健合集团前三个季度营收破百亿 Swisse斯维诗中国市场同比增长15.7%

作者：亿邦动力文章来源：亿邦动力

2025-11-18 17:58

作者：亿邦动力文章来源：亿邦动力

2025-11-18 17:58

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健合集团前三季度业绩亮眼，营收超百亿，增长强劲。

1.总营收达108.05亿元，同比增长12.3%；中国市场贡献71.0%，增长20.6%；扩张市场同比增长19.0%，亚洲地区增幅高达64.4%。

2.Swisse斯维诗在中国市场表现突出，增长15.7%，抖音渠道销售额猛增77.7%；双十一期间在多个平台霸榜营养品类No.1。

3.婴幼儿营养业务（BNC）营收39.7亿元，增24.0%；中国婴幼儿奶粉销售额增长35.2%，益生菌等产品全渠道领先。

4.宠物营养业务（PNC）营收15.9亿元，增8.2%；Solid Gold素力高电商销售额增11%，高端主粮增长196%。

5.现金储备17.4亿元，提前偿还债务，财务稳健。

品牌营销和消费趋势显著，Swisse和合生元在中国市场领先。

1.品牌营销策略成功：Swisse斯维诗利用抖音渠道实现77.7%增长，大促中在天猫、京东等平台霸榜口服美容、鱼油等品类No.1；新品如Swisse PLUS抗衰产品斩获行业销量No.1。

2.消费趋势升级：营养补充品占总收入64.5%，口服美容、益生菌（如Swisse Me口香益生菌）需求旺盛；宠物营养高端化趋势明显，Solid Gold排毛粉霸榜全渠道No.1。

3.用户行为变化：线上渠道主导销售，BNC双十一全渠道销售额提升37%；中国市场偏好高端奶粉和益生菌产品。

增长市场和机会显著，政策风险与实操策略并存。

1.增长市场与机会提示：中国市场婴幼儿奶粉逆势增长35.2%，远超市场零售跌幅0.2%；宠物营养品需求攀升，Solid Gold新客增长12%；电商渠道优化，双十一期间BNC销售增37%。

2.政策解读与风险：澳新市场受代购下滑影响出口下降19.4%，需关注渠道调整；PNC从一般贸易转向跨境电商，同比增长8.0%。

3.事件应对措施：去杠杆化主动提前偿债人民币3亿元，规避财务风险；品牌活动推动澳新本地市场增长8.9%.

产品高端化和数字渠道是关键启示。

1.产品生产需求：营养补充品高端化趋势（如Solid Gold高端主粮增长196%）；Swisse斯维诗新品组合推动增长，在中国肝脏保健等市场排名No.1。

2.商业机会：中国和亚洲市场需求强劲（BNC增长24.0%，PNC增长8.2%），宠物人性化趋势拉动增长。

3.数字化启示：电商转型显著，跨境电商渠道优化带来收益（如PNC中国增长8.0%）；抖音等新渠道助力ANC增长23.1%，实践数字销售策略.

行业增长持续，客户痛点和解决方案明晰。

1.行业发展趋势：营养健康领域全面增长，成人、婴幼儿、宠物业务均双位数增长（ANC增6.0%、BNC增24.0%、PNC增8.2%）；高端化趋势（如合生元超高端奶粉市场份额16.4%）。

2.客户痛点：渠道调整需求（PNC从一般贸易转跨境电商）；代购下滑影响出口销售（澳新市场同比下降19.4%）。

3.解决方案：电商平台整合（如抖音渠道增77.7%，Solid Gold在Chewy等零售商成功）；创新产品组合解决增长问题（如合生元小鼻舒益生菌巩固市占率）.

平台合作机会多，最新做法和风险提示明确。

1.商业需求与最新做法：电商平台（如天猫、京东、抖音）是主力销售渠道，双十一Swisse霸榜多个品类No.1；PNC通过沃尔玛等零售商实现北美增长5.9%，Zesty Paws在亚马逊增12.4%。

2.平台招商机会：宠物营养高端化（Solid Gold高端产品占25.3%）；婴幼儿益生菌在专卖店渠道反弹，销售额双位数增长。

3.风险规避：渠道调整风险（如PNC中国转向跨境电商影响一般贸易）；关注代购因素对澳新出口的负面影响。

产业动向稳健，管理实践和战略提升。

1.产业新动向：营养补充品市场份额持续扩大，占集团收入64.5%；中国市场主导增长，营收贡献71.0%；扩张市场如亚洲增64.4%，显示全球化布局。

2.管理实践启示：主动去杠杆化，提前偿债改善资本结构，现金储备17.4亿元；三大业务协同（ANC、BNC、PNC）支撑增长目标。

3.商业模式演进：创新产品矩阵（如Swisse PLUS抗衰新品和合生元益生菌）巩固市场地位；电商策略驱动BNC和PNC增长，提供可持续性案例。

声明：快读内容全程由AI生成，请注意甄别信息。如您发现问题，请发送邮件至 run@ebrun.com 。

我是品牌商卖家工厂服务商平台商研究者帮我再读一遍。

Quick Summary

Health and Happiness Group reported strong performance in the first three quarters, with revenue exceeding RMB 10 billion and robust growth.

1. Total revenue reached RMB 10.805 billion, a 12.3% year-on-year increase; China contributed 71.0% of revenue, growing 20.6%; expansion markets grew 19.0%, with Asia surging 64.4%.

2. Swisse performed exceptionally well in China, growing 15.7%, with Douyin channel sales soaring 77.7%; it ranked No.1 in nutrition categories across multiple platforms during the Double Eleven shopping festival.

3. Baby Nutrition and Care (BNC) revenue was RMB 3.97 billion, up 24.0%; infant formula sales in China grew 35.2%, with products like probiotics leading across all channels.

4. Pet Nutrition and Care (PNC) revenue reached RMB 1.59 billion, increasing 8.2%; Solid Gold e-commerce sales rose 11%, with premium pet food surging 196%.

5. The group maintained a strong financial position with RMB 1.74 billion in cash reserves and proactively repaid debt.

Brand marketing and consumer trends were significant, with Swisse and Biostime leading in the Chinese market.

1. Successful brand marketing strategies: Swisse leveraged Douyin to achieve 77.7% growth and dominated categories like oral beauty and fish oil on Tmall and JD.com during promotions; new products like Swisse PLUS anti-aging line became the category's top seller.

2. Upgrading consumer trends: Nutritional supplements accounted for 64.5% of total revenue, with strong demand for oral beauty and probiotics (e.g., Swisse Me chewable probiotics); premiumization was evident in pet nutrition, with Solid Gold's hairball control powder ranking No.1 across all channels.

3. Shifting consumer behavior: Online channels dominated sales, with BNC's all-channel sales increasing 37% during Double Eleven; Chinese consumers showed a preference for premium infant formula and probiotic products.

Growth markets and opportunities were significant, alongside policy risks and operational strategies.

1. Growth market insights: China's infant formula market grew 35.2% against a 0.2% overall retail decline; pet nutrition demand rose, with Solid Gold new customers increasing 12%; e-commerce channels were optimized, driving a 37% BNC sales increase during Double Eleven.

2. Policy interpretation and risks: Australia and New Zealand exports fell 19.4% due to daigou decline, requiring channel adjustments; PNC shifted from general trade to cross-border e-commerce, growing 8.0%.

3. Strategic responses: Proactive deleveraging with early repayment of RMB 300 million debt mitigated financial risk; brand activities drove 8.9% growth in the ANZ local market.

Product premiumization and digital channels were key takeaways.

1. Production demand trends: Premiumization in nutritional supplements (e.g., Solid Gold premium pet food up 196%); Swisse's new product portfolio drove growth, ranking No.1 in markets like liver health in China.

2. Business opportunities: Strong demand in China and Asia (BNC up 24.0%, PNC up 8.2%), with pet humanization trends fueling growth.

3. Digital insights: E-commerce transformation was significant, with cross-border channel optimization boosting revenue (e.g., PNC China up 8.0%); new channels like Douyin drove 23.1% growth in ANC, demonstrating effective digital sales strategies.

Sustained industry growth, with clear client pain points and solutions.

1. Industry trends: Comprehensive growth across adult, baby, and pet nutrition (ANC up 6.0%, BNC up 24.0%, PNC up 8.2%); premiumization trend evident (e.g., Biostime's ultra-premium infant formula holding 16.4% market share).

2. Client pain points: Need for channel adjustments (PNC shifting from general trade to cross-border e-commerce); daigou decline impacted export sales (ANZ market down 19.4%).

3. Solutions: E-commerce platform integration (e.g., Douyin channel up 77.7%, Solid Gold success on retailers like Chewy); innovative product portfolios addressed growth challenges (e.g., Biostime's nasal probiotic solidifying market share).

Abundant platform collaboration opportunities, with clear latest practices and risk alerts.

1. Business needs and latest practices: E-commerce platforms (e.g., Tmall, JD.com, Douyin) were primary sales channels, with Swisse ranking No.1 in multiple categories during Double Eleven; PNC achieved 5.9% growth in North America via retailers like Walmart, while Zesty Paws grew 12.4% on Amazon.

2. Platform merchant opportunities: Pet nutrition premiumization (Solid Gold premium products accounted for 25.3% share); infant probiotics rebounded in specialty stores, with double-digit sales growth.

3. Risk mitigation: Channel adjustment risks (e.g., PNC China's shift to cross-border e-commerce impacting general trade); monitoring daigou factors' negative impact on ANZ exports.

Steady industry developments, with insights into management practices and strategic enhancements.

1. Industry trends: Nutritional supplements expanded market share, accounting for 64.5% of group revenue; China dominated growth, contributing 71.0% of revenue; expansion markets like Asia grew 64.4%, reflecting global diversification.

2. Management insights: Proactive deleveraging and early debt repayment improved capital structure, with RMB 1.74 billion in cash reserves; synergistic growth across three business units (ANC, BNC, PNC) supported targets.

3. Business model evolution: Innovative product matrices (e.g., Swisse PLUS anti-aging line and Biostime probiotics) strengthened market position; e-commerce strategies drove BNC and PNC growth, providing a sustainability case study.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

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【亿邦原创】11月18日，健合（H&H）国际控股有限公司（股份代号：1112.HK，以下简称“健合集团”），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，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。

公告显示，前三季度，健合集团稳步推进去杠杆化进程，于9月主动提前偿还美元银团贷款人民币1.5亿元（等值），并于10月进一步提前偿还人民币1.5亿元（等值）美元银团贷款，债务结构持续改善，融资效率进一步提高。截至9月30日，集团现金储备达人民币17.4亿元，维持稳健流动性，为集团稳健长远发展提供坚实支撑。

1、ANC前9个月营收52.4亿元Swisse斯维诗中国市场占比70.6%

具体来看三大业务情况，ANC（成人营养与护理用品业务）在2025年前9个月营收达52.4亿元，同比增长6.0%。Swisse斯维诗中国市场实现同比增长15.7%，占集团ANC销售额的70.6%。线上跨境电商渠道销售额增长23.1%，抖音渠道销售额实现强劲增长77.7%。公告指出，这进一步巩固了Swisse斯维诗在中国内地整体VHMS市场排名No.1地位。

健合集团还公布了大促情况，“在双十一购物节期间，Swisse斯维诗继续在天猫、京东、唯品会三大电商平台稳居营养补充品类No.1，Swisse斯维诗稳占蓟类、鱼油、口服美容行业销量No.1，Swisse PLUS斩获口服抗衰行业销量No.1，Swisse Me于口香益生菌行业实现销量No.1，进一步夯实Swisse斯维诗在中国内地线上VHMS市场No.1地位。”

澳新市场持续稳居No.1，澳新本地市场稳健同比增长达8.9%。出口销售受企业代购下滑影响，澳新市场收入整体同比下降19.4%。在新品发布、品牌活动以及店内零售推动下，Swisse斯维诗领跑澳新本地市场。

Swisse斯维诗稳步推进国际化布局。通过创新产品组合和渠道布局，扩张市场实现同比双位数增长。Swisse斯维诗在新加坡肝脏保健及男性健康市场排名No.1(11)，以及在意大利的美容维生素、草本及矿物补充剂市场排名No.2(12)。

2、BNC前9个月同比增长24.0% 中国内地婴幼儿配方奶粉销售额同比增长35.2%

公告显示，BNC（婴幼儿营养与护理业务）在2025年前9个月营收达39.7亿元，同比强劲增长24.0%。中国内地婴幼儿配方奶粉销售额同比增长35.2%，远超同期整体婴幼儿配方奶粉市场0.2%的零售跌幅。前三季度，合生元持续强化电商渠道及线下母婴店渠道，合生元在超高端婴幼儿配方奶粉市场份额达16.4%，创历史新高，并且在第三季度增长趋势进一步加快，单季度市场份额上升至17.3%。

双十一购物节活动期间，BNC全渠道销售额实现显著提升37%，合生元婴童益生菌、婴童乳铁蛋白、鼻敏益生菌三大核心品类持续霸榜渠道No.1。

公告指出，由于电商及婴幼儿专卖店渠道保持增长，且药房渠道在第三季度同比趋稳，截至2025年9月30日止三个月，婴幼儿益生菌及营养补充品销售额重拾强劲双位数增长。得益于进一步完善细分产品组合，婴幼儿益生菌及营养补充品销售额跌幅收窄至2.3%。合生元不断以科研和创新驱动产品升级，通过超金菌益生菌、小鼻舒益生菌、小金盾乳铁蛋白等益生菌新品矩阵，巩固中国内地婴童益生菌市场的领先优势。

3、PNC前9个月营收达15.9亿元Solid Gold电商销售额全渠道同比增长11%

PNC（宠物营养与护理用品业务）在2025年前9个月营收达15.9亿元，同比增长8.2%。由于中国内地、北美及其他扩张市场的人口结构变化、宠物数量稳步增加，以及宠物营养产品高端化和宠物人性化趋势的不断发展，共同推动业务保持良好增长势头。在中国市场，Solid Gold素力高持续完善渠道优化及产品组合高端化调整，由于渠道由一般贸易电商转向跨境电商的渠道调整，PNC中国市场同比增长8.0%。

在双十一购物节期间，Solid Gold素力高电商销售额全渠道同比增长11%，新客同比增长12%。旗下高端主粮同比增长196%，排毛粉更强势霸榜全渠道No.1。

北美市场同比增长5.9%。Zesty Paws快乐一爪在亚马逊、Chewy电商渠道以及沃尔玛、PetSmart、Petco、Tractor Supply、Target、山姆会员店、CVS及Menards等主要零售商持续成功。Zesty Paws快乐一爪在北美实现同比增长12.4%。同时，Solid Gold素力高将持续进行渠道优化及产品组合高端化战略转型，其中电子商务贡献了82.3%的销售额，高端化产品销售额占比达25.3%。

健合集团首席执行官及中国区CEO李凤婷女士表示：“展望全年，集团将持续推动去杠杆化，优化资本结构，支持未来增长。通过推动成人营养品、婴幼儿奶粉以及宠物营养品的增长，并维持稳健的盈利水平，向成为全球高端营养与健康产业领导者目标不断迈进。”

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