H&H INTL HLDG (01112) rose more than 5% during the session, reaching HK$14.7 with a turnover of HK$49.67 million.

According to research reports, H&H INTL HLDG achieved a 12.3% year-on-year revenue growth in the first three quarters of 2025, with Q3 revenue surging 28.5% YoY, exceeding market expectations. The company has also continued optimizing its debt structure.

For the full year, analysts expect its ANC business to expand online channels and overseas markets, maintaining its industry leadership. The BNC segment shows steady improvement, with premium infant formula demonstrating strong growth and gaining market share despite headwinds. Meanwhile, the PNC division is advancing premiumization and globalization strategies in China.

CICC noted that H&H INTL HLDG recorded revenue of RMB10.81 billion in the first nine months of 2025, up 12% YoY (12.3% on a like-for-like basis). Q3 revenue reached RMB3.79 billion, rising 28.1% YoY, driven by better-than-expected infant formula sales.

The firm projects full-year revenue growth in the high-single to low-double digits, with all three business segments maintaining positive momentum: ANC likely to deliver mid-to-high single-digit growth, BNC expected to exceed 20% growth, and PNC anticipated to grow by low-double digits.

On profitability, analysts believe H&H INTL HLDG will maintain healthy margins in 2025, with further optimization in financing costs.