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– 二零二六年四月二十二日\n\u003Cbr>\n\u003Cdiv align=\"center\">\n\n**健合集團二零二六年第一季度收入上升 34.4%，Swisse、Biostime 及 Zesty Paws 品牌表現強勁**\n\n\u003C/div>\n\u003Cbr>\n領先的全球全家營養公司健合國際(H&H)控股有限公司（「健合集團」，股票代號：1112.HK）今日公佈截至二零二六年三月三十一日止三個月未經審核的營運數據。按呈報基準計算，集團總收入按年增長 34.4%（按同類比較基準（LFL）亦增長 33.8%），達人民幣 42 億 5,950 萬元。\n\n健合集團集團行政總裁兼北美、中東及印度行政總裁 Akash Bedi 表示，二零二六年為集團帶來一個相當良好的開局，當中以成人營養及護理用品以及嬰幼兒營養及護理用品兩大分部表現尤為強勁，主要受惠於兩項短期利好因素，包括中國農曆新年假期的時序效應，以及 2026 年第一季度行業新發展帶來的合生元嬰幼兒配方奶粉（IMF）需求的短暫上升。\n\n「於二零二六年首三個月，集團在嚴謹執行既定策略的同時，成功把握多項全球消費趨勢。我們的高利潤率營養補充品業務佔集團總收入的 59.9%，當中 Swisse 斯維詩的維生素、草本及礦物補充劑（VHMS）產品錄得 24.2%增長，Biostime 合生元的嬰幼兒益生菌及兒童營養補充品增長 23.1%，而 Solid Gold 素力高及 Zesty Paws 快樂一爪旗下的寵物營養補充品則錄得 16.3%增長。尤為重要的是，本季度強勁的渠道進貨表現亦同步反映於穩健的終端銷售表現，令我們對相關增長屬於真實且具廣泛基礎的需求更具信心，並為集團於全年持續增長奠定良好基礎。」\n\n同時，集團三大業務分部均維持增長動能。成人營養及護理用品（ANC）分部錄得 26.3%增長（按同類比較基準（LFL）亦為 24.2%），主要由中國內地、澳新國內市場及擴張市場的雙位數增長所帶動。嬰幼兒營養及護理用品（BNC）分部延續二零二五年的強勁勢頭，並於二零二六年首三個月進一步加速，錄得卓越的 60.9%增長，主要受中國內地嬰幼兒配方奶粉（IMF）業務推動。嬰幼兒益生菌及兒童營養補充品亦對該市場表現作出貢獻，並持續錄得 23.1%的增長。同樣地，寵物營養及護理用品（PNC）分部佔集團總收入 11.6%，其表現主要來自高利潤率寵物營養補充品業務持續加速增長，當中 Zesty Paws 快樂一爪按同類比較基準錄得 15.5%的增長。\n\n集團在持續穩步降低槓桿的同時，維持逾人民幣 21 億元的充裕現金儲備。截至二零二六年三月三十一日，集團的總負債較二零二五年十二月三十一日進一步減少逾人民幣三億元，主要由於健合集團就其美元定期貸款主動提前償還逾人民幣五億元（等值）。有關提前還款由集團內部流動資金支付，而該等流動性亦受惠於新增的低成本人民幣借款而進一步增強。上述舉措突顯集團持續優化資本結構及降低總負債水平的策略。Bedi 先生補充表示：「強化資產負債表依然是集團的明確優先事項。本季度我們以內部資金進行的提前還款，反映出集團在資本配置上的嚴謹紀律，並使我們能以穩健的財務基礎，持續投資於核心增長重點。」\n\n來自中國內地（集團最大市場）的收入按年增長 44.9%。相關表現主要受惠於中國農曆新年假期時點不同所產生的時序效應，以及行業新發展帶來的合生元嬰幼兒配方奶粉（IMF）需求出現短暫上升，從而帶動銷售增長。成人營養及護理用品（ANC）分部延續強勁的雙位數增長動能（33.5%），其中，Swisse 斯維詩持續穩居中國內地整體維生素、草本及礦物補充劑（VHMS）市場的領先地位。\n\nBedi 先生評論表示：「集團持續成功緊貼不斷演變的消費者趨勢及具策略性品類，配合 Swisse Plus 及 Little Swisse 系列的增長，使我們得以進一步提升在高增長渠道的滲透率，並鞏固市場領先地位。具體而言，抖音持續成為 Swisse斯維詩的重要增長引擎，集團現已躍升至市場第三位¹，並於二零二六年首三個月錄得 84.3%的銷售增長。於中國農曆新年假期期間，山姆會員店等新零售渠道亦逐步成為關鍵增長渠道，其銷售額按期增長 54.7%。核心跨境電子商務（CBEC）線上銷售亦於年內首三個月對集團表現作出貢獻，銷售額增長 37.3%。」\n\n集團於中國內地的嬰幼兒營養及護理用品（BNC）分部表現亮眼，並進一步鞏固其競爭實力，主要由嬰幼兒配方奶粉（IMF）銷售帶動，相關銷售增長 74.4%。\n\nBedi 先生表示：「受惠於健康的渠道補貨水平，以及我們在策略執行上的嚴謹紀律，集團持續跑贏嬰幼兒配方奶粉（IMF）整體市場（該市場零售掃描銷售額錄得 0.2%² 的下跌），並於二零二六年首三個月交出亮眼的業績表現。值得留意的是，此次強勁的渠道進貨表現，亦同步反映在穩健的終端銷售表現上，令我們對相關增長屬於真實需求、而非單純的渠道備貨更具信心。」\n\n「此外，我們亦成功透過電子商務平台及嬰幼兒用品專賣店，精準觸及關鍵目標客群——新手媽媽，同時亦受惠於行業新發展帶來的合生元嬰幼兒配方奶粉（IMF）需求的短暫上升，進一步帶動銷售表現。上述多項舉措推動Biostime 合生元在超高端嬰幼兒配方奶粉類別的市場份額，於截至二零二六年二月二十八日止過往十二個月達到8.2%³的歷史新高，而於二零二六年首兩個月則進一步升至 22.1%⁴，對我們而言是一項重要的里程碑。」\n\n截至二零二六年三月三十一日止三個月，中國內地的嬰幼兒益生菌及兒童營養補充品銷售表現強勁，按年增長20.4%。相關增長持續受惠於嬰幼兒用品專賣店及線上渠道動能加速，同時亦來自產品組合的進一步擴展，包括兒童營養粉補充品，以及多款創新益生菌產品，例如小鼻舒益生菌及超金益生菌。\n\n如預期所料，集團於中國內地的寵物營養及護理用品（PNC）分部錄得下滑，主要由於健合集團正主動推進供應鏈本地化轉型。此舉乃一項經審慎規劃的策略性部署，旨在建立更具韌性及成本效益的中國供應基礎，並預期於中期內支持更強勁的盈利能力。相關轉型工作預計將於二零二六年底前完成。未來，集團將繼續專注透過產品創新，推動 Solid Gold 素力高於高利潤率寵物食品及營養補充品領域的增長，其中包括近期推出的全球首款貓源益生菌系列產品。\n\n北美市場於二零二六年首三個月表現強勁，錄得 16.3%的增長，主要得益於集團持續把握寵物數量增加，以及寵物營養高端化與「寵物人性化」等關鍵市場趨勢。Bedi 先生評論表示：「我對集團於本期間在北美市場的表現感到非常滿意。當中 Zesty Paws 快樂一爪錄得 17.7%的增長，並進一步鞏固其作為美國最具知名度的寵物營養補充品品牌之一的地位。相關表現亦受惠於我們於亞馬遜及 Chewy 等電子商務渠道的成功佈局，以及沃爾瑪、Petsmart、Petco、Tractor Supply、Target、山姆會員店、CVS 及 Menards 等主要零售商的支持。另一方面，隨著我們完成渠道優化工作並持續聚焦產品高端化策略，Solid Gold 素力高現已重返增長軌道（按同類比較基準（LFL）錄得 7.3%增長），這對該品牌而言是一個重要的轉捩點。」\n\n澳洲及新西蘭（ANZ）市場持續維持其市場領導地位，按銷量及銷售額計算，穩居澳洲維生素及礦物補充劑品牌首位⁵，惟整體收入因集團策略性調整、降低企業代購業務比重而有所下滑。Bedi 先生補充表示：「我們強大的產品創新策略及持續拓展的渠道佈局，帶來 16.5%的增長，進一步鞏固了我們的市場領先地位。當中最為突出的創新產品包括 Swisse 甘胺酸鎂（Swisse Magnesium Glycinate）及 Little Swisse 兒童軟糖（Little Swisse Kids Gummies），配合一流的零售執行力，推動澳新本地市場錄得強勁增長。」\n\n「其他地區」收入按年增長 30.3%，主要受惠於集團於九個亞洲擴張市場錄得 37.6%的增長。集團透過持續強化產品組合及分銷佈局，維持其市場份額排名，其中 Swisse 斯維詩於新加坡的美容維生素、草本及礦物補充劑（VHMS）、肝臟保健及男性健康市場穩居第一位⁶。此外，法國的嬰幼兒配方奶粉（IMF）銷售亦受惠於由行业新发展带来的合生元婴幼儿配方奶粉需求激增，從而帶動相關表現。\n\n隨著二零二六年的發展逐步展開，集團將繼續專注推動營養補充品及嬰幼兒配方奶粉（IMF）業務的增長。Bedi 先生指出：「我們預期營養補充品業務將隨行業整體增長，而 IMF 業務則將持續跑贏市場，兩者將共同帶動集團收入的持續增長，同時維持健康的盈利水平。\n\n就中國內地而言，我們預期成人營養及護理用品（ANC）分部將延續其增長軌道，主要由Swisse 斯維詩憑藉強勁的產品創新實力，以及渠道與消費者拓展策略（包括抖音及新零售渠道）所引領。至於嬰幼兒營養及護理用品（BNC）分部，隨著市場當前對由行業新發展帶來的合生元嬰幼兒配方奶粉的需求逐步回落，增長動能預計將趨於溫和。我們仍將以針對新手媽媽的市場推廣活動為重點，尤其聚焦於電子商務平台及嬰幼兒用品專賣店，同時致力提升由早期階段向三段嬰幼兒配方奶粉產品的轉換率。於二零二六年四月，我們成推出首款含有母乳低聚糖（HMO）的嬰幼兒配方奶粉，這項創新產品預期將成為 Biostime 合生元未來的重要長期增長動力，並進一步鞏固其於超高端嬰幼兒配方奶粉品類中的領先勢頭。\n\n在中國內地的寵物營養及護理用品（PNC）分部方面，隨著我們持續推進產品供應本地化，預期收入表現將受到一定影響。儘管如此，我們將專注加快 Solid Gold 素力高於高利潤率寵物食品及營養補充品領域的增長步伐，進一步優化產品組合並提升整體盈利能力。\n\n就北美市場，Zesty Paws 快樂一爪將繼續推進其全渠道拓展策略及品類創新；而 Solid Gold 素力高則計劃提升高利潤產品的銷售佔比，以帶動二零二六年的業務增長。至於澳洲及新西蘭（ANZ），集團將繼續憑藉其市場領導地位、產品創新策略及渠道拓展，推動業務發展，同時預期企業代購渠道於二零二六年上半年仍將持續下滑。」\n\u003Cbr>\n\n\n**\u003Cu>關於健合集團\u003C/u>**\n健合集團是一家全球健康及營養保健公司。集團對於讓人們更健康更快樂的使命充滿活力、勇氣與雄心，致力於激發保健意識，同時為社會與地球所需作出積極貢獻。集團旗下三大業務分部 – 成人、嬰幼兒及寵物營養及護理 – 通過以科學為根基並提供營養與護理解決方案的高端品牌，提升全家人的健康與快樂。旗下消費品牌包括 Biostime 合生元、Swisse 斯維詩、Zesty Paws 快樂一爪、Solid Gold Pet 素力高、Dodie 杜迪、Good Goût 及 Aurelia 。健合集團已獲 B Corp 共益企業認證，致力於不斷提升並善用商業作為正向力量造福人類、寵物、社區和地球。集團總部位於中國香港，在香港聯合交易所上市（「健合(H&H)國際」股票代碼：1112），在倫敦設有第二總部。健合集團在16個國家與地區營運，團隊成員逾 2,800 名。[www.hh.global](http://www.hh.global)\n\u003Cbr>\n**媒體垂詢，請聯絡：**\n\n**健合集團**\n\nAnnabel Jenkins\n+44 7514535600 / [Annabel.jenkins@hh.global](Annabel.jenkins@hh.global)\n\n**博譽顧問有限公司**\n\nMatt Schultz\n+852 3481 1161 / [matt.schultz@think-alliance.com](mailto:matt.schultz@think-alliance.com)\n\n---\n\n¹根據獨立數據供應商飛瓜（Feigua）的研究統計，截至二零二六年二月二十八日止過往十二個月的市場份額數據。\n²根據獨立研究公司尼爾森（Nielsen）的研究統計，截至二零二六年二月二十八日止過往十二個月的市場份額數據。\n³根據獨立研究公司尼爾森（Nielsen）的研究統計，截至二零二六年二月二十八日止過往十二個月的市場份額數據。\n⁴根據獨立研究公司尼爾森（Nielsen）的研究統計，截至二零二六年二月二十八日止過往兩個月的市場份額數據。\n⁵根據獨立研究公司艾昆緯（IQVIA）的研究統計，截至二零二六年二月二十八日止過往十二個月的市場份額數據。\n⁶根據獨立研究公司尼爾森（Nielsen）的研究統計，截至二零二六年二月二十八日止過往十二個月的市場份額數據。\n⁷已分別採用 1 澳元兌人民幣 4.8120 元及 1 美元兌人民幣 6.9493 元、1 澳元兌人民幣 4.5345 元及 1 美元兌人民幣 7.1759 元的匯率編製本公司截至二零二六年三月三十一日止三個月的未經審核綜合收入以及截至二零二五年三月三十一日止同期的比較數字，以作說明。\n⁸其他包括 Solid Gold 素力高的寵物食品、Good Goû t 的嬰兒食品及零食、Dodie 的嬰兒用品及其他護膚品。","content.blog-text",1784726050417]