Core Points - The company, Hefei Hengxin Life Technology Co., Ltd., has announced the cancellation of certain fundraising special accounts following the completion of its initial public offering (IPO) and the utilization of raised funds [1][3]. Fundraising Overview - The company successfully issued 25,500,000 shares at a price of RMB 39.92 per share, raising a total of RMB 101,796.00 million, with a net amount of RMB 89,891.47 million after deducting issuance costs of RMB 11,904.53 million [1]. - The funds were deposited into designated accounts on March 13, 2025, and verified by a certified public accountant [1]. Fund Management and Regulatory Compliance - To ensure proper management and protection of investor rights, the company established special accounts for fundraising and signed tripartite supervision agreements with several banks [2]. - The banks involved include China Merchants Bank, Hefei Technology Rural Commercial Bank, CITIC Bank, Industrial and Commercial Bank of China, and Industrial Bank [2]. Fund Usage and Account Cancellation - As of April 23, 2025, the company approved the use of RMB 51,064.68 million of the raised funds to replace pre-invested project funds and issuance costs [3]. - The special account corresponding to the "Annual Production of 30,000 Tons of PLA Compostable Green Environmental Protection Biological Products Project" has been fully utilized, leading to the cancellation of the account [3]. - The company has completed the cancellation procedures and notified the sponsoring institution and representative [3].

合肥恒鑫生活科技股份有限公司 关于部分募集资金专户注销的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意合肥恒鑫生活科技股份有限公司首次 公开发行股票注册的批复》（证监许可（2024）1909 号）同意注册，合肥恒鑫生 活科技股份有限公司（以下简称"公司"）首次公开发行人民币普通股股票 25,500,000 股，每股面值人民币 1.00 元，每股发行价格为人民币 39.92 元，募 集资金总额为人民币 101,796.00 万元，扣除发行费用（不含增值税）人民币 11,904.53 万元后，实际募集资金净额为人民币 89,891.47 万元。 证券代码：301501 证券简称：恒鑫生活 公告编号：2025-049 公司于 2025 年 4 月 23 日召开第二届董事会第五次会议、第二届监事会第三 次会议，分别审议通过《关于使用募集资金置换已预先投入募投项目及已支付发 行费用的自筹资金的议案》，同意公司使用募集资金置换已预先投入募投项目及 已支付发行费用的总金额为 51,064.68 万元；同时审议通 ...

Investment Rating - The report maintains a "positive" outlook on the agricultural, forestry, animal husbandry, and fishery sectors, with specific attention to the potential for value reassessment in leading pig farming companies [2][3]. Core Insights - The agricultural sector's net profit for the first three quarters of 2025 increased by 11% year-on-year, with five sub-sectors showing profit growth, including animal health (+96%) and agricultural processing (+50%) [11][12]. - The pig farming industry is experiencing significant challenges, with a notable decline in pig prices leading to widespread losses among companies, although some are still managing to maintain profitability due to cost advantages [3][19]. - The pet food sector continues to show strong domestic sales growth, while exports are negatively impacted by increased tariffs, highlighting a divergence in performance between domestic and international markets [3][6]. Summary by Sections 1. Agricultural Sector Overview - The agricultural sector's net profit for Q1-Q3 2025 reached CNY 369.4 billion, reflecting an 11% increase year-on-year, with most sub-sectors reporting profit growth [11][12]. - In Q3 2025, the sector's net profit dropped by 58% year-on-year, with significant declines in the feed and breeding industries [13][14]. 2. Key Sub-Sectors Performance 2.1 Pig Farming - The pig farming sector saw a 30% increase in the number of pigs slaughtered in the first three quarters of 2025, but Q3 prices fell sharply, leading to a 68.4% drop in net profit for the quarter [21][16]. - The average profit per pig for self-breeding operations was approximately CNY 60 per head, but this dropped to CNY 43 in Q3, indicating a significant decline in profitability [32][33]. 2.2 Chicken Farming - The white feather chicken segment is facing price declines, but downstream companies are seeing profit recovery due to improved cost structures [53][59]. - The yellow feather chicken segment is experiencing a significant downturn, with profits down by 75.2% year-on-year for the two listed companies in this category [3][59]. 2.3 Pet Food - The domestic pet food market remains robust, with a 17.7% increase in revenue for the first three quarters of 2025, while exports to the U.S. fell by 25.6% due to tariffs [3][6]. - Leading domestic brands are gaining market share, with significant growth in online sales [5][6]. 2.4 Animal Health - The animal health sector reported a 70.2% increase in net profit, driven by high livestock inventory levels and the introduction of new products [4][3].

Investment Rating - The report maintains a "Positive" outlook on the agricultural, forestry, animal husbandry, and fishery industry for the third quarter of 2025 [2] Core Insights - The agricultural, forestry, animal husbandry, and fishery sector's net profit increased by 11% year-on-year in the first three quarters of 2025, with five sub-industries showing profit growth [16][17] - The overall performance of the sector declined in Q3 2025, with a 58% year-on-year drop in net profit, primarily due to significant losses in the breeding industry [18][19] - The pig farming sector faced a downturn with falling prices and a return to industry-wide losses, while the poultry sector showed mixed results with white feathered chickens stabilizing and yellow feathered chickens experiencing a significant decline [22][58] - The pet food segment continues to thrive domestically, although exports have been negatively impacted by increased tariffs [22][58] - The animal health sector benefited from high livestock inventory levels, leading to substantial revenue growth for companies in this space [22][58] Summary by Sections 1. Overview of Agricultural, Forestry, Animal Husbandry, and Fishery Sector - The sector's net profit for Q1-Q3 2025 reached 369.4 billion, marking an 11% increase year-on-year [16] - In Q3 2025, the sector's net profit was 95.9 billion, reflecting a 58% decrease year-on-year and a 27% decrease quarter-on-quarter [18] 2. Key Sub-Industry Performance 2.1 Pig Farming - The pig farming sector's revenue for Q1-Q3 2025 was 3036.4 billion, with a 9.9% year-on-year increase, but Q3 saw a significant profit drop of 68.4% [22] - The average profit per head for self-bred pigs was approximately 60 yuan, with significant variations among companies [36][38] 2.2 Poultry Farming - White feathered chicken companies reported a revenue of 243.4 billion in the first three quarters of 2025, with a net profit increase of 104.6% [64] - Yellow feathered chicken prices declined significantly, leading to a challenging market environment [58] 2.3 Pet Food - The pet food sector achieved a revenue of 103.0 billion in the first three quarters of 2025, with a year-on-year growth of 17.7% [22] - Domestic brands are gaining market share, while exports to the U.S. have decreased by 25.6% due to tariffs [22] 2.4 Animal Health - The animal health sector's revenue reached 132.7 billion in Q1-Q3 2025, with a 70.2% increase in net profit [22] - New product launches have contributed to above-average growth for some companies in this sector [22]

Investment Rating - The investment rating for the agriculture industry is "Positive" (maintained) [1] Core Viewpoints - The agriculture sector's profit has contracted significantly due to the unexpected decline in pig prices, leading to a year-on-year profit drop of 58.8% in Q3 2025 [17] - The overall revenue for the agriculture industry in Q1-Q3 2025 reached 872.718 billion, with a year-on-year increase of 6.44%, while the net profit attributable to shareholders was 35.477 billion, up 10.63% year-on-year [5][17] - The average price of pigs in Q3 2025 was 13.81 yuan/kg, down 28.89% year-on-year, with the lowest price of 10.84 yuan/kg recorded on October 13, 2025 [5][17] Summary by Sections Overall Industry - In Q3 2025, the agriculture sector's profit contracted by 58.8% due to falling pig prices [17] - The industry's sales gross margin for Q1-Q3 2025 was 11.79%, up 0.12 percentage points year-on-year, while the net profit margin was 4.21%, up 0.21 percentage points year-on-year [20] - The industry’s net asset return rate was 6.75%, an increase of 0.28 percentage points year-on-year [20] Subsector Analysis - The pig farming sector has entered a de-stocking cycle, while the feed and animal health sectors are experiencing post-cycle operational improvements [6][25] - In Q1-Q3 2025, the revenue growth rates for pet food, animal health, feed, and planting were 20.34%, 17.69%, 12.38%, and 9.50% respectively [6][25] - The net profit growth rates for animal health, agricultural product processing, and feed sectors were 69.40%, 59.33%, and 54.17% respectively [6][25] Pig Farming - In Q1-Q3 2025, pig farming enterprises achieved revenue of 341.269 billion, a year-on-year increase of 8.32%, with a net profit of 22.175 billion, up 14.29% year-on-year [7][28] - The overall pig output from 12 enterprises was 123.9948 million heads, a year-on-year increase of 19.45% [41] - The profitability of the pig farming sector has declined due to falling prices, with average gross margin, net margin, and ROE at 12.25%, 4.08%, and 5.87% respectively [31] Poultry Farming - In Q1-Q3 2025, revenue for poultry farming reached 40.215 billion, a year-on-year increase of 6.92%, while net profit was 1.646 billion, down 9.52% year-on-year [44] - The profitability metrics for poultry farming were a gross margin of 12.61%, a net margin of 2.83%, and a return on equity of 4.18% [46] Feed Industry - The feed sector generated revenue of 152.955 billion in Q1-Q3 2025, reflecting a year-on-year increase of 11.69%, with a net profit of 4.505 billion, up 8.72% year-on-year [8][57] - The average gross margin, net margin, and ROE for feed enterprises were 9.41%, 1.17%, and 3.65% respectively [57] Animal Health - The animal health sector achieved revenue of 9.977 billion in Q1-Q3 2025, a year-on-year increase of 14.08%, with a net profit of 1.265 billion, up 45.51% year-on-year [63] - The average gross margin, net margin, and ROE for animal health enterprises were 53.42%, 17.77%, and 4.35% respectively [63] Seed Industry - The seed sector reported revenue of 6.814 billion in Q1-Q3 2025, down 5.82% year-on-year, with a net profit of -880 million, a decline of 53.87% year-on-year [68]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The industry is experiencing a downward trend in pig prices, leading to a de-stocking cycle in pig farming. The profitability of the agriculture sector has turned negative due to a significant drop in pig prices, with Q3 2025 profits down by 58.8% year-on-year [5][14] - The overall revenue for the agriculture sector in Q1-Q3 2025 reached 872.718 billion yuan, a year-on-year increase of 6.44%, while the net profit attributable to shareholders was 35.477 billion yuan, up 10.63% year-on-year [5][14] - The average price of pigs in Q3 2025 was 13.81 yuan/kg, down 28.89% year-on-year, with the lowest price of 10.84 yuan/kg recorded on October 13, 2025 [5][14] Summary by Sections Q3 2025 Observations - The agriculture sector's profit has decreased significantly due to unexpected declines in pig prices, leading to a negative profit margin for the sector [5][14] - The sales gross margin for the industry in Q1-Q3 2025 was 11.79%, a slight increase of 0.12 percentage points year-on-year, while the net profit margin was 4.21%, up 0.21 percentage points year-on-year [6][17] Profitability and Cost Management - The industry is focusing on cost reduction and efficiency improvement, with the expense ratio for Q1-Q3 2025 at 6.64%, down 0.58 percentage points year-on-year [6][17] - In Q3 2025, the sales gross margin fell to 10.71%, a decrease of 4.68 percentage points year-on-year, and the net profit margin dropped to 3.13%, down 4.71 percentage points year-on-year [6][17] Market Performance - The agriculture index outperformed the market by 1.88 percentage points during the week of October 27-31, 2025, with the agriculture index rising by 1.99% [26][28] - Key stocks such as Zhongxing Junye, Weilan Biotechnology, and Luoniushan led the gains in the agriculture sector, with increases of 19.60%, 13.23%, and 9.08% respectively [26][31] Price Tracking - As of October 31, 2025, the average price of pigs was 12.49 yuan/kg, an increase of 0.67 yuan/kg from the previous week, while the average price of piglets was 18.13 yuan/kg, up 0.47 yuan/kg [37][38] - The average price of beef was 66.30 yuan/kg, reflecting a slight increase of 0.09 yuan/kg from the previous week [38]

证券代码：301501 证券简称：恒鑫生活 公告编号：2025-048 合肥恒鑫生活科技股份有限公司 关于与专业投资机构共同投资的公告 公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1、合肥恒鑫生活科技股份有限公司（以下简称"公司"）拟向合肥晟泽芯 兴叁号创业投资合伙企业（有限合伙）（以下简称"晟泽芯兴叁号"）认缴出 资人民币 2,000 万元（以下简称"本次投资"）。 2、晟泽芯兴叁号投资范围：包括在全国范围内重点投资于面向新一代信息 技术、高端装备制造等新兴产业领域具有高成长、有 IPO 预期的初创期、成长 期企业。晟泽芯兴叁号在投资过程中可能受到宏观经济、行业周期、监管政策、 投资标的企业自身经营管理等多种因素影响，可能面临投资收益不及预期，或 不能及时有效退出等风险。 3、根据《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 7 号——交易与关联交易》《合肥恒鑫生活科技股份有限公 司章程》（以下简称"《公司章程》"）等相关规定，本次投资无需提交公司 董事会、股东会审议，不构成同业竞争和关联交易，亦不构成《上市 ...

Core Insights - The report indicates that the swine industry is entering a de-stocking cycle, while the beef cattle sector continues to experience an upward trend in demand and pricing [2][3] Group 1: Swine Industry - The swine sector is witnessing accelerated de-stocking driven by policy and market dynamics, presenting a good opportunity for investment [3][43] - As of Q3 2025, China's pig output reached 530 million heads, a year-on-year increase of 1.8%, with pork production at 43.68 million tons, up 3.0% year-on-year [10][13] - The average price of pigs in October 2025 dropped to 10.84 yuan/kg, a significant decline of 40.28% year-on-year, marking a new low for the year [10][13] Group 2: Beef Cattle Industry - The beef cattle supply is contracting, with the cycle of demand expected to continue its upward trajectory until 2027 [4][49] - In Q3 2025, the number of beef cattle in China was 99.32 million heads, a decrease of 2.4% year-on-year, while beef production reached 5.5 million tons, up 3.3% year-on-year [49][51] - The average price of beef in September 2025 was 70.52 yuan/kg, reflecting a year-on-year increase of 5.36% [59] Group 3: Poultry Industry - The white chicken sector is experiencing a gradual increase in demand, with the output of white feathered chickens expected to rise to 90.3 million heads in 2024, a year-on-year increase of 2.2% [94][98] - The rolling update of grandparent stock for white feathered chickens is projected to decline, which will support an increase in chicken prices in 2026 [100] Group 4: Seed Industry - Grain prices are expected to stabilize and rise due to various factors, including U.S.-China tariff disturbances and climate impacts [6] - The commercialization of genetically modified crops is anticipated to accelerate, supported by an increase in the number of approved varieties [6] Group 5: Pet Industry - The pet food export volume in China increased by 7.55% year-on-year from January to September 2025, indicating strong performance from leading companies [7] - Domestic pet consumption is expected to grow due to increasing companionship demand and emotional value associated with pet ownership [7]

Core Viewpoint - The global biodegradable food service industry is experiencing growth driven by policy incentives and market demand, with Hefei Hengxin Life Technology Co., Ltd. reporting significant revenue and profit growth in its Q3 2025 financial results, establishing itself as a benchmark enterprise in the sector with both growth potential and risk resilience [1][8]. Financial Performance - In the first three quarters of 2025, Hengxin Life achieved total revenue of 1.384 billion yuan, a year-on-year increase of 19.49%, and a net profit of 185 million yuan, up 14.12%, with basic earnings per share reaching 1.33 yuan [2][3]. - The company's revenue growth rate ranks among the top in the A-share home goods industry, significantly exceeding the industry average growth rate of 8.7% [2]. Growth Drivers - Revenue growth is supported by multiple business lines, with core products like biodegradable lunch boxes and eco-friendly straws seeing a 23.1% increase in revenue, accounting for 49.46% of total revenue [2][3]. - The third quarter of 2025 saw revenue reach 513 million yuan, reflecting a year-on-year increase of 20.65%, indicating a "quarterly acceleration" trend [3]. Profitability and Cost Management - Despite a slight decline in gross margin to 24.39%, Hengxin Life maintains a strong average operating profit margin of 15.79%, significantly higher than the industry average of 10.2% [5]. - The company has implemented effective cost control measures, including long-term supply agreements that secure approximately 60% of raw material costs and improvements in production efficiency, reducing energy consumption by 8.3% [5]. Asset Quality - As of the end of Q3 2025, Hengxin Life's total assets reached 2.768 billion yuan, a 39.5% increase year-on-year, with fixed assets growing by 62.1% due to new production lines [6]. - The company has effectively managed accounts receivable, with a turnover rate of 6.9 times, and cash revenue reaching 1.488 billion yuan, indicating strong cash flow stability [6]. Strategic Initiatives - Hengxin Life has pioneered a "domestic + overseas" dual production base strategy, with its Thailand factory commencing operations in April 2025, mitigating risks associated with global trade fluctuations [7]. - The company has allocated 65% of its IPO funds (approximately 538 million yuan) to expand its biodegradable product capacity, achieving a balanced product matrix that aligns with global environmental trends [7]. Conclusion - Hengxin Life's Q3 2025 financial report highlights its robust growth, quality performance, and strategic leadership, positioning the company for continued success in the biodegradable food service industry [8][9].

Core Viewpoint - The company reported a strong performance in the third quarter of 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive trend in its financial health and operational efficiency [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.384 billion yuan, representing a year-on-year increase of 19.49%, and a net profit attributable to shareholders of 185 million yuan, up 14.12% [1]. - In the third quarter of 2025 alone, the company generated a revenue of 513 million yuan, reflecting a year-on-year growth of 20.65%, with a net profit of 60 million yuan, which is a 3.93% increase compared to the same period last year [1]. Cost and Margin Analysis - The gross margin for the first three quarters of 2025 was 24.39%, down 2.56 percentage points year-on-year, while the net profit margin was 13.36%, a decrease of 0.63 percentage points [2]. - In the third quarter of 2025, the gross margin was 23.63%, down 2.77 percentage points year-on-year, and the net profit margin was 11.6%, a decline of 1.87 percentage points [2]. - The increase in management expense ratio was attributed to listing costs and rising employee compensation, depreciation, and amortization [2]. Government Support - The company received government subsidies amounting to 47 million yuan in the first three quarters of 2025, with 2.62 million yuan received in the third quarter [2]. Global Expansion - The company has established multiple production bases domestically and is focusing on the biodegradable food service market, allowing for customized and large-scale production to meet diverse customer needs [2]. - The company completed its first shipment from its Thailand factory in April 2025, marking a significant step in its global production strategy [2]. Investment Outlook - The company is expected to maintain its leading position in the biodegradable food service sector, with projected revenues of 1.761 billion yuan, 1.949 billion yuan, and 2.089 billion yuan for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 10.5%, 10.7%, and 7.2% [3]. - Net profits are forecasted to be 240 million yuan, 260 million yuan, and 284 million yuan for the same years, with corresponding growth rates of 9.1%, 8.4%, and 9.1% [3].