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]

8月21日，国内个人卫生用品龙头企业恒安国际（01044.HK，股价24.54港元，市值284.87亿港元）交出 一份营收微降、利润收缩的中期成绩单。财报显示，2025年上半年，公司实现营业收入118.08亿元，同 比略降0.2%；公司权益持有人应占利润约13.73亿元，同比减少2.6%；毛利率由去年同期的33.3%下滑至 32.3%。 中期财报显示，恒安国际三大业务表现分化明显：纸巾业务收入为71.74亿元，同比增长3.2%，占比提 升至60.8%；卫生用品（含卫生巾和纸尿裤）收入为33.04亿元，同比下滑14.4%，占比降至28.0%；其他 业务（含原材料贸易、家居用品及国际业务）收入为13.31亿元，同比增长29.6%。 在当日举行的业绩发布会现场，恒安国际执行董事兼行政总裁许清流在回答《每日经济新闻》记者关于 公司未来增长品类的提问时称，近年随着消费习惯变化，湿厕纸、洗脸巾等品类快速增长，底部抽取式 卫生纸等产品通过优化使用方式打开市场。对此，公司已推出含乳酸的洗脸巾等创新产品。未来恒安国 际会将趋势品、明星品单列分类跟踪市场走势。 许清流表示："像纸巾、卫生巾、湿巾这类传统产品，在材料工艺、使用方法 ...

集团抓紧消费渠道多元化的庞大机遇，持续加大力度发展电商业务及新零售市场，除了于传统大型电商 平台推广品牌，亦加强渗透其他新兴渠道。期内，集团的电商及新零售销售占比进一步上升至约34.4% (2024年上半年：31.8%)，销售收入同比增长约7.9%。另外，集团于期内亦持续促进传统渠道的销售及 发展其新的增长点，全渠道销售策略稳步推进。 同时，随着国内对个性化、具附加值及细分功能的升级卫生用品需求日增，集团积极研发新技术，推动 产品高端化并丰富产品组合，提升品牌形象，为长远发展注入新动力。各重点高端产品包括卫生巾系 列"天山绒棉"、"绒立方"纸巾系列等，高端纸尿裤"Q MO"系列于期内持续深受消费者青睐，保持强劲 的销售势头，加上本年新推出的"蔓越莓A+"有机纯棉卫生巾新品及"向野而生"高端系列纸巾，皆有助 持续提高高端产品在销售额中的占比，同时提升品牌形象及产品口碑。 回顾期内，尽管纸巾毛利有所改善，高端产品占比也持续上升，但由于卫生用品的销售下跌及其促销费 用的增加，加上原材料绒毛浆成本上涨，致集团整体毛利与去年同比略有下跌。2025年上半年，集团整 体毛利下跌约3.2%至约人民币38.12亿元(2024年 ...

Core Viewpoint - The company reported stable revenue performance in the first half of 2025, supported by growth in tissue sales and an increase in market share, despite intense price competition in the sanitary products sector [1] Group 1: Financial Performance - The company's overall revenue slightly decreased by 0.2% year-on-year to approximately RMB 11.808 billion [1] - Overall gross profit fell by about 3.2% to approximately RMB 3.812 billion, with a gross margin declining to around 32.3% [1] - Operating profit decreased by 7.3% to approximately RMB 1.757 billion [1] - Profit attributable to equity holders decreased by approximately 2.6% to around RMB 1.372 billion, with basic earnings per share at RMB 1.206 [1] - The board declared an interim dividend of RMB 0.70 per share [1] Group 2: Sales and Market Strategy - The steady increase in tissue sales is expected to support overall revenue stability in the second half of 2025, driven by multi-channel sales, product personalization, and stable pricing strategies [1] - The company is seizing opportunities in diversified consumer channels, increasing efforts in e-commerce and new retail markets, with e-commerce and new retail sales accounting for approximately 34.4% of total sales, showing a year-on-year growth of about 7.9% [1] - The company continues to promote sales through traditional channels and develop new growth points, with a steady advancement of its multi-channel sales strategy [1] Group 3: Product Development and Brand Enhancement - The company is actively developing new technologies to enhance product high-end features and diversify its product portfolio, responding to the growing demand for personalized and value-added sanitary products [2] - Key high-end products include the "Tianshan Velvet Cotton" sanitary napkin series and the "Q • MO" series of high-end diapers, which have maintained strong sales momentum [2] - New product launches, such as the "Cranberry A+" organic cotton sanitary napkin and the "Towards the Wild" high-end tissue series, are expected to increase the proportion of high-end products in sales and enhance brand image and product reputation [2]