Revenue and Profit Performance - Revenue for the six months ended June 30, 2024, was RMB 11,835.893 million, a decrease of 3.0% compared to RMB 12,204.605 million in the same period of 2023[3] - The company's overall revenue for the first half of 2024 decreased by 3.0% year-on-year to approximately RMB 11,835,893,000, compared to RMB 12,204,605,000 in the same period of 2023[95] - Group revenue for the six months ended June 30, 2023, was RMB 12,204,605 thousand, with the largest contribution from the tissue products segment at RMB 7,170,110 thousand[48] - Gross profit margin increased to 33.3% in 2024 from 31.0% in 2023[3] - Gross profit increased by 3.9% to approximately RMB 3,936,242,000, with gross margin rising to 33.3% from 31.0% in the first half of 2023[96] - Operating profit rose by 11.4% to RMB 1,895.891 million in 2024 from RMB 1,701.681 million in 2023[3] - Operating profit rose by 11.4% to approximately RMB 1,895,891,000, and net profit attributable to shareholders increased by 15.0% to RMB 1,408,992,000[96] - Profit attributable to equity holders of the company increased by 14.9% to RMB 1,408.992 million in 2024 from RMB 1,225.768 million in 2023[3] - The company's net profit attributable to equity holders was RMB 1,225,768 thousand, with a basic earnings per share of RMB 1.055[48][54] - Net profit for the period was RMB 1,408,992 thousand, contributing to a comprehensive income of RMB 1,430,532 thousand[14] - Basic earnings per share were RMB 1.234 in 2024, compared to RMB 1.055 in 2023[3] - The weighted average number of ordinary shares outstanding for the six months ended June 30, 2023, was 1,162,121 thousand shares[54] Asset and Liability Management - Total assets as of June 30, 2024, were RMB 46,430.098 million, up from RMB 40,215.901 million as of December 31, 2023[10] - Total assets as of June 30, 2023, amounted to RMB 48,397,012 thousand, with cash and bank deposits being the largest component at RMB 26,749,710 thousand[48] - The group's total assets as of June 30, 2024, amounted to RMB 46,430,098 thousand, with cash and bank deposits totaling RMB 21,023,706 thousand[46] - Cash and bank balances increased to RMB 21,023.706 million in 2024 from RMB 18,189.943 million in 2023[10] - Total cash and bank deposits reached RMB 21,023,706,000 as of June 30, 2024, up from RMB 18,189,943,000 at the end of 2023[69] - As of June 30, 2024, the company had cash and bank deposits, long-term bank deposits, and restricted bank deposits totaling approximately RMB 26,075,451,000, an increase from RMB 19,628,406,000 as of December 31, 2023[114] - Total equity increased to RMB 21,068,770 thousand as of June 30, 2024, compared to RMB 20,629,851 thousand at the end of 2023[12] - Total liabilities rose to RMB 25,361,328 thousand, up from RMB 19,586,050 thousand at the end of 2023, primarily due to an increase in borrowings[12] - Total liabilities stood at RMB 25,361,328 thousand, including borrowings of RMB 20,670,121 thousand[46] - Total liabilities as of June 30, 2023, were RMB 28,116,975 thousand, with borrowings constituting the largest portion at RMB 23,859,992 thousand[48] - The company's financial liabilities as of June 30, 2024, totaled RMB 25,060,757 thousand, with short-term liabilities (less than one year) accounting for RMB 22,589,002 thousand[31] - The company's borrowings increased to RMB 20,670,121 thousand as of June 30, 2024, compared to RMB 14,237,625 thousand at the end of 2023[31] - Total borrowings increased by RMB 19,487,199 thousand during the first half of 2024, with repayments of RMB 13,085,006 thousand[77] - The company's debt-to-equity ratio as of June 30, 2024, was approximately 99.1%, up from 69.8% as of December 31, 2023, primarily due to low-cost funding supporting operations[115] Cash Flow and Financing Activities - Cash and cash equivalents increased by RMB 152,374 thousand to RMB 8,180,200 thousand as of June 30, 2024[16] - Cash and cash equivalents, including bank demand deposits and short-term highly liquid investments, totaled RMB 8,180,200,000 as of June 30, 2024[69] - Operating activities generated net cash of RMB 1,558,348 thousand, a decrease from RMB 1,938,954 thousand in the same period last year[16] - Investment activities used net cash of RMB 6,520,453 thousand, mainly due to increased purchases of property, plant, and equipment[16] - Financing activities generated net cash of RMB 5,114,479 thousand, driven by increased borrowings of RMB 19,487,199 thousand[16] - The company completed the issuance of two batches of ultra-short-term financing bills in March 2024, totaling RMB 5 billion, with a coupon rate of 2.1% and a maturity of 180 to 182 days[115] - The company issued two ultra-short-term financing bills totaling RMB 5,000,000 thousand with an interest rate of 2.10% and maturing in September 2024[75] Inventory and Accounts Receivable - Inventory turnover days increased to 38 days in 2024 from 33 days in 2023[3] - Accounts receivable and notes turnover days decreased to 39 days in 2024 from 43 days in 2023[3] - Accounts receivable and notes receivable increased to RMB 2,787,244,000 as of June 30, 2024, from RMB 2,718,998,000 at the end of 2023[66] Financial Risk and Management - The company's financial risk management policies remained unchanged since the end of the previous year[27] - The company's financial liabilities are categorized into maturity groups, with the majority (RMB 22,589,002 thousand) due within one year[31] - The company's financial liabilities are subject to market risk, credit risk, and liquidity risk, with no significant changes in risk management policies[27] - The group's financial risk management team reports directly to the CFO and audit committee, with valuation processes reviewed at least every six months[41] Shareholder Equity and Dividends - Retained earnings grew to RMB 17,839,658 thousand, up from RMB 17,391,515 thousand at the end of 2023[12] - The company paid dividends of RMB 797,245 thousand for the 2023 final dividend[14] - The company declared an interim dividend of RMB 0.70 per share, totaling RMB 813,485,000, consistent with the previous year[97] - The company will pay an interim dividend of RMB 0.70 per share for the six months ended June 30, 2024, unchanged from the previous year[131] - The company will suspend share registration from September 11 to September 13, 2024, for the interim dividend distribution[132] Business Segment Performance - The sanitary napkin product segment contributed the highest revenue at RMB 3,146,946 thousand, followed by tissue products at RMB 6,950,578 thousand[46] - Sales revenue for the sanitary napkin business decreased by 2.2% to approximately RMB 3,146,946,000, but outperformed the overall industry's negative growth[98] - Gross margin for the sanitary napkin business improved to 62.7% in the first half of 2024, up from 61.8% in the same period last year[99] - Tissue business sales revenue decreased by 3.1% YoY to approximately RMB 6,950,578,000 in the first half of 2024, accounting for 58.7% of the company's total revenue[100] - Tissue product gross margin increased to 19.6% in the first half of 2024, up from 17.7% in the same period last year, driven by lower wood pulp costs and higher sales of premium products[100] - Wet wipes business achieved explosive growth with a 20.4% YoY increase in sales revenue to approximately RMB 591,953,000, accounting for 8.5% of the tissue business sales[101] - Wet wipes gross margin reached 52.2%, the highest among tissue products, with strong growth momentum expected to continue[101] - The diaper business sales increased by 7.0% to approximately RMB 711,624,000, with a gross margin of 45.3% in the first half of 2024, up from 36.0% in the same period last year[105] - The adult diaper business accounted for 22.5% of sales, benefiting from the growing domestic adult incontinence market[105] E-commerce and New Retail - E-commerce and new retail sales accounted for approximately 32.0% of total sales, up from 29.0% in the first half of 2023, representing a year-on-year growth of 6.5%[96] - E-commerce and new retail channels sales for tissue business grew over 6.0%, accounting for 36.4% of tissue sales[103] - The new retail channel contributed 36.4%, 25.6%, and 53.5% to the sales of tissue, sanitary napkins, and diaper businesses, respectively[110] - The e-commerce and new retail channels sales grew by 6.5% to over RMB 3.76 billion, accounting for 31.8% of total sales in the first half of 2024[110] Capital Expenditures and Investments - Capital expenditures for the first half of 2024 were approximately RMB 774,423,000, a decrease from RMB 989,348,000 in the first half of 2023, mainly used to increase production capacity[115] - The company's capital commitments for machinery and equipment as of June 30, 2024, were RMB 553,298,000, compared to RMB 539,801,000 as of December 31, 2023[92] - The company's capital commitments for leased land and buildings as of June 30, 2024, were RMB 597,671,000, compared to RMB 729,342,000 as of December 31, 2023[92] - The company's joint venture investments increased by RMB 3,000,000 in the first half of 2024, with a net profit contribution of RMB 1,000[89] Corporate Governance and Compliance - The company adheres to the "Standard Code" of the Listing Rules and confirms full compliance by all directors[134] - The company maintains high corporate governance standards and complies with the "Corporate Governance Code" of the Listing Rules, except for one independent non-executive director who was unable to attend the annual general meeting due to other commitments[135] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2024[133] Employee and Management Compensation - The company employed approximately 24,000 employees as of June 30, 2024, and implemented a more scientific and reasonable "target salary" system to improve employee efficiency[116] - The company's management compensation for the six months ended June 30, 2024, was approximately RMB 13,951,000, compared to RMB 27,003,000 in the same period of 2023[93] - Total employee training hours exceeded 202,300 hours, and 101 employees were promoted to management positions[126] ESG and Sustainability Initiatives - The company's MSCI ESG rating reached "BBB," and it was included in the FTSE4Good Index Series for two consecutive years, reflecting improved ESG transparency and performance[119] - The company focused on green innovation, exploring biodegradable materials and establishing a biodegradability evaluation system to enhance product sustainability[120] - Hengan Group's six paper companies have all obtained FSC/CoC certification, and 100% of pulp suppliers have FSC or PEFC system certificates[124] - Hengan (China) Paper Co., Ltd. was the only company in the tissue paper and tissue paper industry to be selected for the 2023 "Key Industry Energy Efficiency Leader Enterprise List"[124] - Hengan Group has implemented the ISO 45001 Occupational Health and Safety Management System and established a Safety Management Committee[127] - Hengan Group launched the fifth phase of its comprehensive safety work project in the first half of 2024, aiming for "zero hidden dangers, zero violations, and zero accidents"[127] Future Outlook and Strategic Plans - The company expects continued pressure on investment and consumer confidence due to geopolitical tensions, trade frictions, and high interest rates in the second half of 2024[128] - The company expects wood pulp prices to rebound in the second half of 2024 and plans to offset the impact on gross margin by reducing costs, increasing the proportion of high-end products, and improving sales performance[129] - The company will continue to focus on its three core strategies: "focus on main business," "brand leadership," and "long-termism," to ensure sustainable development[129] - The company plans to optimize its product brand image through strategies such as upgrading product quality, changing packaging, and precise marketing resource allocation[129] - The company is implementing technological upgrades, including using IBM's blockchain platform (IBP) to enhance supply chain management efficiency and migrating SAP systems to the cloud[130] - The company plans to expand production capacity and upgrade technology, including establishing a new base in Fujian and expanding tissue production capacity in Guangdong, with some new capacities expected to be operational in the second half of 2024 and 2025[130] Corporate Social Responsibility (CSR) - Hengan Group donated 2,000 hygiene gift packages to female soldiers stationed in the western border of China in January 2024[122] - Hengan Group donated 20 million RMB to the Autism Care Fund through the Quanzhou Charity Federation in April 2024[122] - Hengan Group donated 1,630 gift packages to nurses at Xiamen University Affiliated First Hospital in May 2024[122]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 29.73, which is equivalent to 10.5 times the forecasted earnings per share for 2024 [4][5]. Core Insights - Despite intense industry competition, the company is expected to outperform the industry due to its stable pricing strategy, continuous product upgrades, and increased penetration of high-end products [4][5]. - The company reported a revenue growth of 5.1% to HKD 23.77 billion in 2023, driven by a 12.2% increase in tissue paper sales and a 17.7% growth in e-commerce channels [3][4]. - The gross profit margin decreased by 0.3 percentage points to 33.7% due to rising raw material costs and increased promotional expenses [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a net profit of HKD 2.80 billion, representing a 45.5% increase compared to the previous year [5][6]. - The operating profit rose by 38.6% to HKD 3.98 billion, with a decrease in operating expense ratio by 0.3 percentage points to 21.3% [3][5]. - The company maintained a robust balance sheet with net cash of approximately HKD 5.39 billion, an increase of HKD 0.86 billion from the previous year [3][4]. Business Segments - Tissue paper business grew by 12.2% to HKD 13.75 billion, benefiting from a nationwide sales network and strong growth in high-end products [4][5]. - Sanitary napkin sales increased by 0.4% to HKD 6.18 billion, with gross margin improving from 61.8% in the first half to 66% in the second half [4][5]. - The adult diaper segment saw a 4.3% growth to HKD 1.25 billion, with gross margin rising from 36% to 40% due to lower raw material prices [4][5]. Future Outlook - For 2024, the company anticipates low single-digit revenue growth in tissue paper, sanitary napkins, and adult diapers, despite ongoing competitive pressures in the personal care industry [4][5]. - The report highlights that the company’s stable pricing strategy and product upgrades are expected to help it outperform the industry amid challenging market conditions [4][5].

Investment Rating - The report maintains an "Outperform" rating for the company [4][5] Core Views - The company's core business shows stable growth, driven by high-end product development and optimization of product mix, with a projected revenue increase of approximately 8.0% year-on-year for 2023 [4][5] - The company achieved a total revenue of 23.77 billion RMB in 2023, representing a year-on-year growth of 5.09%, and a net profit of 2.80 billion RMB, which is an increase of 45.51% year-on-year [4][5][6] - The expansion of e-commerce and new retail channels has been significant, with sales from these channels exceeding 7.16 billion RMB, accounting for about 30.1% of total revenue, and growing approximately 17.7% year-on-year [4][5] Financial Performance - The company’s three core business segments (tissue paper, sanitary napkins, and diapers) achieved stable revenue growth in 2023, with tissue paper sales increasing by 12.25% year-on-year to 13.75 billion RMB, and diaper sales growing by 4.33% year-on-year to 1.25 billion RMB [4][6][7] - The sanitary napkin segment faced intense market competition but still managed to maintain a slight revenue increase of 0.36% year-on-year, totaling 6.18 billion RMB [4][6][7] - The company’s gross profit margin for 2023 was 33.70%, a slight decrease of 0.30 percentage points year-on-year, while the net profit margin improved to 11.26%, an increase of 2.65 percentage points year-on-year [7][10] Earnings Forecast - The company is expected to achieve net profits of 2.94 billion RMB, 3.10 billion RMB, and 3.20 billion RMB for the years 2024, 2025, and 2026, respectively, with growth rates of 5.2%, 5.4%, and 3.2% [5][6][10] - The projected price-to-earnings (PE) ratio for 2024 is estimated to be between 13 to 14 times, suggesting a reasonable value range of 32.94 to 35.48 RMB per share [5][9]

恒安國際集團有限公司 HENGAN INTERNATIONAL GROUP CO., LTD (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock code 股份代號: 1044 2023 ANNUAL REPORT 年 報 Corporate Mission 企業使命 "GROWING WITH YOU FOR A BETTER LIFE" 「追求健康、 你我一起成長」 | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Overweight" rating for the company [5][8] Core Views - The company's 2023 performance met expectations, with significant growth in high-end products and improved profitability due to reduced raw material costs and narrowed exchange losses [3] - The company's revenue in 2023 was RMB 23.768 billion, up 5.1% YoY, with net profit attributable to shareholders reaching RMB 2.801 billion, up 45.5% YoY [3] - The report is optimistic about the company's future profitability improvement through cost control and product upgrades [3] Financial Performance - In H2 2023, the company's revenue was RMB 11.563 billion, up 1.3% YoY, with net profit attributable to shareholders reaching RMB 1.575 billion, up 142.6% YoY [3] - The company's gross profit margin for tissue products in H2 2023 was 26.1%, up 7.6 percentage points YoY and 8.4 percentage points QoQ [3] - The gross profit margin for sanitary napkins in H2 2023 was 66%, down 2.4 percentage points YoY but up 4.2 percentage points QoQ [3] - The gross profit margin for diapers in H2 2023 was 40%, up 1.2 percentage points YoY and 4 percentage points QoQ [3] Business Segments - Tissue products: H2 2023 revenue was RMB 6.578 billion, up 2.7% YoY, with high-end products like the Cloud Touch series growing 26.6% YoY [3] - Sanitary napkins: H2 2023 revenue was RMB 2.959 billion, down 2.3% YoY, but high-end products like panty-style sanitary napkins grew 73.4% YoY [3] - Diapers: H2 2023 revenue was RMB 589 million, up 3.5% YoY, with high-end diaper Q·MO growing approximately 21.8% YoY [3] Future Outlook - The report forecasts net profit attributable to shareholders for 2024-2026 to be RMB 2.923 billion, RMB 3.012 billion, and RMB 3.203 billion, respectively [3] - The company's e-commerce and new retail channels generated RMB 3.66 billion in revenue in H2 2023, up 7.6% YoY [3] - The company is expected to maintain stable pricing strategies and more precise cost control in 2024, with continued product upgrades driving profitability [3] Valuation - The target price is adjusted to HKD 31.08, based on a 12x PE ratio for 2025, in line with industry peers [8] - The company's current PE ratio is 11.07x for 2023, expected to decrease to 8.68x by 2026 [4]

智通财经APP获悉，麦格理发布研究报告称，予恒安国际(01044)“跑赢大市”评级，下调2024及25财年的净收益预测12%和9%，以反映预期在竞争中需要较高的广告促销费用，目标价下调12%至46港元。公司去年下半年的销售同比升1.3%，逊于麦格理预测。 报告中称，分业务看，恒安纸巾和尿片销售额分别增长2.7%和3.5%，较去年上半年的22.7%及5%有所放缓。卫生棉销量同比跌2.3%，而上半年则增3%，相信是由于木浆价格下跌导致售价竞争加剧。去年下半年新零售渠道销售额增7%，销售贡献率为31%，而2022年同期为29.5%。公司的纸巾业务去年进一步获得市场份额，卫生棉业务在2024年初至今有良好增长势头。然而，纸巾面临激烈的竞争，公司或会加强促销以刺激增长。 ...

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年3月22日 港元26.00 港元33.85↓ +30.2% 恒安国际 (1044 HK) 业绩符预期，高端产品组合反馈正面，成本压力缓解引领利润率回升  2023 年业绩符合预期，下半年利润率改善显著：恒安2023年销售额同比 个股评级 增长5.1%至237.7亿（人民币，下同），核心业务（纸巾、卫生巾、纸尿 片）销售同比增长 8.0%至 211.8 亿人民币，归母净利润同比增 45.5%至 买入 28.1亿人民币。受竞争加剧和促销费用管控的影响，销售额增速从2023上 半年的9%放缓至下半年的1.3%，但是受益于高端产品组合的推动及原材 料成本下跌，利润率保持恢复趋势。2023下半年毛利率大幅改善至36.5% 1年股价表现 （2022年同期：32.8%），环比提升5.5个百分点，全年毛利率维持稳定。 1044 HK 恒生指数 叠加外汇损失的大幅下降，共同支撑全年经营利润率和净利润率提升 10% 5% 4.1/3.3个百分点至16.7%/11.8%。2023年每股派息总额为1.4元（2022年： 0% 1.4元），派息率为58%（2022年： ...

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 23,767,936 thousand, representing a 5.1% increase from RMB 22,615,878 thousand in 2022[3] - Operating profit increased by 38.6% to RMB 3,977,931 thousand compared to RMB 2,869,154 thousand in the previous year[3] - Profit attributable to equity holders of the company rose by 45.5% to RMB 2,800,533 thousand from RMB 1,925,249 thousand in 2022[3] - Basic and diluted earnings per share increased by 45.8% to RMB 2.415 from RMB 1.657 in the previous year[3] - Group operating profit for 2023 was RMB 3,977,931 thousand, compared to RMB 2,869,154 thousand in 2022, reflecting a significant increase of approximately 38.7%[21] - Net profit attributable to equity holders of the company for 2023 was RMB 2,800,533 thousand, up from RMB 1,925,249 thousand in 2022, indicating a growth of around 45.5%[21] - The group reported a profit before tax of RMB 3,605,404 thousand for 2023, compared to RMB 2,833,286 thousand in 2022, marking an increase of approximately 27.2%[21] - The overall gross profit for 2023 rose by approximately 4.2% to about RMB 8,010,688,000, compared to RMB 7,689,499,000 in 2022[47] - The overall gross margin for 2023 was approximately 33.7%, with a significant improvement to 36.5% in the second half of the year[47] Assets and Liabilities - Total assets decreased to RMB 40,215,901 thousand from RMB 42,337,242 thousand in 2022[9] - Total liabilities decreased to RMB 19,586,050 thousand from RMB 22,561,505 thousand in the previous year[11] - The total assets of the group as of December 31, 2023, amounted to RMB 40,215,901 thousand, with total liabilities of RMB 19,586,050 thousand[23] - The company maintained a current ratio of 1.4, consistent with the previous year[3] - The company has a deferred tax asset of RMB 532,204,000 as of December 31, 2022[27] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.70 per share, consistent with the previous year[3] - The company has committed to a final dividend of RMB 0.70 per share for the fiscal year ending December 31, 2023, pending approval at the 2024 Annual General Meeting[101] - The company maintained a stable dividend payout of RMB 1.40 per share for the year, consistent with the previous year[48] Revenue Breakdown - The revenue breakdown includes RMB 6,178,438 thousand from sanitary napkin products, RMB 1,254,070 thousand from diaper products, and RMB 13,748,172 thousand from tissue products[21] - Sales revenue from the sanitary napkin business increased by approximately 0.4% to about RMB 6,178,438,000 (2022: RMB 6,156,060,000), accounting for about 26.0% of the group's total revenue (2022: 27.2%) [51] - Sales revenue from the tissue paper business surged by approximately 12.2% to about RMB 13,748,172,000 (2022: RMB 12,248,011,000), representing about 57.8% of the group's total revenue (2022: 54.2%) [58] - The three core business segments (tissue, sanitary napkins, and diapers) achieved a revenue growth of approximately 8.0% year-on-year[45] Operational Efficiency - The inventory turnover period improved to 42 days from 43 days in the previous year[3] - Accounts receivable and notes receivable decreased from RMB 2,993,134,000 in 2022 to RMB 2,718,998,000 in 2023, with a net amount of RMB 2,553,357,000 after impairment provisions[40] - Accounts payable and notes payable decreased from RMB 2,920,685,000 in 2022 to RMB 2,750,069,000 in 2023[42] - Sales and administrative expenses increased by approximately 3.7% to about RMB 5,068,887,000, while the expense ratio slightly decreased to about 21.3% of total revenue[74] Market and Sales Strategy - E-commerce and new retail sales accounted for approximately 30.1% of total sales, up from 26.9% in 2022, representing a year-on-year growth of about 17.7%[46] - The company plans to continue focusing on high-end product development and optimizing its product mix to meet consumer demand for high-quality diversified products[46] - The company plans to continue expanding the proportion of new retail channels in total sales and develop higher quality products [57] - The company aims to enhance its sales channels, focusing on e-commerce and new retail strategies, while also strengthening partnerships with maternal and infant stores, nursing homes, and hospitals[68] Sustainability and Corporate Responsibility - The company is committed to sustainable development and aims to enhance its competitive edge while expanding its market presence both domestically and internationally[100] - The company has been recognized as a "Green Factory" by the Ministry of Industry and Information Technology, marking its third national-level green factory[87] - The greenhouse gas emission intensity for 2023 was 0.66 tons of CO2 equivalent per 10,000 yuan in sales, significantly lower than the industry standard[86] - The company has implemented a comprehensive safety management strategy and conducted regular safety training, resulting in a workplace injury rate of 0[90] - The company has been actively involved in social responsibility initiatives, including donations of RMB 2 million worth of supplies to earthquake-affected areas in Syria and Turkey[93] Governance and Compliance - The audit committee is chaired by an independent non-executive director, with three other independent non-executive directors as members, ensuring compliance with the highest standards of corporate governance[105] - The company confirmed full compliance with the Listing Rules, except for a minor breach by a director who inadvertently purchased 100,000 shares during a trading blackout period[109] - The board of directors includes eight executive directors and four independent non-executive directors, reflecting a diverse governance structure[112] - The company has maintained high standards of corporate governance, which aids in managing business risks and enhancing transparency[108] Employee and Human Resources - The group employed approximately 23,000 employees as of December 31, 2023, with a focus on improving human resource efficiency and employee compensation[79] - The total training hours for employees exceeded 240,000 hours in 2023, with 173 individuals promoted to management positions[89] - The company employed approximately 23,000 people by the end of 2023, with a female employee ratio of 56%[89] Future Outlook - The company plans to expand production capacity and upgrade technology, including establishing a new base for upgraded sanitary napkins, diapers, and wet wipes in Fujian, with some new capacity expected to be operational in 2024[100] - The company is closely monitoring geopolitical tensions and global monetary policy tightening, which may impact economic growth and consumer confidence, but remains optimistic about China's economic fundamentals[95] - The company aims to enhance its brand image and attract younger consumers through various promotional activities and partnerships [54]

恒安國際集團有限公司 HENGAN INTERNATIONAL GROUP CO., LTD (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock code 股份代號: 1044 2023 INTERIM REPORT 中 期 報 告 Corporate Mission 企業使命 "GROWING WITH YOU FOR A BETTER LIFE" 「追求健康、 你我一起成長」 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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。 elurNE table （於開曼群島註冊成立的有限公司） （股份代號：1044） 網址： http://www.hengan.com http://www.irasia.com/listco/hk/hengan 裏 「追求健康，你我一起成長」 財務摘要 用 面 二零二三年六月三十日止六個月之中期業績 未經審核 二零二三年 二零二二年 變幅 atad data 人民幣千元 人民幣千元 % 收入 12,204,605 11,200,021 9.0% 核心業務部份收入 （紙巾、衛生巾、紙尿片） 11,054,709 9,604,649 15.1% 毛利率 31.0% 35.2% 經營利潤 1,701,681 1,885,753 (9.8%) 面 用 公司權益持有人應佔利潤 1,225,768 1,276,191 (4.0%) 每股收益 — 基本 人民幣1.055 人民幣1.098 裏 ...