公司簡介
恒安國際創立於 1985 年，是目前國內最大的生活用紙和婦幼衛生用品製造商，旗下擁
有安爾樂、心相印、七度空間、安兒樂四枚中國馳名商標，衛生巾、紙尿褲、生活用
紙三大主導產品在國內市佔率名列前茅。
FY2023 業務仍錄得穩健增長
恒安國際截至 2023 年 12 月底止年度（FY2023），收入 237.68 億元（人民幣．下
同），按年上升 5.1%，優於市場預期。年內，經營利潤大幅上升 38.6%至 39.78 億元
（FY2022：28.69 億元）。儘管人民幣兌美元及港幣匯率於年內的持續貶值導致公司
的稅後營運匯兌出現虧損 1.5 億元，但其金額已較 2022 的稅前營運匯兌虧損的 9.0 億
元大幅減少 83.6%。股東應佔利潤為 28.01 億元（FY2022：19.25 億元），同比顯著上
升 45.5%。如扣除營運匯兌虧損，股東應佔利潤同比上升 4.3%，主要反映木漿成本下
跌及產品升級導致毛利率改善。每股基本盈利為 2.415 元（FY2022：1.657 元）；全年
股息為每股 1.40 元，同比持平。

Company Profile
Hengan founded in 1985, is a famous manufacturer of household paper and maternal &
child hygiene products. The market shares of the three leading products, namely women's
sanitary napkins, baby diapers, and household tissues, is among the best in the domestic
market.
FY2023 still records solid growth
For the year ended 31 December 2023 (FY2023), Hengan’s revenue increased by 5.1% to
RMB23,768mn, above market expectation. During the year, operating profit increased
significantly by 38.6% to RMB3,978mn (FY2022: RMB2,869mn). Although the depreciation of
the Renminbi against the US dollar and the HK dollar during the year resulted in an
operating foreign exchange loss after tax of RMB150mn, the loss was significantly reduced
by about 83.6% compared with the operating FX loss before tax of RMB901mn in 2022.
Therefore, profit attributable to shareholders of the Company was RMB2,801mn (FY2022:
RMB1,925mn), representing a significant yoy increase of 45.5%. Excluding the operating FX
loss after tax, profit attributable to shareholders of the Company increased by 4.3% yoy,
mainly reflecting the improvement in the company’s gross profit margin as a result of the
decline in the cost of wood pulp and upgrades of products. Basic EPS was RMB2.415 (FY2022:
RMB1.657), with full-year dividend RMB1.40 per share, unchanged yoy.

公司簡介
恒安國際創立於 1985 年，是目前國內最大的生活用紙和婦幼衛生用品製造商，旗下擁
有安爾樂、心相印、七度空間、安兒樂四枚中國馳名商標，衛生巾、紙尿褲、生活用
紙三大主導產品在國內市佔率名列前茅。
1H2022 銷售逆市增長逾 10%
恒安國際截至 2022 年 6 月底止中期（1H2022），收入約 11,200.021 百萬元（人民
幣．下同），按年上升約 12.3%，優於市場預期。期內，經營利潤下跌約 25.8%至約
1885.753 百萬元（1H2021：2540.583 百萬元）。儘管銷售逆市實現超過 10%的增
長，但人民幣兌美元及港幣匯率於期內的大幅貶值導致營運匯兌出現顯著虧損
（367.797 百萬元）。股東應佔利潤約為 1276.191 百萬元（1H2021：1860.292 百萬
元），同比下降約 31.4%。如扣除營運匯兌虧損，股東應佔利潤同比只下降約 10.9%，
符合市場預期。每股基本盈利約 1.098 元（1H2021：1.574 元）；中期股息每股 0.7
元，同比跌 30%（1H2021：1.0 元）。

Company Profile
Hengan founded in 1985, is a famous manufacturer of household paper and maternal &
child hygiene products. The market shares of the three leading products, namely women's
sanitary napkins, baby diapers, and household tissues, is among the best in the domestic
market.
1H2022 sales bucked the trend and achieved growth of over 10%
For the six months ended 30 June 2022 (1H2022), Hengan’s revenue increased by about
12.3% to RMB11,200.021mn, above market expectation. During the period, operating profit
fell about 25.8% to RMB1885.753mn (1H2021: RMB2540.583mn). Although the Hengan’s
sales bucked the trend and achieved growth of over 10%, the striking depreciation of the
RMB against the US dollar and HK$ during the period resulted in a significant foreign
exchange loss in the Hengan’s operations (RMB367.797mn). Therefore, profit attributable to
shareholders was RMB1,276.191mn (1H2021: RMB1,860.292mn), representing a decrease
of 31.4% YoY. If deducting the operating foreign exchange loss, profit attributable to
shareholders decreased by 10.9% YoY instead. Basic EPS was RMB1.098 (1H2021:
RMB1.574), with an interim dividend decreased by 30% YoY to RMB0.70 per share (1H2021:
RMB1.00).