健合集团Swisse收入首次达到10亿美元电商渠道优势明显抖音端增长71.4%

作者：亿邦动力文章来源：亿邦动力

2026-03-30 19:21

作者：亿邦动力文章来源：亿邦动力

2026-03-30 19:21

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健合集团2025年财报显示关键业绩亮点和实用策略。

1.总营收143.5亿元，同比增长10.3%；归母净利润1.96亿元，扭亏为盈，增长465.2%。

2.电商渠道优势突出：Swisse在抖音端销售额增长71.4%，线下新零售增长29.7%，成为维生素市场第一。

3.业务结构转型：成人营养（ANC）首次超越婴幼儿奶粉（BNC），占比48.4%；BNC婴配粉增长28.3%，超高端市场份额升至17.1%。

4.扭亏策略：优化成本提升毛利率至62.4%，降低债务规模超6亿元，现金储备超17亿元；收缩代购渠道规避风险。

品牌营销和渠道建设成效显著，消费趋势向成人营养倾斜。

1.品牌营销：Swisse中国市场增长13.3%，通过抖音内容种草和用户资产沉淀，实现全域协同效应，带动全渠道增长。

2.渠道建设：抖音渠道增长71.4%，线下新零售如山姆店增长29.7%；主动收缩代购，规避价格体系紊乱风险。

3.产品研发：聚焦维生素、草本营养和口服美容领域，创新驱动市场领先地位。

4.消费趋势：成人营养主导转型，用户行为通过抖音沉淀；婴配粉需求修复性增长，超高端市场份额提升。

5.定价竞争：优化采购成本提升毛利率，维持健康利润率18.6%。

增长市场机会多，风险提示明确，政策应对措施有效。

1.增长机会：BNC业务营收增长20%，婴配粉销售额增长28.3%，超高端市场份额升至19.5%；PNC北美市场增长12.8%，覆盖2万家门店。

2.消费需求变化：新国标过渡期后补库存需求释放，成人营养需求持续增长。

3.风险提示：代购渠道萎缩导致澳新市场收入下降20.2%；PNC中国市场受关税影响增速回落至8.6%。

4.应对措施：推进本地化供应战略降低成本；主动收缩代购，规避合规风险。

5.商业模式：全域联动协同，抖音内容种草反哺全渠道；新零售渠道扩展。

产品生产需求优化，商业机会在数字化和本地化。

1.生产需求：毛利率提升至62.4%，采购成本优化，支持成人营养和宠物营养增长。

2.商业机会：ANC深耕抖音渠道，BNC婴配粉复苏，PNC作为第三引擎培育中；本地化供应应对关税成本压力。

3.数字化启示：电商渠道优势明显，抖音用户资产沉淀技术驱动增长；推进数字化管理，降低净杠杆比率至3.45倍。

4.供应链优化：主动降低债务，现金储备稳健；成本控制提升盈利能力。

行业趋势向电商渠道倾斜，新技术解决客户痛点。

1.行业发展趋势：成人营养主导转型，电商渠道高速增长；全渠道均衡布局成主流。

2.新技术：抖音内容种草和用户资产沉淀技术，实现销售额增长71.4%，溢出效应带动全域协同。

3.客户痛点：代购渠道萎缩带来价格体系紊乱风险；政策不确定性影响合规。

4.解决方案：主动收缩代购业务，深耕抖音和新零售；优化产品结构维持利润率，本地化供应应对成本。

平台需求和做法明确，招商运营高效，风险规避策略得当。

1.平台需求：抖音作为高效销售转化渠道，需求增长71.4%，具备用户资产沉淀和内容种草功能。

2.平台做法：Swisse案例显示通过产品优化和全渠道布局，维持健康利润率；招商成功覆盖山姆等新零售渠道。

3.运营管理：全域联动协同效应，抖音反哺全渠道增长；扩展线下新零售。

4.风险规避：主动降低代购优先级，规避价格体系紊乱和合规风险；优化资本结构降低汇率风险。

产业新动向显著，政策启示和商业模式创新突出。

1.产业新动向：业务结构从婴配粉转向成人营养主导，ANC首次超越BNC占比48.4%；修复性增长在BNC婴配粉市场份额提升。

2.新问题：代购渠道萎缩导致收入下降；关税压力影响PNC中国市场增速；新国标过渡期库存清理影响历史利润。

3.政策法规启示：新国标产品铺货完成释放需求；本地化供应战略应对关税成本；主动规避合规风险。

4.商业模式：均衡“一超两强”结构，抖音渠道内容种草形成全域协同效应；数字化管理优化资产负债表。

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Quick Summary

Health and Happiness (H&H) Group's 2025 financial report reveals key performance highlights and strategic moves.

1. Total revenue reached RMB 14.35 billion, up 10.3% year-on-year; net profit attributable to shareholders was RMB 196 million, turning a loss into a profit with a 465.2% growth.

2. E-commerce channels demonstrated strong advantages: Swisse sales on Douyin surged 71.4%, while offline new retail grew 29.7%, making it the top brand in the vitamin market.

3. Business structure transformation: Adult Nutrition and Care (ANC) surpassed Baby Nutrition and Care (BNC) for the first time, accounting for 48.4% of revenue; BNC infant formula sales grew 28.3%, with its ultra-premium market share rising to 17.1%.

4. Turnaround strategy: Cost optimization drove gross margin to 62.4%, debt was reduced by over RMB 600 million, and cash reserves exceeded RMB 1.7 billion; the daigou channel was scaled back to mitigate risks.

Brand marketing and channel development yielded significant results, with a consumer trend shift towards adult nutrition.

1. Brand Marketing: Swisse's China market grew 13.3%, leveraging Douyin content seeding and user asset accumulation to create omni-channel synergies and drive overall growth.

2. Channel Development: Douyin channel sales grew 71.4%, and offline new retail (e.g., Sam's Club) grew 29.7%; proactive reduction of daigou channels mitigated risks to pricing systems.

3. Product R&D: Focus on vitamins, herbal supplements, and ingestible beauty, with innovation driving market leadership.

4. Consumer Trends: Adult nutrition leads the transformation, with user behavior shaped via Douyin; infant formula saw restorative demand growth, with ultra-premium market share increasing.

5. Pricing & Competition: Optimized procurement costs improved gross margin, maintaining a healthy operating profit margin of 18.6%.

Multiple growth opportunities exist, with clear risk warnings and effective policy responses.

1. Growth Opportunities: BNC revenue grew 20%, infant formula sales increased 28.3%, with ultra-premium market share rising to 19.5%; PNC North America grew 12.8%, covering 20,000 retail outlets.

2. Shifting Demand: Post-new national standard transition period inventory replenishment demand emerged; adult nutrition demand continues to grow.

3. Risk Warnings: Daigou channel contraction led to a 20.2% revenue decline in Australia/New Zealand; PNC China growth slowed to 8.6% due to tariff impacts.

4. Countermeasures: Advance local supply strategy to reduce costs; proactively scale back daigou to avoid compliance risks.

5. Business Model: Omni-channel synergy, with Douyin content seeding feeding overall channel growth; expansion into new retail channels.

Product demand optimization, with commercial opportunities in digitalization and localization.

1. Production Demand: Gross margin improved to 62.4% through optimized procurement costs, supporting growth in adult and pet nutrition.

2. Commercial Opportunities: ANC deepens Douyin channel presence, BNC infant formula recovers, PNC cultivated as a third growth engine; local supply counters tariff cost pressures.

3. Digital Insights: E-commerce channels show clear advantages; Douyin user asset accumulation technology drives growth; digital management advances reduced net leverage ratio to 3.45x.

4. Supply Chain Optimization: Proactive debt reduction and robust cash reserves; cost control enhances profitability.

Industry trends favor e-commerce channels, with new technologies addressing client pain points.

1. Industry Trends: Adult nutrition leads the transformation, e-commerce channels grow rapidly; balanced omni-channel strategy becomes mainstream.

2. New Technologies: Douyin content seeding and user asset accumulation drove a 71.4% sales increase, creating spillover effects and omni-channel synergy.

3. Client Pain Points: Daigou channel shrinkage risks pricing system disruption; policy uncertainty affects compliance.

4. Solutions: Proactively scale back daigou, deepen Douyin and new retail presence; optimize product mix to maintain margins; local supply counters cost pressures.

Platform demands and practices are clear, with efficient merchant recruitment/operations and prudent risk avoidance.

1. Platform Demand: Douyin is an efficient sales conversion channel, with demand growing 71.4%, offering user asset accumulation and content seeding capabilities.

2. Platform Practices: The Swisse case demonstrates maintaining healthy margins through product optimization and omni-channel layout; successful merchant recruitment covers new retail channels like Sam's Club.

3. Operations Management: Omni-channel synergy, with Douyin feeding overall channel growth; expansion of offline new retail.

4. Risk Avoidance: Proactively deprioritize daigou to avoid pricing system and compliance risks; optimize capital structure to reduce currency risk.

Significant industry shifts, with notable policy implications and business model innovation.

1. Industry Shifts: Business structure transitions from infant formula to adult nutrition dominance; ANC surpassed BNC for the first time at 48.4% share; BNC infant formula shows restorative growth with rising market share.

2. Emerging Issues: Daigou channel contraction causes revenue decline; tariff pressures slow PNC China growth; new national standard transition period inventory clearance impacted historical profits.

3. Policy Implications: New standard product distribution completion released demand; local supply strategy counters tariff costs; proactive compliance risk avoidance.

4. Business Model: Balanced 'one super, two strong' structure; Douyin channel content seeding creates omni-channel synergy; digital management optimizes the balance sheet.

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】日前，健合集团发布2025年全年业绩报告。报告显示，集团实现总营收143.5亿元，同比增长10.3%；归母净利润为1.96亿元，同比增长465.2%，成功实现扭亏为盈（2024年同期为亏损5372万元）；经调整可比纯利为6.64亿元，同比增长22.7%。

据悉，健合（H&H）集团，全称健合（H&H）国际控股有限公司，是一家以高端营养品和婴幼儿护理用品为核心业务的全球性健康营养集团。业务覆盖中国内地、澳新、北美及欧洲等多个市场。旗下拥有四大核心品牌：成人营养品牌Swisse斯维诗、婴幼儿营养品牌合生元、宠物营养品牌Zesty Paws和Solid Gold。

在业务划分上，集团将旗下业务整合为三大板块：ANC（Adult Nutrition and Care）：成人营养与护理用品业务，以Swisse斯维诗为核心品牌，聚焦维生素、草本营养、口服美容、抗衰老等成人营养领域；BNC（Baby Nutrition and Care）：婴幼儿营养与护理用品业务，以合生元为核心品牌，涵盖婴幼儿配方奶粉、益生菌及营养补充品等。

PNC（Pet Nutrition and Care）：宠物营养与护理用品业务，旗下拥有Zesty Paws和Solid Gold两大品牌，主营宠物保健品、功能性零食及宠物食品。

财报显示，2025年，ANC（成人营养与护理用品业务）营收达69.5亿元，同比增长4.4%，占集团总收入的48.4%。Swisse斯维诗中国市场实现同比增长13.3%，占集团ANC业务销售额的70.7%。财报中称，凭借在电商渠道与产品科研创新领域的领先优势，Swisse斯维诗跃居中国内地整体维生素、草本及矿物补充剂（VHMS）市场No.1地位。ANC业务中国市场的渠道拓展持续深化，抖音渠道于2025年销售额同比增长71.4%。线下新零售渠道布局持续扩展，销售额实现同比增长29.7%。

01 扭亏为盈在于BNC、ANC业务增长

2025年，健合集团财务层面最大的亮点在于成功扭亏为盈以及资产负债表的显著优化。

财报显示，集团2025年毛利89.64亿元，同比增长13.2%，毛利率由2024年的60.6%上升至62.4%，主要得益于成人营养及护理用品与宠物营养及护理用品分部的毛利率提升，以及采购成本的优化。EBITDA为17.73亿元，同比增长26.1%；经调整可比EBITDA为20.51亿元，同比增长5.0%。基本每股收益为0.31元，经调整EBITDA利润率为14.3%，经调整可比纯利率为4.6%。

2024年集团曾出现上市以来首次净亏损，主要受婴幼儿配方奶粉新旧国标过渡期的库存清理及商誉减值影响。进入2025年，随着BNC业务重拾增长（营收同比增长20%）以及ANC业务稳步贡献现金流（营收同比增长4.4%），集团主营业务恢复造血能力。虽然2025年仍有针对部分品牌（如Good Goût）的资产减值，但整体减值规模相较于以往对利润的侵蚀有所减少，且被强劲的经营性利润所覆盖。

截至2025年末，集团净杠杆比率从2024年的3.99倍降至3.45倍，年内主动降低债务规模超6亿元，并维持超过17亿元的稳健现金储备。这一变化得益于强劲的经营现金流转化以及主动的资本结构管理（如发行新票据置换高息旧债），显著降低了汇率波动风险和融资成本。

02 “成人营养”首次超越“婴幼儿奶粉”

从业务结构看，健合集团已基本完成从“婴配粉主导”向“成人营养主导”的转型。2025年，ANC、BNC、PNC三大业务营收占比分别为48.4%、36.7%、15.0%，形成相对均衡的“一超两强”格局。

具体来看，2025年ANC业务全年营收69.5亿元，同比增长4.4%，占集团总收入的48.4%，历史上首次超越BNC业务（营收52.6亿元，占比36.7%），稳居第一大业务板块。从盈利能力看，中国ANC业务经调整EBITDA利润率稳定在18.6%。

BNC业务全年营收52.6亿元，同比增长20%，财报显示，这主要得益于婴配粉业务的强劲复苏——中国内地婴配粉销售额同比增长28.3%，超高端奶粉市场份额升至17.1%（Q4达19.5%），不过，这一复苏更多是“修复性增长”：2024年受新旧国标过渡期库存清理影响，BNC业务基数较低；2025年随着新国标产品铺货完成，渠道补库存需求集中释放。

PNC全年营收21.5亿元，同比增长8.7%，占集团总收入的15.0%，作为“第三增长引擎”仍在培育阶段。分市场看，北美市场表现相对稳健，Zesty Paws同比增长12.8%，已覆盖全美超2万家门店；中国市场Solid Gold受关税及渠道调整影响，增速回落至8.6%，集团正推进本地化供应战略以应对成本压力。

03 ANC业务主动收缩代购，深耕抖音内容种草和用户资产沉淀

财报显示，ANC业务中国市场的渠道拓展成效显著，抖音渠道2025年销售额同比增长71.4%，线下新零售渠道（如山姆会员店等）销售额同比增长29.7%。面对代购渠道持续萎缩及政策不确定性，集团主动降低代购业务的战略优先级，虽然导致澳新市场整体收入同比下降20.2%，但有效规避了潜在的价格体系紊乱与合规风险。

在财报电话会上，针对分析师关于抖音渠道可持续盈利的提问，集团CEO李凤婷表示，Swisse通过产品结构优化和全渠道均衡布局维持了健康的利润率（中国ANC业务经调整EBITDA利润率稳定在18.6%）。主席罗飞进一步指出，抖音不仅是高效的销售转化渠道，更具备显著的“溢出效应”。抖音端的内容种草与用户资产沉淀，能有效反哺并带动全渠道增长，形成全域联动的协同效应。

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