Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 11,808,232 thousand, a slight decrease of 0.2% compared to RMB 11,835,893 thousand in the same period of 2024[3] - Operating profit decreased by 7.3% to RMB 1,757,339 thousand from RMB 1,895,891 thousand year-on-year[3] - Profit attributable to equity holders of the company was RMB 1,372,894 thousand, down 2.6% from RMB 1,408,992 thousand in the previous year[3] - Basic and diluted earnings per share were both RMB 1.206, compared to RMB 1.234 in the same period last year[3] - Gross profit margin decreased to 32.3% from 33.3% year-on-year[3] - The company reported a total comprehensive income of RMB 1,315,307 thousand for the period, down from RMB 1,421,713 thousand in the previous year[10] - The company reported a net profit of RMB 1,372,894 thousand for the six months ended June 30, 2025, compared to RMB 1,408,992 thousand for the same period in 2024, reflecting a decrease of approximately 2.5%[16] - The group reported a profit margin of approximately 11.6% for the six months ended June 30, 2025, based on the net profit relative to total revenue[34] - Operating profit decreased by 7.3% to approximately RMB 1,757,339,000, primarily due to a decline in overall gross profit[97] - Profit attributable to equity holders fell by about 2.6% to approximately RMB 1,372,894,000[97] Assets and Liabilities - Total assets increased to RMB 42,171,896 thousand as of June 30, 2025, compared to RMB 39,804,411 thousand at the end of 2024[12] - The total liabilities for the hygiene products segment were RMB 1,078,750, while the paper products segment had liabilities of RMB 1,494,517[34] - The total financial liabilities as of June 30, 2025, amount to RMB 20,067,441,000, an increase from RMB 17,781,851,000 as of December 31, 2024[79] - The group’s debt ratio was approximately 77.5% as of June 30, 2025, up from 62.6% at the end of 2024, while the net debt ratio was approximately -30.0%[127] Cash Flow and Investments - Cash generated from operating activities was RMB 1,894,149 thousand for the six months ended June 30, 2025, slightly down from RMB 1,942,392 thousand in the previous year[18] - The net cash used in investing activities was RMB 4,456,102 thousand, a decrease from RMB 6,520,453 thousand in the same period of 2024, indicating improved cash management[18] - The company borrowed RMB 13,389,541 thousand during the financing activities, compared to RMB 19,487,199 thousand in the previous year, showing a reduction in new debt[18] - The total cash payments related to leases for the six months ended June 30, 2025, were RMB 27,517,000, down from RMB 33,738,000 for the same period in 2024[50] Dividends and Shareholder Returns - The company paid dividends amounting to RMB 797,245 thousand during the period, consistent with the previous year[18] - The board declared an interim dividend of RMB 0.70 per share, maintaining a stable payout amount of RMB 813,485,000[97] - The company declared an interim dividend of RMB 0.70 per share for the six months ending June 30, 2025, consistent with the previous year[158] Market and Sales Performance - The group's total revenue for the six months ended June 30, 2025, was RMB 11,808,232, with a breakdown of RMB 3,303,839 from hygiene products, RMB 7,173,700 from paper products, and RMB 1,330,693 from other segments[34] - Sales revenue from hygiene products dropped by approximately 14.4% to about RMB 3,303,839,000, accounting for around 28.0% of total revenue[101] - The paper towel business saw a revenue increase of approximately 3.2% to about RMB 7,173,700,000, representing around 60.8% of total revenue[108] - E-commerce and new retail sales accounted for approximately 34.4% of total sales, up from 31.8% in the first half of 2024, with sales revenue increasing by about 7.9% year-on-year[94] - The group’s sales of high-end products, including the "Q • MO" series of diapers and new organic cotton sanitary napkins, have shown strong consumer demand[96] Operational Efficiency and Strategy - The group plans to continue its market expansion and product development strategies to enhance its competitive position in the hygiene and paper products sectors[34] - The group plans to enhance marketing resource allocation and expects stable growth in high-end, high-margin products in the second half of 2025[96] - The company aims to strengthen its market position through product upgrades and high-end strategies in both the infant and adult health care markets[107] - The company plans to continue upgrading products and enhancing the penetration of high-end products in the paper towel segment[108] Human Resources and Corporate Governance - The group employed approximately 23,000 employees as of June 30, 2025, with a focus on improving human resource efficiency and employee compensation[129] - The company has complied with all applicable provisions of the Corporate Governance Code as per the listing rules during the six months ending June 30, 2025[164] - The audit committee, composed of independent non-executive directors, held at least two meetings during the reporting period to review internal controls and risk assessments[161] Sustainability and Social Responsibility - The group has been recognized with multiple awards, including the 2024-2025 Forbes China Sustainable Development Industrial Enterprises award, reflecting its commitment to sustainability[131] - The company has achieved ISO 50001 certification for four subsidiaries by June 30, 2025, establishing industry benchmarks in energy efficiency[137] - The company has committed to disclosing all chemical risks and product formulations to ensure consumer safety and health[142] - The company responded to the 6.8 magnitude earthquake in Tibet by donating RMB 5 million in supplies and coordinated the allocation of RMB 3.6 million worth of essential goods for flood relief in the Beijing-Tianjin-Hebei region[150]

EF001 免責聲明 | EF001 | | --- | | 其他信息 | | | --- | --- | | 其他信息 | 不適用 | | 發行人董事 | | | | 於本公告刊發日期, 恒安國際集團有限公司董事會成員為: | | 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 | | | 許文默先生 | | | 獨立非執行董事 | | | 黃英琦女士 | | | 何貴清先生 | | | 保羅希爾先生 | | | 陳闖先生 | | 第 2 頁 共 2 頁 v 1.1.1 | 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 | | | --- | --- | | 公告全部或任何部份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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 恒安國際集團有限公司 | | 股份代號 | 01044 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 ...

Group 1 - The latest shareholder equity disclosure for Hengan International (01044) and Xinshi Electric Vehicle New Materials (06128) was conducted on August 19, 2025 [1] - Hengan International saw a significant increase in shareholding from 6.60 million shares to 275 million shares, representing a holding percentage increase from 0.57% to 23.71% [1] - Xinshi Electric Vehicle New Materials experienced a decrease in shareholding for both Wu Wenbei and Shen Taoyu, with holdings dropping from 93.50 million shares to 47.50 million shares, resulting in a new holding percentage of 5.06% down from 9.96% [1] Group 2 - The changes in shareholding may be influenced by factors such as rights issues, consolidations, or stock splits, necessitating careful consideration of actual circumstances [1]

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].