二五年九月三十日止同期的比較數字，以作說明。\n\n[^2]: 根據獨立研究公司尼爾森（Nielsen）的研究統計，截至二零二五年八月三十一日止過往十二個月的市場份額數據。\n\n[^3]: 根據獨立研究公司尼爾森的研究統計，截至二零二六年八月三十一日止過往十二個月的市場份額數據。\n\n[^4]: 根據數據供應商 Feigua 的研究統計，截至二零二六年八月三十一日止過往十二個月的市場份額數據。\n\n[^5]: 根據數據供應商 Feigua 的研究統計，截至二零二六年八月三十一日止過往十二個月的市場份額數據。\n\n[^6]: 根據獨立研究公司尼爾森的研究統計，截至二零二六年八月三十一日止過往十二個月的市場份額數據。\n\n[^7]: 根據獨立研究公司尼爾森的研究統計，截至二零二六年八月三十一日止過往十二個月的市場份額數據。\n\n[^8]: 根據獨立研究公司尼爾森的研究統計，截至二零二六年八月三十一日止過往十二個月的市場份額數據。\n\n[^9]: 根據獨立研究公司艾昆緯（IQVIA）的研究統計，截至二零二六年九月三十日止過往十二個月的市場份額數據。\n\n[^10]: 根據獨立研究公司尼爾森的研究統計，截至二零二六年九月三十日止過往九個月的市場份額數據。\n\n[^11]: 根據獨立研究公司尼爾森的研究統計，截至二零二六年九月三十日止過往十二個月的市場份額數據。\n\n[^12]: 根據獨立研究公司艾昆緯（IQVIA）的研究統計，截至二零二六年九月三十日止過往十二個月的市場份額數據。\n\n[^13]: 原文表格的註腳 1，匯率說明見註腳 [^1]。\n\n---\n\n\u003Cp align=\"center\">\u003Cstrong>-完-\u003C/strong>\u003C/p>\n\n媒體垂詢，請聯絡：\n\n**健合集團**\n\nAnnabel Vinten\n\n+44 7514535600\n\n[annabel.vinten@hh.global](mailto:annabel.vinten@hh.global)\n\n**博譽顧問集團**\n\n周亨\n\n+852 3481 1161\n\n[henry.chow@think-alliance.com](mailto:henry.chow@think-alliance.com)","content.blog-text",1793010298474]