On July 19, according to unaudited financial information from Health and Happiness Group, total revenue for the first half of 2024 recorded a low single-digit decline due to decreased sales of infant formula milk powder. The low double-digit revenue growth in the adult nutrition and care products segment and the single-digit revenue growth in the pet nutrition and care products segment offset this decline. The growth in the adult business segment was mainly driven by momentum in China, Australia, New Zealand, and other expanding markets. The slowdown in the pet business growth was primarily due to the high-end product mix and channel optimization of the Solid Gold brand in China and North America, aiming to drive long-term profitability. (Source: Beijing News)
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