Core Viewpoint - The company has successfully issued its fourth phase of ultra-short-term financing bonds amounting to RMB 500 million at an annual interest rate of 1.77% for a term of 269 days [1] Group 1 - The proceeds from the fourth phase of ultra-short-term financing bonds will be used to supplement the company's and its subsidiaries' working capital and to repay part of the bank loans of domestic subsidiaries [1] - The company has a remaining approved but unissued debt financing tool amounting to RMB 4.3 billion [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。 http://www.hengan.com http://www.irasia.com/listco/hk/hengan 網址： 自願性公告 發行第四期超短期融資券 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。 （於開曼群島註冊成立的有限公司） （股份代號：1044） 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、李偉樑先生及許文默先生；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。 本公司董事會（「董事會」）欣然宣佈，於二零二五年十月二十一日，本公司已完 成發行本金額為人民幣5億元的第四期超短期融資券（「第四期超短融」）， ...

Core Viewpoint - The executive director of Hengan International (01044) has increased his shareholding, indicating confidence in the company's future performance [1] Summary by Category Shareholding Activity - On October 16, the executive director Xu Qingliu purchased 200,000 shares of Hengan International at an average price of HKD 27.5687 per share, totaling approximately HKD 5.5137 million [1] - Following this purchase, the total number of shares held by Xu Qingliu is approximately 281 million, representing a holding percentage of 24.2% [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 27.1464 HKD per share, totaling approximately 5.4293 million HKD [1] - Following the purchase, the total number of shares held by Xu Qingliu is approximately 281 million, representing a holding percentage of 24.16% [1]

智通财经APP获悉，香港联交所最新资料显示，10月14日，执行董事许清流增持恒安国际(01044)20万 股，每股均价27.1464港元，总金额约542.93万港元。增持后最新持股数目约为2.81亿股，最新持股比例 为24.16%。 ...

Core Insights - Fujian Heng'an Group Co., Ltd. has demonstrated outstanding performance in quality operations, innovative breakthroughs, and social contributions, leading to its nomination for the 2024-2025 Respectable Enterprises by Economic Observer [1] Group 1 - The company has excelled in various indicators such as quality operations, innovation, and social contributions [1]

Group 1 - The Global Women's Summit was held in Beijing on October 13, focusing on "Shared Destiny: Accelerating the New Process of Women's Comprehensive Development" [1] - Hengan Group's President Xu Qingliu attended the summit and supported the "2025 Global Women's Summit Female Theme Exhibition" [1][3] - Hengan Group has a long-standing relationship with the summit, dating back to the 1995 Fourth World Conference on Women in Beijing, where its product "Anle" was showcased [5] Group 2 - Founded in 1985, Hengan has grown significantly over 40 years, closely linking its development with women's and children's causes [7] - By 2025, Hengan Group and its shareholders will have donated over 2.1 billion yuan and conducted more than 500 public welfare projects, focusing on women's and children's health education [10] - Hengan Group is a major manufacturer of daily paper products and maternal and child hygiene products in China, serving an average of 162 million urban households annually [10] Group 3 - Xu Qingliu emphasized the company's commitment to women's and children's causes, aiming to innovate public welfare models and expand their scope [12] - Hengan Group intends to continue playing an active role in maternal and child health, contributing to the advancement of women's development in China [12]

Summary of Hengan International Conference Call Company Overview - **Company**: Hengan International - **Industry**: Consumer Goods, specifically in hygiene products such as tissue paper and sanitary products Key Points and Arguments Sales and Profit Outlook - Hengan International expects sales and profits for 2025 to remain flat compared to 2024, with a 2-3% decline in the first half of the year but anticipates improvement in the second half to stabilize annual performance [2][5] - The company maintains a strong cash flow, with an annual dividend of CNY 1.4 per share [2][5] Product Segments Performance - **Tissue Paper Segment**: - The average selling price (ASP) has shown a turning point, with expectations of at least a 3% growth in the second half of the year [2][6] - Gross margin is expected to improve due to controlled promotional expenses and a favorable product mix, including high-end products [2][6][4] - **Sanitary Products Segment**: - The sanitary napkin market is highly competitive, particularly online, with domestic brands aggressively competing for market share [2][8] - Hengan's sanitary napkin sales saw a 14% decline in the first half, but improvements are expected in the second half, potentially reducing the annual decline to around 10% [3][4] - The company plans to enhance penetration in traditional small stores and explore new retail models like instant retail and community group buying [2][10] Market Dynamics - The competition in the sanitary napkin market remains intense, especially from online brands [8][9] - Hengan's offline sales account for approximately 51% of its sanitary napkin sales, with a strong presence in lower-tier cities [10][11] - The company aims to balance online and offline sales, with online sales expected to approach 30% [9][10] Cost and Margin Considerations - Wood pulp costs are under pressure, but the impact on gross margins is expected to be limited due to stable pricing and inventory management [7][15] - The overall expense ratio is projected to remain around 22%, consistent with the first half of the year [4][13] Capacity and Production Plans - Hengan's current production capacity is approximately 1.4 million tons, with plans to increase it to nearly 1.8 million tons by 2026 through new projects in Guangdong, Xiaogan, and Chongqing [3][16] - The company operates at a capacity utilization rate of over 80% [16] Future Growth Expectations - The tissue paper market is expected to grow at a mid-single-digit rate due to low penetration [14] - The sanitary products market faces challenges but may benefit from improved quality standards and the exit of foreign brands [14] Dividend Policy - The dividend policy remains stable, with a payout of CNY 1.4 per share, consistent with previous years [19] Strategic Focus - Hengan International is focused on expanding its market share amidst competitive pressures, particularly in the tissue paper segment where the overall market share of the top four brands is below 30% [16] Additional Important Insights - The company has no immediate plans for significant capital expenditure increases, maintaining a budget of around CNY 1 billion annually [17][18] - The overall market environment is being closely monitored to adapt strategies in response to competitive dynamics [8][9]

Group 1 - The executive director Xu Qingliu increased his stake in Hengan International (01044) by purchasing 200,000 shares at an average price of 25.3488 HKD per share, totaling approximately 5.0698 million HKD [1] - After the purchase, the total number of shares held by Xu Qingliu is approximately 281 million, representing a holding percentage of 24.14% [1]

Group 1 - The core point of the article is that the executive director Xu Qingliu has increased his stake in Hengan International (01044) by purchasing 200,000 shares at an average price of HKD 25.3488 per share, totaling approximately HKD 5.0698 million [1] - After the purchase, the total number of shares held by Xu Qingliu is approximately 281 million, representing a holding percentage of 24.14% [1]