Hengan International Group Co., Ltd.

Hengan International Group Co., Ltd.

19.50
HKD
-0.04
(-0.20%)
31.74BMarket Cap
Mar 23Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
13.45
15.52
15.27
15.9
15
17.01
18.91
18.82
17.7
19.46
20.49
19.88
20.27
- -
Basic EPS, GAAP
2.36
2.55
2.67
2.97
3.15
3.15
3.28
3.86
2.79
1.66
2.41
2.02
2.23
- -
Free Cash Flow per Basic Share
1.56
2.17
2.13
2.63
2.6
2.7
2.12
3.6
3.25
2.21
2.03
1.33
1.93
- -
Dividend per Share
1.41
1.48
1.69
1.81
2.05
2.15
2.2
2.45
2.3
1.4
1.4
1.4
1.4
- -
Book Value per Share
10.49
11.48
12.08
12.22
13.36
13.87
15.02
16.36
16.38
16.8
17.55
18.37
19.12
19.12
Tangible Book Value per Share
10.12
10.98
11.58
11.81
12.94
13.3
13.59
14.92
14.94
15.24
16
16.82
17.54
17.54
Basic Weighted Avg Shares
1,231
1,228
1,222
1,212
1,205
1,206
1,190
1,189
1,175
1,162
1,160
1,141
1,138
1,150
Sales/Revenue/Turnover
16,555
19,056
18,663
19,277
18,080
20,514
22,493
22,374
20,790
22,616
23,768
22,669
23,069
- -
Operating Margin (%)
22.29
22.09
25.92
24.49
25.63
23.92
21.76
23.37
17.91
14.8
14.69
11.82
11.41
- -
Depreciation Expense
549
603
607
657
697
769
816
837
871
887
900
987
1,051
- -
Net Income, GAAP
2,908
3,131
3,260
3,597
3,794
3,800
3,908
4,595
3,274
1,925
2,801
2,299
2,535
- -
Effective Tax Rate (%)
24.82
25.62
28.56
23.68
23.37
22.37
22.39
22.7
24.01
31.2
22.13
22.72
20.96
- -
Profit Margin (%)
17.56
16.43
17.47
18.66
20.99
18.52
17.37
20.54
15.75
8.51
11.78
10.14
10.99
- -
Working Capital
8,132
7,676
3,861
6,847
6,482
6,271
6,404
7,880
5,232
7,714
7,750
6,863
3,159
3,159
LT Debt
4,834
4,252
- -
3,997
3,247
4,240
1,251
2,501
750
2,018
343
2,429
125
125
Total Equity
13,220
14,399
15,092
14,761
16,344
16,999
18,152
19,661
19,280
19,776
20,630
21,146
21,973
21,973
Return on Invested Capital (%)
12.06
11.53
11.6
12.02
12.22
11
10.89
12.31
8.81
5.27
8.57
7.45
7.61
- -
Return on Capital (%)
12.52
11.45
11.61
12.29
12.3
11.15
11.07
12.76
9.22
5.95
9.17
7.71
7.68
- -
Return on Common Equity (%)
23.98
23.21
22.66
24.44
24.61
23.15
22.59
24.65
17.03
9.99
14.03
11.13
11.88
- -

Capital Structure

CNY

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
ST Debt
10,684
16,429
15,636
LT Borrowings
2,420
194
116
LT Finance Leases
9
12
9
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,139
1,138
1,138
Market Capitalization
24,026
23,411
28,520

Working Capital

CNY

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
Total Current Assets
22,940
23,421
24,073
Cash, Cash Equivalents & STI
14,323
16,442
15,616
Accounts Receivable, Net
2,438
2,397
2,501
Inventories
4,798
3,475
4,464
Total Current Liabilities
16,077
20,154
20,914
Payables & Accruals
- -
- -
- -
ST Debt
10,684
16,429
15,636
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.9%
2.27%
3.91%
Free Cash Flow
2.9%
-8.61%
44.18%
Net Income, GAAP
0.43%
-6.42%
10.29%
Sales/Revenue/Turnover
2.36%
0.79%
1.76%
Total Cash Common Dividend
- -
- -
-0.06%

Semi-annual Revenue

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
23,768
2024
- -
- -
22,669
2025
- -
- -
23,069

Semi-annual Earnings Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
2.41
2024
- -
- -
2.02
2025
- -
- -
2.23

Semi-annual Dividends Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
1.4
2024
- -
- -
1.4
2025
- -
- -
1.4

Company Description

CEO
Ching Lau Hui
Full Time Employees
23,000
Sector
Consumer non-durables
Industry
Household/Personal care
Address
Hengan Industrial City Jinjiang FU China 362261
IPO Date
Dec 8, 1998
Business
Hengan International Group Company Limited Hengan International Group Company Limited (SEHK:1044), founded in 1985 and headquartered in Jinjiang, Fujian Province, People's Republic of China, operates as an investment holding company primarily engaged in the manufacture, distribution, and sale of personal hygiene products across China and internationally through its subsidiaries. The company conducts business through four main segments: Sanitary Napkin Products, offering brands such as 七度空間 (QVII) with premium lines including Tianshan Cotton series sanitary napkins, pants-style Sweet Dream Pants (萌睡褲), ultra-thin and pants-style series, pantiliners, and overnight pants; Disposable Diapers Products, featuring premium baby diapers under Q- MO (奇莫) with magic breathing technology, Anerle (安兒樂) sports pants-style diapers, and adult incontinence products under Elderjoy (安而康); Tissue Paper Products, encompassing pocket handkerchiefs, box and soft tissue papers, kitchen towels, and wet wipes under Hearttex (心相印) including the innovative Fluffy Cube TAD technology series and high-margin wet wipes that exceeded RMB1 billion in revenue in 2024; and Others, including household products like skin care items, first-aid products, paper cups, dishwashing liquids, plastic bags, food wrap film, and disposable gloves under brands such as Homeline (家来纳), Bamboo π (竹π), Space7, Cheris (悦适), Pino (便利妥), and operations from its Malaysian subsidiary Wang-Zheng Group producing fiber-based products under P Love and Carina brands. Geographically, the group maintains extensive operations in mainland China with 35 production bases and 535 sales branches, alongside exports to 63 countries and regions, and a growing international presence in Southeast Asia via Wang-Zheng. In recent developments, the company advanced its omni-channel strategy in 2024, boosting e-commerce and new retail sales proportion to 34.1% of total revenue with 8.0% growth amid intensified competition, launched premium product upgrades like Tianshan Cotton surpassing RMB400 million in sales and Q- MO reaching 43.5% of diaper sales with 20.1% growth, expanded wet wipes into diverse segments achieving 30.7% revenue surge, enhanced production capacity to 1,630,000 tonnes annually with new facilities in Hubei Xiaogan and Guangdong Yunfu coming online and further expansions planned for 2025, rebranded Anerle for modern consumer needs, signed celebrity ambassadors including Zhao Jinmai for 七度空間 and Xiao Zhan for Hearttex, and maintained stable dividends at RMB1.40 per share despite a 4.6% revenue dip to RMB22.67 billion, positioning for revenue stability and gross profit recovery in 2025 through premiumization, cost controls, and channel penetration.

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