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 ...

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 | | √ | | ...

Core Viewpoint - The "Pet Economy Index" has reached a historical high, with a year-to-date increase of over 44%, indicating strong performance in the pet industry, supported by solid fundamentals and increased institutional investment [2][4]. Group 1: Market Performance - The "Pet Economy Index" has seen a significant rise, with individual stocks like Zhejiang Zhengte increasing by over 90%, and others such as Yuanfei Pet, Zhongchong Co., and Shitou Co. rising over 60% [4]. - Key companies in the pet food sector, such as Guibao Pet, Zhongchong Co., and Lusi Co., reported strong revenue growth in the first half of 2025, with revenues of 3.221 billion, 2.432 billion, and 391 million respectively, reflecting year-on-year growth rates of 32.72%, 24.32%, and 11.32% [4]. Group 2: Institutional Investment - As of the end of June, public funds held 18.25% of Guibao Pet, making it a top holding for several funds, while Zhongchong Co.'s public fund ownership increased from 8.06% at the end of last year to 15.74% [5]. - Yuanfei Pet's public fund ownership surged from 1.69% to 15.27% within the same period, indicating growing institutional interest [5]. Group 3: Industry Growth Potential - The domestic pet market is recognized for its growth potential, characterized by low industry concentration and a fragmented market structure, with leading brands increasing their market share [6]. - The pet economy is projected to grow at a compound annual growth rate (CAGR) of 13.3% from 2015 to 2024, significantly outpacing GDP growth [9]. Group 4: Focus Areas - The pet food and pet medical sectors are identified as the two core pillars of the pet economy, with the pet food market expected to reach 158.51 billion by 2024, accounting for 52.8% of the overall pet economy [9]. - The pet medical market is projected to reach 84.06 billion, representing 28% of the pet economy, with a CAGR of 16.39% from 2018 to 2024 [9][10].

Core Viewpoint - The company, Hengxin Life (301501), stated that the current EU carbon tariff has not directly impacted its business, emphasizing its focus on biodegradable products as environmentally friendly and carbon-reducing solutions [1] Group 1: Business Impact - The EU carbon tariff has not had a direct effect on the company's operations at this stage [1] - The company's main products, biodegradable dining utensils, are designed to be environmentally friendly and contribute to carbon reduction [1] Group 2: Innovation and Product Development - The company will continue to drive product innovation through technological advancements [1] - It aims to align with domestic and international policies regarding biodegradable products, focusing on new products, technologies, materials, and processes [1] - The company plans to leverage its product and technological advantages to continuously introduce personalized and diversified products to meet customer needs [1]

Core Viewpoint - Hengxin Life Technology Co., Ltd. has reported its first semi-annual results since its listing, showcasing significant revenue and profit growth despite a competitive environment in the food delivery industry and ongoing environmental policies [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 871 million yuan, a year-on-year increase of 18.81%, and a net profit of 125 million yuan, up 19.70% [1][2]. - The net profit growth rate exceeded that of revenue, indicating improved profitability quality. The gross margin remained high at 24.84%, with a return on equity (ROE) of 8.08% and strong operating cash flow [2]. - Revenue from biodegradable food containers reached 431 million yuan, accounting for 50% of total revenue, with a gross margin of 29.11%, significantly higher than the 19.14% for non-biodegradable products [2]. R&D Investment - The company increased its R&D expenditure to 28.435 million yuan in the first half of 2025, a 14.6% year-on-year increase, representing 3.3% of revenue [2]. - R&D investments have grown from 32.15 million yuan in 2021 to 53.37 million yuan in 2024, ensuring the company maintains a competitive edge in environmental materials and processes [2]. Domestic Demand Growth - Domestic sales revenue reached 573 million yuan, a 30.54% increase year-on-year, accounting for 65.8% of total revenue, while export revenue grew by only 1.31% [3]. - The expansion of major clients like Luckin Coffee, which grew from 6,000 stores in 2021 to 26,206 by mid-2025, has significantly contributed to Hengxin Life's revenue, with this client accounting for 16.49% of sales in the first half of 2025 [3]. Capacity Expansion and Internationalization - The company’s Thai subsidiary began production in April 2025, marking a significant step in its overseas expansion, catering to Southeast Asian markets and providing a foothold for entry into Europe and the U.S. [4]. - The investment progress for the "annual production of 30,000 tons of compostable green environmental biological products" project has reached 94.16% completion as of June 2025 [4]. - The expansion of production capacity is expected to enhance cost optimization and bargaining power, positioning the company favorably in the competitive landscape of the eco-friendly food container industry [4]. Industry Trends - The semi-annual report reflects broader industry trends, with domestic "plastic bans" driving demand for biodegradable products in various sectors, while tightening international environmental standards elevate green food containers from an option to a necessity [5]. - Despite intense competition, Hengxin Life has established a differentiated advantage through comprehensive product coverage, strong client relationships, and international expansion [6].

Group 1 - On August 26, Hengxin Life experienced a decline of 9.95% with a trading volume of 590 million yuan [1] - The financing data for Hengxin Life on the same day showed a financing purchase amount of 64.25 million yuan and a financing repayment of 81.36 million yuan, resulting in a net financing buy of -17.10 million yuan [1] - As of August 26, the total margin balance for Hengxin Life was 198 million yuan, which accounted for 10.08% of its market capitalization [1] Group 2 - Hengxin Life's main business involves the research, production, and sales of paper and plastic dining utensils, with biodegradable products making up 49.46% of revenue and non-biodegradable products 48.36% [1] - For the first half of 2025, Hengxin Life reported a revenue of 871 million yuan, representing a year-on-year growth of 18.81%, and a net profit attributable to shareholders of 125 million yuan, up 19.70% year-on-year [1] - As of July 18, the number of shareholders for Hengxin Life was 21,000, a decrease of 0.69% from the previous period, while the average circulating shares per person increased by 0.69% to 1,665 shares [1] Group 3 - Since its A-share listing, Hengxin Life has distributed a total of 51 million yuan in dividends [2] - As of June 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder of Hengxin Life, holding 1.1823 million shares as a new shareholder [2]

Industry Overview - The Ministry of Industry and Information Technology is set to issue satellite internet licenses to three major telecom operators, which will likely accelerate the launch of satellite networks and ground facilities, presenting investment opportunities in satellite manufacturing and related companies [2] - Shanghai has announced adjustments to its real estate purchase restrictions, including lifting limits for single individuals and equalizing loan rates for first and second homes, which may boost confidence in the real estate sector and consumer spending, particularly in the liquor industry [3] - The Chinese government aims to increase the self-sufficiency rate of semiconductors for data centers to 70% by 2027, with plans for Beijing to reach 100%, indicating a growing market for domestic AI servers and computing chips [3] Advanced Manufacturing - Desay Battery reported a revenue of 9.762 billion yuan for the first half of the year, a year-on-year increase of 9.32%, while net profit decreased by 9.36% to 98 million yuan. The company is undergoing a strategic transformation, with traditional consumer electronics battery business performing well, but significant losses in its energy storage segment [6] - Jiangsu province has clarified the "discharge pricing mechanism" for vehicle-grid interaction, allowing electric vehicles to act as distributed energy storage units, which could incentivize the operation of energy storage fleets and charging stations [7] Consumer Sector - Maiqiuer's total revenue for the first half of 2025 was 294 million yuan, a decrease of 4.49%, but net profit turned positive at 1.5466 million yuan, a significant turnaround after three years of losses. The company's gross margin improved to 25.32% [9] - Guibao Pet reported a revenue of 3.221 billion yuan, a year-on-year increase of 32.72%, with net profit rising by 22.55% to 378 million yuan. The company saw strong growth in its core pet food segment, particularly in staple food, while online sales channels have become a significant growth driver [10]

编制单位: 展公司 附件: 合肥恒鑫生活 合肥恒鑫生活科技股份有限公司 2025年度1-6月非经营性资金占用及其他关联资金往来情况汇总表 单位:万元 | 非经营性资金占用 = | ○资金占用方名称 | 占用方与上市公司的 | 上市公司核算的 | 2025 · 初占用资 | 2025年度1-6月占 2025年度1-6月占 用累计发生金额 用资金的利息(如 | | 2025年度1-6月偿 | 2025年6月30日 | 占用形 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关联关系 | 会计科目 | 全余额 | | | 还累计发生金额 | 占用资金余额 | 成原因 | | | | | | | | (不含利息) | 有) | | | | | | 控股股东、实际控制人及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | | | 前控股股东、实际控制人 | | | | | | | | | ...

证券日报网讯8月25日晚间，恒鑫生活（301501）发布公告称，公司将于2025年9月16日召开2025年第一 次临时股东大会。本次股东大会将审议《关于公司变更注册资本及经营范围、监事会，修订 <公司章程 > 并办理工商变更登记的议案》《关于修订、制定公司部分管理制度的议案》等多项议案。 ...