健合集团Q1营收42.6亿：中国内地婴幼儿配方奶粉业务增长74.4%

作者：亿邦动力文章来源：亿邦动力

2026-04-24 17:28

作者：亿邦动力文章来源：亿邦动力

2026-04-24 17:28

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健合集团2026年第一季度收入强劲增长，总体营收达42.6亿元，同比增长33.8%，各业务板块均实现双位数增长。

1.业务增长亮点：成人营养与护理用品营收19.31亿元，增长24.2%，其中Swisse斯维诗在中国抖音渠道销售增长84.3%；婴幼儿营养与护理用品营收18.35亿元，增长60.9%，中国内地婴幼儿配方奶粉增长74.4%，市场份额达18.2%；宠物营养与护理用品营收4.93亿元，增长1.5%，北美宠物营养品Zesty Paws快乐一爪增长15.5%。

2.原因和实操干货：婴幼儿奶粉增长主因农历新年需求激增和份额提升，新产品推出含母乳低聚糖配方奶粉；财务上债务降低超3亿元，现金储备超21亿元，显示财务健康；未来BNC增长预计放缓，PNC转向本地化供应。

健合集团的品牌营销和产品研发成效显著，Swisse斯维诗在中国内地VHMS市场领先，品牌渠道建设助力销售增长。

1.品牌营销：Swisse斯维诗在中国市场同比增长33.5%，抖音渠道增长84.3%和线下新零售增长54.7%，多渠道策略提升品牌曝光；澳新市场增长16.5%，亚洲市场增长37.6%，巩固全球第一地位。

2.产品研发和消费趋势：合生元推出首款含母乳低聚糖婴幼儿配方奶粉，响应高端需求；婴幼儿奶粉增长74.4%，逆势市场下跌0.2%，显示消费趋势如季节性激增和健康需求升级；用户行为数据表明婴幼儿益生菌及儿童营养品增长20.4%，宠物营养品在北美增长16.3%，反映多元化消费偏好。

3.定价竞争：合生元在超高端婴幼儿配方奶粉市场份额18.2%历史新高，显示价格优势定位；财务优化支持品牌持续投资。

第一季度显示多个增长市场和机会，但需注意风险提示，如BNC业务放缓。

1.增长市场：中国内地婴幼儿配方奶粉业务增长74.4%，带动BNC整体增长60.9%；北美宠物营养品市场增长16.3%，Zesty Paws快乐一爪增长17.7%，显示海外扩张机会。

2.事件应对和风险提示：农历新年需求激增推动短期业绩，但预计消退后BNC增长放缓；PNC中国内地销售因本地化供应转型下滑，预计2026年底完成，带来短期风险；可学习点包括Swisse多渠道策略（如抖音增长84.3%），新商业模式如高端宠物营养品创新。

3.合作方式和扶持政策：集团通过财务优化（债务降超3亿元）和现金储备支持业务，卖家可借鉴平台合作如新零售渠道；机会提示包括结合节日促销和份额提升策略。

生产和设计需求聚焦高端产品开发和本地化战略，提供商业机会启示。

1.产品生产需求：合生元婴幼儿配方奶粉推出含母乳低聚糖新品，显示高端配方研发方向；婴幼儿益生菌及儿童营养品增长23.1%，需优化生产流程；宠物营养品Zesty Paws快乐一爪增长15.5%，强调营养配方设计。

2.商业机会：中国内地奶粉增长74.4%和市场份额18.2%显示高端制造潜力；北美宠物市场增长16.3%，提供出口机会；推进数字化电商启示体现在新零售渠道销售增长54.7%。

3.本地化启示：PNC业务转向中国内地本地供应，预计年底完成转型，工厂可借鉴供应链优化；财务结构支持生产投资。

行业发展趋势显示营养补充品增长持续，新技术和创新解决方案应对客户痛点。

1.发展趋势：成人VHMS市场在多个地区领先，如中国内地整体领先和澳新第一，增长24.2%；宠物营养在北美强劲增长16.3%，中国内地转型中；婴幼儿营养品增长60.9%，反映健康产业扩张。

2.客户痛点：中国市场宠物营养品因本地化供应战略导致销售下滑，需时间过渡；整体婴幼儿奶粉市场零售下跌0.2%，但健合逆势增长74.4%，凸显渠道问题痛点。

3.解决方案：多品类创新如推出含母乳低聚糖奶粉；渠道解决方案如抖音销售增长84.3%和线下新零售54.7%，显示电商平台整合；财务优化模型提供行业参考。

商业对平台的需求显著，体现在渠道表现和平台运营管理上。

1.平台需求和做法：抖音渠道销售额同比增长84.3%，线下新零售渠道增长54.7%，显示平台招商和合作价值；Swisse斯维诗在电商平台稳居领先，强化平台需求。

2.运营管理和风向规避：平台招商机会包括婴幼儿奶粉74.4%增长和宠物营养北美扩展；财务结构优化如债务降超3亿元和现金储备超21亿元，支持平台风险管理；未来BNC放缓风险需监控，PNC本地化转型影响业绩。

3.创新做法：全渠道推进如新零售渠道策略；规避风险依赖数据监测，如尼尔森IQ零售数据提供依据。

产业新动向包括逆势增长和市场动态，商业模式和政策数据提供启示。

1.新动向：婴幼儿奶粉业务增长74.4%，对比行业整体零售下跌0.2%，显示消费韧性；宠物营养品北美市场增长16.3%，中国市场本地化转型，反映供应链新问题；成人营养品在亚洲扩张市场增长37.6%，新趋势明朗。

2.新问题：农历新年需求激增消退后BNC增长预计放缓；PNC本地化供应可能导致短期业绩波动；新商业模式如高端产品线（超高端奶粉份额18.2%）多元化支持增长。

3.政策法规启示：尼尔森IQ数据提供全渠道零售监测依据，可用于政策建议；财务结构优化（去杠杆化）启示行业风险管理。

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Quick Summary

Health and Happiness Group reported strong Q1 2026 revenue growth, with total revenue reaching RMB 4.26 billion, a 33.8% year-on-year increase, with all business segments achieving double-digit growth.

1. Key Growth Highlights: Adult Nutrition and Care revenue was RMB 1.931 billion, up 24.2%, with Swisse sales on Douyin in China surging 84.3%; Infant Nutrition and Care revenue was RMB 1.835 billion, up 60.9%, with infant formula sales in mainland China growing 74.4% and market share reaching 18.2%; Pet Nutrition and Care revenue was RMB 493 million, up 1.5%, with Zesty Paws in North America growing 15.5%.

2. Drivers and Practical Insights: Infant formula growth was primarily driven by surging Lunar New Year demand and market share gains, supported by new product launches like HMO-fortified formula; Financially, debt was reduced by over RMB 300 million, with cash reserves exceeding RMB 2.1 billion, indicating strong financial health; Future BNC growth is expected to slow, while PNC is shifting towards localized supply.

Health and Happiness Group's brand marketing and product R&D delivered significant results, with Swisse leading the VHMS market in mainland China and robust channel development driving sales growth.

1. Brand Marketing: Swisse grew 33.5% year-on-year in China, with Douyin sales up 84.3% and offline new retail up 54.7%, demonstrating the effectiveness of its multi-channel strategy; The brand also grew 16.5% in ANZ and 37.6% in Asia, solidifying its global leadership position.

2. Product R&D and Consumer Trends: Biostime launched China's first HMO-fortified infant formula, catering to premium demand; Its infant formula grew 74.4% despite a 0.2% market decline, highlighting trends like seasonal surges and health-conscious upgrading; User data showed infant probiotics and children's nutrition grew 20.4%, while pet nutrition in North America grew 16.3%, reflecting diversified consumer preferences.

3. Pricing and Competition: Biostime achieved a record 18.2% market share in the ultra-premium infant formula segment, demonstrating competitive pricing power; Financial optimization supports continued brand investment.

Q1 revealed multiple growth markets and opportunities, but sellers should note risk warnings, such as an expected slowdown in BNC business.

1. Growth Markets: Infant formula sales in mainland China surged 74.4%, driving overall BNC growth of 60.9%; The North American pet nutrition market grew 16.3%, with Zesty Paws up 17.7%, indicating overseas expansion potential.

2. Event Response and Risk Warnings: Lunar New Year demand provided a short-term boost, but BNC growth is expected to moderate post-holiday; PNC sales in mainland China declined due to a shift to localized supply, a transition set for completion by end-2026, posing near-term risks; Key learnings include Swisse's multi-channel strategy (e.g., 84.3% Douyin growth) and innovative models like premium pet nutrition.

3. Collaboration and Support: The Group's financial optimization (debt reduction over RMB 300 million) and strong cash reserves provide business support; Sellers can leverage platform partnerships, such as new retail channels, and capitalize on opportunities like seasonal promotions and share-gain strategies.

Production and design needs are focused on premium product development and localization strategies, offering insights for manufacturing opportunities.

1. Production Demand: Biostime's launch of HMO-fortified infant formula signals a shift towards high-end配方 R&D; Growth in infant probiotics and children's nutrition (23.1%) requires optimized production processes; Zesty Paws' 15.5% growth underscores the importance of nutritional formula design.

2. Business Opportunities: Mainland China's 74.4% infant formula growth and 18.2% market share highlight potential for premium manufacturing; North America's 16.3% pet market growth offers export opportunities; The 54.7% growth in new retail channels illustrates the impact of digital e-commerce.

3. Localization Insights: PNC's shift to localized supply in mainland China, targeted for completion by year-end, offers a model for supply chain optimization; A strengthened financial structure supports production investment.

Industry trends show sustained growth in nutritional supplements, with new technologies and innovative solutions addressing client pain points.

1. Development Trends: The adult VHMS market leads in multiple regions, with 24.2% growth in mainland China and leadership in ANZ; Pet nutrition grew 16.3% in North America, while mainland China is in transition; Infant nutrition's 60.9% growth reflects health industry expansion.

2. Client Pain Points: Pet nutrition sales in mainland China declined due to the localized supply strategy, requiring a transition period; The overall infant formula market shrank 0.2%, yet Health and Happiness grew 74.4%, highlighting channel challenges.

3. Solutions: Multi-category innovation, such as HMO-fortified formula; Channel solutions like 84.3% Douyin growth and 54.7% offline new retail demonstrate e-commerce integration; The financial optimization model provides an industry benchmark.

Significant platform demand is evident in channel performance and operational management requirements.

1. Platform Needs and Practices: Douyin sales surged 84.3% year-on-year, while offline new retail grew 54.7%, highlighting the value of platform partnerships; Swisse's leading position on e-commerce platforms reinforces platform demand.

2. Operational Management and Risk Mitigation: Platform partnership opportunities include the 74.4% infant formula growth and North American pet nutrition expansion; Financial optimization, like reducing debt by over RMB 300 million and maintaining over RMB 2.1 billion in cash, supports risk management; Future BNC slowdown and PNC localization impacts require monitoring.

3. Innovative Practices: Omnichannel advancement, such as new retail strategies; Risk mitigation relies on data monitoring, with NielsenIQ retail data providing a basis for decision-making.

Industry developments include counter-cyclical growth and market dynamics, with business models and policy data offering insights.

1. New Developments: Infant formula grew 74.4% against a 0.2% industry decline, demonstrating consumer resilience; Pet nutrition's 16.3% growth in North America and mainland China's localization reflect new supply chain challenges; Adult nutrition's 37.6% growth in Asia indicates clear expansion trends.

2. Emerging Issues: BNC growth is expected to slow post-Lunar New Year demand surge; PNC localization may cause short-term performance volatility; New business models, like premium product diversification (ultra-premium formula share 18.2%), support growth.

3. Policy Implications: NielsenIQ data provides a basis for omnichannel retail monitoring, useful for policy recommendations; Financial structure optimization (deleveraging) offers insights for industry risk management.

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 .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

4月24日消息，健合（H&H）国际控股有限公司（股份代号：1112.HK）日前公布了2026年第一季度未经审计的运营数据。截至2026年3月31日止三个月，集团营收同比增长33.8%，达到人民币42.6亿元。

营养补充品占集团总收入的59.9%。其中，维生素、草本及矿物补充剂产品同比增长24.2%，婴幼儿益生菌及儿童营养补充品增长23.1%，宠物营养品增长16.3%，均实现双位数增长。

分业务板块来看，成人营养与护理用品业务（ANC）营收同比增长24.2%，在中国内地、澳新本地及其他扩张市场均实现强劲双位数增长。ANC业务前3个月营收达19.31亿元。其中，Swisse斯维诗在中国市场同比增长33.5%，子品牌Swisse PLUS及Little Swisse持续引领增长；抖音渠道销售额同比增长84.3%，线下新零售渠道销售额同比增长54.7%。Swisse斯维诗稳居中国内地整体维生素、草本及矿物补充剂（VHMS）市场领先地位。在澳新本地市场，Swisse斯维诗同比增长16.5%，稳居澳洲整体VHMS市场第一。在亚洲扩张市场实现强劲增长37.6%，在新加坡美容VHMS、肝脏保健及男性健康市场位居第一。

婴幼儿营养与护理用品业务（BNC）同比增长60.9%，前3个月营收达18.35亿元，主要受集团中国内地婴幼儿配方奶粉业务74.4%的强劲增长带动。

增长原因方面，财报中提到，农历新年假期期间，合生元婴幼儿配方奶粉品牌需求出现阶段性激增，推动了BNC业务增长。另一方面是市场份额的提高，财报指出，截至2026年2月28日止过往12个月，合生元在超高端婴幼儿配方奶粉市场份额达18.2%，创历史新高。合生元中国内地婴幼儿益生菌及儿童营养补充品销售额增长20.4%。2026年4月，合生元推出了首款含母乳低聚糖（HMO）的婴幼儿配方奶粉。

公告中强调，“于第一季度，本集团的中国内地婴幼儿配方奶粉销售额按年增长74.4%，与统计数据显示的同期整体婴幼儿配方奶粉0.2%的零售跌幅形成鲜明对比。”

财报中标注，这一统计数据来源于尼尔森IQ，监测范围是中国内地婴幼儿配方奶粉的全渠道零售情况，该数据统计截至2026年2月28日止过往3个月的平均值。

宠物营养与护理用品业务（PNC）同比增长1.5%，前3个月营收达4.93亿元。其中高端宠物营养品品牌Zesty Paws快乐一爪同比增长15.5%。北美市场实现强劲同比增长16.3%，Zesty Paws快乐一爪在北美同比增长17.7%。中国市场因主动转向供应本地化，销售出现预期下滑，预计2026年底前完成转型。

在财务结构方面，截至2026年3月31日，集团债务总额较2025年12月31日进一步降低超人民币3亿元，主要因利用增量低成本人民币借款带来的内部流动资金，自愿提前偿还美元定期贷款逾人民币5亿元（等值）。集团维持超人民币21亿元的现金储备。

健合集团首席执行官Akash Bedi先生表示，展望全年，集团将持续去杠杆化，优化财务结构，通过推动营养补充品及婴幼儿配方奶粉的增长，同时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的目标不断迈进。

随着行业新发展带来的合生元婴幼儿配方奶粉需求激增逐步消退，集团预计BNC业务增长势头将有所放缓。PNC业务方面，Solid Gold素力高在中国内地的本地化供应战略预计对整体业绩产生影响，但北美市场将继续推进全渠道扩展与品类创新。

亿邦持续追踪报道该情报，如想了解更多与本文相关信息，请扫码关注作者微信。

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FAQ回顾

健合集团2026年第一季度营收表现如何？

健合集团2026年第一季度未经审计营收为人民币42.6亿元，同比增长33.8%。其中，婴幼儿营养与护理用品业务（BNC）营收18.35亿元，同比增长60.9%。

健合集团中国内地婴幼儿配方奶粉业务增长情况如何？

2026年第一季度，健合集团中国内地婴幼儿配方奶粉业务销售额同比增长74.4%，主要由合生元品牌需求激增和市场份额提升带动。同期市场整体零售额下跌0.2%。

健合集团2026年第一季度各业务板块的具体增长情况是怎样的？

成人营养与护理用品业务（ANC）营收19.31亿元，增长24.2%；婴幼儿营养与护理用品业务（BNC）营收18.35亿元，增长60.9%；宠物营养与护理用品业务（PNC）营收4.93亿元，增长1.5%。

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