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Health and Happiness (H&H) International Holdings (1112) investor relations material
Health and Happiness (H&H) International Holdings H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary27 Aug, 2025
Executive summary
Revenue increased by 4.9% year-over-year to RMB7,019.2 million for H1 2025, with growth across all business segments and strong performance in high-margin nutritional supplements, which contributed 65.6% of total revenue.
Adjusted net profit rose 4.6% to RMB363.0 million, while reported net profit declined 76.8% to RMB71.0 million due to one-time finance costs and non-cash items.
Mainland China led growth, accounting for over 70% of revenue, with notable gains in ANC, BNC, and PNC segments.
Interim dividend of HKD0.19 per share declared, representing about 30% of adjusted net profit.
Strong cash flow generation, with operating cash flow at 100.2% of adjusted EBITDA and cash and equivalents at RMB1,812.0 million.
Financial highlights
Gross profit increased 7.8% year-over-year to RMB4,389.1 million, with gross margin improving to 62.5% due to favorable product and channel mix.
Adjusted EBITDA was RMB1,100.7 million, down 3.4% year-over-year, with a margin of 15.7%.
Inventory turnover days improved from 146 to 131, reflecting better sales and efficiency.
Finance costs rose 33.8% to RMB579.5 million, mainly due to early redemption of senior notes.
Net profit dropped to RMB71.0 million, mainly due to non-cash and one-time finance costs.
Outlook and guidance
Full-year revenue expected to achieve high single-digit growth, with adjusted EBITDA margin around 15% and adjusted net profit margin close to 5%.
Continued top-line growth expected across all segments, led by high-margin supplements and pet nutrition, with ANC segment sustaining momentum in China and expansion markets.
BNC to accelerate IMF sales, PNC to maintain growth, especially in China and North America.
Ongoing deleveraging and robust liquidity management to support future growth.
Explain the one-time finance cost impact on net profit
What caused ANZ revenue decline despite domestic growth?
What is the strategy for currency risk in debt?
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Next Health and Happiness (H&H) International Holdings earnings date
H2 202524 Mar, 2026
Next Health and Happiness (H&H) International Holdings earnings date
H2 202524 Mar, 2026
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Frequently asked questions
Health and Happiness (H&H) International Holdings Limited is a Hong Kong-based company engaged in the development, marketing, and distribution of health and wellness products. The company operates through key segments including baby nutrition and care, adult nutrition and wellness, and pet nutrition and care. Its product portfolio features vitamins, supplements, probiotics, and organic baby food under various international brand names. H&H serves global markets through retail, e-commerce, and healthcare channels. The company is headquartered in Hong Kong, and its shares are listed on the HKEX.
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