H&H International Holdings (1112 HK): Earnings Remained Impressive for 3Q26

H&H International's 9M26 revenue was RMB13.45bn (+24.5% YoY), including ANC/BNC/PNC revenues of RMB6.17/5.74/1.53bn (+17.7/+44.6/-3.6% YoY). For 3Q26, total revenue reached RMB4.75bn (+25.5% YoY): ANC RMB2.20bn (+21.9% YoY), with Swisse maintaining strong performance in the Chinese Mainland and ANZ markets while expanding into emerging markets such as Southeast Asia; BNC RMB2.11bn (+43.5% YoY), with infant formula revenue of RMB1.82bn (+47.9% YoY); PNC RMB440mn (-13.5% YoY). On the profit side, benefited by operating leverage from double-digit 9M26 revenue growth, restrained expense spending and lower debt costs, 9M26 profitability improved significantly. Solid cash flow accelerated full-year 2026 debt reduction, with cash reserves exceeding RMB2.1bn and total debt cut by over RMB1.3bn YoY by end-3Q26, achieving the full-year target ahead of schedule. We revise up 2026/2027/2028 revenue forecasts by 4/7/8% to RMB17.37/19.18/20.64bn, raise attributable NP by 11/21/28% to RMB1.01/1.23/1.