恒安国际(01044) - 2025 - 中期财报

Corporate Mission Corporate Mission Statement Hengan International's mission is 'Pursuing Health, Growing Together,' aspiring to be a world-class household consumer products enterprise - Hengan International's mission is 'Pursuing Health, Growing Together,' guided by the corporate spirit of 'Integrity, Endeavor, Innovation, and Dedication'[5][6] - The company aims to build an efficient management team and high-quality workforce, ultimately becoming a world-class household consumer products enterprise[5][6] Corporate Information Board of Directors and Key Personnel Hengan International's board and key personnel are detailed, noting the passing of Vice Chairman Mr. Xu Lianjie on April 17, 2025 - Vice Chairman Mr. Xu Lianjie passed away on April 17, 2025[8][9] - Executive Directors include Shi Wenbo (Chairman), Xu Qingliu (CEO), Xu Dazuo, Shi Huangjian, Xu Qingchi, Li Weiliang, and Xu Wenmo[8][9] - Independent Non-Executive Directors include Wong Ying Kay, Ho Kwai Ching, Paul Hill, and Chen Chuang[8][9] Advisors and Offices The company's auditors are Deloitte Touche Tohmatsu, with legal advisors including Reed Smith Richards Butler and Global Law Office, and offices in Cayman Islands, Jinjiang, and Hong Kong - The auditor is Deloitte Touche Tohmatsu[9] - Legal advisors include Reed Smith Richards Butler in Hong Kong, Global Law Office in China, and Maples and Calder (Hong Kong) LLP in the Cayman Islands[8][9] - The company's shares are listed on The Stock Exchange of Hong Kong Limited under stock code 1044[11][13] Financial Highlights Key Financial Performance Hengan International's H1 2025 saw slight declines in revenue, operating profit, and profit attributable to equity holders, accompanied by a decrease in gross profit margin Key Financial Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 11,808,232 | 11,835,893 | (0.2%) | | Gross Profit Margin | 32.3% | 33.3% | -1.0pp | | Operating Profit | 1,757,339 | 1,895,891 | (7.3%) | | Profit Attributable to Equity Holders of the Company | 1,372,894 | 1,408,992 | (2.6%) | | Basic Earnings Per Share | RMB1.206 | RMB1.234 | - | | Annualized Return on Equity | 12.9% | 13.5% | -0.6pp | - Finished goods turnover remained at 38 days, while trade and bills receivables turnover shortened from 39 days to 37 days[15] Revenue Contribution by Product Category In H1 2025, tissue products' revenue contribution increased from 58.7% to 60.8%, while hygiene products' share decreased from 32.6% to 28.0% Revenue Contribution Comparison for H1 2024 and H1 2025 | Product Category | H1 2025 Contribution | H1 2024 Contribution | | :--- | :--- | :--- | | Tissue Products | 60.8% | 58.7% | | Hygiene Products | 28.0% | 32.6% | | Other | 11.2% | 8.7% | - Tissue product revenue contribution significantly increased, becoming the Group's primary revenue source[16][17] Report on Review of Condensed Consolidated Financial Statements Auditor's Review and Conclusion Deloitte Touche Tohmatsu reviewed Hengan International's H1 2025 condensed consolidated financial statements, concluding no material issues regarding HKAS 34 compliance, with 2024 data reviewed by another auditor - Deloitte Touche Tohmatsu reviewed, rather than audited, the condensed consolidated financial statements[18][19][20][21] - The review concluded that no matters came to the auditor's attention that caused them to believe the financial statements were not prepared in all material respects in accordance with HKAS 34[22][24] - Comparative financial data for the corresponding period in 2024 was reviewed by another auditor, who issued an unmodified review conclusion on August 19, 2024[23][25] Interim Condensed Consolidated Statement of Profit or Loss Profit or Loss Performance For H1 2025, the Group's revenue slightly decreased, sales costs rose, and gross profit declined, leading to a 7.3% drop in operating profit and a 2.6% decrease in profit attributable to equity holders despite reduced finance costs Key Profit or Loss Statement Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 11,808,232 | 11,835,893 | (0.2%) | | Cost of Sales | (7,996,703) | (7,899,651) | 1.2% | | Gross Profit | 3,811,529 | 3,936,242 | (3.2%) | | Selling and Distribution Costs | (1,879,365) | (1,796,725) | 4.6% | | Administrative Expenses | (733,720) | (675,571) | 8.6% | | Operating Profit | 1,757,339 | 1,895,891 | (7.3%) | | Finance Costs — Net | (56,056) | (160,305) | (65.0%) | | Profit Before Income Tax | 1,701,480 | 1,735,847 | (2.0%) | | Profit for the Period | 1,368,762 | 1,403,267 | (2.5%) | | Profit Attributable to Equity Holders of the Company | 1,372,894 | 1,408,992 | (2.6%) | | Basic Earnings Per Share | RMB1.206 | RMB1.234 | (2.3%) | - Net impairment losses on financial assets decreased from RMB 70.663 million to RMB 57.463 million, a 18.7% decrease[27] - Other income and net gains significantly increased by 22.6% to RMB 616.358 million[27] Interim Condensed Consolidated Statement of Comprehensive Income Comprehensive Income Performance For H1 2025, profit for the period was RMB 1.369 billion, a 2.5% decrease year-on-year, with net other comprehensive expense of RMB 53.455 million, primarily due to exchange differences, resulting in a total comprehensive income of RMB 1.315 billion Key Comprehensive Income Statement Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 1,368,762 | 1,403,267 | (2.5%) | | Other Comprehensive (Expense) Income | (53,455) | 18,446 | - | | Total Comprehensive Income for the Period | 1,315,307 | 1,421,713 | (7.4%) | | Attributable to Equity Holders of the Company | 1,311,55