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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.
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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