H&H INTL HLDG (01112) achieved a total revenue of 9.648 billion yuan in the first three quarters, a decrease of 6.1% year-on-year.

H&H International Holdings (01112) released unaudited operational data for the nine months ending September 30, 2024. Total revenue decreased by 6.1% (6.4% on a comparable basis) to RMB 9.648 billion, mainly due to a decline in sales of infant formula milk powder. This decrease reflects the continued industry challenges faced by the ultra-high-end infant formula milk powder division in mainland China and the time required to complete the transition to the new "national standard" series. Despite these challenges, the group's ultra-high-end infant formula milk powder division continues to increase market share. During the period in question, revenue from mainland China dropped by 12.5% year-on-year, due to double-digit declines in revenue from infant nutrition and care products and low double-digit declines in revenue from pet nutrition and care products, partially offset by mid-to-high single-digit growth in the adult nutrition and care products division. Mainland China remains the group's largest market, accounting for 65.9% of total revenue, compared to 70.7% in the same period last year. As the industry growth becomes more normalized, the group maintains a steady growth rate in the Australia and New Zealand markets, with revenue increasing by 10.2% on a comparable basis for the period. This continued growth is attributed to the group's continuous product innovation and efforts towards premiumization in the local channels, especially the group's Swisse gummy series, which currently holds a 15.8% market share, ranking second. The group also maintains its leading position in the overall Australian vitamins, herbal, and mineral supplements market. The group's Australian subsidiary was ranked fourth in the 2024 Best Places to Work in Australia, demonstrating the group's commitment to creating an environment where every team member feels valued, empowered, and inspired to innovate, supporting the group's business growth. During the period, revenue from North America increased by 6.3% on a comparable basis, benefiting from the growing trend towards premiumization of pet nutrition products, the trend towards humanization of pets, and the increasing number of pets.