2023 Hianhe Group’s financial report achieved another good performance, with revenue of 13.93 billion yuan, an increase of 9.0%


With the continuous development of my country’s social economy and the gradual improvement of people’s living standards, the public’s pursuit of health is growing day by day, providing a unique development space for the vigorous development of the big health industry. Taking advantage of this opportunity, Hianhe Group’s performance has also increased. According to the 2023 Hianhe Group financial report, as of December 31, 2023, the group’s revenue was 13.93 billion yuan, a reported increase of 9.0%. Adjusted EBITDA was 2.22 billion yuan, an increase of 12.4%. Revenue from the Chinese market reached 9.97 billion yuan, a year-on-year increase of 4.0%, accounting for 71.6% of the group’s total revenue, making it the largest contributor to the group’s revenue.



2023 H&H Group Financial Report

Among them, the three major businesses continue to consolidate their leading positions in core markets. Swisse has consolidated its number one position in China’s online and Australian VHMS markets. Biostime has consolidated its market position in probiotic nutritional supplements and high-end infant milk powder for infants and young children in mainland China. The quality of Zesty Paws and Solid Gold is higher than in China and the United States, ranking among the top categories in online and offline channels.

  ANC: Strong double-digit growth globally, Swisse maintains leading position in China and Australia markets

ANC’s total revenue reached 6.14 billion yuan, a year-on-year increase of 34.1%. Swisse’s Chinese market achieved strong double-digit growth of 37.4% year-on-year, accounting for 66.0% of the group’s ANC sales. Swisse continues to rank first in the online vitamin, herbal and mineral supplement (VHMS) market in mainland China. In line with the trend of consumption grading, Swisse Swisse will further target the new needs and scenarios of nutrition and health consumption in 2023, through its high-end pharmacy-level imported nutrition brand Swisse PLUS+, nutritional food brand Swisse Me, and children’s health products specially created for mature elite groups. The in-demand brand Little Swisse builds the “Swisse 1+3” brand strategic matrix to continue to meet the refined nutritional and health needs of different consumers and help the Swisse brand establish its leading position in innovative categories. In 2023, Swisse PLUS+ Milk Thistle Liver Purifying Tablets will maintain its leading position in the high-end thistle category in mainland China, and the Swisse PLUS NAD+ series will rank among the top in the old category. The Swisse PLUS+ series will be launched in 2022, achieve rapid growth in 2023, and have recorded ANC revenue contribution from Mainland China was double-digit.

The Australia and New Zealand markets achieved strong double-digit growth of 28.7% year-on-year. By focusing on the local markets of Australia and New Zealand, expanding distribution and continuing to launch innovative products such as the Swisse gummy series, Swisse ranks first in the overall vitamin, herbal and mineral supplement market in Australia, and its market share has further increased.

The results of Swisse’s global expansion are gradually showing, with other markets recording strong double-digit growth. The Italian, Hong Kong and Singapore markets continued to drive performance growth, while emerging markets such as Southeast Asia, India and the Middle East showed strong growth momentum. It ranks first in Singapore’s beauty vitamins, herbal and mineral supplements, liver health and men’s health markets, and ranks second in Italy’s beauty vitamins, herbal and mineral supplements market.

2023 H&H Group Financial Report ANC Global Strong Double-digit Growth

  BNC: Probiotics and nutritional supplements business grows steadily, upgrading product portfolio to consolidate market position

BNC’s total revenue was 5.91 billion yuan, and its infant probiotics and nutritional supplements business grew 9.1% year-on-year. Consumer demand for nutritional supplements for infants and young children has increased significantly. Biostime has launched innovative products for the infant nutritional supplement market segment, such as lactoferrin + probiotics, DHA algae oil + ARA gel candy, calcium tablets and other nutrients Supplements, accelerate the improvement of the comprehensive nutrition matrix layout for infants and young children, and promote the continued growth of the market share of infant probiotics and nutritional supplements. At the same time, Biostime continues to consolidate its leading position as an infant and child probiotic nutritional supplement brand in mainland China.

Ultra-high-end infant formula milk powder maintains solid market share and maintains stable profit margins. Although the overall infant formula milk powder industry in China faces systemic challenges, the group continues to increase its investment in nutritional supplements to mitigate the impact of the decline in milk powder, causing BNC to narrow its decline to 11.7%. Biostime has further strengthened its ultra-high-end milk powder category layout. As of December 31, 2023, Biostime’s seven infant milk powder series have successfully passed the “New National Standard” certification of the State Administration for Market Regulation and successfully completed the omni-channel transition. According to Nielsen, an independent research data provider, the retail sales of Biostime’s ultra-high-end infant formula milk powder accounted for 12.4% of the market, and its market share increased, ranking 4th.

Biostime consolidates its leading position in the French market and further expands its share of French pharmacy channels. Biostime strengthens the international layout of its infant formula business and launches a new generation of infant formula products in France – the “Inostime” series of infant formula containing lactoponin LPN and breast milk oligosaccharide HMO. During the reporting period, Biostime continued to rank first in the organic infant formula milk powder category and goat milk market category in French pharmacy channels, with market shares of 41.6% and 41.9% respectively.

2023 H&H Group Financial Report BNC Probiotics and Nutritional Supplements Business Increases Steadyly

  PNC: Double-digit growth in the global market, omni-channel layout boosts steady increase in share

PNC’s total revenue reached 1.87 billion yuan, a year-on-year increase of 18.2%. Currently, the number of pets in the world is increasing day by day, the high-end pet nutrition supplements and the humanization of pets are on the rise, and the Chinese pet market is in a period of rapid development with the pet ownership rate and pet nutrition consumption upgrading. PNC’s sales in China increased by 20.8% year-on-year. PNC has further strengthened its communication with consumers in both online and offline markets. Solid Gold ranks second in the online high-end cat dry food category in China.

In the North American market, PNC business revenue achieved strong year-on-year growth of 17.2%. Zesty Paws has further improved its online and offline omni-channel layout, rapidly expanded its distribution network, and entered well-known retailers and independent pet stores such as Walmart, Target, PetSmart, CVS, and Tractor Supply to increase its retail penetration and expand its consumer base. , continues to rank first on Amazon, and in a short period of time, it successfully ranked first in Walmart’s offline pet supplement category. With a comprehensive omni-channel strategy, Zesty Paws’ offline retail sales have maintained considerable growth, ranking fourth in this channel with a market share of 10.0%. In 2023, Solid Gold will leverage the synergies of merging PNC’s business to launch innovative products in the U.S. market and enter the Walmart channel, making steady progress in North America and completing the transition to the Amazon online mall model for the first time.

2023 H&H Group Financial Report PNC: Double-digit growth in the global market

  Fulfill the commitment to sustainable development and move towards the goal of B Corp certification

Since its birth, H&H Group has insisted on being a responsible enterprise, delivering a low-carbon, environmentally friendly, healthy and happy lifestyle, and actively responding to the group’s four core sustainable development impact areas – “increasing health awareness”, “reducing environmental footprint”, ” Support equitable development” and “improving corporate governance”.

In December 2023, the group officially obtained B Corp certification in Mainland China, Australia and New Zealand, the United States, the United Kingdom and France, pushing the group towards the goal of fully obtaining B Corp certification in 2025.

The group’s overall performance has been recognized by external independent evaluation agencies. In 2023, it continued to receive an environmental, social and governance “A” rating from Morgan Stanley Capital International (“MSCI”), which was upgraded to “A” in February 2024. “AA” rating; in September 2023, the Hong Kong Quality Assurance Agency raised the sustainability rating of H&H Group from “A” to “A+”.

2023 Hianhe Group Financial Report Obtains B Corporation Certification Target

Looking back on 2023, it is not only a year full of changes, but also an important turning point for the health industry to embark on a new journey. The release of the H&H Group’s financial report uses performance to directly illustrate its market share, allowing consumers to have a clearer idea of ​​what kind of health products to choose. In the future, the group will continue to deepen the layout of nutrition and health for the whole family, delve deeply into China, look globally, give full play to the potential of the nutritional supplement category, and increase the three business pillars of adult nutrition and care products, infant nutrition and care products, and pet nutrition and care products. The nutritional supplement category layout will help achieve sustainable growth, realize the group’s vision, and continue to move towards the goal of becoming a global leader in the high-end nutrition and health industry.


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