Health and Happiness (H&H) International Holdings Limited (Stock Code: 1112) reported low double-digit revenue growth for the year ended 31 December 2025. According to the announcement, all three core segments—Adult Nutrition and Care (ANC), Baby Nutrition and Care (BNC), and Pet Nutrition and Care (PNC)—contributed to the overall robust performance.
ANC registered mid-single-digit revenue growth, boosted by low-teens growth in Chinese mainland and continued strong double-digit sales in other expansion markets. In the Australia-New Zealand region, domestic market revenue posted a mid-single-digit increase, while total performance was affected by the Group’s decision to deprioritise the corporate daigou channel.
BNC returned to a clear growth trajectory, delivering strong double-digit revenue growth. Infant milk formula led with strong double-digit gains, outperforming the overall Chinese mainland market, supported by strategic initiatives in social media, e-commerce channels, and baby specialty stores. Pediatric probiotic and nutritional supplements recorded low single-digit growth, aided by new product launches and gains in both baby specialty stores and online channels.
PNC achieved a high-single-digit revenue increase on a like-for-like basis, supported by global pet premiumisation and humanisation trends. Within this segment, pet supplements continued to see mid-teens revenue growth, contributing to stable margins.
On the financial front, adjusted EBITDA is expected to rise by 2.00% to 6.00%, staying around mid-teens in margin. Adjusted Net Profit is projected to increase between 15.00% and 25.00%, propelled by reduced finance costs and an optimised debt structure. Reported Net Profit is anticipated to exceed 400.00% growth year-on-year, despite factors such as intangible asset impairments and net fair value losses on certain financial instruments. The Group ended 2025 with a cash balance of over RMB1.70 billion and reduced gross debt by over RMB600.00 million, reflecting an ongoing focus on deleveraging.