福恩股份IPO获注册：深耕全球生态环保再生面料市场

Core Viewpoint - The approval of Hangzhou Fuen Co., Ltd.'s initial public offering (IPO) by the China Securities Regulatory Commission marks a significant step for the company, which specializes in sustainable eco-friendly fabrics and is a leader in the domestic recycled fabric market [1]. Company Overview - Hangzhou Fuen Co., Ltd. is a global supplier of eco-friendly fabrics, focusing on the research, production, and sales of sustainable materials. The company has established itself as a large enterprise integrating fabric design, research, spinning, weaving, dyeing, finishing, and sales [4]. - The main products are eco-friendly fabrics, primarily made from recycled materials, positioning the company as a leader in the domestic market for recycled fabrics. The materials used include recycled plastics and textiles, aligning with the growing global recognition of sustainable development [4]. - Fuen has been recognized by the China National Textile and Apparel Council as a "Development Base for Recycled Fiber Fashion Fabric Products," highlighting its role in the textile industry's transformation towards sustainability [4]. Industry Trends - The global recycled fabric industry is experiencing rapid growth driven by policies and brand commitments. For instance, the EU's Sustainable Product Ecodesign Regulation sets clear targets for the use of recycled materials in textiles, prompting brands like H&M and Fast Retailing to commit to increasing the proportion of recycled materials in their products to 50% in the coming years [5]. - In China, the goal is to achieve a 25% recycling rate for waste textiles by 2025, supported by various government initiatives. The global sustainable recycled fiber market is expected to grow at a compound annual growth rate (CAGR) of approximately 6.7% [5]. - China, as the largest textile and apparel producer and consumer, is projected to exceed 3 million tons of annual recycled fiber usage by 2024, with a 12% annual growth rate in the recycling of waste textiles [5]. Challenges in the Industry - Despite the industry's growth, challenges remain, including a low overall recycling rate of less than 30% for waste textiles in China. Key issues include technological bottlenecks and high costs associated with recycling processes [6]. - Most recycling currently relies on physical methods, which produce low-value products. Although chemical recycling methods can achieve high-quality circularity, they face challenges in cost and complexity, hindering large-scale industrialization [6]. - The recycling system is also underdeveloped, with challenges in sourcing and sorting diverse and complex materials, which complicates efficient recycling and stable raw material supply [6]. Future Outlook - China is a crucial production center for recycled fibers, particularly recycled polyester, holding over 65% of the global market share in the Asia-Pacific region. Fuen Co., Ltd. has established a vertically integrated system from research to production and has successfully embedded itself in the green supply chains of global fast fashion brands [7]. - Domestic companies are making technological advancements, such as effectively separating polyester and cotton blends, addressing significant technical challenges in recycling [7]. - However, the high-end market and technological leadership in global recycled fibers are still dominated by international companies. Most of China's recycled fiber production remains at the primary product stage, facing structural challenges in transitioning to high-value fabrics [7]. - The future of China's recycled fabric industry requires continued investment in research and development to build technological barriers and the establishment of a digital lifecycle management system for raw material recycling and product traceability to meet increasingly complex international green trade regulations [7].