🇭🇰 港交所HENGAN INT'LCodex · 实盘不做把握 6/10不做原因:风险收益比不佳

北京时间·🕒 发布 10:15:00时区推断·⟳ 抓取 10:17:24·⚡ 决策 09-09 13:08:07 +2h50m·48.8 天前

恒安国际发布2026年中期报告：毛利率和经营利润改善，但股东应占利润同比下降8.7%

当前披露同时包含经营利润改善与收入、股东应占利润下降，且报告已由董事会于2026年8月19日批准，事件增量和预期差无法确认；在缺乏实时行情、传播程度及历史先例验证的情况下，不具备清晰的正期望交易结构。

📄 原文HENGAN INT'L↗ 原文

(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock code 股份代號: 1044 2026 Corporate Missi…

不做 恒安国际（01044.HK）

业绩方向混合且报告审批时间早于信号时间，无法确认新增预期差、价格尚未反映或具备明确交易优势。

展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

恒安国际2026年上半年收入同比下降6.1%，但毛利率提升3个百分点、经营利润增长12.6%；受汇兑及融资成本等影响，股东应占利润下降8.7%，中期股息维持每股人民币0.70元。事件方向混合，且财报内容在披露前已完成审批，无法确认仍有未定价的单向信息优势，因此不建立仓位。

🔎 新鲜度:最早出现 2026-09-09 · 扩散 low · price-in 风险 high ↗

主要风险

收入下降和股东应占利润下降可能引发市场下调全年盈利预期。
原材料成本、汇兑损益及融资成本变化可能削弱毛利率改善对净利润的抵消作用。

反向证据

做多前查反向 · 来源 filing · 日期 2026-09-09 · 影响 weakens
原始中期报告显示收入同比下降6.1%、股东应占利润同比下降8.7%，对做多逻辑构成反向约束；经营利润和毛利率改善提供部分抵消。
检索:恒安国际 2026年中期业绩收入下降净利润下降市场预期原文 ↗

先例如何影响了这次决策

对本次决策的影响:由于缺少先例、实时行情及传播验证，维持回避，不设置止盈止损。

方向:未取得可核验的同市场同机制历史先例，无法据此确认方向。

涨幅量级:未能用事件研究校准幅度。

形态:未能评估高开低走、冲高回落或无反应模式。

原文全文

展开原文 · 373,570 字

(Incorporated in the Cayman Islands with limited liability)
(於開曼群島註冊成立的有限公司)
Stock code 股份代號: 1044

2026

Corporate Mission
企業使命

GROWING WITH YOU FOR

A BETTER LIFE

「追求健康、你我一起成長」
has always been the mission of Hengan International. We will continue to
adhere to our corporate spirit of “Integrity, Diligence, Innovation and
Dedication”. Our goal is “to build an effective corporate management and to
develop a high quality, ethical and enthusiastic staff team”. By building an
excellent corporate culture, reinforcing our brand image, and focusing on
consumer and market need, Hengan International will become global top-tier
household products enterprise.
是恒安國際的使命，我們將繼續發揚「誠信、拼博、創新、奉獻」的企業精
神，以「建立一個高效的企業管理團隊，培養一支高素質、有職業道德、有
敬業精神的員工隊伍」為目標，締造良好的企業文化，重塑品牌形象，以消
費者和市場為導向，把恒安國際建設成為全球頂級的家庭生活用品企業。

This Interim Report is printed on environmentally friendly paper
本中期報告採用環保紙印製。

Corporate Information
公司資料

EXECUTIVE DIRECTORS

執行董事

Mr. Sze Man Bok (Chairman)

施文博先生（主席）

Mr. Hui Ching Lau (Chief Executive Officer and Acting Chairman)

許清流先生（行政總裁兼代理主席）

Mr. Xu Da Zuo

許大座先生

Mr. Sze Wong Kim

施煌劍先生

Mr. Hui Ching Chi

許清池先生

NON-EXECUTIVE DIRECTOR

非執行董事

Mr. Xu Wenmo

許文默先生

INDEPENDENT NON-EXECUTIVE DIRECTORS

獨立非執行董事

Ms. Ada Ying Kay Wong, JP

黃英琦女士，太平紳士

Mr. Ho Kwai Ching Mark

何貴清先生

Mr. Theil Paul Marin

保羅希爾先生

Mr. Chen Chuang

陳闖先生

COMPANY SECRETARY

公司秘書

Ms. Sze Siu Lai Sherry

施小麗女士

AUTHORISED REPRESENTATIVES

授權代表

Mr. Hui Ching Lau

許清流先生

Ms. Sze Siu Lai Sherry

施小麗女士

LEGAL ADVISERS

法律顧問

Hong Kong
Reed Smith Richards Butler

香港
禮德齊伯禮律師行

PRC
Global Law Office

中國
環球律師事務所

Cayman Islands
Maples and Calder (Hong Kong) LLP

開曼群島
Maples and Calder (Hong Kong) LLP

AUDITOR

核數師

Deloitte Touche Tohmatsu

Certified Public Accountants and Registered Public Interest
Entity Auditor

德勤 • 關黃陳方會計師行
執業會計師及註冊公眾利益實體
核數師

REGISTERED OFFICE

註冊辦事處

P.O. Box 309

P.O. Box 309

Ugland House

Ugland House

Grand Cayman

Grand Cayman

KY1-1104

KY1-1104

Cayman Islands

Cayman Islands

恒安國際集團有限公司
二零二六年中期報告

1

Corporate Information
公司資料

HEAD OFFICE

總辦事處

Hengan Industrial City

中國

Anhai Town

福建省

Jinjiang City

晉江市

Fujian Province

安海鎮

PRC

恒安工業城

PLACE OF BUSINESS IN HONG KONG

香港營業地點

Unit 2101D, 21st Floor

香港

Admiralty Centre, Tower 1

夏愨道18號

18 Harcourt Road

海富中心一座

Hong Kong

21樓2101D室

PLACE OF LISTING AND STOCK CODE

上市地點及股份代號

The Stock Exchange of Hong Kong Limited

香港聯合交易所有限公司

Stock Code: 1044

股份代號：1044

WEBSITES

網址

http://www.hengan.com

http://www.hengan.com

http://www.irasia.com/listco/hk/hengan

http://www.irasia.com/listco/hk/hengan

PRINCIPAL BANKERS

主要往來銀行

Bank of China

中國銀行

Industrial and Commercial Bank of China

中國工商銀行

Standard Chartered Bank

渣打銀行

MUFG Bank, Ltd.

三菱UFJ銀行

PRINCIPAL SHARE REGISTRAR AND TRANSFER
AGENT

主要股份登記處和過戶代表

Suntera (Cayman) Limited

Suntera (Cayman) Limited

Suite 3204, Unit 2A, Block 3

Suite 3204, Unit 2A, Block 3

Building D, P.O. Box 1586

Building D, P.O. Box 1586

Gardenia Court, Camana Bay

Gardenia Court, Camana Bay

Grand Cayman, KY1-1100

Grand Cayman, KY1-1100

Cayman Islands

Cayman Islands

BRANCH SHARE REGISTRAR AND TRANSFER
OFFICE

股份登記和過戶分處

Tricor Investor Services Limited

卓佳證券登記有限公司

17/F, Far East Finance Centre

香港

16 Harcourt Road

夏愨道16號

Hong Kong

遠東金融中心17樓

INVESTORS AND MEDIA RELATIONS

投資者及傳媒關係

iPR Ltd.

iPR Ltd.

5/F Emperor Hollywood Centre

香港上環

151 Hollywood Road

荷李活道151號

Sheung Wan, Hong Kong

英皇荷里活中心5字樓

Tel: (852) 2136 6185

電話：(852) 2136 6185

2

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Financial Highlights
財務摘要

Unaudited
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026
二零二六年
RMB’000
人民幣千元

2025
二零二五年
RMB’000
人民幣千元

11,091,415

11,808,232

35.3%

32.3%

% of
change
變幅
%

Revenue

收入

Gross profit margin

毛利率

Operating profit

經營利潤

1,979,290

1,757,339

12.6%

Profit attributable to shareholders
of the Company

公司權益持有人應佔
利潤

1,254,042

1,372,894

–8.7%

Earnings per share

每股收益
— 基本

— Basic

— 攤薄

— Diluted

RMB1.104

RMB1.206

人民幣1.104

人民幣1.206

RMB1.104

RMB1.206

人民幣1.104

人民幣1.206

Finished goods turnover (days)

製成品周轉期（日）

39

38

Trade and bills receivables turnover
(days)

應收賬款及應收票據
周轉期（日）

36

37

Rate of return on equity (annualised)

年度化股東權益回報率

11.5%

12.9%

–6.1%

按產品類別劃分之收入

ANALYSIS OF REVENUE BY PRODUCT

10.2%
11.2%

29.0%

60.8%

28.0%

60.8%

2026

2025

Personal hygiene products (including
sanitary napkins and disposable diapers)

Tissue paper products

Others

個人衛生用品業務（包括衛生巾及紙尿褲業務）

紙巾產品

其他

恒安國際集團有限公司
二零二六年中期報告

3

Report on Review of Condensed Consolidated Financial Statements
簡明綜合財務報表審閱報告

To the board of Directors of Hengan International Group

致恆安國際集團有限公司董事會

Company Limited

INTRODUCTION

引言

We have reviewed the condensed consolidated financial statements of

本核數師行已完成審閱恒安國際集團有限公司（「貴

Hengan International Group Company Limited (the "Company") and its

公司」）及其附屬公司（統稱為「貴集團」）列載於第6

subsidiaries (collectively referred to as the "Group") set out on pages 6

頁至第49頁的簡明綜合財務報表，包括於二零二六

to 49, which comprise the condensed consolidated statement of

年六月三十日的簡明合併資產負債表與截至該日止

financial position as of 30 June 2026, and the related condensed

六個月期間的相關簡明合併利潤表、簡明合併綜合

consolidated statement of profit or loss, condensed consolidated

收益表、簡明合併權益變動表和簡明合併現金流量

statement of comprehensive income, condensed consolidated

表以及簡明綜合財務報表附註。《香港聯合交易所

statement of changes in equity and condensed consolidated statement

有限公司證券上市規則》要求中期財務資料報告需

of cash flows for the six-month period then ended, and notes to the

按其相關規定及香港會計師公會頒布之《香港會計

condensed consolidated financial statements. The Rules Governing the

準則》第34號「中期財務報告」
（ Hong Kong

Listing of Securities on The Stock Exchange of Hong Kong Limited

Accounting

require the preparation of a report on interim financial information to be

Reporting 」）的規定編製，按《香港會計準則》第34號

in compliance with the relevant provisions thereof and Hong Kong

編製及呈列該等簡明綜合財務報表是

Accounting Standard 34 "Interim Financial Reporting" ("HKAS 34") as

的責任。本行的責任是在實施審閱工作的基礎上對

issued by the Hong Kong Institute of Certified Public Accountants (the

該等簡明綜合財務報表出具審閱報告，並且本行的

"HKICPA"). The directors of the Company are responsible for the

報告是根據與

preparation and presentation of these condensed consolidated financial

司的董事會（作為一個團體）而出具的，不應被用於

statements in accordance with HKAS 34. Our responsibility is to

任何其他目的。本行不會就本審閱報告的任何內容

express a conclusion on these condensed consolidated financial

對任何其他人士承擔或接受任何責任。

Standard

34「 I n t e r i m

Financial
貴公司董事

貴公司協定的應聘條款僅為

貴公

statements based on our review, and to report our conclusion solely to
you, as a body, in accordance with our agreed terms of engagement,
and for no other purpose. We do not assume responsibility towards or
accept liability to any other person for the contents of this report.

SCOPE OF REVIEW

審閱範圍

We conducted our review in accordance with Hong Kong Standard on

本行的審閱是按照香港會計師公會頒布的《香港審

Review Engagements 2410 "Review of Interim Financial Information

閱工作準則》第2410號「由實體的獨立核數師執行的

Performed by the Independent Auditor of the Entity" as issued by the

中期財務資料審閱」
（ Hong Kong Standard on

HKICPA. A review of these condensed consolidated financial

Review Engagements 2410「 Review of Interim

statements consists of making inquiries, primarily of persons

Financial Information Performed by the Independent

responsible for financial and accounting matters, and applying

Auditor of the Entity 」）進行審閱工作。簡明綜合財

analytical and other review procedures. A review is substantially less in

務報表審閱工作包括詢問（主要詢問負責財務和會

scope than an audit conducted in accordance with Hong Kong

計事項的人員）以及採用分析性覆核和其他審閱程

Standards on Auditing and consequently does not enable us to obtain

序。由於審閱的範圍遠較按照《香港審計準則》(Hong

assurance that we would become aware of all significant matters that

Kong Standards on Auditing)進行審計的範圍為小，

might be identified in an audit. Accordingly, we do not express an

因此本行不能保證察覺在審計中可能識別出的所有

audit opinion.

重大事項，因而，本行不會發表審計意見。

4

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Report on Review of Condensed Consolidated Financial Statements
簡明綜合財務報表審閱報告

CONCLUSION

結論

Based on our review, nothing has come to our attention that causes

根據本行的審閱工作，本行沒有注意到任何事項，

us to believe that the condensed consolidated financial statements are

使本行相信上述簡明綜合財務報表在所有重大方面

not prepared, in all material respects, in accordance with HKAS 34.

沒有按照《香港會計準則》第34號的規定編製。

Deloitte Touche Tohmatsu

德勤 • 關黃陳方會計師行

Certified Public Accountants
Hong Kong
19 August 2026

執業會計師
香港
二零二六年八月十九日

恒安國際集團有限公司
二零二六年中期報告

5

Condensed Consolidated Statement of Profit or Loss
中期簡明合併利潤表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026
二零二六年
RMB’000
人民幣千元

2025
二零二五年
RMB’000
人民幣千元

11,091,415
(7,177,816)

11,808,232
(7,996,703)

3,913,599
(1,944,348)
(727,270)

3,811,529
(1,879,365)
(733,720)

3,523
733,786

(57,463)
616,358

1,979,290

1,757,339

36,163
(372,060)

115,453
(171,509)

(335,897)

(56,056)

17

140

197

5(a)
6

1,643,533
(380,781)

1,701,480
(332,718)

Notes
附註
Revenue
Cost of goods sold

收入
銷售成本

Gross profit
Selling and distribution costs
Administrative expenses
Reversals of impairment losses (impairment
losses) on financial assets — net
Other income and other gains — net

毛利
推廣及分銷成本
行政費用
金融資產減值損失之轉回
（減值損失）— 淨額
其他收入和利得 — 淨額

Operating profit

經營利潤

Finance income
Finance costs

財務收益
財務費用

Finance costs — net

財務費用 — 淨額

Share of results of investments accounted for 分佔按權益法入賬之投資
using the equity method
收益

4

5(a)

5(b)
5(b)

Profit before tax
Income tax expense

除所得稅前利潤
所得稅費用

Profit for the period

本期利潤

1,262,752

1,368,762

Profit (loss) attributable to:
Shareholders of the Company
Non-controlling interests

應佔利潤（虧損）：
公司權益持有人
非控制性權益

1,254,042
8,710

1,372,894
(4,132)

1,262,752

1,368,762

7

RMB1.104
人民幣1.104

RMB1.206
人民幣1.206

7

RMB1.104
人民幣1.104

RMB1.206
人民幣1.206

Earnings per share for profit attributable
to shareholders of the Company
— Basic

— Diluted

6

公司權益持有人應佔之
每股收益
— 每股基本收益

— 每股攤薄收益

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Condensed Consolidated Statement of Comprehensive Income
中期簡明合併綜合收益表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

1,262,752

1,368,762

Profit for the period

本期利潤

Other comprehensive income (expense):
Items that may be subsequently reclassified to
profit or loss
— Currency translation differences

其他綜合收入（費用）：
其後可能會重新分類至損益的
項目
— 外幣折算差額

78,698

6,071

Items that will not be subsequently reclassified to
profit or loss
— Currency translation differences

其後不會重新分類至損益的
項目
— 外幣折算差額

(258,635)

(59,526)

Other comprehensive expense for the period

期內其他綜合費用

(179,937)

(53,455)

Total comprehensive income for the period

本期總綜合收益

1,082,815

1,315,307

Attributable to:

應佔：

Shareholders of the Company

公司權益持有人

1,077,267

1,311,556

Non-controlling interests

非控制性權益

5,548

3,751

本期總綜合收益

1,082,815

1,315,307

Total comprehensive income for the period

恒安國際集團有限公司
二零二六年中期報告

7

Condensed Consolidated Statement of Financial Position
中期簡明合併資產負債表
At 30 June 2026
二零二六年六月三十日結算

(Unaudited)

NON-CURRENT ASSETS

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

非流動資產

Property, plant and equipment

物業、機器及設備

9

9,063,325

9,098,076

Right-of-use assets

使用權資產

10

1,228,651

1,245,616

Construction-in-progress

在建工程

9

400,479

445,626

Investment properties

投資性房地產

9

203,010

176,580

Intangible assets

無形資產

9

565,213

581,336

Prepayments for non-current assets

非流動資產預付款

98,764

131,491

Deferred tax assets

遞延所得稅資產

293,854

385,860

Investments accounted for using the equity

按權益法入賬之投資

method
Long-term time deposits

CURRENT ASSETS

長期銀行定期存款

17

31,346

34,025

12

5,645,504

7,009,754

17,530,146

19,108,364

4,424,904

4,463,723

2,113,760

2,320,032

1,596,523

1,634,031

流動資產

Inventories

存貨

Trade and bills receivables

應收賬款及應收票據

Other receivables, prepayments and

其他應收賬款、預付賬

deposits

11

款及按金

Tax recoverable

預繳當期所得稅

5,245

3,681

Derivative financial instruments

衍生金融工具

216,130

35,833

Restricted bank deposits

有限制銀行存款

300

300

Cash and bank balances

現金及銀行存款

22,187,476

15,615,635

30,544,338

24,073,235

48,074,484

43,181,599

Total assets

8

(Audited)

總資產

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

12

Condensed Consolidated Statement of Financial Position
中期簡明合併資產負債表
At 30 June 2026
二零二六年六月三十日結算

(Unaudited)

CAPITAL AND RESERVE

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

資本及儲備

Share capital

股本

123,345

123,345

Reserves

其他儲備

2,766,210

2,967,648

Retained earnings

留存收益

19,033,232

18,660,540

21,922,787

21,751,533

212,643

221,290

22,135,430

21,972,823

116,345

Equity attributable to shareholders of

15

歸屬於本公司權益持有人

the Company
Non-controlling interests

非控制性權益

Total equity

總權益

NON-CURRENT LIABILITIES

非流動負債

Borrowings

借款

14

219,506

Lease liabilities

租賃負債

10

11,508

9,092

Deferred tax liabilities

遞延所得稅負債

199,843

169,399

430,857

294,836

13

2,103,821

3,102,737

13

2,035,197

1,903,262

58,777
—

86,948

10

18,946

17,815

121,706

171,103

14

21,169,750

15,617,715

25,508,197

20,913,940

CURRENT LIABILITIES

流動負債

Trade payables

應付賬款

Other payables and accrued charges

其他應付賬款及預提

Contract liabilities

合約負債

Derivative financial instruments

衍生金融工具

Lease liabilities

租賃負債

Tax payables

當期所得稅負債

Borrowings

借款

費用

14,360

Total liabilities

總負債

25,939,054

21,208,776

Total equity and liabilities

權益及負債合計

48,074,484

43,181,599

恒安國際集團有限公司
二零二六年中期報告

9

Condensed Consolidated Statement of Changes in Equity
中期簡明合併權益變動表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

Attributable to the shareholders of the Company
本公司權益持有人應佔

Total
總額
RMB’000
人民幣千元

Noncontrolling
interests
非控制性權益
RMB’000
人民幣千元

Total
equity
權益總額
RMB’000
人民幣千元

18,660,540

21,751,533

221,290

21,972,823

Share
capital
股本
RMB’000
人民幣千元

Other
reserves
其他儲備
RMB’000
人民幣千元

Retained
earnings
留存收益
RMB’000
人民幣千元

123,345

2,967,648
–

Balance at 1 January 2026 (audited)

於二零二六年一月一日（經審核）

Profit for the period
Currency translation differences

本期利潤
外幣折算差額

–
–

(176,775)

1,254,042
–

1,254,042
(176,775)

8,710
(3,162)

1,262,752
(179,937)

Total comprehensive (expense) income

綜合總（費用）收益

–

(176,775)

1,254,042

1,077,267

5,548

1,082,815

Transactions with owners:
2025 final dividends paid (Note 8)
Recognition of equity-settled share-based
payments:
— share award scheme of the Company
(Note 16)
Repurchases of treasury shares (Note 15)
Liquidation of a subsidiary

與所有者的交易
二零二五年已派末期股息（附註8）
以權益結算的股份支付

–

–

(792,485)

(792,485)

–

(792,485)

庫存股回購（附註15）
附屬公司清算

–
–
–

16,731
(130,259)
–

–
–
–

16,731
(130,259)
–

–
–
(14,195)

16,731
(130,259)
(14,195)

Total of transactions with owners

與所有者的交易合計

–

(113,528)

(792,485)

(906,013)

(14,195)

(920,208)

Appropriation to statutory reserves

撥往法定儲備

–

88,865

(88,865)

–

–

–

Balance at 30 June 2026 (unaudited)

於二零二六年六月三十日
（未經審核）

123,345

2,766,210

19,033,232

21,922,787

212,643

22,135,430

Balance at 1 January 2025 (audited)

於二零二五年一月一日（經審核）

123,345

2,902,639

17,894,966

20,920,950

224,631

21,145,581

Profit for the period
Currency translation differences

本期利潤
外幣折算差額

–
–

–
(61,338)

1,372,894
–

1,372,894
(61,338)

(4,132)
7,883

1,368,762
(53,455)

Total comprehensive (expense) income

綜合總（費用）收益

–

(61,338)

1,372,894

1,311,556

3,751

1,315,307

Transactions with owners:
2024 final dividends paid (Note 8)

與所有者的交易
二零二四年已派末期股息
（附註8）
以權益結算的股份支付

–

–

(797,245)

(797,245)

(2,684)

(799,929)

–

897

–

897

–

897

（附註16）
庫存股回購（附註15）

–
–

(762)
(25,727)

–
–

(762)
(25,727)

1,404
–

642
(25,727)

Total of transactions with owners

與所有者的交易合計

–

(25,592)

(797,245)

(822,837)

(1,280)

(824,117)

Appropriation to statutory reserves

撥往法定儲備

–

159,202

(159,202)

–

–

–

Balance at 30 June 2025 (unaudited)

於二零二五年六月三十日
（未經審核）

123,345

2,974,911

18,311,413

21,409,669

227,102

21,636,771

Recognition of equity-settled share-based
payments:
— share option scheme of the Company
(Note 16)
— share award scheme of a subsidiary
(Note 16)
Repurchases of treasury shares (Note 15)

10

— 公司股份獎勵計劃（附註16）

— 職工服務價值（附註16）
— 子公司股份獎勵計劃

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Condensed Consolidated Statement of Cash Flows
中期簡明合併現金流量表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月

Cash flows from operating activities

2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

營運活動的現金流量

Cash generated from operations

營運活動產生的現金

927,425

1,894,149

Income tax paid

已付所得稅

(309,446)

(269,320)

617,979

1,624,829

(12,302,721)

(8,712,644)

(470,732)

(500,315)

(14,195)

–

Net cash generated from operating activities

營運活動產生的淨現金

Cash flows from investing activities

投資活動的現金流量

Placement of long-term and short-term time
deposits

增加長期及短期銀行定期
存款

Purchase of property, plant and equipment,

購入物業、機器及設備，

construction-in-progress and other non-

在建工程及其他非流動

current assets
Cash outflow arising from deregistration of a

資產
註銷子公司產生之現金流出

subsidiary
Withdrawal of long-term and short-term time

減少長期及短期銀行定期
存款

8,228,932

4,306,461

Interest received

已收利息

297,488

180,358

Proceeds on disposal of derivative financial

出售衍生金融工具所得款
107,559

201,348

17,331

7,007

11,575

(12,035)

2,725

–

–

73,718

(4,122,038)

(4,456,102)

deposits

instruments
Proceeds on disposal of property, plant and
equipment and right-of-use assets

出售物業、機器及設備及
使用權資產之所得款

Refund (purchase) of deposit for land use rights

購入土地使用權之按金

Dividend income from investments accounted for

按權益法入賬之投資收取的

退回╱（購置）
using the equity method
Proceeds on disposal of financial assets at
FVTPL
Net cash used in investing activities

股息收入
出售以公允價值計量之金融
資產所得款
投資活動使用的淨現金

恒安國際集團有限公司
二零二六年中期報告

11

Condensed Consolidated Statement of Cash Flows
中期簡明合併現金流量表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

Cash flows from financing activities

融資活動的現金流量

New borrowings raised (Note 14)

借入借款（附註14）

20,128,340

13,389,541

Repayment of borrowings (Note 14)

償還借款（附註14）

(14,400,844)

(9,823,200)

Dividends paid (Note 8)

支付股息（附註8）

(792,485)

(797,245)

Repurchase of treasury shares

回購庫存股

(130,259)

(25,727)

Interest paid

支付利息

(121,478)

(153,044)

Lease payments

支付租賃款

(12,184)

(11,346)

Dividends paid to non-controlling interests

向少數股東支付的股息

(6,852)

(15,225)

4,664,238

2,563,754

1,160,179

(267,519)

5,739,442

7,445,915

(26,377)

(681)

6,873,244

7,177,715

Net cash generated from financing activities

融資活動產生的淨現金

Increase (decrease) in cash and cash equivalents

現金及現金等價物淨增加
（減少）

Cash and cash equivalents at 1 January

於一月一日之現金及現金等

Effect of foreign exchange rate changes

外幣匯率變動之影響

Cash and cash equivalents at 30 June

於六月三十日之現金及現金等

價物

價物

12

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

1. GENERAL INFORMATION

1. 一般資料

Hengan International Group Company Limited (the “Company”)

恒安國際集團有限公司（「本公司」或「恒安國

and its subsidiaries (together, the “Group”) are principally engaged

際」）及其附屬公司（「本集團」）主要於中華人民

in the manufacturing, distribution and sale of personal hygiene

共和國（「中國」）及某些境外市場製造、分銷和

products in the People’s Republic of China (the “PRC”) and

出售個人衛生用品。

certain overseas markets.
The Company is a limited liability company incorporated in the

本公司為一家在開曼群島註冊成立之有限責任

Cayman Islands. The address of its registered office is P.O. Box

公司。註冊地址為P.O. Box 309, Ugland House,

309, Ugland House, Grand Cayman, KY1-1104, British West

Grand Cayman, KY1-1104, British West Indies,

Indies, Cayman Islands.

Cayman Islands 。

The Company’s shares have been listed on The Stock Exchange

從一九九八年十二月起，本公司的股份在香港

of Hong Kong Limited (the “Stock Exchange”) since December

聯合交易所有限公司（「聯交所」）上市。

1998.
This interim condensed consolidated financial information is

除另有說明外，本中期簡明合併財務資料以人

presented in Renminbi (“RMB”), unless otherwise stated.

民幣呈列。

This interim condensed consolidated financial information was

本中期簡明合併財務資料已經在二零二六年八

approved for issue by the Board of Directors on 19 August 2026.

月十九日經董事會批准刊發。

This interim condensed consolidated financial information has been

本中期簡明合併財務資料已經審閱，但未經審

reviewed, not audited.

核。

2. BASIS OF PREPARATION

2. 編製基準

The condensed consolidated financial statements have been

本簡明綜合財務報表乃根據由香港會計師公會

prepared in accordance with Hong Kong Accounting Standard 34

（「香港會計師公會」）所頒佈之香港會計準則第

“Interim Financial Reporting” issued by the Hong Kong Institute of

34號（「中期財務報告」），及聯交所證券上市規

Certified Public Accountants (“HKICPA”) as well as the applicable

（「上市規則」）則的適用披露規定而編製。

disclosure requirements of the Rules Governing the Listing of
Securities (“Listing Rules”) on the Stock Exchange.

3. ACCOUNTING POLICIES

3. 主要會計政策

The condensed consolidated financial statements have been

簡明綜合財務報表乃按歷史成本基準編製，唯

prepared on the historical cost basis except for certain financial

若干金融工具按適當情況下重估金額或公允值

instruments, which are measured at revalued amounts or fair

計量除外。截至二零二六年六月三十日止六個

values, as appropriate. The accounting policies and methods of

月之簡明綜合財務報表所應用之會計政策及計

computation used in the condensed consolidated financial

算方式與本集團編製之截至二零二五年十二月

statements for the six months ended 30 June 2026 are the same

三十一日止年度之綜合財務報表所採納者一致。

as those presented in the Group’s annual consolidated financial
statements for the year ended 31 December 2025.

恒安國際集團有限公司
二零二六年中期報告

13

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

3. ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Application of amendments to HKFRS Accounting
Standards

採用香港財務報告準則修訂

In the current interim period, the Group has applied the following

於本中期期間，本集團首次採用香港會計師公

amendments to HKFRS Accounting Standards issued by the

會所頒佈下列香港財務報告準則修訂本於本集

HKICPA, for the first time, which are mandatorily effective for the

團自二零二六年一月一日開始之年度期間強制

Group’s annual period beginning on 1 January 2026 for the

生效，用以於編製簡明綜合財務報表時：

preparation of the Group’s condensed consolidated financial
statements:
Amendments to HKFRS 9
and HKFRS 7

Amendments to the Classification

香港財務報告準則第9號

金融工具之分類及

and Measurement of Financial

及香港財務報告準則

計量（修訂本）

Instruments
Amendments to HKFRS 9
and HKFRS 7
Amendments to HKFRS
Accounting Standards

Contracts Referencing Naturedependent Electricity
Annual Improvements to HKFRS
Accounting Standards —
Volume 11

第7號（修訂本）
香港財務報告準則第9號

依賴自然資源的

及香港財務報告準則

電力合約

第7號（修訂本）

（修訂本）

香港財務報告準則
（修訂本）會計準則
（修訂本）

香港財務報告準則
會計準則的年度
改進 — 第11冊

The application of the amendments to HKFRS Accounting

於本中期期間採用該等香港財務報告會計準則

Standards in the current interim period has had no material

之修訂對集團本期間及過往期間的財務狀況和

impact on the Group’s financial positions and performance for the

業績及╱或於該等簡明綜合財務報表載列之披

current and prior periods and/or on the disclosures set out in

露，沒有重大影響。

these condensed consolidated financial statements.

4. SEGMENT INFORMATION

4. 分部資料

The chief operating decision-makers have been identified as the

首席經營決策者被認定為執行董事。執行董事

Executive Directors. The Executive Directors review the Group’s

審視本集團內部報告以評估表現和分配資源。

internal reports in order to assess performance and allocate

管理層已決定根據此等報告釐定營運分部。

resources. Management has determined the operating segments
based on the reports reviewed by the Executive Directors.
The Executive Directors consider the performance of the Group

執行董事從產品角度審視集團業績。執行董事

from a product perspective. The Executive Directors assess the

基於分部的利潤對分部業績作出評估，但與年

performance of the operating segments based on a measure of

度合併財務報表一致，並不包括集團整體性管
理費用、其他收入和利得 — 淨額、財務收益╱

segment profit without allocation of corporate administrative
— net, finance
expenses, other income and other gains

（費用）、按權益法核算的投資收益份額和所得

income(costs), share of results of investments accounted for using

稅費用之分配。

the equity method and income tax expense which is consistent
with that in the annual consolidated financial statements.

14

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

4. SEGMENT INFORMATION (Continued)

4. 分部資料（續）

The Group’s operations are mainly organised under the segments

本集團主營業務為生產、分銷、出售衛生用

of manufacturing, distribution and sale of personal hygiene

品、紙巾以及其他（包括原材料貿易業務、家居

products and tissue paper products, as well as others (including

用品業務、馬來西亞皇城集團及其馬來西亞附

raw material trading business, household products business, and

屬公司）。

Wang-Zheng Berhad and its subsidiaries in Malaysia).
Sales between segments are carried out on terms mutually agreed

分部間銷售均在雙方達成一致的合同條款下進

amongst these business segments. Revenue from external parties

行。向執行董事報告來自外界的收入的計量方

reported to the Executive Directors is measured in a manner

法與合併利潤表的計量方法一致。

consistent with that in the condensed consolidated statement of
profit or loss.
Most of the Group’s companies are domiciled in the PRC. The

本集團的主要業務在中國，超過90%的收益來

revenue from external customers in PRC accounted for more than

自中國的外部客戶。

90% of the Group’s total revenue.
The amounts provided to the Executive Directors with respect to

向執行董事提供有關總資產和總負債的金額，

total assets and liabilities are measured in a manner consistent

是按照與簡明合併財務報表內貫徹的方式計

with those of the condensed consolidated financial statements.

量。此等資產與負債根據分部的經營分配。

These assets and liabilities are allocated based on the operations
of the segment.
Addition to non-current assets comprise addition to property,

非流動資產增加包括物業、機器及設備、在建

plant and equipment, construction-in-progress, right-of-use assets

工程、使用權資產和無形資產的添置。

and intangible assets.
Unallocated costs represent corporate expenses. Unallocated

未分配成本指集團整體性開支。未分配資產主

assets comprise corporate assets and derivative financial

要包括總部資產及衍生金融工具。未分配負債

instruments. Unallocated liabilities comprise corporate liabilities

包括總部負債及衍生金融工具。

and derivative financial instruments.

恒安國際集團有限公司
二零二六年中期報告

15

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

4. SEGMENT INFORMATION (Continued)

4. 分部資料（續）

The segment information for the six months ended 30 June 2026

以下是截至二零二六年六月三十日止六個月的

is as follows:

分部資料：
Unaudited
未經審核

16

Hygiene
products
衛生用品
RMB’000
人民幣千元

Tissue paper
products
紙巾產品
RMB’000
人民幣千元

Others
其他
RMB’000
人民幣千元

Group
集團
RMB’000
人民幣千元

Segment revenue
Inter-segment sales

分部收入
分部間相互銷售

3,481,617
(269,078)

7,186,187
(439,138)

1,624,839
(493,012)

12,292,643
(1,201,228)

Revenue

集團收入

3,212,539

6,747,049

1,131,827

11,091,415

Segment profit

分部利潤

716,197

417,431

150,576

1,284,204

Unallocated costs
Other income and other gains — net

未分配成本
其他收入和利得 — 淨額

Operating profit
Finance income
Finance costs
Share of results of investments accounted for
using the equity method

經營利潤
財務收益
財務費用
分佔按權益法入賬之投資收益

1,979,290
36,163
(372,060)

Profit before tax
Income tax expense

除所得稅前利潤
所得稅費用

1,643,533
(380,781)

Profit for the period
Profit attributable to non-controlling interests

本期利潤
非控制性權益應佔利潤

1,262,752
(8,710)

Profit attributable to shareholders of the Company

本公司權益持有人應佔利潤

1,254,042

Additions to non-current assets
Depreciation of property, plant and equipment and
investment properties
Depreciation of right-of-use assets
Amortisation charge

非流動資產增加
物業、機器、設備及投資性房地產
折舊開支
使用權資產折舊開支
攤銷開支

As at 30 June 2026 (Unaudited)
Segment assets

於二零二六年六月三十日（未經審核）
分部資產

Deferred tax assets
Tax recoverable
Investments accounted for using the equity method
Long-term time deposits
Cash and bank balances
Unallocated assets

遞延所得稅資產
預繳當期所得稅
按權益法入賬的投資
長期銀行定期存款
現金及銀行存款
未分配資產

293,854
5,245
31,346
5,645,504
22,187,476
846,315

Total assets

總資產

48,074,484

Segment liabilities

分部負債

Deferred tax liabilities
Tax payables
Borrowings
Unallocated liabilities

遞延所得稅負債
當期所得稅負債
借款
未分配負債

199,843
121,706
21,389,256
69,109

Total liabilities

總負債

25,939,054

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

(38,700)
733,786

140

102,646

284,066

116,057

502,769

137,214
11,162
12,800

317,044
13,655
3

41,372
5,663
3,320

495,630
30,480
16,123

5,543,883

11,485,766

2,035,095

19,064,744

1,304,227

1,867,748

987,165

4,159,140

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

4. SEGMENT INFORMATION (Continued)

4. 分部資料（續）

The segment information for the six months ended 30 June 2025

以下是截至二零二五年六月三十日止六個月的

is as follows:

分部資料：
Unaudited
未經審核
Hygiene
products
衛生用品
RMB’000
人民幣千元

Tissue paper
products
紙巾產品
RMB’000
人民幣千元

Others
其他
RMB’000
人民幣千元

Group
集團
RMB’000
人民幣千元

Segment revenue
Inter-segment sales

分部收入
分部間相互銷售

3,575,517
(271,678)

7,717,484
(543,784)

1,831,118
(500,425)

13,124,119
(1,315,887)

Revenue

集團收入

3,303,839

7,173,700

1,330,693

11,808,232

Segment profit

分部利潤

709,072

312,523

132,634

1,154,229

Unallocated costs
Other income and other gains — net

未分配成本
其他收入和利得 — 淨額

Operating profit
Finance income
Finance costs
Share of results of investments accounted for using
the equity method

經營利潤
財務收益
財務費用
分佔按權益法入賬之投資收益

1,757,339
115,453
(171,509)

Profit before tax
Income tax expense

除所得稅前利潤
所得稅費用

1,701,480
(332,718)

Profit for the period
Loss attributable to non-controlling interests

本期利潤
非控制性權益應佔虧損

1,368,762
4,132

Profit attributable to shareholders of the Company

本公司權益持有人應佔利潤

1,372,894

Additions to non-current assets
Depreciation of property, plant and equipment and
investment properties
Depreciation of right-of-use assets
Amortisation charge

非流動資產增加
物業、機器、設備及投資性房地產
折舊開支
使用權資產折舊開支
攤銷開支

As at 31 December 2025
Segment assets (restated)

於二零二五年十二月三十一日
分部資產(重述)

Deferred tax assets
Tax recoverable
Investments accounted for using the equity method
Long-term time deposits
Cash and bank balances
Unallocated assets (restated)

遞延所得稅資產
預繳當期所得稅
按權益法入賬的投資
長期銀行定期存款
現金及銀行存款
未分配資產(重述)

385,860
3,681
34,025
7,009,754
15,615,635
602,720

Total assets

總資產

43,181,599

Segment liabilities

分部負債

Deferred tax liabilities
Tax payables
Borrowings
Unallocated liabilities

遞延所得稅負債
當期所得稅負債
借款
未分配負債

169,399
171,103
15,734,060
58,448

Total liabilities

總負債

21,208,776

(13,248)
616,358

197

282,277

222,968

31,762

537,007

125,046
9,797
12,796

318,227
12,718
3

36,017
5,834
3,358

479,290
28,349
16,157

5,914,839

11,363,202

2,251,883

19,529,924

1,372,681

1,710,760

1,992,325

5,075,766

恒安國際集團有限公司
二零二六年中期報告

17

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

5(a). 除所得稅前利潤

5(a). PROFIT FOR THE PERIOD
Profit before tax is stated after crediting and charging the

除所得稅前利潤計入及扣除下列項目：

following:
(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月

Crediting
Interest income from long-term and shortterm time deposits (Note)
Government grants income
Net gains on derivative financial instruments
Reversals of impairment losses on financial
assets
Exchange gain from operating activities — net
Fair value gains on financial assets at FVTPL

計入
長期與短期銀行定期存款利
息收入（附註）
政府獎勵收入
衍生金融工具淨收益
金融資產減值損失轉回

營運匯兌收益 — 淨額
以公允價值計量且其變動計
入當期損益的金融資產收
益
Gain on disposal of financial assets at FVTPL 處置以公允價值計量且其
變動計入當期損益的金融
資產收益
Charging
Employee benefit expense, including
Directors’ emoluments
Depreciation of property, plant and equipment
(Note 9)
Net impairment losses on financial assets
Miscellaneous taxes and levies
Depreciation of right-of-use assets (Note 10)
Amortisation of intangible assets (Note 9)
Losses on disposal of property, plant and
equipment and right-of-use assets

2025
二零二五年
RMB’000
人民幣千元

330,106
101,459
305,396

278,864
125,456
201,616

3,523
16,439

–
756

–

2,226

–

22,438

1,257,564

1,239,506

490,011
–
43,752
30,480
16,123

473,824
57,463
47,493
28,349
16,157

24,333

15,071

5,619
144

5,466
12,681

扣除
員工福利，包括董事酬金

物業、機器及設備之折舊
（附註9）
金融資產減值準備
雜項稅費
使用權資產之折舊（附註10）
無形資產之攤銷（附註9）
處置物業、機器及設備及
無形資產及使用權資產的
損失
Depreciation of investment properties (Note 9) 投資性房地產之攤銷
（附註9）
Provision of inventions write-down
存貨減值準備

18

2026
二零二六年
RMB’000
人民幣千元

Note:

附註：

Interest income from long-term and short-term time deposits amounting to

長期與短期銀行定期存款利息收入為人民幣

RMB330,106,000 (30 June 2025: RMB278,864,000) is included in “other
income and other gains — net”.

330,106,000元（二零二五年六月三十日：人民幣
278,864,000元）已計入「其他收入和利得 — 淨額」。

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

5(b). FINANCE INCOME AND FINANCE COSTS

5(b). 財務收益及費用
Six months ended 30 June
截至六月三十日止六個月

Finance costs:

財務費用：

Interest expense
— Borrowings

利息費用
— 借款

2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

153,505

149,487

— Lease liabilities

— 租賃負債

558

633

Other finance charges

其他財務費用

5,171

Exchange loss from financing activities — net

匯兌損失

212,826

21,389
—

372,060

171,509

(36,163)
—

(43,009)

(36,163)

(115,453)

335,897

56,056

Finance income:

財務收益：

Interest income from cash and cash equivalents 現金及現金等價物利息收入
Exchange gains from financing activities — net
匯兌收益

Finance costs, net

財務費用 — 淨額

(72,444)

恒安國際集團有限公司
二零二六年中期報告

19

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

6. 所得稅費用

6. INCOME TAX EXPENSE
The amount of income tax expense charged to condensed

計入簡明合併利潤表的所得稅費用如下：

consolidated statement of profit or loss represents:
(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

Current income tax
— Current tax on profits for the period

本期所得稅
— 本期所得稅費用

258,485

244,801

Deferred income tax
— Tax charge to profit or loss

遞延所得稅
— 所得稅計入

122,296

87,917

Income tax expense

所得稅費用

380,781

332,718

(a)

Taxation on Mainland China income has been calculated on

(a)

中國大陸所得稅已按照本集團中國大陸附

the estimated assessable profit for the period at the rates of

屬公司之應課稅利潤以適用之現行稅率計

taxation prevailing in Mainland China in which the Group

算。本公司在中國大陸境內設立之附屬公

operates. The Company’s subsidiaries incorporated in

司須按照25% 。

Mainland China are subject to Corporate Income Tax at the
rate of 25%.
(b)

(c)

(d)

Hong Kong and overseas profits tax has been calculated at

(b)

香港及海外公司所得稅乃按照本集團於香

the rates of taxation prevailing in the regions in which the

港及海外之公司在本期間估計應課稅盈利

Group operates respectively.

依稅率提撥準備。

Deferred income tax is calculated in full on temporary

(c)

遞延所得稅乃採用負債法就關於應課稅暫

differences under the liability method using the prevailing tax

時性差異，按本集團的附屬公司適用之現

rates applicable to the subsidiaries of the Group.

行稅率計算。

The profits of Mainland China subsidiaries of the Group derived

(d)

本集團的中國大陸附屬公司自二零零八年

since 1 January 2008 are subject to withholding tax at a rate

一月一日產生的利潤，若向於香港註冊成

of 5% upon distribution of such profits to investors in Hong

立的投資者分派該等利潤，將須按5%稅率

Kong, or at a rate of 10% for other foreign investors.

繳納預扣稅；若向其他外國投資者分派該

Deferred tax liabilities of approximately RMB31,814,000 (31

等利潤，則須按10%稅率繳納扣繳稅。截

December 2025: RMB19,390,000) have been provided for in

至二零二六年六月三十日止六個月，以本

this regard based on the expected dividends to be distributed

集團的大陸附屬公司於可預見之將來派發

from the Group’s Mainland China subsidiaries in the

之利潤為預期股息基礎而作出遞延稅項負

foreseeable future in respect of the profits generated since 1

債的撥備約為人民幣31,814,000元（二零

January 2008.

二五年十二月三十一日：人民幣
19,390,000元）。

20

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

6. 所得稅費用（續）

6. INCOME TAX EXPENSE (Continued)
(e)

The Group is operating in certain jurisdictions where the Pillar

(e)

本集團於若干已實施第二支柱法規（「第二

Two Rules (“Pillar Two Rules”) are effective and is subject to

支柱法規」）的司法管轄區營運，並須遵守

the global minimum top-up tax Pillar Two Rules. However, as

全球最低補足稅第二支柱法規。然而，由

the top-up tax impact is not significant to the Group, the

於補足稅對本集團的影響並不重大，本集

management of the Group has not made relevant disclosures

團管理層並無就本集團面對第二支柱所得

of qualitative and quantitative information about the Group’s

稅的敞口，披露相關的定性及定量資料。

exposure to the Pillar Two income taxes.

7. 每股收益

7. EARNINGS PER SHARE

(a) 基本

(a) Basic
Basic earnings per share is calculated by dividing the profit

每股基本收益是以本公司權益持有人應佔

attributable to shareholders of the Company by the weighted

利潤除以於期內已發行普通股之加權平均

average number of ordinary shares in issue during the period.

股數計算。
(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026
二零二六年
(Unaudited)
未經審核

2025
二零二五年
(Unaudited)
未經審核

Profit attributable to shareholders of the
Company (RMB’000)

本公司權益持有人應佔
利潤（人民幣千元）

1,254,042

1,372,894

Weighted average number of ordinary shares
in issue (thousands)

已發行普通股加權平均
股數（千股）

1,135,929

1,138,723

Basic earnings per share (RMB)

每股基本收益（人民幣元）

1.104

1.206

(b) Diluted

(b) 攤薄

Diluted earnings per share is calculated by adjusting the

攤薄每股盈利，乃假設所有具有攤薄效應

weighted average number of ordinary shares outstanding to

之潛在普通股予以轉換，調整已發行普通

assume conversion of all dilutive potential ordinary shares.

股加權平均數目後計算得出。本公司購股

Share options of the Company and the share awards of the

權及本公司股份獎勵（2025年：本公司購股

Company (2025: share options of the Company and the

權及一間子公司股份獎勵）為本公司計算

share awards of a subsidiary) are the only categories relevant

攤薄每股盈利相關的唯一類別工具。

to the diluted earnings per share calculation of the Company.

恒安國際集團有限公司
二零二六年中期報告

21

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

7. EARNINGS PER SHARE (Continued)
(b) Diluted (Continued)

7. 每股收益（續）
(b) 攤薄（續）

For the six months ended 30 June 2026, as the exercise

截至二零二六年六月三十日止六個月，由

price in respect of outstanding share options and the share

於尚未行使之本公司購股權及股份獎勵的

awards of the Company were higher than the average market

行使價高於平均市價，就計算攤薄每股盈

price, there was no adjustment for profit attributable to

利而言，毋須對歸屬於本公司股東之利潤

shareholders of the Company and dilutive potential ordinary

以及普通股加權平均數目作出具有攤薄效

shares on the weighted average number of ordinary shares

應潛在普通股之調整。

for the purpose of diluted earnings per share.
For the six months ended 30 June 2025, as the exercise

截至二零二五年六月三十日止六個月，由

price in respect of outstanding share options of the Company

於尚未行使之本公司購股權行使價高於平

was higher than the average market price, and the shares

均市價，且附屬公司授出之股份於授予後

awarded by the subsidiary were vested immediately after

即時歸屬，就計算攤薄每股盈利而言，毋

grant, there was no adjustment for profit attributable to

須對歸屬於本公司股東之利潤以及普通股

shareholders of the Company and dilutive potential ordinary

加權平均數目作出具有攤薄效應潛在普通

share on the weighted average number of ordinary shares for

股之調整。

the purpose of diluted earnings per share.

8. DIVIDENDS

8. 股息
(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026
二零二六年
RMB’000
人民幣千元

2025
二零二五年
RMB’000
人民幣千元

813,485

813,485

Dividends recognised as distributions to ordinary 確認為分派予普通股股東之
shareholders:
股息：
Final dividend of RMB0.70 in respect of the year 支付二零二五年度末期股息
ended 31 December 2025 (2025: final
每股人民幣0.70元（二零
dividend of RMB0.70 in respect of the year
二五年：截至二零二四年
ended 31 December 2024) per ordinary share
十二月三十一日止年度之
(Note (a))
末期股息每股人民幣0.7
元）
（附註a ）

22

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

8. 股息（續）

8. DIVIDENDS (Continued)
Notes:

附註：

(a)

(a)

The dividends paid in 2026 include final dividend amounted to

二零二六年內已向本公司股東支付截至二零二五

RMB813,485,000 paid in respect of the year ended 31 December

年十二月三十一日止年度的末期股息每股人民

2025 of RMB0.70 per share (including RMB21,000,000 which is the

幣0.70元，為數約人民幣813,485,000元（當中包

dividend of shares withheld for treasury shares held by the Company

括人民幣21,000,000元，有關金額為本公司所持

and shares held by the Trustee (as defined in note 16) for the share

股份及受託人（見附註16之本公司股份獎勵計劃）

award schemes of the Company).

所持股份之扣留股息）。

The dividends paid in 2025 include final dividend amounted to

二零二五年內已向本公司股東支付截至二零二四

RMB813,485,000 paid in respect of the year ended 31 December

年十二月三十一日止年度的末期股息每股人民

2024 of RMB0.70 per share (including RMB16,240,000 which is the

幣0.70元，為數約人民幣813,485,000元（當中包

dividend of shares withheld for shares held by the Trustee (as defined

括人民幣16,240,000元，有關金額為受託人（見

in note 16) for the share award schemes of the Company).

附註16之本公司股份獎勵計劃）所持股份之扣留
股息）。

(b)

An interim dividend in respect of the period ended 30 June 2026 of

(b)

於二零二六年八月十九日舉行的董事會會議上，

of

董事會建議派發截至二零二六年六月三十日止

RMB813,485,000 (including RMB21,000,000, which is the dividend of

期間的中期股息每股人民幣0.70元，為數約人民

shares withheld for treasury shares held by the Company and shares

幣813,485,000元（當中包括人民幣21,000,000

held by the Trustee (as defined in note 16) for the share award

元，有關金額為本公司所持股份及受託人（見附

schemes of the Company) (2025: RMB0.70 per share, amounting to a

註16之本公司股份獎勵計劃）所持股份之扣留股

total dividend of RMB813,485,000 (including RMB17,150,000, which is

息）
（二零二五年：每股人民幣0.70元，為數約人

the dividend of shares withheld for treasury shares held by the

民幣813,485,000元（當中包括人民幣17,150,000

Company and shares held by the Trustee (as defined in note 16) for

元，有關金額為本公司所持股份及受託人（見附

the share award schemes of the Company)), was proposed by the

註16之本公司股份獎勵計劃）所持股份之扣留股

Board of Directors at a meeting held on 19 August 2026. These

息））。本財務報表並未反映此應付股息。

R M B0.70

per

share,

amounting

to

a

total

dividend

financial statements do not reflect this dividend payable.
Dividends payable to shareholders will be paid in HK$. The exchange

應付予股東的股息以港幣派發。本公司派股息

rate adopted by the Company for its payable is the middle rate of

所採用的匯率為宣派股息日前一個營業日中國

HK$ to RMB announced by the People’s Bank of China for the

人民銀行公佈的港幣兌人民幣匯率中間價。以

business day preceding the date of dividend declaration. The interim

二零二六年八月十八日當日港幣兌人民幣匯率

dividend of RMB0.70 per share equivalent to HK$0.80870 per share

0.86559折算，中期股息每股人民幣0.70元相等

using the exchange rate of HK$ to RMB on 18 August 2026, which is

於每股港幣0.80870元。

0.86559.

恒安國際集團有限公司
二零二六年中期報告

23

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

9. CAPITAL EXPENDITURE — NET BOOK VALUE

9. 資本性支出 — 賬面淨值
Unaudited
未經審核
Property,
plant and

Construction

Investment

Intangible

equipment

in-progress

properties

assets
無形資產

物業、機器
在建工程

投資性房地產

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

9,098,076

445,626

176,580

581,336

–

–

At 1 January 2026 (Audited)

於二零二六年一月一日（經審核）

Additions

添置

105,745

382,543

Transfer from construction-in-progress

從在建工程轉入

394,314

(394,314)

–

–

Transfer to property, plant and equipment

轉出至物業、機器及設備

140

–

(140)

–

Transfer to investment properties

轉出至投資性房地產

–

(33,376)

33,376

–

Transfer to right-of-use assets

轉出至使用權資產

–

–

(866)

–

Disposals

處置

(41,664)

–

–

–

Depreciation/amortisation for the period

本期折舊╱攤銷

(490,011)

–

(5,619)

(16,123)

Exchange realignment

外幣折算差額

(3,275)

–

(321)

–

At 30 June 2026 (Unaudited)

於二零二六年六月三十日
（未經審核）

9,063,325

400,479

203,010

565,213

At 1 January 2025 (Audited)

於二零二五年一月一日（經審核）

8,319,686

1,287,158

181,100

612,589
1,078

Additions

添置

117,597

396,094

–

Transfer from construction-in-progress

從在建工程轉入

569,873

(569,873)

–

–

Transfer to investment properties

轉出至投資性房地產

(78,040)

–

78,040

–

Transfer from right-of-use assets

從使用權資產轉入

–

–

1,642

–

Disposals

處置

(22,121)

–

–

–

Impairment charges for the period

本期減值費用

(2,154)

–

–

–

Depreciation/amortisation for the period

本期折舊╱攤銷

(473,824)

–

(5,466)

(16,157)

Exchange realignment

外幣折算差額

2,750

(381)

458

–

At 30 June 2025 (Unaudited)

於二零二五年六月三十日
8,433,767

1,112,998

255,774

597,510

（未經審核）

24

及設備
RMB’000

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

10. 租賃

10. LEASES
(a) Amounts recognised in the condensed consolidated
statement of financial position

(a) 簡明合併資產負債表呈列以下有關租賃
之金額
(Unaudited)

Right-of-use assets
— Land use rights
— Buildings

使用權資產
— 土地使用權
— 物業

Total

合計

Lease liabilities
— Current

租賃負債
— 流動

— Non-current
Total

— 非流動
合計

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

1,198,674

1,219,230

29,977

26,386

1,228,651

1,245,616

(18,946)

(17,815)

(11,508)

(9,092)

(30,454)

(26,907)

恒安國際集團有限公司
二零二六年中期報告

25

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

10. 租賃（續）

10. LEASES (Continued)
(b) Amounts recognised in the condensed consolidated
statement of profit or loss
The condensed consolidated statement of profit or loss

(b) 簡明合併利潤表內確認的金額
簡明合併利潤表呈列以下有關租賃之金額：

shows the following amounts relating to leases:
(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月

Depreciation of right-of-use assets
— Land use rights

使用權資產折舊
— 土地使用權

2025
二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

18,891

17,590

— Buildings

— 物業

11,589

10,759

Total (Note 5a)

合計（附註5a ）

30,480

28,349

Interest expense

利息費用

558

633

Short-term and low-value lease

短期及低價值租賃開支
18,013

16,171

expenses

26

2026
二零二六年

The total cash payment for leases, comprising lease payment

期內，有關租賃的現金付款總額（包括租賃付

and short-term and low-value lease expense, during the

款、短期及低價值租賃開支）為人民幣

period was RMB30,197,000 (2025: RMB27,517,000),

30,197,000元（二零二五年：人民幣27,517,000

excluding the cash payment for land-use rights.

元），此款項不包括為土地使用權的現金付款。

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

11. 應收賬款及應收票據

11. TRADE AND BILLS RECEIVABLES

(Unaudited)

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

Trade receivables

應收賬款

2,235,353

2,501,230

Bills receivables

應收票據

24,636

4,630

2,259,989

2,505,860

Less: provision for impairment

減：壞賬準備

(146,229)

(185,828)

Trade and bills receivables, net

應收賬款及應收票據
— 淨值

2,113,760

2,320,032

Part of the Group’s sales are on open account with credit terms

本集團部分銷售以記賬交易形式進行，信貸期

ranging from 30 days to 90 days. The ageing analysis of trade

為30天至90天。應收賬款及應收票據根據發票

and bills receivables based on invoice date is as follows:

日期的賬齡分析如下：
(Unaudited)

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

1–30天
31–180天

985,378

1,099,863

31 to 180 days

1,087,380

1,191,782

181 to 365 days

181–365天

37,034

22,630

Over 365 days

365天以上

150,197

191,585

2,259,989

2,505,860

Within 30 days

There is no concentration of credit risk with respect to trade and

本集團有眾多客戶，應收賬款及應收票據並無

bills receivables as the Group has a large number of customers.

集中信貸風險。由於信貸期較短及大部分的應

As credit terms are short and most of the trade and bills

收賬款和應收票據也於一年內到期清還，因此

receivables are due for settlement within one year, the carrying

應收賬款及應收票據於資產負債表日的公平值

amounts of these balances approximated their fair values as at the

與賬面值相若。

date of reporting period.
恒安國際集團有限公司
二零二六年中期報告

27

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

12. LONG-TERM TIME DEPOSITS AND CASH AND
BANK BALANCES

12. 長期銀行定期存款和現金及銀行存
款
(Unaudited)

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

Long-term time deposits

長期銀行定期存款

5,645,504

7,009,754

Cash and bank balances
— Bank time deposits

現金及銀行存款
— 定期存款

15,314,232

9,876,193

6,873,244

5,739,442

22,187,476

15,615,635

27,832,980

22,625,389

— 現金及現金等價物

— Cash and cash equivalents

Total

合計

The cash and cash equivalents represented cash deposits held at

現金及現金等價物包括銀行通知存款、現金以

call with banks and in hand and other short-term highly liquid

及到期日為三個月或以下的短期高流動性投資。

investments with original maturities of three months or less.

28

(Audited)

未經審核

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

13. TRADE PAYABLES, OTHER PAYABLES AND
ACCRUED CHARGES

13. 應付賬款、其他應付款及預提費用

(Unaudited)

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

2,103,821

3,102,737

Trade payables

應付賬款

Other payables and accrued charges
— Accrued expenses and other payables

其他應付款和預提費用
— 預提費用及其他應付
款項
— 應付物業、機器及

1,472,587

1,274,418

— Payables for purchase of property,
plant and equipment
— Employee benefit payable

設備採購款
— 應付職工福利款

327,398

331,993

192,053

261,414

— Other taxes payables

— 其他應繳稅款

43,159

35,437

2,035,197

1,903,262

4,139,018

5,005,999

Total

合計

The ageing analysis of trade payables based on invoice date is as

應付賬款按發票日期的賬齡分析如下：

follows:
(Unaudited)

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

1–30天
31–180天

1,268,664

1,720,328

31 to 180 days

816,585

1,359,440

181 to 365 days

181–365天

53

20,527

Over 365 days

365天以上

18,519

2,442

2,103,821

3,102,737

Within 30 days

恒安國際集團有限公司
二零二六年中期報告

29

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

13. TRADE PAYABLES, OTHER PAYABLES AND
ACCRUED CHARGES (Continued)

13. 應付賬款、其他應付款及預提費用
（續）

The carrying amounts of trade payables approximated their fair

由於信貸期較短，應付賬款的賬面值與資產負

values as at the date of reporting period due to short-term

債表日的公平值相若。

maturity.

14. 借款

14. BORROWINGS

(Unaudited)

Non-current

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

長期銀行借款

219,506

116,345

9,485,613

流動

Short-term bank loans

短期銀行貸款

14,440,180

Trust receipt bank loans

銀行押匯貸款

87,281

75,465

Current portion of long-term bank loans

長期銀行貸款的流動部分

142,289

2,356,637

Super short-term commercial papers (a)

超短期融資券 (a)

5,500,000

2,700,000

Corporate bond (b)

公司債券 (b)

1,000,000

1,000,000

21,169,750

15,617,715

21,389,256

15,734,060

合計

Total

As at 30 June 2026, the effective interest rate of the Group’s

於二零二六年六月三十日，集團平均銀行借款

bank loans and other borrowings was approximately 1.51% (31

及其他借款有效年利息率約1.51%（二零二五年

December 2025: 2.01%) per annum.

十二月三十一日：2.01% ）。

As at 30 June 2026 and 31 December 2025, all of the Group’s

於二零二六年六月三十日及二零二五年十二月

bank loans and other borrowings are unsecured.

三十一日，集團所有銀行借款及其他借款均為
無抵押。

30

經審核

30 June

非流動

Long-term bank loans
Current

(Audited)

未經審核

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

14. 借款（續）

14. BORROWINGS (Continued)

(a) 超短期融資券

(a) Super short-term commercial papers
The Group has the following super short-term commercial

本集團於各報告期末持有以下超短期融資

papers at the end of the reporting periods:

券：
Interest rate
利率

Expiration term Maturity date

Amount

到期期限到期日

金額
RMB’000
人民幣千元

As at 30 June 2026
於二零二六年六月三十日
26恒安國際SCP001(科創債)

1.72%

179 days 17 July 2026

26恒安國際SCP002(科創債)

1.81%

179 days 7 August 2026

1,000,000

179日二零二六年七月十七日
2,000,000

179日二零二六年八月七日
26恒安國際SCP003

1.68%

183 days 30 September 2026

25恒安國際SCP004(科創債)

1.77%

269 days 17 July 2026

2,000,000

183日二零二六年九月三十日
500,000

269日二零二六年七月十七日
5,500,000
Interest rate
利率

Expiration term Maturity date

Amount

到期期限到期日

金額
RMB’000
人民幣千元

As at 31 December 2025
於二零二五年十二月三十一日
25恒安國際SCP002(科創債)

1.71%

278 days 3 June 2026

700,000

278日二零二六年六月三日
25恒安國際SCP003(科創債)

1.74%

182 days 24 March 2026

25恒安國際SCP004(科創債)

1.77%

269 days 17 July 2026

1,000,000

182日二零二六年三月二十四日
500,000

269日二零二六年七月十七日
25恒安國際SCP005(科創債)

1.68%

179 days 24 April 2026

500,000

179日二零二六年四月二十四日
2,700,000
As at 30 June 2026 and 31 December 2025, the carrying

於二零二六年六月三十日及二零二五年十二月

amounts of super short-term commercial papers recognised

三十一日，綜合財務報表確認之超短期融資券

in the consolidated financial statements approximate their fair

賬面值與其公平值相若。

values.

恒安國際集團有限公司
二零二六年中期報告

31

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

14. 借款（續）

14. BORROWINGS (Continued)

(b) 公司債券

(b) Corporate bond
The RMB-denominated corporate bond was issued on 4

該人民幣計價公司債券於二零二五年十二

December 2025, carries an interest rate of 1.8% and will

月四日發行，票面利率為1.8% ，到期日為

mature on 4 December 2026.

二零二六年十二月四日。

As at 30 June 2026 and 31 December 2025, the carrying

截至二零二六年六月三十日及二零二五年

amounts of corporate bond recognised in the consolidated

十二月三十一日，綜合財務報表中確認的

financial statements approximate their fair values.

公司債券賬面值與公允價值相若。

Movements in borrowings are analysed as follows:

借款變動如下：
(Unaudited)
未經審核
RMB’000
人民幣千元

32

At 1 January 2026 (audited)

於二零二六年一月一日（經審核）

New borrowings raised

借款增加

20,128,340

Repayments of borrowings

借款還款

(14,400,844)

Exchange realignment

外幣折算差額

At 30 June 2026 (unaudited)

於二零二六年六月三十日（未經審核）

21,389,256

At 1 January 2025 (audited)

於二零二五年一月一日（經審核）

13,089,848

New borrowings raised

借款增加

13,389,541

Repayments of borrowings

借款還款

(9,823,200)

Exchange realignment

外幣折算差額

At 30 June 2025 (unaudited)

於二零二五年六月三十日（未經審核）

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

15,734,060

(72,300)

(53,602)
16,602,587

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

15. 股本

15. SHARE CAPITAL

已發行及繳足股本普通股

Ordinary shares, issued and fully paid

Number of

At 1 January 2026 and 30 June 2026
(unaudited)

(unaudited)

RMB’000
人民幣千元

1,162,120,917

123,345

1,162,120,917

123,345

於二零二六年一月一日及
二零二六年六月三十日
（未經審核）

At 1 January 2025 and 30 June 2025

shares
股份數目

於二零二五年一月一日及
二零二五年六月三十日
（未經審核）

The Company repurchased its own ordinary shares through the

公司透過香港聯合交易所有限公司回購了本公

Stock Exchange as follows during the period:

司的普通股，具體如下：

2026
二零二六年
Aggregate
No. of

consideration paid

Month of repurchases

ordinary shares

Price paid per share

(including expenses)

回購月份

股份數量普通股

每股價格

支付總額（包括費用）

Highest

Lowest

最高

最低

HK$

HK$

RMB$’000

港元

港元

人民幣千元

1,880,000

27.16

26.24

44,166

3,620,000

27.74

26.38

86,093

April 2026
二零二六年四月
May 2026
二零二六年五月

5,500,000

130,259

恒安國際集團有限公司
二零二六年中期報告

33

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

15. 股本（續）

15. SHARE CAPITAL (Continued)

已發行及繳足股本普通股（續）

Ordinary shares, issued and fully paid (Continued)
2025
二零二五年

Aggregate
No. of

consideration paid

Month of repurchases

ordinary shares

Price paid per share

(including expenses)

回購月份

股份數量普通股

每股價格

支付總額（包括費用）

Highest

Lowest

最高

最低

HK$

HK$

RMB$’000

港元

港元

人民幣千元

22.15

20.90

25,727

June 2025
二零二五年六月

1,300,000

The repurchased ordinary shares are not cancelled and are

回購的普通股不予註銷，視為公司庫存股。

remained as treasury shares of the Company.
As of 30 June 2026, there are 6,800,000 treasury shares held by

截至二零二六年六月三十日，公司持有共

the Company (31 December 2025: 1,300,000).

6,800,000庫存股（二零二五年十二月三十一
日：1,300,000）。

16. SHARE SCHEMES
(i)

Share award scheme

16. 股份計劃
(i)

股份獎勵計劃

The Company’s share award scheme (the “Scheme”) was

本公司股份獎勵計劃（「該計劃」）根據董事

adopted with effect from 11 September 2023 pursuant to a

會於2023年9月11日通過之決議案採納，自

resolution passed by the Board on the same date. The

同日起生效。該計劃由本公司委任之獨立

Scheme is held by an independent trustee (the “Trustee”)

受託人（「受託人」）持有，並由股份激勵委

appointed by the Company, and administered by the Share

員會管理。

Incentive Committee of the Company.
There is no purchase of shares by the Trustee during the

截至二零二六年六月三十日止期間，受託

period ended 30 June 2026. During the period ended 30

人並無購買任何股份。截至二零二六年六

June 2026, the Company granted a total of 18,495,000

月三十日止期間，本公司按每股港幣27.56

shares (2025: None) to Directors and employees of the Group

元的購買價格，向本集團董事及經挑選僱

(the “Selected Employees”) at a purchase price of HK$27.56

員（「合資格僱員」）合共授出18,495,000股

per share. As of 30 June 2026, the Trustee held a total of

股份（二零二五年：無）。於二零二六年六

23,200,000 shares (31 December 2025: 23,200,000 shares) of

月三十日，受託人合共持有本公司

the Company, in which 18,142,000 shares (31 December

23,200,000股股份（二零二五年十二月

2025: Nil) are allocated but unvested, 5,058,000 shares,

三

including the 353,000 forfeited share awards reverted (31

18,142,000股（二零二五年十二月三十一

December 2025: 23,200,000 shares) are available for future

日：無）已分配但尚未歸屬，當中

grant under the Scheme.

5,058,000股，包括353,000股已沒收並回撥

十

一

日：23,200,000股），其

中

的獎勵股份（二零二五年十二月三十一日：
23,200,000股）可根據該計劃於日後授出。

34

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. SHARE SCHEMES (Continued)
(i)

Share award scheme (Continued)

16. 股份計劃（續）
(i)

股份獎勵計劃（續）

Pursuant to the Scheme, the awarded shares held by the

根據該計劃條款，倘發生下列情況，受託

Trustee shall not vest in the Selected Employee when (i) the

人所持獲授股份將不會歸屬予合資格僱

Selected Employee fails to remain as an employee on the

員：(i)合資格僱員於相關歸屬日期不再為

relevant vesting date; (ii) the Selected Employee fails to fulfil

僱員；(ii)合資格僱員未能達成獲授股份所

the vesting conditions (if any) in respect of the awarded

附帶之歸屬條件（如有）；及(iii)合資格僱員

shares; and (iii) the Selected Employee’s employment is

之僱傭關係因以下理由被終止（包括但不

terminated by reason of, inter alia, serious misconduct,

限於）
：嚴重不當行為、未能勝任崗位或履

incompetence or negligence in performing his/her duties

行職務時疏忽導致本集團蒙受重大損失、

causing material losses to the Group, being charged,

遭檢控或被裁定觸犯適用法律法規項下任

convicted for any offence under applicable laws or

何罪行，及╱或違反本集團僱員行為守則。

regulations, and/or breaches of the Group’s employee
behavior codes.
There are no performance targets attached to the share

有關股份獎勵並不設表現指標。股份獎勵

awards. The share awards vest from the date of grant, with

自授出日期起歸屬，其中50%於二零二七

50% to 14 January 2027 and the remaining 50% to 14

年一月十四日歸屬，餘下50%於二零二八

January 2028, at a purchase price of HK$27.56 per share,

年一月十四日歸屬；購買價為每股港幣

payable by the grantee upon exercise of the share award.

27.56元，承授人於行使股份獎勵時支付。

The share award granted shall be exercisable during the

授出之股份獎勵可於以下期間行使：(a)

following periods: (a) 50% of the share awards shall be

50%股份獎勵可由二零二七年一月十五日

exercisable from 15 January 2027 to 14 January 2028, (b)

至二零二八年一月十四日行使；(b)餘下

the remaining 50% of the share awards shall be exercisable

50%股份獎勵可由二零二八年一月十五日

from 15 January 2028 to 14 January 2029, and the share

至二零二九年一月十四日行使。各份股份

awards shall lapse at the expiry of the respective exercisable

獎勵於相應行使期屆滿時失效。

period.
Share awards granted are exercisable at the discretion of the

授出之股份獎勵可由合資格僱員酌情決定

Selected Employees. If a Selected Employee elects not to

是否行使。倘合資格僱員選擇於到期日前

exercise the share awards prior to their expiration date, the

不行使股份獎勵，有關股份獎勵將被註銷

share award forfeits or expires without any payment or

或到期失效，承授人毋須向本公司支付任

penalty due to the Company.

何款項或承擔任何罰則。

Out of the 18,142,000 outstanding share awards, no share

於18,142,000份尚未行使獲授股份獎勵當

award was exercisable as of 30 June 2026.

中，截至二零二六年六月三十日，所有股
份獎勵均尚未可供行使。

恒安國際集團有限公司
二零二六年中期報告

35

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. 股份計劃（續）

16. SHARE SCHEMES (Continued)
(i)

Share award scheme (Continued)

(i)

股份獎勵計劃（續）

The tables below set out details of share awards granted to

下表載列根據各項計劃向合資格僱員授出

the Selected Employees under the Schemes:

之股份獎勵詳情：
Granted

Selected Employees

Grant date

Forfeited

Outstanding at

during

during

Outstanding at

1 January 2026

the period

the period

30 June 2026

於二零二六年

於二零二六年

一月一日
合資格僱員

授出日期

未行使股份

六月三十日
於期內授出於期內註銷╱失效

結餘

Directors
董事
— Sze Man Bok

15 January 2026

施文博先生
— Hui Ching Lau

二零二六年一月十五日

許清流先生
— Xu Da Zuo

二零二六年一月十五日

許大座先生
— Sze Wong Kim

二零二六年一月十五日

施煌劍先生
— Hui Ching Chi

二零二六年一月十五日

許清池先生
— Li Wai Leung (Note)

二零二六年一月十五日

李偉樑先生（附註）
— Xu Wenmo

二零二六年一月十五日

許文默先生

二零二六年一月十五日

15 January 2026
15 January 2026
15 January 2026
15 January 2026
15 January 2026
15 January 2026

Sub-total

–

100,000

–

100,000

–

300,000

–

300,000

–

200,000

–

200,000

–

60,000

–

60,000

–

200,000

–

200,000

–

150,000

(150,000)

–

–

60,000

–

60,000

–

1,070,000

(150,000)

920,000

–

17,425,000

(203,000)

17,222,000

–

18,495,000

(353,000)

18,142,000

小計
Employees — In aggregate
僱員 — 合計

15 January 2026
二零二六年一月十五日
Total
總數

Note:

36

His resignation was effective from 1 April 2026.

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

附註：他的辭任於二零二六年四月一日起生效。

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. SHARE SCHEMES (Continued)
(i)

Share award scheme (Continued)

16. 股份計劃（續）
(i)

股份獎勵計劃（續）

Based on the fair value of the underlying ordinary shares, the

根據相關普通股的公允價值，本集團採用

Group uses the binomial model to determine the fair value of

二項式模型來確定授予日股票期權的公允

the share awards as of the grant date. Key assumptions are

價值。關鍵假設如下：

set as below:
Key assumptions —
Awards granted on
15 January 2026
關鍵假設
二零二六年一月十五日
授予之獎勵
HK$2.90–HK$3.19
港幣2.90–3.19

Fair value at grant date
授出日期的公允價值
Share price at grant date

HK$27.56

授出日期股票價格

港幣27.56

Purchase price

HK$27.56

購買價

港幣27.56
2.45%–2.46%

Risk-free interest rate
無風險利息率
Dividend yield

5.66%

股息收益率
25.21%–25.71%

Expected volatility (Note)
預期波幅率（附註）

2–3

Expected life (in years)
預期有效期（年）
Note:

The expected volatility, measured as the standard deviation of

附註：預期波動率，以預期股價回報的標準差

expected share price returns, is determined based on the

衡量，根據公司股票每週平均交易價格

average weekly trading price volatility of the shares of the

波動率確定。

Company.

恒安國際集團有限公司
二零二六年中期報告

37

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. 股份計劃（續）

16. SHARE SCHEMES (Continued)
(i)

Share award scheme (Continued)

(i)

股份獎勵計劃（續）

Share awards outstanding at the end of the period have the

在期末時未行使授予股份獎勵的到期日和

following expiry dates and exercise prices:

行使價如下：

Purchase

Expiry date —

到期日 —

14 January 2028
Expiry date —

到期日 —

price in

股份獎勵數目（千計）
31 December

HK$ per

30 June

share award

2026

2025

每股獎勵股份

二零二六年

二零二五年

的購買（港幣）

六月三十日

十二月三十一日

27.56

9,071

–

27.56

9,071

–

18,142

–

二零二八年一月十四日
二零二九年一月十四日

14 January 2029

Share awards (thousands)

The total amount of the fair value of share awards granted to

合資格僱員獲授恒安國際購股權的公允價

the Selected Employees is expensed over the vesting period.

值總金額在等待期間內確認為費用。截至

The Company’s share-based compensation expense for the

二零二六年六月三十日止的六個月，本公

six

to

司以股份為基礎之酬金費用為人民幣

RMB16,731,000, and the remaining unamortised fair value of

16,731,000元，而剩餘未經攤銷的公允值

approximately RMB32,563,000 will be charged to the

約若人民幣32,563,000元將來會確認在合

consolidated income statement in future periods.

併利潤表。

The maximum number of shares available for further grant

根據該計劃已授出之股份獎勵，可供進一

after considering the share awards already granted under the

步授出之股份上限為39,964,045股，有關

Scheme are 39,964,045, which are not more than 5% of the

數目不超過本公司於計劃獲批准當日之已

issued share capital of the Company as at the date of the

發行股本5% 。

months

ended

30

June

2026

amounted

approval of the Scheme.

(ii) Share option schemes

本公司於二零二一年五月十七日（二零二一

2021 (“2021 Scheme”). Pursuant to the 2021 scheme, share

年計劃）正式通過購股權計劃。根據這份計

options had been granted to the Directors and selected

劃，董事及經挑選的僱員獲授購股權。若

employees. The options granted will be forfeited if the

董事和僱員於行使日前辭職，購股權將失

Directors and employees leave the Group before the options

效。本集團並無法定或推定責任，以現金

are exercisable. The Group has no legal or constructive

購回或償付購股權。

obligation to repurchase or settle the options in cash.

38

(ii) 購股權計劃

The Company adopted share option schemes on 17 May

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. 股份計劃（續）

16. SHARE SCHEMES (Continued)

(ii) 購股權計劃（續）

(ii) Share option schemes (Continued)
Movements in the number of share options outstanding and

未行使的購股權數目及有關之加權平均行

their related weighted average exercise prices are as follows:

使價的變動如下：
2026

2025

二零二六年

二零二五年

Average

Average

exercise

exercise
price in

price in
HK$ per

Options

HK$ per

Options

share

(thousands)

share

(thousands)

每股平均

每股平均
行使價

行使價

（港幣）購股權千計

（港幣）購股權千計

At 1 January (audited)

於一月一日（已審計）

41.43

14,207

47.63

32,516

Lapsed or forfeited

已失效

41.48

(13,825)

41.48

(12,345)

Lapsed or forfeited

已失效

40.30

(6)

40.30

(108)

At 30 June (unaudited)

於六月三十日
40.30

376

51.45

20,063

（未經審核）
Out of the 376,000 outstanding options (31 December 2025:

於二零二六年六月三十日，在376,000份未

14,207,000), 376,000 options (31 December 2025:

行使的期權中（二零二五年十二月三十一

14,207,000) were exercisable as at 30 June 2026.

日：14,207,000份），376,000份期權可予行
使（二零二五年十二月三十一日：
14,207,000份）。

恒安國際集團有限公司
二零二六年中期報告

39

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. 股份計劃（續）

16. SHARE SCHEMES (Continued)

(ii) 購股權計劃（續）

(ii) Share option schemes (Continued)
Based on fair value of the underlying ordinary shares, the

根據相關普通股的公允價值，本集團採用

Group uses binomial model to determine the fair value of the

二項式模型來確定授予日股票期權的公允

share options as of the grant date. Key assumptions are set

價值。關鍵假設如下：

as below:
Key assumptions
關鍵假設

Fair value at grant date

授出日期的公允價值

Share price at grant date

授出日期股票價格

Exercise price

行使價

Risk free interest rate

無風險利息率

Dividend yield

股息收益率

Expected volatility (Note)

預期波幅率（附註）

Expected life (in years)

預期有效期（年）

Note:

Options granted

on 18 January

on 21 December

2022

2022

二零二二年

二零二二年

一月十八日

十二月二十一日

授予之期權

授予之期權

HK$2.63–HK$3.84 HK$4.01–HK$4.97
港幣2.63–3.84
港幣4.01–4.97
HK$38.65

HK$40.30

港幣38.65

港幣40.30

HK$41.48

HK$40.30

港幣41.48

港幣40.30

0.68%–1.22%

3.51%–4.05%

4.88%

5.83%

24%–25%
2–4

23%–25%
2–4

The expected volatility, measured as the standard deviation of

附註：預期波動率，以預期股價回報的標準差

expected share price returns, is determined based on the

衡量，根據公司股票每週平均交易價格

average weekly trading price volatility of the shares of the

波動率確定。

Company.

40

Options granted

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. 股份計劃（續）

16. SHARE SCHEMES (Continued)

(ii) 購股權計劃（續）

(ii) Share option schemes (Continued)
Share options outstanding at the end of the period have the

在期末時未行使購股權的到期日和行使價

following expiry dates and exercise prices:

如下：

Exercise

Options (thousands)

price in

購股權數（千計）

HK$ per

30 June

31 December

share option

2026

2025

每股購股權的

Expiry date —

到期日 —

17 January 2026
Expiry date —

二零二六年一月十七日
到期日 —

20 December 2026

二零二六年十二月二十日

行使價格

二零二六年

二零二五年

（港幣）

六月三十日

十二月三十一日

41.48

–

13,825

40.30

376

382

376

14,207

The total amount of the fair value of share options granted to

董事及經挑選的僱員獲授購股權的公允價

Directors and selected employees of the Group is expensed

值總金額在等待期間內確認為費用。截至

over the vesting period. The Company’s share-based

二零二六年六月三十日止的六個月，本公

compensation expense for the six months ended 30 June

司以股份為基礎之酬金費用為人民幣零元

2026 amounted to RMB: Nil (six months ended 30 June

（截止二零二五年六月三十日止六個月：人

2025: RMB897,000), and the remaining unamortised fair value

民幣897,000元），而剩餘未經攤銷的公允

of approximately RMB: Nil (2025: RMB912,000) will be

值約若人民幣零元（二零二五年：人民幣

charged to the consolidated income statement in future

912,000元）將來會確認在合併利潤表。

periods.
The maximum number of shares available for issue after

扣除已授出之購股權，根據二零二一年計

considering the share options already granted under the

劃可發行之股份數目上限為117,377,742

2021 Scheme are 117,377,742, which are not more than

股，此數字並未大於二零二一年該計劃被

10% of the issued share capital of the Company as at the

批准當日本公司所發行股本的10% 。

date of the approval of the 2021 Scheme.

恒安國際集團有限公司
二零二六年中期報告

41

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. SHARE SCHEMES (Continued)
(ii) Share option schemes (Continued)

16. 股份計劃（續）
(ii) 購股權計劃（續）

The subsidiary (the “Subsidiary”)

附屬公司（「附屬公司」）

At an extraordinary general meeting on 30 January 2024, the

於二零二四年一月三十日舉行之股東特別

shareholders of the Subsidiary approved the establishment of

大會上，附屬公司股東批准設立長期激勵

a Long-Term Incentive Plan (“LTIP”), comprising an

計劃（「 LTIP 」），計劃包含僱員購股權計劃

employees’ share option scheme and a Share Grant Plan

及股份授予計劃（「 SGP 」）。長期激勵計劃

(“SGP”). The LTIP is administered by the LTIP Committee

由LTIP委員會管理；該委員會由附屬公司

which is appointed by the Board of Directors of the

董事會依據《長期激勵計劃規則》委任。

Subsidiary in accordance with the LTIP By-Laws. The LTIP

LTIP有效期為5年，生效日期由二零二四年

was in force for a period of 5 years from the effective date of

二月二十七日起至二零二九年二月二十六

27 February 2024 to 26 February 2029.

日止。

No share option was granted under the share option scheme

附屬公司之購股權計劃於截至二零二六年

of the Subsidiary for the period ended 30 June 2026 and 30

六月三十日及二零二五年六月三十日止期

June 2025.

間，沒有授出任何購股權。

No share was granted under the SGP for the period ended

截至二零二六年六月三十日止期間，並無

30 June 2026.

根據SGP授出任何股份。

During the period ended 30 June 2025, the Subsidiary

截至二零二五年六月三十日止期間，附屬

granted 805,600 ordinary shares of the Subsidiary to the

公司授出805,600股普通股並透過轉讓庫存

eligible employees (including Executive Directors) of the

股份及發行新普通股，根據SGP向附屬公

Subsidiary and its subsidiaries under the SGP through

司及其附屬公司的合資格僱員（包括執行

transfer of treasury shares and issuance of new ordinary

董事）授出任何附屬公司普通股授出股份

shares. The granted shares were vested and transferred to

於授予後即歸屬並轉讓予承授人。

the grantees immediately.
As at 30 June 2026 and 31 December 2025, there are no

於二零二六年六月三十日及二零二五年

unvested share options/awards under the LTIP.

十二月三十一日，長期激勵計劃沒有未歸
屬股份期權獎勵。

42

The Subsidiary’s share-based compensation expense for the

附屬公司截至二零二六年六月三十日止六

six months ended 30 June 2026 amounted to RMB: Nil

個月以股份為基礎之補償開支為人民幣零

(2025: RMB642,000).

元（二零二五年：人民幣642,000元）。

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

17. INVESTMENTS ACCOUNTED FOR USING THE
EQUITY METHOD
The amounts recognised in the condensed consolidated statement

17. 採用權益法核算的投資
簡明合併資產負債表中確認的金額如下：

of financial position are as follows:
(Unaudited)

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

Investments in associates (a)

聯營企業(a)

12,845

15,524

Investment in a joint venture (b)

合營企營(b)

18,501

18,501

Total

合計

31,346

34,025

The details of investments in associates and a joint venture are as

對聯營企業和合營企業的投資詳情如下：

follows:

(a) 聯營企業

(a) Associates

RMB’000
人民幣千元
At 1 January 2026 (audited)

於二零二六年一月一日（經審核）

Share of results of associates

應佔淨獲利

140

Dividend received

已收股息

(2,725)

Exchange realignment

外幣折算差額

At 30 June 2026 (unaudited)

於二零二六年六月三十日（未經審核）

12,845

At 1 January 2025 (audited)

於二零二五年一月一日（經審核）

16,175

Share of results of associates

應佔淨獲利

200

Exchange realignment

外幣折算差額

(51)

At 30 June 2025 (unaudited)

於二零二五年六月三十日（未經審核）

15,524

(94)

恒安國際集團有限公司
二零二六年中期報告

16,324

43

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

17. INVESTMENTS ACCOUNTED FOR USING THE
EQUITY METHOD (Continued)

17. 採用權益法核算的投資（續）
(b) 合營企業

(b) Joint venture

RMB’000
人民幣千元
At 1 January 2026 (audited) and
30 June 2026 (unaudited)

於二零二六年一月一日（經審核）及
二零二六年六月三十日（未經審核）

18,501

At 1 January 2025 (audited)
Share of result of a joint venture

於二零二五年一月一日（經審核）
應佔淨損益

18,503
(3)

At 30 June 2025 (unaudited)

於二零二五年六月三十日（未經審核）

18,500

The particulars of the associates and a joint venture of the
Group as at 30 June 2026, all of which equity method is
used to account for, are set out as follows:
Place of
business/
country of
incorporation
註冊成立
國家╱地點

% of
ownership Nature of
interest relationship
本集團
應佔股權本質屬性關係

Particulars
of issued
share capital Principal activities

Sinolight (Jinjiang) Hygiene
Products Research Co.,
Ltd.*

Jinjiang, PRC

38.80% Associate

中輕（晉江）衛生用品研究
有限公司

晉江，中國

38.80% 聯營企業

RMB29,411,800 Research and
development of
personal hygiene
materials
人民幣研究和開發個人衛生
29,411,800
產品

Karrion Development
Limited (note (i))

Hong Kong,
PRC

50.00% Associate

嘉利安發展有限公司
（附註(i) ）

香港，中國

50.00% 聯營企業

Xiamen Anjian Real Estate
Operation Co., Ltd.*
(note (ii))
廈門安健不動產運營有限
公司（附註(ii) ）

Xiamen, PRC

50.00% Joint Venture

廈門，中國

50.00% 合營企業

Name of entity
公司名稱

*

44

於二零二六年六月三十日，按權益法列賬
之本集團聯合營企業詳情載列如下：

For identification purpose only
HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

繳足資本主要業務

HK$1,000,000 Development,
distribution,
wholesaling and
retailing of medical,
healthcare and
hygiene products
港幣1,000,000 開發、批發分銷、醫
葯、個人護理及衛
生產品零售
RMB37,000,000 Real estate
development and
operation
人民幣房地產發展及管理
37,000,000

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

17. INVESTMENTS ACCOUNTED FOR USING THE
EQUITY METHOD (Continued)
(b) Joint venture (Continued)

17. 採用權益法核算的投資（續）
(b) 合營企業（續）

Note:

附註：

(i)

(i)

The Group has significant influence over the relevant activities of

根據股東協議，嘉利安發展有限公司有關

Karrion Development Limited, as the major decisions regarding

活動之重大決策僅需各董事簡單多數票通

the relevant activities of Karrion Development Limited only

過，因此本集團對嘉利安發展有限公司的

require a simple majority of their respective directors according

相關活動具有重大影響力。

to the shareholders’ agreements.
(ii)

The Group has joint control over the relevant activities of Xiamen

(ii)

本集團對廈門安健不動產運營有限公司之

Anjian Real Estate Operation Co., Ltd, as the relevant activities

相關活動擁有共同控制權，原因為根據股

of Xiamen Anjian Real Estate Operation Co., Ltd require

東協議，廈門安健不動產運營有限公司之

unanimous consent according to the shareholders’ agreements.

相關活動須獲一致同意方可進行。

18. FINANCIAL INSTRUMENTS

18. 金融工具

Financial risk management objective and policies

財務風險管理及金融工具

The Group’s activities expose it to a variety of financial risks:

本集團的活動承受著多種的財務風險：市場風

market risk (including currency risk, fair value interest rate risk,

險（包括匯率風險、公允價值利率風險、現金流

cash flow interest rate risk and price risk), credit risk and liquidity

量利率風險及價格風險）、信用風險及流動性風

risk.

險。

The interim condensed consolidated financial information does not

中期簡明合併財務資料並未包括年度財務報表

include all financial risk management information and disclosures

規定的所有財務風險管理資訊和披露，此中期

required in the annual financial statements, and should be read in

簡明合併財務資料應與本集團截至二零二五年

conjunction with the Group’s annual financial statements as at 31

十二月三十一日止的年度合併財務報表一併閱

December 2025.

讀。

There have been no changes in the risk management policies

自去年底以來本集團的風險管理政策並無任何

since last year end.

變動。

Liquidity risk

流動性風險

Compared to the 31 December 2025, there was no material

與二零二五年十二月三十一日比較，金融負債

change in the contractual undiscounted cash out flows for

的合約未貼現現金流出並無重大變動。

financial liabilities.

恒安國際集團有限公司
二零二六年中期報告

45

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

18. 金融工具（續）

18. FINANCIAL INSTRUMENTS (Continued)
Financial risk management objective and policies
(Continued)

財務風險管理及金融工具（續）

Liquidity risk (Continued)

流動性風險（續）

The table below analyses the Group’s financial liabilities into

下表顯示本集團的金融負債，按照相關的到期

relevant maturity groupings based on the remaining period at the

組別，根據此報告期內至合約到期日的剩餘期

date of reporting period to the contractual maturity date. The

間進行分析。在表內披露的金額為合約性未貼

amounts disclosed in the table are the contractual undiscounted

現的現金流量。

cash flows.
Total
Less than
Between
Between
Between undiscounted
1 year 1 and 2 years 2 and 3 years 3 and 5 years
cash flows
未貼現的
少於一年
一年至二年
二年至三年
三年至五年
現金流
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
人民幣千元
人民幣千元

Borrowings
Trade and other payables
Lease liabilities

二零二六年六月三十日
（未經審核）
借款
應付賬款及其他應付款
租賃負債

21,246,323
2,888,775
19,702

94,438
–

125,076
–

–
–

9,075

2,324

Total

合計

24,154,800

103,513

At 31 December 2025 (Audited)
Borrowings
Trade and other payables
Derivative financial instruments
Lease liabilities

二零二五年十二月三十一日
（經審核）
借款
應付賬款及其他應付款
結算衍生工具淨額
租賃負債

15,729,349
3,651,421
14,360
18,424

Total

合計

19,413,554

At 30 June 2026 (Unaudited)

Carrying
amount
賬面值
RMB’000
人民幣千元

414

21,465,837
2,888,775
31,515

21,389,256
2,888,775
30,454

127,400

414

24,386,127

24,308,485

78,729
–
–

38,364
–
–

–
–
–

6,768

2,361

190

15,846,442
3,651,421
14,360
27,743

15,734,060
3,651,421
14,360
26,907

85,497

40,725

190

19,539,966

19,426,748

Fair value measurement of financial instruments

公允價值估量的金融工具

Some of the Group’s financial assets and financial liabilities are

本集團於各報告期末以公允價值入賬部份金融

measured at fair value at the end of each reporting period. The

資產及金融負債，下表按照公允價值的估值技

following table gives information about the level of the fair value

術中所運用到的輸入歸類為以下三層（第一層

hierarchy into which the fair value measurements are categorised

至第三層）。

(Levels 1 to 3) based on the degree to which the inputs to the
fair value measurements is observable.
•

Level 1 fair value measurements are those derived from quoted
prices (unadjusted) in active market for identical assets or
liabilities;

46

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

•

第一層以公允價值計量相同資產或負債來
自活躍市場中的報價（未調整）：

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

18. 金融工具（續）

18. FINANCIAL INSTRUMENTS (Continued)
Fair value measurement of financial instruments
(Continued)

公允價值估量的金融工具（續）

•

•

•

Level 2 fair value measurements are those derived from inputs

第二層以公允價值計量除了第一層所包括

other than quoted prices included within Level 1 that are

的報價外，該資產和負債的可觀察其他輸

observable for the asset or liability, either directly (i.e. as

入，可為直接（即價格）或間接（即源自價

prices) or indirectly (i.e. derived from prices); and

格）；及

Level 3 fair value measurements are those derived from

第三層以公允價值計量的資產或負債採用

•

valuation techniques that include inputs for the asset or

非依據可觀察市場資料的輸入（即非可觀

liability that are not based on observable market data

察輸入）。

(unobservable inputs).
The following table presents the Group’s financial instruments that

下表列示了本集團於六月三十日以公允價值計

are measured at fair value at 30 June.

量的金融工具。

At 30 June 2026 (Unaudited)

於二零二六年六月三十日

Financial assets

金融資產

Derivative financial instruments

衍生金融工具

At 31 December 2025 (Audited)

二零二五年十二月三十一日

Financial assets

金融資產

Derivative financial instruments

衍生金融工具

Financial liabilities

金融負債

Derivative financial instruments

衍生金融工具

Level 1

Level 2

Level 3

第一層

第二層

第三層

Total
總計

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

–

216,130

–

216,130

–

35,833

–

35,833

–

(14,360)

–

(14,360)

（未經審核）

（經審核）

During the six months ended 30 June 2026, there were no

截至二零二六年六月三十日止六個月期間，用

transfers between levels of the fair value hierarchy used in

於計量金融工具公允價值的各公允價值層級之

measuring the fair value of financial instruments, and also no

間並無重大轉移，金融資產或負債的重新分類

significant changes in the reclassification of financial assets or

亦無重大變動。

liabilities.

恒安國際集團有限公司
二零二六年中期報告

47

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

18. FINANCIAL INSTRUMENTS (Continued)

18. 金融工具（續）

Fair value measurement of financial instruments
(Continued)

公允價值估量的金融工具（續）

The fair value of financial instruments traded in active markets is

在活躍市場買賣的金融工具的公允價值根據資

based on quoted market prices at the date of reporting period. A

產負債表日的市場報價列賬。當報價可即時和

market is regarded as active if quoted prices are readily and

定期從證券交易所，交易商、經紀、業內人

regularly available from an exchange, dealer, broker, industry

士、定價服務者或監管代理獲得，而該等報價

group, pricing service, or regulatory agency, and those prices

代表按公平交易基準進行的實際和常規市場交

represent actual and regularly occurring market transactions on an

易時，該市場被視為活躍。市場報價為當時買

arm’s length basis. The quoted market price is the current bid

方報價。

price.
The fair value of financial instruments that are not traded in an

沒有在活躍市場買賣的金融工具的公允價值利

active market is determined by using valuation techniques. These

用估值技術釐定。估值技術盡量利用可觀察市

valuation techniques maximise the use of observable market data

場資料（如有），盡量少依賴主體的特定估計。

where it is available and rely as little as possible on entity specific

如計算一工具的公允價值所需的所有重大輸入

estimates. If all significant inputs required to fair value an

為可觀察資料，則該工具列入第2層。本集團以

instrument are observable, the instrument is included in level 2.

上的衍生金融工具為列入第2層的金融工具，其

The Group’s derivative financial instruments above are level 2

公允價值乃取決不同銀行的報價。

instruments and their fair value is determined with reference to
quotations provided by various banks.
If one or more of the significant inputs is not based on observable

如一項或多項重大輸入並非根據可觀察市場資

market data, the instrument is included in level 3. The Group did

料，則該工具列入第三層。截至二零二六年六

not have such instrument as at 30 June 2026 and 31 December

月三十日及二零二五年十二月三十一日，本集

2025.

團並沒有此等工具。

Fair value of the Group’s financial assets and financial
liabilities measured at amortised cost

本集團以成本攤銷計量金融資產及金融負債
之公允價值

The directors of the Company consider that the carrying amounts

本公司董事認為以成本攤銷計量的金融資產及

of financial assets and financial liabilities recorded at amortised

金融負債賬面值與報告期末的公允價值相若。

cost approximate their fair values at the end of the reporting
period.

48

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

19. 資本性承擔

19. CAPITAL COMMITMENTS
The Group had the following commitments contracted but not

本集團已簽約但未撥備之承擔如下：

provided for in respect of:
(Audited)

(Unaudited)
未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

Machinery and equipment

機器及設備

468,198

500,646

Leasehold land and buildings

租賃土地及樓宇

187,769

333,954

Total

合計

655,967

834,600

20. CONTINGENT LIABILITIES

20. 或然負債

At 30 June 2026, the Group had no material contingent liabilities

於二零二六年六月三十日，本集團並沒有重大

(31 December 2025: Nil).

的或然負債（二零二五年十二月三十一日：無）。

21. SIGNIFICANT RELATED PARTY
TRANSACTIONS

21. 重大關聯交易

Parties are considered to be related if one party has the ability,

倘個人、公司或集團在財務及營業決策上有能

directly or indirectly, to control the other party or exercise

力直接或間接控制另一方，或向另一方發揮重

significant influence over the other party in making financial and

大影響力，或當彼等受共同發揮重大影響力，

operation decisions. Parties are also considered to be related if

則該等個人或公司屬有關聯人士。

they are subject to common control.
(a)

During the period, the Group had no significant related party

(a)

於期內，本集團並沒有重大關聯交易；

transactions;
(b)

For the six months ended 30 June 2026, the key management

(b)

截至二零二六年六月三十日止六個月，主

compensation amounted to approximately RMB18,265,000

要管理層的酬金約為人民幣18,265,000元

(2025: RMB15,352,000).

（二零二五年：人民幣15,352,000元）。

22. SUBSEQUENT EVENT
Details of the interim dividend proposed are given in Note 8.

22. 期後事件
建議派發的中期股息詳情載於附註8。

恒安國際集團有限公司
二零二六年中期報告

49

Management Discussion and Analysis
管理層討論及分析

INDUSTRY DEVELOPMENT AND BUSINESS
REVIEW

行業發展及業務概覽

In the first half of 2026, the global economy continued to recover at a

二零二六年上半年，全球經濟在高利率環境、地緣

relatively slow pace amid the combined impact of a high-interest rate

政治不確定性以及能源供給衝擊的多重交織下，整

environment, geopolitical uncertainties, and energy supply shocks. In

體復甦步伐仍然偏緩。在「十五五」開局之年，中國

the opening year of the “15th Five-Year Plan”, China implemented

落實更加積極有為的宏觀政策，有效應對外部衝擊

more proactive and effective macroeconomic policies, effectively

挑戰，產業結構持續優化，延續向新向優的發展態

responding to external shocks and challenges. The industrial structure

勢，二零二六年上半年國內生產總值同比增長

continued to optimise, sustaining a momentum of innovation and

4.7% 。其中，消費市場實現穩定增長，社會消費品

qualitative upgrade, with China’s gross domestic product (“GDP”)

零售總額同比增長1.3% ，其中日用品類零售總額增

growing by 4.7% year-on-year in the first half of 2026. Within this

長4.4% 。面對複雜多變的市場環境，集團堅持盈利

context, the consumer market achieved stable growth, with total retail

導向，推動產品高端化及全渠道銷售佈局，穩步擴

sales of consumer goods increasing by 1.3% year-on-year, of which

大市場份額，並優化供應鏈管理，強化抗風險能

retail sales of daily necessities rose by 4.4%. Facing a complex and

力，實現業務穩健發展。

volatile market environment, the Group remained focused on
profitability, advancing product premiumisation and omni-channel
layout, steadily expanding its market share, while optimising supply
chain management and strengthening risk resilience to achieve stable
business development.
During the period, competition in the domestic household products

期內，國內生活用品市場競爭持續升溫。面對嚴峻

market continued to intensify. In the face of a challenging operating

經營環境，恒安緊抓個人護理產品升級需求及新零

environment, Hengan closely captured the demand for product

售渠道增長機遇，堅守穩定價格策略、深化產品高

upgrades in personal care and the growth opportunities arising from

端化及全渠道銷售佈局，並積極應對供應鏈波動，

new retail channels. By adhering to stable pricing strategies and

持續展現強大業務韌性，整體表現優於同業。激烈

deepening its product premiumisation and omni-channel layout, while

的市場促銷競爭致使銷售表現承壓，集團二零二六

actively managing supply chain fluctuations, the Group continued to

年上半年收入同比下跌6.1%至約人民幣

demonstrate strong business resilience, outperforming its industry

11,091,415,000元（二零二五年上半年：人民幣

peers. Intense promotional competition in the market put pressure on

11,808,232,000元）。二零二六年下半年，經營環境

sales performance, resulting in the Group’s revenue for the first half of

仍然充滿挑戰，但預期高端產品銷售貢獻持續穩步

2026

approximately

增長，有助進一步提升盈利能力，集團將透過優化

RMB11,091,415,000 (2025 first half: RMB11,808,232,000). Looking

全渠道銷售佈局、加強品牌推廣及適度投放促銷資

ahead to the second half of 2026, the operating environment will

源，致力保持全年收入平穩。

decreasing

by

6.1%

year-on-year

to

remain challenging. However, the sales contribution from premium
products is anticipated to sustain steady growth, supporting further
improvement in profitability. The Group will strive to maintain stable
full-year revenue by optimising its omni-channel layout, strengthening
brand promotion, and precisely deploying promotional resources.
The Group adapted to the new integrated online-offline consumption

集團順應線上線下融合的消費新模式，積極推動全

model and actively advanced its omni-channel strategy. During the

渠道銷售策略。期內，集團大力發展電商及新零售

period, the Group vigorously developed its e-commerce and new retail

渠道，包括即時零售、直播帶貨等新興渠道，為集

channels, including emerging platforms such as instant retail and live

團拓寬收入來源，期內電商及新零售銷售收入同比

streaming commerce, thereby broadening the Group’s revenue

增長4.6% ，銷售佔比為38.3%（二零二五年上半年：

streams. During the period, sales revenue from e-commerce and new

34.4% ）。另一方面，集團積極挖掘傳統渠道的新增

retail channels increased by 4.6% year-on-year, accounting for 38.3%

長點，銷售效益於衛生用品市場尤為顯著。另外，

of total sales (2025 first half: 34.4%). Concurrently, the Group

集團持續推動產品高端化並豐富產品組合，滿足消

proactively explored new growth drivers within traditional channels,

費者對產品功能性及附加值的更高要求，並提升品

50

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Management Discussion and Analysis
管理層討論及分析

with sales efficiency being particularly pronounced in the hygiene

牌形象，為長遠發展提供有力支撐。各重點高端產

products market. In addition, the Group continued to advance product

品包括「天山絨棉」衛生巾系列、「心相印」濕紙巾系

premiumisation and enrich its product portfolio to satisfy consumers’

列等，於期內保持良好的銷售勢頭，有效提升盈利

rising expectations for product functionality and added value, while

水平，加上集團新推出的「小暖心」東方棉衛生巾新

elevating its brand image to provide solid support for long-term

品及「向野而生」高端系列紙巾皆符合「價值消費」趨

development. Key premium products, including the “Tianshan Cotton”

勢，為集團整體收入注入動能。

(天山絨棉) sanitary napkin series and the “Hearttex” (心相印) wet wipe
series maintained strong sales momentum during the period, effectively
enhancing profitability. Furthermore, the Group’s newly launched
oriental cotton sanitary napkins “Petite Warm Heart” (小暖心) and the
“Embracing Nature” (向野而生) premium tissue series aligned with the
trend of “value consumption”, injecting new momentum into the
Group’s overall revenue growth.
During the period under review, easing raw material prices and a

回顧期內，原材料價格回落及高端高毛利產品佔比

higher proportion of premium high-margin products effectively offset

提升，有效抵消集團整體銷售跌幅對毛利的影響，

the impact of the overall sales decline, driving a year-on-year increase

致使集團二零二六年上半年整體毛利同比上升約

of approximately 2.7% in the Group’s overall gross profit to

2.7%至約人民幣3,913,599,000元（二零二五年上半

approximately RMB3,913,599,000 (2025 first half: RMB3,811,529,000).

年：人民幣3,811,529,000元），毛利率亦同比上升3

The Group’s gross profit margin also rose by 3 percentage points

個百分點至約35.3%（二零二五年上半年：32.3% ）。

year-on-year to approximately 35.3% (2025 first half: 32.3%). Looking

預期二零二六年下半年，受惠於原材料價格趨穩、

ahead to the second half of 2026, benefited from stabilising raw

集團原材料採購的規模優勢、以及高端高毛利產品

material prices, the Group’s scale advantages in raw material

的持續增長，集團對供應鏈風險的適應能力將隨之

procurement, and the continuous growth of premium and high-margin

提升，整體盈利能力可望保持穩健。

products, the Group expects to strengthen its supply chain resilience,
thereby sustaining stable overall profitability.
During the period, operating profit increased by 12.6% to

期內，經營利潤上升12.6%至人民幣約

approximately RMB1,979,290,000 (2025 first half: RMB1,757,339,000),

1,979,290,000元（二零二五年上半年：人民幣

mainly due to the improvement in the Group’s overall gross profit.

1,757,339,000元），主要是由於集團整體毛利改善所

Profit attributable to equity holders of the Company decreased by

致。公司權益持有人應佔利潤下跌約8.7%至約人民

approximately 8.7% to approximately RMB1,254,042,000 (2025 first

幣1,254,042,000元（二零二五年上半年：人民幣

half: RMB1,372,894,000). For the first half of 2026, the Group’s basic

1,372,894,000元）。二零二六年上半年，集團每股基

earnings per share was RMB1.104 (2025 first half: RMB1.206).

本收益為人民幣1.104元（二零二五年上半年：人民
幣1.206元）。

The Board of Directors declared an interim dividend of RMB0.70 per

董事會宣佈派發截至二零二六年六月三十日止期內

share (2025 first half: RMB0.70 per share) for the six months ended

之中期股息每股人民幣0.70元（二零二五年上半年：

30 June 2026, with a total payout of RMB813,485,000 (2025 first half:

每股人民幣0.70元），總派發金額為人民幣

RMB813,485,000), maintaining a stable dividend payout.

813,485,000元（二零二五年上半年：人民幣
813,485,000元），保持穩定的派息金額。

Hygiene Products (including Sanitary Napkins and
Disposable Diapers)

衛生用品業務（包括衛生巾及紙尿褲業務）

Consumption upgrading, population ageing, and evolving childcare

消費升級、人口高齡化及育兒觀念進步，持續為國

concepts continue to drive growth in China’s hygiene products market.

內衛生用品市場提供增長動力，但整體消費環境疲

However, a weak consumption environment and intensified industry

弱及行業競爭白熱化，加劇市場的價格壓力。與此

competition have increased pricing pressure. At the same time, higher

同時，鑒於消費者對性價比的更高要求，企業需在

恒安國際集團有限公司
二零二六年中期報告

51

Management Discussion and Analysis
管理層討論及分析

consumer expectations for value-for-money require companies to

品質提升與成本控制之間取得平衡。集團依託全渠

balance quality enhancement with cost control. Leveraging its omni-

道銷售的深化佈局、高端高毛利的產品組合，以及

channel expansion, premium high-margin product portfolio, and precise

促銷費用的精準投放，在充滿挑戰的市場環境中仍

deployment of promotional expenses, the Group maintained a leading

穩居領先地位。

position despite market challenges.
With the rapid adoption of new consumption models and increasing

新型消費模式迅速普及，渠道不斷碎片化，電商與

channel fragmentation, e-commerce and emerging retail channels are

新興零售蓬勃發展。集團積極把握趨勢，加快多元

flourishing. The Group actively capitalised on these trends by

渠道佈局，並持續強化傳統渠道優勢。期內，國內

accelerating multi-channel deployment while continuously strengthening

品牌持續以進取的促銷策略搶佔市場份額，對集團

its advantages in traditional channels. During the period, domestic

衛生用品銷售構成壓力，紙尿褲產品尤為承壓，致

brands aggressively deployed promotional strategies to seize market

集團二零二六年上半年衛生用品業務銷售收入錄得

share, which exerted pressure on the Group’s hygiene products sales,

跌幅約2.8%至約人民幣3,212,539,000元（二零二五

particularly within the disposable diaper segment. Consequently, the

年上半年：人民幣3,303,839,000元），佔整體收入約

Group’s sales revenue from the hygiene products business for the first

29.0%（二零二五年上半年：28.0% ）。集團衛生用品

half of 2026 recorded a decline of approximately 2.8% year-on-year to

業務高端化與品牌建設取得顯著成效，高端系列「天

approximately RMB3,212,539,000 (2025 first half: RMB3,303,839,000),

山絨棉」及「褲型」持續熱銷。預期二零二六年下半

accounting for approximately 29.0% of the Group’s overall revenue

年，縱使市場競爭持續，在去年的低基數、高端高

(2025 first half: 28.0%). Nevertheless, the Group’s premiumisation and

毛利產品佔比持續提升、品牌年輕化及全渠道銷售

brand-building initiatives for its hygiene products business achieved

帶動下，集團全年衛生用品業務收入有望保持平穩。

remarkable success, as evidenced by the sustained strong sales of its
premium series “Tianshan Cotton” and “Pant-style”. Looking ahead to
the second half of 2026, despite persistent market competition, the
full-year revenue of hygiene products business is expected to stay
stable, underpinned by last year’s low base, a higher premium and
high-margin product mix, brand rejuvenation, and omni-channel
momentum.
During the period, the continued sales growth of premium high-margin

期內，高端高毛利產品系列「天山絨綿」及「褲型」銷

products series “Tianshan Cotton” and “Pant-Style”, together with the

售持續提升，加上原材料價格下跌，抵銷了衛生用

drop in raw material prices, offset the decline in hygiene products

品銷售下跌，帶動二零二六年上半年衛生用品業務

sales, leading to an increase in the hygiene products business’s gross

的毛利率改善至約58.5%（二零二五年上半年：

profit margin to approximately 58.5% for the first half of 2026 (2025

57.3% ）。集團將依託採購規模優勢、全渠道銷售效

first half: 57.3%). The Group will leverage on its scale advantage in

益及高端高毛利產品佔比提升，有效緩解供應鏈波

procurement, omni-channel sales efficiencies, and an expanding share

動帶來的成本壓力。

of premium and high-margin products to effectively mitigate the cost
pressures brought by supply chain fluctuations.
Aligning with consumers’ rising demands for high-quality and value-for-

順應消費者對高質量及性價比產品日益提升的需

money products, Hengan accelerated its product upgrades and

求，恒安加速產品升級和高端化佈局，集團「七度空

premiumisation. During the period, the Group’s premium sanitary

間」品牌高端衛生巾系列期內銷售表現理想，採用

napkin series under the “Space 7” (七度空間) brand delivered solid

天山雪域的稀缺純淨長絨棉的高端衛生巾系列「天

sales performance. The premium sanitary napkin series “Tianshan

山絨棉」，期內銷售額同比增加約15.8%至人民幣3.3

Cotton” (天山絨棉), made with scarce and pure long-staple cotton

億元，「褲型」系列衛生巾產品期內銷售額達約人民

from the snowy Tianshan Mountains, recorded a year-on-year sales

幣3.9億元，同比增長約23.0% 。「七度空間」年初亦

growth of approximately 15.8% to RMB330 million during the period.

煥新推出小暖心東方棉日安褲，採用微膠囊技術提

Meanwhile, sales of the “Pant-Style” sanitary napkin series reached
approximately RMB390 million during the period, representing a year-

52

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Management Discussion and Analysis
管理層討論及分析

on-year growth of approximately 23.0%. At the beginning of the year,

煉八珍本草藥芯，對東方敏感肌更友善，並能緩解

“Space 7” also rejuvenated its lineup with the launch of the “Little

經期不適，提升健康附加值。集團相信，升級及高

Warm Heart” Oriental Cotton Day Pants (小暖心東方棉日安褲). This

端版的「七度空間」系列衛生巾產品將持續貢獻可觀

product incorporates microcapsule technology with herbal extracts

收入，有助於集團擴大市場份額並提升業務毛利

designed for Asian sensitive skin and to alleviate menstrual discomfort,

率，進一步增強衛生用品業務盈利能力。

enhancing health-related value. The Group believes that the upgraded
and premium versions of the “Space 7” sanitary napkin series will
continue to contribute substantial revenue, helping the Group expand
its market share, elevate its gross profit margin, and further strengthen
the profitability of its hygiene products business.
For the disposable diaper business, “Q • MO”’s core products “Royal

在紙尿褲業務，「 Q • MO 」核心產品「皇家至柔」及

Supreme Softness” (皇家至柔) and “Royal Cloud Softness” (皇家雲柔)

「皇家雲柔」全新升級，產品柔軟度大幅提升，消費

received a brand-new upgrade, significantly enhancing product

者體驗也極大提升。還推出「甜夢星河」紙尿褲系

softness and greatly improving the consumer experience. “Q • MO”

列，積極佈局細分場景市場，助力集團把握增長機

also launched “Sweet Dream” (甜夢星河) disposable diaper series,

遇。期內，「 Q • MO 」銷售額達約人民幣2.9億元，為

actively expanding into niche market segments, thereby helping the

集團衛生用品收入提供支撐。此外，集團成人紙尿

Group capitalise on growth opportunities. During the period, sales

褲業務亦受惠於國內成人失禁用品市場規模日益壯

revenue of “Q • MO” reached approximately RMB290 million, providing

大，滲透率持續上升。成人紙尿褲「安而康」品牌「勇

support for the Group’s hygiene products revenue. In addition, the

闖變老」為核心品牌主張，突破傳統功能導向，升級

Group’s adult disposable diaper business also benefited from the

至「情緒共鳴」，獲得各界高度肯定。期內，成人紙

expanding domestic market and increasing penetration of adult

尿褲銷售額達約人民幣1.62億元，按年增長約1.0% 。

incontinence products. The Group’s adult diaper brand, “ElderJoy” (安
而康), with its core brand proposition “Brave Ageing” (勇闖變老),
breaks away from traditional function-oriented positioning, elevating the
brand to one of emotional resonance. This innovative approach has
received high recognition from various sectors. During the period,
sales of the Group’s adult diapers reached approximately RMB162
million, representing a year-on-year increase of approximately 1.0%.
As essential daily necessities, China’s hygiene products market

作為生活必需品，中國衛生用品市場持續擴容，行

continues to expand, with the industry at a critical stage of structural

業處於轉型升級與規範化發展的關鍵階段，集團將

transformation, upgrading, and standardised development. The Group

繼續開發高品質產品，優化新零售渠道，鞏固傳統

will continue to develop high-quality products, optimise new retail

渠道增長，推動長期發展並鞏固領先地位。此外，

channels, strengthen growth in traditional channels, and promote long-

集團將繼續以高端化戰略雙線發展嬰幼兒市場及成

term development while consolidating its leading position. In addition,

人健康護理市場，並加強與母嬰店、養老院及醫院

the Group will pursue a dual high-end strategy across both the infant

合作，支持成人健康護理產品業務的長遠發展。

and adult health care markets, while deepening cooperation with
maternity stores, elderly care centres, and hospitals to support the
sustainable growth of its adult health care products business.

Tissue Paper

紙巾業務

Rising health awareness, consumption upgrading, and diversified

健康意識提升、消費升級與多元需求共同拉動高端

consumer needs are driving demand for premium and functional tissue

及功能性紙巾需求增長，疊加低滲透率與新零售增

products. Combined with relatively low penetration and incremental

量空間，行業增長前景廣闊。期內，國內紙巾市場

opportunities from new retail channels, the industry has strong growth

促銷競爭加劇，集團維持穩定的定價策略，多方面

potential. During the period, promotional competition in the domestic

平衡效益及利潤，銷售表現因而承壓，乾紙產品及

tissue paper market intensified. As the Group maintained a stable

電商渠道的價格壓力尤為顯著，導致期內紙巾業務

恒安國際集團有限公司
二零二六年中期報告

53

Management Discussion and Analysis
管理層討論及分析

pricing strategy while balancing returns and profitability across multiple

銷售同比下跌約5.9%至約人民幣6,747,049,000元

fronts, its sales performance was consequently under pressure, with

（二零二五年上半年：人民幣7,173,700,000元）。得

price pressures within the dry tissue segment and e-commerce

益於「價值競爭」、品類多元化及全渠道銷售策略，

channels being particularly pronounced. This resulted in a year-on-year

集團的市場份額持續領先。紙巾業務銷售佔集團整

decline of approximately 5.9% in sales from the tissue paper business

體收入約60.8%（二零二五年上半年：60.8% ）。預期

to approximately RMB6,747,049,000 during the period (2025 first half:

二零二六年下半年，行業整合有望促使價格競爭降

RMB7,173,700,000). Benefiting from its focus on “value competition”,

溫，高端優質紙巾需求將持續增長，集團將持續提

product diversification, and omni-channel strategies, the Group

升高端產品的滲透率及優化渠道銷售佈局，預期紙

sustained its market leadership position. Sales of the tissue paper

巾業務全年收入將持平至略低。

business accounted for approximately 60.8% of the Group’s total
revenue (2025 first half: 60.8%). Looking ahead to the second half of
2026, industry consolidation is expected to ease price competition,
while the demand for premium and high-quality tissues will continue to
grow. The Group will continuously increase the penetration rate of its
premium products and optimise its sales channel layout, with the fullyear revenue of tissue paper business projected to be stable to slightly
lower.
During the period, relatively low wood pulp prices reduced tissue cost

期內，木漿價格處於較低位，紙巾成本壓力減輕，

pressures, and together with an increased share of premium highmargin tissue products, effectively offset the decline in sales, leading to

加上較高毛利的高端紙巾產品佔比擴大，有效抵消
銷售下跌，帶動二零二六年上半年紙巾產品毛利率

an improvement in the gross profit margin of tissue paper products to
approximately 24.9% for the first half of 2026 (2025 first half: 21.9%).

改善至約24.9%（二零二五年上半年：21.9% ）。預期
二零二六年下半年，木漿價格保持穩定，集團將持

Looking ahead to the second half of 2026, wood pulp prices are
anticipated to remain stable. The Group will continuously increase the

續提升高端產品銷售佔比，為紙巾業務的盈利能力
打好基礎。

sales mix of premium products to solidify the profitability of the tissue
paper business.
Responding to the trends of “value consumption” and personalised
experiences, the market’s elevated requirements for product
functionality, added value, and quality have driven the sales of highquality innovative products, resulting in the prominent sales
performance of the Group’s upgraded and premium tissue products.
Leveraging its top-tier research and development and marketing
teams, the Group continuously optimised its tissue paper product
portfolio through quality enhancement, functional and value upgrades,
product diversification, intellectual property (IP) collaborations, and
packaging upgrades.

因應「價值消費」及個人化體驗趨勢，市場對產品功
能、附加值與品質要求提升，驅動高品質創新產品
銷售，集團升級及高端紙巾產品銷售表現突出。集
團憑藉頂尖的研發及市場營銷團隊，從品質、功能
及附加值提升、品類多元化、IP聯乘及包裝升級等
方向持續優化紙巾產品組合。

The “Fluffy Cube” (絨立方) series is the first domestic tissue paper to
adopt the globally recognised high-quality Through-Air Dried (“TAD”)
technology, delivering revolutionary enhancements in both comfort and
practicality. In addition, the “Embracing Nature” (向野而生) series
launched under the Group’s “Hearttex” (心相印) brand features 100%
virgin wood pulp and a four-ply soft, thick embossing technology.
Combined with a top-tier global luxury fragrance master team to
create a close-to-nature sense of relaxation, the series also boasts
functional upgrades such as remaining strong when wet and refined
without layer separation, thereby enhancing both its convenience and

「絨立方系列」為國內首款採用世界公認的高品質
TAD空氣流乾燥技術的紙巾，舒適性和實用性皆具
顛覆式提升。另外，集團心相印品牌推出的「向野而
生」系列，採用100%原生木漿和四層柔厚壓花技
術，結合全球頂奢香氛大師團隊打造親近自然的鬆
弛感，兼具濕水不易破、精緻不分層等功能升級，
提升其便捷性和舒適度。

comfort.

54

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Management Discussion and Analysis
管理層討論及分析

Furthermore, “Hearttex” joined hands with renowned IPs such as

心相印又攜手三麗鷗、大耳狗等著名IP推出聯名紙

Sanrio and Cinnamoroll to launch co-branded tissues, resonating with

巾款式，為年輕消費群體帶來共鳴，提升用戶購物

younger consumers and enhancing emotional engagement. The

的附帶情緒價值。集團高端紙巾系列亦將品類拓展

Group’s premium tissue series also expanded its offerings into

至棉柔巾等品類，全方位照顧消費者多場景紙巾需

categories such as cotton soft towels, comprehensively catering to

求。

consumers’ tissue paper demands across diverse usage scenarios.
Furthermore, the Group continued to enrich its diversified wet wipe

此外，集團持續豐富多元化的濕紙巾產品組合，加

product portfolio, accelerating its penetration into wet wipe market

快滲透濕廁紙、嬰兒濕巾、家庭清潔濕巾及濕敷巾

segments such as flushable wipes, baby wipes, household cleaning

等濕紙巾細分市場，持續拓展市場覆蓋。期內，集

wipes, and facial masking sheets, thereby continuously expanding its
market coverage. During the period, the Group precisely captured

團精準洞察多場景及多年齡層需求，推出升級濕巾
矩陣，心相印風油巾以 –4.2ºC冰感黑科技清除戶外

demands across diverse usage scenarios and age groups by launching

黏膩異味；心相印Baby系列亦推出純水濕市及濕廁

an upgraded wet wipe matrix. The “Hearttex” cooling wipe features a
“–4.2ºC ice-cool black technology” to eliminate stickiness and odours,

紙，依託EDI 10重淨化工藝，專為嬰兒嬌嫩膚質設

while the “Hearttex” Baby series introduced purified water wipes and

組合，期內濕紙巾銷售上升3.1%至約人民幣

flushable wipes using an “EDI 10-stage purification process”

550,078,000元（二零二五年上半年：人民幣

specifically designed for infants’ delicate skin, significantly enhancing

533,327,000元），佔紙巾業務銷售比例提升至約

product purity. Benefiting from the continuously upgraded product

8.2%（二零二五年上半年：7.4% ），濕紙巾持續為集

portfolio, sales of wet wipes rose by 3.1% year-on-year to

團收入注入增長動力。此外，作為紙巾業務中毛利

approximately RMB550,078,000 during the period (2025 first half:

率最高且盈利能力甚佳之產品，濕紙巾持續驅動紙

RMB533,327,000). Its sales contribution to the tissue paper business

巾業務毛利率改善，並提升集團整體盈利能力。隨

increased to approximately 8.2% (2025 first half: 7.4%), with wet wipes

著高端及個性化衛生用品需求持續釋放，濕紙巾業

continuously injecting growth momentum into the Group’s revenue. In

務將保持快速增長，集團將繼續緊握市場機遇，不

addition, as the highest-margin and highly profitable product within the

斷擴大國內市場份額，進一步鞏固領先優勢。

計，顯著提升產品純淨度。得益於持續升級的產品

tissue paper business, wet wipes continuously drove the segment’s
gross profit margin expansion and enhanced the Group’s overall
profitability. As the demand for premium and personalised hygiene
products continues to grow, the wet wipes business is expected to
maintain rapid growth. The Group will continue to seize market
opportunities, continuously expand its domestic market share, and
further consolidate its leading advantages.
Driven by consumption upgrading and scenario-specific product

受消費升級與場景化細分產品推動，紙巾在電商平

segmentation, the sales of tissue paper on e-commerce platforms

台的銷售額持續擴張，其中濕紙巾的增速尤為突

continued to expand, with wet wipes demonstrating particularly strong

出。集團加強紙巾的線上銷售，積極簽約代言人，

growth. The Group strengthened the online sales of its tissue paper,

並煥新推出各項IP聯名紙巾系列，增強產品在電商

actively signed brand ambassadors, and rejuvenated its lineup with

對年輕消費群的吸引力，拓展品牌佈局。期內，紙

various co-branded IP tissue series, thereby enhancing the products’

巾業務於電商及新零售渠道的佔比為約41.4% ，助

appeal to young consumer segments on e-commerce platforms and

力國內市佔率持續攀升。

expanding its brand layout. During the period, the revenue contribution
from e-commerce and new retail channels accounted for
approximately 41.4% of the tissue paper business, supporting a
continued increase in the Group’s domestic market share.
The Group will focus on the research and development of high-quality

集團未來將專注高質量產品研發，並持續為現有產

products, while continuously upgrading and expanding its existing

能項目進行改建及擴建，優化生產效率，以抓緊國

production capacity projects to optimise production efficiency. This will

內生活用紙增長機遇，穩固行業龍頭地位。期內，

恒安國際集團有限公司
二零二六年中期報告

55

Management Discussion and Analysis
管理層討論及分析

enable the Group to capitalise on growth opportunities in the domestic

年產能提升至約為184.5萬噸，為未來業務增長作前

household paper market and reinforce its leading position in the

瞻性佈局。

industry. During the period, the Group’s annual production capacity
was elevated to approximately 1,845,000 tonnes, making a forwardlooking layout for future business growth.

其他收入

Other Income
The Group’s other income mainly includes revenue from raw material

其他收入主要包括原材料貿易業務收入、家居用品

trading

and

業務收入及國際業務發展收入。期內，其他收入同

international business development. During the period, other income

比下跌約14.9%至約人民幣1,131,827,000元（二零

decreased by approximately 14.9% year-on-year to approximately

二五年上半年：人民幣1,330,693,000元）。

business,

the

household

products

business,

RMB1,131,827,000 (2025 first half: RMB1,330,693,000).

Household Products

家居用品業務

During the period, revenue from the household products business was

期內，家居用品業務收入為約人民幣174,431,000元

approximately RMB174,431,000 (2025 first half: RMB145,786,000),

（二零二五年上半年：人民幣145,786,000元），同比

representing a year-on-year increase of approximately 19.6% and

上升約19.6% ，佔集團收入約1.6% 。

accounting for approximately 1.6% of the Group’s revenue.
In recent years, the Group’s “Hearttex” household product brand has

近年，集團旗下「心相印」的家居用品品牌持續拓闊

continuously expanded its product range, successively launching items

產品類型，先後推出膠袋（包括垃圾袋及即棄手

such as plastic bags (including garbage bags and disposable gloves),

套）、食物保鮮膜、紙杯等。聲科集團及其附屬公司

food wrap film, and paper cups. Sunway Kordis and its subsidiaries

擁有出口至海外的銷售渠道（包括澳洲及亞洲市

possess sales channels for exporting products to overseas markets

場），集團將會繼續善用這些海外銷售網絡，帶領恒

(including Australia and Asia). The Group will continue to capitalise on

安的優質產品登上國際大舞台。

the overseas sales networks to bring Hengan’s high-quality products to
the global stage.

International Business Development
International business development revenue primarily includes finished
products and raw paper export operations, business related to medical
products and income from Malaysia’s Wang-Zheng Group. In the first
half of 2026, turnover of international business development was
approximately RMB753,213,000 (2025 first half: RMB742,347,000),
accounting for approximately 6.8% of the Group’s overall sales (2025
first half: 6.3%), of which the revenue from finished products and raw
paper export operations and business related to medical products
were RMB427,694,000 and RMB47,726,000, respectively (2025 first

國際業務發展
國際業務發展收入主要包括成品及原紙出口業務，
醫療產品業務以及馬來西亞皇城集團業務。二零
二六年上半年，其總收入為約人民幣753,213,000元
（二零二五年上半年：人民幣742,347,000元），佔集
團整體銷售的比例約6.8%（二零二五年上半年：
6.3% ）。其中，成品及原紙出口業務及醫療產品收
入分別錄得人民幣427,694,000元及人民幣
47,726,000元（二零二五年上半年：人民幣
422,301,000元及人民幣62,102,000元）。

half: RMB422,301,000 and RMB62,102,000).
The Group’s Wang-Zheng Group business in Malaysia saw a steady
development during the period and its turnover increased by 7.7%
year-on-year to approximately RMB277,794,000 (2025 first half:
RMB257,944,000) accounting for approximately 2.5% of the Group’s
overall sales (2025 first half: 2.2%). Wang-Zheng Group is principally
engaged in investment holding and the manufacturing and processing
of fiber-based products, which include adult and baby disposable
diapers, and tissue products, cotton products and processed papers.
Its brands include “P Love” adult disposable diapers, “Carina” personal

56

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

集團旗下位於馬來西亞的皇城集團業務於期內穩步
發展，錄得營業額人民幣277,794,000元（二零二五
年上半年：人民幣257,944,000元），同比上升約
7.7% ，佔集團整體銷售的比例約2.5%（二零二五年
上半年：2.2% ）。皇城集團主要從事投資控股以及
生產及加工纖維制品，包括成人及嬰兒紙尿褲和紙
巾產品、棉製品及加工紙。旗下品牌包括「 P Love 」
成人紙尿褲及「 Carina 」個人衛生產品。集團以馬來

Management Discussion and Analysis
管理層討論及分析

hygiene products. The Group leverages on the Malaysian Wang-Zheng

西亞皇城集團作為據點，將恒安紙巾及成人紙尿褲

Group as its base to bring Hengan’s tissue and adult disposable

產品透過皇城集團帶進東南亞市場。

diapers products into the Southeast Asian market.
In the future, the Group will continue to upgrade its existing

集團未來將會繼續升級現有皇城產品，研發並推出

Wang-Zheng products, develop and launch more high-quality products

更多皇城品牌的高質量產品，進一步提升在馬來西

under the Wang-Zheng brand and further increase its market share in

亞以至東南亞市場的佔有率。

Malaysia and Southeast Asia.

E-commerce and New Retail Channel Strategies

電商及新零售渠道

Consumption channels continue to fragment with emerging formats

消費渠道持續碎片化，直播帶貨、即時零售等新業

such as livestreaming e-commerce and instant retail experiencing rapid

態蓬勃發展，帶動國內電商及新零售渠道的銷售額

growth, driving up the sales and penetration of domestic e-commerce

與滲透率快速攀升，已成驅動市場增長的新引擎。

and new retail channels, which have become a new engine of market

根據國家統計局，二零二六年上半年全國實物商品

growth. According to the National Bureau of Statistics of China,

網上零售額達人民幣10.1萬億元，同比增長5.2% 。

national online retail sales of physical goods reached RMB10.1 trillion

為加速品牌年輕化並擴大年輕客群覆蓋，集團積極

in the first half of 2026, up 5.2% year-on-year. To accelerate brand

開拓電商及其他新零售渠道，探索多元銷售及推廣

rejuvenation and expand coverage of younger customer segment, the

模式，優化全渠道銷售佈局。期內，集團針對不同

Group actively developed e-commerce and other new retail channels,

品牌在新渠道開展高質量產品推廣，並精準投放促

explored diverse sales and promotion models, and optimised its omni-

銷資源，進一步提升線上及新零售渠道的品牌知名

channel layout. During the period, the Group launched high-quality

度的同時，有效強化產品溢價能力，持續壯大市場

product promotions for different brands across new channels and

份額。

precisely allocated its promotional resources, further enhancing brand
awareness in online and new retail channels while effectively
strengthening product premium capability and continuously expanding
market share.
To cater for new consumption trends, the Group has focused on

為迎合消費新趨勢，集團自去年著力發展即時零售

developing its instant retail business since last year. Instant retail

業務，即時零售為貨品補給及應急需求提供更便捷

provides more convenient solutions for product replenishment and

的解決方案，實現「小時級」的配送服務，符合集團

urgent needs by offering delivery services within hours, aligning well

剛需品類高頻消費、快速週轉的特性。雖然相關業

w ith

turno v e r

務仍處於起步階段，但集團相信，新渠道拓展將為

characteristics of the Group’s essential product categories. Although

整體銷售注入新的增長動力，有助於提升集團的市

this business is still at an early stage, the Group believes that the

場佔有率。

th e

h igh - fre q ue nc y

c onsump t i on

a nd

ra pi d

expansion of new channels will inject fresh growth momentum into
overall sales and help enhance the Group’s market share.
In the first half of 2026, the Group’s e-commerce and new retail

二零二六年上半年，集團電商及新零售渠道（包括

channels (including Retail Integrated and New Channel) maintained

零售通及新通路）保持穩健發展勢頭，期內銷售收

steady growth momentum, with sales during the period increasing by

入增長約4.6%至超過人民幣42.5億元（二零二五年

approximately 4.6% to over RMB4.25 billion (2025 first half:

上半年：約人民幣40.6億元），而且佔集團整體銷售

approximately RMB4.06 billion), and its proportion of the Group’s total

比例亦上升至約38.3%（二零二五年上半年：

sales also rising to approximately 38.3% (2025 first half: 34.4%).

34.4% ）。期內，電商及新零售渠道對紙巾業務、衛

During the period, the sales contribution of e-commerce and new retail

生用品業務的銷售貢獻，分別約41.4%及約40.9% ，

channels to the tissue paper business and hygiene products business

未來新零售渠道的佈局及銷售結構可望進一步優

was approximately 41.4% and approximately 40.9% respectively.

化，推動集團盈利的持續提升。

Going forward, the layout and sales structure of new retail channels
are expected to be further optimised, driving continuous improvement
in the Group’s profitability.
恒安國際集團有限公司
二零二六年中期報告

57

Management Discussion and Analysis
管理層討論及分析

Looking ahead, the Group will closely align with e-commerce and new

未來，集團將緊貼電商與新零售趨勢，拓展品牌旗

retail trends, expanding its brand flagship stores and emerging

艦店及新興渠道（如抖音），提升數據分析能力並擴

channels (such as Douyin) to enhance data analytics capabilities and

大消費群覆蓋。集團通過直播與社群活動加強與年

broaden its consumer base. By leveraging live-streaming and social

輕群體互動，並委任人氣藝人為旗下品牌的代言人

communities, the Group is enhancing its resonance with young

提升品牌影響力。集團將持續提高在電商及新零售

consumers. The appointment of popular celebrities as the brand

渠道的市場份額，為未來增長注入動力。

ambassadors of the various brands further enhances the Group’s
brand influence. Moving forward, the Group will continue to increase
its market share in e-commerce and new retail channels, thereby
injecting momentum into future growth.

Selling and Administrative Expenses

銷售及行政費用

During the period, the Group moderately increased its investment in

集團於期內適度加大數字化、品牌營銷及新渠道

digitalisation, brand marketing, and new channel development to seize

發展的投入，以把握市場機遇，全面推廣集團主

market opportunities and comprehensively promote its core products,

推產品，集團於期內的銷售及行政費用為約

the Group’s selling and administrative expenses for the period

人民幣2,671,618,000元（二零二五年上半年：

amounted to approximately RMB2,671,618,000 (2025 first half:

人民幣2,613,085,000元），同比上升約2.2% 。受

RMB2,613,085,000), representing a year-on-year increase of

期內收入下跌影響，銷售及行政費用佔整體收入比

approximately 2.2%. Impacted by the decline in revenue during the

例上升至約24.1%（二零二五年上半年：22.1% ）。集

period, the ratio of selling and administrative expenses to total revenue

團相信透過精準銷售費用投入，該等費用佔收入比

increased to approximately 24.1% (2025 first half: 22.1%). The Group

例預計二零二六年下半年會有所改善。

believes that through precise allocation of selling expenses, the ratio of
expenses to revenue is expected to improve in the second half of
2026.

Foreign Currency Risks

外匯風險

Most of the Group’s income is denominated in Renminbi. During the

集團大部份收入以人民幣結算。期內，人民幣兌美

period, Renminbi appreciated against the U.S. dollar and the H.K.

元及港幣的匯率升值，因此集團錄得總匯兌虧損約

dollar. The Group recorded total exchange loss of approximately

人民幣196,387,000元，而二零二五年上半年錄得總

RMB196,387,000, compared to total exchange gain of approximately

匯兌收益人民幣73,200,000元。

RMB73,200,000 in the first half of 2025.
As at 30 June 2026, apart from certain forward foreign exchange

截至二零二六年六月三十日，除了與某些大型商業

contract and foreign exchange option contract entered into with certain

銀行訂立的遠期外匯合約及外匯期權合約外，本集

large commercial banks, the Group had not issued any significant

團並沒有發行任何重大金融工具或訂立任何重大合

financial instruments or entered into any significant contracts for

約作外匯用途。

foreign currency hedging purposes.

Liquidity, Financial Resources and Bank Loans

流動資金、財務資源及銀行貸款

The Group has always maintained a solid financial position. As at 30

集團一直保持穩健的財政狀況。於二零二六年六月

June 2026, the Group’s cash and bank balances, long-term time

三十日，集團共有現金及銀行存款、長期銀行存款

deposits and restricted bank deposits amounted to approximately

和有限制銀行存款約人民幣27,833,280,000元（二零

RMB27,833,280,000 (31 December 2025: RMB22,625,689,000); and

二五年十二月三十一日：人民幣22,625,689,000

bank borrowings and other borrowings amounted to approximately

元），銀行貸款及其他貸款共約人民幣

RMB21,389,256,000 (31 December 2025: RMB15,734,060,000).

21,389,256,000元（二零二五年十二月三十一日：人
民幣15,734,060,000元）。

58

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Management Discussion and Analysis
管理層討論及分析

In 2023 and 2025, the Group successfully registered corporate bonds

集團分別於二零二三年及二零二五年成功註冊總額

in an aggregate amount of not more than RMB10 billion and super

不超過人民幣100億元公司債券及總額不超過人民

short-term commercial papers in an aggregate amount of not more

幣75億元的超短期融資券。二零二六年上半年，集

than RMB7.5 billion, respectively. In the first half of 2026, the Group

團完成發行共三批超短期融資券，總額為人民幣50

completed the issuance of three batches of super short-term

億元，票面利率為每年1.68%至1.81% ，為期179日

commercial papers in an aggregate amount of RMB5 billion with a

至183日。所得款項擬用作補充集團及其附屬公司

coupon rate ranging from 1.68% to 1.81% per annum and a tenor

的營運資金及償還其債務。

ranging from 179 days to 183 days. The proceeds from the issuance
are intended to be used to supplement the working capital of the
Group and its subsidiaries and to repay their debts.
The bank borrowings and other borrowings were subject to floating

銀行貸款及其他貸款的年利息率浮動在約0.001%至

annual interest rates ranging from approximately 0.001% to 4.87%

4.87%之間（二零二五年上半年：在約0.001%至

(2025 first half: from approximately 0.001% to 4.9%).

4.9%之間）。

As at 30 June 2026, the Group’s gearing ratio, which was calculated

於二零二六年六月三十日，集團的負債比率（按總

on the basis of the total amount of borrowings as a percentage of the

貸款對比總股東權益，但不包括非控制性權益的百

total shareholders’ equity (not including non-controlling interests) was

分比作計算基準）為約97.6%（二零二五年十二月

approximately 97.6% (31 December 2025: 72.3%). While the net

三十一日：72.3% ）。淨負債比率（按總貸款減去現

gearing ratio, which was calculated on the basis of the amount of

金及銀行存款及長期銀行存款對比股東權益，但不

borrowings less cash and bank balances and long-term time deposits

包括非控制性權益的百分比作計算基準）約為負

as a percentage of the shareholders’ equity (not including non-

29.4%（二零二五年十二月三十一日：負31.7% ），因

controlling interests), was approximately negative 29.4% (31 December

此集團處於淨現金狀況約人民幣64.4億元（二零二五

2025: negative 31.7%). The Group was in a net cash position of

年十二月三十一日：人民幣68.9億元）。集團將繼續

approximately RMB6.44 billion (31 December 2025: RMB6.89 billion).

致力優化負債比率，並保持穩健的淨現金狀況，維

The Group will stay committed to optimising the gearing ratio and

持健康的財務狀況。

maintaining a solid net cash position to ensure a sound financial
position.
During the period, the Group’s capital expenditure was approximately

期內，集團的資本性開支為約人民幣502,769,000元

RMB502,769,000 (2025 first half: RMB537,007,000), primarily allocated

（二零二五年上半年：人民幣537,007,000元），主要

to increase the production capacity of various manufacturing facilities.

用於增加各生產基地的產能。於二零二六年六月

As at 30 June 2026, the Group had no material contingent liabilities.

三十日，集團並沒有重大或然負債。

Human Resources and Management

人力資源及管理

During the period, the Group actively improved the efficiency of human

於期內，集團積極改進人力資源效益，調高員工薪

resources, raised the salaries of employees to the industry level, and

酬至行內水平，並實行更為科學合理的「目標工資

implemented a more scientific and reasonable “target remuneration”

薪酬」制度，將薪酬體系與員工崗位職責、任務目標

system by linking the salary system with the staff duties and

掛鈎，激發員工工作積極性，提升工作效率。集團

responsibilities and task goals, thus stimulating the staff enthusiasm

於二零二六年六月三十日一共聘用約22,221名員

for work, and improving work efficiency. As at 30 June 2026, the

工。集團員工的待遇及薪酬的制定乃考慮個別員工

Group employed approximately 22,221 staff members. The Group’s

的經驗及學歷，並對比一般市場情況而釐定。花紅

remuneration package is determined with reference to the experience

取決於集團的業績及個別員工的表現。集團同時因

and qualifications of the individual employees and general market

應員工的需要提供充足的培訓及持續專業發展機會

conditions. Bonus is linked to the Group’s financial results as well as

給全體員工。集團亦會繼續提升效能，調整產能及

individual performance. The Group also ensures that all employees are

供應水平。

provided with adequate training and career opportunities according to
their needs. The Group will also continue to improve efficiency and
adjust production capacity and supply levels.
恒安國際集團有限公司
二零二六年中期報告

59

Management Discussion and Analysis
管理層討論及分析

Revision of Segment Business Information

修訂分部業務資料

Identified as the chief operating decision makers, the executive

首席經營決策者被認定為執行董事。執行董事定期

directors regularly review segment business information from the

審視本集團內部報告中的分部業務資料以評估表現

Group’s internal reports for performance evaluation and resource

和分配資源。自二零二五年起，由於紙尿褲的銷售

allocation. Starting from 2025, as sales of disposable diapers

收入佔總收入少於10% ，因此執行董事決定集團的

contribute less than 10% of total revenue, the executive directors have

主要業務分部資料以衛生用品（包括衛生巾及一次

decided to reorganise the expression of the Group’s business

性紙尿褲）及生活用紙兩大主要業務版塊表述。

segmentation into two core business segments: hygiene products
(including sanitary napkins and disposable diapers) and tissue paper.

Latest Awards

最近獎項

In the first half of 2026, awards and honours won by the Group were

二零二六年上半年，集團所獲主要獎項╱榮譽如下：

as follows:
Award ╱ Honour

Organisation

獎項╱榮譽

頒發機構

The 15th Asian Excellence Awards — Sustainable Asia Award,

Corporate Governance Asia

Best Investor Relations Company, Asia’s Best CEO
第十五屆亞洲卓越企業大獎 — 永續亞洲獎、最佳投資人關係

《亞洲企業管治》

公司獎、亞太區最佳CEO獎
All-Asia Executive Team 2026: Best CEO and Best ESG

Extel (Formerly known as Institutional Investor)

(Consumer Staples Sector)
2026年亞洲區公司管理團隊評選最佳CEO及最佳環境、社會及

Extel（前稱《機構投資者調研》）

管治（必需性消費品類別）
Included in Sustainability Yearbook

S&P Global

入選《可持續發展年鑑》

標普全球

GuruClub “Golden Grid Awards”

ESG Environmentally Friendly Excellence Enterprise

格隆匯「金格獎」

ESG環境友好卓越企業

Corporate Social Responsibility

企業社會責任

Guided by the vision of “Growing together with all stakeholders,

恒安以「與各利益相關方共同成長，不斷向成為頂

continuously advancing towards becoming a top-tier consumer goods

級生活用品企業邁進」為願景，在「 GROWTH 」ESG

company”, Hengan, under the “GROWTH” ESG strategic framework,

戰略框架引領下，圍繞卓越治理、綠色發展、客戶

systematically advances ESG practices across the entire value chain,

關懷、員工賦能、信賴夥伴、健康社區六大支柱，

focusing on six pillars: Governance & Ethical Practices, Resource

系統性推進覆蓋全價值鏈的ESG實踐，持續將可持

Conservation & Efficiency, Outstanding Customer Care, Workforce

續發展理念融入企業運營管理，為「百年千億」戰略

Wellbeing & Empowerment, Trusted Partnerships, and Health &

目標夯實根基。

Community Engagement. The Group continuously integrates the
concept of sustainable development into its operations and
management, laying a solid foundation for the strategic goal of “gain
RMB100 billion within 100 years”.

60

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Management Discussion and Analysis
管理層討論及分析

In terms of ratings and honours, Hengan’s ESG performance has

在評級與榮譽方面，恒安ESG表現持續獲得國際權

continued to receive recognition from authoritative international

威機構認可。我們的MSCI ESG評級為「 A 」等級；在

institutions. Our MSCI ESG rating was “A”; in the S&P Global

標普全球企業可持續發展評估(CSA)中，恒安憑藉優

Corporate Sustainability Assessment (CSA), Hengan was selected for

異的表現，於二零二六年二月首次入選標普全球《可

the first time for the S&P Global’s Sustainability Yearbook in February

持續發展年鑑》，並連續四年成功入選標普全球《可

2026 and has been included in the S&P Global’s Sustainability

持續發展年鑑（中國版）》；恒生ESG評級穩定保持

Yearbook (China Edition) for four consecutive years. Hengan’s Hang

「 A 」級，再次入選恒生可持續發展企業基準指數，

Seng ESG rating has maintained at Grade A, and Hengan has been

並於二零二六年一月首次入選恒生ESG50指數；恒

re-selected for the Hang Seng Corporate Sustainability Benchmark

安的富時羅素ESG評級成績亦保持領先，並連續成

Index, and was included in the Hang Seng ESG 50 Index for the first

功入選富時羅素社會責任指數(FTSE4Good)系列。

time in January 2026. Hengan’s FTSE Russell ESG rating also remains

此外，恒安國際在格隆匯「金格獎」評選中榮獲

at the forefront, and the Group has been continuously selected for the

「 ESG環境友好卓越企業」獎項，彰顯了恒安在可持

FTSE4Good Index Series. In addition, Hengan International won the

續發展領域的持續深耕與卓越成效。

“ESG Environmentally Friendly Excellence Enterprise” award at the
GuruClub “Golden Grid Awards”, highlighting the Group’s sustained
efforts and outstanding achievements in the field of sustainable
development.

Excellent Governance

卓越治理

Hengan regards adherence to high ethical standards as the

恒安將高道德標準視為立業之本，持續健全政策制

cornerstone of corporate development. The Group continuously

度體系，優化治理架構，嚴守依法合規運營底線。

improves its policy and institutional framework, optimises its

本集團構建了自上而下的四級ESG治理體系，涵蓋

governance structure, and upholds unwavering compliance with

董事會、ESG委員會、ESG工作小組及各相關職能

applicable laws and regulations. The Group has established a top-

部門，形成決策、監督、協調、執行層層遞進的管

down four-tier ESG governance system encompassing the Board of

理閉環，推動ESG理念與業務運營有機融合。董事

Directors, the ESG Committee, the ESG Working Group, and relevant

會層面，本集團持續強化其在ESG事務中的領導角

functional departments, forming a closed-loop management approach

色，並通過專項氣候培訓增強董事群體的決策能

with progressive layers of decision-making, supervision, coordination,

力。同時，恒安系統化推進廉潔文化建設，制度宣

and execution, thereby promoting the organic integration of ESG

貫覆蓋董事會、高級管理層等核心管理層，並創建

principles with business operations. At the Board level, the Group

恒安廉潔學堂，推動全員簽訂《廉潔自律承諾書》等

continues to strengthen its leadership role in ESG matters and

方式，築牢全員合規防線，有效保障各利益相關方

enhances the decision-making capabilities of directors through

權益。

specialised climate training. At the same time, Hengan has
systematically advanced the development of a culture of integrity, with
the dissemination of relevant policies extending to core management
levels, including the Board of Directors and senior management.
Through establishing the Hengan Integrity Academy, and promoting the
signing of the “Commitment Letter on Integrity and Self-Discipline” by
all employees, the Group has built a solid compliance defense line for
all staff, effectively safeguarding the rights and interests of all
stakeholders.

恒安國際集團有限公司
二零二六年中期報告

61

Management Discussion and Analysis
管理層討論及分析

In terms of information disclosure, Hengan takes a long-term approach

在信息披露維度，恒安以長期主義踐行責任擔當，

to fulfilling its responsibilities. The Group has disclosed ESG reports

連續10年披露ESG報告，連續4年發佈氣候相關報

for 10 consecutive years and issued climate-related reports for 4

告，並於二零二六年首次發佈《2025年自然相關信

consecutive years, and in 2026, it published its first “2025 Nature-

息披露報告》，以公開透明的姿態向各利益相關方

Related Information Disclosure Report”, showcasing the depth and

展示可持續發展行動的深度與廣度。

breadth of its sustainable development actions to all stakeholders with
an open and transparent approach.

Green Development

綠色發展

Addressing climate change is a core issue of Hengan’s green strategy.

應對氣候變化是恒安綠色戰略的核心議題。本集團

The Group deeply integrates low-carbon transformation into all aspects

將低碳轉型深度融入生產經營各環節，從能源管

of production and operation. From energy management, resource

理、資源節約、綠色產品研發到可持續包裝，多維

conservation, and green product research and development to

度降低自身運營的環境足跡，並積極聯動上下游夥

sustainable packaging, the Group reduces the environmental footprint

伴共同推進價值鏈減碳，為生態可持續發展貢獻企

of its own operations across multiple dimensions, and actively

業力量。

collaborates with upstream and downstream partners to jointly
promote value chain decarbonisation, thereby contributing corporate
efforts to ecological sustainability.
In terms of energy management and resource conservation, the Group

在能源管理與資源節約等方面，本集團圍繞產品全

systematically promotes energy conservation and carbon reduction

生命週期系統推進節能降碳。截至二零二六年六月

around the full product life cycle. As of 30 June 2026, four of the
Group’s production companies — Shandong Hengan Paper Co., Ltd.,

三十日，本集團旗下山東恒安紙業有限公司、恒安
（中國）紙業有限公司、福建恒安家庭生活用品有限

Hengan (China) Paper Co., Ltd., Fujian Hengan Household Products
Co., Ltd., and Hengan (Xiaogan) Household Products Co., Ltd. — have

公司及恒安（孝感）家庭用品有限公司共4家生產公

obtained ISO 50001 energy management system certification, and the

家級綠色工廠，在行業能效提升方面發揮標桿引領

Group operates four national-level green factories, playing a

作用。恒安二零二六年上半年在重慶、山東、福

benchmarking role in improving energy efficiency in the industry. In the

建、安徽四省的造紙基地推進電機節能改造，其中

first half of 2026, Hengan advanced motor energy-saving renovations

福建省恒安（中國）紙業有限公司100%全部完成，其

at four of the Group’s production companies located in Chongqing,

他基地改造持續推進中。

司獲得ISO 50001能源管理體系認證，並擁有4家國

Shandong, Fujian, and Anhui. Among them, the Hengan (China) Paper
Co., Ltd. in Fujian Province achieved 100% completion, while
renovations at the other companies are ongoing.
In terms of green product research and development, the Group takes

在綠色產品研發方面，本集團將生態友好與環境可

eco-friendliness and environmental sustainability as innovation

持續性作為創新導向，持續加大竹漿、可降解材料

orientations, continuously increasing the proportion of environmentally

等環境友好型原料的應用比例，深入識別並評估產

friendly raw materials such as bamboo pulp and biodegradable

品全生命週期中的關鍵環境因素，制定專項控制方

materials. The Group thoroughly identifies and evaluates key

案，從源頭降低產品對環境的影響。

environmental factors in the full product life cycle, and formulates
specialised control plans to reduce the environmental impact of
products at source.

62

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Management Discussion and Analysis
管理層討論及分析

In the area of sustainable packaging, Hengan vigorously promotes
packaging lightweighting and green material transformation. In the
e-commerce supply chain, biodegradable and puncture-resistant
cartons are used, and the application ratio of reusable turnover boxes
is continuously increased to reduce packaging material usage; for
personal care products outer bags, the proportion of mono-material
recyclable packaging is being steadily raised; and PLA biodegradable
heat shrink film was developed in collaboration with suppliers and has
been stably put into use. Meanwhile, in accordance with national
standards such as the Degradability and Identification Requirements of
Biodegradable Plastics and Products (GB/T 41010–2021), the Group
promotes the application of biodegradable plastics in products such as
film bags, cotton tissue and wet wipes.

在可持續包裝領域，恒安大力推進包裝輕量化與材
料綠色轉型。電商供應鏈使用可降解耐破紙箱，並
持續提升循環週轉箱的應用比例，以節約包裝材料
的使用；衛品外包袋持續提升單一可回收材質的比
例；PLA可降解熱收縮膜已與供應商合作開發並穩
定投入使用。同時，本集團依據《生物降解塑料與製
品降解性能及標識要求》(GB/T 41010–2021)等國家
標準，將生物可降解塑料推廣應用於膜袋、棉柔巾
和濕巾等產品。

In terms of forest resource protection, Hengan firmly fulfills its Zero
Deforestation Commitment, clearly conveying the expectation of “Zero
Net Deforestation” to suppliers and partners, and continuously
promoting responsible wood pulp procurement. As of 30 June 2026,
eight of Hengan’s papermaking companies have obtained FSC-CoC
certification (certification rate of 88%), and 100% of its pulp suppliers
hold FSC or Programme for the Endorsement of Forest Certification
Schemes (PEFC) certification.

在森林資源保護方面，恒安堅定履行《零毀林承
諾》，向供應商及合作夥伴明確傳達「無淨森林砍伐」
期望，持續推進負責任木漿採購。截至二零二六年
六月三十日，恒安已有8家造紙公司通過FSC-CoC認
證（認證比例88% ），紙漿供應商100%持有FSC或森
林認證體系認可計劃(PEFC)體系證書。

Customer Care

客戶關懷

Hengan has always been consumer- and market-oriented, continuously
optimising the R&D management system, deepening the synergy and
collaboration between R&D and marketing departments, and promoting
precise alignment between product innovation and market demand,
thereby empowering product iteration and upgrades through an
efficient R&D system. In January 2026, the General Office of the
Ministry of Industry and Information Technology announced the 2025
China Consumer Famous Brands List, and Hengan Group’s Space7
was successfully included in the List.

恒安始終以消費者和市場為導向，持續優化研發管
理體系，深化研發與市場部門的協同聯動，推動產
品創新與市場需求精準對接，以高效研發體系賦能
產品迭代升級。二零二六年一月工業和信息化部辦
公廳關於公佈2025年度中國消費名品名單，恒安集
團七度空間成功入選該名單。

In terms of quality management, Hengan takes “Quality is the lifeline”
as its core principle, and has built a quality protection network
covering the entire chain of design, procurement, production and
warehousing. The Group independently developed and launched a
quality document management system platform, establishing a quality
management system compliant with the ISO 9001 international
standard, achieving standardisation, digitalisation and full-lifecycle
management of quality system documents across the Group.
Meanwhile, Hengan took transparency as a breakthrough, proactively
disclosing the full-process inspection procedures for sanitary napkin
production and defective product handling, winning consumer trust
through an open approach. At the 33rd China International Disposable
Paper Expo, Hengan launched its high-end new product series such
as “Xiangye Ersheng” (Embracing Nature) and was selected for the
“Ingenuity Products” list by virtue of its craftsmanship-quality products.

在質量管理方面，恒安將「質量是生命線」作為核心
信條，構建覆蓋設計、採購、生產、倉儲全鏈條的
質量防護網。本集團自主研發並上線質量文件管理
系統平台，建成符合ISO 9001國際標準的質量管理
體系，實現全集團質量體系文件的標準化、信息化
與全生命週期管理。同時，恒安以透明化建設為突
破口，主動公開衛生巾生產及殘次品處理全流程檢
測程序，以開放姿態贏得消費者信賴。第33屆生活
用紙國際科技展覽會上，恒安集團發佈「向野而生」
等高端新品系列，並憑藉匠心產品品質入選「匠心
產品」榜單。

恒安國際集團有限公司
二零二六年中期報告

63

Management Discussion and Analysis
管理層討論及分析

In the area of chemical safety, the Group strictly adheres to
international, national and industry standards, and implements refined
management over the entire process of product development,
chemical procurement, storage, use and disclosure. Hengan issued the
Commitment on Banned Chemicals and Ingredient Disclosure, and
completed the labelling of chemical types and specific contents of
chemicals contained in multiple individual products across core
categories such as wet wipes, diapers and sanitary napkins, promoting
product information transparency and comprehensively safeguarding
consumers’ health and right to know.

Empowerment of Employees
Hengan firmly believes that the growth and well-being of employees
are the fundamental driving force for the sustainable development of
the enterprise. The Group’s Human Rights Policy and AntiDiscrimination and Anti-Harassment Policy cover all employees and
business scopes, adopting a zero-tolerance attitude towards any form
of discrimination or harassment. The Group has also released the

在化學品安全領域，本集團嚴格遵循國際、國家及
行業標準，對產品開發、化學品採購、儲存、使用
及披露等全流程實施精細化管理。恒安發佈《關於
產品禁用化學品和成分披露的承諾》，並完成濕巾、
紙尿褲、衛生巾等核心品類多個單品所含化學品種
類及具體含量的標註工作，推動產品信息透明化，
全方位守護消費者健康與知情權。

員工賦能
恒安深信員工的成長與福祉是企業可持續發展的根
本動力。本集團《人權政策》與《反歧視與反騷擾政
策》覆蓋全體員工及業務範圍，以零容忍態度禁止
任何形式的歧視與騷擾行為，並發佈《生活工資承
諾》，推出覆蓋全體員工的期權激勵計劃，切實保障
員工權益，打造多元、平等、包容的職場環境。

Living Wage Commitment and launched an equity incentive plan
covering all employees, effectively safeguarding employees’ rights and
interests, and creating a diverse, equal and inclusive workplace
environment.
In terms of talent development, Hengan has established a systematic
and multi-level talent development system, providing comprehensive
skills and competency training for employees at different positions and
stages, and continuously improving the dual-track career development
path in both management and technical directions. In April 2026,
Hengan partnered with Fujian Agriculture and Forestry University to
establish the “Paper Making Technology Upgrade Project”, aiming to
enhance papermaking technology and professional talent cultivation
through school-enterprise collaboration, thereby supporting the
Company’s specialized and lean development. As of 30 June 2026,
Hengan had a total of 22,221 full-time employees, of which 52% were
female employees, total employee training hours exceeded 252,800
hours, 86 employees were promoted to management positions, and
the rate of employee union membership was 100%.

64

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

在人才培養方面，恒安構建了系統化、多層級的人
才發展體系，針對不同崗位、不同階段員工開展全
方位技能與素質培訓，持續完善管理與技術雙通道
職業發展路徑。二零二六年四月，恒安與福建農林
大學合作設立「紙抄造技術升級項目」，通過校企合
作提升造紙技術水平和專業人才培養，支撐企業專
業化、精益化發展。截至二零二六年六月三十日，
恒安全職僱員共22,221人，其中女性員工佔比
52% ，僱員培訓總時數超過25.28萬小時，管理崗位
晉升人數86人，員工加入工會的比率為100% 。

Management Discussion and Analysis
管理層討論及分析

In terms of occupational safety, Hengan adheres to the comprehensive

在安全生產方面，恒安堅持「一切事故都可以預防」

safety management philosophy of “All accidents are preventable”, and

的全面安全管理理念，系統推進安全生產標桿生產

systematically advances multiple initiatives including the construction of

線建設、安全幫扶及標準化作業規範完善等多項舉

benchmark safe production lines, safety assistance, and the

措。截至二零二六年六月三十日，本集團所有滿足

improvement of standardised operating procedures. As of 30 June

認證條件的生產公司均已建立ISO 45001職業健康

2026, all of the Group’s production companies that meet certification

安全管理體系並通過第三方認證，職業病發生率為

requirements have established an ISO 45001 Occupational Health and

0，因工亡故人數為0，因工傷損失工作日數為1,373

Safety Management System and passed third-party certification. The

天。

incidence of occupational diseases was 0, the number of work-related
fatalities was 0, and the number of days lost due to work injury was
1,373 days.

Trustworthy Partner

信賴夥伴

Hengan is committed to building stable and mutually trusting

恒安以合作共贏為宗旨，致力於構建穩固互信的夥

partnerships with a win-win approach. The Group continuously

伴關係。本集團持續完善供應商全生命週期管理體

improves the supplier full-lifecycle management system, covering the

系，覆蓋開發准入、績效評估、日常管理到淘汰退

entire process from development and admission, performance

出的全流程，並通過分級分類管理與定期績效評

evaluation, and daily management to elimination and exit, and drives

估，驅動供應商績效持續改善。

continuous improvement in supplier performance through classification
and grading management, and regular performance evaluations.
In terms of building a sustainable supply chain, Hengan conveys the

在可持續供應鏈建設方面，恒安通過發佈《供應商

concept of sustainable development along the value chain through the

行為準則》向價值鏈傳遞可持續發展理念。本集團

issuance of the Supplier Code of Conduct. The Group formally

將供應商ESG管理表現納入准入及日常績效評估體

incorporated supplier ESG management performance into the

系。在准入環節，綜合參考供應商ESG報告、碳足

admission and daily performance evaluation system. In the admission

跡證書、第三方社會責任審核報告等信息，並結合

stage, the Group comprehensively reviews the supplier’s ESG report,

現場ESG審核結果，優先選擇ESG表現優異者；在

carbon footprint certificate, third-party social responsibility audit report,

日常管理中，定期對生產物料供應商開展ESG風險

and other information, and combines this with on-site ESG audit

評估與現場審核，對高風險供應商實施持續跟蹤督

results to prioritise those with outstanding ESG performance. In daily

導，推動其改進提升。此外，恒安積極暢通供應商

management, the Group regularly conducts ESG risk assessments and

交流渠道，組織專家團隊實地走訪供應商，圍繞森

on-site audits for production material suppliers, and implements

林資源保護與可持續林業實踐，深入交流木漿可持

ongoing tracking and supervision for high-risk suppliers to drive their

續性管理，促進價值鏈協同成長。

improvement. In addition, Hengan actively opens up supplier
communication channels, organising an expert team to conduct on-site
visits to suppliers, engaging in in-depth exchanges on wood pulp
sustainability management with a focus on forest resource protection
and sustainable forestry practices, thereby promoting the collaborative
growth of the value chain.

恒安國際集團有限公司
二零二六年中期報告

65

Management Discussion and Analysis
管理層討論及分析

Healthy Community

健康社區

With the mission of “Growing with you for a better life”, Hengan

恒安以「追求健康，你我一起成長」為使命，將社會

integrates social responsibility into its corporate strategy, stays true to

責任融入企業戰略，堅守公益初心，以行動詮釋企

its original philanthropic aspirations, and fulfills its corporate citizenship

業公民擔當。恒安持續通過多元公益行動改善社會

responsibilities through concrete actions. Since its listing in 1998,

福祉，自1998年上市以來，恒安及主要股東累計捐

Hengan and its major shareholders have cumulatively donated over

款已超過21億元。

RMB2.1 billion.
In July 2026, Guangxi was hit by persistent extreme heavy rainfall. In

二零二六年七月，廣西遭遇持續性極端強降水，災

response to the disaster, Hengan activated its emergency response

情發生後，恒安集團第一時間啟動應急響應機制捐

mechanism and donated relief supplies with a total value of RMB1

贈物資總價值100萬元。二零二六年國際護士節，恒

million. On International Nurses’ Day 2026, Space7 partnered with the

安集團旗下七度空間聯合廈門市仁善基金會，啟動

Xiamen Renshan Foundation to launch the “Pink Wings Menstrual

「粉紅羽翼經期互助」公益行動，向護士群體捐贈價

Mutual Aid” public welfare initiative, donating care supplies worth

值24萬元愛心物資。恒安集團被中國航天基金會授

RMB240,000 to nurses. Hengan was awarded the “China Aerospace

予「中國航天30年特殊貢獻獎」，以表彰恒安集團在

30-Year Special Contribution Award” by the China Aerospace

公益領域的持續投入，以及對中國航天公益事業所

Foundation, in recognition of the Group’s sustained commitment to

給予的堅定支持。除此之外，本集團繼續推進各項

public welfare and its steadfast support for China’s aerospace public

公益慈善項目，二零二六年上半年，恒安集團累計

welfare endeavors. In addition, the Group continued to advance

捐贈608.1萬元。

various charitable projects. In the first half of 2026, Hengan Group
made cumulative donations of RMB6.081 million.

Outlook

未來展望

Looking ahead to the second half of 2026, geopolitical volatility,

展望二零二六年下半年，地緣局勢動盪、國際經貿

international economic and trade barriers, as well as uncertainties

壁壘以及主要經濟體的貨幣政策不確定性，將持續

surrounding the monetary policies of major economies, will continue to

對全球經濟增長構成壓力。儘管外部環境複雜多

weigh on global economic growth. Despite the complex and volatile

變，中國經濟基本面依然穩固，國家將持續深化宏

external environment, China’s economic fundamentals remain solid.

觀調控，並加大力度推行促消費政策，有望進一步

The nation will continue to deepen macroeconomic regulation and

釋放內需潛力並加速消費結構升級，為國內經濟的

intensify efforts to implement consumption-promoting policies, which

穩步增長提供堅實支撐。在剛性需求與消費升級的

are expected to further release the potential of domestic demand and

雙重驅動下，國內衛生用品行業長期增長前景持續

accelerate the upgrade of consumption structures, providing solid

向好。集團將繼續密切關注國內外政經形勢及市場

support for the steady growth of the domestic economy. Driven by the

趨勢變化，靈活應對挑戰，並審慎制定決策。

dual forces of rigid demand and consumption upgrades, the long-term
growth prospects of the domestic sanitary products industry remain
promising. The Group will continue to closely monitor domestic and
international political and economic developments, as well as evolving
market trends, responding flexibly to challenges, and making prudent
decisions.

66

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Management Discussion and Analysis
管理層討論及分析

As geopolitical conflicts persist and the war in the Middle East has

地緣衝突反覆，中東戰爭推高油價，全球供應鏈前

pushed up oil prices, the outlook for the global supply chain remains

景仍高度不確定。惟本地木漿供應增加有望支撐木

highly uncertain. Nevertheless, an increase in domestic wood pulp

漿價格下半年平穩運行，維持成本相對可控，同

supply is expected to support the stable performance of wood pulp

時，集團將依託採購規模優勢，持續提升高端高毛

prices in the second half of the year, keeping costs relatively

利產品佔比，增強面對供應鏈波動的抗逆力。集團

controllable. Concurrently, the Group will leverage its procurement

將密切留意外圍因素對進口木漿、石化原料等原材

scale advantage and continue to raise the share of premium high-

料價格的影響。

margin products to enhance its resilience against supply chain
fluctuations. The Group will closely monitor the impact of external
factors on the prices of raw materials, including imported wood pulp
and petrochemicals.
As a leading player in the industry, the Group will continue to

作為行業的領跑者，集團將持續推進「聚焦主業」、

implement its three core strategies, including “Focus on Core

「品牌引領」及「長期主義」三大核心策略，為可持續

Businesses”, “Brand Leadership” and “Long-Termism”, laying a solid

發展奠定堅實基礎。集團將繼續聚焦紙巾及衛生用

foundation for the sustainable development of the Group. The Group

品兩大核心業務的發展，積極開發及升級高質量產

will maintain its focus on the development of the two core businesses

品，推動產品高端化及品類多元化，並深化農村及

of tissue paper and sanitary products, actively developing and

國內線上線下市場的全渠道佈局，增強全渠道銷售

upgrading high-quality products to drive premiumisation and

效益，進一步擴大市場份額。面對激烈市場競爭，

diversification. It will also deepen omni-channel penetration into rural

集團仍將堅守「穩定價格」核心戰略，以高質量產品

markets as well as online and offline markets across Chinese

深耕優質客群，同時保持財務穩健，把握行業整合

Mainland, enhancing the sales effectiveness of omni-channel and

及電商與新零售趨勢帶來的發展契機。

further expanding its market share. In the face of intense market
competition, the Group will adhere to its core “Stable Pricing” strategy,
deep-mining premium customer segments with high-quality products,
while maintaining sound financial liquidity and seizing growth
opportunities arising from industry consolidation, e-commerce, and new
retail trends.
Hengan remains committed to strengthening brand value and market

恒安將持續強化品牌價值與市場認同，深化高端化

recognition, while advancing its premiumisation strategy. The Group will

佈局，重點發展熱捧系列「天山絨棉」、「心相印」濕

focus on developing premium products, such as the popular “Tianshan

紙巾等高端產品，並提升高毛利濕紙巾的銷售佔

Cotton” sanitary napkin and “Hearttex” wet tissues series, and will

比。集團亦將積極拓展品類及應用場景以擴大客

increase the sales proportion of high-margin wet wipes. The Group will

群，並圍繞產品質素及附加值進行高質量市場推

also actively expand product categories and application scenarios to

廣，以進一步提升品牌溢價。與此同時，集團將定

broaden its consumer base and conduct high-quality marketing

期開展跨界IP聯乘合作，煥新產品形象與包裝設

initiatives centered around product quality and added value to further

計，塑造更具活力和年輕化的品牌形象。集團堅持

enhance brand premium. At the same time, the Group will regularly

「質量至上」，零容忍質量與安全問題，並以客戶反

pursue cross-industry IP collaborations to refresh product imagery and

饋為導向，持續提升產品質量與行業標準，以優質

packaging design, cultivating a more dynamic and youthful brand

可靠的產品鞏固品牌領導地位。

identity. Upholding the principle of “Quality First,” the Group maintains
zero tolerance for quality and safety issues. Guided by customer
feedback, it will continue to improve product quality and industry
standards, consolidating its leading position in the market with reliable,
high-quality products.

恒安國際集團有限公司
二零二六年中期報告

67

Management Discussion and Analysis
管理層討論及分析

In the future, the Group will accelerate the integration of smart

集團未來將加速融入智能化技術於營運管理，應用

technologies into operational management, leveraging artificial

人工智能及大數據分析，更精確地洞察消費者偏好

intelligence and big data analytics to gain more precise insights into

及購買模式，為產品研發、促銷投放及渠道佈局提

consumer preferences and purchasing patterns. These insights will

供決策支持，並強化供應鏈靈活性，增強整體營運

provide strong decision support for product development, promotional

效能與競爭優勢。此外，為把握國內生活用紙及衛

placement, and channel strategies, while enhancing supply chain

生用品的消費升級及需求多元化的機遇，集團持續

flexibility to boost overall operational efficiency and competitive

擴充產能及升級技術，為長遠增長夯實基礎。同

advantage. In addition, to capture the opportunities arising from

時，集團將研發並推出更多皇城品牌的高質量產

domestic consumption upgrades and diversified demand in household

品，進一步開拓東南亞市場，逐步拓展海外版圖。

paper and sanitary products, the Group continues to expand
production capacity and upgrade technology, reinforcing the
foundation for long-term growth. At the same time, the Group will
develop and launch more high-quality products under the Wang-Zheng
brand, further penetrate the Southeast Asian market, and gradually
expand its overseas footprint.
In 2026, the Group’s second Five-Year Plan was officially launched,

二零二六年，集團第二個「五年計劃」正式啟動，各

with various strategic deployments fully rolled out. As a leading

項戰略部署全面推展。作為中國領先的個人及家庭

enterprise in the personal and household sanitary products industry in

衛生用品企業，恒安將秉承「追求健康，你我一起成

China, Hengan will continue to adhere to the mission of “Growing with

長」的使命，緊扣國家戰略發展步伐，強化應對市場

You for a Better Life”, stay closely aligned with the pace of national

變化的核心競爭力，積極推動環境、社會及企業管

strategic development, and strengthen its core competitiveness in

治發展，致力打造一家優質可靠及可持續發展的個

responding to market changes. The Group will also actively advance

人及家庭衛生用品企業。未來，集團將深耕中高消

environmental, social, and governance (ESG) development, striving to

費群體，積極開拓新市場，進一步壯大恒安業務規

build a high-quality, reliable, and sustainable personal and household

模。同時，集團將繼續以產業延伸為長遠發展目

sanitary products company. Going forward, the Group will deepen

標，積極拓展女性健康、嬰童健康及老年健康等領

penetration into mid-to-high-end consumer segments, actively explore

域，培育具規模的新品類以補充現有業務，探索多

new markets, and further grow the scale of Hengan’s business. At the

品類、跨市場的業務規模及協同。集團亦將配合數

same time, the Group will continue to pursue industry extension as its

字化及AI科技的靈活應用，持續提升競爭力，並擴

long-term development goal, actively expanding into feminine care,

大海外銷售規模，帶領恒安品牌逐步走向國際舞

infant and childcare, and elderly care segments, and cultivating sizable

台，致力成為「全球頂級的家庭生活用品企業」。

new categories to supplement existing businesses, thereby exploring
multi-category, cross-market scale and synergy. By leveraging the
flexible application of digital and AI technologies, the Group will further
strengthen its competitiveness and expand its overseas sales scale,
gradually bringing the Hengan brand onto the international stage, and
remaining committed to becoming a “global top-tier household
products enterprise.”

68

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Corporate Governance and Other Information
企業管治及其他資料

DIRECTORS’ INTERESTS IN SECURITIES

董事於證券之權益

Directors’ and Chief Executives’ Interests and Short
Positions in Shares, Underlying Shares and Debentures

董事及最高行政人員於股份、相關股份及債券之
權益及淡倉

As at 30 June 2026, the interests and short positions of the Directors

於二零二六年六月三十日，本公司董事及主要行政

and chief executives of the Company in the shares, underlying shares

人員於本公司或其相聯法團（定義見證券及期貨條

and debentures of the Company or its associated corporations (within

例（「證券及期貨條例」）第XV部）之股份、相關股份

the meaning of Part XV of the Securities and Futures Ordinance

及債券中擁有(a)根據證券及期貨條例第XV部第7及

(“SFO”)) which (a) were required to be notified to the Company and the

8分部須知會本公司及聯交所（包括根據證券及期貨

Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO

條例有關規定彼等被當作或視為擁有之權益及淡

(including interests and short positions which they were taken or

倉），或(b)根據證券及期貨條例第352條須列入本公

deemed to have under such provisions of the SFO) or (b) were

司存置之登記冊，或(c)根據香港聯合交易所有限公

required to be entered in the register maintained by the Company

司（「聯交所」）證券上市規則（「上市規則」）附錄C3所

pursuant to Section 352 of the SFO or (c) were required, pursuant to

載上市發行人董事進行證券交易的標準守則（「標準

the Model Code for Securities Transactions by Directors of Listed

守則」）須知會本公司及聯交所之權益及淡倉如下：

Issuers (the “Model Code”) as set out in Appendix C3 to the Rules
Governing the Listing of Securities on the Stock Exchange of Hong
Kong Limited (the “Stock Exchange”) (the “Listing Rules”), to be
notified to the Company and the Stock Exchange, were as follows:

(a)

Long positions in shares and underlying shares of the
Company

(a)

於本公司股份及相關股份之好倉

Number of

Name of

Capacity/Nature of

Director

interest

董事姓名

身份╱權益性質

Mr. Sze Man Bok

Beneficial owner and founder

(Note (3))

Approximate

underlying

percentage of

Number of

Shares

interest in the

Shares

Interested

interested

(Note (1))

股份數目

相關股份數目

權益

Company
Total

(Note (2))

權益（附註(1) ）

股份總計

概約百分比（附註(2) ）

239,299,999

100,000

239,399,999

20.60%

283,884,733

300,000

284,184,733

24.45%

於本公司權益的

of discretionary trust/
personal and other
interests

施文博先生

（附註(3) ）
Mr. Hui Ching Lau

(Note (4))

實益擁有人及酌情信託
創辦人╱個人及其他權益
Interest of controlled
corporation/corporate
interest/personal interest

許清流先生

（附註(4) ）

受控法團權益╱
公司權益╱個人權益

恒安國際集團有限公司
二零二六年中期報告

69

Corporate Governance and Other Information
企業管治及其他資料

Number of

Name of

Capacity/Nature of

Director

interest

董事姓名

身份╱權益性質

Mr. Xu Da Zuo

Beneficial owner and founder

(Note (5))

of discretionary trust/

Approximate

underlying

percentage of

Number of

Shares

interest in the

Shares

Interested

interested

(Note (1))

股份數目

相關股份數目

權益

Company
Total

(Note (2))

權益（附註(1) ）

股份總計

概約百分比（附註(2) ）

18,402,030

200,000

18,602,030

1.60%

851,700

60,000

911,700

0.08%

240,000

200,000

440,000

0.04%

7,917,000

60,000

7,977,000

0.69%

於本公司權益的

personal and other
interests
許大座先生

（附註(5) ）

實益擁有人及酌情信託創辦
人╱個人及其他權益

Mr. Sze Wong Kim

Beneficial owner/personal

施煌劍先生

實益擁有人╱個人

interest
權益
Mr. Hui Ching Chi

Beneficial owner/personal
interest

許清池先生

實益擁有人╱個人
權益

Mr. Xu Wenmo

Beneficial owner and founder

(Note (6))

of discretionary trust/
personal and other
interests

許文默先生

（附註(6) ）

實益擁有人及酌情信託創辦
人╱個人及其他權益
附註：

Notes:
(1)

70

Underlying Shares (being physically settled unlisted derivatives) represent
awarded shares granted to the directors pursuant to the share award
scheme of the Company and details of which is set out in Note 16.

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

(1)

相關股份權益（以實物交收的非上市衍生工具），乃
按本公司採納之股份獎勵計劃而授予董事的獎勵股
份，有關資料載列於附註16。

Corporate Governance and Other Information
企業管治及其他資料

(2)

The percentages expressed are based on the total number of issued
Shares (including treasury shares) of 1,162,120,917 as at 30 June 2026.

(2)

相關百分比是根據於二零二六年六月三十日的已發
行股份總數（包括庫存股份）1,162,120,917股計算得
出。

(3)

Out of the 239,299,999 shares, Tin Lee Investments Limited (“Tin Lee”)
held 238,724,399 ordinary shares while Mr. Sze had personal interests in
575,600 ordinary shares in the Company. Tin Lee is a wholly owned
subsidiary of Tin Wing Holdings Limited (“Tin Wing”). Tin Wing is owned
by Hang Seng Bank (Trustee) Limited as nominee and being the trustee
of the Sze’s Family Trust. Mr. Sze Man Bok is the settlor and beneficiary
of the Sze’s Family Trust. He is therefore deemed under Part XV of the
SFO to be interested in the interests of the Sze’s Family Trust in the
Company.

(3)

於239,299,999股份當中，天利投資有限公司（「天
利」）及施先生以個人名義分別持有本公司
238,724,399股及575,600股普通股份。天利為Tin
Wing Holdings Limited（「 Tin Wing 」）之全資附屬公
司。Tin Wing由施氏家族信託受託人恒生銀行信託
有限公司以代名及信託代理人身份擁有。施文博先
生為施氏家族信託之財產授予人和受益人，根據證
券條例第XV部之定義，彼因此被視為擁有施氏家族
信託的權益。

(4)

Out of the 283,884,733 shares, An Ping Holdings Limited (“An Ping
Holdings”) held 271,892,733 shares while Mr. Hui had personal interests
in 11,992,000 shares in the Company. An Ping Holdings is a wholly
owned subsidiary of An Ping Investments Limited (“An Ping
Investments”). An Ping Investments owned by TMF (Cayman) Ltd as
nominee and being the trustee of the Hui Family Trust. An Ping Holdings
is obligated to act in accordance with the instructions of Mr. Hui Ching
Lau. He is therefore deemed under Part XV of the SFO to be interested
in the interests of the Company held by An Ping Holdings.

(4)

於283,884,733股份當中，安平控股有限公司（「安平
控股」）及許先生以個人名義分別持有本公司股份
271,892,733股及11,992,000股。安平控股為安平投
資有限公司（「安平投資」）全資擁有之附屬公司。安
平投資由許氏家族信託(The Hui Family Trust)受託人
TMF (Cayman) Ltd以代名及信託代理人身份擁有。
安平控股必須按照許清流先生的指示行事，根據證
券條例第XV部之定義，彼因此被視為擁有安平控股
於本公司的股份權益。

(5)

Skyful Holdings Limited held 18,402,030 (including 402,030 underlying
shares) shares in the Company. It is a wholly owned subsidiary of
Charter Towers Limited (“Charter Towers”). Charter Towers owned by
Standard Chartered Trust (Singapore) Limited as nominee and being the
trustee of the Xu Family Trust. Mr. Xu Da Zuo is the settlor and
beneficiary of the Xu Family Trust. He is therefore deemed under Part XV
of the SFO to be interested in the interests of the Xu Family Trust in the
Company.

(5)

天樂控股有限公司持有本公司18,402,030股（包括
402,030相關股份權益）股份。其為Charter Towers
Limited（「 Charter Towers 」）之全資附屬公司。
Charter Towers由許氏家族信託(The Xu Family Trust)
受託人Standard Chartered Trust (Singapore) Limited
以代名及信託代理人身份擁有。許大座先生為許氏
家族信託(The Xu Family Trust)之財產授予人和受益
人，根據證券條例第XV部之定義，彼因此被視為擁
有許氏家族信託的權益。

(6)

Out of the 7,917,000 shares, Fountain Luck Holdings Limited (“Fountain
Luck”) holds 7,280,000 shares of the Company while Mr. Xu had
personal interests in 637,000 shares in the Company. Fountain Luck is
a wholly-owned subsidiary of Metro Global Investments Limited (“Metro
Global”). Metro Global owned by Credit Suisse Trust Limited as nominee
and being the trustee of the Fountain Luck Trust. Mr. Xu Wenmo is the
settlor and beneficiary of The Fountain Luck Trust. He is therefore
deemed under Part XV of the SFO to be interested in the interests of
The Fountain Luck Trust in the Company.

(6)

於7,917,000股份當中，Fountain Luck Holdings
Limited（「 Fountain Luck 」）持有本公司7,280,000股
股份，而許先生則擁有本公司637,000股股份的個人
權益。Fountain Luck是Metro Global Investments
Limited（「 Metro Global 」）的全資子公司。Metro
Global是由Fountain Luck 信託受託人 Credit Suisse
Trust Limited以代名及信託代理人身份的受託人擁
有。許文默先生為 Fountain Luck信託之財產授予人
和受益人，因此，根據證券及期貨條例第XV部，彼
被視為擁有Fountain Luck信託於本公司的權益。

恒安國際集團有限公司
二零二六年中期報告

71

Corporate Governance and Other Information
企業管治及其他資料

(b)

Long positions in shares of associated corporation,
Wang-Zheng Berhad

(b)

於相聯法團Wang-Zheng Berhad股份之
好倉
Approximate
percentage of

Name of Director

Note

Capacity/Nature of interest

董事姓名

附註

身份╱權益性質

Mr. Hui Ching Chi

(1)

Beneficial owner/personal interest

Number of

interest in the

Shares

Company

interested

(Note (1))

股份數目權益

概約百分比 (附註(1))

24,907,573

15.506%

於本公司權益的

許清池先生

實益擁有人╱個人權益
附註：

Note:
(1)

The percentages expressed are based on the total number of issued

(1)

(2)

Wang-Zheng Berhad is a non-wholly owned subsidiary of the Company

相關百分比是根據於二零二六年六月三十日的已發
行股份總數160,634,966股計算得出。

Shares of 160,634,966 as at 30 June 2026.
(2)

Wang-Zheng Berhad是本公司於馬來西亞證券交易
所主板上市之非全資附屬公司。

listed on the Main Market of Bursa Malaysia Securities Berhad.

Saved as disclosed above, as at 30 June 2026, none of the Directors

除上文所披露者外，於二零二六年六月三十日，概

and chief executives of the Company had any interests or short

無董事及本公司主要行政人員及其聯繫人於本公司

positions in any shares, underlying shares and debentures of the

或其任何相聯法團（定義見證券及期貨條例第XV部）

Company or any of its associated corporations (within the meaning of

之股份、相關股份及債券中，擁有任何根據證券及

Part XV of the SFO) that was required to be recorded in the register

期貨條例第352條規定須列入本公司存置之登記冊，

maintained by the Company pursuant to Section 352 of the SFO or as

或根據標準守則已知會本公司及聯交所的權益或淡

otherwise notified to the Company and the Stock Exchange pursuant

倉。

to the Model Code.

72

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Corporate Governance and Other Information
企業管治及其他資料

SUBSTANTIAL SHAREHOLDERS’ INTERESTS IN
THE SHARES OF THE COMPANY

主要股東在本公司擁有之股份權益

As at 30 June 2026, so far as the Directors are aware, the following

於二零二六年六月三十日，據董事所知，以下人士

persons (other than the Directors or chief executive of the Company),

或法團（在上文披露的本公司董事或主要行政人員

were directly or indirectly, interested in 5% or more of the Shares or

除外）於本公司股份及相關股份中直接或間接擁有

short positions in the Shares and the underlying Shares, which are

5%或以上須根據證券及期貨條例第XV部第2及3分

required to be disclosed under provisions of Divisions 2 and 3 of Part

部條文予以披露或根據證券及期貨條例第336條須

XV of the SFO, or which will be required, pursuant to Section 336 of

記入該條所述登記冊，或通告本公司的股份權益或

the SFO, to be entered in the register referred to therein, or to be

淡倉如下：

notified to the Company, were as follows :

於股份之好倉

Long Positions in the Shares

Approximate
Name of Substantial
Shareholders

Note

Capacity/Nature of interest

Number of

percentage of

Shares

shareholding

interested

(Note (1))

權益百分率
概約
股東名稱

附註

身份╱權益性質

Tin Lee Investments Limited

(2)

Beneficial owner/beneficial interest

天利投資有限公司
Tin Wing Holdings Limited

股份數目實益

（附註(1) ）

238,724,399

20.54%

238,724,399

20.54%

238,724,399

20.54%

271,892,733

23.40%

271,892,733

23.40%

271,892,733

23.40%

實益擁有人╱實益權益

(2)

Interests of controlled corporation
所控制的法團的權益

Hang Seng Bank (Trustee) Limited

(2)

恒生銀行信託有限公司

An Ping Holdings Limited

受託人╱其他權益

(3)

安平控股有限公司
An Ping Investments Limited

Beneficial owner/beneficial interest
實益擁有人╱實益權益

(3)

安平投資有限公司
TMF (Cayman) Ltd

Trustee/other interest

Interests of controlled corporation
所控制的法團的權益

(3)

Trustee/other interest
受託人╱其他權益
附註：

Notes:
(1)

The percentages expressed are based on the total number of issued
Shares (including treasury shares) of 1,162,120,917 as at 30 June 2026.

(1)

相關百分比是根據於二零二六年六月三十日的已發
行股份總數（包括庫存股份）1,162,120,917股計算得
出。

恒安國際集團有限公司
二零二六年中期報告

73

Corporate Governance and Other Information
企業管治及其他資料

(2)

Tin Lee Investments Limited is a wholly owned subsidiary of Tin Wing

(2)

天利投資有限公司為Tin Wing Holdings Limited（「 Tin

Holdings Limited which is wholly-owned by Hang Seng Bank (Trustee)

Wing Holdings 」）的全資附屬公司，而Tin Wing

Limited, the trustee of the Sze’s Family Trust. Each of Tin Wing Holdings

Holdings則由施氏家族信託的受託人恒生銀行（信

Limited, Hang Seng Bank (Trustee) Limited, and Mr. Sze Man Bok are

託）有限公司（「恒生銀行信託」）全資擁有。根據《證

deemed to be interested in 238,724,399 Shares held and owned by Tin

券及期貨條例》，Tin Wing Holdings 、恒生銀行信託

Lee Investments Limited under the SFO. Mr. Sze’s interest in Shares is

及施文博先生各方均被視為由天利投資有限公司持

disclosed in the “Directors’ Interests in Securities” above.

有及擁有的238,724,399股股份中擁有權益。施先生
之股份中的權益已載於上文「董事於證券之權益」章
節中披露。

(3)

An Ping Holdings Limited (“An Ping Holdings”) is a wholly owned subsidiary

(3)

安平控股有限公司（「安平控股」）為安平投資有限公

of An Ping Investments Limited (“An Ping Investments”) which is a wholly

司（「安平投資」）的全資附屬公司，而安平投資則由

owned by TMF (Cayman) Limited (“TMF”), the trustee of the Hui’s Family

TMF (Cayman) Limited（「 TMF 」）全資擁有。TMF為

Trust. An Ping Holdings is obliged to act in accordance with the

許氏家族信託的受託人。安平控股有責任按照許清

instructions of Mr. Hui Ching Lau. Therefore, An Ping Investments, TMF

流先生的指示行事。因此，根據《證券及期貨條

and Mr. Hui are deemed to be interested in 271,892,733 Shares held

例》，安平投資、TMF及許先生被視為由安平控股持

and owned by An Ping Holdings under the SFO. Mr. Hui’s interest in

有及擁有的271,892,733股股份中擁有權益。許先生

Shares is disclosed in the “Directors’ Interests in Securities” above.

於股份中的權益已載於上文「董事於證券之權益」章
節中披露。

INTERIM DIVIDEND AND CLOSURE OF REGISTER
OF MEMBERS

中期股息及暫停辦理股份過戶登記

The Board of Directors has declared an interim dividend of RMB0.70

董事會宣佈向於二零二六年九月十日辦公時間結束

per share (2025: RMB0.70 per share) for the six months ended 30

時名列本公司股東名冊之股東派發截至二零二六年

June 2026 to be paid to shareholders whose names appear on the

六月三十日止六個月之中期股息每股人民幣0.70

Register of Members of the Company at the close of business on 10

元，（二零二五年：每股人民幣0.70元），有關之股息

September 2026. Dividend warrants will be despatched to

單將於二零二六年十月九日寄予股東。

shareholders on 9 October 2026.
Dividends payable to shareholders will be paid in Hong Kong dollars

應付予股東的股息將以港元派發。本公司派息所採

(“HK$”). The exchange rate adopted by the Company for its dividend

用的匯率為宣佈派息日前一個營業日中國人民銀行

payable is the middle exchange rate of HK$ to RMB announced by the

公佈的港元兌人民幣匯率中間價。

People’s Bank of China for the business day preceding the date of
dividend declaration.
The Register of Members of the Company will be closed from 8

本公司將由二零二六年九月八日至二零二六年九月

September 2026 to 10 September 2026 (both days inclusive), during

十日（首尾兩天包括在內）暫停辦理股份過戶登記。

which no transfer of shares will be effected. In order to be qualified for

如欲獲派中期股息，所有過戶文件連同有關股票最

the interim dividend, all transfers accompanied by the relevant share

遲須於二零二六年九月七日下午四時三十分送達本

certificates shall be lodged with the Company’s branch share registrar,

公司之股份過戶登記分處卓佳證券登記有限公司，

Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16

地址為香港夏愨道16號遠東金融中心17樓，辦理登

Harcourt Road, Hong Kong by 4:30 p.m. on 7 September 2026.

記手續。

74

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Corporate Governance and Other Information
企業管治及其他資料

PURCHASE, SALE OR REDEMPTION OF
SECURITIES

購買、出售或贖回證券

During the six months ended 30 June 2026, the Company

截至二零二六年六月三十日止六個月內，本公司根

repurchased a total of 5,500,000 ordinary shares on the Stock

據二零二五年五月二十日舉行的股東週年大會上批

Exchange at an aggregate consideration of approximately

准的股份購回授權，於聯交所以總代價約港幣

HK$138,847,070 (excluding expenses) pursuant to the share

138,847,070元（不包括費用）購回總共5,500,000股

repurchase mandate approved by the Shareholders at the annual

普通股以提高其每股的資產淨值及收益。有關購回

general meeting held on 20 May 2025 for enhancing its per share net

股份之詳情載列如下：

asset value and earnings. Details of the repurchase of shares are
summarized as follows:
Number of
shares

Highest

Lowest

purchased

price paid

price paid

購回股份數目

所付最高價

所付最低價

Month of repurchases
購回月份

April 2026

HK$

HK$

港元

港元

1,880,000

27.16

26.24

3,620,000

27.74

26.38

二零二六年四月
May 2026
二零二六年五月
5,500,000
As of 30 June 2026, a total of 6,800,000 shares repurchased are held

截至2026年6月30日，合共6,800,000股購回股份由

as treasury shares (as defined under the Listing Rules) by the

本公司持作庫存股份（定義見上市規則）。購回的股

Company. The total number of Shares repurchased represented

份總數，合共佔本公司於2025年5月20日舉行之股東

approximately 0.5851% of the shares of the Company in issue as at

週年大會上通過股份購回授權之日的已發行股份約

the date of the passing of the share repurchase mandate at the

0.5851% 。在遵守聯交所之上市規則的情況下，本

annual general meeting held on 20 May 2025. Subject to compliance

公司可能會考慮使用庫存股份撥付股份激勵計劃、

with the Listing Rules on the Stock Exchange, the Company may

未來再出售、轉讓或註銷。本公司於庫存股份持有

consider using the treasury shares for funding its share incentive

期間將放棄行使股東表決權及派息權利。

schemes, future resales, transfers or cancellation. The Company will
waive the voting rights and the entitlement to dividends in respect of
the treasury shares during the period they are held as treasury shares.
Save as disclosed above, neither the Company nor any of its

除上文所披露者外，截至二零二六年六月三十日止

subsidiaries purchased, sold or redeemed any of the Company’s listed

六個月內，本公司或其任何附屬公司概無購買、出

securities (including sale of treasury shares) during the six months

售或贖回本公司任何上市證券（包括出售庫存股份）
。

ended 30 June 2026.

恒安國際集團有限公司
二零二六年中期報告

75

Corporate Governance and Other Information
企業管治及其他資料

SHARE SCHEMES

股份計劃

Share Option Scheme

購股權

The Company has adopted a share option scheme (the “Scheme”) on
17 May 2021 which is valid and effective for a period of 10 years
commencing on the date of adoption of the Scheme.

本公司於二零二一年五月十七日採納購股權計劃
（「該計劃」），該計劃生效及有效日期為自採納該計
劃日期起計為期十年。

Details of movements in the share options as at 30 June 2026 which
have been granted under the Scheme are as follows:

截至二零二六年六月三十日，根據該計劃授出的購
股權的變動詳情如下：

Number of share options
購股權數目

Eligible person

合資格人士

Directors
董事
Mr. Sze Man Bok
施文博先生
Mr. Hui Ching Lau
許清流先生
Mr. Xu Da Zuo
許大座先生
Mr. Sze Wong Kim
施煌劍先生
Mr. Hui Ching Chi
許清池先生
Mr. Li Wai Leung
(Note (4))
李偉樑先生
（附註(4) ）
Mr. Xu Wenmo
許文默先生
Participants
參與者

76

Balance
as at
01/01/2026
於二零二六年
一月一日
之結餘

Granted
during
the period

Exercised
during
the period

Reclassified
during
the period

Cancelled
or lapsed
during the
period

於期內授出

於期內行使

於期內
重新分類

於期內
註銷╱失效

Balance
as at
30/6/2026
於二零二六年
六月三十日
之結餘

40,000

–

–

–

(40,000)

–

41.48

18/01/2022

18/01/2025–17/01/2026

3,600,000

–

–

–

(3,600,000)

–

41.48

18/01/2022

18/01/2025–17/01/2026

120,000

–

–

–

(120,000)

–

41.48

18/01/2022

18/01/2025–17/01/2026

40,000

–

–

–

(40,000)

–

41.48

18/01/2022

18/01/2025–17/01/2026

160,000

–

–

–

(160,000)

–

41.48

18/01/2022

18/01/2025–17/01/2026

120,000

–

–

–

(120,000)

–

41.48

18/01/2022

18/01/2025–17/01/2026

80,000

–

–

–

(80,000)

–

41.48

18/01/2022

18/01/2025–17/01/2026

9,545,200
381,600

–
–

–
–

120,000
–

(9,665,200)
(5,600)

–
376,000

41.48
40.30

18/01/2022
21/12/2022

18/01/2025–17/01/2026
21/12/2025–20/12/2026

14,086,800

–

–

120,000

(13,830,800)

376,000

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Exercise
price per
share

Date of grant

每股行使價授出日期
HK$ (DD/MM/YYYY)
港元（日╱月╱年）

Exercisable period

行使期
(DD/MM/YYYY)
（日╱月╱年）

Corporate Governance and Other Information
企業管治及其他資料

附註：

Notes:
(1)

The vesting period of the share options is from the date of grant until the

(1)

(2)

(3)

The closing price of the Shares immediately before the date on which the

(2)

(5)

緊隨購股權授出日（即二零二二年一月十七日及二

share options being granted on 17 January 2022 and 20 December

零二二年十二月二十日）前之股份收市價分別為港

2022 was HK$39.15 and HK$40.10 respectively.

幣39.15及港幣40.10。

During the period, no options were granted or cancelled under the

(3)

期內，該計劃下沒有授出購股權或任何購股權被註
銷，唯有購股權失效。

Scheme, while options lapsed.
(4)

購股權的歸屬期從購股權授出日期起至行使期開始
日。

commencement of exercise period.

His resignation was effective from 1 April 2026.

(4)

他的辭任於二零二六年四月一日起生效。

The table below sets out the additional information in respect of the

(5)

下表載列截至二零二六年六月三十日止年度有關該
計劃的額外資料：

Scheme during the year ended 30 June 2026:

Number of outstanding options divided
Number of options

Number of options

by weighted average number Shares

available for grant as at

available for grant as at

in issue (excluding treasury shares)

1 January 2026

30 June 2026

as at 30 June 2026
截至二零二六年六月三十日
未行使購股權數量除以

截至二零二六年一月一日

截至二零二六年六月三十日

已發行股份（不包括庫存股份）

可供授出的購股權數量

可供授出的購股權數量

的加權平均股數

103,546,942

117,377,742

0.033%

According to the Binomial Model, the fair value of the option granted

根據二項式模式，截至二零二六年六月三十日止六

to the employees and directors, which had been charged to the

個月授出予僱員和董事的購股權的公平值於綜合收

consolidated income statement for the six months ended 30 June

益表列賬的金額為零。餘下並無未攤銷將於未來根

2026, amounted to nil and there is no remaining unamortised fair value

據購股的歸屬期於綜合收益表中列賬的公平值。授

to be charged to the consolidated income statement in future. The

予購股權的公平價值計算以及用於計算的基礎和假

calculation of fair value of the share options granted and the basis and

設載於本報告附註16。

assumption used for such calculation are set out in note 16 to this
report.
It should be noted that the value of an option varies with different

務請注意，股份期權的價值會隨着若干主觀假設的

variables of certain subjective assumptions, any change in variables so

變數不同而出現變動，採納的變數所出現的任何變

adopted may materially affect the fair value estimate.

動可能對公平值估計產生重大影響。

恒安國際集團有限公司
二零二六年中期報告

77

Corporate Governance and Other Information
企業管治及其他資料

Share Award Scheme

股份獎勵計劃

On 11 September 2023 (the “Adoption Date”), the Company adopted

於二零二三年九月十一日（「採納日期」），本公司已

the share award scheme (the “Share Award Scheme”) under which

採納股份獎勵計劃（「股份獎勵計劃」），根據計劃，

shares of the Company (the “Awarded Shares”) may be awarded to

獲選僱員（包括執行董事）可根據股份獎勵計劃條款

selected employees (including executive directors) pursuant to the

獲授予本公司股份（「獎勵股份」），該計劃受股份激

terms of the Share Award Scheme. The scheme is subject to the

勵委員會及股份獎勵計劃獨立受託人管理。請參考

administration of the Share Incentive Committee and the independent

本公司於採納日期刊發的公告及股份獎勵計劃條

trustee of the Share Award Scheme (the “Trustee”). Reference is made

款。

to the announcement of the Company and the terms of the Share
Award Scheme published on the Adoption Date.
During the period ended 30 June 2026, there was no purchase of

截至二零二六年年六月三十日止期間，受託人並無

shares by the Trustee. The Company granted a total of 18,495,000

購入股份。本公司向獲選僱員（包括執行董事）合共

awarded shares to the selected employees (including executive

授出18,495,000股獎勵股份。請參考本公司於二零

directors). Reference is made to the announcement of the Company

二六年一月十五日刊發的公告。

on 15 January 2026.
As of 1 January 2026, the Trustee held 23,200,000 shares of the

於二零二六年一月一日，受託人持有本公司

Company, a figure that remained unchanged as of 30 June 2026,

23,200,000股股份，該數字至二零二六年六月三十

including 18,142,000 unvested awarded shares and 5,058,000 shares

日維持不變，其中包括18,142,000股尚未歸屬的獎

available for future grants under the scheme. The fair value calculation,

勵股份，以及根據該計劃可供日後授出的5,058,000

along with the basis and assumptions used for the awarded shares, is

股股份。股份獎勵的公平價值計算，以及用於該計

detailed in Note 16 of this report.

算的基準和假設，詳見本報告附註16。

AUDIT COMMITTEE AND REVIEW OF INTERIM
RESULTS

審核委員會及審閱中期業績

The Audit Committee is chaired by an independent non-executive
director and comprises all independent non-executive directors. There
are four members currently. It meets at least two times a year. The
Audit Committee provides an important link between the Board and
the Company’s external and internal auditors in matters coming within
the scope of the group audit. It also reviews the effectiveness of both
the external and internal audit and of internal controls and risk
evaluation, including the interim report for the six months ended 30
June 2026.

審核委員會由獨立非執行董事出任主席，並由全體
獨立非執行董事組成，現有四位成員，每年至少召
開兩次會議。審核委員會為董事會及本公司內外部
核數師之間就集團審核範圍內之事宜提供重要連
繫。其亦審閱內外部核數和內部控制及風險評估之
有效性，包括截至二零二六年六月三十日止六個月
之中期報告。

COMPLIANCE WITH THE MODEL CODE OF THE
LISTING RULES

符合上市規則之《標準守則》

For the six months ended 30 June 2026, the Company has adopted
the Model Code. The Company has made specific enquiry of all
directors regarding any non-compliance with the Model Code during
the six months ended 30 June 2026, and they all confirmed that they
had fully complied with the required standard set out in the Model
Code.

截至二零二六年六月三十日止六個月，本公司一直
採納《標準守則》。本公司已特別就截至二零二六年
六月三十日止六個月期間董事是否有任何未有遵守
《標準守則》作出查詢，全體董事確認他們已完全遵
從《標準守則》所規定的準則。

78

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Corporate Governance and Other Information
企業管治及其他資料

CHANGES IN DIRECTORS’ AND CHIEF
EXECUTIVES’ INFORMATION

董事及主要行政人員資料變動

Pursuant to Rule 13.51B(1) of the Listing Rules, the changes and

根據上市規則第13.51B(1)條，自本公司最近期刊發

updated information regarding the directors and chief executive officer

之年報起至本中期報告日期止，有關本公司董事及

since the Company’s last published annual report and up to the date

行政總裁的資料變動及最新資訊載列如下：

of this interim report are set out below:
(1)

Mr. Hui Ching Lau acts as the Acting Chairman during the period

(1)

於施文博先生休假期間，許清流先生出任代
理主席。請參閱本報告下文「企業管治」一節；

of Mr. Sze Man Bok’s leave of absence. Please refer to the
paragraph of “Corporate Governance” below in this report;
(2)

(3)

Mr. Xu Wenmo re-designated from executive director to non-

(2)

許文默先生已由執行董事調任為非執行董事，

executive director with effect from 18 May 2026. Please refer to

自二零二六年五月十八日起生效。請參閱日

the announcements of the Company dated on 15 April 2026

期本公司為二零二六年四月十五日及二零

and 18 May 2026; and

二六年五月十八日的公告；及

Mr. Li Wai Leung resigned as Executive Director, Company

(3)

李偉樑先生已辭任執行董事、公司秘書及財

Secretary and Chief Financial Officer with effect from 1 April

務總監，自二零二六年四月一日起生效。同

2026. Concurrently, he ceased to be an Exchange Authorised

時，彼亦不再擔任聯交所授權代表、第16部授

Representative, a Part 16 Authorised Representative, and a

權代表，以及環境、社會及管治委員會和股份

member of both the Environmental, Social and Governance

激勵委員會的成員。詳情請參閱本公司日期

Committee and the Share Incentive Committee. Please refer to

為二零二六年三月三十一日之公告。

the Company’s announcement dated 31 March 2026.

MATERIAL LEGAL PROCEEDINGS

重大法律程序

For the six months ended 30 June 2026, the Company was not

截至二零二六年六月三十日止六個月期間，本公司

involved in any material litigation or arbitration, and as far as the

未牽涉任何重大訴訟或仲裁，且據本公司所知，亦

Company is aware, no material litigation or claims were pending or

無任何針對本公司的重大訴訟或索賠懸而未決、擬

threatened or made against the Company.

將進行或已進行。

CORPORATE GOVERNANCE

公司管治

The Board is committed to maintaining high standards of corporate

本公司致力於保持高企業管治水平。期內，本公司

governance. The Company has complied with all the applicable code

符合聯交所之上市規則附錄C1所載之《企業管治守

provisions set out in the Corporate Governance Code contained in

則》
（「企業管治守則」）所有適用的守則條文，惟關於

Appendix C1 (the “CG Code”) to the Listing Rules of the Stock

守則條文第C.2.1條有所偏離除外。

Exchange during the period, except for the deviation from code
provision C.2.1.
References are made to the announcements of the Company dated 9

茲提述本公司日期為二零二六年六月九日及二零

June 2026 and 23 June 2026 in relation to Mr. Sze Man Bok (“Mr.

二六年六月二十三之公告，內容分別有關本公司董

Sze”), the chairman of the Board and an executive Director of the

事會主席兼執行董事施文博先生（「施先生」）因個人

Company, taking a leave of absence due to personal health reasons,

健康原因暫時休假及委任本公司現任執行董事兼行

and appointment of Mr. Hui Ching Lau (“Mr. Hui”), an existing

政總裁許清流先生（「許先生」），於施先生休假期間

executive Director and the chief executive officer of the Company, to

出任董事會代理主席（「代理主席」），自二零二六年

act as the acting chairman of the Board (the “Acting Chairman”) during

六月二十三日起生效。

the period of Mr. Sze’s leave of absence, with effect from 23 June
2026, respectively.

恒安國際集團有限公司
二零二六年中期報告

79

Corporate Governance and Other Information
企業管治及其他資料

Pursuant to code provision C.2.1 of the CG Code, the roles of

根據企業管治守則的守則條文第C.2.1條，主席與行

chairman and chief executive should be separate and should not be

政總裁的角色應有區分，並不應由一人同時兼任。

performed by the same individual. Mr. Hui assumes the roles of both

由於許先生獲委任為代理主席及行政總裁，該做法

the Acting Chairman and the chief executive officer of the Company,

偏離企業管治守則之守則條文第C.2.1條。由於許先

such practice deviates from code provision C.2.1 of the CG Code. As

生分別自二零二零年十二月及二零二一年八月起擔

Mr. Hui has been an executive Director and the chief executive officer

任本公司執行董事及行政總裁，許先生熟悉本集團

of the Company since December 2020 and August 2021 respectively.

的營運，而董事會相信於過渡期間將主席及行政總

Mr. Hui is familiar with the operations of the Group and the Board

裁的角色交由同一人兼任，在此情況下乃屬恰當。

believes that vesting the roles of both the Chairman and the Chief

此外，在董事會（由其他三名執行董事、一名非執行

Executive Officer in the same person in the interim is appropriate in

董事及四名獨立非執行董事組成）的監督下，董事

the circumstance. In addition, under the supervision of the Board,

會架構恰當，權力均衡，能提供足夠的制衡以保障

which comprises three other executive Directors, one non-executive

本公司及本公司股東的利益。

Director and four independent non-executive Directors, the Board is
appropriately structured with a balance of power to provide sufficient
checks to protect the interests of the Company and the shareholders
of the Company.

ACKNOWLEDGEMENT

致謝

On behalf of the Board of Directors, I extend my gratitude to all our

本人代表董事會，就全體員工在期內所付出之努

staff for their hard work and dedication.

力，盡忠職守，謹此致謝。

By Order of the Board

承董事會命

Hengan International Group Company Limited

恒安國際集團有限公司

Hui Ching Lau

許清流

Chief Executive Officer and Acting Chairman

行政總裁兼代理主席

As at the date of this report, the Board comprises Mr. Sze Man Bok,

於本報告刊發日，董事會包括執行董事施文博先

Mr. Hui Ching Lau, Mr. Xu Da Zuo, Mr. Sze Wong Kim and Mr. Hui

生、許清流先生、許大座先生、施煌劍先生及許清

Ching Chi as executive directors; Mr. Xu Wenmo as non-executive

池先生；非執行董事許文默先生；及獨立非執行董

director; and Ms. Ada Ying Kay Wong, Mr. Ho Kwai Ching Mark, Mr.

事黃英琦女士、何貴清先生、保羅希爾先生及陳闖

Theil Paul Marin and Mr. Chen Chuang as independent non-executive

先生。

directors.
Hong Kong, 19 August 2026

80

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

香港，二零二六年八月十九日

(Incorporated in the Cayman Islands with limited liability)
(於開曼群島註冊成立的有限公司)
Stock code 股份代號: 1044

2026

(Incorporated in the Cayman Islands with limited liability)
(於開曼群島註冊成立的有限公司)
Stock code 股份代號: 1044

2026

Corporate Mission
企業使命

GROWING WITH YOU FOR

A BETTER LIFE

「追求健康、你我一起成長」
has always been the mission of Hengan International. We will continue to
adhere to our corporate spirit of “Integrity, Diligence, Innovation and
Dedication”. Our goal is “to build an effective corporate management and to
develop a high quality, ethical and enthusiastic staff team”. By building an
excellent corporate culture, reinforcing our brand image, and focusing on
consumer and market need, Hengan International will become global top-tier
household products enterprise.
是恒安國際的使命，我們將繼續發揚「誠信、拼博、創新、奉獻」的企業精
神，以「建立一個高效的企業管理團隊，培養一支高素質、有職業道德、有
敬業精神的員工隊伍」為目標，締造良好的企業文化，重塑品牌形象，以消
費者和市場為導向，把恒安國際建設成為全球頂級的家庭生活用品企業。

This Interim Report is printed on environmentally friendly paper
本中期報告採用環保紙印製。

Corporate Information
公司資料

EXECUTIVE DIRECTORS

執行董事

Mr. Sze Man Bok (Chairman)

施文博先生（主席）

Mr. Hui Ching Lau (Chief Executive Officer and Acting Chairman)

許清流先生（行政總裁兼代理主席）

Mr. Xu Da Zuo

許大座先生

Mr. Sze Wong Kim

施煌劍先生

Mr. Hui Ching Chi

許清池先生

NON-EXECUTIVE DIRECTOR

非執行董事

Mr. Xu Wenmo

許文默先生

INDEPENDENT NON-EXECUTIVE DIRECTORS

獨立非執行董事

Ms. Ada Ying Kay Wong, JP

黃英琦女士，太平紳士

Mr. Ho Kwai Ching Mark

何貴清先生

Mr. Theil Paul Marin

保羅希爾先生

Mr. Chen Chuang

陳闖先生

COMPANY SECRETARY

公司秘書

Ms. Sze Siu Lai Sherry

施小麗女士

AUTHORISED REPRESENTATIVES

授權代表

Mr. Hui Ching Lau

許清流先生

Ms. Sze Siu Lai Sherry

施小麗女士

LEGAL ADVISERS

法律顧問

Hong Kong
Reed Smith Richards Butler

香港
禮德齊伯禮律師行

PRC
Global Law Office

中國
環球律師事務所

Cayman Islands
Maples and Calder (Hong Kong) LLP

開曼群島
Maples and Calder (Hong Kong) LLP

AUDITOR

核數師

Deloitte Touche Tohmatsu

Certified Public Accountants and Registered Public Interest
Entity Auditor

德勤 • 關黃陳方會計師行
執業會計師及註冊公眾利益實體
核數師

REGISTERED OFFICE

註冊辦事處

P.O. Box 309

P.O. Box 309

Ugland House

Ugland House

Grand Cayman

Grand Cayman

KY1-1104

KY1-1104

Cayman Islands

Cayman Islands

恒安國際集團有限公司
二零二六年中期報告

1

Corporate Information
公司資料

HEAD OFFICE

總辦事處

Hengan Industrial City

中國

Anhai Town

福建省

Jinjiang City

晉江市

Fujian Province

安海鎮

PRC

恒安工業城

PLACE OF BUSINESS IN HONG KONG

香港營業地點

Unit 2101D, 21st Floor

香港

Admiralty Centre, Tower 1

夏愨道18號

18 Harcourt Road

海富中心一座

Hong Kong

21樓2101D室

PLACE OF LISTING AND STOCK CODE

上市地點及股份代號

The Stock Exchange of Hong Kong Limited

香港聯合交易所有限公司

Stock Code: 1044

股份代號：1044

WEBSITES

網址

http://www.hengan.com

http://www.hengan.com

http://www.irasia.com/listco/hk/hengan

http://www.irasia.com/listco/hk/hengan

PRINCIPAL BANKERS

主要往來銀行

Bank of China

中國銀行

Industrial and Commercial Bank of China

中國工商銀行

Standard Chartered Bank

渣打銀行

MUFG Bank, Ltd.

三菱UFJ銀行

PRINCIPAL SHARE REGISTRAR AND TRANSFER
AGENT

主要股份登記處和過戶代表

Suntera (Cayman) Limited

Suntera (Cayman) Limited

Suite 3204, Unit 2A, Block 3

Suite 3204, Unit 2A, Block 3

Building D, P.O. Box 1586

Building D, P.O. Box 1586

Gardenia Court, Camana Bay

Gardenia Court, Camana Bay

Grand Cayman, KY1-1100

Grand Cayman, KY1-1100

Cayman Islands

Cayman Islands

BRANCH SHARE REGISTRAR AND TRANSFER
OFFICE

股份登記和過戶分處

Tricor Investor Services Limited

卓佳證券登記有限公司

17/F, Far East Finance Centre

香港

16 Harcourt Road

夏愨道16號

Hong Kong

遠東金融中心17樓

INVESTORS AND MEDIA RELATIONS

投資者及傳媒關係

iPR Ltd.

iPR Ltd.

5/F Emperor Hollywood Centre

香港上環

151 Hollywood Road

荷李活道151號

Sheung Wan, Hong Kong

英皇荷里活中心5字樓

Tel: (852) 2136 6185

電話：(852) 2136 6185

2

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Financial Highlights
財務摘要

Unaudited
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026
二零二六年
RMB’000
人民幣千元

2025
二零二五年
RMB’000
人民幣千元

11,091,415

11,808,232

35.3%

32.3%

% of
change
變幅
%

Revenue

收入

Gross profit margin

毛利率

Operating profit

經營利潤

1,979,290

1,757,339

12.6%

Profit attributable to shareholders
of the Company

公司權益持有人應佔
利潤

1,254,042

1,372,894

–8.7%

Earnings per share

每股收益
— 基本

— Basic

— 攤薄

— Diluted

RMB1.104

RMB1.206

人民幣1.104

人民幣1.206

RMB1.104

RMB1.206

人民幣1.104

人民幣1.206

Finished goods turnover (days)

製成品周轉期（日）

39

38

Trade and bills receivables turnover
(days)

應收賬款及應收票據
周轉期（日）

36

37

Rate of return on equity (annualised)

年度化股東權益回報率

11.5%

12.9%

–6.1%

按產品類別劃分之收入

ANALYSIS OF REVENUE BY PRODUCT

10.2%
11.2%

29.0%

60.8%

28.0%

60.8%

2026

2025

Personal hygiene products (including
sanitary napkins and disposable diapers)

Tissue paper products

Others

個人衛生用品業務（包括衛生巾及紙尿褲業務）

紙巾產品

其他

恒安國際集團有限公司
二零二六年中期報告

3

Report on Review of Condensed Consolidated Financial Statements
簡明綜合財務報表審閱報告

To the board of Directors of Hengan International Group

致恆安國際集團有限公司董事會

Company Limited

INTRODUCTION

引言

We have reviewed the condensed consolidated financial statements of

本核數師行已完成審閱恒安國際集團有限公司（「貴

Hengan International Group Company Limited (the "Company") and its

公司」）及其附屬公司（統稱為「貴集團」）列載於第6

subsidiaries (collectively referred to as the "Group") set out on pages 6

頁至第49頁的簡明綜合財務報表，包括於二零二六

to 49, which comprise the condensed consolidated statement of

年六月三十日的簡明合併資產負債表與截至該日止

financial position as of 30 June 2026, and the related condensed

六個月期間的相關簡明合併利潤表、簡明合併綜合

consolidated statement of profit or loss, condensed consolidated

收益表、簡明合併權益變動表和簡明合併現金流量

statement of comprehensive income, condensed consolidated

表以及簡明綜合財務報表附註。《香港聯合交易所

statement of changes in equity and condensed consolidated statement

有限公司證券上市規則》要求中期財務資料報告需

of cash flows for the six-month period then ended, and notes to the

按其相關規定及香港會計師公會頒布之《香港會計

condensed consolidated financial statements. The Rules Governing the

準則》第34號「中期財務報告」
（ Hong Kong

Listing of Securities on The Stock Exchange of Hong Kong Limited

Accounting

require the preparation of a report on interim financial information to be

Reporting 」）的規定編製，按《香港會計準則》第34號

in compliance with the relevant provisions thereof and Hong Kong

編製及呈列該等簡明綜合財務報表是

Accounting Standard 34 "Interim Financial Reporting" ("HKAS 34") as

的責任。本行的責任是在實施審閱工作的基礎上對

issued by the Hong Kong Institute of Certified Public Accountants (the

該等簡明綜合財務報表出具審閱報告，並且本行的

"HKICPA"). The directors of the Company are responsible for the

報告是根據與

preparation and presentation of these condensed consolidated financial

司的董事會（作為一個團體）而出具的，不應被用於

statements in accordance with HKAS 34. Our responsibility is to

任何其他目的。本行不會就本審閱報告的任何內容

express a conclusion on these condensed consolidated financial

對任何其他人士承擔或接受任何責任。

Standard

34「 I n t e r i m

Financial
貴公司董事

貴公司協定的應聘條款僅為

貴公

statements based on our review, and to report our conclusion solely to
you, as a body, in accordance with our agreed terms of engagement,
and for no other purpose. We do not assume responsibility towards or
accept liability to any other person for the contents of this report.

SCOPE OF REVIEW

審閱範圍

We conducted our review in accordance with Hong Kong Standard on

本行的審閱是按照香港會計師公會頒布的《香港審

Review Engagements 2410 "Review of Interim Financial Information

閱工作準則》第2410號「由實體的獨立核數師執行的

Performed by the Independent Auditor of the Entity" as issued by the

中期財務資料審閱」
（ Hong Kong Standard on

HKICPA. A review of these condensed consolidated financial

Review Engagements 2410「 Review of Interim

statements consists of making inquiries, primarily of persons

Financial Information Performed by the Independent

responsible for financial and accounting matters, and applying

Auditor of the Entity 」）進行審閱工作。簡明綜合財

analytical and other review procedures. A review is substantially less in

務報表審閱工作包括詢問（主要詢問負責財務和會

scope than an audit conducted in accordance with Hong Kong

計事項的人員）以及採用分析性覆核和其他審閱程

Standards on Auditing and consequently does not enable us to obtain

序。由於審閱的範圍遠較按照《香港審計準則》(Hong

assurance that we would become aware of all significant matters that

Kong Standards on Auditing)進行審計的範圍為小，

might be identified in an audit. Accordingly, we do not express an

因此本行不能保證察覺在審計中可能識別出的所有

audit opinion.

重大事項，因而，本行不會發表審計意見。

4

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Report on Review of Condensed Consolidated Financial Statements
簡明綜合財務報表審閱報告

CONCLUSION

結論

Based on our review, nothing has come to our attention that causes

根據本行的審閱工作，本行沒有注意到任何事項，

us to believe that the condensed consolidated financial statements are

使本行相信上述簡明綜合財務報表在所有重大方面

not prepared, in all material respects, in accordance with HKAS 34.

沒有按照《香港會計準則》第34號的規定編製。

Deloitte Touche Tohmatsu

德勤 • 關黃陳方會計師行

Certified Public Accountants
Hong Kong
19 August 2026

執業會計師
香港
二零二六年八月十九日

恒安國際集團有限公司
二零二六年中期報告

5

Condensed Consolidated Statement of Profit or Loss
中期簡明合併利潤表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026
二零二六年
RMB’000
人民幣千元

2025
二零二五年
RMB’000
人民幣千元

11,091,415
(7,177,816)

11,808,232
(7,996,703)

3,913,599
(1,944,348)
(727,270)

3,811,529
(1,879,365)
(733,720)

3,523
733,786

(57,463)
616,358

1,979,290

1,757,339

36,163
(372,060)

115,453
(171,509)

(335,897)

(56,056)

17

140

197

5(a)
6

1,643,533
(380,781)

1,701,480
(332,718)

Notes
附註
Revenue
Cost of goods sold

收入
銷售成本

Gross profit
Selling and distribution costs
Administrative expenses
Reversals of impairment losses (impairment
losses) on financial assets — net
Other income and other gains — net

毛利
推廣及分銷成本
行政費用
金融資產減值損失之轉回
（減值損失）— 淨額
其他收入和利得 — 淨額

Operating profit

經營利潤

Finance income
Finance costs

財務收益
財務費用

Finance costs — net

財務費用 — 淨額

Share of results of investments accounted for 分佔按權益法入賬之投資
using the equity method
收益

4

5(a)

5(b)
5(b)

Profit before tax
Income tax expense

除所得稅前利潤
所得稅費用

Profit for the period

本期利潤

1,262,752

1,368,762

Profit (loss) attributable to:
Shareholders of the Company
Non-controlling interests

應佔利潤（虧損）：
公司權益持有人
非控制性權益

1,254,042
8,710

1,372,894
(4,132)

1,262,752

1,368,762

7

RMB1.104
人民幣1.104

RMB1.206
人民幣1.206

7

RMB1.104
人民幣1.104

RMB1.206
人民幣1.206

Earnings per share for profit attributable
to shareholders of the Company
— Basic

— Diluted

6

公司權益持有人應佔之
每股收益
— 每股基本收益

— 每股攤薄收益

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Condensed Consolidated Statement of Comprehensive Income
中期簡明合併綜合收益表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

1,262,752

1,368,762

Profit for the period

本期利潤

Other comprehensive income (expense):
Items that may be subsequently reclassified to
profit or loss
— Currency translation differences

其他綜合收入（費用）：
其後可能會重新分類至損益的
項目
— 外幣折算差額

78,698

6,071

Items that will not be subsequently reclassified to
profit or loss
— Currency translation differences

其後不會重新分類至損益的
項目
— 外幣折算差額

(258,635)

(59,526)

Other comprehensive expense for the period

期內其他綜合費用

(179,937)

(53,455)

Total comprehensive income for the period

本期總綜合收益

1,082,815

1,315,307

Attributable to:

應佔：

Shareholders of the Company

公司權益持有人

1,077,267

1,311,556

Non-controlling interests

非控制性權益

5,548

3,751

本期總綜合收益

1,082,815

1,315,307

Total comprehensive income for the period

恒安國際集團有限公司
二零二六年中期報告

7

Condensed Consolidated Statement of Financial Position
中期簡明合併資產負債表
At 30 June 2026
二零二六年六月三十日結算

(Unaudited)

NON-CURRENT ASSETS

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

非流動資產

Property, plant and equipment

物業、機器及設備

9

9,063,325

9,098,076

Right-of-use assets

使用權資產

10

1,228,651

1,245,616

Construction-in-progress

在建工程

9

400,479

445,626

Investment properties

投資性房地產

9

203,010

176,580

Intangible assets

無形資產

9

565,213

581,336

Prepayments for non-current assets

非流動資產預付款

98,764

131,491

Deferred tax assets

遞延所得稅資產

293,854

385,860

Investments accounted for using the equity

按權益法入賬之投資

method
Long-term time deposits

CURRENT ASSETS

長期銀行定期存款

17

31,346

34,025

12

5,645,504

7,009,754

17,530,146

19,108,364

4,424,904

4,463,723

2,113,760

2,320,032

1,596,523

1,634,031

流動資產

Inventories

存貨

Trade and bills receivables

應收賬款及應收票據

Other receivables, prepayments and

其他應收賬款、預付賬

deposits

11

款及按金

Tax recoverable

預繳當期所得稅

5,245

3,681

Derivative financial instruments

衍生金融工具

216,130

35,833

Restricted bank deposits

有限制銀行存款

300

300

Cash and bank balances

現金及銀行存款

22,187,476

15,615,635

30,544,338

24,073,235

48,074,484

43,181,599

Total assets

8

(Audited)

總資產

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

12

Condensed Consolidated Statement of Financial Position
中期簡明合併資產負債表
At 30 June 2026
二零二六年六月三十日結算

(Unaudited)

CAPITAL AND RESERVE

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

資本及儲備

Share capital

股本

123,345

123,345

Reserves

其他儲備

2,766,210

2,967,648

Retained earnings

留存收益

19,033,232

18,660,540

21,922,787

21,751,533

212,643

221,290

22,135,430

21,972,823

116,345

Equity attributable to shareholders of

15

歸屬於本公司權益持有人

the Company
Non-controlling interests

非控制性權益

Total equity

總權益

NON-CURRENT LIABILITIES

非流動負債

Borrowings

借款

14

219,506

Lease liabilities

租賃負債

10

11,508

9,092

Deferred tax liabilities

遞延所得稅負債

199,843

169,399

430,857

294,836

13

2,103,821

3,102,737

13

2,035,197

1,903,262

58,777
—

86,948

10

18,946

17,815

121,706

171,103

14

21,169,750

15,617,715

25,508,197

20,913,940

CURRENT LIABILITIES

流動負債

Trade payables

應付賬款

Other payables and accrued charges

其他應付賬款及預提

Contract liabilities

合約負債

Derivative financial instruments

衍生金融工具

Lease liabilities

租賃負債

Tax payables

當期所得稅負債

Borrowings

借款

費用

14,360

Total liabilities

總負債

25,939,054

21,208,776

Total equity and liabilities

權益及負債合計

48,074,484

43,181,599

恒安國際集團有限公司
二零二六年中期報告

9

Condensed Consolidated Statement of Changes in Equity
中期簡明合併權益變動表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

Attributable to the shareholders of the Company
本公司權益持有人應佔

Total
總額
RMB’000
人民幣千元

Noncontrolling
interests
非控制性權益
RMB’000
人民幣千元

Total
equity
權益總額
RMB’000
人民幣千元

18,660,540

21,751,533

221,290

21,972,823

Share
capital
股本
RMB’000
人民幣千元

Other
reserves
其他儲備
RMB’000
人民幣千元

Retained
earnings
留存收益
RMB’000
人民幣千元

123,345

2,967,648
–

Balance at 1 January 2026 (audited)

於二零二六年一月一日（經審核）

Profit for the period
Currency translation differences

本期利潤
外幣折算差額

–
–

(176,775)

1,254,042
–

1,254,042
(176,775)

8,710
(3,162)

1,262,752
(179,937)

Total comprehensive (expense) income

綜合總（費用）收益

–

(176,775)

1,254,042

1,077,267

5,548

1,082,815

Transactions with owners:
2025 final dividends paid (Note 8)
Recognition of equity-settled share-based
payments:
— share award scheme of the Company
(Note 16)
Repurchases of treasury shares (Note 15)
Liquidation of a subsidiary

與所有者的交易
二零二五年已派末期股息（附註8）
以權益結算的股份支付

–

–

(792,485)

(792,485)

–

(792,485)

庫存股回購（附註15）
附屬公司清算

–
–
–

16,731
(130,259)
–

–
–
–

16,731
(130,259)
–

–
–
(14,195)

16,731
(130,259)
(14,195)

Total of transactions with owners

與所有者的交易合計

–

(113,528)

(792,485)

(906,013)

(14,195)

(920,208)

Appropriation to statutory reserves

撥往法定儲備

–

88,865

(88,865)

–

–

–

Balance at 30 June 2026 (unaudited)

於二零二六年六月三十日
（未經審核）

123,345

2,766,210

19,033,232

21,922,787

212,643

22,135,430

Balance at 1 January 2025 (audited)

於二零二五年一月一日（經審核）

123,345

2,902,639

17,894,966

20,920,950

224,631

21,145,581

Profit for the period
Currency translation differences

本期利潤
外幣折算差額

–
–

–
(61,338)

1,372,894
–

1,372,894
(61,338)

(4,132)
7,883

1,368,762
(53,455)

Total comprehensive (expense) income

綜合總（費用）收益

–

(61,338)

1,372,894

1,311,556

3,751

1,315,307

Transactions with owners:
2024 final dividends paid (Note 8)

與所有者的交易
二零二四年已派末期股息
（附註8）
以權益結算的股份支付

–

–

(797,245)

(797,245)

(2,684)

(799,929)

–

897

–

897

–

897

（附註16）
庫存股回購（附註15）

–
–

(762)
(25,727)

–
–

(762)
(25,727)

1,404
–

642
(25,727)

Total of transactions with owners

與所有者的交易合計

–

(25,592)

(797,245)

(822,837)

(1,280)

(824,117)

Appropriation to statutory reserves

撥往法定儲備

–

159,202

(159,202)

–

–

–

Balance at 30 June 2025 (unaudited)

於二零二五年六月三十日
（未經審核）

123,345

2,974,911

18,311,413

21,409,669

227,102

21,636,771

Recognition of equity-settled share-based
payments:
— share option scheme of the Company
(Note 16)
— share award scheme of a subsidiary
(Note 16)
Repurchases of treasury shares (Note 15)

10

— 公司股份獎勵計劃（附註16）

— 職工服務價值（附註16）
— 子公司股份獎勵計劃

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Condensed Consolidated Statement of Cash Flows
中期簡明合併現金流量表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月

Cash flows from operating activities

2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

營運活動的現金流量

Cash generated from operations

營運活動產生的現金

927,425

1,894,149

Income tax paid

已付所得稅

(309,446)

(269,320)

617,979

1,624,829

(12,302,721)

(8,712,644)

(470,732)

(500,315)

(14,195)

–

Net cash generated from operating activities

營運活動產生的淨現金

Cash flows from investing activities

投資活動的現金流量

Placement of long-term and short-term time
deposits

增加長期及短期銀行定期
存款

Purchase of property, plant and equipment,

購入物業、機器及設備，

construction-in-progress and other non-

在建工程及其他非流動

current assets
Cash outflow arising from deregistration of a

資產
註銷子公司產生之現金流出

subsidiary
Withdrawal of long-term and short-term time

減少長期及短期銀行定期
存款

8,228,932

4,306,461

Interest received

已收利息

297,488

180,358

Proceeds on disposal of derivative financial

出售衍生金融工具所得款
107,559

201,348

17,331

7,007

11,575

(12,035)

2,725

–

–

73,718

(4,122,038)

(4,456,102)

deposits

instruments
Proceeds on disposal of property, plant and
equipment and right-of-use assets

出售物業、機器及設備及
使用權資產之所得款

Refund (purchase) of deposit for land use rights

購入土地使用權之按金

Dividend income from investments accounted for

按權益法入賬之投資收取的

退回╱（購置）
using the equity method
Proceeds on disposal of financial assets at
FVTPL
Net cash used in investing activities

股息收入
出售以公允價值計量之金融
資產所得款
投資活動使用的淨現金

恒安國際集團有限公司
二零二六年中期報告

11

Condensed Consolidated Statement of Cash Flows
中期簡明合併現金流量表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

Cash flows from financing activities

融資活動的現金流量

New borrowings raised (Note 14)

借入借款（附註14）

20,128,340

13,389,541

Repayment of borrowings (Note 14)

償還借款（附註14）

(14,400,844)

(9,823,200)

Dividends paid (Note 8)

支付股息（附註8）

(792,485)

(797,245)

Repurchase of treasury shares

回購庫存股

(130,259)

(25,727)

Interest paid

支付利息

(121,478)

(153,044)

Lease payments

支付租賃款

(12,184)

(11,346)

Dividends paid to non-controlling interests

向少數股東支付的股息

(6,852)

(15,225)

4,664,238

2,563,754

1,160,179

(267,519)

5,739,442

7,445,915

(26,377)

(681)

6,873,244

7,177,715

Net cash generated from financing activities

融資活動產生的淨現金

Increase (decrease) in cash and cash equivalents

現金及現金等價物淨增加
（減少）

Cash and cash equivalents at 1 January

於一月一日之現金及現金等

Effect of foreign exchange rate changes

外幣匯率變動之影響

Cash and cash equivalents at 30 June

於六月三十日之現金及現金等

價物

價物

12

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

1. GENERAL INFORMATION

1. 一般資料

Hengan International Group Company Limited (the “Company”)

恒安國際集團有限公司（「本公司」或「恒安國

and its subsidiaries (together, the “Group”) are principally engaged

際」）及其附屬公司（「本集團」）主要於中華人民

in the manufacturing, distribution and sale of personal hygiene

共和國（「中國」）及某些境外市場製造、分銷和

products in the People’s Republic of China (the “PRC”) and

出售個人衛生用品。

certain overseas markets.
The Company is a limited liability company incorporated in the

本公司為一家在開曼群島註冊成立之有限責任

Cayman Islands. The address of its registered office is P.O. Box

公司。註冊地址為P.O. Box 309, Ugland House,

309, Ugland House, Grand Cayman, KY1-1104, British West

Grand Cayman, KY1-1104, British West Indies,

Indies, Cayman Islands.

Cayman Islands 。

The Company’s shares have been listed on The Stock Exchange

從一九九八年十二月起，本公司的股份在香港

of Hong Kong Limited (the “Stock Exchange”) since December

聯合交易所有限公司（「聯交所」）上市。

1998.
This interim condensed consolidated financial information is

除另有說明外，本中期簡明合併財務資料以人

presented in Renminbi (“RMB”), unless otherwise stated.

民幣呈列。

This interim condensed consolidated financial information was

本中期簡明合併財務資料已經在二零二六年八

approved for issue by the Board of Directors on 19 August 2026.

月十九日經董事會批准刊發。

This interim condensed consolidated financial information has been

本中期簡明合併財務資料已經審閱，但未經審

reviewed, not audited.

核。

2. BASIS OF PREPARATION

2. 編製基準

The condensed consolidated financial statements have been

本簡明綜合財務報表乃根據由香港會計師公會

prepared in accordance with Hong Kong Accounting Standard 34

（「香港會計師公會」）所頒佈之香港會計準則第

“Interim Financial Reporting” issued by the Hong Kong Institute of

34號（「中期財務報告」），及聯交所證券上市規

Certified Public Accountants (“HKICPA”) as well as the applicable

（「上市規則」）則的適用披露規定而編製。

disclosure requirements of the Rules Governing the Listing of
Securities (“Listing Rules”) on the Stock Exchange.

3. ACCOUNTING POLICIES

3. 主要會計政策

The condensed consolidated financial statements have been

簡明綜合財務報表乃按歷史成本基準編製，唯

prepared on the historical cost basis except for certain financial

若干金融工具按適當情況下重估金額或公允值

instruments, which are measured at revalued amounts or fair

計量除外。截至二零二六年六月三十日止六個

values, as appropriate. The accounting policies and methods of

月之簡明綜合財務報表所應用之會計政策及計

computation used in the condensed consolidated financial

算方式與本集團編製之截至二零二五年十二月

statements for the six months ended 30 June 2026 are the same

三十一日止年度之綜合財務報表所採納者一致。

as those presented in the Group’s annual consolidated financial
statements for the year ended 31 December 2025.

恒安國際集團有限公司
二零二六年中期報告

13

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

3. ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Application of amendments to HKFRS Accounting
Standards

採用香港財務報告準則修訂

In the current interim period, the Group has applied the following

於本中期期間，本集團首次採用香港會計師公

amendments to HKFRS Accounting Standards issued by the

會所頒佈下列香港財務報告準則修訂本於本集

HKICPA, for the first time, which are mandatorily effective for the

團自二零二六年一月一日開始之年度期間強制

Group’s annual period beginning on 1 January 2026 for the

生效，用以於編製簡明綜合財務報表時：

preparation of the Group’s condensed consolidated financial
statements:
Amendments to HKFRS 9
and HKFRS 7

Amendments to the Classification

香港財務報告準則第9號

金融工具之分類及

and Measurement of Financial

及香港財務報告準則

計量（修訂本）

Instruments
Amendments to HKFRS 9
and HKFRS 7
Amendments to HKFRS
Accounting Standards

Contracts Referencing Naturedependent Electricity
Annual Improvements to HKFRS
Accounting Standards —
Volume 11

第7號（修訂本）
香港財務報告準則第9號

依賴自然資源的

及香港財務報告準則

電力合約

第7號（修訂本）

（修訂本）

香港財務報告準則
（修訂本）會計準則
（修訂本）

香港財務報告準則
會計準則的年度
改進 — 第11冊

The application of the amendments to HKFRS Accounting

於本中期期間採用該等香港財務報告會計準則

Standards in the current interim period has had no material

之修訂對集團本期間及過往期間的財務狀況和

impact on the Group’s financial positions and performance for the

業績及╱或於該等簡明綜合財務報表載列之披

current and prior periods and/or on the disclosures set out in

露，沒有重大影響。

these condensed consolidated financial statements.

4. SEGMENT INFORMATION

4. 分部資料

The chief operating decision-makers have been identified as the

首席經營決策者被認定為執行董事。執行董事

Executive Directors. The Executive Directors review the Group’s

審視本集團內部報告以評估表現和分配資源。

internal reports in order to assess performance and allocate

管理層已決定根據此等報告釐定營運分部。

resources. Management has determined the operating segments
based on the reports reviewed by the Executive Directors.
The Executive Directors consider the performance of the Group

執行董事從產品角度審視集團業績。執行董事

from a product perspective. The Executive Directors assess the

基於分部的利潤對分部業績作出評估，但與年

performance of the operating segments based on a measure of

度合併財務報表一致，並不包括集團整體性管
理費用、其他收入和利得 — 淨額、財務收益╱

segment profit without allocation of corporate administrative
— net, finance
expenses, other income and other gains

（費用）、按權益法核算的投資收益份額和所得

income(costs), share of results of investments accounted for using

稅費用之分配。

the equity method and income tax expense which is consistent
with that in the annual consolidated financial statements.

14

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

4. SEGMENT INFORMATION (Continued)

4. 分部資料（續）

The Group’s operations are mainly organised under the segments

本集團主營業務為生產、分銷、出售衛生用

of manufacturing, distribution and sale of personal hygiene

品、紙巾以及其他（包括原材料貿易業務、家居

products and tissue paper products, as well as others (including

用品業務、馬來西亞皇城集團及其馬來西亞附

raw material trading business, household products business, and

屬公司）。

Wang-Zheng Berhad and its subsidiaries in Malaysia).
Sales between segments are carried out on terms mutually agreed

分部間銷售均在雙方達成一致的合同條款下進

amongst these business segments. Revenue from external parties

行。向執行董事報告來自外界的收入的計量方

reported to the Executive Directors is measured in a manner

法與合併利潤表的計量方法一致。

consistent with that in the condensed consolidated statement of
profit or loss.
Most of the Group’s companies are domiciled in the PRC. The

本集團的主要業務在中國，超過90%的收益來

revenue from external customers in PRC accounted for more than

自中國的外部客戶。

90% of the Group’s total revenue.
The amounts provided to the Executive Directors with respect to

向執行董事提供有關總資產和總負債的金額，

total assets and liabilities are measured in a manner consistent

是按照與簡明合併財務報表內貫徹的方式計

with those of the condensed consolidated financial statements.

量。此等資產與負債根據分部的經營分配。

These assets and liabilities are allocated based on the operations
of the segment.
Addition to non-current assets comprise addition to property,

非流動資產增加包括物業、機器及設備、在建

plant and equipment, construction-in-progress, right-of-use assets

工程、使用權資產和無形資產的添置。

and intangible assets.
Unallocated costs represent corporate expenses. Unallocated

未分配成本指集團整體性開支。未分配資產主

assets comprise corporate assets and derivative financial

要包括總部資產及衍生金融工具。未分配負債

instruments. Unallocated liabilities comprise corporate liabilities

包括總部負債及衍生金融工具。

and derivative financial instruments.

恒安國際集團有限公司
二零二六年中期報告

15

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

4. SEGMENT INFORMATION (Continued)

4. 分部資料（續）

The segment information for the six months ended 30 June 2026

以下是截至二零二六年六月三十日止六個月的

is as follows:

分部資料：
Unaudited
未經審核

16

Hygiene
products
衛生用品
RMB’000
人民幣千元

Tissue paper
products
紙巾產品
RMB’000
人民幣千元

Others
其他
RMB’000
人民幣千元

Group
集團
RMB’000
人民幣千元

Segment revenue
Inter-segment sales

分部收入
分部間相互銷售

3,481,617
(269,078)

7,186,187
(439,138)

1,624,839
(493,012)

12,292,643
(1,201,228)

Revenue

集團收入

3,212,539

6,747,049

1,131,827

11,091,415

Segment profit

分部利潤

716,197

417,431

150,576

1,284,204

Unallocated costs
Other income and other gains — net

未分配成本
其他收入和利得 — 淨額

Operating profit
Finance income
Finance costs
Share of results of investments accounted for
using the equity method

經營利潤
財務收益
財務費用
分佔按權益法入賬之投資收益

1,979,290
36,163
(372,060)

Profit before tax
Income tax expense

除所得稅前利潤
所得稅費用

1,643,533
(380,781)

Profit for the period
Profit attributable to non-controlling interests

本期利潤
非控制性權益應佔利潤

1,262,752
(8,710)

Profit attributable to shareholders of the Company

本公司權益持有人應佔利潤

1,254,042

Additions to non-current assets
Depreciation of property, plant and equipment and
investment properties
Depreciation of right-of-use assets
Amortisation charge

非流動資產增加
物業、機器、設備及投資性房地產
折舊開支
使用權資產折舊開支
攤銷開支

As at 30 June 2026 (Unaudited)
Segment assets

於二零二六年六月三十日（未經審核）
分部資產

Deferred tax assets
Tax recoverable
Investments accounted for using the equity method
Long-term time deposits
Cash and bank balances
Unallocated assets

遞延所得稅資產
預繳當期所得稅
按權益法入賬的投資
長期銀行定期存款
現金及銀行存款
未分配資產

293,854
5,245
31,346
5,645,504
22,187,476
846,315

Total assets

總資產

48,074,484

Segment liabilities

分部負債

Deferred tax liabilities
Tax payables
Borrowings
Unallocated liabilities

遞延所得稅負債
當期所得稅負債
借款
未分配負債

199,843
121,706
21,389,256
69,109

Total liabilities

總負債

25,939,054

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

(38,700)
733,786

140

102,646

284,066

116,057

502,769

137,214
11,162
12,800

317,044
13,655
3

41,372
5,663
3,320

495,630
30,480
16,123

5,543,883

11,485,766

2,035,095

19,064,744

1,304,227

1,867,748

987,165

4,159,140

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

4. SEGMENT INFORMATION (Continued)

4. 分部資料（續）

The segment information for the six months ended 30 June 2025

以下是截至二零二五年六月三十日止六個月的

is as follows:

分部資料：
Unaudited
未經審核
Hygiene
products
衛生用品
RMB’000
人民幣千元

Tissue paper
products
紙巾產品
RMB’000
人民幣千元

Others
其他
RMB’000
人民幣千元

Group
集團
RMB’000
人民幣千元

Segment revenue
Inter-segment sales

分部收入
分部間相互銷售

3,575,517
(271,678)

7,717,484
(543,784)

1,831,118
(500,425)

13,124,119
(1,315,887)

Revenue

集團收入

3,303,839

7,173,700

1,330,693

11,808,232

Segment profit

分部利潤

709,072

312,523

132,634

1,154,229

Unallocated costs
Other income and other gains — net

未分配成本
其他收入和利得 — 淨額

Operating profit
Finance income
Finance costs
Share of results of investments accounted for using
the equity method

經營利潤
財務收益
財務費用
分佔按權益法入賬之投資收益

1,757,339
115,453
(171,509)

Profit before tax
Income tax expense

除所得稅前利潤
所得稅費用

1,701,480
(332,718)

Profit for the period
Loss attributable to non-controlling interests

本期利潤
非控制性權益應佔虧損

1,368,762
4,132

Profit attributable to shareholders of the Company

本公司權益持有人應佔利潤

1,372,894

Additions to non-current assets
Depreciation of property, plant and equipment and
investment properties
Depreciation of right-of-use assets
Amortisation charge

非流動資產增加
物業、機器、設備及投資性房地產
折舊開支
使用權資產折舊開支
攤銷開支

As at 31 December 2025
Segment assets (restated)

於二零二五年十二月三十一日
分部資產(重述)

Deferred tax assets
Tax recoverable
Investments accounted for using the equity method
Long-term time deposits
Cash and bank balances
Unallocated assets (restated)

遞延所得稅資產
預繳當期所得稅
按權益法入賬的投資
長期銀行定期存款
現金及銀行存款
未分配資產(重述)

385,860
3,681
34,025
7,009,754
15,615,635
602,720

Total assets

總資產

43,181,599

Segment liabilities

分部負債

Deferred tax liabilities
Tax payables
Borrowings
Unallocated liabilities

遞延所得稅負債
當期所得稅負債
借款
未分配負債

169,399
171,103
15,734,060
58,448

Total liabilities

總負債

21,208,776

(13,248)
616,358

197

282,277

222,968

31,762

537,007

125,046
9,797
12,796

318,227
12,718
3

36,017
5,834
3,358

479,290
28,349
16,157

5,914,839

11,363,202

2,251,883

19,529,924

1,372,681

1,710,760

1,992,325

5,075,766

恒安國際集團有限公司
二零二六年中期報告

17

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

5(a). 除所得稅前利潤

5(a). PROFIT FOR THE PERIOD
Profit before tax is stated after crediting and charging the

除所得稅前利潤計入及扣除下列項目：

following:
(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月

Crediting
Interest income from long-term and shortterm time deposits (Note)
Government grants income
Net gains on derivative financial instruments
Reversals of impairment losses on financial
assets
Exchange gain from operating activities — net
Fair value gains on financial assets at FVTPL

計入
長期與短期銀行定期存款利
息收入（附註）
政府獎勵收入
衍生金融工具淨收益
金融資產減值損失轉回

營運匯兌收益 — 淨額
以公允價值計量且其變動計
入當期損益的金融資產收
益
Gain on disposal of financial assets at FVTPL 處置以公允價值計量且其
變動計入當期損益的金融
資產收益
Charging
Employee benefit expense, including
Directors’ emoluments
Depreciation of property, plant and equipment
(Note 9)
Net impairment losses on financial assets
Miscellaneous taxes and levies
Depreciation of right-of-use assets (Note 10)
Amortisation of intangible assets (Note 9)
Losses on disposal of property, plant and
equipment and right-of-use assets

2025
二零二五年
RMB’000
人民幣千元

330,106
101,459
305,396

278,864
125,456
201,616

3,523
16,439

–
756

–

2,226

–

22,438

1,257,564

1,239,506

490,011
–
43,752
30,480
16,123

473,824
57,463
47,493
28,349
16,157

24,333

15,071

5,619
144

5,466
12,681

扣除
員工福利，包括董事酬金

物業、機器及設備之折舊
（附註9）
金融資產減值準備
雜項稅費
使用權資產之折舊（附註10）
無形資產之攤銷（附註9）
處置物業、機器及設備及
無形資產及使用權資產的
損失
Depreciation of investment properties (Note 9) 投資性房地產之攤銷
（附註9）
Provision of inventions write-down
存貨減值準備

18

2026
二零二六年
RMB’000
人民幣千元

Note:

附註：

Interest income from long-term and short-term time deposits amounting to

長期與短期銀行定期存款利息收入為人民幣

RMB330,106,000 (30 June 2025: RMB278,864,000) is included in “other
income and other gains — net”.

330,106,000元（二零二五年六月三十日：人民幣
278,864,000元）已計入「其他收入和利得 — 淨額」。

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

5(b). FINANCE INCOME AND FINANCE COSTS

5(b). 財務收益及費用
Six months ended 30 June
截至六月三十日止六個月

Finance costs:

財務費用：

Interest expense
— Borrowings

利息費用
— 借款

2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

153,505

149,487

— Lease liabilities

— 租賃負債

558

633

Other finance charges

其他財務費用

5,171

Exchange loss from financing activities — net

匯兌損失

212,826

21,389
—

372,060

171,509

(36,163)
—

(43,009)

(36,163)

(115,453)

335,897

56,056

Finance income:

財務收益：

Interest income from cash and cash equivalents 現金及現金等價物利息收入
Exchange gains from financing activities — net
匯兌收益

Finance costs, net

財務費用 — 淨額

(72,444)

恒安國際集團有限公司
二零二六年中期報告

19

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

6. 所得稅費用

6. INCOME TAX EXPENSE
The amount of income tax expense charged to condensed

計入簡明合併利潤表的所得稅費用如下：

consolidated statement of profit or loss represents:
(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

Current income tax
— Current tax on profits for the period

本期所得稅
— 本期所得稅費用

258,485

244,801

Deferred income tax
— Tax charge to profit or loss

遞延所得稅
— 所得稅計入

122,296

87,917

Income tax expense

所得稅費用

380,781

332,718

(a)

Taxation on Mainland China income has been calculated on

(a)

中國大陸所得稅已按照本集團中國大陸附

the estimated assessable profit for the period at the rates of

屬公司之應課稅利潤以適用之現行稅率計

taxation prevailing in Mainland China in which the Group

算。本公司在中國大陸境內設立之附屬公

operates. The Company’s subsidiaries incorporated in

司須按照25% 。

Mainland China are subject to Corporate Income Tax at the
rate of 25%.
(b)

(c)

(d)

Hong Kong and overseas profits tax has been calculated at

(b)

香港及海外公司所得稅乃按照本集團於香

the rates of taxation prevailing in the regions in which the

港及海外之公司在本期間估計應課稅盈利

Group operates respectively.

依稅率提撥準備。

Deferred income tax is calculated in full on temporary

(c)

遞延所得稅乃採用負債法就關於應課稅暫

differences under the liability method using the prevailing tax

時性差異，按本集團的附屬公司適用之現

rates applicable to the subsidiaries of the Group.

行稅率計算。

The profits of Mainland China subsidiaries of the Group derived

(d)

本集團的中國大陸附屬公司自二零零八年

since 1 January 2008 are subject to withholding tax at a rate

一月一日產生的利潤，若向於香港註冊成

of 5% upon distribution of such profits to investors in Hong

立的投資者分派該等利潤，將須按5%稅率

Kong, or at a rate of 10% for other foreign investors.

繳納預扣稅；若向其他外國投資者分派該

Deferred tax liabilities of approximately RMB31,814,000 (31

等利潤，則須按10%稅率繳納扣繳稅。截

December 2025: RMB19,390,000) have been provided for in

至二零二六年六月三十日止六個月，以本

this regard based on the expected dividends to be distributed

集團的大陸附屬公司於可預見之將來派發

from the Group’s Mainland China subsidiaries in the

之利潤為預期股息基礎而作出遞延稅項負

foreseeable future in respect of the profits generated since 1

債的撥備約為人民幣31,814,000元（二零

January 2008.

二五年十二月三十一日：人民幣
19,390,000元）。

20

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

6. 所得稅費用（續）

6. INCOME TAX EXPENSE (Continued)
(e)

The Group is operating in certain jurisdictions where the Pillar

(e)

本集團於若干已實施第二支柱法規（「第二

Two Rules (“Pillar Two Rules”) are effective and is subject to

支柱法規」）的司法管轄區營運，並須遵守

the global minimum top-up tax Pillar Two Rules. However, as

全球最低補足稅第二支柱法規。然而，由

the top-up tax impact is not significant to the Group, the

於補足稅對本集團的影響並不重大，本集

management of the Group has not made relevant disclosures

團管理層並無就本集團面對第二支柱所得

of qualitative and quantitative information about the Group’s

稅的敞口，披露相關的定性及定量資料。

exposure to the Pillar Two income taxes.

7. 每股收益

7. EARNINGS PER SHARE

(a) 基本

(a) Basic
Basic earnings per share is calculated by dividing the profit

每股基本收益是以本公司權益持有人應佔

attributable to shareholders of the Company by the weighted

利潤除以於期內已發行普通股之加權平均

average number of ordinary shares in issue during the period.

股數計算。
(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026
二零二六年
(Unaudited)
未經審核

2025
二零二五年
(Unaudited)
未經審核

Profit attributable to shareholders of the
Company (RMB’000)

本公司權益持有人應佔
利潤（人民幣千元）

1,254,042

1,372,894

Weighted average number of ordinary shares
in issue (thousands)

已發行普通股加權平均
股數（千股）

1,135,929

1,138,723

Basic earnings per share (RMB)

每股基本收益（人民幣元）

1.104

1.206

(b) Diluted

(b) 攤薄

Diluted earnings per share is calculated by adjusting the

攤薄每股盈利，乃假設所有具有攤薄效應

weighted average number of ordinary shares outstanding to

之潛在普通股予以轉換，調整已發行普通

assume conversion of all dilutive potential ordinary shares.

股加權平均數目後計算得出。本公司購股

Share options of the Company and the share awards of the

權及本公司股份獎勵（2025年：本公司購股

Company (2025: share options of the Company and the

權及一間子公司股份獎勵）為本公司計算

share awards of a subsidiary) are the only categories relevant

攤薄每股盈利相關的唯一類別工具。

to the diluted earnings per share calculation of the Company.

恒安國際集團有限公司
二零二六年中期報告

21

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

7. EARNINGS PER SHARE (Continued)
(b) Diluted (Continued)

7. 每股收益（續）
(b) 攤薄（續）

For the six months ended 30 June 2026, as the exercise

截至二零二六年六月三十日止六個月，由

price in respect of outstanding share options and the share

於尚未行使之本公司購股權及股份獎勵的

awards of the Company were higher than the average market

行使價高於平均市價，就計算攤薄每股盈

price, there was no adjustment for profit attributable to

利而言，毋須對歸屬於本公司股東之利潤

shareholders of the Company and dilutive potential ordinary

以及普通股加權平均數目作出具有攤薄效

shares on the weighted average number of ordinary shares

應潛在普通股之調整。

for the purpose of diluted earnings per share.
For the six months ended 30 June 2025, as the exercise

截至二零二五年六月三十日止六個月，由

price in respect of outstanding share options of the Company

於尚未行使之本公司購股權行使價高於平

was higher than the average market price, and the shares

均市價，且附屬公司授出之股份於授予後

awarded by the subsidiary were vested immediately after

即時歸屬，就計算攤薄每股盈利而言，毋

grant, there was no adjustment for profit attributable to

須對歸屬於本公司股東之利潤以及普通股

shareholders of the Company and dilutive potential ordinary

加權平均數目作出具有攤薄效應潛在普通

share on the weighted average number of ordinary shares for

股之調整。

the purpose of diluted earnings per share.

8. DIVIDENDS

8. 股息
(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月
2026
二零二六年
RMB’000
人民幣千元

2025
二零二五年
RMB’000
人民幣千元

813,485

813,485

Dividends recognised as distributions to ordinary 確認為分派予普通股股東之
shareholders:
股息：
Final dividend of RMB0.70 in respect of the year 支付二零二五年度末期股息
ended 31 December 2025 (2025: final
每股人民幣0.70元（二零
dividend of RMB0.70 in respect of the year
二五年：截至二零二四年
ended 31 December 2024) per ordinary share
十二月三十一日止年度之
(Note (a))
末期股息每股人民幣0.7
元）
（附註a ）

22

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

8. 股息（續）

8. DIVIDENDS (Continued)
Notes:

附註：

(a)

(a)

The dividends paid in 2026 include final dividend amounted to

二零二六年內已向本公司股東支付截至二零二五

RMB813,485,000 paid in respect of the year ended 31 December

年十二月三十一日止年度的末期股息每股人民

2025 of RMB0.70 per share (including RMB21,000,000 which is the

幣0.70元，為數約人民幣813,485,000元（當中包

dividend of shares withheld for treasury shares held by the Company

括人民幣21,000,000元，有關金額為本公司所持

and shares held by the Trustee (as defined in note 16) for the share

股份及受託人（見附註16之本公司股份獎勵計劃）

award schemes of the Company).

所持股份之扣留股息）。

The dividends paid in 2025 include final dividend amounted to

二零二五年內已向本公司股東支付截至二零二四

RMB813,485,000 paid in respect of the year ended 31 December

年十二月三十一日止年度的末期股息每股人民

2024 of RMB0.70 per share (including RMB16,240,000 which is the

幣0.70元，為數約人民幣813,485,000元（當中包

dividend of shares withheld for shares held by the Trustee (as defined

括人民幣16,240,000元，有關金額為受託人（見

in note 16) for the share award schemes of the Company).

附註16之本公司股份獎勵計劃）所持股份之扣留
股息）。

(b)

An interim dividend in respect of the period ended 30 June 2026 of

(b)

於二零二六年八月十九日舉行的董事會會議上，

of

董事會建議派發截至二零二六年六月三十日止

RMB813,485,000 (including RMB21,000,000, which is the dividend of

期間的中期股息每股人民幣0.70元，為數約人民

shares withheld for treasury shares held by the Company and shares

幣813,485,000元（當中包括人民幣21,000,000

held by the Trustee (as defined in note 16) for the share award

元，有關金額為本公司所持股份及受託人（見附

schemes of the Company) (2025: RMB0.70 per share, amounting to a

註16之本公司股份獎勵計劃）所持股份之扣留股

total dividend of RMB813,485,000 (including RMB17,150,000, which is

息）
（二零二五年：每股人民幣0.70元，為數約人

the dividend of shares withheld for treasury shares held by the

民幣813,485,000元（當中包括人民幣17,150,000

Company and shares held by the Trustee (as defined in note 16) for

元，有關金額為本公司所持股份及受託人（見附

the share award schemes of the Company)), was proposed by the

註16之本公司股份獎勵計劃）所持股份之扣留股

Board of Directors at a meeting held on 19 August 2026. These

息））。本財務報表並未反映此應付股息。

R M B0.70

per

share,

amounting

to

a

total

dividend

financial statements do not reflect this dividend payable.
Dividends payable to shareholders will be paid in HK$. The exchange

應付予股東的股息以港幣派發。本公司派股息

rate adopted by the Company for its payable is the middle rate of

所採用的匯率為宣派股息日前一個營業日中國

HK$ to RMB announced by the People’s Bank of China for the

人民銀行公佈的港幣兌人民幣匯率中間價。以

business day preceding the date of dividend declaration. The interim

二零二六年八月十八日當日港幣兌人民幣匯率

dividend of RMB0.70 per share equivalent to HK$0.80870 per share

0.86559折算，中期股息每股人民幣0.70元相等

using the exchange rate of HK$ to RMB on 18 August 2026, which is

於每股港幣0.80870元。

0.86559.

恒安國際集團有限公司
二零二六年中期報告

23

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

9. CAPITAL EXPENDITURE — NET BOOK VALUE

9. 資本性支出 — 賬面淨值
Unaudited
未經審核
Property,
plant and

Construction

Investment

Intangible

equipment

in-progress

properties

assets
無形資產

物業、機器
在建工程

投資性房地產

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

9,098,076

445,626

176,580

581,336

–

–

At 1 January 2026 (Audited)

於二零二六年一月一日（經審核）

Additions

添置

105,745

382,543

Transfer from construction-in-progress

從在建工程轉入

394,314

(394,314)

–

–

Transfer to property, plant and equipment

轉出至物業、機器及設備

140

–

(140)

–

Transfer to investment properties

轉出至投資性房地產

–

(33,376)

33,376

–

Transfer to right-of-use assets

轉出至使用權資產

–

–

(866)

–

Disposals

處置

(41,664)

–

–

–

Depreciation/amortisation for the period

本期折舊╱攤銷

(490,011)

–

(5,619)

(16,123)

Exchange realignment

外幣折算差額

(3,275)

–

(321)

–

At 30 June 2026 (Unaudited)

於二零二六年六月三十日
（未經審核）

9,063,325

400,479

203,010

565,213

At 1 January 2025 (Audited)

於二零二五年一月一日（經審核）

8,319,686

1,287,158

181,100

612,589
1,078

Additions

添置

117,597

396,094

–

Transfer from construction-in-progress

從在建工程轉入

569,873

(569,873)

–

–

Transfer to investment properties

轉出至投資性房地產

(78,040)

–

78,040

–

Transfer from right-of-use assets

從使用權資產轉入

–

–

1,642

–

Disposals

處置

(22,121)

–

–

–

Impairment charges for the period

本期減值費用

(2,154)

–

–

–

Depreciation/amortisation for the period

本期折舊╱攤銷

(473,824)

–

(5,466)

(16,157)

Exchange realignment

外幣折算差額

2,750

(381)

458

–

At 30 June 2025 (Unaudited)

於二零二五年六月三十日
8,433,767

1,112,998

255,774

597,510

（未經審核）

24

及設備
RMB’000

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

10. 租賃

10. LEASES
(a) Amounts recognised in the condensed consolidated
statement of financial position

(a) 簡明合併資產負債表呈列以下有關租賃
之金額
(Unaudited)

Right-of-use assets
— Land use rights
— Buildings

使用權資產
— 土地使用權
— 物業

Total

合計

Lease liabilities
— Current

租賃負債
— 流動

— Non-current
Total

— 非流動
合計

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

1,198,674

1,219,230

29,977

26,386

1,228,651

1,245,616

(18,946)

(17,815)

(11,508)

(9,092)

(30,454)

(26,907)

恒安國際集團有限公司
二零二六年中期報告

25

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

10. 租賃（續）

10. LEASES (Continued)
(b) Amounts recognised in the condensed consolidated
statement of profit or loss
The condensed consolidated statement of profit or loss

(b) 簡明合併利潤表內確認的金額
簡明合併利潤表呈列以下有關租賃之金額：

shows the following amounts relating to leases:
(Unaudited)
未經審核
Six months ended 30 June
截至六月三十日止六個月

Depreciation of right-of-use assets
— Land use rights

使用權資產折舊
— 土地使用權

2025
二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

18,891

17,590

— Buildings

— 物業

11,589

10,759

Total (Note 5a)

合計（附註5a ）

30,480

28,349

Interest expense

利息費用

558

633

Short-term and low-value lease

短期及低價值租賃開支
18,013

16,171

expenses

26

2026
二零二六年

The total cash payment for leases, comprising lease payment

期內，有關租賃的現金付款總額（包括租賃付

and short-term and low-value lease expense, during the

款、短期及低價值租賃開支）為人民幣

period was RMB30,197,000 (2025: RMB27,517,000),

30,197,000元（二零二五年：人民幣27,517,000

excluding the cash payment for land-use rights.

元），此款項不包括為土地使用權的現金付款。

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

11. 應收賬款及應收票據

11. TRADE AND BILLS RECEIVABLES

(Unaudited)

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

Trade receivables

應收賬款

2,235,353

2,501,230

Bills receivables

應收票據

24,636

4,630

2,259,989

2,505,860

Less: provision for impairment

減：壞賬準備

(146,229)

(185,828)

Trade and bills receivables, net

應收賬款及應收票據
— 淨值

2,113,760

2,320,032

Part of the Group’s sales are on open account with credit terms

本集團部分銷售以記賬交易形式進行，信貸期

ranging from 30 days to 90 days. The ageing analysis of trade

為30天至90天。應收賬款及應收票據根據發票

and bills receivables based on invoice date is as follows:

日期的賬齡分析如下：
(Unaudited)

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

1–30天
31–180天

985,378

1,099,863

31 to 180 days

1,087,380

1,191,782

181 to 365 days

181–365天

37,034

22,630

Over 365 days

365天以上

150,197

191,585

2,259,989

2,505,860

Within 30 days

There is no concentration of credit risk with respect to trade and

本集團有眾多客戶，應收賬款及應收票據並無

bills receivables as the Group has a large number of customers.

集中信貸風險。由於信貸期較短及大部分的應

As credit terms are short and most of the trade and bills

收賬款和應收票據也於一年內到期清還，因此

receivables are due for settlement within one year, the carrying

應收賬款及應收票據於資產負債表日的公平值

amounts of these balances approximated their fair values as at the

與賬面值相若。

date of reporting period.
恒安國際集團有限公司
二零二六年中期報告

27

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

12. LONG-TERM TIME DEPOSITS AND CASH AND
BANK BALANCES

12. 長期銀行定期存款和現金及銀行存
款
(Unaudited)

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

Long-term time deposits

長期銀行定期存款

5,645,504

7,009,754

Cash and bank balances
— Bank time deposits

現金及銀行存款
— 定期存款

15,314,232

9,876,193

6,873,244

5,739,442

22,187,476

15,615,635

27,832,980

22,625,389

— 現金及現金等價物

— Cash and cash equivalents

Total

合計

The cash and cash equivalents represented cash deposits held at

現金及現金等價物包括銀行通知存款、現金以

call with banks and in hand and other short-term highly liquid

及到期日為三個月或以下的短期高流動性投資。

investments with original maturities of three months or less.

28

(Audited)

未經審核

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

13. TRADE PAYABLES, OTHER PAYABLES AND
ACCRUED CHARGES

13. 應付賬款、其他應付款及預提費用

(Unaudited)

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

2,103,821

3,102,737

Trade payables

應付賬款

Other payables and accrued charges
— Accrued expenses and other payables

其他應付款和預提費用
— 預提費用及其他應付
款項
— 應付物業、機器及

1,472,587

1,274,418

— Payables for purchase of property,
plant and equipment
— Employee benefit payable

設備採購款
— 應付職工福利款

327,398

331,993

192,053

261,414

— Other taxes payables

— 其他應繳稅款

43,159

35,437

2,035,197

1,903,262

4,139,018

5,005,999

Total

合計

The ageing analysis of trade payables based on invoice date is as

應付賬款按發票日期的賬齡分析如下：

follows:
(Unaudited)

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

1–30天
31–180天

1,268,664

1,720,328

31 to 180 days

816,585

1,359,440

181 to 365 days

181–365天

53

20,527

Over 365 days

365天以上

18,519

2,442

2,103,821

3,102,737

Within 30 days

恒安國際集團有限公司
二零二六年中期報告

29

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

13. TRADE PAYABLES, OTHER PAYABLES AND
ACCRUED CHARGES (Continued)

13. 應付賬款、其他應付款及預提費用
（續）

The carrying amounts of trade payables approximated their fair

由於信貸期較短，應付賬款的賬面值與資產負

values as at the date of reporting period due to short-term

債表日的公平值相若。

maturity.

14. 借款

14. BORROWINGS

(Unaudited)

Non-current

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

長期銀行借款

219,506

116,345

9,485,613

流動

Short-term bank loans

短期銀行貸款

14,440,180

Trust receipt bank loans

銀行押匯貸款

87,281

75,465

Current portion of long-term bank loans

長期銀行貸款的流動部分

142,289

2,356,637

Super short-term commercial papers (a)

超短期融資券 (a)

5,500,000

2,700,000

Corporate bond (b)

公司債券 (b)

1,000,000

1,000,000

21,169,750

15,617,715

21,389,256

15,734,060

合計

Total

As at 30 June 2026, the effective interest rate of the Group’s

於二零二六年六月三十日，集團平均銀行借款

bank loans and other borrowings was approximately 1.51% (31

及其他借款有效年利息率約1.51%（二零二五年

December 2025: 2.01%) per annum.

十二月三十一日：2.01% ）。

As at 30 June 2026 and 31 December 2025, all of the Group’s

於二零二六年六月三十日及二零二五年十二月

bank loans and other borrowings are unsecured.

三十一日，集團所有銀行借款及其他借款均為
無抵押。

30

經審核

30 June

非流動

Long-term bank loans
Current

(Audited)

未經審核

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

14. 借款（續）

14. BORROWINGS (Continued)

(a) 超短期融資券

(a) Super short-term commercial papers
The Group has the following super short-term commercial

本集團於各報告期末持有以下超短期融資

papers at the end of the reporting periods:

券：
Interest rate
利率

Expiration term Maturity date

Amount

到期期限到期日

金額
RMB’000
人民幣千元

As at 30 June 2026
於二零二六年六月三十日
26恒安國際SCP001(科創債)

1.72%

179 days 17 July 2026

26恒安國際SCP002(科創債)

1.81%

179 days 7 August 2026

1,000,000

179日二零二六年七月十七日
2,000,000

179日二零二六年八月七日
26恒安國際SCP003

1.68%

183 days 30 September 2026

25恒安國際SCP004(科創債)

1.77%

269 days 17 July 2026

2,000,000

183日二零二六年九月三十日
500,000

269日二零二六年七月十七日
5,500,000
Interest rate
利率

Expiration term Maturity date

Amount

到期期限到期日

金額
RMB’000
人民幣千元

As at 31 December 2025
於二零二五年十二月三十一日
25恒安國際SCP002(科創債)

1.71%

278 days 3 June 2026

700,000

278日二零二六年六月三日
25恒安國際SCP003(科創債)

1.74%

182 days 24 March 2026

25恒安國際SCP004(科創債)

1.77%

269 days 17 July 2026

1,000,000

182日二零二六年三月二十四日
500,000

269日二零二六年七月十七日
25恒安國際SCP005(科創債)

1.68%

179 days 24 April 2026

500,000

179日二零二六年四月二十四日
2,700,000
As at 30 June 2026 and 31 December 2025, the carrying

於二零二六年六月三十日及二零二五年十二月

amounts of super short-term commercial papers recognised

三十一日，綜合財務報表確認之超短期融資券

in the consolidated financial statements approximate their fair

賬面值與其公平值相若。

values.

恒安國際集團有限公司
二零二六年中期報告

31

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

14. 借款（續）

14. BORROWINGS (Continued)

(b) 公司債券

(b) Corporate bond
The RMB-denominated corporate bond was issued on 4

該人民幣計價公司債券於二零二五年十二

December 2025, carries an interest rate of 1.8% and will

月四日發行，票面利率為1.8% ，到期日為

mature on 4 December 2026.

二零二六年十二月四日。

As at 30 June 2026 and 31 December 2025, the carrying

截至二零二六年六月三十日及二零二五年

amounts of corporate bond recognised in the consolidated

十二月三十一日，綜合財務報表中確認的

financial statements approximate their fair values.

公司債券賬面值與公允價值相若。

Movements in borrowings are analysed as follows:

借款變動如下：
(Unaudited)
未經審核
RMB’000
人民幣千元

32

At 1 January 2026 (audited)

於二零二六年一月一日（經審核）

New borrowings raised

借款增加

20,128,340

Repayments of borrowings

借款還款

(14,400,844)

Exchange realignment

外幣折算差額

At 30 June 2026 (unaudited)

於二零二六年六月三十日（未經審核）

21,389,256

At 1 January 2025 (audited)

於二零二五年一月一日（經審核）

13,089,848

New borrowings raised

借款增加

13,389,541

Repayments of borrowings

借款還款

(9,823,200)

Exchange realignment

外幣折算差額

At 30 June 2025 (unaudited)

於二零二五年六月三十日（未經審核）

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

15,734,060

(72,300)

(53,602)
16,602,587

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

15. 股本

15. SHARE CAPITAL

已發行及繳足股本普通股

Ordinary shares, issued and fully paid

Number of

At 1 January 2026 and 30 June 2026
(unaudited)

(unaudited)

RMB’000
人民幣千元

1,162,120,917

123,345

1,162,120,917

123,345

於二零二六年一月一日及
二零二六年六月三十日
（未經審核）

At 1 January 2025 and 30 June 2025

shares
股份數目

於二零二五年一月一日及
二零二五年六月三十日
（未經審核）

The Company repurchased its own ordinary shares through the

公司透過香港聯合交易所有限公司回購了本公

Stock Exchange as follows during the period:

司的普通股，具體如下：

2026
二零二六年
Aggregate
No. of

consideration paid

Month of repurchases

ordinary shares

Price paid per share

(including expenses)

回購月份

股份數量普通股

每股價格

支付總額（包括費用）

Highest

Lowest

最高

最低

HK$

HK$

RMB$’000

港元

港元

人民幣千元

1,880,000

27.16

26.24

44,166

3,620,000

27.74

26.38

86,093

April 2026
二零二六年四月
May 2026
二零二六年五月

5,500,000

130,259

恒安國際集團有限公司
二零二六年中期報告

33

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

15. 股本（續）

15. SHARE CAPITAL (Continued)

已發行及繳足股本普通股（續）

Ordinary shares, issued and fully paid (Continued)
2025
二零二五年

Aggregate
No. of

consideration paid

Month of repurchases

ordinary shares

Price paid per share

(including expenses)

回購月份

股份數量普通股

每股價格

支付總額（包括費用）

Highest

Lowest

最高

最低

HK$

HK$

RMB$’000

港元

港元

人民幣千元

22.15

20.90

25,727

June 2025
二零二五年六月

1,300,000

The repurchased ordinary shares are not cancelled and are

回購的普通股不予註銷，視為公司庫存股。

remained as treasury shares of the Company.
As of 30 June 2026, there are 6,800,000 treasury shares held by

截至二零二六年六月三十日，公司持有共

the Company (31 December 2025: 1,300,000).

6,800,000庫存股（二零二五年十二月三十一
日：1,300,000）。

16. SHARE SCHEMES
(i)

Share award scheme

16. 股份計劃
(i)

股份獎勵計劃

The Company’s share award scheme (the “Scheme”) was

本公司股份獎勵計劃（「該計劃」）根據董事

adopted with effect from 11 September 2023 pursuant to a

會於2023年9月11日通過之決議案採納，自

resolution passed by the Board on the same date. The

同日起生效。該計劃由本公司委任之獨立

Scheme is held by an independent trustee (the “Trustee”)

受託人（「受託人」）持有，並由股份激勵委

appointed by the Company, and administered by the Share

員會管理。

Incentive Committee of the Company.
There is no purchase of shares by the Trustee during the

截至二零二六年六月三十日止期間，受託

period ended 30 June 2026. During the period ended 30

人並無購買任何股份。截至二零二六年六

June 2026, the Company granted a total of 18,495,000

月三十日止期間，本公司按每股港幣27.56

shares (2025: None) to Directors and employees of the Group

元的購買價格，向本集團董事及經挑選僱

(the “Selected Employees”) at a purchase price of HK$27.56

員（「合資格僱員」）合共授出18,495,000股

per share. As of 30 June 2026, the Trustee held a total of

股份（二零二五年：無）。於二零二六年六

23,200,000 shares (31 December 2025: 23,200,000 shares) of

月三十日，受託人合共持有本公司

the Company, in which 18,142,000 shares (31 December

23,200,000股股份（二零二五年十二月

2025: Nil) are allocated but unvested, 5,058,000 shares,

三

including the 353,000 forfeited share awards reverted (31

18,142,000股（二零二五年十二月三十一

December 2025: 23,200,000 shares) are available for future

日：無）已分配但尚未歸屬，當中

grant under the Scheme.

5,058,000股，包括353,000股已沒收並回撥

十

一

日：23,200,000股），其

中

的獎勵股份（二零二五年十二月三十一日：
23,200,000股）可根據該計劃於日後授出。

34

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. SHARE SCHEMES (Continued)
(i)

Share award scheme (Continued)

16. 股份計劃（續）
(i)

股份獎勵計劃（續）

Pursuant to the Scheme, the awarded shares held by the

根據該計劃條款，倘發生下列情況，受託

Trustee shall not vest in the Selected Employee when (i) the

人所持獲授股份將不會歸屬予合資格僱

Selected Employee fails to remain as an employee on the

員：(i)合資格僱員於相關歸屬日期不再為

relevant vesting date; (ii) the Selected Employee fails to fulfil

僱員；(ii)合資格僱員未能達成獲授股份所

the vesting conditions (if any) in respect of the awarded

附帶之歸屬條件（如有）；及(iii)合資格僱員

shares; and (iii) the Selected Employee’s employment is

之僱傭關係因以下理由被終止（包括但不

terminated by reason of, inter alia, serious misconduct,

限於）
：嚴重不當行為、未能勝任崗位或履

incompetence or negligence in performing his/her duties

行職務時疏忽導致本集團蒙受重大損失、

causing material losses to the Group, being charged,

遭檢控或被裁定觸犯適用法律法規項下任

convicted for any offence under applicable laws or

何罪行，及╱或違反本集團僱員行為守則。

regulations, and/or breaches of the Group’s employee
behavior codes.
There are no performance targets attached to the share

有關股份獎勵並不設表現指標。股份獎勵

awards. The share awards vest from the date of grant, with

自授出日期起歸屬，其中50%於二零二七

50% to 14 January 2027 and the remaining 50% to 14

年一月十四日歸屬，餘下50%於二零二八

January 2028, at a purchase price of HK$27.56 per share,

年一月十四日歸屬；購買價為每股港幣

payable by the grantee upon exercise of the share award.

27.56元，承授人於行使股份獎勵時支付。

The share award granted shall be exercisable during the

授出之股份獎勵可於以下期間行使：(a)

following periods: (a) 50% of the share awards shall be

50%股份獎勵可由二零二七年一月十五日

exercisable from 15 January 2027 to 14 January 2028, (b)

至二零二八年一月十四日行使；(b)餘下

the remaining 50% of the share awards shall be exercisable

50%股份獎勵可由二零二八年一月十五日

from 15 January 2028 to 14 January 2029, and the share

至二零二九年一月十四日行使。各份股份

awards shall lapse at the expiry of the respective exercisable

獎勵於相應行使期屆滿時失效。

period.
Share awards granted are exercisable at the discretion of the

授出之股份獎勵可由合資格僱員酌情決定

Selected Employees. If a Selected Employee elects not to

是否行使。倘合資格僱員選擇於到期日前

exercise the share awards prior to their expiration date, the

不行使股份獎勵，有關股份獎勵將被註銷

share award forfeits or expires without any payment or

或到期失效，承授人毋須向本公司支付任

penalty due to the Company.

何款項或承擔任何罰則。

Out of the 18,142,000 outstanding share awards, no share

於18,142,000份尚未行使獲授股份獎勵當

award was exercisable as of 30 June 2026.

中，截至二零二六年六月三十日，所有股
份獎勵均尚未可供行使。

恒安國際集團有限公司
二零二六年中期報告

35

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. 股份計劃（續）

16. SHARE SCHEMES (Continued)
(i)

Share award scheme (Continued)

(i)

股份獎勵計劃（續）

The tables below set out details of share awards granted to

下表載列根據各項計劃向合資格僱員授出

the Selected Employees under the Schemes:

之股份獎勵詳情：
Granted

Selected Employees

Grant date

Forfeited

Outstanding at

during

during

Outstanding at

1 January 2026

the period

the period

30 June 2026

於二零二六年

於二零二六年

一月一日
合資格僱員

授出日期

未行使股份

六月三十日
於期內授出於期內註銷╱失效

結餘

Directors
董事
— Sze Man Bok

15 January 2026

施文博先生
— Hui Ching Lau

二零二六年一月十五日

許清流先生
— Xu Da Zuo

二零二六年一月十五日

許大座先生
— Sze Wong Kim

二零二六年一月十五日

施煌劍先生
— Hui Ching Chi

二零二六年一月十五日

許清池先生
— Li Wai Leung (Note)

二零二六年一月十五日

李偉樑先生（附註）
— Xu Wenmo

二零二六年一月十五日

許文默先生

二零二六年一月十五日

15 January 2026
15 January 2026
15 January 2026
15 January 2026
15 January 2026
15 January 2026

Sub-total

–

100,000

–

100,000

–

300,000

–

300,000

–

200,000

–

200,000

–

60,000

–

60,000

–

200,000

–

200,000

–

150,000

(150,000)

–

–

60,000

–

60,000

–

1,070,000

(150,000)

920,000

–

17,425,000

(203,000)

17,222,000

–

18,495,000

(353,000)

18,142,000

小計
Employees — In aggregate
僱員 — 合計

15 January 2026
二零二六年一月十五日
Total
總數

Note:

36

His resignation was effective from 1 April 2026.

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

附註：他的辭任於二零二六年四月一日起生效。

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. SHARE SCHEMES (Continued)
(i)

Share award scheme (Continued)

16. 股份計劃（續）
(i)

股份獎勵計劃（續）

Based on the fair value of the underlying ordinary shares, the

根據相關普通股的公允價值，本集團採用

Group uses the binomial model to determine the fair value of

二項式模型來確定授予日股票期權的公允

the share awards as of the grant date. Key assumptions are

價值。關鍵假設如下：

set as below:
Key assumptions —
Awards granted on
15 January 2026
關鍵假設
二零二六年一月十五日
授予之獎勵
HK$2.90–HK$3.19
港幣2.90–3.19

Fair value at grant date
授出日期的公允價值
Share price at grant date

HK$27.56

授出日期股票價格

港幣27.56

Purchase price

HK$27.56

購買價

港幣27.56
2.45%–2.46%

Risk-free interest rate
無風險利息率
Dividend yield

5.66%

股息收益率
25.21%–25.71%

Expected volatility (Note)
預期波幅率（附註）

2–3

Expected life (in years)
預期有效期（年）
Note:

The expected volatility, measured as the standard deviation of

附註：預期波動率，以預期股價回報的標準差

expected share price returns, is determined based on the

衡量，根據公司股票每週平均交易價格

average weekly trading price volatility of the shares of the

波動率確定。

Company.

恒安國際集團有限公司
二零二六年中期報告

37

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. 股份計劃（續）

16. SHARE SCHEMES (Continued)
(i)

Share award scheme (Continued)

(i)

股份獎勵計劃（續）

Share awards outstanding at the end of the period have the

在期末時未行使授予股份獎勵的到期日和

following expiry dates and exercise prices:

行使價如下：

Purchase

Expiry date —

到期日 —

14 January 2028
Expiry date —

到期日 —

price in

股份獎勵數目（千計）
31 December

HK$ per

30 June

share award

2026

2025

每股獎勵股份

二零二六年

二零二五年

的購買（港幣）

六月三十日

十二月三十一日

27.56

9,071

–

27.56

9,071

–

18,142

–

二零二八年一月十四日
二零二九年一月十四日

14 January 2029

Share awards (thousands)

The total amount of the fair value of share awards granted to

合資格僱員獲授恒安國際購股權的公允價

the Selected Employees is expensed over the vesting period.

值總金額在等待期間內確認為費用。截至

The Company’s share-based compensation expense for the

二零二六年六月三十日止的六個月，本公

six

to

司以股份為基礎之酬金費用為人民幣

RMB16,731,000, and the remaining unamortised fair value of

16,731,000元，而剩餘未經攤銷的公允值

approximately RMB32,563,000 will be charged to the

約若人民幣32,563,000元將來會確認在合

consolidated income statement in future periods.

併利潤表。

The maximum number of shares available for further grant

根據該計劃已授出之股份獎勵，可供進一

after considering the share awards already granted under the

步授出之股份上限為39,964,045股，有關

Scheme are 39,964,045, which are not more than 5% of the

數目不超過本公司於計劃獲批准當日之已

issued share capital of the Company as at the date of the

發行股本5% 。

months

ended

30

June

2026

amounted

approval of the Scheme.

(ii) Share option schemes

本公司於二零二一年五月十七日（二零二一

2021 (“2021 Scheme”). Pursuant to the 2021 scheme, share

年計劃）正式通過購股權計劃。根據這份計

options had been granted to the Directors and selected

劃，董事及經挑選的僱員獲授購股權。若

employees. The options granted will be forfeited if the

董事和僱員於行使日前辭職，購股權將失

Directors and employees leave the Group before the options

效。本集團並無法定或推定責任，以現金

are exercisable. The Group has no legal or constructive

購回或償付購股權。

obligation to repurchase or settle the options in cash.

38

(ii) 購股權計劃

The Company adopted share option schemes on 17 May

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. 股份計劃（續）

16. SHARE SCHEMES (Continued)

(ii) 購股權計劃（續）

(ii) Share option schemes (Continued)
Movements in the number of share options outstanding and

未行使的購股權數目及有關之加權平均行

their related weighted average exercise prices are as follows:

使價的變動如下：
2026

2025

二零二六年

二零二五年

Average

Average

exercise

exercise
price in

price in
HK$ per

Options

HK$ per

Options

share

(thousands)

share

(thousands)

每股平均

每股平均
行使價

行使價

（港幣）購股權千計

（港幣）購股權千計

At 1 January (audited)

於一月一日（已審計）

41.43

14,207

47.63

32,516

Lapsed or forfeited

已失效

41.48

(13,825)

41.48

(12,345)

Lapsed or forfeited

已失效

40.30

(6)

40.30

(108)

At 30 June (unaudited)

於六月三十日
40.30

376

51.45

20,063

（未經審核）
Out of the 376,000 outstanding options (31 December 2025:

於二零二六年六月三十日，在376,000份未

14,207,000), 376,000 options (31 December 2025:

行使的期權中（二零二五年十二月三十一

14,207,000) were exercisable as at 30 June 2026.

日：14,207,000份），376,000份期權可予行
使（二零二五年十二月三十一日：
14,207,000份）。

恒安國際集團有限公司
二零二六年中期報告

39

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. 股份計劃（續）

16. SHARE SCHEMES (Continued)

(ii) 購股權計劃（續）

(ii) Share option schemes (Continued)
Based on fair value of the underlying ordinary shares, the

根據相關普通股的公允價值，本集團採用

Group uses binomial model to determine the fair value of the

二項式模型來確定授予日股票期權的公允

share options as of the grant date. Key assumptions are set

價值。關鍵假設如下：

as below:
Key assumptions
關鍵假設

Fair value at grant date

授出日期的公允價值

Share price at grant date

授出日期股票價格

Exercise price

行使價

Risk free interest rate

無風險利息率

Dividend yield

股息收益率

Expected volatility (Note)

預期波幅率（附註）

Expected life (in years)

預期有效期（年）

Note:

Options granted

on 18 January

on 21 December

2022

2022

二零二二年

二零二二年

一月十八日

十二月二十一日

授予之期權

授予之期權

HK$2.63–HK$3.84 HK$4.01–HK$4.97
港幣2.63–3.84
港幣4.01–4.97
HK$38.65

HK$40.30

港幣38.65

港幣40.30

HK$41.48

HK$40.30

港幣41.48

港幣40.30

0.68%–1.22%

3.51%–4.05%

4.88%

5.83%

24%–25%
2–4

23%–25%
2–4

The expected volatility, measured as the standard deviation of

附註：預期波動率，以預期股價回報的標準差

expected share price returns, is determined based on the

衡量，根據公司股票每週平均交易價格

average weekly trading price volatility of the shares of the

波動率確定。

Company.

40

Options granted

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. 股份計劃（續）

16. SHARE SCHEMES (Continued)

(ii) 購股權計劃（續）

(ii) Share option schemes (Continued)
Share options outstanding at the end of the period have the

在期末時未行使購股權的到期日和行使價

following expiry dates and exercise prices:

如下：

Exercise

Options (thousands)

price in

購股權數（千計）

HK$ per

30 June

31 December

share option

2026

2025

每股購股權的

Expiry date —

到期日 —

17 January 2026
Expiry date —

二零二六年一月十七日
到期日 —

20 December 2026

二零二六年十二月二十日

行使價格

二零二六年

二零二五年

（港幣）

六月三十日

十二月三十一日

41.48

–

13,825

40.30

376

382

376

14,207

The total amount of the fair value of share options granted to

董事及經挑選的僱員獲授購股權的公允價

Directors and selected employees of the Group is expensed

值總金額在等待期間內確認為費用。截至

over the vesting period. The Company’s share-based

二零二六年六月三十日止的六個月，本公

compensation expense for the six months ended 30 June

司以股份為基礎之酬金費用為人民幣零元

2026 amounted to RMB: Nil (six months ended 30 June

（截止二零二五年六月三十日止六個月：人

2025: RMB897,000), and the remaining unamortised fair value

民幣897,000元），而剩餘未經攤銷的公允

of approximately RMB: Nil (2025: RMB912,000) will be

值約若人民幣零元（二零二五年：人民幣

charged to the consolidated income statement in future

912,000元）將來會確認在合併利潤表。

periods.
The maximum number of shares available for issue after

扣除已授出之購股權，根據二零二一年計

considering the share options already granted under the

劃可發行之股份數目上限為117,377,742

2021 Scheme are 117,377,742, which are not more than

股，此數字並未大於二零二一年該計劃被

10% of the issued share capital of the Company as at the

批准當日本公司所發行股本的10% 。

date of the approval of the 2021 Scheme.

恒安國際集團有限公司
二零二六年中期報告

41

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

16. SHARE SCHEMES (Continued)
(ii) Share option schemes (Continued)

16. 股份計劃（續）
(ii) 購股權計劃（續）

The subsidiary (the “Subsidiary”)

附屬公司（「附屬公司」）

At an extraordinary general meeting on 30 January 2024, the

於二零二四年一月三十日舉行之股東特別

shareholders of the Subsidiary approved the establishment of

大會上，附屬公司股東批准設立長期激勵

a Long-Term Incentive Plan (“LTIP”), comprising an

計劃（「 LTIP 」），計劃包含僱員購股權計劃

employees’ share option scheme and a Share Grant Plan

及股份授予計劃（「 SGP 」）。長期激勵計劃

(“SGP”). The LTIP is administered by the LTIP Committee

由LTIP委員會管理；該委員會由附屬公司

which is appointed by the Board of Directors of the

董事會依據《長期激勵計劃規則》委任。

Subsidiary in accordance with the LTIP By-Laws. The LTIP

LTIP有效期為5年，生效日期由二零二四年

was in force for a period of 5 years from the effective date of

二月二十七日起至二零二九年二月二十六

27 February 2024 to 26 February 2029.

日止。

No share option was granted under the share option scheme

附屬公司之購股權計劃於截至二零二六年

of the Subsidiary for the period ended 30 June 2026 and 30

六月三十日及二零二五年六月三十日止期

June 2025.

間，沒有授出任何購股權。

No share was granted under the SGP for the period ended

截至二零二六年六月三十日止期間，並無

30 June 2026.

根據SGP授出任何股份。

During the period ended 30 June 2025, the Subsidiary

截至二零二五年六月三十日止期間，附屬

granted 805,600 ordinary shares of the Subsidiary to the

公司授出805,600股普通股並透過轉讓庫存

eligible employees (including Executive Directors) of the

股份及發行新普通股，根據SGP向附屬公

Subsidiary and its subsidiaries under the SGP through

司及其附屬公司的合資格僱員（包括執行

transfer of treasury shares and issuance of new ordinary

董事）授出任何附屬公司普通股授出股份

shares. The granted shares were vested and transferred to

於授予後即歸屬並轉讓予承授人。

the grantees immediately.
As at 30 June 2026 and 31 December 2025, there are no

於二零二六年六月三十日及二零二五年

unvested share options/awards under the LTIP.

十二月三十一日，長期激勵計劃沒有未歸
屬股份期權獎勵。

42

The Subsidiary’s share-based compensation expense for the

附屬公司截至二零二六年六月三十日止六

six months ended 30 June 2026 amounted to RMB: Nil

個月以股份為基礎之補償開支為人民幣零

(2025: RMB642,000).

元（二零二五年：人民幣642,000元）。

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

17. INVESTMENTS ACCOUNTED FOR USING THE
EQUITY METHOD
The amounts recognised in the condensed consolidated statement

17. 採用權益法核算的投資
簡明合併資產負債表中確認的金額如下：

of financial position are as follows:
(Unaudited)

(Audited)

未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

Investments in associates (a)

聯營企業(a)

12,845

15,524

Investment in a joint venture (b)

合營企營(b)

18,501

18,501

Total

合計

31,346

34,025

The details of investments in associates and a joint venture are as

對聯營企業和合營企業的投資詳情如下：

follows:

(a) 聯營企業

(a) Associates

RMB’000
人民幣千元
At 1 January 2026 (audited)

於二零二六年一月一日（經審核）

Share of results of associates

應佔淨獲利

140

Dividend received

已收股息

(2,725)

Exchange realignment

外幣折算差額

At 30 June 2026 (unaudited)

於二零二六年六月三十日（未經審核）

12,845

At 1 January 2025 (audited)

於二零二五年一月一日（經審核）

16,175

Share of results of associates

應佔淨獲利

200

Exchange realignment

外幣折算差額

(51)

At 30 June 2025 (unaudited)

於二零二五年六月三十日（未經審核）

15,524

(94)

恒安國際集團有限公司
二零二六年中期報告

16,324

43

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

17. INVESTMENTS ACCOUNTED FOR USING THE
EQUITY METHOD (Continued)

17. 採用權益法核算的投資（續）
(b) 合營企業

(b) Joint venture

RMB’000
人民幣千元
At 1 January 2026 (audited) and
30 June 2026 (unaudited)

於二零二六年一月一日（經審核）及
二零二六年六月三十日（未經審核）

18,501

At 1 January 2025 (audited)
Share of result of a joint venture

於二零二五年一月一日（經審核）
應佔淨損益

18,503
(3)

At 30 June 2025 (unaudited)

於二零二五年六月三十日（未經審核）

18,500

The particulars of the associates and a joint venture of the
Group as at 30 June 2026, all of which equity method is
used to account for, are set out as follows:
Place of
business/
country of
incorporation
註冊成立
國家╱地點

% of
ownership Nature of
interest relationship
本集團
應佔股權本質屬性關係

Particulars
of issued
share capital Principal activities

Sinolight (Jinjiang) Hygiene
Products Research Co.,
Ltd.*

Jinjiang, PRC

38.80% Associate

中輕（晉江）衛生用品研究
有限公司

晉江，中國

38.80% 聯營企業

RMB29,411,800 Research and
development of
personal hygiene
materials
人民幣研究和開發個人衛生
29,411,800
產品

Karrion Development
Limited (note (i))

Hong Kong,
PRC

50.00% Associate

嘉利安發展有限公司
（附註(i) ）

香港，中國

50.00% 聯營企業

Xiamen Anjian Real Estate
Operation Co., Ltd.*
(note (ii))
廈門安健不動產運營有限
公司（附註(ii) ）

Xiamen, PRC

50.00% Joint Venture

廈門，中國

50.00% 合營企業

Name of entity
公司名稱

*

44

於二零二六年六月三十日，按權益法列賬
之本集團聯合營企業詳情載列如下：

For identification purpose only
HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

繳足資本主要業務

HK$1,000,000 Development,
distribution,
wholesaling and
retailing of medical,
healthcare and
hygiene products
港幣1,000,000 開發、批發分銷、醫
葯、個人護理及衛
生產品零售
RMB37,000,000 Real estate
development and
operation
人民幣房地產發展及管理
37,000,000

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

17. INVESTMENTS ACCOUNTED FOR USING THE
EQUITY METHOD (Continued)
(b) Joint venture (Continued)

17. 採用權益法核算的投資（續）
(b) 合營企業（續）

Note:

附註：

(i)

(i)

The Group has significant influence over the relevant activities of

根據股東協議，嘉利安發展有限公司有關

Karrion Development Limited, as the major decisions regarding

活動之重大決策僅需各董事簡單多數票通

the relevant activities of Karrion Development Limited only

過，因此本集團對嘉利安發展有限公司的

require a simple majority of their respective directors according

相關活動具有重大影響力。

to the shareholders’ agreements.
(ii)

The Group has joint control over the relevant activities of Xiamen

(ii)

本集團對廈門安健不動產運營有限公司之

Anjian Real Estate Operation Co., Ltd, as the relevant activities

相關活動擁有共同控制權，原因為根據股

of Xiamen Anjian Real Estate Operation Co., Ltd require

東協議，廈門安健不動產運營有限公司之

unanimous consent according to the shareholders’ agreements.

相關活動須獲一致同意方可進行。

18. FINANCIAL INSTRUMENTS

18. 金融工具

Financial risk management objective and policies

財務風險管理及金融工具

The Group’s activities expose it to a variety of financial risks:

本集團的活動承受著多種的財務風險：市場風

market risk (including currency risk, fair value interest rate risk,

險（包括匯率風險、公允價值利率風險、現金流

cash flow interest rate risk and price risk), credit risk and liquidity

量利率風險及價格風險）、信用風險及流動性風

risk.

險。

The interim condensed consolidated financial information does not

中期簡明合併財務資料並未包括年度財務報表

include all financial risk management information and disclosures

規定的所有財務風險管理資訊和披露，此中期

required in the annual financial statements, and should be read in

簡明合併財務資料應與本集團截至二零二五年

conjunction with the Group’s annual financial statements as at 31

十二月三十一日止的年度合併財務報表一併閱

December 2025.

讀。

There have been no changes in the risk management policies

自去年底以來本集團的風險管理政策並無任何

since last year end.

變動。

Liquidity risk

流動性風險

Compared to the 31 December 2025, there was no material

與二零二五年十二月三十一日比較，金融負債

change in the contractual undiscounted cash out flows for

的合約未貼現現金流出並無重大變動。

financial liabilities.

恒安國際集團有限公司
二零二六年中期報告

45

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

18. 金融工具（續）

18. FINANCIAL INSTRUMENTS (Continued)
Financial risk management objective and policies
(Continued)

財務風險管理及金融工具（續）

Liquidity risk (Continued)

流動性風險（續）

The table below analyses the Group’s financial liabilities into

下表顯示本集團的金融負債，按照相關的到期

relevant maturity groupings based on the remaining period at the

組別，根據此報告期內至合約到期日的剩餘期

date of reporting period to the contractual maturity date. The

間進行分析。在表內披露的金額為合約性未貼

amounts disclosed in the table are the contractual undiscounted

現的現金流量。

cash flows.
Total
Less than
Between
Between
Between undiscounted
1 year 1 and 2 years 2 and 3 years 3 and 5 years
cash flows
未貼現的
少於一年
一年至二年
二年至三年
三年至五年
現金流
RMB’000
RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
人民幣千元
人民幣千元

Borrowings
Trade and other payables
Lease liabilities

二零二六年六月三十日
（未經審核）
借款
應付賬款及其他應付款
租賃負債

21,246,323
2,888,775
19,702

94,438
–

125,076
–

–
–

9,075

2,324

Total

合計

24,154,800

103,513

At 31 December 2025 (Audited)
Borrowings
Trade and other payables
Derivative financial instruments
Lease liabilities

二零二五年十二月三十一日
（經審核）
借款
應付賬款及其他應付款
結算衍生工具淨額
租賃負債

15,729,349
3,651,421
14,360
18,424

Total

合計

19,413,554

At 30 June 2026 (Unaudited)

Carrying
amount
賬面值
RMB’000
人民幣千元

414

21,465,837
2,888,775
31,515

21,389,256
2,888,775
30,454

127,400

414

24,386,127

24,308,485

78,729
–
–

38,364
–
–

–
–
–

6,768

2,361

190

15,846,442
3,651,421
14,360
27,743

15,734,060
3,651,421
14,360
26,907

85,497

40,725

190

19,539,966

19,426,748

Fair value measurement of financial instruments

公允價值估量的金融工具

Some of the Group’s financial assets and financial liabilities are

本集團於各報告期末以公允價值入賬部份金融

measured at fair value at the end of each reporting period. The

資產及金融負債，下表按照公允價值的估值技

following table gives information about the level of the fair value

術中所運用到的輸入歸類為以下三層（第一層

hierarchy into which the fair value measurements are categorised

至第三層）。

(Levels 1 to 3) based on the degree to which the inputs to the
fair value measurements is observable.
•

Level 1 fair value measurements are those derived from quoted
prices (unadjusted) in active market for identical assets or
liabilities;

46

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

•

第一層以公允價值計量相同資產或負債來
自活躍市場中的報價（未調整）：

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

18. 金融工具（續）

18. FINANCIAL INSTRUMENTS (Continued)
Fair value measurement of financial instruments
(Continued)

公允價值估量的金融工具（續）

•

•

•

Level 2 fair value measurements are those derived from inputs

第二層以公允價值計量除了第一層所包括

other than quoted prices included within Level 1 that are

的報價外，該資產和負債的可觀察其他輸

observable for the asset or liability, either directly (i.e. as

入，可為直接（即價格）或間接（即源自價

prices) or indirectly (i.e. derived from prices); and

格）；及

Level 3 fair value measurements are those derived from

第三層以公允價值計量的資產或負債採用

•

valuation techniques that include inputs for the asset or

非依據可觀察市場資料的輸入（即非可觀

liability that are not based on observable market data

察輸入）。

(unobservable inputs).
The following table presents the Group’s financial instruments that

下表列示了本集團於六月三十日以公允價值計

are measured at fair value at 30 June.

量的金融工具。

At 30 June 2026 (Unaudited)

於二零二六年六月三十日

Financial assets

金融資產

Derivative financial instruments

衍生金融工具

At 31 December 2025 (Audited)

二零二五年十二月三十一日

Financial assets

金融資產

Derivative financial instruments

衍生金融工具

Financial liabilities

金融負債

Derivative financial instruments

衍生金融工具

Level 1

Level 2

Level 3

第一層

第二層

第三層

Total
總計

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

–

216,130

–

216,130

–

35,833

–

35,833

–

(14,360)

–

(14,360)

（未經審核）

（經審核）

During the six months ended 30 June 2026, there were no

截至二零二六年六月三十日止六個月期間，用

transfers between levels of the fair value hierarchy used in

於計量金融工具公允價值的各公允價值層級之

measuring the fair value of financial instruments, and also no

間並無重大轉移，金融資產或負債的重新分類

significant changes in the reclassification of financial assets or

亦無重大變動。

liabilities.

恒安國際集團有限公司
二零二六年中期報告

47

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

18. FINANCIAL INSTRUMENTS (Continued)

18. 金融工具（續）

Fair value measurement of financial instruments
(Continued)

公允價值估量的金融工具（續）

The fair value of financial instruments traded in active markets is

在活躍市場買賣的金融工具的公允價值根據資

based on quoted market prices at the date of reporting period. A

產負債表日的市場報價列賬。當報價可即時和

market is regarded as active if quoted prices are readily and

定期從證券交易所，交易商、經紀、業內人

regularly available from an exchange, dealer, broker, industry

士、定價服務者或監管代理獲得，而該等報價

group, pricing service, or regulatory agency, and those prices

代表按公平交易基準進行的實際和常規市場交

represent actual and regularly occurring market transactions on an

易時，該市場被視為活躍。市場報價為當時買

arm’s length basis. The quoted market price is the current bid

方報價。

price.
The fair value of financial instruments that are not traded in an

沒有在活躍市場買賣的金融工具的公允價值利

active market is determined by using valuation techniques. These

用估值技術釐定。估值技術盡量利用可觀察市

valuation techniques maximise the use of observable market data

場資料（如有），盡量少依賴主體的特定估計。

where it is available and rely as little as possible on entity specific

如計算一工具的公允價值所需的所有重大輸入

estimates. If all significant inputs required to fair value an

為可觀察資料，則該工具列入第2層。本集團以

instrument are observable, the instrument is included in level 2.

上的衍生金融工具為列入第2層的金融工具，其

The Group’s derivative financial instruments above are level 2

公允價值乃取決不同銀行的報價。

instruments and their fair value is determined with reference to
quotations provided by various banks.
If one or more of the significant inputs is not based on observable

如一項或多項重大輸入並非根據可觀察市場資

market data, the instrument is included in level 3. The Group did

料，則該工具列入第三層。截至二零二六年六

not have such instrument as at 30 June 2026 and 31 December

月三十日及二零二五年十二月三十一日，本集

2025.

團並沒有此等工具。

Fair value of the Group’s financial assets and financial
liabilities measured at amortised cost

本集團以成本攤銷計量金融資產及金融負債
之公允價值

The directors of the Company consider that the carrying amounts

本公司董事認為以成本攤銷計量的金融資產及

of financial assets and financial liabilities recorded at amortised

金融負債賬面值與報告期末的公允價值相若。

cost approximate their fair values at the end of the reporting
period.

48

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Notes to Condensed Consolidated Financial Information
中期簡明合併財務資料附註
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

19. 資本性承擔

19. CAPITAL COMMITMENTS
The Group had the following commitments contracted but not

本集團已簽約但未撥備之承擔如下：

provided for in respect of:
(Audited)

(Unaudited)
未經審核

經審核

30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日

十二月三十一日

RMB’000

RMB’000

人民幣千元

人民幣千元

Machinery and equipment

機器及設備

468,198

500,646

Leasehold land and buildings

租賃土地及樓宇

187,769

333,954

Total

合計

655,967

834,600

20. CONTINGENT LIABILITIES

20. 或然負債

At 30 June 2026, the Group had no material contingent liabilities

於二零二六年六月三十日，本集團並沒有重大

(31 December 2025: Nil).

的或然負債（二零二五年十二月三十一日：無）。

21. SIGNIFICANT RELATED PARTY
TRANSACTIONS

21. 重大關聯交易

Parties are considered to be related if one party has the ability,

倘個人、公司或集團在財務及營業決策上有能

directly or indirectly, to control the other party or exercise

力直接或間接控制另一方，或向另一方發揮重

significant influence over the other party in making financial and

大影響力，或當彼等受共同發揮重大影響力，

operation decisions. Parties are also considered to be related if

則該等個人或公司屬有關聯人士。

they are subject to common control.
(a)

During the period, the Group had no significant related party

(a)

於期內，本集團並沒有重大關聯交易；

transactions;
(b)

For the six months ended 30 June 2026, the key management

(b)

截至二零二六年六月三十日止六個月，主

compensation amounted to approximately RMB18,265,000

要管理層的酬金約為人民幣18,265,000元

(2025: RMB15,352,000).

（二零二五年：人民幣15,352,000元）。

22. SUBSEQUENT EVENT
Details of the interim dividend proposed are given in Note 8.

22. 期後事件
建議派發的中期股息詳情載於附註8。

恒安國際集團有限公司
二零二六年中期報告

49

Management Discussion and Analysis
管理層討論及分析

INDUSTRY DEVELOPMENT AND BUSINESS
REVIEW

行業發展及業務概覽

In the first half of 2026, the global economy continued to recover at a

二零二六年上半年，全球經濟在高利率環境、地緣

relatively slow pace amid the combined impact of a high-interest rate

政治不確定性以及能源供給衝擊的多重交織下，整

environment, geopolitical uncertainties, and energy supply shocks. In

體復甦步伐仍然偏緩。在「十五五」開局之年，中國

the opening year of the “15th Five-Year Plan”, China implemented

落實更加積極有為的宏觀政策，有效應對外部衝擊

more proactive and effective macroeconomic policies, effectively

挑戰，產業結構持續優化，延續向新向優的發展態

responding to external shocks and challenges. The industrial structure

勢，二零二六年上半年國內生產總值同比增長

continued to optimise, sustaining a momentum of innovation and

4.7% 。其中，消費市場實現穩定增長，社會消費品

qualitative upgrade, with China’s gross domestic product (“GDP”)

零售總額同比增長1.3% ，其中日用品類零售總額增

growing by 4.7% year-on-year in the first half of 2026. Within this

長4.4% 。面對複雜多變的市場環境，集團堅持盈利

context, the consumer market achieved stable growth, with total retail

導向，推動產品高端化及全渠道銷售佈局，穩步擴

sales of consumer goods increasing by 1.3% year-on-year, of which

大市場份額，並優化供應鏈管理，強化抗風險能

retail sales of daily necessities rose by 4.4%. Facing a complex and

力，實現業務穩健發展。

volatile market environment, the Group remained focused on
profitability, advancing product premiumisation and omni-channel
layout, steadily expanding its market share, while optimising supply
chain management and strengthening risk resilience to achieve stable
business development.
During the period, competition in the domestic household products

期內，國內生活用品市場競爭持續升溫。面對嚴峻

market continued to intensify. In the face of a challenging operating

經營環境，恒安緊抓個人護理產品升級需求及新零

environment, Hengan closely captured the demand for product

售渠道增長機遇，堅守穩定價格策略、深化產品高

upgrades in personal care and the growth opportunities arising from

端化及全渠道銷售佈局，並積極應對供應鏈波動，

new retail channels. By adhering to stable pricing strategies and

持續展現強大業務韌性，整體表現優於同業。激烈

deepening its product premiumisation and omni-channel layout, while

的市場促銷競爭致使銷售表現承壓，集團二零二六

actively managing supply chain fluctuations, the Group continued to

年上半年收入同比下跌6.1%至約人民幣

demonstrate strong business resilience, outperforming its industry

11,091,415,000元（二零二五年上半年：人民幣

peers. Intense promotional competition in the market put pressure on

11,808,232,000元）。二零二六年下半年，經營環境

sales performance, resulting in the Group’s revenue for the first half of

仍然充滿挑戰，但預期高端產品銷售貢獻持續穩步

2026

approximately

增長，有助進一步提升盈利能力，集團將透過優化

RMB11,091,415,000 (2025 first half: RMB11,808,232,000). Looking

全渠道銷售佈局、加強品牌推廣及適度投放促銷資

ahead to the second half of 2026, the operating environment will

源，致力保持全年收入平穩。

decreasing

by

6.1%

year-on-year

to

remain challenging. However, the sales contribution from premium
products is anticipated to sustain steady growth, supporting further
improvement in profitability. The Group will strive to maintain stable
full-year revenue by optimising its omni-channel layout, strengthening
brand promotion, and precisely deploying promotional resources.
The Group adapted to the new integrated online-offline consumption

集團順應線上線下融合的消費新模式，積極推動全

model and actively advanced its omni-channel strategy. During the

渠道銷售策略。期內，集團大力發展電商及新零售

period, the Group vigorously developed its e-commerce and new retail

渠道，包括即時零售、直播帶貨等新興渠道，為集

channels, including emerging platforms such as instant retail and live

團拓寬收入來源，期內電商及新零售銷售收入同比

streaming commerce, thereby broadening the Group’s revenue

增長4.6% ，銷售佔比為38.3%（二零二五年上半年：

streams. During the period, sales revenue from e-commerce and new

34.4% ）。另一方面，集團積極挖掘傳統渠道的新增

retail channels increased by 4.6% year-on-year, accounting for 38.3%

長點，銷售效益於衛生用品市場尤為顯著。另外，

of total sales (2025 first half: 34.4%). Concurrently, the Group

集團持續推動產品高端化並豐富產品組合，滿足消

proactively explored new growth drivers within traditional channels,

費者對產品功能性及附加值的更高要求，並提升品

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HENGAN INTERNATIONAL GROUP COMPANY LIMITED
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Management Discussion and Analysis
管理層討論及分析

with sales efficiency being particularly pronounced in the hygiene

牌形象，為長遠發展提供有力支撐。各重點高端產

products market. In addition, the Group continued to advance product

品包括「天山絨棉」衛生巾系列、「心相印」濕紙巾系

premiumisation and enrich its product portfolio to satisfy consumers’

列等，於期內保持良好的銷售勢頭，有效提升盈利

rising expectations for product functionality and added value, while

水平，加上集團新推出的「小暖心」東方棉衛生巾新

elevating its brand image to provide solid support for long-term

品及「向野而生」高端系列紙巾皆符合「價值消費」趨

development. Key premium products, including the “Tianshan Cotton”

勢，為集團整體收入注入動能。

(天山絨棉) sanitary napkin series and the “Hearttex” (心相印) wet wipe
series maintained strong sales momentum during the period, effectively
enhancing profitability. Furthermore, the Group’s newly launched
oriental cotton sanitary napkins “Petite Warm Heart” (小暖心) and the
“Embracing Nature” (向野而生) premium tissue series aligned with the
trend of “value consumption”, injecting new momentum into the
Group’s overall revenue growth.
During the period under review, easing raw material prices and a

回顧期內，原材料價格回落及高端高毛利產品佔比

higher proportion of premium high-margin products effectively offset

提升，有效抵消集團整體銷售跌幅對毛利的影響，

the impact of the overall sales decline, driving a year-on-year increase

致使集團二零二六年上半年整體毛利同比上升約

of approximately 2.7% in the Group’s overall gross profit to

2.7%至約人民幣3,913,599,000元（二零二五年上半

approximately RMB3,913,599,000 (2025 first half: RMB3,811,529,000).

年：人民幣3,811,529,000元），毛利率亦同比上升3

The Group’s gross profit margin also rose by 3 percentage points

個百分點至約35.3%（二零二五年上半年：32.3% ）。

year-on-year to approximately 35.3% (2025 first half: 32.3%). Looking

預期二零二六年下半年，受惠於原材料價格趨穩、

ahead to the second half of 2026, benefited from stabilising raw

集團原材料採購的規模優勢、以及高端高毛利產品

material prices, the Group’s scale advantages in raw material

的持續增長，集團對供應鏈風險的適應能力將隨之

procurement, and the continuous growth of premium and high-margin

提升，整體盈利能力可望保持穩健。

products, the Group expects to strengthen its supply chain resilience,
thereby sustaining stable overall profitability.
During the period, operating profit increased by 12.6% to

期內，經營利潤上升12.6%至人民幣約

approximately RMB1,979,290,000 (2025 first half: RMB1,757,339,000),

1,979,290,000元（二零二五年上半年：人民幣

mainly due to the improvement in the Group’s overall gross profit.

1,757,339,000元），主要是由於集團整體毛利改善所

Profit attributable to equity holders of the Company decreased by

致。公司權益持有人應佔利潤下跌約8.7%至約人民

approximately 8.7% to approximately RMB1,254,042,000 (2025 first

幣1,254,042,000元（二零二五年上半年：人民幣

half: RMB1,372,894,000). For the first half of 2026, the Group’s basic

1,372,894,000元）。二零二六年上半年，集團每股基

earnings per share was RMB1.104 (2025 first half: RMB1.206).

本收益為人民幣1.104元（二零二五年上半年：人民
幣1.206元）。

The Board of Directors declared an interim dividend of RMB0.70 per

董事會宣佈派發截至二零二六年六月三十日止期內

share (2025 first half: RMB0.70 per share) for the six months ended

之中期股息每股人民幣0.70元（二零二五年上半年：

30 June 2026, with a total payout of RMB813,485,000 (2025 first half:

每股人民幣0.70元），總派發金額為人民幣

RMB813,485,000), maintaining a stable dividend payout.

813,485,000元（二零二五年上半年：人民幣
813,485,000元），保持穩定的派息金額。

Hygiene Products (including Sanitary Napkins and
Disposable Diapers)

衛生用品業務（包括衛生巾及紙尿褲業務）

Consumption upgrading, population ageing, and evolving childcare

消費升級、人口高齡化及育兒觀念進步，持續為國

concepts continue to drive growth in China’s hygiene products market.

內衛生用品市場提供增長動力，但整體消費環境疲

However, a weak consumption environment and intensified industry

弱及行業競爭白熱化，加劇市場的價格壓力。與此

competition have increased pricing pressure. At the same time, higher

同時，鑒於消費者對性價比的更高要求，企業需在

恒安國際集團有限公司
二零二六年中期報告

51

Management Discussion and Analysis
管理層討論及分析

consumer expectations for value-for-money require companies to

品質提升與成本控制之間取得平衡。集團依託全渠

balance quality enhancement with cost control. Leveraging its omni-

道銷售的深化佈局、高端高毛利的產品組合，以及

channel expansion, premium high-margin product portfolio, and precise

促銷費用的精準投放，在充滿挑戰的市場環境中仍

deployment of promotional expenses, the Group maintained a leading

穩居領先地位。

position despite market challenges.
With the rapid adoption of new consumption models and increasing

新型消費模式迅速普及，渠道不斷碎片化，電商與

channel fragmentation, e-commerce and emerging retail channels are

新興零售蓬勃發展。集團積極把握趨勢，加快多元

flourishing. The Group actively capitalised on these trends by

渠道佈局，並持續強化傳統渠道優勢。期內，國內

accelerating multi-channel deployment while continuously strengthening

品牌持續以進取的促銷策略搶佔市場份額，對集團

its advantages in traditional channels. During the period, domestic

衛生用品銷售構成壓力，紙尿褲產品尤為承壓，致

brands aggressively deployed promotional strategies to seize market

集團二零二六年上半年衛生用品業務銷售收入錄得

share, which exerted pressure on the Group’s hygiene products sales,

跌幅約2.8%至約人民幣3,212,539,000元（二零二五

particularly within the disposable diaper segment. Consequently, the

年上半年：人民幣3,303,839,000元），佔整體收入約

Group’s sales revenue from the hygiene products business for the first

29.0%（二零二五年上半年：28.0% ）。集團衛生用品

half of 2026 recorded a decline of approximately 2.8% year-on-year to

業務高端化與品牌建設取得顯著成效，高端系列「天

approximately RMB3,212,539,000 (2025 first half: RMB3,303,839,000),

山絨棉」及「褲型」持續熱銷。預期二零二六年下半

accounting for approximately 29.0% of the Group’s overall revenue

年，縱使市場競爭持續，在去年的低基數、高端高

(2025 first half: 28.0%). Nevertheless, the Group’s premiumisation and

毛利產品佔比持續提升、品牌年輕化及全渠道銷售

brand-building initiatives for its hygiene products business achieved

帶動下，集團全年衛生用品業務收入有望保持平穩。

remarkable success, as evidenced by the sustained strong sales of its
premium series “Tianshan Cotton” and “Pant-style”. Looking ahead to
the second half of 2026, despite persistent market competition, the
full-year revenue of hygiene products business is expected to stay
stable, underpinned by last year’s low base, a higher premium and
high-margin product mix, brand rejuvenation, and omni-channel
momentum.
During the period, the continued sales growth of premium high-margin

期內，高端高毛利產品系列「天山絨綿」及「褲型」銷

products series “Tianshan Cotton” and “Pant-Style”, together with the

售持續提升，加上原材料價格下跌，抵銷了衛生用

drop in raw material prices, offset the decline in hygiene products

品銷售下跌，帶動二零二六年上半年衛生用品業務

sales, leading to an increase in the hygiene products business’s gross

的毛利率改善至約58.5%（二零二五年上半年：

profit margin to approximately 58.5% for the first half of 2026 (2025

57.3% ）。集團將依託採購規模優勢、全渠道銷售效

first half: 57.3%). The Group will leverage on its scale advantage in

益及高端高毛利產品佔比提升，有效緩解供應鏈波

procurement, omni-channel sales efficiencies, and an expanding share

動帶來的成本壓力。

of premium and high-margin products to effectively mitigate the cost
pressures brought by supply chain fluctuations.
Aligning with consumers’ rising demands for high-quality and value-for-

順應消費者對高質量及性價比產品日益提升的需

money products, Hengan accelerated its product upgrades and

求，恒安加速產品升級和高端化佈局，集團「七度空

premiumisation. During the period, the Group’s premium sanitary

間」品牌高端衛生巾系列期內銷售表現理想，採用

napkin series under the “Space 7” (七度空間) brand delivered solid

天山雪域的稀缺純淨長絨棉的高端衛生巾系列「天

sales performance. The premium sanitary napkin series “Tianshan

山絨棉」，期內銷售額同比增加約15.8%至人民幣3.3

Cotton” (天山絨棉), made with scarce and pure long-staple cotton

億元，「褲型」系列衛生巾產品期內銷售額達約人民

from the snowy Tianshan Mountains, recorded a year-on-year sales

幣3.9億元，同比增長約23.0% 。「七度空間」年初亦

growth of approximately 15.8% to RMB330 million during the period.

煥新推出小暖心東方棉日安褲，採用微膠囊技術提

Meanwhile, sales of the “Pant-Style” sanitary napkin series reached
approximately RMB390 million during the period, representing a year-

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Management Discussion and Analysis
管理層討論及分析

on-year growth of approximately 23.0%. At the beginning of the year,

煉八珍本草藥芯，對東方敏感肌更友善，並能緩解

“Space 7” also rejuvenated its lineup with the launch of the “Little

經期不適，提升健康附加值。集團相信，升級及高

Warm Heart” Oriental Cotton Day Pants (小暖心東方棉日安褲). This

端版的「七度空間」系列衛生巾產品將持續貢獻可觀

product incorporates microcapsule technology with herbal extracts

收入，有助於集團擴大市場份額並提升業務毛利

designed for Asian sensitive skin and to alleviate menstrual discomfort,

率，進一步增強衛生用品業務盈利能力。

enhancing health-related value. The Group believes that the upgraded
and premium versions of the “Space 7” sanitary napkin series will
continue to contribute substantial revenue, helping the Group expand
its market share, elevate its gross profit margin, and further strengthen
the profitability of its hygiene products business.
For the disposable diaper business, “Q • MO”’s core products “Royal

在紙尿褲業務，「 Q • MO 」核心產品「皇家至柔」及

Supreme Softness” (皇家至柔) and “Royal Cloud Softness” (皇家雲柔)

「皇家雲柔」全新升級，產品柔軟度大幅提升，消費

received a brand-new upgrade, significantly enhancing product

者體驗也極大提升。還推出「甜夢星河」紙尿褲系

softness and greatly improving the consumer experience. “Q • MO”

列，積極佈局細分場景市場，助力集團把握增長機

also launched “Sweet Dream” (甜夢星河) disposable diaper series,

遇。期內，「 Q • MO 」銷售額達約人民幣2.9億元，為

actively expanding into niche market segments, thereby helping the

集團衛生用品收入提供支撐。此外，集團成人紙尿

Group capitalise on growth opportunities. During the period, sales

褲業務亦受惠於國內成人失禁用品市場規模日益壯

revenue of “Q • MO” reached approximately RMB290 million, providing

大，滲透率持續上升。成人紙尿褲「安而康」品牌「勇

support for the Group’s hygiene products revenue. In addition, the

闖變老」為核心品牌主張，突破傳統功能導向，升級

Group’s adult disposable diaper business also benefited from the

至「情緒共鳴」，獲得各界高度肯定。期內，成人紙

expanding domestic market and increasing penetration of adult

尿褲銷售額達約人民幣1.62億元，按年增長約1.0% 。

incontinence products. The Group’s adult diaper brand, “ElderJoy” (安
而康), with its core brand proposition “Brave Ageing” (勇闖變老),
breaks away from traditional function-oriented positioning, elevating the
brand to one of emotional resonance. This innovative approach has
received high recognition from various sectors. During the period,
sales of the Group’s adult diapers reached approximately RMB162
million, representing a year-on-year increase of approximately 1.0%.
As essential daily necessities, China’s hygiene products market

作為生活必需品，中國衛生用品市場持續擴容，行

continues to expand, with the industry at a critical stage of structural

業處於轉型升級與規範化發展的關鍵階段，集團將

transformation, upgrading, and standardised development. The Group

繼續開發高品質產品，優化新零售渠道，鞏固傳統

will continue to develop high-quality products, optimise new retail

渠道增長，推動長期發展並鞏固領先地位。此外，

channels, strengthen growth in traditional channels, and promote long-

集團將繼續以高端化戰略雙線發展嬰幼兒市場及成

term development while consolidating its leading position. In addition,

人健康護理市場，並加強與母嬰店、養老院及醫院

the Group will pursue a dual high-end strategy across both the infant

合作，支持成人健康護理產品業務的長遠發展。

and adult health care markets, while deepening cooperation with
maternity stores, elderly care centres, and hospitals to support the
sustainable growth of its adult health care products business.

Tissue Paper

紙巾業務

Rising health awareness, consumption upgrading, and diversified

健康意識提升、消費升級與多元需求共同拉動高端

consumer needs are driving demand for premium and functional tissue

及功能性紙巾需求增長，疊加低滲透率與新零售增

products. Combined with relatively low penetration and incremental

量空間，行業增長前景廣闊。期內，國內紙巾市場

opportunities from new retail channels, the industry has strong growth

促銷競爭加劇，集團維持穩定的定價策略，多方面

potential. During the period, promotional competition in the domestic

平衡效益及利潤，銷售表現因而承壓，乾紙產品及

tissue paper market intensified. As the Group maintained a stable

電商渠道的價格壓力尤為顯著，導致期內紙巾業務

恒安國際集團有限公司
二零二六年中期報告

53

Management Discussion and Analysis
管理層討論及分析

pricing strategy while balancing returns and profitability across multiple

銷售同比下跌約5.9%至約人民幣6,747,049,000元

fronts, its sales performance was consequently under pressure, with

（二零二五年上半年：人民幣7,173,700,000元）。得

price pressures within the dry tissue segment and e-commerce

益於「價值競爭」、品類多元化及全渠道銷售策略，

channels being particularly pronounced. This resulted in a year-on-year

集團的市場份額持續領先。紙巾業務銷售佔集團整

decline of approximately 5.9% in sales from the tissue paper business

體收入約60.8%（二零二五年上半年：60.8% ）。預期

to approximately RMB6,747,049,000 during the period (2025 first half:

二零二六年下半年，行業整合有望促使價格競爭降

RMB7,173,700,000). Benefiting from its focus on “value competition”,

溫，高端優質紙巾需求將持續增長，集團將持續提

product diversification, and omni-channel strategies, the Group

升高端產品的滲透率及優化渠道銷售佈局，預期紙

sustained its market leadership position. Sales of the tissue paper

巾業務全年收入將持平至略低。

business accounted for approximately 60.8% of the Group’s total
revenue (2025 first half: 60.8%). Looking ahead to the second half of
2026, industry consolidation is expected to ease price competition,
while the demand for premium and high-quality tissues will continue to
grow. The Group will continuously increase the penetration rate of its
premium products and optimise its sales channel layout, with the fullyear revenue of tissue paper business projected to be stable to slightly
lower.
During the period, relatively low wood pulp prices reduced tissue cost

期內，木漿價格處於較低位，紙巾成本壓力減輕，

pressures, and together with an increased share of premium highmargin tissue products, effectively offset the decline in sales, leading to

加上較高毛利的高端紙巾產品佔比擴大，有效抵消
銷售下跌，帶動二零二六年上半年紙巾產品毛利率

an improvement in the gross profit margin of tissue paper products to
approximately 24.9% for the first half of 2026 (2025 first half: 21.9%).

改善至約24.9%（二零二五年上半年：21.9% ）。預期
二零二六年下半年，木漿價格保持穩定，集團將持

Looking ahead to the second half of 2026, wood pulp prices are
anticipated to remain stable. The Group will continuously increase the

續提升高端產品銷售佔比，為紙巾業務的盈利能力
打好基礎。

sales mix of premium products to solidify the profitability of the tissue
paper business.
Responding to the trends of “value consumption” and personalised
experiences, the market’s elevated requirements for product
functionality, added value, and quality have driven the sales of highquality innovative products, resulting in the prominent sales
performance of the Group’s upgraded and premium tissue products.
Leveraging its top-tier research and development and marketing
teams, the Group continuously optimised its tissue paper product
portfolio through quality enhancement, functional and value upgrades,
product diversification, intellectual property (IP) collaborations, and
packaging upgrades.

因應「價值消費」及個人化體驗趨勢，市場對產品功
能、附加值與品質要求提升，驅動高品質創新產品
銷售，集團升級及高端紙巾產品銷售表現突出。集
團憑藉頂尖的研發及市場營銷團隊，從品質、功能
及附加值提升、品類多元化、IP聯乘及包裝升級等
方向持續優化紙巾產品組合。

The “Fluffy Cube” (絨立方) series is the first domestic tissue paper to
adopt the globally recognised high-quality Through-Air Dried (“TAD”)
technology, delivering revolutionary enhancements in both comfort and
practicality. In addition, the “Embracing Nature” (向野而生) series
launched under the Group’s “Hearttex” (心相印) brand features 100%
virgin wood pulp and a four-ply soft, thick embossing technology.
Combined with a top-tier global luxury fragrance master team to
create a close-to-nature sense of relaxation, the series also boasts
functional upgrades such as remaining strong when wet and refined
without layer separation, thereby enhancing both its convenience and

「絨立方系列」為國內首款採用世界公認的高品質
TAD空氣流乾燥技術的紙巾，舒適性和實用性皆具
顛覆式提升。另外，集團心相印品牌推出的「向野而
生」系列，採用100%原生木漿和四層柔厚壓花技
術，結合全球頂奢香氛大師團隊打造親近自然的鬆
弛感，兼具濕水不易破、精緻不分層等功能升級，
提升其便捷性和舒適度。

comfort.

54

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Management Discussion and Analysis
管理層討論及分析

Furthermore, “Hearttex” joined hands with renowned IPs such as

心相印又攜手三麗鷗、大耳狗等著名IP推出聯名紙

Sanrio and Cinnamoroll to launch co-branded tissues, resonating with

巾款式，為年輕消費群體帶來共鳴，提升用戶購物

younger consumers and enhancing emotional engagement. The

的附帶情緒價值。集團高端紙巾系列亦將品類拓展

Group’s premium tissue series also expanded its offerings into

至棉柔巾等品類，全方位照顧消費者多場景紙巾需

categories such as cotton soft towels, comprehensively catering to

求。

consumers’ tissue paper demands across diverse usage scenarios.
Furthermore, the Group continued to enrich its diversified wet wipe

此外，集團持續豐富多元化的濕紙巾產品組合，加

product portfolio, accelerating its penetration into wet wipe market

快滲透濕廁紙、嬰兒濕巾、家庭清潔濕巾及濕敷巾

segments such as flushable wipes, baby wipes, household cleaning

等濕紙巾細分市場，持續拓展市場覆蓋。期內，集

wipes, and facial masking sheets, thereby continuously expanding its
market coverage. During the period, the Group precisely captured

團精準洞察多場景及多年齡層需求，推出升級濕巾
矩陣，心相印風油巾以 –4.2ºC冰感黑科技清除戶外

demands across diverse usage scenarios and age groups by launching

黏膩異味；心相印Baby系列亦推出純水濕市及濕廁

an upgraded wet wipe matrix. The “Hearttex” cooling wipe features a
“–4.2ºC ice-cool black technology” to eliminate stickiness and odours,

紙，依託EDI 10重淨化工藝，專為嬰兒嬌嫩膚質設

while the “Hearttex” Baby series introduced purified water wipes and

組合，期內濕紙巾銷售上升3.1%至約人民幣

flushable wipes using an “EDI 10-stage purification process”

550,078,000元（二零二五年上半年：人民幣

specifically designed for infants’ delicate skin, significantly enhancing

533,327,000元），佔紙巾業務銷售比例提升至約

product purity. Benefiting from the continuously upgraded product

8.2%（二零二五年上半年：7.4% ），濕紙巾持續為集

portfolio, sales of wet wipes rose by 3.1% year-on-year to

團收入注入增長動力。此外，作為紙巾業務中毛利

approximately RMB550,078,000 during the period (2025 first half:

率最高且盈利能力甚佳之產品，濕紙巾持續驅動紙

RMB533,327,000). Its sales contribution to the tissue paper business

巾業務毛利率改善，並提升集團整體盈利能力。隨

increased to approximately 8.2% (2025 first half: 7.4%), with wet wipes

著高端及個性化衛生用品需求持續釋放，濕紙巾業

continuously injecting growth momentum into the Group’s revenue. In

務將保持快速增長，集團將繼續緊握市場機遇，不

addition, as the highest-margin and highly profitable product within the

斷擴大國內市場份額，進一步鞏固領先優勢。

計，顯著提升產品純淨度。得益於持續升級的產品

tissue paper business, wet wipes continuously drove the segment’s
gross profit margin expansion and enhanced the Group’s overall
profitability. As the demand for premium and personalised hygiene
products continues to grow, the wet wipes business is expected to
maintain rapid growth. The Group will continue to seize market
opportunities, continuously expand its domestic market share, and
further consolidate its leading advantages.
Driven by consumption upgrading and scenario-specific product

受消費升級與場景化細分產品推動，紙巾在電商平

segmentation, the sales of tissue paper on e-commerce platforms

台的銷售額持續擴張，其中濕紙巾的增速尤為突

continued to expand, with wet wipes demonstrating particularly strong

出。集團加強紙巾的線上銷售，積極簽約代言人，

growth. The Group strengthened the online sales of its tissue paper,

並煥新推出各項IP聯名紙巾系列，增強產品在電商

actively signed brand ambassadors, and rejuvenated its lineup with

對年輕消費群的吸引力，拓展品牌佈局。期內，紙

various co-branded IP tissue series, thereby enhancing the products’

巾業務於電商及新零售渠道的佔比為約41.4% ，助

appeal to young consumer segments on e-commerce platforms and

力國內市佔率持續攀升。

expanding its brand layout. During the period, the revenue contribution
from e-commerce and new retail channels accounted for
approximately 41.4% of the tissue paper business, supporting a
continued increase in the Group’s domestic market share.
The Group will focus on the research and development of high-quality

集團未來將專注高質量產品研發，並持續為現有產

products, while continuously upgrading and expanding its existing

能項目進行改建及擴建，優化生產效率，以抓緊國

production capacity projects to optimise production efficiency. This will

內生活用紙增長機遇，穩固行業龍頭地位。期內，

恒安國際集團有限公司
二零二六年中期報告

55

Management Discussion and Analysis
管理層討論及分析

enable the Group to capitalise on growth opportunities in the domestic

年產能提升至約為184.5萬噸，為未來業務增長作前

household paper market and reinforce its leading position in the

瞻性佈局。

industry. During the period, the Group’s annual production capacity
was elevated to approximately 1,845,000 tonnes, making a forwardlooking layout for future business growth.

其他收入

Other Income
The Group’s other income mainly includes revenue from raw material

其他收入主要包括原材料貿易業務收入、家居用品

trading

and

業務收入及國際業務發展收入。期內，其他收入同

international business development. During the period, other income

比下跌約14.9%至約人民幣1,131,827,000元（二零

decreased by approximately 14.9% year-on-year to approximately

二五年上半年：人民幣1,330,693,000元）。

business,

the

household

products

business,

RMB1,131,827,000 (2025 first half: RMB1,330,693,000).

Household Products

家居用品業務

During the period, revenue from the household products business was

期內，家居用品業務收入為約人民幣174,431,000元

approximately RMB174,431,000 (2025 first half: RMB145,786,000),

（二零二五年上半年：人民幣145,786,000元），同比

representing a year-on-year increase of approximately 19.6% and

上升約19.6% ，佔集團收入約1.6% 。

accounting for approximately 1.6% of the Group’s revenue.
In recent years, the Group’s “Hearttex” household product brand has

近年，集團旗下「心相印」的家居用品品牌持續拓闊

continuously expanded its product range, successively launching items

產品類型，先後推出膠袋（包括垃圾袋及即棄手

such as plastic bags (including garbage bags and disposable gloves),

套）、食物保鮮膜、紙杯等。聲科集團及其附屬公司

food wrap film, and paper cups. Sunway Kordis and its subsidiaries

擁有出口至海外的銷售渠道（包括澳洲及亞洲市

possess sales channels for exporting products to overseas markets

場），集團將會繼續善用這些海外銷售網絡，帶領恒

(including Australia and Asia). The Group will continue to capitalise on

安的優質產品登上國際大舞台。

the overseas sales networks to bring Hengan’s high-quality products to
the global stage.

International Business Development
International business development revenue primarily includes finished
products and raw paper export operations, business related to medical
products and income from Malaysia’s Wang-Zheng Group. In the first
half of 2026, turnover of international business development was
approximately RMB753,213,000 (2025 first half: RMB742,347,000),
accounting for approximately 6.8% of the Group’s overall sales (2025
first half: 6.3%), of which the revenue from finished products and raw
paper export operations and business related to medical products
were RMB427,694,000 and RMB47,726,000, respectively (2025 first

國際業務發展
國際業務發展收入主要包括成品及原紙出口業務，
醫療產品業務以及馬來西亞皇城集團業務。二零
二六年上半年，其總收入為約人民幣753,213,000元
（二零二五年上半年：人民幣742,347,000元），佔集
團整體銷售的比例約6.8%（二零二五年上半年：
6.3% ）。其中，成品及原紙出口業務及醫療產品收
入分別錄得人民幣427,694,000元及人民幣
47,726,000元（二零二五年上半年：人民幣
422,301,000元及人民幣62,102,000元）。

half: RMB422,301,000 and RMB62,102,000).
The Group’s Wang-Zheng Group business in Malaysia saw a steady
development during the period and its turnover increased by 7.7%
year-on-year to approximately RMB277,794,000 (2025 first half:
RMB257,944,000) accounting for approximately 2.5% of the Group’s
overall sales (2025 first half: 2.2%). Wang-Zheng Group is principally
engaged in investment holding and the manufacturing and processing
of fiber-based products, which include adult and baby disposable
diapers, and tissue products, cotton products and processed papers.
Its brands include “P Love” adult disposable diapers, “Carina” personal

56

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

集團旗下位於馬來西亞的皇城集團業務於期內穩步
發展，錄得營業額人民幣277,794,000元（二零二五
年上半年：人民幣257,944,000元），同比上升約
7.7% ，佔集團整體銷售的比例約2.5%（二零二五年
上半年：2.2% ）。皇城集團主要從事投資控股以及
生產及加工纖維制品，包括成人及嬰兒紙尿褲和紙
巾產品、棉製品及加工紙。旗下品牌包括「 P Love 」
成人紙尿褲及「 Carina 」個人衛生產品。集團以馬來

Management Discussion and Analysis
管理層討論及分析

hygiene products. The Group leverages on the Malaysian Wang-Zheng

西亞皇城集團作為據點，將恒安紙巾及成人紙尿褲

Group as its base to bring Hengan’s tissue and adult disposable

產品透過皇城集團帶進東南亞市場。

diapers products into the Southeast Asian market.
In the future, the Group will continue to upgrade its existing

集團未來將會繼續升級現有皇城產品，研發並推出

Wang-Zheng products, develop and launch more high-quality products

更多皇城品牌的高質量產品，進一步提升在馬來西

under the Wang-Zheng brand and further increase its market share in

亞以至東南亞市場的佔有率。

Malaysia and Southeast Asia.

E-commerce and New Retail Channel Strategies

電商及新零售渠道

Consumption channels continue to fragment with emerging formats

消費渠道持續碎片化，直播帶貨、即時零售等新業

such as livestreaming e-commerce and instant retail experiencing rapid

態蓬勃發展，帶動國內電商及新零售渠道的銷售額

growth, driving up the sales and penetration of domestic e-commerce

與滲透率快速攀升，已成驅動市場增長的新引擎。

and new retail channels, which have become a new engine of market

根據國家統計局，二零二六年上半年全國實物商品

growth. According to the National Bureau of Statistics of China,

網上零售額達人民幣10.1萬億元，同比增長5.2% 。

national online retail sales of physical goods reached RMB10.1 trillion

為加速品牌年輕化並擴大年輕客群覆蓋，集團積極

in the first half of 2026, up 5.2% year-on-year. To accelerate brand

開拓電商及其他新零售渠道，探索多元銷售及推廣

rejuvenation and expand coverage of younger customer segment, the

模式，優化全渠道銷售佈局。期內，集團針對不同

Group actively developed e-commerce and other new retail channels,

品牌在新渠道開展高質量產品推廣，並精準投放促

explored diverse sales and promotion models, and optimised its omni-

銷資源，進一步提升線上及新零售渠道的品牌知名

channel layout. During the period, the Group launched high-quality

度的同時，有效強化產品溢價能力，持續壯大市場

product promotions for different brands across new channels and

份額。

precisely allocated its promotional resources, further enhancing brand
awareness in online and new retail channels while effectively
strengthening product premium capability and continuously expanding
market share.
To cater for new consumption trends, the Group has focused on

為迎合消費新趨勢，集團自去年著力發展即時零售

developing its instant retail business since last year. Instant retail

業務，即時零售為貨品補給及應急需求提供更便捷

provides more convenient solutions for product replenishment and

的解決方案，實現「小時級」的配送服務，符合集團

urgent needs by offering delivery services within hours, aligning well

剛需品類高頻消費、快速週轉的特性。雖然相關業

w ith

turno v e r

務仍處於起步階段，但集團相信，新渠道拓展將為

characteristics of the Group’s essential product categories. Although

整體銷售注入新的增長動力，有助於提升集團的市

this business is still at an early stage, the Group believes that the

場佔有率。

th e

h igh - fre q ue nc y

c onsump t i on

a nd

ra pi d

expansion of new channels will inject fresh growth momentum into
overall sales and help enhance the Group’s market share.
In the first half of 2026, the Group’s e-commerce and new retail

二零二六年上半年，集團電商及新零售渠道（包括

channels (including Retail Integrated and New Channel) maintained

零售通及新通路）保持穩健發展勢頭，期內銷售收

steady growth momentum, with sales during the period increasing by

入增長約4.6%至超過人民幣42.5億元（二零二五年

approximately 4.6% to over RMB4.25 billion (2025 first half:

上半年：約人民幣40.6億元），而且佔集團整體銷售

approximately RMB4.06 billion), and its proportion of the Group’s total

比例亦上升至約38.3%（二零二五年上半年：

sales also rising to approximately 38.3% (2025 first half: 34.4%).

34.4% ）。期內，電商及新零售渠道對紙巾業務、衛

During the period, the sales contribution of e-commerce and new retail

生用品業務的銷售貢獻，分別約41.4%及約40.9% ，

channels to the tissue paper business and hygiene products business

未來新零售渠道的佈局及銷售結構可望進一步優

was approximately 41.4% and approximately 40.9% respectively.

化，推動集團盈利的持續提升。

Going forward, the layout and sales structure of new retail channels
are expected to be further optimised, driving continuous improvement
in the Group’s profitability.
恒安國際集團有限公司
二零二六年中期報告

57

Management Discussion and Analysis
管理層討論及分析

Looking ahead, the Group will closely align with e-commerce and new

未來，集團將緊貼電商與新零售趨勢，拓展品牌旗

retail trends, expanding its brand flagship stores and emerging

艦店及新興渠道（如抖音），提升數據分析能力並擴

channels (such as Douyin) to enhance data analytics capabilities and

大消費群覆蓋。集團通過直播與社群活動加強與年

broaden its consumer base. By leveraging live-streaming and social

輕群體互動，並委任人氣藝人為旗下品牌的代言人

communities, the Group is enhancing its resonance with young

提升品牌影響力。集團將持續提高在電商及新零售

consumers. The appointment of popular celebrities as the brand

渠道的市場份額，為未來增長注入動力。

ambassadors of the various brands further enhances the Group’s
brand influence. Moving forward, the Group will continue to increase
its market share in e-commerce and new retail channels, thereby
injecting momentum into future growth.

Selling and Administrative Expenses

銷售及行政費用

During the period, the Group moderately increased its investment in

集團於期內適度加大數字化、品牌營銷及新渠道

digitalisation, brand marketing, and new channel development to seize

發展的投入，以把握市場機遇，全面推廣集團主

market opportunities and comprehensively promote its core products,

推產品，集團於期內的銷售及行政費用為約

the Group’s selling and administrative expenses for the period

人民幣2,671,618,000元（二零二五年上半年：

amounted to approximately RMB2,671,618,000 (2025 first half:

人民幣2,613,085,000元），同比上升約2.2% 。受

RMB2,613,085,000), representing a year-on-year increase of

期內收入下跌影響，銷售及行政費用佔整體收入比

approximately 2.2%. Impacted by the decline in revenue during the

例上升至約24.1%（二零二五年上半年：22.1% ）。集

period, the ratio of selling and administrative expenses to total revenue

團相信透過精準銷售費用投入，該等費用佔收入比

increased to approximately 24.1% (2025 first half: 22.1%). The Group

例預計二零二六年下半年會有所改善。

believes that through precise allocation of selling expenses, the ratio of
expenses to revenue is expected to improve in the second half of
2026.

Foreign Currency Risks

外匯風險

Most of the Group’s income is denominated in Renminbi. During the

集團大部份收入以人民幣結算。期內，人民幣兌美

period, Renminbi appreciated against the U.S. dollar and the H.K.

元及港幣的匯率升值，因此集團錄得總匯兌虧損約

dollar. The Group recorded total exchange loss of approximately

人民幣196,387,000元，而二零二五年上半年錄得總

RMB196,387,000, compared to total exchange gain of approximately

匯兌收益人民幣73,200,000元。

RMB73,200,000 in the first half of 2025.
As at 30 June 2026, apart from certain forward foreign exchange

截至二零二六年六月三十日，除了與某些大型商業

contract and foreign exchange option contract entered into with certain

銀行訂立的遠期外匯合約及外匯期權合約外，本集

large commercial banks, the Group had not issued any significant

團並沒有發行任何重大金融工具或訂立任何重大合

financial instruments or entered into any significant contracts for

約作外匯用途。

foreign currency hedging purposes.

Liquidity, Financial Resources and Bank Loans

流動資金、財務資源及銀行貸款

The Group has always maintained a solid financial position. As at 30

集團一直保持穩健的財政狀況。於二零二六年六月

June 2026, the Group’s cash and bank balances, long-term time

三十日，集團共有現金及銀行存款、長期銀行存款

deposits and restricted bank deposits amounted to approximately

和有限制銀行存款約人民幣27,833,280,000元（二零

RMB27,833,280,000 (31 December 2025: RMB22,625,689,000); and

二五年十二月三十一日：人民幣22,625,689,000

bank borrowings and other borrowings amounted to approximately

元），銀行貸款及其他貸款共約人民幣

RMB21,389,256,000 (31 December 2025: RMB15,734,060,000).

21,389,256,000元（二零二五年十二月三十一日：人
民幣15,734,060,000元）。

58

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Management Discussion and Analysis
管理層討論及分析

In 2023 and 2025, the Group successfully registered corporate bonds

集團分別於二零二三年及二零二五年成功註冊總額

in an aggregate amount of not more than RMB10 billion and super

不超過人民幣100億元公司債券及總額不超過人民

short-term commercial papers in an aggregate amount of not more

幣75億元的超短期融資券。二零二六年上半年，集

than RMB7.5 billion, respectively. In the first half of 2026, the Group

團完成發行共三批超短期融資券，總額為人民幣50

completed the issuance of three batches of super short-term

億元，票面利率為每年1.68%至1.81% ，為期179日

commercial papers in an aggregate amount of RMB5 billion with a

至183日。所得款項擬用作補充集團及其附屬公司

coupon rate ranging from 1.68% to 1.81% per annum and a tenor

的營運資金及償還其債務。

ranging from 179 days to 183 days. The proceeds from the issuance
are intended to be used to supplement the working capital of the
Group and its subsidiaries and to repay their debts.
The bank borrowings and other borrowings were subject to floating

銀行貸款及其他貸款的年利息率浮動在約0.001%至

annual interest rates ranging from approximately 0.001% to 4.87%

4.87%之間（二零二五年上半年：在約0.001%至

(2025 first half: from approximately 0.001% to 4.9%).

4.9%之間）。

As at 30 June 2026, the Group’s gearing ratio, which was calculated

於二零二六年六月三十日，集團的負債比率（按總

on the basis of the total amount of borrowings as a percentage of the

貸款對比總股東權益，但不包括非控制性權益的百

total shareholders’ equity (not including non-controlling interests) was

分比作計算基準）為約97.6%（二零二五年十二月

approximately 97.6% (31 December 2025: 72.3%). While the net

三十一日：72.3% ）。淨負債比率（按總貸款減去現

gearing ratio, which was calculated on the basis of the amount of

金及銀行存款及長期銀行存款對比股東權益，但不

borrowings less cash and bank balances and long-term time deposits

包括非控制性權益的百分比作計算基準）約為負

as a percentage of the shareholders’ equity (not including non-

29.4%（二零二五年十二月三十一日：負31.7% ），因

controlling interests), was approximately negative 29.4% (31 December

此集團處於淨現金狀況約人民幣64.4億元（二零二五

2025: negative 31.7%). The Group was in a net cash position of

年十二月三十一日：人民幣68.9億元）。集團將繼續

approximately RMB6.44 billion (31 December 2025: RMB6.89 billion).

致力優化負債比率，並保持穩健的淨現金狀況，維

The Group will stay committed to optimising the gearing ratio and

持健康的財務狀況。

maintaining a solid net cash position to ensure a sound financial
position.
During the period, the Group’s capital expenditure was approximately

期內，集團的資本性開支為約人民幣502,769,000元

RMB502,769,000 (2025 first half: RMB537,007,000), primarily allocated

（二零二五年上半年：人民幣537,007,000元），主要

to increase the production capacity of various manufacturing facilities.

用於增加各生產基地的產能。於二零二六年六月

As at 30 June 2026, the Group had no material contingent liabilities.

三十日，集團並沒有重大或然負債。

Human Resources and Management

人力資源及管理

During the period, the Group actively improved the efficiency of human

於期內，集團積極改進人力資源效益，調高員工薪

resources, raised the salaries of employees to the industry level, and

酬至行內水平，並實行更為科學合理的「目標工資

implemented a more scientific and reasonable “target remuneration”

薪酬」制度，將薪酬體系與員工崗位職責、任務目標

system by linking the salary system with the staff duties and

掛鈎，激發員工工作積極性，提升工作效率。集團

responsibilities and task goals, thus stimulating the staff enthusiasm

於二零二六年六月三十日一共聘用約22,221名員

for work, and improving work efficiency. As at 30 June 2026, the

工。集團員工的待遇及薪酬的制定乃考慮個別員工

Group employed approximately 22,221 staff members. The Group’s

的經驗及學歷，並對比一般市場情況而釐定。花紅

remuneration package is determined with reference to the experience

取決於集團的業績及個別員工的表現。集團同時因

and qualifications of the individual employees and general market

應員工的需要提供充足的培訓及持續專業發展機會

conditions. Bonus is linked to the Group’s financial results as well as

給全體員工。集團亦會繼續提升效能，調整產能及

individual performance. The Group also ensures that all employees are

供應水平。

provided with adequate training and career opportunities according to
their needs. The Group will also continue to improve efficiency and
adjust production capacity and supply levels.
恒安國際集團有限公司
二零二六年中期報告

59

Management Discussion and Analysis
管理層討論及分析

Revision of Segment Business Information

修訂分部業務資料

Identified as the chief operating decision makers, the executive

首席經營決策者被認定為執行董事。執行董事定期

directors regularly review segment business information from the

審視本集團內部報告中的分部業務資料以評估表現

Group’s internal reports for performance evaluation and resource

和分配資源。自二零二五年起，由於紙尿褲的銷售

allocation. Starting from 2025, as sales of disposable diapers

收入佔總收入少於10% ，因此執行董事決定集團的

contribute less than 10% of total revenue, the executive directors have

主要業務分部資料以衛生用品（包括衛生巾及一次

decided to reorganise the expression of the Group’s business

性紙尿褲）及生活用紙兩大主要業務版塊表述。

segmentation into two core business segments: hygiene products
(including sanitary napkins and disposable diapers) and tissue paper.

Latest Awards

最近獎項

In the first half of 2026, awards and honours won by the Group were

二零二六年上半年，集團所獲主要獎項╱榮譽如下：

as follows:
Award ╱ Honour

Organisation

獎項╱榮譽

頒發機構

The 15th Asian Excellence Awards — Sustainable Asia Award,

Corporate Governance Asia

Best Investor Relations Company, Asia’s Best CEO
第十五屆亞洲卓越企業大獎 — 永續亞洲獎、最佳投資人關係

《亞洲企業管治》

公司獎、亞太區最佳CEO獎
All-Asia Executive Team 2026: Best CEO and Best ESG

Extel (Formerly known as Institutional Investor)

(Consumer Staples Sector)
2026年亞洲區公司管理團隊評選最佳CEO及最佳環境、社會及

Extel（前稱《機構投資者調研》）

管治（必需性消費品類別）
Included in Sustainability Yearbook

S&P Global

入選《可持續發展年鑑》

標普全球

GuruClub “Golden Grid Awards”

ESG Environmentally Friendly Excellence Enterprise

格隆匯「金格獎」

ESG環境友好卓越企業

Corporate Social Responsibility

企業社會責任

Guided by the vision of “Growing together with all stakeholders,

恒安以「與各利益相關方共同成長，不斷向成為頂

continuously advancing towards becoming a top-tier consumer goods

級生活用品企業邁進」為願景，在「 GROWTH 」ESG

company”, Hengan, under the “GROWTH” ESG strategic framework,

戰略框架引領下，圍繞卓越治理、綠色發展、客戶

systematically advances ESG practices across the entire value chain,

關懷、員工賦能、信賴夥伴、健康社區六大支柱，

focusing on six pillars: Governance & Ethical Practices, Resource

系統性推進覆蓋全價值鏈的ESG實踐，持續將可持

Conservation & Efficiency, Outstanding Customer Care, Workforce

續發展理念融入企業運營管理，為「百年千億」戰略

Wellbeing & Empowerment, Trusted Partnerships, and Health &

目標夯實根基。

Community Engagement. The Group continuously integrates the
concept of sustainable development into its operations and
management, laying a solid foundation for the strategic goal of “gain
RMB100 billion within 100 years”.

60

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Management Discussion and Analysis
管理層討論及分析

In terms of ratings and honours, Hengan’s ESG performance has

在評級與榮譽方面，恒安ESG表現持續獲得國際權

continued to receive recognition from authoritative international

威機構認可。我們的MSCI ESG評級為「 A 」等級；在

institutions. Our MSCI ESG rating was “A”; in the S&P Global

標普全球企業可持續發展評估(CSA)中，恒安憑藉優

Corporate Sustainability Assessment (CSA), Hengan was selected for

異的表現，於二零二六年二月首次入選標普全球《可

the first time for the S&P Global’s Sustainability Yearbook in February

持續發展年鑑》，並連續四年成功入選標普全球《可

2026 and has been included in the S&P Global’s Sustainability

持續發展年鑑（中國版）》；恒生ESG評級穩定保持

Yearbook (China Edition) for four consecutive years. Hengan’s Hang

「 A 」級，再次入選恒生可持續發展企業基準指數，

Seng ESG rating has maintained at Grade A, and Hengan has been

並於二零二六年一月首次入選恒生ESG50指數；恒

re-selected for the Hang Seng Corporate Sustainability Benchmark

安的富時羅素ESG評級成績亦保持領先，並連續成

Index, and was included in the Hang Seng ESG 50 Index for the first

功入選富時羅素社會責任指數(FTSE4Good)系列。

time in January 2026. Hengan’s FTSE Russell ESG rating also remains

此外，恒安國際在格隆匯「金格獎」評選中榮獲

at the forefront, and the Group has been continuously selected for the

「 ESG環境友好卓越企業」獎項，彰顯了恒安在可持

FTSE4Good Index Series. In addition, Hengan International won the

續發展領域的持續深耕與卓越成效。

“ESG Environmentally Friendly Excellence Enterprise” award at the
GuruClub “Golden Grid Awards”, highlighting the Group’s sustained
efforts and outstanding achievements in the field of sustainable
development.

Excellent Governance

卓越治理

Hengan regards adherence to high ethical standards as the

恒安將高道德標準視為立業之本，持續健全政策制

cornerstone of corporate development. The Group continuously

度體系，優化治理架構，嚴守依法合規運營底線。

improves its policy and institutional framework, optimises its

本集團構建了自上而下的四級ESG治理體系，涵蓋

governance structure, and upholds unwavering compliance with

董事會、ESG委員會、ESG工作小組及各相關職能

applicable laws and regulations. The Group has established a top-

部門，形成決策、監督、協調、執行層層遞進的管

down four-tier ESG governance system encompassing the Board of

理閉環，推動ESG理念與業務運營有機融合。董事

Directors, the ESG Committee, the ESG Working Group, and relevant

會層面，本集團持續強化其在ESG事務中的領導角

functional departments, forming a closed-loop management approach

色，並通過專項氣候培訓增強董事群體的決策能

with progressive layers of decision-making, supervision, coordination,

力。同時，恒安系統化推進廉潔文化建設，制度宣

and execution, thereby promoting the organic integration of ESG

貫覆蓋董事會、高級管理層等核心管理層，並創建

principles with business operations. At the Board level, the Group

恒安廉潔學堂，推動全員簽訂《廉潔自律承諾書》等

continues to strengthen its leadership role in ESG matters and

方式，築牢全員合規防線，有效保障各利益相關方

enhances the decision-making capabilities of directors through

權益。

specialised climate training. At the same time, Hengan has
systematically advanced the development of a culture of integrity, with
the dissemination of relevant policies extending to core management
levels, including the Board of Directors and senior management.
Through establishing the Hengan Integrity Academy, and promoting the
signing of the “Commitment Letter on Integrity and Self-Discipline” by
all employees, the Group has built a solid compliance defense line for
all staff, effectively safeguarding the rights and interests of all
stakeholders.

恒安國際集團有限公司
二零二六年中期報告

61

Management Discussion and Analysis
管理層討論及分析

In terms of information disclosure, Hengan takes a long-term approach

在信息披露維度，恒安以長期主義踐行責任擔當，

to fulfilling its responsibilities. The Group has disclosed ESG reports

連續10年披露ESG報告，連續4年發佈氣候相關報

for 10 consecutive years and issued climate-related reports for 4

告，並於二零二六年首次發佈《2025年自然相關信

consecutive years, and in 2026, it published its first “2025 Nature-

息披露報告》，以公開透明的姿態向各利益相關方

Related Information Disclosure Report”, showcasing the depth and

展示可持續發展行動的深度與廣度。

breadth of its sustainable development actions to all stakeholders with
an open and transparent approach.

Green Development

綠色發展

Addressing climate change is a core issue of Hengan’s green strategy.

應對氣候變化是恒安綠色戰略的核心議題。本集團

The Group deeply integrates low-carbon transformation into all aspects

將低碳轉型深度融入生產經營各環節，從能源管

of production and operation. From energy management, resource

理、資源節約、綠色產品研發到可持續包裝，多維

conservation, and green product research and development to

度降低自身運營的環境足跡，並積極聯動上下游夥

sustainable packaging, the Group reduces the environmental footprint

伴共同推進價值鏈減碳，為生態可持續發展貢獻企

of its own operations across multiple dimensions, and actively

業力量。

collaborates with upstream and downstream partners to jointly
promote value chain decarbonisation, thereby contributing corporate
efforts to ecological sustainability.
In terms of energy management and resource conservation, the Group

在能源管理與資源節約等方面，本集團圍繞產品全

systematically promotes energy conservation and carbon reduction

生命週期系統推進節能降碳。截至二零二六年六月

around the full product life cycle. As of 30 June 2026, four of the
Group’s production companies — Shandong Hengan Paper Co., Ltd.,

三十日，本集團旗下山東恒安紙業有限公司、恒安
（中國）紙業有限公司、福建恒安家庭生活用品有限

Hengan (China) Paper Co., Ltd., Fujian Hengan Household Products
Co., Ltd., and Hengan (Xiaogan) Household Products Co., Ltd. — have

公司及恒安（孝感）家庭用品有限公司共4家生產公

obtained ISO 50001 energy management system certification, and the

家級綠色工廠，在行業能效提升方面發揮標桿引領

Group operates four national-level green factories, playing a

作用。恒安二零二六年上半年在重慶、山東、福

benchmarking role in improving energy efficiency in the industry. In the

建、安徽四省的造紙基地推進電機節能改造，其中

first half of 2026, Hengan advanced motor energy-saving renovations

福建省恒安（中國）紙業有限公司100%全部完成，其

at four of the Group’s production companies located in Chongqing,

他基地改造持續推進中。

司獲得ISO 50001能源管理體系認證，並擁有4家國

Shandong, Fujian, and Anhui. Among them, the Hengan (China) Paper
Co., Ltd. in Fujian Province achieved 100% completion, while
renovations at the other companies are ongoing.
In terms of green product research and development, the Group takes

在綠色產品研發方面，本集團將生態友好與環境可

eco-friendliness and environmental sustainability as innovation

持續性作為創新導向，持續加大竹漿、可降解材料

orientations, continuously increasing the proportion of environmentally

等環境友好型原料的應用比例，深入識別並評估產

friendly raw materials such as bamboo pulp and biodegradable

品全生命週期中的關鍵環境因素，制定專項控制方

materials. The Group thoroughly identifies and evaluates key

案，從源頭降低產品對環境的影響。

environmental factors in the full product life cycle, and formulates
specialised control plans to reduce the environmental impact of
products at source.

62

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Management Discussion and Analysis
管理層討論及分析

In the area of sustainable packaging, Hengan vigorously promotes
packaging lightweighting and green material transformation. In the
e-commerce supply chain, biodegradable and puncture-resistant
cartons are used, and the application ratio of reusable turnover boxes
is continuously increased to reduce packaging material usage; for
personal care products outer bags, the proportion of mono-material
recyclable packaging is being steadily raised; and PLA biodegradable
heat shrink film was developed in collaboration with suppliers and has
been stably put into use. Meanwhile, in accordance with national
standards such as the Degradability and Identification Requirements of
Biodegradable Plastics and Products (GB/T 41010–2021), the Group
promotes the application of biodegradable plastics in products such as
film bags, cotton tissue and wet wipes.

在可持續包裝領域，恒安大力推進包裝輕量化與材
料綠色轉型。電商供應鏈使用可降解耐破紙箱，並
持續提升循環週轉箱的應用比例，以節約包裝材料
的使用；衛品外包袋持續提升單一可回收材質的比
例；PLA可降解熱收縮膜已與供應商合作開發並穩
定投入使用。同時，本集團依據《生物降解塑料與製
品降解性能及標識要求》(GB/T 41010–2021)等國家
標準，將生物可降解塑料推廣應用於膜袋、棉柔巾
和濕巾等產品。

In terms of forest resource protection, Hengan firmly fulfills its Zero
Deforestation Commitment, clearly conveying the expectation of “Zero
Net Deforestation” to suppliers and partners, and continuously
promoting responsible wood pulp procurement. As of 30 June 2026,
eight of Hengan’s papermaking companies have obtained FSC-CoC
certification (certification rate of 88%), and 100% of its pulp suppliers
hold FSC or Programme for the Endorsement of Forest Certification
Schemes (PEFC) certification.

在森林資源保護方面，恒安堅定履行《零毀林承
諾》，向供應商及合作夥伴明確傳達「無淨森林砍伐」
期望，持續推進負責任木漿採購。截至二零二六年
六月三十日，恒安已有8家造紙公司通過FSC-CoC認
證（認證比例88% ），紙漿供應商100%持有FSC或森
林認證體系認可計劃(PEFC)體系證書。

Customer Care

客戶關懷

Hengan has always been consumer- and market-oriented, continuously
optimising the R&D management system, deepening the synergy and
collaboration between R&D and marketing departments, and promoting
precise alignment between product innovation and market demand,
thereby empowering product iteration and upgrades through an
efficient R&D system. In January 2026, the General Office of the
Ministry of Industry and Information Technology announced the 2025
China Consumer Famous Brands List, and Hengan Group’s Space7
was successfully included in the List.

恒安始終以消費者和市場為導向，持續優化研發管
理體系，深化研發與市場部門的協同聯動，推動產
品創新與市場需求精準對接，以高效研發體系賦能
產品迭代升級。二零二六年一月工業和信息化部辦
公廳關於公佈2025年度中國消費名品名單，恒安集
團七度空間成功入選該名單。

In terms of quality management, Hengan takes “Quality is the lifeline”
as its core principle, and has built a quality protection network
covering the entire chain of design, procurement, production and
warehousing. The Group independently developed and launched a
quality document management system platform, establishing a quality
management system compliant with the ISO 9001 international
standard, achieving standardisation, digitalisation and full-lifecycle
management of quality system documents across the Group.
Meanwhile, Hengan took transparency as a breakthrough, proactively
disclosing the full-process inspection procedures for sanitary napkin
production and defective product handling, winning consumer trust
through an open approach. At the 33rd China International Disposable
Paper Expo, Hengan launched its high-end new product series such
as “Xiangye Ersheng” (Embracing Nature) and was selected for the
“Ingenuity Products” list by virtue of its craftsmanship-quality products.

在質量管理方面，恒安將「質量是生命線」作為核心
信條，構建覆蓋設計、採購、生產、倉儲全鏈條的
質量防護網。本集團自主研發並上線質量文件管理
系統平台，建成符合ISO 9001國際標準的質量管理
體系，實現全集團質量體系文件的標準化、信息化
與全生命週期管理。同時，恒安以透明化建設為突
破口，主動公開衛生巾生產及殘次品處理全流程檢
測程序，以開放姿態贏得消費者信賴。第33屆生活
用紙國際科技展覽會上，恒安集團發佈「向野而生」
等高端新品系列，並憑藉匠心產品品質入選「匠心
產品」榜單。

恒安國際集團有限公司
二零二六年中期報告

63

Management Discussion and Analysis
管理層討論及分析

In the area of chemical safety, the Group strictly adheres to
international, national and industry standards, and implements refined
management over the entire process of product development,
chemical procurement, storage, use and disclosure. Hengan issued the
Commitment on Banned Chemicals and Ingredient Disclosure, and
completed the labelling of chemical types and specific contents of
chemicals contained in multiple individual products across core
categories such as wet wipes, diapers and sanitary napkins, promoting
product information transparency and comprehensively safeguarding
consumers’ health and right to know.

Empowerment of Employees
Hengan firmly believes that the growth and well-being of employees
are the fundamental driving force for the sustainable development of
the enterprise. The Group’s Human Rights Policy and AntiDiscrimination and Anti-Harassment Policy cover all employees and
business scopes, adopting a zero-tolerance attitude towards any form
of discrimination or harassment. The Group has also released the

在化學品安全領域，本集團嚴格遵循國際、國家及
行業標準，對產品開發、化學品採購、儲存、使用
及披露等全流程實施精細化管理。恒安發佈《關於
產品禁用化學品和成分披露的承諾》，並完成濕巾、
紙尿褲、衛生巾等核心品類多個單品所含化學品種
類及具體含量的標註工作，推動產品信息透明化，
全方位守護消費者健康與知情權。

員工賦能
恒安深信員工的成長與福祉是企業可持續發展的根
本動力。本集團《人權政策》與《反歧視與反騷擾政
策》覆蓋全體員工及業務範圍，以零容忍態度禁止
任何形式的歧視與騷擾行為，並發佈《生活工資承
諾》，推出覆蓋全體員工的期權激勵計劃，切實保障
員工權益，打造多元、平等、包容的職場環境。

Living Wage Commitment and launched an equity incentive plan
covering all employees, effectively safeguarding employees’ rights and
interests, and creating a diverse, equal and inclusive workplace
environment.
In terms of talent development, Hengan has established a systematic
and multi-level talent development system, providing comprehensive
skills and competency training for employees at different positions and
stages, and continuously improving the dual-track career development
path in both management and technical directions. In April 2026,
Hengan partnered with Fujian Agriculture and Forestry University to
establish the “Paper Making Technology Upgrade Project”, aiming to
enhance papermaking technology and professional talent cultivation
through school-enterprise collaboration, thereby supporting the
Company’s specialized and lean development. As of 30 June 2026,
Hengan had a total of 22,221 full-time employees, of which 52% were
female employees, total employee training hours exceeded 252,800
hours, 86 employees were promoted to management positions, and
the rate of employee union membership was 100%.

64

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

在人才培養方面，恒安構建了系統化、多層級的人
才發展體系，針對不同崗位、不同階段員工開展全
方位技能與素質培訓，持續完善管理與技術雙通道
職業發展路徑。二零二六年四月，恒安與福建農林
大學合作設立「紙抄造技術升級項目」，通過校企合
作提升造紙技術水平和專業人才培養，支撐企業專
業化、精益化發展。截至二零二六年六月三十日，
恒安全職僱員共22,221人，其中女性員工佔比
52% ，僱員培訓總時數超過25.28萬小時，管理崗位
晉升人數86人，員工加入工會的比率為100% 。

Management Discussion and Analysis
管理層討論及分析

In terms of occupational safety, Hengan adheres to the comprehensive

在安全生產方面，恒安堅持「一切事故都可以預防」

safety management philosophy of “All accidents are preventable”, and

的全面安全管理理念，系統推進安全生產標桿生產

systematically advances multiple initiatives including the construction of

線建設、安全幫扶及標準化作業規範完善等多項舉

benchmark safe production lines, safety assistance, and the

措。截至二零二六年六月三十日，本集團所有滿足

improvement of standardised operating procedures. As of 30 June

認證條件的生產公司均已建立ISO 45001職業健康

2026, all of the Group’s production companies that meet certification

安全管理體系並通過第三方認證，職業病發生率為

requirements have established an ISO 45001 Occupational Health and

0，因工亡故人數為0，因工傷損失工作日數為1,373

Safety Management System and passed third-party certification. The

天。

incidence of occupational diseases was 0, the number of work-related
fatalities was 0, and the number of days lost due to work injury was
1,373 days.

Trustworthy Partner

信賴夥伴

Hengan is committed to building stable and mutually trusting

恒安以合作共贏為宗旨，致力於構建穩固互信的夥

partnerships with a win-win approach. The Group continuously

伴關係。本集團持續完善供應商全生命週期管理體

improves the supplier full-lifecycle management system, covering the

系，覆蓋開發准入、績效評估、日常管理到淘汰退

entire process from development and admission, performance

出的全流程，並通過分級分類管理與定期績效評

evaluation, and daily management to elimination and exit, and drives

估，驅動供應商績效持續改善。

continuous improvement in supplier performance through classification
and grading management, and regular performance evaluations.
In terms of building a sustainable supply chain, Hengan conveys the

在可持續供應鏈建設方面，恒安通過發佈《供應商

concept of sustainable development along the value chain through the

行為準則》向價值鏈傳遞可持續發展理念。本集團

issuance of the Supplier Code of Conduct. The Group formally

將供應商ESG管理表現納入准入及日常績效評估體

incorporated supplier ESG management performance into the

系。在准入環節，綜合參考供應商ESG報告、碳足

admission and daily performance evaluation system. In the admission

跡證書、第三方社會責任審核報告等信息，並結合

stage, the Group comprehensively reviews the supplier’s ESG report,

現場ESG審核結果，優先選擇ESG表現優異者；在

carbon footprint certificate, third-party social responsibility audit report,

日常管理中，定期對生產物料供應商開展ESG風險

and other information, and combines this with on-site ESG audit

評估與現場審核，對高風險供應商實施持續跟蹤督

results to prioritise those with outstanding ESG performance. In daily

導，推動其改進提升。此外，恒安積極暢通供應商

management, the Group regularly conducts ESG risk assessments and

交流渠道，組織專家團隊實地走訪供應商，圍繞森

on-site audits for production material suppliers, and implements

林資源保護與可持續林業實踐，深入交流木漿可持

ongoing tracking and supervision for high-risk suppliers to drive their

續性管理，促進價值鏈協同成長。

improvement. In addition, Hengan actively opens up supplier
communication channels, organising an expert team to conduct on-site
visits to suppliers, engaging in in-depth exchanges on wood pulp
sustainability management with a focus on forest resource protection
and sustainable forestry practices, thereby promoting the collaborative
growth of the value chain.

恒安國際集團有限公司
二零二六年中期報告

65

Management Discussion and Analysis
管理層討論及分析

Healthy Community

健康社區

With the mission of “Growing with you for a better life”, Hengan

恒安以「追求健康，你我一起成長」為使命，將社會

integrates social responsibility into its corporate strategy, stays true to

責任融入企業戰略，堅守公益初心，以行動詮釋企

its original philanthropic aspirations, and fulfills its corporate citizenship

業公民擔當。恒安持續通過多元公益行動改善社會

responsibilities through concrete actions. Since its listing in 1998,

福祉，自1998年上市以來，恒安及主要股東累計捐

Hengan and its major shareholders have cumulatively donated over

款已超過21億元。

RMB2.1 billion.
In July 2026, Guangxi was hit by persistent extreme heavy rainfall. In

二零二六年七月，廣西遭遇持續性極端強降水，災

response to the disaster, Hengan activated its emergency response

情發生後，恒安集團第一時間啟動應急響應機制捐

mechanism and donated relief supplies with a total value of RMB1

贈物資總價值100萬元。二零二六年國際護士節，恒

million. On International Nurses’ Day 2026, Space7 partnered with the

安集團旗下七度空間聯合廈門市仁善基金會，啟動

Xiamen Renshan Foundation to launch the “Pink Wings Menstrual

「粉紅羽翼經期互助」公益行動，向護士群體捐贈價

Mutual Aid” public welfare initiative, donating care supplies worth

值24萬元愛心物資。恒安集團被中國航天基金會授

RMB240,000 to nurses. Hengan was awarded the “China Aerospace

予「中國航天30年特殊貢獻獎」，以表彰恒安集團在

30-Year Special Contribution Award” by the China Aerospace

公益領域的持續投入，以及對中國航天公益事業所

Foundation, in recognition of the Group’s sustained commitment to

給予的堅定支持。除此之外，本集團繼續推進各項

public welfare and its steadfast support for China’s aerospace public

公益慈善項目，二零二六年上半年，恒安集團累計

welfare endeavors. In addition, the Group continued to advance

捐贈608.1萬元。

various charitable projects. In the first half of 2026, Hengan Group
made cumulative donations of RMB6.081 million.

Outlook

未來展望

Looking ahead to the second half of 2026, geopolitical volatility,

展望二零二六年下半年，地緣局勢動盪、國際經貿

international economic and trade barriers, as well as uncertainties

壁壘以及主要經濟體的貨幣政策不確定性，將持續

surrounding the monetary policies of major economies, will continue to

對全球經濟增長構成壓力。儘管外部環境複雜多

weigh on global economic growth. Despite the complex and volatile

變，中國經濟基本面依然穩固，國家將持續深化宏

external environment, China’s economic fundamentals remain solid.

觀調控，並加大力度推行促消費政策，有望進一步

The nation will continue to deepen macroeconomic regulation and

釋放內需潛力並加速消費結構升級，為國內經濟的

intensify efforts to implement consumption-promoting policies, which

穩步增長提供堅實支撐。在剛性需求與消費升級的

are expected to further release the potential of domestic demand and

雙重驅動下，國內衛生用品行業長期增長前景持續

accelerate the upgrade of consumption structures, providing solid

向好。集團將繼續密切關注國內外政經形勢及市場

support for the steady growth of the domestic economy. Driven by the

趨勢變化，靈活應對挑戰，並審慎制定決策。

dual forces of rigid demand and consumption upgrades, the long-term
growth prospects of the domestic sanitary products industry remain
promising. The Group will continue to closely monitor domestic and
international political and economic developments, as well as evolving
market trends, responding flexibly to challenges, and making prudent
decisions.

66

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Management Discussion and Analysis
管理層討論及分析

As geopolitical conflicts persist and the war in the Middle East has

地緣衝突反覆，中東戰爭推高油價，全球供應鏈前

pushed up oil prices, the outlook for the global supply chain remains

景仍高度不確定。惟本地木漿供應增加有望支撐木

highly uncertain. Nevertheless, an increase in domestic wood pulp

漿價格下半年平穩運行，維持成本相對可控，同

supply is expected to support the stable performance of wood pulp

時，集團將依託採購規模優勢，持續提升高端高毛

prices in the second half of the year, keeping costs relatively

利產品佔比，增強面對供應鏈波動的抗逆力。集團

controllable. Concurrently, the Group will leverage its procurement

將密切留意外圍因素對進口木漿、石化原料等原材

scale advantage and continue to raise the share of premium high-

料價格的影響。

margin products to enhance its resilience against supply chain
fluctuations. The Group will closely monitor the impact of external
factors on the prices of raw materials, including imported wood pulp
and petrochemicals.
As a leading player in the industry, the Group will continue to

作為行業的領跑者，集團將持續推進「聚焦主業」、

implement its three core strategies, including “Focus on Core

「品牌引領」及「長期主義」三大核心策略，為可持續

Businesses”, “Brand Leadership” and “Long-Termism”, laying a solid

發展奠定堅實基礎。集團將繼續聚焦紙巾及衛生用

foundation for the sustainable development of the Group. The Group

品兩大核心業務的發展，積極開發及升級高質量產

will maintain its focus on the development of the two core businesses

品，推動產品高端化及品類多元化，並深化農村及

of tissue paper and sanitary products, actively developing and

國內線上線下市場的全渠道佈局，增強全渠道銷售

upgrading high-quality products to drive premiumisation and

效益，進一步擴大市場份額。面對激烈市場競爭，

diversification. It will also deepen omni-channel penetration into rural

集團仍將堅守「穩定價格」核心戰略，以高質量產品

markets as well as online and offline markets across Chinese

深耕優質客群，同時保持財務穩健，把握行業整合

Mainland, enhancing the sales effectiveness of omni-channel and

及電商與新零售趨勢帶來的發展契機。

further expanding its market share. In the face of intense market
competition, the Group will adhere to its core “Stable Pricing” strategy,
deep-mining premium customer segments with high-quality products,
while maintaining sound financial liquidity and seizing growth
opportunities arising from industry consolidation, e-commerce, and new
retail trends.
Hengan remains committed to strengthening brand value and market

恒安將持續強化品牌價值與市場認同，深化高端化

recognition, while advancing its premiumisation strategy. The Group will

佈局，重點發展熱捧系列「天山絨棉」、「心相印」濕

focus on developing premium products, such as the popular “Tianshan

紙巾等高端產品，並提升高毛利濕紙巾的銷售佔

Cotton” sanitary napkin and “Hearttex” wet tissues series, and will

比。集團亦將積極拓展品類及應用場景以擴大客

increase the sales proportion of high-margin wet wipes. The Group will

群，並圍繞產品質素及附加值進行高質量市場推

also actively expand product categories and application scenarios to

廣，以進一步提升品牌溢價。與此同時，集團將定

broaden its consumer base and conduct high-quality marketing

期開展跨界IP聯乘合作，煥新產品形象與包裝設

initiatives centered around product quality and added value to further

計，塑造更具活力和年輕化的品牌形象。集團堅持

enhance brand premium. At the same time, the Group will regularly

「質量至上」，零容忍質量與安全問題，並以客戶反

pursue cross-industry IP collaborations to refresh product imagery and

饋為導向，持續提升產品質量與行業標準，以優質

packaging design, cultivating a more dynamic and youthful brand

可靠的產品鞏固品牌領導地位。

identity. Upholding the principle of “Quality First,” the Group maintains
zero tolerance for quality and safety issues. Guided by customer
feedback, it will continue to improve product quality and industry
standards, consolidating its leading position in the market with reliable,
high-quality products.

恒安國際集團有限公司
二零二六年中期報告

67

Management Discussion and Analysis
管理層討論及分析

In the future, the Group will accelerate the integration of smart

集團未來將加速融入智能化技術於營運管理，應用

technologies into operational management, leveraging artificial

人工智能及大數據分析，更精確地洞察消費者偏好

intelligence and big data analytics to gain more precise insights into

及購買模式，為產品研發、促銷投放及渠道佈局提

consumer preferences and purchasing patterns. These insights will

供決策支持，並強化供應鏈靈活性，增強整體營運

provide strong decision support for product development, promotional

效能與競爭優勢。此外，為把握國內生活用紙及衛

placement, and channel strategies, while enhancing supply chain

生用品的消費升級及需求多元化的機遇，集團持續

flexibility to boost overall operational efficiency and competitive

擴充產能及升級技術，為長遠增長夯實基礎。同

advantage. In addition, to capture the opportunities arising from

時，集團將研發並推出更多皇城品牌的高質量產

domestic consumption upgrades and diversified demand in household

品，進一步開拓東南亞市場，逐步拓展海外版圖。

paper and sanitary products, the Group continues to expand
production capacity and upgrade technology, reinforcing the
foundation for long-term growth. At the same time, the Group will
develop and launch more high-quality products under the Wang-Zheng
brand, further penetrate the Southeast Asian market, and gradually
expand its overseas footprint.
In 2026, the Group’s second Five-Year Plan was officially launched,

二零二六年，集團第二個「五年計劃」正式啟動，各

with various strategic deployments fully rolled out. As a leading

項戰略部署全面推展。作為中國領先的個人及家庭

enterprise in the personal and household sanitary products industry in

衛生用品企業，恒安將秉承「追求健康，你我一起成

China, Hengan will continue to adhere to the mission of “Growing with

長」的使命，緊扣國家戰略發展步伐，強化應對市場

You for a Better Life”, stay closely aligned with the pace of national

變化的核心競爭力，積極推動環境、社會及企業管

strategic development, and strengthen its core competitiveness in

治發展，致力打造一家優質可靠及可持續發展的個

responding to market changes. The Group will also actively advance

人及家庭衛生用品企業。未來，集團將深耕中高消

environmental, social, and governance (ESG) development, striving to

費群體，積極開拓新市場，進一步壯大恒安業務規

build a high-quality, reliable, and sustainable personal and household

模。同時，集團將繼續以產業延伸為長遠發展目

sanitary products company. Going forward, the Group will deepen

標，積極拓展女性健康、嬰童健康及老年健康等領

penetration into mid-to-high-end consumer segments, actively explore

域，培育具規模的新品類以補充現有業務，探索多

new markets, and further grow the scale of Hengan’s business. At the

品類、跨市場的業務規模及協同。集團亦將配合數

same time, the Group will continue to pursue industry extension as its

字化及AI科技的靈活應用，持續提升競爭力，並擴

long-term development goal, actively expanding into feminine care,

大海外銷售規模，帶領恒安品牌逐步走向國際舞

infant and childcare, and elderly care segments, and cultivating sizable

台，致力成為「全球頂級的家庭生活用品企業」。

new categories to supplement existing businesses, thereby exploring
multi-category, cross-market scale and synergy. By leveraging the
flexible application of digital and AI technologies, the Group will further
strengthen its competitiveness and expand its overseas sales scale,
gradually bringing the Hengan brand onto the international stage, and
remaining committed to becoming a “global top-tier household
products enterprise.”

68

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
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Corporate Governance and Other Information
企業管治及其他資料

DIRECTORS’ INTERESTS IN SECURITIES

董事於證券之權益

Directors’ and Chief Executives’ Interests and Short
Positions in Shares, Underlying Shares and Debentures

董事及最高行政人員於股份、相關股份及債券之
權益及淡倉

As at 30 June 2026, the interests and short positions of the Directors

於二零二六年六月三十日，本公司董事及主要行政

and chief executives of the Company in the shares, underlying shares

人員於本公司或其相聯法團（定義見證券及期貨條

and debentures of the Company or its associated corporations (within

例（「證券及期貨條例」）第XV部）之股份、相關股份

the meaning of Part XV of the Securities and Futures Ordinance

及債券中擁有(a)根據證券及期貨條例第XV部第7及

(“SFO”)) which (a) were required to be notified to the Company and the

8分部須知會本公司及聯交所（包括根據證券及期貨

Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO

條例有關規定彼等被當作或視為擁有之權益及淡

(including interests and short positions which they were taken or

倉），或(b)根據證券及期貨條例第352條須列入本公

deemed to have under such provisions of the SFO) or (b) were

司存置之登記冊，或(c)根據香港聯合交易所有限公

required to be entered in the register maintained by the Company

司（「聯交所」）證券上市規則（「上市規則」）附錄C3所

pursuant to Section 352 of the SFO or (c) were required, pursuant to

載上市發行人董事進行證券交易的標準守則（「標準

the Model Code for Securities Transactions by Directors of Listed

守則」）須知會本公司及聯交所之權益及淡倉如下：

Issuers (the “Model Code”) as set out in Appendix C3 to the Rules
Governing the Listing of Securities on the Stock Exchange of Hong
Kong Limited (the “Stock Exchange”) (the “Listing Rules”), to be
notified to the Company and the Stock Exchange, were as follows:

(a)

Long positions in shares and underlying shares of the
Company

(a)

於本公司股份及相關股份之好倉

Number of

Name of

Capacity/Nature of

Director

interest

董事姓名

身份╱權益性質

Mr. Sze Man Bok

Beneficial owner and founder

(Note (3))

Approximate

underlying

percentage of

Number of

Shares

interest in the

Shares

Interested

interested

(Note (1))

股份數目

相關股份數目

權益

Company
Total

(Note (2))

權益（附註(1) ）

股份總計

概約百分比（附註(2) ）

239,299,999

100,000

239,399,999

20.60%

283,884,733

300,000

284,184,733

24.45%

於本公司權益的

of discretionary trust/
personal and other
interests

施文博先生

（附註(3) ）
Mr. Hui Ching Lau

(Note (4))

實益擁有人及酌情信託
創辦人╱個人及其他權益
Interest of controlled
corporation/corporate
interest/personal interest

許清流先生

（附註(4) ）

受控法團權益╱
公司權益╱個人權益

恒安國際集團有限公司
二零二六年中期報告

69

Corporate Governance and Other Information
企業管治及其他資料

Number of

Name of

Capacity/Nature of

Director

interest

董事姓名

身份╱權益性質

Mr. Xu Da Zuo

Beneficial owner and founder

(Note (5))

of discretionary trust/

Approximate

underlying

percentage of

Number of

Shares

interest in the

Shares

Interested

interested

(Note (1))

股份數目

相關股份數目

權益

Company
Total

(Note (2))

權益（附註(1) ）

股份總計

概約百分比（附註(2) ）

18,402,030

200,000

18,602,030

1.60%

851,700

60,000

911,700

0.08%

240,000

200,000

440,000

0.04%

7,917,000

60,000

7,977,000

0.69%

於本公司權益的

personal and other
interests
許大座先生

（附註(5) ）

實益擁有人及酌情信託創辦
人╱個人及其他權益

Mr. Sze Wong Kim

Beneficial owner/personal

施煌劍先生

實益擁有人╱個人

interest
權益
Mr. Hui Ching Chi

Beneficial owner/personal
interest

許清池先生

實益擁有人╱個人
權益

Mr. Xu Wenmo

Beneficial owner and founder

(Note (6))

of discretionary trust/
personal and other
interests

許文默先生

（附註(6) ）

實益擁有人及酌情信託創辦
人╱個人及其他權益
附註：

Notes:
(1)

70

Underlying Shares (being physically settled unlisted derivatives) represent
awarded shares granted to the directors pursuant to the share award
scheme of the Company and details of which is set out in Note 16.

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

(1)

相關股份權益（以實物交收的非上市衍生工具），乃
按本公司採納之股份獎勵計劃而授予董事的獎勵股
份，有關資料載列於附註16。

Corporate Governance and Other Information
企業管治及其他資料

(2)

The percentages expressed are based on the total number of issued
Shares (including treasury shares) of 1,162,120,917 as at 30 June 2026.

(2)

相關百分比是根據於二零二六年六月三十日的已發
行股份總數（包括庫存股份）1,162,120,917股計算得
出。

(3)

Out of the 239,299,999 shares, Tin Lee Investments Limited (“Tin Lee”)
held 238,724,399 ordinary shares while Mr. Sze had personal interests in
575,600 ordinary shares in the Company. Tin Lee is a wholly owned
subsidiary of Tin Wing Holdings Limited (“Tin Wing”). Tin Wing is owned
by Hang Seng Bank (Trustee) Limited as nominee and being the trustee
of the Sze’s Family Trust. Mr. Sze Man Bok is the settlor and beneficiary
of the Sze’s Family Trust. He is therefore deemed under Part XV of the
SFO to be interested in the interests of the Sze’s Family Trust in the
Company.

(3)

於239,299,999股份當中，天利投資有限公司（「天
利」）及施先生以個人名義分別持有本公司
238,724,399股及575,600股普通股份。天利為Tin
Wing Holdings Limited（「 Tin Wing 」）之全資附屬公
司。Tin Wing由施氏家族信託受託人恒生銀行信託
有限公司以代名及信託代理人身份擁有。施文博先
生為施氏家族信託之財產授予人和受益人，根據證
券條例第XV部之定義，彼因此被視為擁有施氏家族
信託的權益。

(4)

Out of the 283,884,733 shares, An Ping Holdings Limited (“An Ping
Holdings”) held 271,892,733 shares while Mr. Hui had personal interests
in 11,992,000 shares in the Company. An Ping Holdings is a wholly
owned subsidiary of An Ping Investments Limited (“An Ping
Investments”). An Ping Investments owned by TMF (Cayman) Ltd as
nominee and being the trustee of the Hui Family Trust. An Ping Holdings
is obligated to act in accordance with the instructions of Mr. Hui Ching
Lau. He is therefore deemed under Part XV of the SFO to be interested
in the interests of the Company held by An Ping Holdings.

(4)

於283,884,733股份當中，安平控股有限公司（「安平
控股」）及許先生以個人名義分別持有本公司股份
271,892,733股及11,992,000股。安平控股為安平投
資有限公司（「安平投資」）全資擁有之附屬公司。安
平投資由許氏家族信託(The Hui Family Trust)受託人
TMF (Cayman) Ltd以代名及信託代理人身份擁有。
安平控股必須按照許清流先生的指示行事，根據證
券條例第XV部之定義，彼因此被視為擁有安平控股
於本公司的股份權益。

(5)

Skyful Holdings Limited held 18,402,030 (including 402,030 underlying
shares) shares in the Company. It is a wholly owned subsidiary of
Charter Towers Limited (“Charter Towers”). Charter Towers owned by
Standard Chartered Trust (Singapore) Limited as nominee and being the
trustee of the Xu Family Trust. Mr. Xu Da Zuo is the settlor and
beneficiary of the Xu Family Trust. He is therefore deemed under Part XV
of the SFO to be interested in the interests of the Xu Family Trust in the
Company.

(5)

天樂控股有限公司持有本公司18,402,030股（包括
402,030相關股份權益）股份。其為Charter Towers
Limited（「 Charter Towers 」）之全資附屬公司。
Charter Towers由許氏家族信託(The Xu Family Trust)
受託人Standard Chartered Trust (Singapore) Limited
以代名及信託代理人身份擁有。許大座先生為許氏
家族信託(The Xu Family Trust)之財產授予人和受益
人，根據證券條例第XV部之定義，彼因此被視為擁
有許氏家族信託的權益。

(6)

Out of the 7,917,000 shares, Fountain Luck Holdings Limited (“Fountain
Luck”) holds 7,280,000 shares of the Company while Mr. Xu had
personal interests in 637,000 shares in the Company. Fountain Luck is
a wholly-owned subsidiary of Metro Global Investments Limited (“Metro
Global”). Metro Global owned by Credit Suisse Trust Limited as nominee
and being the trustee of the Fountain Luck Trust. Mr. Xu Wenmo is the
settlor and beneficiary of The Fountain Luck Trust. He is therefore
deemed under Part XV of the SFO to be interested in the interests of
The Fountain Luck Trust in the Company.

(6)

於7,917,000股份當中，Fountain Luck Holdings
Limited（「 Fountain Luck 」）持有本公司7,280,000股
股份，而許先生則擁有本公司637,000股股份的個人
權益。Fountain Luck是Metro Global Investments
Limited（「 Metro Global 」）的全資子公司。Metro
Global是由Fountain Luck 信託受託人 Credit Suisse
Trust Limited以代名及信託代理人身份的受託人擁
有。許文默先生為 Fountain Luck信託之財產授予人
和受益人，因此，根據證券及期貨條例第XV部，彼
被視為擁有Fountain Luck信託於本公司的權益。

恒安國際集團有限公司
二零二六年中期報告

71

Corporate Governance and Other Information
企業管治及其他資料

(b)

Long positions in shares of associated corporation,
Wang-Zheng Berhad

(b)

於相聯法團Wang-Zheng Berhad股份之
好倉
Approximate
percentage of

Name of Director

Note

Capacity/Nature of interest

董事姓名

附註

身份╱權益性質

Mr. Hui Ching Chi

(1)

Beneficial owner/personal interest

Number of

interest in the

Shares

Company

interested

(Note (1))

股份數目權益

概約百分比 (附註(1))

24,907,573

15.506%

於本公司權益的

許清池先生

實益擁有人╱個人權益
附註：

Note:
(1)

The percentages expressed are based on the total number of issued

(1)

(2)

Wang-Zheng Berhad is a non-wholly owned subsidiary of the Company

相關百分比是根據於二零二六年六月三十日的已發
行股份總數160,634,966股計算得出。

Shares of 160,634,966 as at 30 June 2026.
(2)

Wang-Zheng Berhad是本公司於馬來西亞證券交易
所主板上市之非全資附屬公司。

listed on the Main Market of Bursa Malaysia Securities Berhad.

Saved as disclosed above, as at 30 June 2026, none of the Directors

除上文所披露者外，於二零二六年六月三十日，概

and chief executives of the Company had any interests or short

無董事及本公司主要行政人員及其聯繫人於本公司

positions in any shares, underlying shares and debentures of the

或其任何相聯法團（定義見證券及期貨條例第XV部）

Company or any of its associated corporations (within the meaning of

之股份、相關股份及債券中，擁有任何根據證券及

Part XV of the SFO) that was required to be recorded in the register

期貨條例第352條規定須列入本公司存置之登記冊，

maintained by the Company pursuant to Section 352 of the SFO or as

或根據標準守則已知會本公司及聯交所的權益或淡

otherwise notified to the Company and the Stock Exchange pursuant

倉。

to the Model Code.

72

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Corporate Governance and Other Information
企業管治及其他資料

SUBSTANTIAL SHAREHOLDERS’ INTERESTS IN
THE SHARES OF THE COMPANY

主要股東在本公司擁有之股份權益

As at 30 June 2026, so far as the Directors are aware, the following

於二零二六年六月三十日，據董事所知，以下人士

persons (other than the Directors or chief executive of the Company),

或法團（在上文披露的本公司董事或主要行政人員

were directly or indirectly, interested in 5% or more of the Shares or

除外）於本公司股份及相關股份中直接或間接擁有

short positions in the Shares and the underlying Shares, which are

5%或以上須根據證券及期貨條例第XV部第2及3分

required to be disclosed under provisions of Divisions 2 and 3 of Part

部條文予以披露或根據證券及期貨條例第336條須

XV of the SFO, or which will be required, pursuant to Section 336 of

記入該條所述登記冊，或通告本公司的股份權益或

the SFO, to be entered in the register referred to therein, or to be

淡倉如下：

notified to the Company, were as follows :

於股份之好倉

Long Positions in the Shares

Approximate
Name of Substantial
Shareholders

Note

Capacity/Nature of interest

Number of

percentage of

Shares

shareholding

interested

(Note (1))

權益百分率
概約
股東名稱

附註

身份╱權益性質

Tin Lee Investments Limited

(2)

Beneficial owner/beneficial interest

天利投資有限公司
Tin Wing Holdings Limited

股份數目實益

（附註(1) ）

238,724,399

20.54%

238,724,399

20.54%

238,724,399

20.54%

271,892,733

23.40%

271,892,733

23.40%

271,892,733

23.40%

實益擁有人╱實益權益

(2)

Interests of controlled corporation
所控制的法團的權益

Hang Seng Bank (Trustee) Limited

(2)

恒生銀行信託有限公司

An Ping Holdings Limited

受託人╱其他權益

(3)

安平控股有限公司
An Ping Investments Limited

Beneficial owner/beneficial interest
實益擁有人╱實益權益

(3)

安平投資有限公司
TMF (Cayman) Ltd

Trustee/other interest

Interests of controlled corporation
所控制的法團的權益

(3)

Trustee/other interest
受託人╱其他權益
附註：

Notes:
(1)

The percentages expressed are based on the total number of issued
Shares (including treasury shares) of 1,162,120,917 as at 30 June 2026.

(1)

相關百分比是根據於二零二六年六月三十日的已發
行股份總數（包括庫存股份）1,162,120,917股計算得
出。

恒安國際集團有限公司
二零二六年中期報告

73

Corporate Governance and Other Information
企業管治及其他資料

(2)

Tin Lee Investments Limited is a wholly owned subsidiary of Tin Wing

(2)

天利投資有限公司為Tin Wing Holdings Limited（「 Tin

Holdings Limited which is wholly-owned by Hang Seng Bank (Trustee)

Wing Holdings 」）的全資附屬公司，而Tin Wing

Limited, the trustee of the Sze’s Family Trust. Each of Tin Wing Holdings

Holdings則由施氏家族信託的受託人恒生銀行（信

Limited, Hang Seng Bank (Trustee) Limited, and Mr. Sze Man Bok are

託）有限公司（「恒生銀行信託」）全資擁有。根據《證

deemed to be interested in 238,724,399 Shares held and owned by Tin

券及期貨條例》，Tin Wing Holdings 、恒生銀行信託

Lee Investments Limited under the SFO. Mr. Sze’s interest in Shares is

及施文博先生各方均被視為由天利投資有限公司持

disclosed in the “Directors’ Interests in Securities” above.

有及擁有的238,724,399股股份中擁有權益。施先生
之股份中的權益已載於上文「董事於證券之權益」章
節中披露。

(3)

An Ping Holdings Limited (“An Ping Holdings”) is a wholly owned subsidiary

(3)

安平控股有限公司（「安平控股」）為安平投資有限公

of An Ping Investments Limited (“An Ping Investments”) which is a wholly

司（「安平投資」）的全資附屬公司，而安平投資則由

owned by TMF (Cayman) Limited (“TMF”), the trustee of the Hui’s Family

TMF (Cayman) Limited（「 TMF 」）全資擁有。TMF為

Trust. An Ping Holdings is obliged to act in accordance with the

許氏家族信託的受託人。安平控股有責任按照許清

instructions of Mr. Hui Ching Lau. Therefore, An Ping Investments, TMF

流先生的指示行事。因此，根據《證券及期貨條

and Mr. Hui are deemed to be interested in 271,892,733 Shares held

例》，安平投資、TMF及許先生被視為由安平控股持

and owned by An Ping Holdings under the SFO. Mr. Hui’s interest in

有及擁有的271,892,733股股份中擁有權益。許先生

Shares is disclosed in the “Directors’ Interests in Securities” above.

於股份中的權益已載於上文「董事於證券之權益」章
節中披露。

INTERIM DIVIDEND AND CLOSURE OF REGISTER
OF MEMBERS

中期股息及暫停辦理股份過戶登記

The Board of Directors has declared an interim dividend of RMB0.70

董事會宣佈向於二零二六年九月十日辦公時間結束

per share (2025: RMB0.70 per share) for the six months ended 30

時名列本公司股東名冊之股東派發截至二零二六年

June 2026 to be paid to shareholders whose names appear on the

六月三十日止六個月之中期股息每股人民幣0.70

Register of Members of the Company at the close of business on 10

元，（二零二五年：每股人民幣0.70元），有關之股息

September 2026. Dividend warrants will be despatched to

單將於二零二六年十月九日寄予股東。

shareholders on 9 October 2026.
Dividends payable to shareholders will be paid in Hong Kong dollars

應付予股東的股息將以港元派發。本公司派息所採

(“HK$”). The exchange rate adopted by the Company for its dividend

用的匯率為宣佈派息日前一個營業日中國人民銀行

payable is the middle exchange rate of HK$ to RMB announced by the

公佈的港元兌人民幣匯率中間價。

People’s Bank of China for the business day preceding the date of
dividend declaration.
The Register of Members of the Company will be closed from 8

本公司將由二零二六年九月八日至二零二六年九月

September 2026 to 10 September 2026 (both days inclusive), during

十日（首尾兩天包括在內）暫停辦理股份過戶登記。

which no transfer of shares will be effected. In order to be qualified for

如欲獲派中期股息，所有過戶文件連同有關股票最

the interim dividend, all transfers accompanied by the relevant share

遲須於二零二六年九月七日下午四時三十分送達本

certificates shall be lodged with the Company’s branch share registrar,

公司之股份過戶登記分處卓佳證券登記有限公司，

Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16

地址為香港夏愨道16號遠東金融中心17樓，辦理登

Harcourt Road, Hong Kong by 4:30 p.m. on 7 September 2026.

記手續。

74

HENGAN INTERNATIONAL GROUP COMPANY LIMITED
Interim Report 2026

Corporate Governance and Other Information
企業管治及其他資料

PURCHASE, SALE OR REDEMPTION OF
SECURITIES

購買、出售或贖回證券

During the six months ended 30 June 2026, the Company

截至二零二六年六月三十日止六個月內，本公司根

repurchased a total of 5,500,000 ordinary shares on the Stock

據二零二五年五月二十日舉行的股東週年大會上批

Exchange at an aggregate consideration of approximately

准的股份購回授權，於聯交所以總代價約港幣

HK$138,847,070 (excluding expenses) pursuant to the share

138,847,070元（不包括費用）購回總共5,500,000股

repurchase mandate approved by the Shareholders at the annual

普通股以提高其每股的資產淨值及收益。有關購回

general meeting held on 20 May 2025 for enhancing its per share net

股份之詳情載列如下：

asset value and earnings. Details of the repurchase of shares are
summarized as follows:
Number of
shares

Highest

Lowest

purchased

price paid

price paid

購回股份數目

所付最高價

所付最低價

Month of repurchases
購回月份

April 2026

HK$

HK$

港元

港元

1,880,000

27.16

26.24

3,620,000

27.74

26.38

二零二六年四月
May 2026
二零二六年五月
5,500,000
As of 30 June 2026, a total of 6,800,000 shares repurchased are held

截至2026年6月30日，合共6,800,000股購回股份由

as treasury shares (as defined under the Listing Rules) by the

本公司持作庫存股份（定義見上市規則）。購回的股

Company. The total number of Shares repurchased represented

份總數，合共佔本公司於2025年5月20日舉行之股東

approximately 0.5851% of the shares of the Company in issue as at

週年大會上通過股份購回授權之日的已發行股份約

the date of the passing of the share repurchase mandate at the

0.5851% 。在遵守聯交所之上市規則的情況下，本

annual general meeting held on 20 May 2025. Subject to compliance

公司可能會考慮使用庫存股份撥付股份激勵計劃、

with the Listing Rules on the Stock Exchange, the Company may

未來再出售、轉讓或註銷。本公司於庫存股份持有

consider using the treasury shares for funding its share incentive

期間將放棄行使股東表決權及派息權利。

schemes, future resales, transfers or cancellation. The Company will
waive the voting rights and the entitlement to dividends in respect of
the treasury shares during the period they are held as treasury shares.
Save as disclosed above, neither the Company nor any of its

除上文所披露者外，截至二零二六年六月三十日止

subsidiaries purchased, sold or redeemed any of the Company’s listed

六個月內，本公司或其任何附屬公司概無購買、出

securities (including sale of treasury shares) during the six months

售或贖回本公司任何上市證券（包括出售庫存股份）
。

ended 30 June 2026.

恒安國際集團有限公司
二零二六年中期報告

75

Corporate Governance and Other Information
企業管治及其他資料

SHARE SCHEMES

股份計劃

Share Option Scheme

購股權

The Company has adopted a share option scheme (the “Scheme”) on
17 May 2021 which is valid and effective for a period of 10 years
commencing on the date of adoption of the Scheme.

本公司於二零二一年五月十七日採納購股權計劃
（「該計劃」），該計劃生效及有效日期為自採納該計
劃日期起計為期十年。

Details of movements in the share options as at 30 June 2026 which
have been granted under the Scheme are as follows:

截至二零二六年六月三十日，根據該計劃授出的購
股權的變動詳情如下：

Number of share options
購股權數目

Eligible person

合資格人士

Directors
董事
Mr. Sze Man Bok
施文博先生
Mr. Hui Ching Lau
許清流先生
Mr. Xu Da Zuo
許大座先生
Mr. Sze Wong Kim
施煌劍先生
Mr. Hui Ching Chi
許清池先生
Mr. Li Wai Leung
(Note (4))
李偉樑先生
（附註(4) ）
Mr. Xu Wenmo
許文默先生
Partici

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