Hong Kong · Delayed Price · Currency is HKD Health and Happiness (H&H) International Holdings Earnings Call Transcripts
Fiscal Year 2026
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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 strong cash flow supporting a reduced leverage ratio. Swisse achieved top market positions in China and Australia, while innovation and channel expansion drove performance across regions.
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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.