恒安国际2025年报

(Incorporated in the Cayman Islands with limited liability)Stock code: 1044 Annual Report GROWINGWITH YOU FORA BETTER LIFE hasalways been the mission of HenganInternational.We will continue to adhere to ourcorporate spirit of “Integrity, Diligence, Innovationand Dedication”. Our goal is “to build an effectivecorporatemanagement and to develop a highquality,ethical and enthusiastic staff team”.Bybuilding an excellent corporate culture, reinforcingour brand image, and focusing on consumer andmarketneed,Hengan International will becomeinternational top-tier supplier of consumer goods. 2Corporate Information4Financial Highlights6Five-Year Financial Summary8Company Product Series10Chairman’s Statement14Chief Executive Officer’s Report 36Directors and Senior Management Profiles43Corporate Governance Report66Report of the Directors93Independent Auditor’s Report99Consolidated Statement of Profit or Loss100Consolidated Statement of Comprehensive Income101Consolidated Statement of Financial Position103Consolidated Statement of Changes in Equity105Consolidated Statement of Cash Flows107Notes to the Consolidated Financial Statements Corporate Information EXECUTIVE DIRECTORS Mr. Sze Man Bok(Chairman)Mr. Hui Lin Chit(Deputy Chairman)(Passed away on 17 April 2025)Mr. Hui Ching Lau(Chief Executive Officer)Mr. Xu Da ZuoMr. Sze Wong KimMr. Hui Ching ChiMr. Li Wai LeungMr. Xu Wenmo INDEPENDENT NON-EXECUTIVE DIRECTORS Ms. Ada Ying Kay Wong,JPMr. Ho Kwai Ching MarkMr. Theil Paul MarinMr. Chen Chuang FCPA, FCPA (Aust.), ACCA COMPANY SECRETARYMr. Li Wai LeungFCPA, FCPA (Aust.),ACCA AUTHORISED REPRESENTATIVESMr. Hui Ching LauMr. Li Wai Leung LEGAL ADVISERSHong KongReedSmith Richards Butler PRCGlobal Law Office Maples and Calder (Hong Kong) LLP Cayman IslandsMaples and Calder (Hong Kong) LLP • AUDITOR Deloitte Touche TohmatsuCertified Public Accountants and Registered Public InterestEntity Auditor REGISTERED OFFICE P.O. Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands P.O. Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands HEAD OFFICE Hengan Industrial CityAnhai TownJinjiang CityFujian ProvincePRC PLACE OF BUSINESS IN HONG KONG 18212101D Unit 2101D, 21st FloorAdmiralty Centre, Tower 118 Harcourt RoadHong Kong 1044 PLACE OF LISTING AND STOCK CODE The Stock Exchange of Hong Kong LimitedStock Code: 1044 http://www.hengan.comhttp://www.irasia.com/listco/hk/hengan WEBSITES http://www.hengan.comhttp://www.irasia.com/listco/hk/hengan PRINCIPAL BANKERS UFJ Bank of ChinaIndustrial and Commercial Bank of ChinaStandard Chartered BankMUFG Bank, Ltd. PRINCIPAL SHARE REGISTRAR AND TRANSFERAGENT Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3Building D, P.O. Box 1586Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3Building D, P.O. Box 1586Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands BRANCH SHARE REGISTRAR AND TRANSFEROFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong INVESTORS AND MEDIA RELATIONS iPR Ltd.5/F Emperor Hollywood Centre151 Hollywood RoadSheung Wan, Hong KongTel: (852) 2136 6185 iPR Ltd.1515(852) 2136 6185 Financial Highlights Five-year Financial Summary REVENUE Company Product Series “BANITORE” FIRST-AIDPRODUCTSAND “BENDI” ENEMAS “HEARTTEX” AND “PINO” POCKET HANDKERCHIEFS, BOX AND SOFT TISSUE PAPER; KITCHEN TOWELS/PAPER;“HEARTTEX” WET WIPES AND DISPOSABLE BATH TOWEL “SPACE 7”““, AND “ANERLE” SANITARY NAPKINS, PANTILINERS, OVERNIGHT PANTS Chairman’s Statement Sze Man Bok DEAR SHAREHOLDERS, On behalf of Hengan International Group Company Limited (“HenganInternational”or the“Group”),I am pleased to present its annualresults for the year ended 31 December 2025. During the year underreview, international trade tensions and policy uncertainties intensified,while global economic growth remained subdued. Supported by thenation’s proactive and effective macroeconomic policies, the Chineseeconomy achieved notable progress in high-quality development, withtheprincipal economic and social development targets successfullyfulfilled.Competition within the domestic daily necessities marketcontinuedto intensify,with numerous domestic and internationalbrandsadopting aggressive price-cutting promotional strategies inpursuitof market share.In this complex and rapidly changingoperating environment, Hengan International remained firmly focusedon profitability and adhered to a rational promotional policy. Despiteintensified market competition weighing on the operating performance,the Group demonstrated strong resilience, with gross profit marginssteadilyimproving and outperforming the overall market.Bysuccessfully tapping into consumers’ robust demand for high-qualityp r o d u c t s ,t h e G r o u p a c c e l e r a t e d p r o d u c t u p g r a d e s a n dpremiumisation, delivering outstanding sales performance for premiumproducts. Meanwhile, Hengan Internat