H&H INTL HLDG (01112) surged over 4% again, reaching HK$13.7 by the time of writing, with a trading volume of HK$27.18 million. The company reported a 12.0% year-on-year increase (12.3% on a like-for-like basis) in total revenue to RMB10.805 billion for the nine months ended September 30, 2025.

Growth in the infant nutrition and care products segment accelerated to 24.0%, driven by a 33.3% year-on-year rise in infant formula sales. Meanwhile, the decline in infant probiotics and nutritional supplements narrowed to 2.3%, with the segment rebounding to strong double-digit growth in the three months ended September 30, 2025.

Analysts noted that while the infant formula industry faces short-term pressure due to demand constraints, H&H INTL HLDG's sales grew 10.0% year-on-year in the first half of 2025, significantly outperforming the industry average. This was attributed to robust sales of stage 1 and stage 2 infant formula products.

With continued stimulus from childcare subsidies, demand for infant formula is expected to improve, supporting sustained growth for the company. Additionally, its infant probiotics and nutritional supplements are anticipated to gradually return to a growth trajectory.