“中国卫生巾之父”去世，百亿富豪，曾慷慨捐赠超 10 亿元。二代接班，家族信托持股权益迄今仍未分割

Core Viewpoint - Xu Lianjie, known as the "Father of Sanitary Napkins in China," passed away on April 17, 2023, at the age of 73, leaving behind a legacy of transforming the sanitary products market in China through the establishment of Hengan International Group [1][4][5]. Company Overview - Hengan International Group, founded in 1985 by Xu Lianjie and Shi Wenbo, is a leading enterprise in the domestic market for daily paper products and maternal and child hygiene products, with annual revenue exceeding 20 billion yuan [4][5]. - The company is recognized for its well-known brands, including Anle, Xinxiangyin, Qiduxiang, and An'erle, which have become household names in China [4]. Historical Context - Xu Lianjie began his entrepreneurial journey at the age of 13, eventually identifying the opportunity in the sanitary napkin market in the 1980s when the product was virtually unknown in China [5][6]. - After conducting market research, he transitioned from a garment processing workshop to the sanitary napkin industry, launching the Anle brand, which quickly gained significant market share [5][6][7]. Business Development - Hengan International faced initial challenges, including high production costs and a lack of market awareness, but successfully captured 70%-80% of the Shanghai market by leveraging advertising strategies [7][8]. - The company went public on the Hong Kong Stock Exchange in 1998 and has since diversified its product offerings to include diapers and paper towels, maintaining a strong market position [7][8][9]. Philanthropy and Social Impact - Under Xu Lianjie's leadership, Hengan has contributed over 2 billion yuan to various charitable causes, including education and disaster relief, and established the "Hengan Charity Fund" [10][11]. - The company has been actively involved in supporting public health initiatives, particularly during the COVID-19 pandemic, donating over 23 million yuan in cash and supplies [12]. Recent Performance - In 2024, Hengan International reported a revenue of 22.669 billion yuan, a decline of 4.62% year-on-year, with net profit dropping by 17.93% [18][19]. - The sanitary napkin segment experienced an 8.1% decrease in sales revenue, attributed to intensified competition and pricing pressures in the market [19][20]. Future Outlook - The company aims to stabilize its market share through effective channel management and product differentiation strategies, with expectations for cost pressures to ease in 2025 [20]. - Hengan International is focusing on high-end product offerings and e-commerce channels to enhance its competitive position in the market [20].