紧随完成后，其余已核准但未发行的债务融资工具金额为人民币48亿元。 智通财经APP讯，恒安国际(01044)公布，于2025年9月23日，公司已完成发行本金额为人民币10亿元的 第三期超短期融资券，其票面利率定为每年1.74%及为期182日。所得款项拟用作补充公司及其附属公 司的营运资金及偿还部分境内子公司的银行贷款。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 恒安國際集團有限公司 主席 施文博 自願性公告 發行第三期超短期融資券 茲提述恒安國際集團有限公司（「本公司」）日期為二零二五年一月二十三日關於本公 司向中國銀行間市場交易商協會（「協會」）申請註冊及建議發行總額不超過人民幣75 億元債務融資工具（「債務融資工具」）（通知書文件號：中市協注[2025]DFI6號）獲得 通過之公告。 本公司董事會（「董事會」）欣然宣佈，於二零二五年九月二十三日，本公司已完 成發行本金額為人民幣10億元的第三期超短期融資券（「第三期超短融」），其票面 利率定為每年1.74%及為期182日。發行第三期超短融的結果會於中國貨幣網 (www.chinamoney.com.cn)及上海清算所網站(www.shclearing.com.cn)刊登。緊隨 完成後，其餘已核准但未發行之債務融資工具金額為人民幣48億元。 發行第三期超短融所得款項擬用作補充本公司及其附屬公司的營運資金及償還 ...

Core Viewpoint - Hengan International Group Co., Ltd. has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook driven by rising earnings estimates, which significantly influence stock prices [1][4]. Earnings Estimates and Revisions - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the company's changing earnings picture [2]. - For the fiscal year ending December 2025, Hengan International is expected to earn $1.48 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 7.2% over the past three months [9]. Impact of Institutional Investors - Changes in earnings estimates are strongly correlated with near-term stock price movements, as institutional investors adjust their valuations based on these estimates, leading to significant trading activity [5][6]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [8]. - Hengan International's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [11].

Core Viewpoint - The executive director of the company, Xu Qingliu, has increased his stake in Hengan International (01044) by purchasing 200,000 shares at an average price of HKD 25.2184 per share, totaling approximately HKD 5.0437 million [1] Summary by Category Shareholding Activity - Xu Qingliu's recent purchase brings his total shareholding to approximately 279 million shares, representing a holding percentage of 24.04% [1]

Group 1 - The executive director Xu Qingliu increased his stake in Hengan International (01044) by purchasing 200,000 shares at an average price of 25.3813 HKD per share, totaling approximately 5.0763 million HKD [1] - After the purchase, the total number of shares held by Xu Qingliu is approximately 279 million, representing a holding percentage of 24.02% [1]

香港联交所最新资料显示，9月19日，执行董事许清流增持恒安国际(01044)20万股，每股均价25.3813港 元，总金额约为507.63万港元。增持后最新持股数目约为2.79亿股，最新持股比例为24.02%。 ...

Group 1 - The core point of the news is that Xu Qingliu, an executive director of Hengan International (01044.HK), increased his shareholding by purchasing 157,000 shares at an average price of HKD 25.3674 per share, totaling approximately HKD 3.983 million [1] - After the purchase, Xu Qingliu's total shareholding increased to 278,792,733 shares, raising his ownership percentage from 23.98% to 23.99% [1]

Core Viewpoint - The MSCI has upgraded the ESG rating of Hengan International Group from "BBB" to "A" for the year 2025, recognizing its outstanding performance in sustainable development and positioning it as the leader in the household and personal care industry in China [1] Group 1: ESG Rating and Recognition - Hengan International's ESG rating reflects its ability to manage long-term ESG risks, which is a critical tool for enhancing international recognition and optimizing financing capabilities [1] - The company's ESG rating has shown a stable upward trend in recent years, with significant improvements in scores related to product carbon footprint, raw material procurement, and chemical safety, all exceeding industry averages [1] Group 2: Carbon Footprint Management - Hengan International integrates green and low-carbon concepts into its operations, implementing energy-saving and carbon reduction actions throughout the product lifecycle [2] - The company has achieved ISO 50001 certification for several subsidiaries and has established four national-level green factories, setting industry benchmarks in energy efficiency and renewable energy usage [2] Group 3: Raw Material Procurement and Chemical Safety - Hengan International promotes responsible wood pulp procurement and has committed to a "Zero Deforestation" pledge, ensuring that all paper suppliers are certified under recognized forest management systems [4] - The company has released a commitment to disclose information regarding prohibited chemicals and has implemented high standards for upstream raw material control to ensure product safety and consumer protection [4] Group 4: Commitment to Transparency and Future Strategy - Hengan International has disclosed ESG reports for nine consecutive years and climate-related reports for three years, demonstrating its commitment to sustainable development [5] - The company plans to continue integrating ESG principles with business development under its GROWTH strategy, aiming for breakthroughs in key areas of environment, society, and governance [5]

[Corporate Mission](index=2&type=section&id=Corporate%20Mission) [Corporate Mission Statement](index=2&type=section&id=Corporate%20Mission%20Statement) Hengan International's mission is 'Pursuing Health, Growing Together,' aspiring to be a world-class household consumer products enterprise - Hengan International's mission is 'Pursuing Health, Growing Together,' guided by the corporate spirit of **'Integrity, Endeavor, Innovation, and Dedication'**[5](index=5&type=chunk)[6](index=6&type=chunk) - The company aims to build an efficient management team and high-quality workforce, ultimately becoming a **world-class household consumer products enterprise**[5](index=5&type=chunk)[6](index=6&type=chunk) [Corporate Information](index=3&type=section&id=Corporate%20Information) [Board of Directors and Key Personnel](index=3&type=section&id=Board%20of%20Directors%20and%20Key%20Personnel) Hengan International's board and key personnel are detailed, noting the passing of Vice Chairman Mr. Xu Lianjie on April 17, 2025 - Vice Chairman Mr. Xu Lianjie passed away on **April 17, 2025**[8](index=8&type=chunk)[9](index=9&type=chunk) - Executive Directors include Shi Wenbo (Chairman), Xu Qingliu (CEO), Xu Dazuo, Shi Huangjian, Xu Qingchi, Li Weiliang, and Xu Wenmo[8](index=8&type=chunk)[9](index=9&type=chunk) - Independent Non-Executive Directors include Wong Ying Kay, Ho Kwai Ching, Paul Hill, and Chen Chuang[8](index=8&type=chunk)[9](index=9&type=chunk) [Advisors and Offices](index=3&type=section&id=Advisors%20and%20Offices) The company's auditors are Deloitte Touche Tohmatsu, with legal advisors including Reed Smith Richards Butler and Global Law Office, and offices in Cayman Islands, Jinjiang, and Hong Kong - The auditor is **Deloitte Touche Tohmatsu**[9](index=9&type=chunk) - Legal advisors include **Reed Smith Richards Butler** in Hong Kong, **Global Law Office** in China, and **Maples and Calder (Hong Kong) LLP** in the Cayman Islands[8](index=8&type=chunk)[9](index=9&type=chunk) - The company's shares are listed on The Stock Exchange of Hong Kong Limited under stock code **1044**[11](index=11&type=chunk)[13](index=13&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) [Key Financial Performance](index=5&type=section&id=Key%20Financial%20Performance) Hengan International's H1 2025 saw slight declines in revenue, operating profit, and profit attributable to equity holders, accompanied by a decrease in gross profit margin Key Financial Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 11,808,232 | 11,835,893 | (0.2%) | | Gross Profit Margin | 32.3% | 33.3% | -1.0pp | | Operating Profit | 1,757,339 | 1,895,891 | (7.3%) | | Profit Attributable to Equity Holders of the Company | 1,372,894 | 1,408,992 | (2.6%) | | Basic Earnings Per Share | RMB1.206 | RMB1.234 | - | | Annualized Return on Equity | 12.9% | 13.5% | -0.6pp | - Finished goods turnover remained at **38 days**, while trade and bills receivables turnover shortened from **39 days to 37 days**[15](index=15&type=chunk) [Revenue Contribution by Product Category](index=5&type=section&id=Revenue%20Contribution%20by%20Product%20Category) In H1 2025, tissue products' revenue contribution increased from 58.7% to 60.8%, while hygiene products' share decreased from 32.6% to 28.0% Revenue Contribution Comparison for H1 2024 and H1 2025 | Product Category | H1 2025 Contribution | H1 2024 Contribution | | :--- | :--- | :--- | | Tissue Products | 60.8% | 58.7% | | Hygiene Products | 28.0% | 32.6% | | Other | 11.2% | 8.7% | - Tissue product revenue contribution significantly increased, becoming the **Group's primary revenue source**[16](index=16&type=chunk)[17](index=17&type=chunk) [Report on Review of Condensed Consolidated Financial Statements](index=6&type=section&id=Report%20on%20Review%20of%20Condensed%20Consolidated%20Financial%20Statements) [Auditor's Review and Conclusion](index=6&type=section&id=Auditor's%20Review%20and%20Conclusion) Deloitte Touche Tohmatsu reviewed Hengan International's H1 2025 condensed consolidated financial statements, concluding no material issues regarding HKAS 34 compliance, with 2024 data reviewed by another auditor - Deloitte Touche Tohmatsu reviewed, rather than audited, the condensed consolidated financial statements[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - The review concluded that no matters came to the auditor's attention that caused them to believe the financial statements were not prepared in all material respects in accordance with **HKAS 34**[22](index=22&type=chunk)[24](index=24&type=chunk) - Comparative financial data for the corresponding period in 2024 was reviewed by another auditor, who issued an unmodified review conclusion on **August 19, 2024**[23](index=23&type=chunk)[25](index=25&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=8&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) [Profit or Loss Performance](index=8&type=section&id=Profit%20or%20Loss%20Performance) For H1 2025, the Group's revenue slightly decreased, sales costs rose, and gross profit declined, leading to a 7.3% drop in operating profit and a 2.6% decrease in profit attributable to equity holders despite reduced finance costs Key Profit or Loss Statement Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 11,808,232 | 11,835,893 | (0.2%) | | Cost of Sales | (7,996,703) | (7,899,651) | 1.2% | | Gross Profit | 3,811,529 | 3,936,242 | (3.2%) | | Selling and Distribution Costs | (1,879,365) | (1,796,725) | 4.6% | | Administrative Expenses | (733,720) | (675,571) | 8.6% | | Operating Profit | 1,757,339 | 1,895,891 | (7.3%) | | Finance Costs — Net | (56,056) | (160,305) | (65.0%) | | Profit Before Income Tax | 1,701,480 | 1,735,847 | (2.0%) | | Profit for the Period | 1,368,762 | 1,403,267 | (2.5%) | | Profit Attributable to Equity Holders of the Company | 1,372,894 | 1,408,992 | (2.6%) | | Basic Earnings Per Share | RMB1.206 | RMB1.234 | (2.3%) | - Net impairment losses on financial assets decreased from **RMB 70.663 million** to **RMB 57.463 million**, a **18.7% decrease**[27](index=27&type=chunk) - Other income and net gains significantly increased by **22.6%** to **RMB 616.358 million**[27](index=27&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=9&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) [Comprehensive Income Performance](index=9&type=section&id=Comprehensive%20Income%20Performance) For H1 2025, profit for the period was RMB 1.369 billion, a 2.5% decrease year-on-year, with net other comprehensive expense of RMB 53.455 million, primarily due to exchange differences, resulting in a total comprehensive income of RMB 1.315 billion Key Comprehensive Income Statement Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 1,368,762 | 1,403,267 | (2.5%) | | Other Comprehensive (Expense) Income | (53,455) | 18,446 | - | | Total Comprehensive Income for the Period | 1,315,307 | 1,421,713 | (7.4%) | | Attributable to Equity Holders of the Company | 1,311,55

Group 1 - The executive director Xu Qingliu increased his stake in Hengan International (01044) by purchasing 200,000 shares at an average price of 25.0917 HKD per share, totaling approximately 5.0183 million HKD [1] - After the purchase, the total number of shares held by Xu Qingliu is approximately 278 million, representing a holding percentage of 23.96% [1]