Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 96.97 CNY [4][10]. Core Insights - The company's global capacity layout effectively addresses uncertainties in the foreign trade environment, with a focus on expanding overseas production bases [2][28]. - The company has maintained rapid revenue growth, primarily from environmentally friendly packaging for food service, with 98% of its revenue derived from this segment [28][30]. - The report highlights the company's commitment to sustainable growth through continuous technological innovation and capacity expansion, particularly in Thailand [41][28]. Financial Summary - Total revenue is projected to grow from 13.26 billion CNY in 2023 to 30.41 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 22.7% from 2019 to 2024 [3][28]. - Net profit attributable to shareholders is expected to increase from 2.31 billion CNY in 2023 to 7.24 billion CNY in 2027, with a significant growth rate of 69.4% in 2026 [3][10]. - The earnings per share (EPS) is forecasted to rise from 2.26 CNY in 2023 to 7.08 CNY in 2027 [3][10]. Industry Analysis - The biodegradable materials industry is experiencing high demand due to increasing global environmental regulations and consumer preferences for sustainable products [18][21]. - The report notes that the company is well-positioned in the biodegradable materials market, which is expected to see continued growth as traditional plastic alternatives gain traction [18][21]. - The competitive landscape includes domestic and international players, with the company leveraging its technological advancements and overseas production capabilities to enhance its market share [16][28].

Company Overview - Zhejiang Zhongxin Environmental Technology Group Co., Ltd. is located in Jinhua City, Zhejiang Province, and was established on January 8, 2016. The company specializes in the research, production, and sales of biodegradable plant fiber molding products [1]. - The company is listed in the light industry manufacturing sector, specifically in packaging and printing, and is associated with concepts such as high dividends, biodegradable products, fund-heavy holdings, energy conservation, and margin financing [1]. Stock Performance - As of October 15, Zhongxin shares increased by 2.20%, reaching a price of 71.95 yuan per share, with a trading volume of 20.9363 million yuan and a turnover rate of 0.96%. The total market capitalization is 7.356 billion yuan [1]. - Year-to-date, the stock price has risen by 56.99%, but it has seen a decline of 2.90% over the last five trading days and a 5.10% drop over the last 20 days. In contrast, the stock has increased by 10.93% over the past 60 days [1]. Financial Performance - For the first half of 2025, Zhongxin reported a revenue of 675 million yuan, representing a year-on-year decrease of 4.57%. The net profit attributable to shareholders was 116 million yuan, down 14.76% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 98.1492 million yuan in dividends [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 5,236, a reduction of 36.22%. The average number of circulating shares per person increased by 56.78% to 3,905 shares [2]. - Notable institutional holdings include new shareholders such as GF Stable Growth Mixed Fund (holding 750,000 shares), GF Ruiyang Three-Year Open Mixed Fund (holding 450,000 shares), and Huatai-PineBridge Growth Focus Mixed Fund (holding 268,300 shares) [3].

Core Viewpoint - The company confirmed that its Thailand Phase II factory is progressing as planned, with new production capacities being added in the coming months [1] Group 1 - An investor inquired about the recent report indicating that the company's Thailand factory has already put into operation 15,000 tons of new capacity in August, totaling 50,000 tons, with an additional 25,000 tons expected to be operational in October and November [1] - The company responded on October 14, stating that the construction of the Thailand Phase II factory is advancing steadily and urged investors to refer to publicly disclosed information for updates [1]

Core Viewpoint - The stock price of Zhongxin Co., Ltd. has experienced fluctuations, with a year-to-date increase of 57.10% but a recent decline of 4.37% over the past five trading days [2]. Group 1: Stock Performance - As of October 14, Zhongxin's stock price dropped by 2.05% to 72.00 CNY per share, with a market capitalization of 7.36 billion CNY [1]. - The stock has seen a 9.64% decrease over the past 20 days, while it has increased by 10.77% over the past 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Zhongxin reported a revenue of 675 million CNY, a year-on-year decrease of 4.57%, and a net profit attributable to shareholders of 116 million CNY, down 14.76% year-on-year [2]. - The company has distributed a total of 98.15 million CNY in dividends since its A-share listing [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 36.22% to 5,236, while the average number of circulating shares per person increased by 56.78% to 3,905 shares [2]. - New institutional shareholders include Guangfa Stable Growth Mixed Fund, which holds 750,000 shares, and several other funds that have recently entered the top ten circulating shareholders [3]. Group 4: Company Overview - Zhongxin Co., Ltd. specializes in the research, production, and sales of biodegradable plant fiber molding products and was established on January 8, 2016 [2]. - The company is categorized under the light industry manufacturing sector, specifically in packaging and printing [2].

Core Insights - On October 13, Zhongxin Co., Ltd. experienced a stock price increase of 2.10%, with a trading volume of 88.98 million yuan [1] - The company reported a financing buy-in of 8.70 million yuan and a financing repayment of 23.25 million yuan on the same day, resulting in a net financing outflow of 14.55 million yuan [1] - As of October 13, the total margin balance for Zhongxin Co. was 204 million yuan, representing 9.02% of its market capitalization, indicating a high level of financing activity [1] Financing and Margin Data - On October 13, Zhongxin Co. had a financing buy-in of 8.70 million yuan, with a current financing balance of 204 million yuan, which is above the 90th percentile of the past year [1] - The company reported no short-selling activity on October 13, with a short-selling balance of 0.00 yuan, also indicating a high level of inactivity in this area [1] Company Performance - As of June 30, the number of shareholders for Zhongxin Co. was 5,236, a decrease of 36.22% from the previous period, while the average number of circulating shares per shareholder increased by 56.78% to 3,905 shares [2] - For the first half of 2025, Zhongxin Co. achieved a revenue of 675 million yuan, a year-on-year decrease of 4.57%, and a net profit attributable to shareholders of 116 million yuan, down 14.76% year-on-year [2] Shareholder Composition - As of June 30, 2025, the top ten circulating shareholders included several new institutional investors, with Guangfa Stable Growth Mixed Fund holding 750,000 shares, ranking as the second-largest circulating shareholder [3] - Other notable new shareholders included Guangfa Ruiyang Three-Year Open Mixed Fund and Huatai-PineBridge Growth Focus Mixed Fund, holding 450,000 shares and 268,300 shares respectively [3]

Core Viewpoint - The company has approved the use of temporarily idle raised funds for cash management, allowing for investment in low-risk, liquid financial products to enhance fund efficiency and returns [2][10][20]. Group 1: Fund Management Approval - The company held its 18th board meeting and 13th supervisory meeting on October 27, 2024, where it approved the use of up to RMB 30 million of temporarily idle raised funds for cash management [2][7][16]. - The cash management will involve purchasing safe and liquid principal-protected financial products, including structured deposits and time deposits, with a validity period of 12 months from the approval date [2][11][12]. Group 2: Cash Management Implementation - The company has executed a cash management transaction by purchasing a structured deposit product worth RMB 40 million through Huaxia Bank, which has since been redeemed, returning the principal and earnings to the raised funds account [3][4][6]. - The cash management products are intended to be low-risk and will not affect the company's main business operations or the normal progress of fundraising projects [10][14][20]. Group 3: Fundraising Overview - The company raised a total of RMB 677.33 million through its initial public offering, with a net amount of RMB 570.75 million after deducting underwriting fees and other expenses [9][10]. - The funds are managed under a three-party supervision agreement to ensure proper storage and usage, safeguarding investor interests [9][10].

二、使用闲置募集资金进行现金管理到期赎回的情况 2025年08月28日，公司通过华夏银行股份有限公司金华分行以闲置募集资 金人民币4,000万元购买了"人民币单位结构性存款2510867"的银行理财产品。 具体内容详见公司于2025年08月29日在上海证券交易所网站（www.sse.com.cn） 披露的《浙江众鑫环保科技集团股份有限公司关于使用部分闲置募集资金进行 现金管理的公告》（公告编号：2025-052）。 近日，公司已赎回上述理财产品，本金及收益已归还至募集资金账户。具 证券代码：603091 证券简称：众鑫股份 公告编号：2025-066 浙江众鑫环保科技集团股份有限公司 关于使用部分闲置募集资金购买理财产品到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、已履行的审议程序 浙江众鑫环保科技集团股份有限公司（以下简称"公司"）于2024年10月 27日召开第一届董事会第十八次会议和第一届监事会第十三次会议，审议通过 《关于使用暂时闲置的募集资金进行现金管理的议案》，同意公司（含子公司） 使用不超过 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：603091 证券简称：众鑫股份 公告编号：2025-067 浙江众鑫环保科技集团股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 履行的审议程序：浙江众鑫环保科技集团股份有限公司（以下简称"公 司"）于 2024 年 10 月 27 日召开第一届董事会第十八次会议和第一届监事会第 十三次会议，审议通过《关于使用暂时闲置的募集资金进行现金管理的议案》， 同意公司（含子公司）使用不超过 30,000 万元（含 30,000 万元）的暂时闲置 募集资金进行现金管理，用于购买安全性高、流动性好的保本型理财产品或存 款类产品（包括但不限于结构性存款、定期存款、大额存单以及大额可转让存 单等），有效期自董事会审议通过之日起 12 个月内有效，在额度内可以循环滚 动使用。在上述额度、期限范围内，董事会授权公司董事长签署相关合同文件， 具体事项由公司财务部负责组织实施。公司监事会对上述事项发表了明确同意 意见、保荐机构已对该事项发表明确无异议的核查意见。具体情 ...

Core Insights - On October 9, 2023, brokerage firms set target prices for listed companies, with notable increases for companies in the personal care, medical device, and semiconductor industries [1][2]. Group 1: Target Price Increases - The companies with the highest target price increases include: - Steady Medical (稳健医疗) with a target price increase of 44.29%, rated "Buy" by CITIC Securities, with a target price of 56.00 yuan [2]. - Sanor Bio (三诺生物) with a target price increase of 35.27%, rated "Recommended" by Huachuang Securities, with a target price of 27.00 yuan [2]. - Tongfu Microelectronics (通富微电) with a target price increase of 24.46%, rated "Buy" by Qunyi Securities (Hong Kong), with a target price of 55.00 yuan [2]. Group 2: Brokerage Recommendations - A total of 27 listed companies received brokerage recommendations on October 9, with BYD (比亚迪) receiving recommendations from two firms, while Qianhong Pharmaceutical (千红制药) and Mulinsen (木林森) each received one recommendation [2]. Group 3: Rating Adjustments - Northeast Securities upgraded Jiangfeng Electronics (江丰电子) from "Hold" to "Buy" on October 9 [3]. - Five companies received initial coverage ratings on the same day, including: - Dongfang Guoxin (东方国信) rated "Buy" by Xinda Securities [3]. - Sanyou Medical (三友医疗) rated "Recommended" by Ping An Securities [3]. - Yidian Tianxia (易点天下) rated "Buy" by Zhongyou Securities [3]. - Jiangfeng Electronics (江丰电子) rated "Buy" by Northeast Securities [3]. - Cambrian (寒武纪) rated "Buy" by Huaxin Securities [3].

Core Viewpoint - On September 30, Zhongxin Co., Ltd. experienced a decline of 1.58% in stock price, with a trading volume of 43.89 million yuan, indicating a potential concern regarding investor sentiment and market performance [1] Financing Summary - On the same day, Zhongxin Co., Ltd. recorded a financing purchase amount of 18.21 million yuan, with a net financing purchase of 9.75 million yuan after accounting for repayments [1] - The total financing and securities balance reached 188 million yuan, representing 8.25% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - The company had no short selling activity on September 30, with both short selling repayment and selling amounts recorded as zero, suggesting a lack of bearish sentiment in the market [1] Company Overview - Zhejiang Zhongxin Environmental Technology Group Co., Ltd. was established on January 8, 2016, and is located in Jinhua City, Zhejiang Province, focusing on the research, production, and sales of biodegradable plant fiber molding products [1] - As of June 30, 2025, the company reported a revenue of 675 million yuan, a year-on-year decrease of 4.57%, and a net profit attributable to shareholders of 116 million yuan, down 14.76% year-on-year [1] Shareholder Information - The company has distributed a total of 98.15 million yuan in dividends since its A-share listing [2] - As of June 30, 2025, the top ten circulating shareholders included several new institutional investors, such as GF Stable Growth Mixed Fund and GF Ruiyang Three-Year Open Mixed Fund, indicating growing institutional interest [2]