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– 2025 年第三季度業績\n\u003Cbr>\n\n\u003Cdiv align=\"center\">\n\n**健合集團二零二五年首九個月運營業績錄得雙位數增長\n得益於嬰幼兒配方奶粉強勁的增長**\n\n\u003C/div>\n\u003Cbr>\n\u003Cstrong>二零二五年十一月十八日，星期二。\u003C/strong>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）今日公佈截至二零二五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12.0%（按同類比較基準¹上升 12.3%）至人民幣 10,805.3 百萬元，由所有業務分部均錄得正增長所推動，並得益於高利潤率營養補充品的增長。\n\n\n健合集團的集團輪值行政總裁暨中國區行政總裁李鳳婷女士評論表示，集團在這段期間大受鼓舞，主要得益於各項核心業務良好的表現，為二零二五年實現圓滿收官奠定了基礎。\n\n「我很欣喜地向各位報告，集團於截至二零二五年九月三十日止九個月實現了雙位數的增長，主要歸功於我們核心業務表現穩健 — 在中國內地及澳洲與新西蘭的成人營養及護理用品（ANC），以及在中國內地的嬰幼兒營養及護理用品（BNC）與在北美的寵物營養及護理用品（PNC） — 取得令人鼓舞的進展和引人矚目的成就。更重要的是，這為我們實現全年收入增長奠定了基礎。」李女士表示：「營養補充品仍是我們一個重要的收入來源，佔集團總收入 64.5%，其中維生素、草本及礦物補充劑（VHMS）及寵物營養品²類別持續增長（分別按同類比較基準增長 6.0%及 14.2%），不僅反映營養補充品行業蓬勃發展的整體趨勢，也反映我們成功的商業策略。」\n\n「我們的成人營養及護理用品分部按呈報基準按年增長 5.2%。」李女士評論表示：「其中，中國內地取得雙位數增長，而卓越的 Swisse 斯維詩的 mega-brand（大品牌）策略以及精準貼合消費者喜好的能力，使我們能夠在整體維生素、草本及礦物補充劑市場中穩居排名第一的地位³「與此同時，我們維持在澳洲及新西蘭國內市場的增長（8.9%），從而強化 Swisse 斯維詩在該市場的維生素及礦物補充劑（VMS）品牌第一名的地位⁴— 彰顯我們銷售策略行之有效。我們亦在九個亞洲擴張市場繼續保持增長勢頭，包括新加坡、中國香港。嬰幼兒營養及護理用品分部方面，我特別高興和各位報告，集團在同期間表現出色且克服挑戰，全球範圍增長達 24.0%，並憑藉嬰幼兒配方奶粉業務的强勁表現，在中國内地市場份額有所提升。增長勢頭在第三季度進一步加速，得益於嬰幼兒配方奶粉銷售的持續飆升及嬰童益生菌與營養品在中國内地實現的雙位數增長，集團嬰幼兒營養及護理用品業務在該季度錄得出色的 90.6%增長（截至二零二五年九月三十日止三個月）。此外，得益於 Zesty Paws 快樂一爪在北美（增長12.4%）的強勁表現，我們的寵物營養及護理用品分部全球按年增長 8.8%，並貢獻集團總收入 14.7%。Solid Gold 素力高在中國內地的業務亦取得進展，相關的重組和高端化的努力亦初見成效，讓我們在該市場中的寵物營養及護理用品分部業務重返增長。」\n\n李女士補充說明：「我們亦積極採取措施以降低槓桿率，同時保持強勁的流動性。於二零二五年九月及十月，我們自願提前償還兩筆金額均為人民幣 152 百萬元（等值）的美元定期貸款（於截至二零二五年九月三十日的現金結餘維持為人民幣 17.4 億元），進一步降低總債務。」\n\n中國內地仍是集團最大的市場，收入按年上升 20.6%（於截至二零二五年九月三十日止三個月增長 50.2%），並佔集團總收入 71.0%（相較去年同期為 65.9%）。在中國內地的成人營養及護理用品分部增幅為 15.7%，佔集團成人營養及護理用品總銷售額的 70.6%，而嬰幼兒營養及護理用品分部增長加快，寵物營養及護理用品分部則增長 8.0%。\n\n李女士評論表示：「Swisse 斯維詩在中國內地繼續保持增長動能，進一步鞏固其在整體維生素、草本及礦物補充劑市場的龍頭地位³，並在創新品類 — 如心臟健康、抗衰老及排毒 — 的表現尤為優異，這是由於我們對快速變化的消費者喜好能精準把握。具體來說，由於我們始終專注於高端消費者和家庭，Swisse Plus 與 Little Swisse 系列繼續表現良好。這亦得益於我們的渠道拓展策略，其中跨境電子商務（CBEC）渠道的銷售額持續上升（23.1%），貢獻中國內地收入 81.9%。此外，抖音渠道已躍升為一個重要增長驅動力（增長 77.7%）。」\n\n「我們在中國內地的嬰幼兒營養及護理用品分部增長勢頭加快，反映該分部持續增長並強化領先地位的能力。」李女士解釋表示：「該等增長受到我們嬰幼兒配方奶粉業務（增長 35.2%）的強健表現所帶動，超過整體市場（下降 0.2%）的零售概約銷售跌幅⁵，彰顯我們戰略部署的有效執行。通過電子商務渠道及嬰幼兒用品專賣店繼續擴大對新手媽媽的觸及範圍，以上努力推動合生元在超高端嬰幼兒配方奶粉類別的份額在截至二零二五年九月三十日止九個月達 16.4%，創歷史新高⁶，且於截至二零二五年九月三十日止三個月期間進一步攀升至 17.3%⁷。」\n\n嬰幼兒益生菌及營養補充品的銷售額跌幅收窄至 2.3%，受惠於集團產品組合擴展。值得注意的是，於截至二零二五年九月三十日止三個月的銷售額重拾增長，主要得益於線上及嬰幼兒用品專賣店渠道的增長勢頭，而藥房渠道亦展現按年趨穩的跡象。\n\n寵物營養及護理用品分部增長達 8.0%，得益於 Solid Gold 素力高在中國內地成功重組 — 包括高端化以及推出新的利潤率較高的寵物食品與營養品（貢獻寵物營養及護理用品總收入 33.7%）。\n\n於最近的雙 11 線上購物節期間，三大核心品牌都取得佳績——Swisse 斯維詩和合生元再次鞏固其市場領先地位，Solid Gold 素力高商品成交總金額亦錄得雙位數增長。「我非常高興看到我們在最近雙 11 購物節期間的出色表現」李女士評價表示：「這實實在在反映我們所有核心品牌的實力、品牌建設的成效以及我們的電子商務策略行之有效。令人感到鼓舞的是，Biostime 合生元嬰幼兒配方奶粉業務商品成交總金額錄得強勁的雙位數增長，Biostime 合生元嬰童益生菌穩居品類排名第一⁸「同時，Swisse 斯維詩再度雄踞天貓、京東、唯品會等各大電商平台上營養補充品類別第一名⁹，這在一個全球最盛大的購物節中是項非凡的成就。」\n\n在澳洲及新西蘭，儘管因為企業代購業務持續下滑致使收入按同類比較基準按年整體下降 19.4%，集團仍能鞏固在國內市場的領先地位。Swisse 斯維詩在銷量及銷售額方面均保持在澳洲整體維生素及礦物補充劑市場品牌第一名的地位¹⁰。在市場領先的新產品發佈、出色營銷活動及卓越的店內零售的帶動下，國內市場銷售額上升 8.9%。\n\n北美的收入按同類比較基準按年增長 5.9%，其中 Zesty Paws 快樂一爪按同類比較基準維持 12.4%的強勁增長。李女士評論表示：「在北美，我們的成功由有效的渠道優化策略引領，並受惠於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及寵物人性化趨勢。亞馬遜及 Chewy 等電子商務渠道在我們的業績中發揮重要作用，同時，也在沃爾瑪、Petsmart、Petco、Tractor Supply、Target、山姆會員店、CVS 和 Menard 等主要零售商中持續成功，鞏固 Zesty Paws 快樂一爪始終位列美國寵物營養品市場認知度最高的品牌之一。」\n\n集團九個亞洲擴張市場顯著增長（按同類比較基準錄得 64.4%），帶動其他區域的總收入額按同類比較基準按年增長 19.0%。通過擴充產品組合及持續錄得分銷效益，集團於大部分擴張市場保持市場份額排名。具體而言，Swisse斯維詩於新加坡的肝臟保健及男性健康市場排名第一¹¹，在意大利的美容維生素、草本及礦物補充劑市場排名第二¹²。\n\n「隨著我們邁入今年最後幾個月，我們預期所有業務分部全年收入繼續增長。」李女士總結表示：「在繼續採行積極措施降低槓桿率的同時，我們將持續推動高利潤、高增長的維生素、草本及礦物補充劑產品以及寵物營養品增長，並維持穩健的盈利水平。在中國內地，我們將繼續專注於保持成人營養及護理用品與嬰幼兒營養及護理用品分部的增長勢頭，善用 Swisse 斯維詩在市場上的領先地位，並透過精準聚焦於教育新手媽媽 — 即我們的目標客群以及較大年齡段嬰幼兒配方奶粉的轉化來實現我們嬰幼兒配方奶粉銷售額的增長。在寵物營養及護理用品分部方面，透過強化跨境電商渠道，我們預期 Solid Gold 素力高在高端寵物食品及營養品類別中維持當前的增長勢頭。」\n\n在澳新市場方面，集團預期國內市場穩健增長。在擴張市場方面，健合集團將複製在新加坡與中國香港等市場的成功經驗進一步發展。最後，北美的增長趨勢預期將保持穩健，其中全渠道策略與品類創新對 Zesty Paws 快樂一爪的強健表現仍然至為重要。\n\n![H&H Group 9M 2025 media release_CH.png](https://hhglobalstorage.blob.core.windows.net/uploads/assets/H_and_H_Group_9_M_2025_media_release_CH_27c9a5f0b4.png)\n\n\u003Cdiv align=\"center\">\n-完-\n \u003C/div>\n\u003Cbr>\n\u003Cstrong>媒體垂詢，請聯絡：\u003C/strong>\n\n**健合集團**\n\nAnnabel Vinten\n+44 7514535600 / [Annabel.vinten@hh.global](mailto:Annabel.vinten@hh.global)\n\n**博譽顧問集團**\n\n周亨\n+852 3481 1161 / [henry.chow@think-alliance.com](henry.chow@think-alliance.com)\n\n\n\n\n---\n\n\n\n\n\n\n¹ 同類比較基準用於表示本財務期間銷售額較去年同期的增長，撇除外匯變動的影響。\n² 營養補充品包括 Biostime 合生元益生菌補充品、Biostime 合生元嬰幼兒產品、Swisse 斯維詩維生素、草本及礦物補充劑（「 VHMS」）產品以及 Solid Gold 素力高及 Zesty Paws 快樂一爪品牌的寵物營養品。\n³ 根據獨立研究公司 Kantar Worldpanel 所編製截至二零二五年九月三十日止過往十二個月按品牌劃分的研究統計。\n⁴ 根據獨立研究公司艾昆緯（IQVIA）的研究統計，截至二零二五年九月三十日止過往十二個月的市場份額數據。\n⁵ 根據獨立研究公司尼爾森（Nielsen）的研究統計，截至二零二五年九月三十日止過往九個月的市場份額數據。\n⁶ 根據獨立研究公司尼爾森的研究統計，截至二零二五年九月三十日止過往九個月的市場份額數據。\n⁷ 根據獨立研究公司尼爾森的研究統計，截至二零二五年九月三十日止過往三個月的市場份額數據。\n⁸ 根據天貓、京東及抖音平台的統計數據，Biostime 合生元益生菌於二零二五年十月九日至十一月十一日期間，在嬰童益生菌類別排名第一。\n⁹ 根據天貓雙 11 保健品牌成交榜，Swisse 斯維詩於二零二五年十月九日至十一月十一日期間，在天貓平台保健食品／膳食營養補充食品類別排名第一；根據京東官方榜單，Swisse 斯維詩於二零二五年十月九日至十一月十一日期間，在京東食品營養與健康類別排名第一；根據唯品會的統計數據，Swisse 斯維詩於二零二五年十月十五日至十一月十一日期間，在營養保健品類別排名第一。\n¹⁰ 根據獨立研究公司艾昆緯的研究統計，截至二零二五年九月三十日止過往十二個月的市場份額數據。\n¹¹ 根據獨立研究公司尼爾森的研究統計，截至二零二五年九月三十日止過往十二個月的市場份額數據。\n¹² 根據獨立研究公司艾美仕艾昆緯（IMS IQVIA）的研究統計，截至二零二五年九月三十日止過往十二個月的市場份額數據。\n¹³ 已分別採用 1 澳元兌人民幣 4.6110 元及 1 美元兌人民幣 7.1642 元、1 澳元兌人民幣 4.7319 元及1美元兌人民幣 7.1094 元的匯率編製本公司截至二零二五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二零二四年九月三十日止同期的比較數字，以作說明。\n¹⁴ 其他包括 Solid Gold 素力高的寵物食品、Good Goût 的嬰兒食品及零食、Dodie 的嬰兒用品及其他護膚品。","content.blog-text",1784726052422]