HAIDILAO(HK:06862) 3 6 Ke·2026-01-09 13:08Core Viewpoint - Ningbo Changya New Materials Technology Co., Ltd. (Changya Co.) is attempting to re-enter the capital market with a new IPO application after previously withdrawing its application in 2024, facing significant industry changes and survival challenges [1][19]. Company Overview - Changya Co. was established on January 14, 2013, and is primarily engaged in the production of disposable food containers, including straws and boxes [2]. - The company is controlled by Ningbo Changya Asset Holding Co., which holds 49.54% of its shares [2]. - The company previously submitted an IPO application to the Shenzhen Stock Exchange in June 2023 but withdrew it in May 2024 due to changes in market conditions and operational circumstances [2]. Founder Background - The founder, Xu Jianhai, is a 70s engineer who started the company after selling his house for over 1 million yuan, initially producing plastic bags and films before pivoting to straws targeting the European and American markets [3][4][7]. Market Position and Clientele - Changya Co. has established a strong presence in the overseas market, with major clients including KFC, Burger King, and Walmart, contributing significantly to its revenue [7][9]. - From 2020 to 2022, the company's revenue grew from 512 million yuan to 919 million yuan, nearly doubling in three years, with over 95% of sales coming from international markets, particularly the U.S. [10][12]. Financial Performance - The company's revenue figures for 2020, 2021, and 2022 were 512 million yuan, 623 million yuan, and 919 million yuan, respectively, while net profits fluctuated from 73 million yuan to 125 million yuan, with a notable drop in 2021 [10][12]. - The gross profit margins were 25.89%, 17.83%, and 21.22% for the same years, indicating volatility influenced by exchange rates and raw material costs [10][12]. Challenges and Industry Trends - Changya Co. faces challenges from rising raw material prices and exchange rate fluctuations, which directly impact its gross margins [12][14]. - The global trend towards "plastic restrictions" poses a significant threat, as the company heavily relies on plastic products, with over 90% of its revenue coming from plastic food containers [14][15]. - Competitors like Fuling and Jialian Technology are advancing in biodegradable products, which could further challenge Changya Co.'s market position [16][18]. Future Outlook - The company is attempting to capitalize on the current IPO window but must navigate a changing competitive landscape and increasing environmental regulations [19]. - Without a clear strategy for product diversification and adaptation to eco-friendly materials, Changya Co. may struggle to achieve higher valuations in the future [19].