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 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]

因估值基准从2025年滚动至2026年，花旗基于分类加总估值法，将公司目标价从23.1港元上调至27港 元，意味着其未来一年前瞻市盈率维持11倍不变；又认为恒安未现重大结构性提升情况下，仍是一家收 益型公司(收益率5.4%)，维持"中性"评级。 花旗发表研报指，将恒安国际2025至2027年各年净利润预测分别上调12.1%、18.8%及19.7%，主要因为 销售、管理及行政费用对销售额占比的预测获下调，并反映了花旗从近期的会议中得出的关键要点，包 括预计公司今年下半年将从低基数复苏，2026年展望稳定。 ...

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]

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 a price of HKD 27.8527 per share, totaling approximately HKD 5.5705 million [1] - After the purchase, Xu Qingliu's total shareholding in Hengan International is approximately 283 million shares, representing a holding percentage of 24.36% [1]

Group 1 - The CEO of the company, Xu Qingliu, increased his stake in Hengan International (01044) by purchasing 200,000 shares at an average price of 27.9412 HKD per share, totaling approximately 5.5882 million HKD [1] - Following the purchase, the CEO's total shareholding in the company is approximately 283 million shares, representing a holding percentage of 24.33% [1]

Core Viewpoint - The executive director of Hengan International (01044), Xu Qingchi, has increased his shareholding in the company, indicating confidence in its future performance [1] Summary by Category Shareholding Activity - On November 12, Xu Qingchi purchased 100,000 shares of Hengan International at an average price of HKD 27.9948 per share, totaling approximately HKD 2.7995 million [1] - Following this transaction, Xu's total shareholding in Hengan International increased to 400,000 shares, representing a holding percentage of 0.03% [1]