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Consumer Non-Durables

Hengan International Group Co., Ltd.

Company Background

Hengan International Group is a publicly traded unit of the Hengan Group, China's largest sanitary goods maker, which was founded in 1985. Hengan International listed in Hong Kong in 1998. The company, which deals mainly in disposable diapers and sanitary napkins, competes fiercely with Britain's Procter & Gamble and Japan's Unicharm in China. Its strength lies in its extensive marketing network across China. It has 300 sales offices and has signed up more than 3,000 sales agents. It makes its products in more than 40 locations, including the Xinjiang Uyghur Autonomous Region.

Taking advantage of its price competitiveness, backed by a large economy of scale, the company also exports its goods to Southeast Asia, Africa and other regions. Relying on its branding power, it sells a wide range of products, including hand soap for children and detergent.

Group Chairman Sze Man Bok is said to have operated a clothing maker but entered the sanitary goods market, which used to be monopolized by a state-run enterprise.

Business Summary

Hengan International Group Co., Ltd. is an investment holding company, which engages in trading of personal hygienic products. It operates through the following segments: Sanitary Napkins Products, Disposable Diapers Products, Tissue Paper Products, and Others. The company was founded in 1985 and is headquartered in Jinjiang, China.

Financial Highlights

Dec 2021 HKDUSD
Gross Profit9,074.02M1,167.40M
Operating income3,900.78M501.84M
Income before tax5,270.01M678.00M
Net income3,945.37M507.58M
Diluted EPS3.350.43
Dividends Per Share2.060.26
Total Assets51,735.26M6,635.87M
Total liabilities28,150.15M3,610.70M
Total equity23,287.35M2,986.97M
Operating cash flow6,107.78M785.78M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 20,847.30M 24,297.74M 25,505.00M 25,141.51M 25,056.50M
Gross Profit 8,494.15M 9,029.40M 9,588.33M 10,355.10M 9,074.02M
Operating income 4,746.06M 5,159.17M 4,755.65M 5,190.08M 3,900.78M
Income before tax 5,720.00M 5,809.02M 5,722.74M 6,703.84M 5,270.01M
Net income 4,374.85M 4,500.69M 4,431.03M 5,163.16M 3,945.37M
EBITDA 5,518.36M 6,034.93M 5,674.43M 6,124.16M 4,942.80M
Diluted EPS 3.63 3.72 3.72 4.34 3.35
Dividends Per Share 2.53 2.55 2.48 2.89 2.06
Total Assets 46,694.97M 52,059.75M 48,366.69M 52,690.94M 51,735.26M
Total liabilities 27,074.53M 32,675.19M 28,062.08M 29,379.51M 28,150.15M
Total equity 19,334.87M 19,072.65M 19,992.58M 23,014.92M 23,287.35M
Operating cash flow 4,701.60M 4,833.72M 4,133.92M 5,991.28M 6,107.78M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 2,675.19M 3,100.17M 3,255.18M 3,241.55M 3,223.59M
Gross Profit 1,089.99M 1,152.07M 1,223.75M 1,335.10M 1,167.40M
Operating income 609.03M 658.26M 606.96M 669.17M 501.84M
Income before tax 734.00M 741.17M 730.38M 864.34M 678.00M
Net income 561.39M 574.24M 565.52M 665.69M 507.58M
EBITDA 708.13M 770.00M 724.22M 789.60M 635.90M
Diluted EPS 0.46 0.47 0.47 0.55 0.43
Dividends Per Share 0.32 0.32 0.31 0.37 0.26
Total Assets 5,973.28M 6,649.30M 6,207.38M 6,795.45M 6,635.87M
Total liabilities 3,463.41M 4,173.42M 3,601.48M 3,789.02M 3,610.70M
Total equity 2,473.34M 2,436.04M 2,565.84M 2,968.19M 2,986.97M
Operating cash flow 603.32M 616.73M 527.60M 772.47M 785.78M

Valuation Measures

Dec 2021
Operating margin15.56%
Profit margin15.74%

Key executives

  • Chief Executive Officer & Executive Director: Ching Lau Hui
  • Chief Operating Officer & Executive Director: Shui Shen Xu
  • CFO, Secretary & Executive Director: Wai Leung Li
  • Director-Administration Department: Ying Liu
  • Executive Director & CEO-Investment Management: Da Zuo Xu


  • HUI LIN CHIT (23.1%)
  • SZE MAN BOK (20.5%)
  • Artisan Partners LP (6.0%)
  • The Vanguard Group, Inc. (1.9%)
  • XU DA ZUO (1.5%)
  • Dimensional Fund Advisors LP (1.3%)
  • Lazard Asset Management LLC (1.2%)
  • BlackRock Fund Advisors (1.2%)
  • Yacktman Asset Management LP (1.1%)
  • Fidelity Management & Research Co. LLC (1.0%)

Contact Details

  • Website:
  • Address: Hengan Industrial City, Anhai Town, Jinjiang, 362261, China
  • Phone: +86.59.5570.8888

Related Companies

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  • PT Hengan Global
  • Hengan International Holdings Ltd.
  • Sunway Household (Weifang) Ltd.
  • Sunway Kordis Asia Ltd.
  • Starful Ltd.
  • Hengan (Luxembourg) Investment Co, Ltd.
  • Hengan (Shaanxi) Homecare Products Co., Ltd.
  • PT Hengan Global Hygiene Products
  • Weifang Hengan Gas Co., Ltd.
  • Xinjiang Hengan Paper Co., Ltd.
  • Hengan Li Ren (Jiangxi) Cosmetics Co., Ltd.
  • Xiamen Space Seven E-commerce Co., Ltd.
  • Fujian Hengan Homecare Products Co., Ltd.
  • Wuhu Hengan Hearttex Paper Products Co., Ltd.
  • Hengan (Zhejiang) Homecare Products Co., Ltd.
  • Shandong Hengan Paper Co., Ltd.
  • Jinjiang Hengan Household Tissue Product Co., Ltd.
  • Hengan (Chongqing) Living Paper Co., Ltd.
  • Hengan (Hunan) Hearttex Paper Co., Ltd.
  • Hengan (Hefei) Living Co., Ltd.
  • Hengan (Fushun) Household Products Co., Ltd.
  • Hengan (Xiaogan) Family Products Co., Ltd.
  • Guangdong Paper Products Co., Ltd.
  • Xiamen Hengan E-commerce Co., Ltd
  • Junichi Co., Ltd.
  • Junichi (Xiamen) Maternal & Child Articles Co., Ltd.
  • Jinjiang Hengan Hearttex Paper Products Co., Ltd.
  • Fujian Hengan Hygiene Material Co. , Ltd.
  • Hengan (Jinjiang) Household Products Co., Ltd.


    Last Updated on 3 Oct, 2022

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