Investment Rating - The report assigns a "Hold" rating to Hengxin Life [5][6] Core Views - Hengxin Life is a leading company in the paper and plastic food service products industry, demonstrating steady growth with a projected revenue of 1.59 billion yuan in 2024, an increase of 11.86% year-on-year, and a net profit of 220 million yuan, up 2.82% year-on-year [3][26] - The company has a robust competitive edge through a rich product line, strong customer relationships, and production scale advantages [4][39] - Global expansion is accelerating, with the establishment of a subsidiary in Thailand to mitigate trade risks, and the PHA technology is expected to become a new growth engine [4][50] Summary by Sections Company Overview - Hengxin Life specializes in the R&D, production, and sales of paper and plastic food service products, utilizing raw materials such as original paper, PLA particles, and traditional plastic particles [3][12] - The company has developed proprietary technologies in PLA modification, coating, and molding, becoming a supplier for many well-known domestic and international brands [3][12] Competitive Advantages - The company has three core competitive advantages: 1. **Industry Chain and Product Line Advantage**: Full-process production capabilities allow for a diverse product line tailored to customer needs [4][39] 2. **Brand and Customer Advantage**: Stable relationships with major clients, with the top five customers accounting for 41.27% of sales in 2024 [4][39] 3. **Production Scale Advantage**: Multiple advanced production lines enable an annual capacity of 9 billion units, supporting large-scale customization and rapid delivery [4][39] Global Expansion and Technology - The establishment of a subsidiary in Thailand in February 2024 aims to counter trade friction risks, with existing U.S. orders gradually shifting to the Thai factory [4][50] - The breakthrough in PHA technology opens up long-term growth potential, as PHA offers superior degradation and application properties compared to other biodegradable materials [4][50][53] Financial Forecast and Investment Recommendations - Revenue projections for 2025-2027 are 1.88 billion, 2.13 billion, and 2.31 billion yuan, with net profits of 246 million, 280 million, and 317 million yuan respectively [5][58] - The company is positioned to benefit from the global "plastic ban" trend, enhancing its market penetration and serving international clients effectively [5][63]

证券日报网讯 9月19日晚间，恒鑫生活发布公告称，公司董事会于近日收到公司非独立董事孙小宏先生 递交的书面辞职报告。因公司治理结构调整，孙小宏先生申请辞去公司第二届董事会非独立董事职务， 辞去上述职务后将继续在公司担任董事会秘书等职务。公司于2025年9月19日召开职工代表大会，经全 体与会职工代表表决，选举孙小宏先生为第二届董事会职工董事。 （编辑 任世碧） ...

根据《公司法》《公司章程》等相关规定，孙小宏先生的辞职不会导致公司 董事会成员低于法定最低人数，辞职报告自送达董事会时生效。孙小宏先生原任 期届满之日为 2027 年 6 月 11 日。截至本公告披露日，孙小宏先生直接持有公司 145,000 股，占公司总股本的 0.0980%；通过合肥恒平企业管理合伙企业（有限 合伙）间接持有公司 145,000 股，占公司总股本的 0.0980%。辞任后孙小宏先生 将继续履行《合肥恒鑫生活科技股份有限公司首次公开发行股票并在创业板上市 招股说明书》中作出的相关承诺，并继续遵守《上市公司股东减持股份管理暂行 办法》及《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、高 级管理人员减持股份》等关于股份减持的相关规定及要求。 二、选举职工董事的情况 根据《公司法》《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》等法律法规、规范 性文件以及《公司章程》的相关规定，公司于 2025 年 9 月 19 日召开职工代表大 会，经全体与会职工代表表决，选举孙小宏先生（简历详见附件）为第二届董事 会职工董事；董事 ...

Group 1 - The core viewpoint of the news is that Hengxin Life experienced a slight decline in stock price and had a net financing outflow on September 17, 2023, with a total financing balance of 143 million yuan [1] - On September 17, 2023, Hengxin Life's financing buy-in amounted to 7.10 million yuan, while financing repayment was 9.47 million yuan, resulting in a net financing buy-in of -2.37 million yuan [1] - As of September 17, 2023, the total financing and securities lending balance of Hengxin Life was 143 million yuan, which accounted for 7.99% of its circulating market value [1] Group 2 - Hengxin Life's main business involves the research, production, and sales of paper and plastic dining utensils, with biodegradable products contributing 49.46% and non-biodegradable products 48.36% to its revenue [1] - For the first half of 2025, Hengxin Life achieved an operating income of 871 million yuan, representing a year-on-year growth of 18.81%, and a net profit attributable to shareholders of 125 million yuan, with a year-on-year increase of 19.70% [1] - As of July 18, 2025, the number of shareholders of 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 1.18 million shares as a new shareholder [2]

Core Points - Hengxin Life announced the release of restricted shares for its initial public offering, with a total of 1,907,646 shares becoming tradable, representing 1.2898% of the company's total share capital [2] - The number of shareholders involved in this release is 6,517, and the lock-up period for these shares was 6 months from the date of the company's stock listing [2] - The shares will be available for trading starting from September 19, 2025 [2]

合肥恒鑫生活科技股份有限公司 关于首次公开发行网下配售限售股上市流通提示性公告 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: 证券代码：301501 证券简称：恒鑫生活 公告编号：2025-042 本次上市流通的限售股为合肥恒鑫生活科技股份有限公司(以下简称"公司") 首次公开发行网下配售限售股。 本次解除限售股东数量为6,517户，上市流通的限售股份数量为1,907,646 股，占公司总股本的1.2898%，限售期为公司股票上市之日起6个月。 本次拟解除限售的股份上市流通日期为2025年9月19日(星期五)。 一、首次公开发行股票和网下配售股份概况 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，公司首次公 开发行人民币普通股（A股）25,500,000股，并于2025年3月19日在深圳证券交易 所创业板上市交易。 公司首次公开发行前总股本为76,500,000股，首次公开发行股票完成后总股 本为102,000,000股，其中无流通限制及限售安排的股票数量为 ...

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 首次公开发行网下配售限售股上市流通的核查意见 华安证券股份有限公司（以下简称"保荐机构"）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的持续督导 机构，根据《证券发行上市保荐业务管理办法》《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》等相关规定，就公司首次公开发行网下配售限售股上市流通事项进行了 审慎核查，核查情况及核查意见如下： 一、首次公开发行股票和网下配售股份概况 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，公司首次公 开发行人民币普通股（A 股）25,500,000 股，并于 2025 年 3 月 19 日在深圳证券 交易所创业板上市交易。 公司首次公开发行前总股本为 76,500,000 股，首次公开发行股票完成后总股 本为 102,000,000 股，其中无流通限制及限售安排的股票数量为 24,184,382 股， 占发行后总股本的比例为 23 ...

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 证券代码：301501 证券简称：恒鑫生活 公告编号：2025-041 关于 2025 年第一次临时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。 （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 9 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 9 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 号办公楼会议室。 6、本次股东大会的召集及召开符合《中华人民共和国公司法》《深圳证券交 易所创业板股票上市规则》《合肥恒鑫生活科技股份有限公司章程》的有关规定。 二、会议出席情况 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 ...

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 2025 年第一次临时股东大会的 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 关于合肥恒鑫生活科技股份有限公司 2025 年第一次临时股东大会的 法律意见 致：合肥恒鑫生活科技股份有限公司 本法律意见仅供本次股东大会之目的使用，未经本所同意，本法律意见不得 用于其他任何目的。 本所律师依据《中华人民共和国公司法》（以下简称《公司法》）、《深圳 证券交易所创业板股票上市规则》等法律、法规、规范性文件及《合肥恒鑫生活 科技股份有限公司章程》（以下简称《公司章程》）的有关规定，按照律师行业 公认的业务标准、道德规范及勤勉尽责精神，就公司本次股东大会的召集、召开 程序、出席会议人员的资格、召集人资格、表决方式、表决程序及表决结果等事 宜出具法律意见如下： 1 一、本次股东大会的召集、召开程序 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 ...

Core Viewpoint - Hefei Hengxin Life Technology Co., Ltd. held an online investor meeting to address concerns regarding company performance, capacity, and product competitiveness [1] Group 1: Performance and Financials - The company reported that Q2 revenue and net profit were significantly below market expectations, but the H1 2025 revenue and net profit attributable to shareholders still showed stable growth, with no need for future listing fee provisions [2] - For Q3, the company indicated that specific financial data would be disclosed in upcoming periodic reports [3] Group 2: Product Development and Market Position - Hengxin Life has achieved mass production capability for PHA products, although large-scale production has not yet commenced; production timelines depend on industry development and customer demand [4] - The company aims to strengthen its competitive advantage in PHA products as environmental awareness grows, and plans to deepen cooperation with raw material suppliers while gradually promoting products based on customer needs [4] Group 3: Strategic Development - The company's future strategy includes enhancing global presence, increasing R&D investment, implementing fundraising projects, improving talent systems, and strengthening corporate governance and information disclosure [5] - The company is well-positioned to respond to the rapid growth of biodegradable products due to global plastic bans, although it may face challenges such as policy implementation delays and intensified trade frictions [5] Group 4: Stock Performance and Market Response - The company acknowledged that stock price fluctuations are influenced by macroeconomic conditions, industry policies, and market sentiment, and it plans to enhance investor confidence through performance improvement and better governance [6] Group 5: Compliance and Production Capacity - The company's PLA and PHA products comply with new regulations in Shanghai, and it has the flexibility to adjust production structures to meet market demand [7] - The Thailand factory is set to commence production in 2025 and has begun shipping since April, while the Hainan production base is expected to positively impact performance due to the implementation of the Hainan closure policy [8]