智通财经APP获悉，摩根士丹利发布研报称，调整部分内地消费品股目标价。在获该行"与大市同步"评 级内地消费品股中，认为H&H国际控股(01112)有较高的重新评级的可能性。 该行对H&H目标价由11.5港元升至13.4港元，评级"与大市同步"，认为下半年奶粉基数较低，且1-2阶段 奶粉产品需求强劲，预计未来几季表现改善。该行降H&H国际今明两年收入预测分别11%及10%，纯利 预测降29%及25%。 该行对高鑫零售(06808)目标价由2.4港元降至2.3港元，评级"与大市同步"，预期2026财年同店销售增长 稳定或轻微正增长。另外，新控股股东上场后，股东回报计划和新店模式可能成为股价驱动因素。该行 降高鑫今明两年收入预测分别1%及3%，纯利预测则分别降2%及上调5%。 该行对恒安国际(01044)目标价由24港元降至21港元，评级"与大市同步"，预计卫生巾销售受新兴品牌 及线上和直播促销的压力，令上半年公司销售下降15%至20%。考虑到卫生巾是公司主要盈利来源，若 下半年持续疲软，明年盈测可能面临进一步下调风险。该行降恒安国际今明两年收入预测分别2%及 1%，纯利预测降18%及13%。 ...

格隆汇8月6日丨恒安国际(01044.HK)宣布，公司将于2025年8月21日(星期四)举行董事会会议，藉以(其 中包括)批准刊发集团截至2025年6月30日止六个月的中期业绩公告，以及考虑派发中期股息(如有)。 ...

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之內容概不負責， 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之任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） 主席 施文博 香港，二零二五年八月六日 於本公告日期，董事會包括執行董事施文博先生、許清流先生、許大座先生、施煌 劍先生、許清池先生、李偉樑先生和許文默先生；及獨立非執行董事保羅希爾先 生、黃英琦女士、何貴清先生和陳闖先生。 恒安國際集團有限公司 http://www.hengan.com http://www.irasia.com/listco/hk/hengan 網址： 董事會召開日期 恒安國際集團有限公司（「本公司」，及其附屬公司統稱「本集團」）之董事會（「董事 會」）謹此宣佈，本公司將於二零二五年八月二十一日（星期四）舉行董事會會議，藉 以（其中包括）批准刊發本集團截至二零二五年六月三十日止六個月的中期業績公 告，以及考慮派發中期股息（如有）。 承董事會命 （股份代號：1044） ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 恒安國際集團有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01044 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | 本月底法定/註冊股本 ...

Summary of Key Points Core Viewpoint - The Jilin Provincial Market Supervision Administration conducted a special supervision inspection of products exposed during the 315 event, revealing a 2.94% non-compliance rate among the sampled products, with two batches of portable disposable underwear failing the quality test [2]. Group 1: Inspection Results - A total of 68 batches of products from 47 manufacturers and sellers were inspected [2]. - Only 2 batches of products (portable disposable underwear) were found to be non-compliant, resulting in a non-compliance rate of 2.94% [2]. - The non-compliant products have been handed over to local market supervision departments for legal processing [2]. Group 2: Product Compliance - The majority of products inspected, including various brands of sanitary napkins, adult diapers, and baby diapers, were found to be compliant with quality standards [3][4][5]. - Specific brands such as "月舒日记", "护舒宝", and "高洁丝" had all their inspected products pass the quality tests [3][4]. - The inspection covered a wide range of products, including personal hygiene items and electrical cables, with most items meeting the required standards [4][5].

Core Viewpoint - CICC has downgraded Hengan International's 2025 net profit forecast by 26% to 2.29 billion HKD, while introducing a new profit estimate of 2.412 billion HKD for 2026, maintaining a neutral rating and reducing the target price by 15% to 25.5 HKD, indicating a potential upside of 9.7% from the current stock price [1] Group 1 - The firm expects a slight decline in revenue for H1 2025, with comparable net profit (excluding foreign exchange gains and losses) anticipated to decrease by single digits, aligning with market expectations [2] - Hengan's tissue business is projected to show single-digit growth in H1 2025, driven by sales volume, strong performance in high-end products, and channel expansion, while the sanitary napkin business is expected to face pressure with a low double-digit decline [3] - The company is expected to maintain a manageable promotional effort in the sanitary napkin segment despite increased competition from domestic brands [3] Group 2 - The firm predicts that pulp prices will remain low in H1 2025, leading to manageable cost pressures, with expectations of improved gross margins for the tissue and sanitary napkin businesses due to favorable cost conditions and production scale effects [4] - The overall expense ratio is expected to rise slightly due to increased competitive pressures, although the company’s promotional spending is anticipated to remain controlled [4] - The company aims to continue driving revenue growth through product premiumization and channel diversification, with expectations for improved performance in tissue, wet wipes, and diaper segments in the latter half of the year [4]

Core Viewpoint - Hengan International Group Co., Ltd. has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - 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]. - The recent upgrade for Hengan International Group Co. suggests an improvement in its earnings outlook, likely leading to increased buying pressure and a rise in stock price [4][6]. Impact of Earnings Estimate Revisions - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [5]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, which influences their buying and selling decisions, thereby affecting stock prices [5]. Performance of Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly Zacks Rank 1 stocks averaging a +25% annual return since 1988 [8]. - Hengan International Group Co. is positioned in the top 20% of Zacks-covered stocks, indicating its strong earnings estimate revision feature and potential for market-beating returns [10][11]. Recent Earnings Estimate Revisions - For the fiscal year ending December 2025, Hengan International Group Co. is expected to earn $1.43 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 3.6% over the past three months [9].

Core Insights - The 24th CBME International Baby, Maternity & Children Industry Expo was held in Shanghai from July 16 to July 18, showcasing Hengan Group's main baby pants brands, An'erle and Qimo, after several years of absence [1][3]. Group 1: Product Highlights - Hengan Group presented multiple star products and new offerings at the expo, with a focus on the upgraded Qimo Royal Cloud Soft series, which emphasizes user comfort and product quality [3]. - The upgrade of Qimo Royal Cloud Soft is based on deep insights into consumer needs, aiming to continuously innovate and produce high-quality diapers to meet the growing market demand for premium baby care products [3]. Group 2: Industry Engagement - The expo attracted over 3,200 exhibitors and more than 4,500 brands, with a significant turnout of global maternal and infant channel merchants and retail representatives engaging with Hengan's team [3]. - During the event, Hengan Group's adult care brands, An'er Kang and Bian Li Tuo, along with its baby care brands, An'erle and Qimo, participated in a signing ceremony with the China Aerospace Foundation, reinforcing their partnership [3][5]. Group 3: Awards and Recognition - Hengan Group received the 2025 CBME AWARDS Green Guardian Award for its outstanding performance at the expo, while its brand An'erle won the 2025 All-Domain Marketing Attraction Award, and Qimo received the 2025 Outstanding Brand Innovation Award [5]. - The partnership with the China Aerospace Foundation aligns with Hengan Group's commitment to product quality and excellence, reflecting a shared pursuit of high standards [5].

Core Viewpoint - The collaboration between Hengan Group and ByteDance's Feishu marks a significant step in the company's digital transformation and efficient collaboration efforts [1] Group 1 - Hengan Group has signed a partnership with Feishu to enhance its digital collaboration capabilities [1] - Hengan Group's President, Xu Qingliu, emphasized that this cooperation is a proactive approach to embrace change and accelerate digital transformation [1]

Group 1 - The core index of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index reported at 5488.14 points, showing a decline of 1.54% over the past month, an increase of 2.05% over the past three months, and a year-to-date increase of 3.77% [1] - The CSI Hong Kong-Shanghai-Shenzhen industry index series categorizes the CSI 500, CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Composite, and CSI Hong Kong-Shanghai-Shenzhen Connect Composite Index into 11 industries to reflect the overall performance of different industry companies [1] - The top ten holdings of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index include Meihua Biological (2.53%), Zhengbang Technology (2.43%), Yanjing Beer (2.2%), Anjii Food (1.83%), Maogeping (1.79%), Hengan International (1.76%), Dabeinong (1.66%), Dekang Animal Husbandry (1.64%), First Pacific (1.57%), and Bairun Co. (1.55%) [1] Group 2 - The market share of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings is 41.28% from Shanghai Stock Exchange, 41.17% from Shenzhen Stock Exchange, and 17.55% from Hong Kong Stock Exchange [2] - The industry composition of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings shows that food accounts for 32.70%, breeding for 20.94%, liquor for 17.06%, planting for 8.99%, beauty care for 6.79%, soft drinks for 6.78%, and household goods for 6.75% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2]