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Report published September 1, 2026

Health and Happiness (1112.HK): Goldman Sachs Asia Leaders Conference 2026 Takeaways

Source and citation context

Report date
September 1, 2026
Analysis as of
Not stated in source

Authors / editors: Leaf Liu, Christina Liu, Valerie Zhou

Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

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Goldman Sachs hosted Health and Happiness management at its Asia Leaders Conference 2026, highlighting strong 1H26 momentum led by market share gains in BNC and ANC. Management reaffirmed robust FY26 guidance supported by premium mix, channel replenishment, and Solid Gold localization.

Key Takeaways

  • 1.Baby Nutrition and Care (BNC) revenue grew ~58% YoY in 1H26, expanding market share from 4.4% to 5.8% with FY26 revenue growth guided at >30%, backed by stage-1 acquisition and HMO roll-out.
  • 2.Adult Nutrition and Care (ANC) delivered ~20.5% YoY growth in China in 1H26, outperforming the ~4% market growth, with gross profit margin expanding to 70.2% on favorable premium product mix.
  • 3.Pet Nutrition and Care (PNC) was mixed, with Zesty Paws growing 16.7% YoY in the US with >60% GPM, while Solid Gold China localization is narrowing losses and lifting GPM above 40%.

Table of Contents

  • Bottom line:
  • Key takeaways:
  • ANC: China share gains and premium mix drive growth/margin upside
  • BNC: Stage-1 acquisition and HMO support sustained share gains
  • PNC: Zesty Paws strong; Solid Gold China localization
  • Disclosure Appendix
  • Reg AC
  • GS Factor Profile
  • M&A Rank
  • Quantum
  • Disclosures
  • Regulatory disclosures
  • Ratings, coverage universe and related definitions
  • Global product; distributing entities
  • General disclosures

Report data

Distribution of ratings/investment banking relationships

MetricEstimateContext
Swisse China Revenue Growth20.5%Swisse China grew ~20.5% YoY, outperforming China VMS market growth of ~4%.
ANC Gross Profit Margin70.2%ANC GPM expanded from ~67% to 70.2% on premium mix.
BNC Revenue Growth58%BNC grew ~58% YoY while China IMF retail sales fell 3.5% YoY.
BNC Market Share5.8%BNC market share increased from 4.4% to 5.8%.
BNC 1H26 EBITDA Margin23.8%1H26 BNC EBITDA margin increased from 12.4% due to GPM improvement and investment phasing.

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Authors / Editors

Leaf LiuChristina LiuValerie Zhou

Reported Data Context

  • Swisse China Revenue Growth: 20.5 % (1H26)
  • ANC Gross Profit Margin: 70.2 % (1H26)
  • BNC Revenue Growth: 58 % (1H26)
  • BNC Market Share: 5.8 % (1H26)
  • BNC 1H26 EBITDA Margin: 23.8 % (1H26)

Securities

1112.HK

Themes

China Infant Milk Formula (IMF) Market Share Consolidation and HMO InnovationVitamins, Minerals, and Supplements (VMS) Premiumization and E-Commerce Channel ShiftPet Nutrition Localization and Supply Chain Restructuring

Regions

Asia PacificNorth AmericaChinaUnited States

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