H&H國際控股(01112.HK)公佈中期業績 毛利率上升至62.5% 持續發展東南亞、印度及意大利等擴張市場
格隆匯8月26日丨H&H國際控股(01112.HK)發佈公告，截至2025年6月30日止六個月，集團的收入較2024年同期上升4.9%（按呈報基準）或5.2%（按同類比較基準）至人民幣7,019.2百萬元，主要由於所有業務分部（即成人營養及護理用品、嬰幼兒營養及護理用品及寵物營養及護理用品）增長所致。
集團的毛利率由2024年上半年的60.9%上升至2025年上半年的62.5%，得益於成人營養及護理用品以及寵物營養及護理用品分部的毛利率上升，以及產品組合的有利變動。
期間的經調整可比純利較去年同期上升4.6%。公司繼續致力加強財務實力，同時維持穩定的派息記錄，宣佈中期股息每股普通股0.19港元。
於2025年上半年，利潤率較高的營養補充品佔收入的65.6%，原因爲公司在策略上聚焦高端增長分部，其中維生素、草本及礦物補充劑以及寵物營養品類別按同類比較基準分別實現5.8%及14.3%的收入增長。
於2025年下半年，成人營養及護理用品分部將藉助中國內地及擴張市場保持增長勢頭。於中國內地，公司將通過持續產品創新及線上渠道佈局維持Swisse於整體維生素、草本及礦物補充劑市場的領先地位。澳新本地市場預計維持穩健增長。公司亦將借鑑新加坡及中國香港市場的成功經驗及有效策略，持續發展東南亞、印度、中東及意大利等擴張市場。
在嬰幼兒營養及護理用品業務方面，基於電子商務及嬰幼兒專賣店渠道營銷活動的成功經驗、較大階段嬰幼兒配方奶粉轉化的持續推進及最近完成的新「國標」過渡，預計嬰幼兒配方奶粉銷售額將加速增長。隨着公司持續鞏固市場地位，新手媽媽教育仍是策略核心。
寵物營養及護理用品業務將延續目前增長。ZestyPaws將繼續執行全渠道策略及品類創新，維持北美及擴張市場的增長。同時，由於持續進行渠道優化及產品組合高端化，SolidGold在北美的銷售額將繼續下降。然而，於中國內地，SolidGold繼續聚焦高端寵物食品及營養品類別，並強化推動其發展的跨境電子商務佈局，因而將持續獲得增長。
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