Core Viewpoint - Hengan International's sales of sanitary products, particularly under the brand Seven Degrees Space, have significantly declined in the first half of the year, leading to a decrease in both revenue and net profit for the group [1][4]. Group 1: Financial Performance - In the first half of 2025, Hengan International reported a revenue decline of 0.2% year-on-year to 11.808 billion yuan, with net profit down 2.6% to 1.373 billion yuan, and gross margin decreasing by 1% to 32.3% [1]. - The sanitary products segment saw a revenue drop of 14.4% to 3.304 billion yuan, with segment profit down 31.3% to 709 million yuan [2]. - The tissue paper segment experienced a revenue increase of 3.2% to 7.174 billion yuan, with segment profit rising by 2.0% to 313 million yuan [2]. Group 2: Market Dynamics - The sanitary products segment accounted for 28.0% of total revenue but contributed 61.04% of total profit, while tissue products made up 60.8% of revenue but only 27.1% of profit [4]. - Increased competition in the sanitary products market has led to significant challenges, with domestic brands aggressively using promotional strategies to capture market share, particularly in e-commerce channels [4]. - The rise in promotional expenses has been noted, with a double-digit percentage increase year-on-year due to competitive pressures [4]. Group 3: Product Segmentation - The company has merged its sanitary napkin and disposable diaper businesses into a single sanitary products segment for better operational management [2]. - The wet tissue segment has shown strong growth, with sales increasing by 34.7% to 797 million yuan, now accounting for 11.1% of total revenue [6]. - Hengan International plans to focus on high-margin products and expects stable growth in the high-end product segment while maintaining marketing investments [6].

Core Viewpoint - Bank of America Securities reports that Hengan International (01044) experienced a 0.2% year-on-year decline in sales for the first half of the year, with a 2.6% decrease in net profit after tax, aligning with market expectations [1] Group 1: Financial Performance - Hengan International's net profit forecast for the next two years has been reduced by 7% due to the sales decline [1] - The target price for Hengan International has been raised by 8% to HKD 25.5, with the target price-to-earnings ratio for 2025 increased to 11 times from the previous 9 times [1] Group 2: Product Performance - Sales of tissue products have shown signs of recovery, attributed to easing promotional competition in the domestic market and the company's ongoing development of e-commerce and new retail channels [1] - However, the sales of sanitary napkin products continue to struggle, with a 14.4% decline in sales for the first half of the year, indicating a challenging recovery path [1]

8月21日，恒安国际在港交所公告，2025年上半年集团营收为人民币118.08亿元，较去年同期基本持 平。其中，集团整体毛利下跌约3.2%至38.12亿元，毛利率32.3%；公司权益持有人应占利润13.73亿 元，同比下跌2.6%。每股基本收益为人民币1.206元，董事会宣布派发中期股息每股人民币0.70元，总 派发金额为8.13亿元。 ...

Financial Performance - Core revenue (tissue and hygiene products) decreased by 3.1% to RMB 10.5 billion in 1H2025, compared to RMB 10.8 billion in 1H2024[9] - Profit attributable to shareholders decreased by 2.6% to RMB 1.37 billion in 1H2025, compared to RMB 1.41 billion in 1H2024[9] - Overall revenue slightly decreased by 0.2% to RMB 11,808.232 million in 1H2025, from RMB 11,835.893 million in 1H2024[15] - Basic earnings per share (EPS) decreased by 2.3% to RMB 1.206 in 1H2025, from RMB 1.234 in 1H2024[15] - Interim dividend per share remained unchanged at RMB 0.70[15] Business Segments - Tissue paper revenue increased by 3.2% to RMB 7,173.7 million in 1H2025, compared to RMB 6,950.578 million in 1H2024[18] - Hygiene products revenue decreased by 14.4% to RMB 3,303.839 million in 1H2025, compared to RMB 3,858.570 million in 1H2024[18] - Other revenue increased by 29.6% to RMB 1,330.693 million in 1H2025, compared to RMB 1,026.745 million in 1H2024[18] - Tissue paper sales in e-commerce and new retail channels rose significantly by 15.1%, accounting for nearly 40.9% of overall tissue sales[44] Financial Position - Net cash increased to RMB 6.4 billion in 1H2025, from RMB 5.4 billion in 1H2024[9] - Gearing ratio decreased to 77.5% in 1H2025, from 99.1% in 1H2024[9] - E-commerce and new retail channels sales Up 7.9%, to over RMB 4.06 billion[54] ESG - The company maintained a BBB rating from MSCI ESG Rating[11, 58]

【财华社讯】恒安国际(01044.HK)公布，截至2025年6月30日止六个月，收入约118.08亿元(人民币,下 同)，同比减少0.2%；公司权益持有人应占利润约13.73亿元，同比减少2.6%；每股基本收益1.206元。拟 派中期息0.7元。 2025年上半年，集团整体毛利下跌约3.2%至约38.12亿元，毛利率则下跌至约32.3%，2024年上半年为 33.3%。预期2025年下半年，集团将加大营销资源投放效果，而高端高毛利产品预期将保持稳定增长， 预期在原材料价格保持平稳下，集团毛利将维持稳定。 集团持续加大力度发展电商业务及新零售市场，除了于传统大型电商平台推广品牌，亦加强渗透其他新 兴渠道。期內，集团的电商及新零售销售占比进一步上升至约34.4%，2024年上半年为31.8%，销售收 入同比增长约7.9%。 本文源自：财华网 ...

Core Viewpoint - Hengan International reported its interim results for the first half of 2025, showing stable revenue despite intense price competition in the hygiene products industry, primarily driven by growth in tissue sales and an increase in market share [1] Financial Performance - The group's overall revenue slightly decreased by 0.2% to approximately RMB 11.808 billion [1] - Gross profit fell by 3.2% to around RMB 3.812 billion, with the gross margin declining to about 32.3% [1] - Operating profit and profit attributable to equity holders decreased by 7.3% and 2.6%, respectively [1] - The board declared an interim dividend of RMB 0.70 per share [1] Future Outlook - For the second half of 2025, stable growth in tissue sales is expected to support overall revenue stability, aided by strategies in omni-channel sales, product personalization, and stable pricing [1] - The company is actively seizing opportunities in diversified consumer channels, increasing investments in e-commerce and new retail markets, with e-commerce and new retail sales accounting for approximately 34.4% of total sales, showing a year-on-year growth of 7.9% [1] Product Development - To meet the growing domestic demand for high-end and personalized hygiene products, the company is heavily investing in new technology and product premiumization [1] - Key high-end products, such as the "Tianshan Velvet Cotton" sanitary napkin series, "Velvet Cube" tissue series, and high-end diaper "Q MO," have gained consumer favor [1] - Newly launched products like "Cranberry A+" organic pure cotton sanitary napkins and "Into the Wild" high-end tissue series have further increased the proportion of high-end products in sales and enhanced brand image and reputation [1]

Group 1 - The core viewpoint of the article highlights that Hengan International's stock has increased by over 3%, reaching HKD 25, with a trading volume of HKD 135 million [1] - For the six months ending June 30, 2025, Hengan International reported a revenue of RMB 11.808 billion, a slight decrease of 0.2% year-on-year [1] - The profit attributable to equity holders was RMB 1.373 billion, reflecting a year-on-year decrease of 2.6% [1] Group 2 - The company maintained an interim dividend of RMB 0.7 per share [1] - Hengan International expects steady growth in tissue sales in the second half of 2025, which will support overall revenue [1] - The company anticipates stable revenue due to strategies focused on multi-channel sales, product personalization, and stable pricing [1] Group 3 - In the second half of 2025, Hengan International plans to increase marketing resource allocation, expecting a positive impact on sales [1] - High-end, high-margin products are projected to continue stable growth [1] - The company expects gross margins to remain stable, assuming raw material prices remain steady [1]

Group 1 - The core viewpoint of the article highlights that Hengan International's stock has risen over 3% following the release of its interim results, indicating positive market sentiment despite a slight decline in revenue and profit [1] - For the six months ending June 30, 2025, Hengan International reported revenue of 11.808 billion RMB, a year-on-year decrease of 0.2%, and a profit attributable to equity holders of 1.373 billion RMB, down 2.6% year-on-year [1] - The company maintained an interim dividend of 0.7 RMB per share, reflecting a commitment to returning value to shareholders despite the slight decline in profits [1] Group 2 - Hengan International expects steady growth in tissue sales in the second half of 2025, which will support overall revenue stability [1] - The company anticipates that its strategies in omni-channel sales, product personalization, and stable pricing will contribute to maintaining revenue stability [1] - Hengan plans to increase marketing resource allocation in the second half of 2025, with expectations for high-end, high-margin products to continue stable growth, supported by stable raw material prices [1]

Core Viewpoint - The company reported a slight decline in revenue and profit for the first half of 2025, but anticipates stable income growth driven by tissue sales and a diversified sales strategy [1][2] Group 1: Financial Performance - The company achieved revenue of 11.808 billion RMB, a year-on-year decrease of 0.2% [1] - Profit attributable to equity holders was 1.373 billion RMB, down 2.6% year-on-year, with basic earnings per share at 1.206 RMB [1] - Overall gross profit decreased by approximately 3.2% to about 3.812 billion RMB, with a gross margin of about 32.3%, down from 33.3% in the same period last year [2] Group 2: Sales and Market Strategy - The company benefited from growth in tissue sales and an increase in market share, mitigating the negative impact of intense price competition in the sanitary products industry [1] - 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 a year-on-year sales revenue growth of about 7.9% [1] - The company is focusing on diversifying sales channels and enhancing its e-commerce presence while also promoting traditional sales channels [1] Group 3: Product Development and Market Trends - The company is actively developing new technologies to enhance product high-end positioning and diversify its product portfolio, responding to the increasing demand for personalized and value-added sanitary products [2] - Key high-end products include the "Tianshan Velvet Cotton" sanitary napkin series and the "Q MO" high-end diaper series, which have maintained strong sales momentum [2] - Despite improvements in tissue gross margins and an increase in the proportion of high-end products, overall gross profit declined due to a drop in sanitary product sales and rising promotional expenses [2]

Core Viewpoint - The company reported a slight decline in revenue and profit for the first half of 2025, but expects steady growth in tissue sales and overall revenue stability due to strategic initiatives in e-commerce and product diversification [1][2] Group 1: Financial Performance - The company achieved revenue of 11.808 billion RMB for the six months ending June 30, 2025, a year-on-year decrease of 0.2% [1] - Profit attributable to equity holders was 1.373 billion RMB, down 2.6% year-on-year, with basic earnings per share at 1.206 RMB [1] - Overall gross profit decreased by approximately 3.2% to about 3.812 billion RMB, with a gross margin of about 32.3%, down from 33.3% in the same period last year [2] Group 2: Market Strategy and Sales Channels - The company benefited from growth in tissue sales and an increase in market share, mitigating the negative impact of intense price competition in the sanitary products industry [1] - 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 growing by about 7.9% year-on-year [1] - The company is focusing on diversifying sales channels and enhancing its presence in emerging markets while promoting traditional sales channels [1] Group 3: Product Development and Brand Positioning - The company is actively developing new technologies to enhance product high-end positioning and diversify its product portfolio, responding to increasing consumer demand for personalized and value-added sanitary products [2] - Key high-end products include the "Tianshan Velvet Cotton" sanitary napkin series and the "Q•MO" high-end diaper series, which have maintained strong sales momentum [2] - New product launches, such as the "Cranberry A+" organic cotton sanitary napkin and the "Towards the Wild" high-end tissue series, are expected to improve the sales proportion of high-end products and enhance brand image [2]