Core Viewpoint - Heng An International (01044) has successfully issued the first phase of corporate bonds amounting to RMB 1 billion with an annual interest rate of 1.8% and a maturity of one year [1] Group 1: Bond Issuance Details - The company completed the issuance of the first phase of corporate bonds on December 4, 2025 [1] - The remaining approved but unissued corporate bonds amount to RMB 9 billion [1] Group 2: Use of Proceeds - The proceeds from the first phase of corporate bonds are intended to supplement the company's and its subsidiaries' working capital and to repay part of the bank loans of domestic subsidiaries [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。 本公司董事會（「董事會」）欣然宣佈，於二零二五年十二月四日，本公司已完 成發行本金額為人民幣10億元的第一期公司債券（「第一期公司債券」），其票面 利率定為每年1.8%及為期一年。發行第一期公司債券的結果會於上海證交所網 站(www.sse.com.cn)刊登。緊隨完成後，其餘已核准但未發行之公司債券金額為人 民幣90億元。 發行第一期公司債券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部 分境內子公司的銀行貸款。 承董事會命 恒安國際集團有限公司 主席 （於開曼群島註冊成立的有限公司） （股份代號：1044） http://www.hengan.com http://www.irasia.com/listco/hk/hengan 網址： 自願性公告 發行第一期公司債券 茲提述恒安國際集團有限公司（「本公司」）日期為二零二四年一月二日關於本公司向 中國證券監督管理委員會申請註冊及建議向專業投資者 ...

Core Insights - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) closed up 0.48% on December 4, with a trading volume of 4.0345 million yuan [1] - The fund was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10% [1] - As of December 3, the fund's latest share count was 158 million, with a total size of 166 million yuan [1] - Over the past 20 trading days, the ETF has accumulated a trading amount of 128 million yuan, with an average daily trading amount of 6.3865 million yuan [1] - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have achieved a return of 5.00% since managing the fund from its inception [1] Holdings Summary - The top holdings of the ETF include: - Hang Lung Properties: 1.08% holding, 496,000 shares, market value of 4.0664 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares, market value of 4.0565 million yuan - China Shenhua: 1.05% holding, 110,000 shares, market value of 3.9728 million yuan - Far East Horizon: 0.99% holding, 588,000 shares, market value of 3.7202 million yuan - CNOOC: 0.96% holding, 210,000 shares, market value of 3.6159 million yuan - Sino Land: 0.94% holding, 384,000 shares, market value of 3.5443 million yuan - PetroChina: 0.87% holding, 496,000 shares, market value of 3.2921 million yuan - Hengan International: 0.87% holding, 134,500 shares, market value of 3.2589 million yuan - Henderson Land: 0.81% holding, 122,000 shares, market value of 3.0452 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares, market value of 3.0623 million yuan [2]

Core Viewpoint - Citigroup has raised the net profit forecasts for Hengan International (01044) for 2025 to 2027 by 12.1%, 18.8%, and 19.7% respectively, primarily due to a downward adjustment in the ratio of selling, general, and administrative expenses to sales [1] Group 1 - The upward revision in profit forecasts reflects expectations of a recovery in the second half of this year from a low base, with a stable outlook for 2026 [1] - Citigroup has increased the target price for Hengan International from HKD 23.1 to HKD 27, maintaining a forward P/E ratio of 11 times [1] - The company is viewed as a yield stock with a yield of 5.4%, and Citigroup maintains a "Neutral" rating due to the absence of significant structural improvements [1]

Core Viewpoint - Citigroup has raised its net profit forecasts for Hengan International (01044) for the years 2025 to 2027 by 12.1%, 18.8%, and 19.7% respectively, primarily due to a downward adjustment in the ratio of selling, general, and administrative expenses to sales [1] Summary by Categories Financial Forecasts - The upward revisions in net profit forecasts are attributed to expectations of recovery in the second half of this year from a low base, with a stable outlook for 2026 [1] - Citigroup has adjusted the target price for Hengan International from HKD 23.1 to HKD 27, maintaining a forward P/E ratio of 11 times for the next year [1] Company Valuation - The valuation adjustment reflects a shift from a 2025 rolling basis to a 2026 basis, using a sum-of-the-parts valuation method [1] - Hengan International is viewed as a yield-generating company with a yield of 5.4%, despite the absence of significant structural improvements [1] Analyst Rating - Citigroup maintains a "Neutral" rating on Hengan International [1]

Core Viewpoint - Citigroup has raised its net profit forecasts for Hengan International for the years 2025 to 2027 by 12.1%, 18.8%, and 19.7% respectively, primarily due to a downward adjustment in the ratio of selling, general, and administrative expenses to sales [1] Group 1 - The upward revision in profit forecasts reflects insights gained from recent meetings, indicating that the company is expected to recover from a low base in the second half of this year, with a stable outlook for 2026 [1] - Citigroup has adjusted the valuation benchmark from 2025 to 2026, raising the target price for Hengan International from HKD 23.1 to HKD 27, maintaining a forward price-to-earnings ratio of 11 times [1] - Despite the absence of significant structural improvements, Hengan International is still considered a yield-generating company with a yield of 5.4%, and Citigroup maintains a "Neutral" rating [1]

Market Overview - Hong Kong stocks opened higher but closed lower, with the Hang Seng Index rising 0.24% to 26,095.05 points and a total turnover of 178.25 billion HKD [1] - The Hang Seng Tech Index fell 0.37% to 5,624.04 points, while the Hang Seng China Enterprises Index increased by 0.11% to 9,182.65 points [1] Blue Chip Performance - Galaxy Entertainment (00027) led blue-chip stocks, rising 2.81% to 40.98 HKD, contributing 3.88 points to the Hang Seng Index [2] - Other notable blue-chip performers included Hengan International (01044) up 2.69% and Budweiser APAC (01876) up 2.35% [2] - WuXi AppTec (02359) fell 3.13%, negatively impacting the index by 2.2 points [2] Sector Highlights - Macau's November gaming revenue reached 21.09 billion MOP, a 14.4% year-on-year increase, exceeding market expectations [4] - The mobile phone supply chain remained active, with notable gains in companies like AAC Technologies (02018) and BYD Electronics (00285) [4][5] - The automotive sector showed mixed results, with BYD (01211) up 2.19% while Xpeng Motors (09868) fell 5.52% [5][6] Notable Stock Movements - Conant Optical (02276) surged 10.58% to 54.85 HKD following the launch of AI glasses in collaboration with Alibaba [8] - Giga Biotech (02367) rose 8.53% after announcing a share buyback plan [9] - GAC Group (02238) increased by 7.32% due to positive management announcements regarding new battery technology and partnerships [10] - Longpan Technology (02465) saw a 4.1% increase amid industry price adjustments in lithium iron phosphate [11] - 3SBio (01530) faced pressure, dropping 4.61% after announcing a share placement to raise capital [12]

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11月30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12月1日 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,160,820,917 | | 1,300,000 | | 1,162,120,917 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,160,820,917 | | 1,300,000 | | 1,162,120,917 | 第 2 頁 共 10 頁 v 1.1.1 ...

Summary of the Conference Call for Hengan International Industry Overview - The consumer paper market is experiencing a slowdown in growth, but an increase in per capita usage and the penetration of high-margin products are driving price growth, leading to stable industry growth expectations [2][3] - The sanitary napkin market is seeing a decline in sales, but innovation in high-end products is pushing up unit prices, with future growth relying on high-end strategies [2][4] - The diaper market is significantly influenced by the number of newborns, necessitating differentiated products to increase average transaction value [2][4] Company Performance - Hengan International's brands, such as "Heart to Heart," hold a leading market share in the consumer paper sector, with an upward trend in the CR10 index [2][5] - The company reported sales exceeding 400 million yuan in 2024 and nearly 300 million yuan in the first half of 2025, with a significant increase in internal sales contribution [2][7] - The high-end brand Kimo has significantly boosted the diaper business, maintaining a growth rate of 20% [2][8] Product Innovation - Recent product launches include high-end items such as "Sunshine" and "Rong Lifang," which have positively impacted sales and gross margins. For instance, the price of "Sunshine" is 70% higher than traditional series [2][6] - The introduction of innovative products like "Rong Lifang," which utilizes CAD air-drying technology, has improved absorption and doubled the price compared to traditional products [2][6] Market Dynamics - The competitive landscape in the consumer paper industry remains stable, with major players maintaining their market shares while new entrants are eroding smaller brands' shares, leading to an increase in the CR10 index [5] - In the sanitary napkin sector, foreign brands are losing market share to domestic brands, which are aggressively investing in sales [5] - The diaper market is similarly affected, with significant declines in market share for foreign brands like Procter & Gamble and Kao, while domestic brands are rising [5] Cost and Profitability - Recent cost reductions are a key reason for optimism regarding Hengan International's performance in the second half of 2025. The prices of needle and broadleaf pulp are expected to decrease by 9.55% and 7.5%, respectively, which could restore profit margins by 3 percentage points [3][9][10] - The revenue structure shows that consumer paper accounts for 70% of revenue, while sanitary products account for 30%, but the profit contribution is reversed, with sanitary products contributing more [3][10] Valuation and Investment Outlook - Hengan International has a high dividend payout ratio, with a current valuation corresponding to an annual price-to-earnings ratio of approximately 11 to 12 times and a dividend yield of about 5.5% [3][11] - The company is expected to enhance its dividend levels due to short-term performance elasticity and long-term recovery expectations, making it an attractive investment in the Hong Kong stock market and the sanitary products sector [3][11]

Core Insights - Executive Director Xu Qingliu increased his stake in Hengan International (01044) by purchasing 200,000 shares at a price of HKD 27.8527 per share, totaling approximately HKD 5.5705 million [1] - Following this transaction, Xu's total shareholding in Hengan International rose to about 283 million shares, representing a holding percentage of 24.36% [1] Company Summary - Hengan International's stock was actively traded with a significant purchase made by an executive, indicating potential confidence in the company's future performance [1] - The increase in shareholding by a key executive may reflect positive sentiment towards the company's market position and growth prospects [1]