H&H International Holdings Limited (01112) announced its unaudited operational results for the first nine months of 2025 on November 18. The group achieved a 12.3% year-on-year revenue increase to RMB10.805 billion, with all three core business segments demonstrating growth while maintaining stable profitability and healthy cash flow conversion.

China remained the largest revenue contributor, accounting for 71.0% of total group revenue with 20.6% YoY growth. Expansion markets delivered strong performance, growing 19.0% YoY, with nine Asian expansion markets surging 64.4%. Nutritional supplements continued to be the primary growth driver, representing 64.5% of total revenue. Vitamin, herbal, and mineral supplements grew 6.0%, while pet supplements rose 14.2%.

**ANC (Adult Nutrition & Care):** Revenue reached RMB5.24 billion (+6.0% YoY), led by Swisse’s 15.7% growth in China, contributing 70.6% of ANC sales. Cross-border e-commerce sales rose 23.1%, with Douyin sales soaring 77.7%. Swisse maintained its No.1 position in China’s VHMS market, supported by premium innovations like Swisse PLUS and Little Swisse. In Australia/New Zealand, local market sales grew 8.9%, though export declines led to an overall 19.4% drop.

**BNC (Baby Nutrition & Care):** Revenue surged 24.0% YoY to RMB3.97 billion, with China infant formula sales up 35.2%, outperforming the sector’s 0.2% decline. Biostime captured a record 16.4% share in ultra-premium infant formula, rising to 17.3% in Q3. Probiotics and lactoferrin products maintained category leadership, with Q3 sales rebounding to double-digit growth.

**PNC (Pet Nutrition & Care):** Revenue grew 8.2% to RMB1.59 billion. Solid Gold’s China sales rose 8.0% amid channel optimization, while Zesty Paws expanded 12.4% in North America. Solid Gold’s premium pet food sales jumped 196% during Double 11, with e-commerce contributing 82.3% of PNC revenue.

**Financial Resilience:** H&H reduced leverage, repaying RMB300 million in syndicated loans by October, with cash reserves at RMB1.74 billion as of September 30.

**Outlook:** The group will deepen its "Family Nutrition & Wellness" strategy, focusing on innovation and channel expansion. Swisse aims to consolidate its VHMS leadership, Biostime targets sustained infant formula growth, and PNC will leverage premiumization in China and North America. CEO Li Fengting emphasized deleveraging and profitable growth to advance H&H’s global premium nutrition ambitions.