24&25Q1 消费板块综述：新消费方向崛起 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 16 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 24&25Q1 消费板块综述：新消费方向崛起 [Table_ReportDate] 2025 年 05 月 16 日 本期内容提要: 康耐特光学、明月镜片、博士眼镜等主业表现稳健、产品结构持续优化， 明月、博士 24Q4/25Q1 收入同比+1%/+3%、+6%/+10%，归母净利润 +13%/+ ...

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]

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 ...

证券代码： 301501 证券简称：恒鑫生活 合肥恒鑫生活科技股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系 | □ 分析师会议 | ☑ 特定对象调研 | | | | | --- | --- | --- | --- | --- | --- | | 活动类别 | □ | □ 媒体采访 | | 业绩说明会 | | | | □ | □ 新闻发布会 | | 路演活动 | | | | | ☑ 现场参观 | | | | | | （线上会议） | 其他 ☑ | | | | | 参与单位名 | 仲敏丽，泰信基金 | 长江证券 | | 戴隽，中汇人寿 | 陈泳佶，安信基金 李 | | 称及人员姓 | | 泽丰，国君资管 | | 宇杨，申万证券庞盈盈、魏雨辰，嘉实基金 | 马晓 | | 名 | 傅嘉成，合道资产 | 煜，浙商证券 | | 陈小平，雷钧资本 | 李武跃，惠 | | | 彭柏文，信达澳亚基金 | 升基金 | | 杨珂，中信建投证券 | 张玉龙，华 | | | | 安证券 | 余倩莹，华金证券 | 戴筝筝、李蕙，建信理财 | 汪径尘 | | 时间 | 日 (周三) 上午 14 | 年 202 ...

证券代码： 301501 证券简称：恒鑫生活 合肥恒鑫生活科技股份有限公司 5、尊敬的领导您好！非常感谢您和管理层响应我们股东的要 求，年报有分红和转 4.5 股，希望这些在股东大会后可以尽快实 施！！因为有些公司除权和送转会延缓比较久，效率太低不好！这 对于提升流动性和提高估值真的是越快越好！！请问方便在 5 月股 东大会结束后翌日实施吗？谢谢！ 尊敬的投资者，您好！非常感谢您的建议，公司将严格依据法 律法规和《公司章程》的规定推进相关事项，具体实施时间将结合 公司实际情况确定，并通过公告及时对外披露。请以公司后续官方 公告为准。感谢您对公司的关注！ 6、董事长，董事会的各位成员你们好。 贵司主打的产品是什么？ 可降解类塑料制品占公司销售多少比 重？ 投资者关系活动记录表 编号：2025-001 | 投资者关系 | √ 特定对象调研 □ 分析师会议 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 活动类别 | □ 媒体采访 √ 业绩说明会 | | | | | | | | | | 新闻发布会 路演活动 □ □ ...

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]

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 ...

近日，国内环保餐具龙头恒鑫生活发布两份逆势增长的财报：2024年营收15.94亿元创历史新高，2025 年一季度净利润同比大涨79.79%至8186万元。 这家从安徽县域走出的国家级专精特新"小巨人"，在可降解PLA纸杯、餐盒等"小产品"中构建起覆盖全 球的大生意——客户名单囊括星巴克、瑞幸咖啡、麦当劳等50余家国际巨头，泰国工厂更是14个月极速 投产刷新了行业纪录。 而透过其2024年报与2025年一季报，可以窥见中国制造转型升级的新路径：在绿色革命的确定性中寻找 增长，于全球化的不确定性里锻造韧性。 财务指标全线飘红可降解产品成增长引擎 4月24日，国内环保餐饮具领军企业恒鑫生活正式发布2024年度报告及2025年第一季度财报，各项数据 都颇为亮眼。 2024年年报显示，公司营业总收入达到15.94亿元，同比增长11.86%；归母净利润为2.20亿元，同比增 长2.82%。2025年一季度实现营收4.19亿元，同比增长24.18%；归母净利润达8186.27万元，同比增长 79.79%，延续增长态势，为全年发展奠定了良好基础。 如果把时间线进一步延长，就愈发能凸显公司业绩增长的稳健。2021-2023年营 ...

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].

Core Insights - Hengxin Life's first annual report post-IPO shows steady growth in both revenue and profit, marking four consecutive years of increase [1][2] - The company reported a revenue of 1.594 billion yuan in 2024, a year-on-year increase of 11.86%, and a net profit of 220 million yuan, up 2.82% [1][4] Financial Performance - In 2024, Hengxin Life achieved a revenue of 1.594 billion yuan, maintaining a growth rate consistent with pre-IPO levels, with a cumulative revenue increase of 375.9% from 2020 [4][5] - The company's net profit has grown from 26 million yuan in 2020 to 220 million yuan in 2024, reflecting a total increase of 746.15% over the four years [5][6] - Operating cash flow for 2024 was 374 million yuan, a significant increase of 70.33% year-on-year, indicating strong financial health [6] Product and Market Dynamics - Hengxin Life specializes in biodegradable and non-biodegradable food service products, with biodegradable products accounting for 54.71% of total revenue in 2024 [5][4] - The company’s main products include PLA-coated paper cups, bowls, and various biodegradable utensils, which have seen increasing demand due to the growth of the coffee and tea beverage sectors [2][4] - The gross margin for biodegradable products was 31.06%, while non-biodegradable products had a margin of 18.04%, contributing to an overall gross margin of 26.28% [5][11] Global Expansion and R&D - In 2024, Hengxin Life's export revenue was 607 million yuan, representing 38.09% of total revenue, indicating a strong international market presence [9][10] - The company has established a production base in Thailand, which is expected to enhance its global competitiveness and production capacity [11][12] - Hengxin Life has a robust R&D team of 156 personnel and invested 53.37 million yuan in R&D in 2024, reflecting a commitment to innovation and product development [12][13]