证券代码：301501 证券简称：恒鑫生活 公告编号：2025-001 合肥恒鑫生活科技股份有限公司 关于签署募集资金三方监管协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意合肥恒鑫生活科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2024〕1909 号）同意注册，合肥恒鑫生 活科技股份有限公司（以下简称"公司"）首次公开发行人民币普通股股票 25,500,000 股，每股面值人民币 1.00 元，每股发行价格为人民币 39.92 元，募集 资金总额为人民币 101,796.00 万元，扣除发行费用（不含增值税）人民币 11,904.53 万元后，实际募集资金净额为人民币 89,891.47 万元。 上述募集资金已于 2025 年 3 月 13 日划至公司指定账户，容诚会计师事务所 （特殊普通合伙）对公司上述募集资金到位情况进行了审验，并出具了"容诚验 字[2025]230Z0024 号"《验资报告》。 公司募集资金专项账户的开立情况及截至 2025 年 3 月 17 日账户余额情 ...

Core Viewpoint - Hefei Hengxin Life Technology Co., Ltd. has successfully listed on the Shenzhen Stock Exchange's ChiNext board, with significant initial trading performance and a focus on biodegradable and traditional plastic food packaging products [1][3]. Company Overview - Hefei Hengxin Life specializes in the research, production, and sales of paper and plastic food packaging products, utilizing raw materials such as original paper, PLA particles, and traditional plastic particles [1]. - The company is controlled by a family trio: Fan Yanru, Yan Deping, and Yan Shujing, with a combined voting rights share of 88.52% prior to the IPO [1]. Financial Performance - The company reported revenues of 718.90 million yuan, 1.09 billion yuan, 1.42 billion yuan, and 732.99 million yuan for the years 2021 to the first half of 2024, respectively [4]. - Net profits for the same period were 81.08 million yuan, 165.95 million yuan, 221.45 million yuan, and 106.40 million yuan [4]. - In 2024, the company achieved a revenue of 1.59 billion yuan, reflecting an 11.87% increase year-on-year, with a net profit of 219.89 million yuan, up 2.82% [5]. IPO Details - The company issued 25.50 million shares at a price of 39.92 yuan per share, raising a total of 1.02 billion yuan, with a net amount of approximately 898.91 million yuan after expenses [3]. - The funds raised will be allocated to projects including the annual production of 30,000 tons of compostable green environmental products, smart upgrades, and a research and development center [3]. Market Context - The company’s products include both biodegradable and non-biodegradable food packaging, with the latter accounting for 40.81% to 49.32% of its main business revenue over recent years [1]. - The impact of stricter plastic restriction policies on the company’s operations and technology advantages was a key focus during the IPO review process [1][2].

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [28]. Core Viewpoints - The company, Hengxin Life, specializes in the research, production, and sales of paper and plastic dining utensils, focusing on biodegradable products. It has shown significant revenue growth and profitability, with projected revenues of CNY 1.088 billion, CNY 1.425 billion, and CNY 1.594 billion for 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 51.38%, 30.95%, and 11.87% [6][7][21]. - The company is a leading player in the biodegradable dining utensils market in China, benefiting from comprehensive industry advantages, including a complete supply chain and a wide product range. The increasing implementation of plastic bans enhances the market potential for biodegradable products [21][22]. - The company has established significant partnerships with major clients in the coffee and tea industries, which have contributed to a compound annual growth rate of 81.30% in revenue from these clients from 2021 to 2023 [22]. Summary by Sections Company Overview - Hengxin Life focuses on the development, production, and sales of biodegradable dining utensils made from raw materials such as paper and PLA particles. The main products include PLA-coated paper cups, bowls, and various utensils [6][11]. Financial Performance - The company achieved revenues of CNY 1.088 billion, CNY 1.425 billion, and CNY 1.594 billion for the years 2022, 2023, and 2024, with corresponding net profits of CNY 162.8 million, CNY 213.9 million, and CNY 219.9 million, indicating strong growth in both revenue and profit [4][7][25]. Industry Situation - The paper and plastic dining utensils industry is experiencing growth driven by increasing consumer demand for environmentally friendly products and the implementation of regulations against single-use plastics. The market for new-style tea drinks is also expanding rapidly, contributing to the demand for biodegradable utensils [16][19]. Company Highlights - Hengxin Life is recognized as a leader in the biodegradable dining utensils sector, with over 50% of its revenue derived from biodegradable products. The company has multiple production bases and a capacity to produce 9 billion units of dining utensils annually [21][22]. Comparable Company Analysis - Compared to similar companies in the industry, Hengxin Life's revenue is below the average, but its gross margin is positioned in the mid-to-high range. The average revenue for comparable companies in 2023 was CNY 1.587 billion, with an average PE-TTM of 41.02X [25][26].

Investment Rating - The report assigns a rating based on AHP scores, with a score of 1.44 indicating a position in the 19.3% percentile, suggesting a lower tier in the non-innovation system [6][7]. Core Insights - The company is a leading supplier of biodegradable food packaging, benefiting from the ban on plastic policies. It has a comprehensive product line and strong customer relationships with major brands like Luckin Coffee and McDonald's [8][10]. - The company has established a competitive PLA technology system, achieving cost advantages and scalability in production. It has a production capacity of 9 billion units of biodegradable food packaging [12][25]. - Financially, the company shows strong growth in revenue and net profit, with compound annual growth rates (CAGR) of 40.79% and 63.34% respectively from 2021 to 2023, outperforming comparable companies [16][20]. Summary by Sections AHP Scores and Expected Allocation Ratios - The AHP score for the company is 1.44, with expected allocation ratios for offline investors being 0.0271% and 0.0207% under neutral conditions [6][7]. Fundamental Highlights and Features - The company leads in the biodegradable food packaging industry, leveraging the benefits of plastic bans. It has been recognized as a top player in the biodegradable plastic sector for six consecutive years [8][10]. - The PLA technology system is robust, allowing for cost-effective production and flexibility in switching between biodegradable and non-biodegradable products [12][25]. Comparable Company Financial Metrics - The company’s revenue from 2021 to 2023 was 7.19 billion, 10.88 billion, and 14.25 billion respectively, with net profits of 0.80 billion, 1.63 billion, and 2.14 billion, showing stable growth [16][20]. - The gross margin has improved from 27.21% in 2021 to 28.63% in 2023, significantly higher than the average of comparable companies [20][23]. Fundraising Projects and Development Vision - The company plans to raise funds for a project to produce 30,000 tons of compostable PLA products, along with smart upgrades and a research center to enhance production efficiency and product development [25][26].

Investment Rating - The report assigns a rating of "Increase" for the company, indicating a potential upside of over 15% relative to the CSI 300 index [47]. Core Viewpoints - Hengxin Life (301501.SZ) is a leading manufacturer of biodegradable food service products in China, supplying well-known domestic and international companies such as Luckin Coffee and Amazon. The demand for the company's products is expected to grow due to the increasing needs of the downstream catering industry and environmental protection initiatives [4][9]. - The company achieved revenue and net profit of 1.425 billion and 214 million RMB respectively in 2023, with a compound annual growth rate (CAGR) of 40.79% and 63.34% for revenue and net profit from 2021 to 2023 [11][13]. - The average PE ratios for comparable companies in 2023, 2024, and 2025 are 37.86, 26.81, and 21.74 respectively, indicating a favorable valuation compared to industry peers [4][34]. Summary by Sections Company Overview - Hengxin Life is a leading manufacturer of biodegradable food service products, benefiting from the growing demand in the catering industry and environmental regulations. The company has established multiple production bases across China and has a diverse product line that includes PLA-coated paper cups and biodegradable utensils [9][30]. Business Analysis - The company's main revenue sources include paper and plastic food service products, with biodegradable products accounting for over 50% of total revenue. The revenue from biodegradable products has shown significant growth, driven by the increasing demand from coffee and tea beverage sectors [11][13]. - The company has maintained a stable gross margin around 28%, with a decreasing trend in expense ratios due to economies of scale [16][19]. Industry Development - The biodegradable materials industry is expanding due to environmental concerns and regulatory pressures to reduce plastic waste. The global production capacity for bioplastics is projected to grow, with PLA being a significant component of this market [10][24]. - The catering industry in China has shown robust growth, with the market size reaching 4.7 trillion RMB in 2019 and recovering strongly post-2020. The demand for biodegradable food service products is expected to rise as consumer preferences shift towards sustainable options [28][29]. Competitive Landscape - The industry currently has a low concentration, with many players in the market. However, the trend is shifting towards increased concentration as leading companies leverage their technological and production advantages to capture market share [29][30]. - Hengxin Life has established a strong position in the biodegradable food service product sector, recognized as one of the top ten companies in the biodegradable plastics industry in China [30]. IPO and Fundraising - The company plans to issue 25.5 million shares, raising approximately 828 million RMB to expand its production capacity for PLA biodegradable products and enhance operational efficiency [31][33].

合肥恒鑫生活科技股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 保荐人（主承销商）：华安证券股份有限公司 1 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，合肥恒鑫生活科技股份有限公司（以下简称 "发行人"、"公司"或"本公司"）发行的人民币普通股票将于 2025 年 3 月 19 日在深圳证券交易所创业板上市，上市公告书全文和首次公开发行股票并在创 业板上市的招股说明书全文披露于中国证券监督管理委员会指定的信息披露网 站（巨潮资讯网，网址 www.cninfo.com.cn；中证网，网址 www.cs.com.cn；中 国证券网，网址 www.cnstock.com；证券时报网，网址 www.stcn.com；证券日 报网，网址 www.zqrb.cn；经济参考网，网址 www.jjckb.cn；中国金融新闻网， 网址 www.financialnews.com.cn；中国日报网，网址 cn.chinadaily.com.cn），供投 资者查阅。 所属网站二维码，巨潮资讯网 。 一、上市概况 （一）股票简称： ...

（住所：安徽省合肥市滨湖新区紫云路 1018 号） 二〇二五年三月 股票简称：恒鑫生活 股票代码：301501 合肥恒鑫生活科技股份有限公司 Hefei Hengxin Life Science and Technology Co., Ltd. （安徽长丰双凤经济开发区双凤路 36 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行 股票并在创业板上市招股说明书中的相同。 本上市公告书中若出现总数与各分项数值之和尾数不符的情况，均为四舍五 入所致。 1 合肥恒鑫生活科技股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明 合肥恒鑫生活科技股份有限公司 上市公告书 特别提示 合肥恒鑫生活科技股份有限公司（以下简称"恒鑫生活"、"发行人"、"公 司"、"本公司"）股票将于 2025 年 3 月 19 日在深圳证券交易所创业板上市。 创业板公司具有业绩不稳定、经营风险高、退市风险高等特点，投资 ...

北京海润天睿律师事务所 | 一、本次发行上市的批准和授权 | 3 | | --- | --- | | 二、发行人本次发行上市的主体资格 | 4 | | 三、本次发行上市的实质条件 | 4 | | 四、本次发行上市的保荐机构和保荐代表人 | 5 | | 五、发行人及相关责任主体出具的承诺及约束措施 | 6 | | 六、结论性意见 | 6 | 关于合肥恒鑫生活科技股份有限公司 首次公开发行股票并在深圳证券交易所创业板上市的 法律意见书 中国·北京 朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 邮政编码：100022 电话：(010)65219696 传真：(010)88381869 法律意见书 北京海润天睿律师事务所 首次公开发行股票并在深圳证券交易所创业板上市的 法律意见书 致：合肥恒鑫生活科技股份有限公司 根据合肥恒鑫生活科技股份有限公司（以下简称"发行人"）与北京海润天 睿律师事务所（以下简称"本所"）签订的法律服务协议，本所接受发行人委托， 担任发行人本次公开发行股票并在深圳证券交易所（以下简称"深交所"）创业 板上市（以下简称"本次发行上市"）事宜的专项法律顾问。 关于合肥恒鑫生活科 ...

华安证券股份有限公司 关于 合肥恒鑫生活科技股份有限公司 首次公开发行股票并在创业板上市 之 上市保荐书 保荐机构（主承销商） （住所：安徽省合肥市滨湖新区紫云路 1018 号） 合肥恒鑫生活科技股份有限公司 上市保荐书 声明 华安证券股份有限公司及具体负责本次证券发行项目的保荐代表人已根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》、《首 次公开发行股票注册管理办法》（以下简称"《注册管理办法》"）、《深圳证 券交易所创业板股票上市规则》（以下简称"《创业板股票上市规则》"）等有 关法律、行政法规和中国证监会、深圳证券交易所的有关规定，诚实守信，勤勉 尽责，严格按照依法制订的业务规则和行业自律规范出具上市保荐书，并保证所 出具文件真实、准确、完整。 如无特别说明，本上市保荐书中的相关用语具有与《合肥恒鑫生活科技股份 有限公司首次公开发行股票并在创业板上市招股说明书》中相同的含义。 1 | 声明 1 | | --- | | 目录 2 | | 一、发行人基本情况 3 | | 二、发行人本次发行情况 18 | | 三、 ...

合肥恒鑫生活科技股份有限公司首次公开发行股票 并在创业板上市之上市公告书提示性公告 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 经深圳证券交易所审核同意，合肥恒鑫生活科技股份有限公司（以下简称"发行人"、"公司"或"本公 司"）发行的人民币普通股票将于2025年3月19日在深圳证券交易所创业板上市，上市公告书全文和首次 公开发行股票并在创业板上市的招股说明书全文披露于中国证券监督管理委员会指定的信息披露网站 （巨潮资讯网，网址www.cninfo.com.cn；中证网，网址www.cs.com.cn；中国证券网，网址 www.cnstock.com；证券时报网，网址www.stcn.com；证券日报网，网址www.zqrb.cn；经济参考网，网 址www.jjckb.cn；中国金融新闻网，网址www.financialnews.com.cn；中国日报网，网址 cn.chinadaily.com.cn），供投资者查阅。 所属网站二维码，巨潮资讯网■。 （四）首次公开发行股票数量：2,550.0000万股，占发 ...