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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.
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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.

  • Mainland China led growth, accounting for over 70% of revenue, with notable gains in ANC, BNC, and PNC segments, and e-commerce channels up 18.1%.

  • Adjusted net profit rose 4.6% year-over-year 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.

  • Interim dividend of HKD0.19 per share declared, representing about 30% of adjusted net profit.

  • Strategic focus on product innovation, premiumization, channel diversification, and global expansion, especially in China and Asia.

Financial highlights

  • Gross profit increased 7.8% to RMB4,389.1 million; gross margin improved to 62.5%.

  • Adjusted EBITDA margin held at 15.7%, with adjusted EBITDA at RMB1,100.7 million, down 3.4% year-over-year.

  • Inventory turnover days improved from 146 to 131.

  • Cash and cash equivalents stood at RMB1,812.0 million as of June 2025; operating cash flow was RMB998.0 million.

  • Net leverage ratio decreased to 3.89x from 3.99x; gearing ratio improved to 47.3%.

Outlook and guidance

  • Full-year guidance targets high single-digit revenue growth, 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 and BNC to sustain momentum in China and expansion markets.

  • Ongoing deleveraging, robust liquidity management, and capital structure optimization to support future growth.

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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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