Investment Rating - The report gives a "Buy" rating for the company, Huabao International, with a current price of 4.12 HKD [2][11]. Core Views - Huabao International has maintained its position as the leading flavor and fragrance company in China for 20 consecutive years and is the only Chinese company in the global top ten [7][9]. - The company is undergoing a significant business transformation, moving away from reliance on domestic tobacco flavoring due to regulatory pressures, while expanding its overseas operations, particularly in Indonesia [7][9]. - The year 2026 is projected to be a turning point for the company, with expectations of revenue and profit growth driven by overseas sales of new products like beads and heat-not-burn (HNB) materials [9][11]. - The company has launched an employee stock option plan, indicating management's confidence in future growth, with a strong cash flow position providing a safety margin [9][11]. Summary by Sections Financial Forecast and Indicators - Revenue is projected to grow from 3,373 million RMB in 2024 to 5,491 million RMB in 2027, with a significant increase of 28.1% in 2026 [1]. - The net profit attributable to shareholders is expected to turn positive in 2026, reaching 512 million RMB, and further increasing to 808 million RMB in 2027 [1]. - The earnings per share (EPS) is forecasted to improve from -0.12 in 2024 to 0.25 in 2027 [1]. Business Overview - Huabao International's product range includes tobacco flavors, food flavors, daily-use fragrances, and composite seasonings, with a strong focus on innovation and technology [7][14]. - The company has established a significant production capacity in Indonesia, with a focus on HNB products, which are expected to drive future growth [19][27]. - The company is diversifying its business model to reduce dependence on major clients, with a focus on expanding its non-tobacco business [9][11]. Strategic Transformation - The company is actively adjusting its strategy in response to regulatory changes in the domestic market, reducing reliance on major tobacco clients and increasing its international footprint [27][36]. - Huabao International has made significant capital investments in overseas production facilities, particularly in Indonesia, to support its growth strategy [19][38]. - The company has a strong cash position and has historically maintained a high dividend payout ratio, which supports its investment appeal [9][11].

Investment Rating - The report gives a "Buy" rating for Huabao International (0336.HK) [2][11] Core Views - Huabao International has maintained its position as the leading flavor and fragrance company in China for 20 consecutive years and is the only Chinese company to enter the global top ten [7][9] - The company is undergoing a significant business transformation, moving away from reliance on domestic tobacco flavoring due to regulatory pressures, while expanding its overseas operations, particularly in Indonesia [7][9] - The year 2026 is projected to be a turning point for the company, with expectations of revenue and profit growth driven by overseas sales of new products like beads and heat-not-burn (HNB) materials [9][11] Financial Forecasts and Indicators - Revenue projections for Huabao International are as follows: - 2024: 3,373 million RMB (up 2.0%) - 2025: 3,395 million RMB (up 0.6%) - 2026: 4,348 million RMB (up 28.1%) - 2027: 5,491 million RMB (up 26.3%) [1] - Net profit forecasts indicate a recovery: - 2024: -386 million RMB - 2025: -281 million RMB - 2026: 512 million RMB - 2027: 808 million RMB [1] - Earnings per share (EPS) is expected to improve from -0.12 in 2024 to 0.25 in 2027 [1] Business Model and Strategy - Huabao International is diversifying its business model, reducing dependence on a single customer base, and entering a new growth phase [9][11] - The company is focusing on high-growth segments such as beads and HNB products, which are expected to see significant demand as the global market for these products expands [9][11] - The establishment of production facilities in Indonesia is a strategic move to enhance its international presence and meet regional market demands [19][37] Management and Governance - The company has implemented a stock incentive plan for its management, indicating confidence in future growth and aligning management interests with shareholder value [9][40] - Huabao International's ownership structure is concentrated, with the controlling shareholder holding 68% of the shares, which supports strategic decision-making [20][23] Market Position and Competitive Advantage - Huabao International is recognized as a "full-service" player in the global tobacco supply chain, leveraging its comprehensive capabilities in flavoring and raw materials [14][16] - The company has a strong technological foundation and has established itself as a leader in the production of HNB materials, positioning it well for future market opportunities [9][53]

HUABAO INTERNATIONAL HOLDINGS LIMITED 華 寶 國 際 控 股 有 限 公 司 * （於百慕達註冊成立之有限公司） 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，並明確表示概不就因本公告全部或任何部份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。 華寶國際控股有限公司（「本公司」）董事會（「董事會」）宣佈本公司董事會會 議將於2026年3月20日（星期五）舉行，藉以（其中包括）考慮及批准本公司及其附 屬公司截至2025年12月31日止年度之經審核期末業績，以及考慮派發期末股息之建議 （如有）。 承董事會命 華寶國際控股有限公司 執行董事 潘昭國 香港，2026年3月10日 於本公告日期，董事會由六名執行董事包括朱林瑤女士、林嘉宇先生、夏利群先生、 潘昭國先生、林嘉炘女士及蔡文霞女士，以及三名獨立非執行董事包括李祿兆先生、 Jonathan Jun YAN先生及侯海濤先生組成。 * 僅供識別 （股份代號：00336） 董事會會議日期 ...

FF301 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2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華寶國際控股有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 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) | 00336 | 說明 | 華寶國際 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月 ...

华宝国际(00336)发布公告，于2026年2月13日该公司斥资138.48万港元回购31万股，回购价格为每股 4.42-4.49港元。 ...

格隆汇2月13日丨华宝国际(00336.HK)发布公告，2026年2月13日耗资138.5万港元回购31万股，回购价 格每股4.42-4.49港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 華寶國際控股有限公司（於百慕達註冊成立之有限公司） 呈交日期： 2026年2月13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00336 | 說明 | 華寶國際 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | ...

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，並明確表示概不就因本公告全部或任何部份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。 （股份代號：00336） 有關上海奕方利潤保證訴訟的進展公告 本公告乃華寶國際控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香港聯合 交易所有限公司證券上市規則第14.36B(2)條而作出。 茲提述本公司日期分別為2022年3月8日、2023年8月9日、2024年3月11日、2024年10月8 日、2024年11月4日及2025年2月26日的公告（統稱「該等公告」）。除非另有界定，本公告所 用詞彙與該等公告所界定者具有相同涵義。 誠如該等公告所披露，本公司之非全資附屬公司華寶香精股份有限公司（「華寶股份」）（其股 份於深圳證券交易所創業板上市（證券代碼：300741））於2022年3月8日與克瀝企業、QIAN RONG（錢戎）、黃錦榮及其他相關方訂立股份轉讓協議，該協議約定包括：(i)華寶股份進一 步收購上海奕方農業科技股份有限公司（「上海奕方」）27%股權；(ii)華寶股份、QIAN R ...

华宝国际(00336)发布公告，于2026年2月10日，该公司斥资67.06万港元回购14.5万股股份，每股回购价 4.57-4.64港元。 ...

格隆汇2月10日丨华宝国际(00336.HK)发布公告，2026年2月10日耗资67万港元回购14.5万股，回购价格 每股4.57-4.64港元。 ...