Hong Kong · Delayed Price · Currency is HKD Health and Happiness (H&H) International Holdings Earnings Call Transcripts
Fiscal Year 2026
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A 15-year strategic partnership with Isigny underpins strong growth in infant nutrition, with group revenue up 34% and infant formula exceeding 72% growth. Product innovation, premium sourcing, and sustainability drive differentiation, while ample production capacity and financial strength support future expansion.
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Q1 2026 saw 34.4% revenue growth, strong market share gains, and robust cash flow, driven by high-margin supplements and temporary demand surges. Guidance for 2026 is maintained, with continued focus on innovation, deleveraging, and channel expansion.
Fiscal Year 2025
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Revenue grew 10.3% year-on-year in 2025, with all segments returning to growth and adjusted net profit up 22.7%. Leverage ratio dropped to 3.045x, Swisse became market leader in China and Australia, and strong cash flow supported a 30% dividend payout.
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Revenue grew 4.9% year-over-year to over RMB 7 billion, with all segments achieving positive growth and EBITDA margin at 15.7%. Expansion markets and product innovation drove strong performance, while refinancing and channel optimization improved profitability and reduced leverage.
Fiscal Year 2024
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Nutritional supplements now drive 67.7% of revenue and 80% of EBITDA, offsetting IMF declines. 2024 saw strong cash flow, improved margins, and strategic refinancing, with a return to top-line growth and IMF recovery forecast for 2025.
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Revenue declined 4.1% in H1 2024 due to infant formula weakness, but nutrition supplements grew to 66% of revenue. Adjusted EBITDA margin remained healthy at 17%, with improved inventory turnover and strong cash flow. Net leverage is targeted to reach 3x by year-end.