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]
恒鑫生活上市后首份年报出炉，成绩喜人，实现四连增！