证券代码：301501 证券简称：恒鑫生活 公告编号：2025-019 合肥恒鑫生活科技股份有限公司 关于公司股票交易异常波动的公告 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。 二、公司关注并核实情况说明 针对公司股票交易异常波动情况，公司董事会通过电话及现场问询方式，对 公司控股股东、实际控制人、全体董事、监事及高级管理人员就相关问题进行了 核实，现就相关情况说明如下： 1、经核查，公司前期披露的信息不存在需要更正、补充之处； 2、经核查，公司未发现近期公共传媒报道过可能或者已经对公司股票交易 价格产生较大影响的未公开重大信息； 3、经核查，公司目前生产经营情况正常，内外部经营环境未发生重大变化； 4、经核查，公司、控股股东及实际控制人不存在应披露而未披露的重大事 项或处于筹划阶段的重大事项。 风险提示： 合肥恒鑫生活科技股份有限公司股票交易价格连续两个交易日（2025 年 5 月 14 日、2025 年 5 月 15 日）收盘价格涨幅偏离值累计超过 30%，根据深圳证 券交易所的有关规定，以上情形属于股票交易异常波动的情况。 一、股票交易异常波动的具体 ...

Group 1: Company Overview - The company specializes in the research, production, and sales of PLA biodegradable food containers, accumulating rich technical reserves and production experience [4] - In 2024, the top five customers accounted for 41.27% of the total annual sales, indicating a diversified customer base without reliance on a single customer [3] Group 2: Product Pricing and Supply Chain - Product pricing is based on production costs, considering reasonable profit margins, exchange rate fluctuations, market supply and demand, and strategic cooperation [3] - The company actively seeks new raw material suppliers to expand procurement channels and maintains bargaining power with suppliers [3] Group 3: Financial Performance - The gross profit margin for Q1 2025 was influenced by sales price changes, product sales structure, raw material price fluctuations, and increased R&D and operational costs [3] - The company’s revenue growth is driven by several factors, including the gradual implementation of plastic restriction policies and the expansion of production capacity [4] Group 4: Market Position and Competitive Advantage - The company has a competitive edge due to its full-process production capabilities, a diverse range of products, and stable customer resources [4] - The gross profit margin for exports is significantly higher than for domestic sales, attributed to better pricing power in international markets [4] Group 5: Future Outlook - The company anticipates good development opportunities for biodegradable products as plastic restriction policies advance, with a growing market scale expected [5] - The company is focused on enhancing customer relationships and exploring new markets to mitigate risks associated with customer concentration [3]

Financial Performance - In Q1 2025, the government subsidies accounted for CNY 41.9 million, contributing to the company's financial performance [3] - For 2024, the company reported an 11.86% increase in revenue and a 2.82% increase in net profit compared to the previous year [4] - The company's non-recurring net profit growth was only 1.19% in 2024, attributed to various factors including changes in sales structure and increased costs [4] Production and Operations - The Thai factory completed its first product shipment in April 2025 and is currently in a rapid capacity ramp-up phase [3][10] - The company has invested in a project to produce 30,000 tons of compostable PLA products annually, which has already commenced production [7] - The company’s main products are biodegradable food service items, which accounted for approximately 55% of sales in 2024 [3][5] Market and Competitive Landscape - The company’s export revenue accounted for 38.09% of total revenue in 2024, with sales to the U.S. representing about 10% of overall sales [9][13] - The competitive landscape is fragmented, with major competitors including Jia Lian Technology and Fu Ling Co., but the company maintains a competitive edge through its comprehensive production capabilities and established customer relationships [8][17] - The company is focusing on expanding its customer base, particularly in the coffee and tea sectors, to drive future revenue growth [5][13] Future Growth Drivers - Future revenue growth is expected to stem from advancements in biodegradable technology, expanding customer relationships, and new product development [5][13] - The company plans to enhance its global presence and invest in research and development to innovate in green technologies [8][16] - The ongoing trend of banning single-use plastics is anticipated to benefit the sales of the company’s biodegradable products [5][7] Regulatory and Economic Factors - The company is monitoring the impact of U.S.-China tariff policies, which have a limited and manageable effect on its overall business [9][13] - The company is actively adapting to regulatory changes, particularly in the EU regarding packaging waste, which aligns with its product offerings [4][9]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Core Insights - The pet industry is experiencing significant growth, driven by diverse consumer demands and technological advancements in pet products [1][4] Group 1: Event Overview - The 2025 TOPS Pet Expo was held at the Shanghai National Exhibition and Convention Center from May 8 to 11, covering over 100,000 square meters with more than 1,200 exhibitors and over 8,000 brands [1] - The expo showcased a wide range of products, including pet food, supplies, and medical services, reflecting the industry's diversification and increasing consumer engagement [1] Group 2: Trends in Pet Nutrition - The pet food sector is the largest sub-industry within the pet market, characterized by a shift towards scientific, refined, and anthropomorphic feeding practices [2] - Brands are moving from basic feeding to customized nutrition, addressing specific needs at different life stages of pets, such as high-quality protein for kittens and joint health for older cats [2] - New product innovations include advanced technologies like micro-emulsification to enhance nutrient absorption and formulations that support pet health, such as Omega-3 for fur care [2][3] Group 3: Technological Advancements - The pet supplies segment is also evolving with digital and smart innovations, such as AI-enabled litter boxes and UV sterilizing water dispensers, enhancing pet care [4] - The market potential is underscored by data indicating that the urban pet consumption market in China is projected to reach 300.2 billion yuan in 2024, growing by 7.5% from 2023, with expectations to exceed 400 billion yuan by 2027 [4] Group 4: Growth in Small and Exotic Pets - The small and exotic pet sector is expanding rapidly, with the expo's small pet area increasing by 120% year-on-year, and the overall market size surpassing 10 billion yuan [5] - The user base for small and exotic pets has exceeded 20 million, with over 60% being new pet owners, indicating a high growth rate from a low base [5]

Group 1: Tea and Beverage Industry Performance - During the "May Day" holiday, Cha Bai Dao experienced a 50% increase in overall sales compared to the previous period, with some stores seeing sales growth exceeding 1700% and certain scenic area stores achieving a 3000% increase [1] - Nai Xue's Tea reported that some stores saw order volumes increase by over 300% compared to the pre-holiday period, particularly in tourist and transportation hubs [3] - The collaboration between Taobao Flash Sale and Ele.me to give away 100 million cups of tea and coffee has led to significant order volume increases for various tea brands, with some brands experiencing nearly 300% growth in daily orders [2] Group 2: Starbucks Cost Management - Starbucks is considering reducing store upgrade costs, which currently range from $800,000 to $1 million per store, in response to investor concerns about expenses [4] - The company is exploring a new strategy to renovate stores for $150,000 or less, focusing on less drastic changes for well-performing locations [4][5] Group 3: Supply Chain and Client Relationships - Hengxin Life confirmed that Ba Wang Cha Ji is one of its clients, primarily collaborating on paper and plastic food service products [6]

证券代码：301501 证券简称：恒鑫生活 公告编号：2025-018 为了更好地与广大投资者进行交流，使投资者能够进一步了解公司的财务 状况、经营情况及公司发展规划，公司将于2025年5月13日（星期二）15：30— —16：30在全景网举办2024年年度网上业绩说明会。 合肥恒鑫生活科技股份有限公司 关于举办2024年年度网上业绩说明会的公告 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。 合肥恒鑫生活科技股份有限公司（以下简称"公司"）已于2025年4月25日 在巨潮资讯网（www.cninfo.com.cn）披露了《2024年年度报告》《2024年年度 报告摘要》。 2025年5月7日 本次业绩说明会将采用网络远程方式举行，投资者可登陆全景网"投资者 关系互动平台"（http://ir.p5w.net）参与本次业绩说明会。 出席本次业绩说明会的人员有：公司董事长、总经理严德平先生，财务总 监陈波先生，独立董事周蕾女士，董事会秘书孙小宏先生，保荐代表人陈功女 士，具体以当天实际参会人员为准。 为充分尊重投资者、提升交流的针对性，现就公司2024年年度网上 ...

Core Viewpoint - The company, Hengxin Life, has reported impressive financial results, showcasing its growth in the biodegradable tableware sector, driven by a strong customer base and innovative product offerings [1][2][3]. Financial Performance - In 2024, Hengxin Life achieved a total revenue of 1.594 billion yuan, marking an 11.86% year-on-year increase, with a net profit of 220 million yuan, up 2.82% [2]. - For Q1 2025, the company reported a revenue of 419 million yuan, a 24.18% increase year-on-year, and a net profit of 81.86 million yuan, reflecting a 79.79% growth [2]. - The company's revenue grew from 719 million yuan in 2021 to 1.425 billion yuan in 2023, with a compound annual growth rate (CAGR) of 40.8% [2]. - The net profit margin increased to 19.98% in Q1 2025, up from 14.22% in 2024, indicating a shift from scale expansion to efficiency improvement [2][4]. Product and Market Dynamics - Hengxin Life specializes in biodegradable tableware, with a focus on PLA (polylactic acid) products, which accounted for 54.71% of total revenue in 2024, generating 872 million yuan, a 15.66% increase [3][4]. - The company has established a strong customer base, including over 50 major brands like Starbucks and McDonald's, creating a "technology barrier + customer stickiness" model [3]. - The penetration rate of biodegradable tableware is expected to rise from 18% in 2021 to 37% in 2024, driven by regulatory changes in the EU and China [3]. Global Expansion and Production Capacity - Hengxin Life has diversified its production by establishing a manufacturing base in Thailand, which began operations in just 14 months, setting a new industry benchmark [6][7]. - The Thai facility, covering 43,000 square meters, is designed to produce millions of items annually, enhancing the company's global service capabilities [6][7]. - The company’s total production capacity is projected to exceed 9 billion units, supported by facilities in Hefei, Shanghai, Hainan, and Thailand [7]. Research and Development - Hengxin Life invested 53.37 million yuan in R&D in 2024, a 20.7% increase, with total R&D spending reaching 170 million yuan from 2021 to 2024 [8][10]. - The company has developed a comprehensive green packaging solution based on PLA technology, addressing traditional plastic pollution issues [8]. - Hengxin Life is also exploring PHA (polyhydroxyalkanoates) technology, which is a negative carbon bio-material, to further enhance its product offerings [10]. Industry Context - The biodegradable tableware industry is undergoing structural changes due to global green transitions and policy drivers, positioning Hengxin Life as a leader in this sector [3][10]. - The Chinese catering market is projected to reach 5.57 trillion yuan in 2024, with significant demand for takeaway packaging, providing a robust growth opportunity for Hengxin Life [10].

Group 1: Swine Industry - The domestic supply and demand for pigs is expected to improve marginally by Q2 2025, with pig prices supported and entering a phase of gradual upward movement. External factors such as tariff-driven increases in feed raw material prices and higher costs for imported meat are also contributing positively to pig prices. The swine sector is highlighted as a defensive asset amid macroeconomic shocks, reinforcing investment logic. Recommended stocks include Wens Foodstuff Group, Muyuan Foods, and Juxing Agriculture [4][86]. - In 2024, China's pork production is projected to reach 56.75 million tons, accounting for 49% of global production, with consumption at 57.95 million tons, representing 50% of global consumption. This positions China as the world's largest pork producer and consumer [13][15]. - The average price of pork in 2024 is estimated at 16.8 yuan per kilogram, reflecting an increase of 11.8% year-on-year. The swine farming market size is expected to reach 1.5 trillion yuan, up 11.2% year-on-year [17][32]. Group 2: Poultry Industry - The demand for white chicken remains resilient despite uncertainties from U.S.-China tariff policies and avian influenza outbreaks. The consumption of white feather broilers is expected to improve marginally, with recommended stocks including San Nong Development and He Feng Co [5][94]. - In 2024, the total output of meat chickens in China is projected to reach 14.84 billion, with white feather broilers accounting for 60.85% of this figure. The output of white feather broilers is expected to increase by 2.2% year-on-year [99]. Group 3: Animal Health - The market for piglets and poultry chicks is stable, with a solid demand for poultry chicks supported by increasing poultry farming. The market for ruminant and pet vaccines is also expected to remain robust, with recommended stocks including Bio-Group, Kexin Biology, and Pulaike [6]. Group 4: Planting and Seeds - The focus on food security is emphasized, with companies involved in high-yield genetically modified soybeans likely to benefit from the ongoing U.S.-China trade tensions. The third batch of genetically modified corn varieties is expected to be approved for planting, which may increase the area under cultivation [7]. Group 5: Feed Industry - The recovery of the swine sector is expected to boost domestic demand for feed, while overseas markets present new growth opportunities. The demand for pig feed is anticipated to rebound as pig farming profitability improves and pig stocks gradually recover [8]. Group 6: Pet Industry - The upcoming shopping festivals are expected to drive demand for pet food, with domestic brands likely to gain market share due to increased tariffs on imported high-end products. Recommended stocks include Guibao Pet, Zhongchong Co, and Petty Co [6].

Summary of Key Points Core Viewpoint - In the first four months of 2025, a total of 37 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 24.745 billion yuan [1]. Group 1: Listing Overview - The new listings included 13 companies on the main board, 16 on the ChiNext board, 5 on the Sci-Tech Innovation board, and 3 on the Beijing Stock Exchange [1]. - The listed companies were distributed across 12 provinces, municipalities, and autonomous regions, with Zhejiang province having the highest number of listings at 9 [1]. Group 2: Fundraising by Province - Zhejiang province raised a total of 5.627 billion yuan from its 9 listed companies [1]. - Guangdong province had 7 companies listed, raising a total of 3.812 billion yuan [2]. - Jiangsu province also had 7 companies listed, with a total fundraising of 2.841 billion yuan [2]. - Anhui province had 4 companies listed, raising 2.549 billion yuan [2]. - Hubei and Jiangxi provinces each had 2 companies listed, raising 1.296 billion yuan and 1.000 billion yuan respectively [2]. Group 3: Top Fundraising Companies - The top five companies by fundraising amount were: 1. Tian You Wei: 3.740 billion yuan [3] 2. Kai Fa Ke Ji: 1.169 billion yuan [3] 3. Xing Fu Dian Zi: 1.168 billion yuan [3] 4. Han Shuo Ke Ji: 1.162 billion yuan [3] 5. Heng Xin Sheng Huo: 1.018 billion yuan [3] Group 4: Detailed Company Listings - A detailed list of companies, their listing boards, and fundraising amounts was provided, highlighting significant contributions from various provinces [3][4].