Group 1 - Bank of America Securities has lowered the core net profit forecasts for Hengan International (01044) by 3% and 1% for 2025 and 2026 respectively [1] - The target price has been raised by 18% to HKD 30, based on an improved industry competitive landscape and an increased target price-to-earnings ratio to 13 times [1] - Despite the lack of long-term growth drivers, the company offers a considerable dividend yield, maintaining a "Neutral" rating [1] Group 2 - The bank expects Hengan's revenue in the second half of 2025 to grow by 1% year-on-year to RMB 10.9 billion, driven by improvements across all three business segments [1] - Tissue sales are projected to increase by 5% year-on-year, accelerating from 3% growth in the first half of the year [1] - The bank anticipates that the gross margin in the second half of the year will improve to 33.1%, primarily due to better product mix and normalization of raw material costs [1] - Core net profit for the second half of 2025 is expected to grow by 8% to RMB 1 billion year-on-year [1]

Group 1 - The core viewpoint of the article is that Bank of America Securities has adjusted its core net profit forecasts for Hengan International (01044) down by 3% and 1% for 2025 and 2026 respectively, while raising the target price by 18% to HKD 30 based on improved industry competition dynamics [1] - The company is expected to see a 1% year-on-year revenue growth in the second half of 2025, reaching RMB 10.9 billion, driven by improvements across its three main business segments [1] - Tissue sales are projected to grow by 5% year-on-year, accelerating from 3% growth in the first half of the year [1] Group 2 - The gross margin for the second half of 2025 is anticipated to improve to 33.1%, primarily due to better product mix and normalization of raw material costs in the tissue business [1] - The core net profit for the second half of 2025 is expected to increase by 8% to RMB 1 billion [1] - Despite the lack of long-term growth drivers, the company offers a considerable dividend yield, and the rating remains "Neutral" [1]

Core Viewpoint - Bank of America Securities forecasts that Hengan International's revenue will grow by 1% year-on-year to 10.9 billion yuan in the second half of 2025, driven by improvements across its three main business segments [1] Revenue Growth - Tissue sales are expected to increase by 5% year-on-year, accelerating from 3% growth in the first half of the year [1] Profitability - The gross margin for the second half of the year is anticipated to improve to 33.1%, primarily due to better product mix and normalization of raw material costs in the tissue business [1] Earnings Forecast - Core net profit forecasts for 2025 and 2026 have been revised down by 3% and 1% respectively [1] Valuation - Target price has been raised by 18% to 30 HKD, with the target price-to-earnings ratio increased to 13 times based on improved industry competitive landscape [1] Investment Rating - Despite the lack of long-term growth drivers, the company offers a decent dividend yield, maintaining a "Neutral" rating [1]

Group 1 - The company, Hengan International (01044.HK), has completed the issuance of the second phase of ultra-short-term financing bonds amounting to RMB 2 billion, with a coupon rate of 1.81% and a term of 179 days [1] - Following the completion of this issuance, there remains an approved but unissued debt financing tool amounting to RMB 1.8 billion [1] - As of February 9, 2026, Hengan International's stock closed at HKD 28.74, reflecting an increase of 0.42% with a trading volume of 2.5902 million shares and a turnover of HKD 74.5495 million [1] Group 2 - The stock rating from investment banks is predominantly "buy," with one bank issuing a buy rating in the last 90 days and a target average price of HKD 30 [1] - CITIC Securities has recently provided a report giving Hengan International a buy rating with a target price of HKD 30 [1] - Hengan International has a market capitalization of HKD 33.223 billion, ranking second in the paper manufacturing industry [1]

Core Viewpoint - The company, Hengan International (01044), has successfully issued its second phase of ultra-short-term financing bonds amounting to RMB 2 billion with an annual interest rate of 1.81% for a duration of 179 days [1] Group 1 - The proceeds from the second phase of ultra-short-term financing bonds are intended to supplement the company's and its subsidiaries' working capital and to repay the company's debts and some bank loans of domestic subsidiaries [1] - The company has an additional RMB 1.8 billion in approved but unissued debt financing instruments [1]

Group 1 - The core point of the article is that Heng An International has successfully issued its second phase of ultra-short-term financing bonds amounting to RMB 2 billion with an annual interest rate of 1.81% for a duration of 179 days [1] - The proceeds from the second phase of ultra-short-term financing bonds are intended to supplement the company's and its subsidiaries' working capital, as well as to repay company debts and some bank loans of domestic subsidiaries [1] - Following the completion of this issuance, there remains an approved but unissued amount of RMB 1.8 billion in debt financing instruments [1]

Core Viewpoint - The company, Hengan International (01044), has successfully issued the second phase of ultra-short-term financing bonds amounting to RMB 2 billion with an annual interest rate of 1.81% for a duration of 179 days [1] Group 1: Financing Details - The second phase of ultra-short-term financing bonds was completed on February 9, 2026 [1] - The remaining approved but unissued debt financing tools amount to RMB 1.8 billion [1] Group 2: Use of Proceeds - The proceeds from the issuance are intended to supplement the company's and its subsidiaries' working capital and to repay the company's debts and some 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。 （於開曼群島註冊成立的有限公司） 本 公司 董事 會（「董 事會」）欣然 宣佈，於二 零二 六年 二月 九日，本 公司 已完 成發行本金額為人民幣20億元的第二期超短期融資券（「第二期超短融」），其票面 利率定為每年1.81%及為期179日。發行第二期超短融的結果會於中國貨幣網 (www.chinamoney.com.cn)及上海清算所網站(www.shclearing.com.cn)刊登。緊隨 完成後，其餘已核准但未發行之債務融資工具金額為人民幣18億元。 發行第二期超短融所得項擬用作補充本公司及其附屬公司的營運資金以及償還本公 司債務及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 施文博 （股份代號：1044） http://www.hengan.com http://www.irasia.com/listco/hk/hengan 網址： 自願性公告 發行第二期超短期融資券 茲 ...

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: 2026年1月31日 狀態: 新提交 I. 法定/註冊股本變動 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: 2026年2月2日 | 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 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | 本月底法定/註冊股本 ...

Group 1 - The company, Hengan International (01044), announced the completion of the issuance of the first phase of ultra-short-term financing bonds amounting to RMB 1 billion, with a coupon rate of 1.72% and a term of 179 days [1] - Following this issuance, the company has an approved but unissued debt financing tool amounting to RMB 3.8 billion [1] - The proceeds from the first phase of ultra-short-term financing are intended to be used for repaying the company's debts [1]