Core Viewpoint - Hefei Hengxin Life Technology Co., Ltd. held an online investor meeting to address concerns regarding company performance, capacity, and product competitiveness [1] Group 1: Performance and Financials - The company reported that Q2 revenue and net profit were significantly below market expectations, but the H1 2025 revenue and net profit attributable to shareholders still showed stable growth, with no need for future listing fee provisions [2] - For Q3, the company indicated that specific financial data would be disclosed in upcoming periodic reports [3] Group 2: Product Development and Market Position - Hengxin Life has achieved mass production capability for PHA products, although large-scale production has not yet commenced; production timelines depend on industry development and customer demand [4] - The company aims to strengthen its competitive advantage in PHA products as environmental awareness grows, and plans to deepen cooperation with raw material suppliers while gradually promoting products based on customer needs [4] Group 3: Strategic Development - The company's future strategy includes enhancing global presence, increasing R&D investment, implementing fundraising projects, improving talent systems, and strengthening corporate governance and information disclosure [5] - The company is well-positioned to respond to the rapid growth of biodegradable products due to global plastic bans, although it may face challenges such as policy implementation delays and intensified trade frictions [5] Group 4: Stock Performance and Market Response - The company acknowledged that stock price fluctuations are influenced by macroeconomic conditions, industry policies, and market sentiment, and it plans to enhance investor confidence through performance improvement and better governance [6] Group 5: Compliance and Production Capacity - The company's PLA and PHA products comply with new regulations in Shanghai, and it has the flexibility to adjust production structures to meet market demand [7] - The Thailand factory is set to commence production in 2025 and has begun shipping since April, while the Hainan production base is expected to positively impact performance due to the implementation of the Hainan closure policy [8]

Financial Performance - The company's second-quarter revenue and net profit were significantly below market expectations due to one-time listing expenses, but the 2025 semi-annual report showed stable growth in revenue and net profit [2][13]. - The company anticipates revenue and net profit growth in the third quarter, with specific financial data to be disclosed in future reports [2][17]. Market Position and Strategy - The company believes that its PHA products, which are compostable and marine-degradable, will strengthen their competitive advantage over the next 3-5 years as environmental awareness increases [3][8]. - The company is committed to enhancing its global presence, increasing R&D investment, and solidifying its market leadership through various projects [9][26]. Production and Capacity - The company has the capability to produce PHA products but has not yet achieved large-scale production; the timeline for mass production depends on industry developments and customer demand [6][19]. - The Thailand factory, which began operations in April 2025, is expected to contribute positively to the company's performance once fully operational [9][28]. Regulatory Compliance and Market Adaptation - The company's PLA and PHA products comply with the new Shanghai plastic ban regulations, aligning with the green development policy [5][24]. - The company is prepared to adjust its production structure to meet the growing demand for biodegradable products in response to market and policy changes [5][24]. Investor Relations and Market Confidence - The company acknowledges that stock price fluctuations are influenced by macroeconomic conditions, industry policies, and market sentiment, and it aims to enhance investor confidence through improved performance and governance [4][16]. - The company is actively working on measures to boost shareholder confidence amid ongoing stock price challenges [4][16].

Investment Rating - The investment rating for the pet food industry is "Positive" and maintained [10] Core Insights - The 2025 Asia Pet Expo highlights innovation in production processes, with a continued interest in baked food from 2024, and the introduction of fresh steamed, enzymatic, and freeze-dried products [2][6] - Overseas brands like Royal Canin and Pro Plan are focusing on localized products to meet specific consumer needs, while domestic leaders such as Guobao and Zhongchong are innovating based on pet health requirements [2][6] - Future competition in the industry will hinge on production processes and R&D capabilities, with companies deeply engaged in canine and feline research likely to build strong product barriers [2][6] Summary by Sections Competitive Trends - The market is becoming increasingly concentrated among leading brands, with the CR10 of the pet food industry rising from 28.3% in 2019 to 32.7% in 2024, indicating a trend towards consolidation [7][17] - Intense competition exists among mid-tier brands, with many small enterprises facing significant pressure due to product homogeneity and online sales channels, leading to a wave of industry restructuring [7][17] - The number of bankruptcy and restructuring cases in the pet industry has surged, with 151 cases reported in 2024, primarily involving small to medium-sized enterprises [17][19] Overseas Brands - Overseas brands are developing comprehensive nutritional solutions for pets throughout their life cycles, maintaining high market shares in China [25][26] - Royal Canin launched breed-specific products tailored to local preferences, such as a specialized formula for Corgis, emphasizing scientific nutritional approaches [25][26] - Pro Plan has established a platform for professional veterinary consultations and educational sessions at the Asia Pet Expo, enhancing its brand authority in pet nutrition [28][29] Domestic Brands - Domestic brands are focusing on continuous innovation in production processes, with significant advancements in enzymatic, freeze-dried, and fresh steamed products [8][33] - Leading domestic brands are enhancing their core competitiveness through innovative ingredient formulations and targeted nutritional solutions for pets at different life stages [8][33] - The trend of using fresh meat as a core selling point is evolving, with brands exploring diverse protein sources and innovative feeding experiences [8][33]

Core Viewpoint - Hefei Hengxin Life Technology Co., Ltd. is participating in the 2025 Anhui Listed Companies Investor Online Collective Reception Day to enhance interaction with investors [1] Group 1: Event Details - The event will be held online on September 15, 2025, from 15:00 to 17:00 [1] - Investors can participate through the "Panjing Roadshow" website, WeChat public account, or by downloading the Panjing Roadshow APP [1] Group 2: Company Engagement - Company executives will communicate with investors regarding performance, governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [1] - The company encourages active participation from investors during the event [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。 为进一步加强与投资者的互动交流，合肥恒鑫生活科技股份有限公司（以下 简称"公司"）将参加由安徽证监局指导，安徽上市公司协会与深圳市全景网络 有限公司联合举办的"2025 年安徽上市公司投资者网上集体接待日"，现将相关 事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 9 月 15 日（周一）15:00-17:00。届时 公司高管将在线就公司业绩、公司治理、发展战略、经营状况、融资计划、股权 激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投 资者踊跃参与！ 证券代码：301501 证券简称：恒鑫生活 公告编号：2025-040 合肥恒鑫生活科技股份有限公司 关于参加 2025 年安徽辖区上市公司投资者 网上集体接待日活动的公告 特此公告！ 合肥恒鑫生活科技股份有限公司董事会 2025 年 9 月 10 日 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company focuses on biodegradable and green low-carbon industries, emphasizing innovation, biodegradability, low carbon, intelligence, and globalization in its development strategy [4] - The company has a complete industrial chain and strong product line advantages, enhancing its competitive edge and ability to meet customer demands [2] - The company has established long-term partnerships with leading global food and beverage brands, which enhances its brand image and supports the development of biodegradable products [3] Financial Performance - In the first half of 2025, the company's revenue reached 900 million, a year-on-year increase of 19%, while the net profit attributable to the parent company was 130 million, an increase of 20% [1] - The revenue from biodegradable products was 400 million, a year-on-year increase of 4%, with a gross margin of 29%, down 2 percentage points [1] - The revenue from non-biodegradable products was 400 million, a year-on-year increase of 38%, with a gross margin of 19%, down 1 percentage point [1] Financial Forecasts - The company expects net profits attributable to the parent company for 2025, 2026, and 2027 to be 263.2 million, 320.38 million, and 388.06 million respectively, with corresponding EPS of 1.78, 2.17, and 2.62 [5][4] - The projected revenue for 2025 is 1.9 billion, with a growth rate of 19.23% [5] - The company maintains a PE ratio of 30 for 2025, decreasing to 20 by 2027 [5]

Core Insights - The domestic pet industry is transitioning from scale expansion to quality competition, with brand building and diversified market layouts becoming key drivers of profitability [1][9] Group 1: Performance of Leading Companies - Several leading companies in the pet industry reported positive growth in their half-year results, with companies like Guibao Pet and Zhongchong Co. showing significant revenue and net profit increases [2][3] - Guibao Pet led with a revenue of 3.221 billion yuan, a year-on-year increase of 32.72%, and a net profit growth of 22.55% to 378 million yuan [2] - Zhongchong Co. achieved a net profit growth rate of 42.56%, reaching 203 million yuan, with revenue also increasing by 24.32% to 2.432 billion yuan [2] Group 2: Growth in Pet Food Segment - The pet food segment remains the core revenue growth area for leading companies, with Guibao Pet's pet food revenue reaching 1.883 billion yuan, a year-on-year increase of 57.09% [3] - Zhongchong Co.'s pet food revenue surged by 85.79% to 783 million yuan, while Yuanfei Pet reported a total revenue of 791 million yuan, with pet food business revenue growing by 55.39% [3] Group 3: Brand Building and Market Diversification - Companies are increasingly focusing on brand building, particularly their own brands, reflecting growing recognition of domestic pet brands among consumers [4] - Guibao Pet's self-owned brand business significantly contributed to its revenue growth, with its main brand "Maifudi" increasing market share from 2.4% to 6.2% from 2015 to 2024 [4] - Lusi Co. launched a new brand "Miaoguan" targeting high cost-performance products, while also enhancing its existing brand through innovation [4] Group 4: International Market Expansion - Leading companies are diversifying their market layouts by expanding into overseas markets to mitigate risks associated with single market fluctuations [5][6] - Zhongchong Co. reported a 17.61% year-on-year increase in overseas revenue to 1.575 billion yuan, accounting for 64.75% of total revenue [5] - Lusi Co. also saw overseas revenue growth of 19.25% to 246 million yuan, with plans to optimize production capacity and expand into international markets [6] Group 5: Performance Declines in Some Companies - Not all companies experienced growth; Petty Co. reported a revenue decline of 13.94% to 728 million yuan and a net profit drop of 19.23% to 79.1 million yuan [7] - Lusi Co. experienced revenue growth of 11.32% to 391 million yuan but saw a net profit decrease of 12.07% to 30.5 million yuan, attributed to declining sales prices [7] - Despite the decline, Petty Co. noted improvements in operational quality, with a focus on long-term advantages in product development and international supply chains [8]

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 2025年半年度持续督导跟踪报告 | 保荐人名称：华安证券股份有限公司 | 被保荐公司简称：恒鑫生活 | | --- | --- | | 保荐代表人姓名：刘传运 | 联系电话：0551-65161650-8015 | | 保荐代表人姓名：陈功 | 联系电话：0551-65161650-8015 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0次 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限 于防止关联方占用公司资源的制度、募集资金管理制 | 是 | | 度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月1次 | | （2）公司募集资金项目进展是否与信息披露文件一 | 是 | | 致 | | ...

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 2025年持续督导定期现场检查报告 | 保荐人名称：华安证券股份有限公司 被保荐公司简称：恒鑫生活 | | | | | --- | --- | --- | --- | | 保荐代表人姓名：刘传运 | 联系电话：0551-65161650-8015 | | | | 保荐代表人姓名：陈功 联系电话：0551-65161650-8015 | | | | | 现场检查人员姓名：陈功、陈绘雯 | | | | | 现场检查对应期间：2025年3月-2025年6月 | | | | | 现场检查时间：2025年8月22日-2025年8月23日 | | | | | 一、现场检查事项 现场检查意见 | | | | | （一）公司治理 不适用 | | 是 | 否 | | 现场检查手段：查阅公司章程、公司治理制度、会议文件及信息披露文件等；实地查看公司 | | | | | 主要生产经营场所；对公司董事、高级管理人员进行访谈。 | | | | | 1.公司章程和公司治理制度是否完备、合规 | | √ | | | 2.公司章程和股东会、董事会规则是否得到有效执行 | | √ | | ...

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 2025年度持续督导培训情况报告 华安证券股份有限公司（以下简称"华安证券"）作为合肥恒鑫生活科技股份 有限公司（以下简称"公司"）首次公开发行股票并在创业板上市持续督导的保荐 人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 2 号——创业板上市公司规范运作》《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》等相关规定，对公司控股股东、实际控制人、董 事、高级管理人员等相关人员进行了 2025 年度持续督导培训，现将培训情况报 告如下： 一、本次培训的基本情况 （一）保荐人：华安证券股份有限公司 （二）培训时间：2025 年 8 月 23 日 二、本次培训的主要内容 根据《上市公司章程指引》《上市公司募集资金监管规则》《深圳证券交易所 创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 7 号——交易 与关联交易》等相关法律法规及规范性文件，重点讲解了上市公司治理、募集资 金存放与使用、重大交易事项等内容。 三、本次培训的效 ...