On November 19, Health and Happiness Group (H&H) released unaudited financial data for the first nine months of 2024. As of September 30, 2024, the group’s revenue was RMB 9.65 billion (approximately USD 1.32 billion), representing a 6.1% year-on-year decline.
Adult Nutrition and Care (ANC): Revenue reached RMB 4.98 billion (USD 680 million), an 8.2% year-on-year increase. The Swisse brand in the Chinese market achieved a 6.7% growth, contributing 64.2% of ANC’s total sales.
Baby Nutrition and Care (BNC): Revenue was RMB 3.2 billion (USD 438 million). Challenges persist in China’s ultra-premium infant formula sector, which saw a 23.0% industry-wide contraction. As Biostime’s ultra-premium formula represents over 75% of BNC’s total sales in China, the company is currently navigating the full transition to the “New National Standards” cycle. (Source: H&H Official WeChat Account)
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