維達為亞洲衛生用品企業，以維達 Vinda、得寶 Tempo、維達多康 Tork、添甯
TENA、包大人 Dr.P、薇爾 Libresse、 Libero、Drypers 等主要品牌發展生活用紙、失
禁護理、女性護理、嬰兒護理及居家外清潔衛生解決方案多個業務。

2Q 收入增速放慢，上半利潤率仍承壓
1HFY2023，維達總收入 10,070 百萬（港元．下同），實現自然增長 10.1%（按港元計
算為 4.0%增長）。其中，1Q 及 2Q 收入分別為 4969 百萬元及 5101 百萬元，同比分
別增長 15.5%及 5.5%。上半年淨利潤下降 81.1%至 121 百萬元。淨利潤率縮減 5.4 個百
分點至 1.2%；每股基本盈利為 10.0 仙（1HFY2022：53.0 仙），中期股息每股 10 仙
（1HFY2022：10 仙）。

儘管木漿的價格自 2022 年年底開始逐步下調，上半年度成本仍受過去相對較高價位
的庫存影響，對毛利率仍存在一定壓力，毛利率同比下降 6.9 個百分點至 25.1%；毛利
下降 18.5%至 2,527 百萬元。息稅折舊攤銷前溢利（EBITDA）下跌 42.3%至 818 百萬
元，及息稅折舊攤銷前溢利率收窄 6.5 個百分點至 8.1%。匯兌總額虧損為 0.3 百萬元
（ 1HFY2022 ： 虧 損 22.4 百 萬 元 ） ， 其 中 5.4 百 萬 元 之 虧 損 來 自 經 營 項 目
（1HFY2022：虧損 26.2 百萬元），及 5.1 百萬元之收益來自融資項目（1HFY2022：
收益 3.8 百萬元）。

Vinda is a leading hygiene company in Asia, with core business segments including tissue,
incontinence care, feminine care, baby care and professional hygiene solution under key
brands Vinda, Tempo, Tork, TENA, Dr. P, Libresse, Libero and Drypers.
Revenue growth in 2Q slows down, 1H profit margins still under pressure
In 1HFY2023, total revenue of Vinda amounted to HK$10,070 million, representing an
increase of 10.1% organically and of 4.0% (presented in Hong Kong Dollar). 1Q and 2Q
revenues were HK$4,969 million and HK$5,101 million, a year-on-year increase of 15.5% and
5.5% respectively. 1H Net profit declined by 81.1% to HK$121 million. The net profit margin
narrowed by 5.4 ppts to 1.2%. Basic EPS was 10.0 HK cents (1HFY2022: 53.0 HK cents), and
an interim dividend of 10.0 HK cents (1HFY2022: 10.0 HK cents) per share.
Despite the gradual reduction of the pulp prices since the end of 2022, costs in the first half
of the year were still impacted by the inventories with relatively high price, and on gross
margin, which decreased by 6.9 ppts year-on-year to 25.1%. Gross profit was down by 18.5%
to HK$2,527 million. EBITDA fell by 42.3% to HK$818 million while EBITDA margin was
narrowed by 6.5 ppts to 8.1%. Total foreign exchange loss was HK$0.3 million (H1 2022:
HK$22.4 million loss), of which HK$5.4 million loss came from operating activities (H1 2022:
HK$26.2 million loss), and HK$5.1 million gain was due to financing activities (H1 2022:
HK$3.8 million gain).

維達為亞洲衛生用品企業，以維達 Vinda、得寶 Tempo、維達多康 Tork、添甯
TENA、包大人 Dr.P、薇爾 Libresse、 Libero、Drypers 等主要品牌發展生活用紙、失
禁護理、女性護理、嬰兒護理及居家外清潔衛生解決方案多個業務。
原材料成本上漲及外匯波動，利潤率承壓
FY2022，維達總收入同比增長 4.0%（按固定匯率換算為 8.1% ）至 19418 百萬元（港
元．下同）。淨利潤減少 56.9%至 706 百萬元；淨利潤率較去年下降 5.2 個百分點至
3.6%；每股基本盈利為 58.7 仙（FY2021：136.5 仙），末期股息每股 30 仙。連同中
期股息，年度的每股股息總額為 40 仙（FY2021：50 仙）。

Vinda is a leading hygiene company in Asia, with core business segments including tissue,
incontinence care, feminine care, baby care and professional hygiene solution under key
brands Vinda, Tempo, Tork, TENA, Dr. P, Libresse, Libero and Drypers.
The cost of raw material rises and fx fluctuations, the profit margin is under pressure
FY2022, total revenue increased by 4.0% (growth at constant exchange rates: 8.1%) to
HK$19,418 million. Net profit declined by 56.9% to HK$706 million while the net profit
margin dipped by 5.2ppts from the previous year to 3.6%. Basic earnings per share was 58.7
HK cents (FY2021: 136.5 HK cents), with a final dividend of 30 HK cents per share. Together
with the interim dividend, the total dividend per share for the Year will be 40 HK cents
(FY2021: 50HK cents).
In 4Q2022, the quarterly revenue was HK$5,364 million, a decrease of 2.2% YoY (growth at
constant exchange rates: 6.4%); the net profit was HK$19 million, a decrease of 95.2% YoY,
mainly affected by Covid-19 and continuous rise of material costs.
The company's profit margin was negatively impacted by continuous rise of material costs
and currency fluctuation. FY2022, gross profit was down by 16.9% to HK$5,483 million, while
gross profit margin down by 7.1 ppts to 28.2%. EBITDA was down by 36.1% to HK$2,104
million and the EBITDA margin declined by 6.8 ppts to 10.8%, due to lower gross margin in
the year. Total foreign exchange loss amounted to HK$65.2 million (FY2021: HK$27.5 million
gain). However, total sales & administrative costs as a percentage of revenue edged down
by 0.4 ppt to 24.5%.

高端化策略、調整價格緩和成本壓力
1H2022，維達總收入同比增長 6.6%（按固定匯率換算為 6.9% ）至 96.80 億（港元．
下同）；其中，1Q2022 及 2Q2022 收入分別為 45.66 億元（+2.2%YoY）及 51.14 億
元（+10.8%YoY）。淨利潤同比下降 34.1%至 6.38 億元；其中，1Q2022 及 2Q2022
淨利潤分別為 3.44 億元（-37.8%YoY）及 2.94 億元（-29.1%YoY）。淨利潤率縮減
4.0 個百分點至 6.6%。上半年每股基本盈利為 53.0 仙（1H2021：80.6 仙），派中期
股息每股 10.0 仙。
按業務劃分，紙巾分部收入為 79.63 億元，同比增長 6.1%，增幅按固定匯率換算為
5.9%，佔總收入 82%（1H2021：83%)。儘管維達繼續專注於高端化策略，提升高端
產品組合的佔比，憑藉高端品類較高的利潤率，在一定程度上減輕了原材料成本上升
及促銷壓力所帶來的影響，惟紙巾分部的毛利率仍下滑至 31.6%（1H2021：37.8%)。
個人護理業務收入在 1H2022 同比增長 9.0%至 17.17 億元，增幅按固定匯率換算為
11.7%，佔總收入 18%（1H2021：17%)。個人護理分部的毛利率為 34.1%（1H2021：
35.3%）。

Focus on premiumization, implement pricing initiatives to mitigate costs increases
For 1H2022, total revenue of Vinda International increased by 6.6% (growth at constant
exchange rates:6.9%) to HK$9,680mn. Overall revenue in 1Q2022/2Q2022 was HK$4,566mn
(+2.2%YoY) and HK$5,114mn (+10.8%YoY) respectively. Net profit declined by 34.1% to
HK$638mn. Net profit for 1Q2022/2Q2022 was HK$344mn (-37.8%YoY) and HK$294mn(-
29.1%YoY) respectively. The net profit margin narrowed by 4.0ppts to 6.6%. Basic EPS was
53.0 HK cents (1H2021: 80.6 HK cents), with interim dividend of 10.0 HK cents per share for
the Period.
In terms of business segment, the tissue segment accounted for HK$7,963mn of revenue, an
increase of 6.1% YoY or 5.9% at constant exchange rates, representing 82% of the total
revenue (1H2021: 83%). Focus on premiumization strategy has contributed to an increased
share of premium portfolio. This effort to drive higher category margins helped to soften the
impact of rising raw material costs and promotional pressures. However, gross margin of the
tissue segment was still dropped to 31.6% (1H2021: 37.8%). Revenue from the personal care
business increased by 9.0% to HK$1,717mn in 1H2022, which was a 11.7% increase at
constant exchange rates and represented 18% of the total revenue (1H2021: 17%). Gross
margin of the personal care segment was 34.1% (1H2021: 35.3%).