作者 | 守望者 来源 | 守望核心 导语： 拆解宠物板块持续新高背后的三大预期与核心标的逻辑。 宠物板块持续新高的背后市场在交易什么预期，借助公开资料，理一下宠物板块的β及选股思路， 以及个股的核心看点 。 一、大背景 宠物经济蓬勃发展的内核是宠物的 "人格化、家人化" ， 年轻一代将宠物视为"家人"的情感价值重 构。 1、宠物经济正是基于这一情感纽带蓬勃发展，从提供高品质的宠物食品、个性化的宠物用品，满 足宠物的物质需求； 2、到宠物医疗、保险，为宠物的健康保驾护航； 3、再到宠物美容、摄影、社交活动等，满足主人与宠物之间情感互动的精神需求。 每一个细分领域，让宠物真正融入家庭生活，也让宠物经济的内涵和外延得以不断拓展和深化 。 二、宠物是一个大赛道 1、横向对比化妆品、白酒、食品等来看， 宠物赛道是消费里面少有量价齐升的板块 ，并且随着单 身经济及消费方式的转变， 从实物消费到情绪消费的转变 ，相信大家多少在家里面都多少有一些 宠物（常见的是猫、狗，稀罕的是鸟、仓鼠、乌龟、蛇等），宠物恰逢其时，目前A股从宠物食品 到医疗已经形成一个完整的贝塔。 C、主业稳健，每年贡献净利润大几千万，收购的淘通科技可以贡 ...

Core Points - Hefei Hengxin Life Science and Technology Co., Ltd. was established as a joint-stock limited company in accordance with the Company Law and Securities Law of the People's Republic of China [2][3] - The company received approval from the China Securities Regulatory Commission to register and issue 25.5 million shares, which will be listed on the Shenzhen Stock Exchange's Growth Enterprise Market on March 19, 2025 [2][3] - The registered capital of the company is RMB 102 million [2][3] Company Structure and Governance - The company is designed for permanent existence as a joint-stock limited company, with the chairman serving as the legal representative [3] - The company’s assets are divided into equal shares, and shareholders are liable only to the extent of their subscribed shares [3] - The articles of association serve as a legally binding document governing the relationships and rights among the company, shareholders, directors, supervisors, and senior management [3][4] Business Objectives and Scope - The company's business objective is to create a high-quality, specialized, integrated production and research center for paper products, aiming to achieve satisfactory economic benefits for shareholders [4] - The registered business scope includes the research, development, manufacturing, and sales of biodegradable materials and paper containers, as well as import and export activities [4][5] Share Issuance and Management - The company issues shares in the form of stocks, adhering to principles of openness, fairness, and justice, ensuring equal rights for all shares of the same type [5][6] - The total number of shares issued by the company is 72 million, with a par value of RMB 1 per share [6][7] - The company prohibits providing financial assistance to individuals or entities purchasing its shares through means such as gifts, loans, or guarantees [7][8] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, participate in shareholder meetings, supervise company operations, and transfer their shares according to legal provisions [12][13] - Shareholders holding more than 5% of the shares must report any pledges of their shares to the company [14][15] - The company’s controlling shareholders and actual controllers are prohibited from harming the interests of the company and its public shareholders [15][16] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with the annual meeting required to be held within six months after the end of the previous fiscal year [43][44] - Shareholder meetings must be convened at the company’s registered address or a designated location, and provisions for online voting are available [45][46] - The company must ensure that the meeting records are accurate and preserved for ten years [73][74]

合肥恒鑫生活科技股份有限公司 第四条 公司注册名称：合肥恒鑫生活科技股份有限公司（中文） Hefei Hengxin Life Science and Technology Co., Ltd.（英文） 章 程 二〇二五年 | 第一章 | | 总则 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | | 股份 2 | | 第二节 | | 股份增减和回购 3 | | 第三节 | | 股份转让 4 | | 第四章 | 股东和股东大会 | 5 | | 第一节 | | 股东 5 | | 第二节 | | 股东大会的一般规定 8 | | 第三节 | | 股东大会的召集 11 | | 第四节 | | 股东大会的提案与通知 12 | | 第五节 | | 股东大会的召开 14 | | 第六节 | | 股东大会的表决和决议 17 | | 第五章 | 董事会 | 21 | | 第一节 | | 董事 21 | | 第二节 | 董事会 | 24 | | 第六章 | | 总经理及其他高级管理人员 28 | | 第七章 | 监事会 | 29 | | 第一节 | | 监事 29 | | ...

Core Viewpoint - The company, Hengxin Life, has emerged as a leading player in the biodegradable tableware market, showcasing strong financial performance and growth potential in the green economy sector [1][6]. Financial Performance - In 2024, Hengxin Life achieved a revenue of 1.594 billion yuan, representing a year-on-year growth of 11.86%, and a net profit of 220 million yuan, up 2.82% from the previous year [2][3]. - The company's revenue has increased from less than 500 million yuan in 2020 to over 1.6 billion yuan, marking a cumulative growth of 375.9% over the past five years [2][3]. - The basic earnings per share for 2024 stood at 2.87 yuan [2]. Product Structure and Market Position - Biodegradable products accounted for 54.71% of total revenue in 2024, with sales reaching 872 million yuan [3]. - The company has a diverse product line, including PLA-coated paper cups, bowls, and various biodegradable utensils, which have become the core growth driver [3][6]. - Hengxin Life has established strong partnerships with major brands like Luckin Coffee, Starbucks, and McDonald's, enhancing customer loyalty and market presence [6][8]. Growth Drivers - The biodegradable tableware market is experiencing unprecedented growth driven by both policy support and increasing consumer demand for eco-friendly products [5][9]. - Hengxin Life's international sales reached 607 million yuan in 2024, accounting for 38.09% of total revenue, indicating a successful global expansion strategy [6][7]. Competitive Advantages - The company possesses full-process production capabilities and a stable customer base, which contribute to its competitive edge in the market [3][8]. - Hengxin Life's gross profit margin for 2024 was 26.28%, significantly higher than the industry average, with external sales yielding a margin of 32.66% [7][8]. Policy Environment - Recent policies promoting biodegradable materials have created a favorable environment for the industry, with initiatives aimed at reducing plastic usage and encouraging the adoption of eco-friendly products [9][10]. - The company is well-positioned to benefit from these policies, leveraging its technological advancements and market strategies to capitalize on growth opportunities [10].

Summary of Pet Food Industry Conference Call Industry Overview - The pet food industry is experiencing rapid growth and brand upgrades, with leading brands showing significant growth rates. For instance, a prominent brand reported a year-on-year growth of 70% [1][2]. - The emergence of new pet brands has significantly decreased, leading to increased operational difficulties and financial pressures for smaller brands, resulting in a rapid increase in market share for leading brands [3][6]. Key Insights - **Sales Performance**: - Major brands like 麦富迪 (Mai Fu Di) and 弗列加特 (Fleegat) reported year-on-year growth rates of 30% and 106% respectively, while 京东 (JD.com) saw a decline of 7.3% in sales [2][3]. - The overall performance of JD.com in the first four months of 2025 was below expectations, despite leading brands maintaining good growth [2]. - **Product Trends**: - High-end baked pet food is increasingly replacing traditional puffed food, with prices for baked food significantly higher (e.g., Fleegat baked food at approximately 89 RMB/kg compared to puffed food at around 74 RMB/kg) [1][2][4]. - Companies are diversifying their product lines to include specialized food for different life stages and breeds, which raises the bar for supply chain and R&D capabilities [1][4]. - **Brand Strategy Changes**: - There is a notable shift in brand operations towards emphasizing supply chain safety and food safety traceability. Companies are collaborating with media outlets and launching new product lines to enhance consumer awareness [5]. - The focus on complete supply chains and traceable raw materials is becoming essential for ensuring product safety, with companies either investing in their own supply chains or partnering with established manufacturers [5]. Market Dynamics - **Competitive Landscape**: - The market is witnessing a rapid reshuffling, with leading brands gaining market share at the expense of smaller, less established brands [3][6]. - The overall production capacity in the upstream sector is relatively surplus, but leading companies are still receiving good order volumes, while smaller firms face challenges [7]. Future Outlook - The pet food market is projected to have high growth potential, with companies like 乖宝 (Guai Bao) showing significant sales growth from several billion to 35 billion RMB, and net profit margins increasing from 3-4% to around 12% [3][8]. - The trend of young consumers favoring online shopping and product upgrades is expected to continue, with no signs of a consumption downgrade [8]. - The potential for a company to reach a market capitalization of 100 billion RMB is anticipated, indicating a strong long-term growth trajectory for the industry [8]. Cost and Profitability - Raw material costs are currently low, allowing companies with supply chain advantages to absorb these costs and improve gross margins. For example, Guai Bao's sales growth and profit margin improvements reflect the benefits of product upgrades targeting young consumers [9].

证券代码：301501 证券简称：恒鑫生活 公告编号：2025-020 合肥恒鑫生活科技股份有限公司 2024 年年度股东大会会议决议公告 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。 特别提示 1、本次股东大会不涉及变更以往股东大会已通过的决议的情形； 2、本次股东大会未出现否决议案的情形。 一、会议的召开情况 1、会议召开的时间 （1）现场会议召开时间：2025年5月16日14时30分。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为2025年5月16日9：15-9：25、9：30-11：30、13：00-15：00；通过深圳证 券交易所互联网投票系统投票的具体时间为2025年5月16日9：15-15：00期间的 任意时间。 2、现场会议地点 安徽长丰双凤经济开发区双凤路36号办公楼9楼会议室。 3、召开方式 现场表决与网络投票相结合的方式。公司将通过深圳证券交易所交易系统和 互联网投票系统向公司股东提供网络形式的投票平台，股东可以在网络投票时间 内通过上述系统行使表决权。公司股东应选择现场投票、网络投票中的一种方式 ，如果同一 ...

法律意见 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 北京海润天睿律师事务所 北京海润天睿律师事务所 关于合肥恒鑫生活科技股份有限公司 2024 年度股东大会的 北京海润天睿律师事务所（以下简称本所）接受合肥恒鑫生活科技股份有限 公司（以下简称公司）的委托，指派律师出席公司 2024 年度股东大会（以下简称 本次股东大会），对本次股东大会进行律师见证并发表法律意见。 为出具本法律意见，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得到公司如下保证，即其已提供的本所出具本法律意见所必需的原始书 面材料、副本材料、电子文档或口头证言真实、完整、有效，不存在虚假陈述、 重大遗漏或隐瞒，所有副本材料与复印件均与原件一致。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法 律意见出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉 尽责和诚实信用原则，进行了充分的核查验证 ...

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Insights - Overall consumer demand remains weak, but there are opportunities in specific segments where product and channel transformations can enhance market share, and brand recognition or performance recovery is expected [8] - The pet food segment shows high potential with strong consumer education barriers, brand loyalty, and significant single product effects [8] - The baby care market is fragmented, with strong brands rapidly increasing market share through cost-effectiveness and popular products, heavily relying on online sales [8] - Domestic second-tier brands in sanitary napkins and toothpaste are gaining market share, utilizing platforms like Douyin for marketing and channel empowerment [8] - The trend of innovative products and brand rejuvenation in the trendy toy sector is accelerating, with companies like Pop Mart and Blokus experiencing rapid revenue growth [8] Summary by Sections 1) Product & Channel Transformation - Baiya Co. reported a significant increase in revenue and is expected to see a gradual improvement in its profitability model [9] - Dengkang Oral Care's revenue growth exceeded expectations, with a sustainable improvement in profitability [9] - Runben Co. experienced strong revenue growth driven by new product launches, particularly in the sunscreen category [9] - Zhongchong Co. is successfully transforming its brand, with expectations of over 40% growth in its flagship product [9] - Companies in the trendy toy sector are well-positioned to benefit from consumer trends and new product launches [9] 2) High Competitive Barriers - Guibao Pet's revenue and profit growth exceeded expectations, driven by strong brand performance and successful high-end product launches [10] - The overall industry remains vibrant, with companies optimizing their product and channel structures [10] 3) Performance Recovery Expected - Chenguang Co. has underperformed due to a weak consumer environment, but recovery is anticipated if market conditions improve [10] - The company is focusing on enhancing its IP product strategy, which is expected to contribute to new growth points [10]

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Insights - Overall consumer demand remains weak, but there are opportunities in specific segments where product and channel transformations can enhance market share, and brand recognition or performance recovery is expected [2][8] - The pet food sector shows high potential with strong consumer education barriers, brand loyalty, and significant single product effects [2][8] - The baby care market is fragmented, with leading brands rapidly increasing market share through cost-effectiveness and popular products, heavily relying on online sales [2][8] - Domestic second-tier brands in sanitary napkins and toothpaste are gaining market share, utilizing platforms like Douyin for traffic generation and empowering other platforms and offline markets [2][8] - The trend of innovative products and brand rejuvenation in the trendy toy sector is accelerating, with companies like Pop Mart and Blokus experiencing rapid revenue growth [2][8] Summary by Sections 1) Product & Channel Transformation - Baiya Co. reported a significant revenue increase of 39% in Q4 2024 and 30% in Q1 2025, with a strong performance in e-commerce and a positive outlook for its probiotic series [3][9] - Dengkang Oral Care also showed robust growth, with a 39% increase in Q4 2024 and 19% in Q1 2025, benefiting from an optimized product structure and strong online sales [3][9] - Runben Co. experienced a 34% revenue increase in Q4 2024 and 44% in Q1 2025, driven by the rapid launch of new products [4][9] - The trendy toy sector, represented by companies like Blokus and Pop Mart, saw revenue growth of 156% and 278% respectively, indicating a strong market presence [4][9] 2) High Competitive Barriers - Guibao Pet's revenue and profit exceeded expectations, driven by strong growth in its proprietary brand and successful high-end product launches [10] - The overall industry remains buoyant, with companies optimizing product and channel structures, leading to sustained revenue growth and improved profitability [10] 3) Performance Recovery Expected - Chenguang Co. reported lower-than-expected performance due to a weak consumer environment, but recovery is anticipated if market conditions improve [10] - The company is focusing on enhancing its IP product strategy, which is expected to contribute to new growth points [10]

Market Performance - The ChiNext Index fell by 1.92%, closing at 2043.25 points, with a total trading volume of 315.82 billion yuan, a decrease of 53.65 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 314 stocks closed higher, with 11 stocks hitting the daily limit up, including Qingsong Co., Chuaning Bio, and Meinong Bio [1] - A total of 1043 stocks closed lower, indicating a broad market decline [1] Trading Activity - The average turnover rate for the ChiNext today was 3.42%, with 46 stocks having a turnover rate exceeding 20% [1] - The highest turnover rate was for Zhongji Huankai, which closed up 0.97% with a turnover rate of 52.37% and a trading volume of 944 million yuan [1] - Other notable stocks with high turnover rates included Xinlei Co. (down 7.60%, 47.71% turnover) and Honggong Technology (45.93% turnover) [1] Sector Analysis - The mechanical equipment sector had the most stocks with turnover rates exceeding 20%, totaling 7 stocks, followed by basic chemicals and computers with 6 and 5 stocks, respectively [2] - Among the high turnover stocks, 11 were listed on the Dragon and Tiger List, with 8 stocks showing institutional activity [2] Fund Flow - In terms of capital flow, 18 high turnover stocks experienced net inflows, with Chuaning Bio, Chenxi Aviation, and Qingsong Co. seeing the highest net inflows of 558 million yuan, 138 million yuan, and 68.54 million yuan, respectively [3] - Conversely, stocks like Tuosida, Feilida, and Zhongji Huankai had significant net outflows of 155 million yuan, 117 million yuan, and 978.39 million yuan, respectively [3] Earnings Forecast - Among high turnover stocks, only one stock released a half-year earnings forecast, with Zhongjie Automotive expecting a net profit of 48 million yuan, representing a year-on-year increase of 4.72% [3]