Hengan International Group Co Ltd

01044: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$23.00	Vrmpv	Bcxglztk

Progress in Product and Channel Transition To Deliver Improving Profit for Hengan

Jacky Tsang

Aug 20, 2024

Business Strategy and Outlook

Hengan International operates in the tissue, sanitary napkin, and diaper markets in China and is one of the leading brands in tissue and sanitary napkins. Being one of the early movers in personal-care products, it has developed an extensive offline distribution network in China. It has also penetrated lower-tier cities, which contributed close to 80% of its sales in 2021. With its focus on lower-tier cities, the majority of the firm's products sit in the mass market below-premium segments.

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