智通财经APP获悉，香港联交所最新资料显示，8月21日，Lazard Asset Management LLC减持恒安国际 (01044)295.25万股，每股作价24.7087港元，总金额约为7295.24万港元。减持后最新持股数目约为 5676.81万股，最新持股比例为4.89%。 ...

| 股份代號: | 01044 | | --- | --- | | 上市法國名稱: | 恒安國際集團有限公司 | | 日期 (日 / 月 / 年): | 26/07/2025 - 26/08/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | ( 請参関上述 * 註 有投票權股 期 (日 / 月 / 份權益 | | | | | | | | 一流 份百分比 年) | | | | | | | | (%) | | | DA20250822E00363 | 未應益 100,000(L | 1101(L) | | HKD 25.0000 | 300.000(L) | 0.03(L)22/08/2025 | 格隆汇8月26日丨根据联交所最新权益披露资料显示，2025年8月22日，恒安国际(01044.HK)获执行董事许清池在场内以每股均价25.00港元增持10 ...

香港联交所最新资料显示，8月22日，执行董事许清池增持恒安国际(01044)10万股，每股作价25港元， 总金额为250万港元。增持后最新持股数目为30万股，最新持股比例为0.03%。 ...

智通财经APP获悉，香港联交所最新资料显示，8月22日，执行董事许清池增持恒安国际(01044)10万 股，每股作价25港元，总金额为250万港元。增持后最新持股数目为30万股，最新持股比例为0.03%。 ...

Core Viewpoint - UBS reports that Hengan International (1044.HK) is expected to see a decline in revenue and net profit for the first half of 2025, with a decrease of 0.2% and 2.6% respectively, and a projected net profit drop of approximately 12% when excluding foreign exchange gains, which aligns with the bank's expectations [1] Financial Performance - For the period, the tissue business revenue grew by 3% year-on-year, while the sanitary napkin business revenue fell by 14% [1] - Management indicated that wet wipes performed steadily, and the competitive landscape for tissue products was better than expected, but sales of sanitary products and mid-to-low-end diapers declined due to intensified competition [1] Future Outlook - The group anticipates stable growth in tissue sales, with an expected improvement in the gross margin of sanitary products in the second half of 2025 [1] - UBS has raised its earnings forecasts for Hengan for 2025 to 2027 by 1% to 4% and revenue forecasts by 1% to 2%, increasing the target price from HKD 27.7 to HKD 29.5 while maintaining a buy rating [1]

Core Viewpoint - UBS has raised its profit forecasts for Hengan International (01044) for 2025 to 2027 by 1% to 4%, and revenue forecasts by 1% to 2%, with the target price increased from HKD 27.7 to HKD 29.5, maintaining a "Buy" rating [1] Financial Performance - For the first half of 2025, Hengan's revenue and net profit decreased by 0.2% and 2.6% respectively, with an expected net profit decline of approximately 12% when excluding foreign exchange gains, which is largely in line with UBS's expectations [1] - Tissue paper business revenue grew by 3% year-on-year, while sanitary napkin revenue fell by 14% [1] Management Insights - Management indicated that the performance of wet wipes is stable, and the competitive landscape in the tissue paper market is better than expected, but sales of sanitary products and mid-to-low-end diapers have declined due to intensified competition [1] Future Outlook - The group anticipates steady growth in tissue paper sales, and an improvement in gross margins for sanitary products in the second half of 2025 [1]

Core Viewpoint - UBS has raised its profit forecasts for Hengan International (01044) for 2025 to 2027 by 1% to 4% and revenue forecasts by 1% to 2%, increasing the target price from HKD 27.7 to HKD 29.5 while maintaining a "Buy" rating [1] Financial Performance - For the first half of 2025, Hengan's revenue and net profit are expected to decline by 0.2% and 2.6% respectively, with a projected net profit drop of approximately 12% when excluding foreign exchange gains, which is largely in line with UBS's expectations [1] - The tissue paper business saw a year-on-year revenue growth of 3%, while the sanitary napkin business experienced a year-on-year decline of 14% [1] Management Insights - Management indicated that the performance of wet wipes is stable, and the competitive landscape in the tissue paper market is better than expected, although sales of sanitary products and mid-to-low-end diapers have declined due to intensified competition [1] Future Outlook - The group anticipates steady growth in tissue paper sales, with an expected improvement in the gross margin of sanitary products in the second half of 2025 [1]

Core Insights - The company reported stable revenue of 11.808 billion RMB for the first half of 2025, with a net profit attributable to shareholders of 1.373 billion RMB, maintaining a stable interim dividend of 0.70 RMB per share [1] Group 1: Business Performance - The tissue business accounted for approximately 60.8% of total revenue, with sales increasing by about 3.2% year-on-year to 7.174 billion RMB [3] - The sales of wet wipes surged by 34.7% to 797 million RMB, contributing to 11.1% of the tissue business sales, becoming a significant growth driver [3] - The hygiene products segment, including sanitary napkins and diapers, saw a decline of about 14.4% to approximately 3.304 billion RMB, but showed a recovery with a 7.3% increase compared to the second half of the previous year [3] Group 2: E-commerce and New Retail - Sales from e-commerce and new retail channels grew by approximately 7.9% to 4.06 billion RMB, representing about 34.4% of total sales [4] - E-commerce and new retail channels contributed approximately 40.5% and 32.5% to the sales of tissue and hygiene products, respectively [4] Group 3: Safety and Standards - The safety of sanitary napkins has become a focal point, with the company emphasizing its commitment to exceeding national safety standards [5] - The CEO indicated that high gross margins are primarily used to support marketing expenses, which are crucial to avoid price competition [5] Group 4: Market Outlook - The chairman anticipates continued intense competition in the domestic hygiene products market, particularly in the sanitary napkin sector, with ongoing price promotions [6] - The implementation of the "Childcare Subsidy Implementation Plan" is expected to lower childcare costs and expand demand for diapers and related products [6] - The company plans to maintain stable pricing strategies and leverage brand value to capture market opportunities amid industry consolidation [6]

Core Viewpoint - The company reported a slight decline in revenue and profit for the first half of 2025, indicating challenges in the personal hygiene products market, particularly in the sanitary products segment [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 11.808 billion yuan, a slight decrease of 0.2% year-on-year; profit attributable to equity holders was approximately 1.373 billion yuan, down 2.6% year-on-year; gross margin fell from 33.3% to 32.3% [1]. - The paper towel business generated revenue of 7.174 billion yuan, up 3.2% year-on-year, accounting for 60.8% of total revenue; the sanitary products segment saw revenue decline by 14.4% to 3.304 billion yuan, dropping to 28.0% of total revenue; other businesses, including raw material trading and international operations, increased revenue by 29.6% to 1.331 billion yuan [1]. Business Segment Analysis - The paper towel segment's growth was primarily driven by slight price increases and stable sales volume, with wet wipes showing a significant sales increase of 23.5%, now representing over 11% of the paper towel segment's total revenue [2]. - The sanitary products segment faced challenges due to new brand entries, reduced foot traffic in traditional channels, and competitive promotions on e-commerce platforms, although it showed a 7.3% recovery compared to the second half of 2024 [2][3]. Market Trends and Innovations - The company is focusing on innovation in traditional products like paper towels and sanitary napkins, with plans to develop new products to ensure healthy business growth [2]. - The adult incontinence product market is expanding, contributing to a 1% growth in the adult diaper segment, while high-end sanitary napkin series saw a 26.4% increase in sales [3]. Financial Health - As of June 2025, the company maintained a strong financial position with cash reserves of 23 billion yuan, an increase of nearly 4.1 billion yuan from the end of 2024; net cash reached 6.43 billion yuan, up over 600 million yuan year-on-year [3]. - The company declared an interim dividend of 0.70 yuan per share, totaling approximately 813 million yuan, consistent with the previous year [3]. E-commerce and New Retail - E-commerce and new retail channels accounted for 34.4% of total sales, with a year-on-year growth of 7.9%; the company anticipates continued growth in these channels, particularly in "instant retail" [4]. Gross Margin and Cost Management - The gross margin for the paper towel segment improved from 19.6% to 21.9%, while the gross margin for sanitary napkins decreased from 59.5% to 57.3%, leading to an overall decline in the group's gross margin by 1 percentage point [4]. - The company emphasized that the safety of sanitary napkins is a priority, with increased industry standards and internal standards exceeding national requirements [5].

Core Viewpoint - The financial report of Hengan International shows a slight decline in revenue and profit for the first half of 2025, indicating challenges in the personal hygiene products market, particularly in the sanitary products segment. Financial Performance - For the first half of 2025, Hengan International reported revenue of 11.808 billion yuan, a slight decrease of 0.2% year-on-year [1] - The profit attributable to equity holders was approximately 1.373 billion yuan, down 2.6% year-on-year [1] - The gross profit margin decreased from 33.3% in the same period last year to 32.3% [1] Business Segment Performance - The tissue paper segment generated revenue of 7.174 billion yuan, an increase of 3.2% year-on-year, accounting for 60.8% of total revenue [1] - The sanitary products segment, including sanitary napkins and diapers, saw revenue decline to 3.304 billion yuan, down 14.4% year-on-year, with its share dropping to 28.0% [1] - Other businesses, including raw material trading and home products, achieved revenue of 1.331 billion yuan, a significant increase of 29.6% [1] Market Trends and Innovations - The company is focusing on innovative products such as wet toilet paper and facial wipes to adapt to changing consumer habits [1][2] - Hengan International plans to track market trends for emerging and star products separately [1] Competitive Landscape - The sanitary products segment faced challenges due to new brand entries, reduced foot traffic in traditional channels, and competitive promotions on e-commerce platforms [5] - The adult incontinence products market is growing, with a 1% increase in adult diaper sales [6] E-commerce and New Retail - E-commerce and new retail channels accounted for 34.4% of total sales, with a year-on-year growth of 7.9% [7] - The company anticipates continued growth in these channels, particularly in "instant retail" [7] Cost and Margin Analysis - The gross margin for the tissue paper segment improved from 19.6% to 21.9%, while the gross margin for sanitary napkins decreased from 59.5% to 57.3% [7] - Overall gross margin declined by 1 percentage point due to rising raw material costs [7] Safety and Standards - Hengan International emphasizes the importance of sanitary napkin safety, stating that high gross margins support marketing expenses rather than compromising product safety [8] - The company adheres to strict internal standards that exceed national regulations for sanitary napkin safety [8]