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研究报告
H&H国际控股（HK1112）
主要经济指标
| 类别\年份 | 营业额 （元) |
营业利润 （元) |
利润总额 （元) |
净利润 （元) |
资产合计 （元) |
负债合计 （元) |
权益合计 （元) |
| 2007 | 188297000.0000 | 137872000.0000 | 27402000.0000 | 17487000.0000 | 103752000.0000 | 63494000.0000 | 40258000.0000 |
| 2008 | 325540000.0000 | 236874000.0000 | 44606000.0000 | 35066000.0000 | 175298000.0000 | 86625000.0000 | 88673000.0000 |
| 2009 | 558969000.0000 | 395953000.0000 | 118153000.0000 | 108317000.0000 | 283419000.0000 | 112862000.0000 | 170557000.0000 |
| 2010 | 1233560000.0000 | 877173000.0000 | 334063000.0000 | 265683000.0000 | 1901999000.0000 | 242107000.0000 | 1659892000.0000 |
| 2011 | 2189034000.0000 | 1456127000.0000 | 713907000.0000 | 527351000.0000 | 2438066000.0000 | 460506000.0000 | 1977560000.0000 |
| 2012 | 3381901000.0000 | 2228946000.0000 | 1050573000.0000 | 743106000.0000 | 3533392000.0000 | 1210740000.0000 | 2322652000.0000 |
| 2013 | 4561299000.0000 | 2975120000.0000 | 1162096000.0000 | 820715000.0000 | 4641019000.0000 | 2125426000.0000 | 2515593000.0000 |
| 2014 | 4731563000.0000 | 2926931000.0000 | 1118335000.0000 | 806786000.0000 | 6631161000.0000 | 3714074000.0000 | 2917087000.0000 |
| 2015 | 4818561000.0000 | 2984565000.0000 | 502748000.0000 | 250687000.0000 | 13844403000.0000 | 10242160000.0000 | 3602243000.0000 |
| 2016 | 6505616000.0000 | 4059067000.0000 | 1456520000.0000 | 954396000.0000 | 14211348000.0000 | 11015244000.0000 | 3196104000.0000 |
| 2017 | 8095345000.0000 | 5265614000.0000 | 1368738000.0000 | 932846000.0000 | 14131270000.0000 | 9918178000.0000 | 4213092000.0000 |
| 2018 | 10132498000.0000 | 6739720000.0000 | 1527924000.0000 | 843148000.0000 | 14854587000.0000 | 10005040000.0000 | 4849547000.0000 |
| 2019 | 10925217000.0000 | 7228541000.0000 | 1565200000.0000 | 1005049000.0000 | 15861373000.0000 | 10267567000.0000 | 5593806000.0000 |
| 2020 | 11194679000.0000 | 7186991000.0000 | 1604660000.0000 | 1136694000.0000 | 17218425000.0000 | 11015738000.0000 | 6202687000.0000 |
| 2021 | 11547825000.0000 | 7247982000.0000 | 850213000.0000 | 508484000.0000 | 20281747000.0000 | 14396561000.0000 | 5885186000.0000 |
| 2022 | 12775914000.0000 | 7703488000.0000 | 1030931000.0000 | 611783000.0000 | 20963025000.0000 | 14821172000.0000 | 6141853000.0000 |
| 2023 | 13926470000.0000 | 8294256000.0000 | 933602000.0000 | 581845000.0000 | 20041970000.0000 | 13746746000.0000 | 6295224000.0000 |
| 2024 | 13051708000.0000 | 7915512000.0000 | 196793000.0000 | -53721000.0000 | 18842422000.0000 | 13029051000.0000 | 5813371000.0000 |
| 2025 | 14353571000.0000 | 8963713000.0000 | 563098000.0000 | -- | 19403524000.0000 | 13412662000.0000 | 5990862000.0000 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
主营利润率 （%) |
总资产利润率 （%) |
净资产收益率 （%) |
存货周转率 | 应收账款周转率 （次) |
总资产周转率 （次) |
| 2007 | 73.22 | 14.5500 | 26.41 | 43.4600 | 3.93 | -- | 1.81 |
| 2008 | 72.76 | 13.7000 | 25.45 | 39.6600 | 2.00 | -- | 1.86 |
| 2009 | 70.84 | 21.1400 | 41.69 | 63.5100 | 2.01 | -- | 1.97 |
| 2010 | 71.11 | 27.0800 | 17.56 | 16.0100 | 3.36 | -- | 0.65 |
| 2011 | 66.52 | 32.6100 | 29.28 | 26.6700 | 2.46 | -- | 0.90 |
| 2012 | 65.91 | 31.0600 | 29.73 | 31.9900 | 2.20 | -- | 0.96 |
| 2013 | 65.23 | 25.4800 | 25.04 | 32.6300 | 1.63 | -- | 0.98 |
| 2014 | 61.86 | 23.6200 | 16.86 | 27.6600 | 2.26 | -- | 0.71 |
| 2015 | 61.94 | 10.4400 | 3.63 | 7.6100 | 2.14 | -- | 0.35 |
| 2016 | 62.39 | 22.4700 | 10.25 | 30.1900 | 3.15 | -- | 0.46 |
| 2017 | 65.04 | 16.8300 | 9.69 | 22.1400 | 2.79 | -- | 0.57 |
| 2018 | 66.52 | 15.0700 | 10.29 | 17.3900 | 2.17 | -- | 0.68 |
| 2019 | 66.16 | 14.2700 | 9.87 | 17.9700 | 2.38 | -- | 0.69 |
| 2020 | 64.20 | 14.2600 | 9.32 | 18.3300 | 2.05 | -- | 0.65 |
| 2021 | 62.76 | 7.3500 | 4.19 | 8.6400 | 2.06 | -- | 0.57 |
| 2022 | 60.30 | 8.2400 | 4.92 | 9.9600 | 1.96 | -- | 0.61 |
| 2023 | 59.56 | 6.8300 | 4.66 | 9.2400 | 2.37 | -- | 0.69 |
| 2024 | 60.65 | 1.6800 | 1.04 | -0.9200 | 2.69 | -- | 0.69 |
| 2025 | 62.45 | -- | 2.90 | -- | 2.74 | -- | 0.74 |
偿债能力分析
| 类别\年份 | 资产负债率 （%) |
股东权益比率 （%) |
流动比率 | 速动比率 |
| 2007 | 61.20 | 38.80 | 1.39 | 1.19 |
| 2008 | 49.42 | 50.58 | 1.70 | 1.19 |
| 2009 | 39.82 | 60.18 | 2.25 | 1.53 |
| 2010 | 12.73 | 87.27 | 7.88 | 7.43 |
| 2011 | 18.89 | 81.11 | 5.18 | 4.46 |
| 2012 | 34.27 | 65.73 | 2.02 | 1.56 |
| 2013 | 45.80 | 54.20 | 1.40 | 0.93 |
| 2014 | 56.01 | 43.99 | 3.42 | 2.79 |
| 2015 | 73.98 | 26.02 | 0.69 | 0.57 |
| 2016 | 77.51 | 22.49 | 0.85 | 0.70 |
| 2017 | 70.19 | 29.81 | 1.21 | 0.90 |
| 2018 | 67.35 | 32.65 | 1.42 | 0.93 |
| 2019 | 64.73 | 35.27 | 1.62 | 1.14 |
| 2020 | 63.98 | 36.02 | 1.52 | 0.92 |
| 2021 | 70.98 | 29.02 | 0.81 | 0.50 |
| 2022 | 70.70 | 29.30 | 1.14 | 0.64 |
| 2023 | 68.59 | 31.41 | 0.61 | 0.33 |
| 2024 | 69.15 | 30.85 | 1.19 | 0.70 |
| 2025 | 69.12 | 30.88 | 1.15 | 0.72 |
成本费用分析
| 类别\年份 | 销售成本 （元) |
销售费用 （元) |
管理费用 （元) |
财务费用 （元) |
| 2007 | 50425000.0000 | -- | 9992000.0000 | -- |
| 2008 | 88666000.0000 | -- | 20321000.0000 | -- |
| 2009 | 163016000.0000 | -- | 26462000.0000 | -- |
| 2010 | 356387000.0000 | -- | 87640000.0000 | -- |
| 2011 | 732907000.0000 | -- | 82041000.0000 | -- |
| 2012 | 1152955000.0000 | -- | 116871000.0000 | 2106000.0000 |
| 2013 | 1586179000.0000 | -- | 177313000.0000 | 10589000.0000 |
| 2014 | 1804632000.0000 | -- | 175268000.0000 | 86673000.0000 |
| 2015 | 1833996000.0000 | -- | 280144000.0000 | 154022000.0000 |
| 2016 | 2446549000.0000 | -- | 357187000.0000 | 468287000.0000 |
| 2017 | 2829731000.0000 | -- | 486019000.0000 | 492173000.0000 |
| 2018 | 3392778000.0000 | -- | 619577000.0000 | 479377000.0000 |
| 2019 | 3696676000.0000 | -- | 638018000.0000 | 420757000.0000 |
| 2020 | 4007688000.0000 | -- | 679062000.0000 | 286554000.0000 |
| 2021 | 4299843000.0000 | -- | 695721000.0000 | 285143000.0000 |
| 2022 | 5072426000.0000 | -- | 727683000.0000 | 525659000.0000 |
| 2023 | 5632214000.0000 | -- | 848453000.0000 | 773489000.0000 |
| 2024 | 5136196000.0000 | -- | 779384000.0000 | 920611000.0000 |
| 2025 | 5389858000.0000 | -- | 837323000.0000 | 909943000.0000 |