在资本市场对绿色经济的追逐浪潮中，可降解餐具龙头恒鑫生活成为耀眼的明星。 如果拉长时间轴，公司收入则从2020年不到5亿元的规模持续攀升，到目前已翻倍至超16亿元，期间收 入累计增长375.9%，这样的增长速度在行业内堪称翘楚。 据了解，恒鑫生活是一家研发、生产和销售纸制与塑料餐饮具的企业，主要产品可生物降解餐饮具为典 型的环保、减碳产品，亦根据客户需求提供PE/PET/PP材质餐饮具，主要应用场景包括餐饮行业、大型 企业与机构定制、民用航空领域、家庭日用消费等领域。 公司主要产品包括可生物降解的PLA淋膜纸杯/碗、PLA淋膜纸餐盒，PLA杯/盖、PLA餐盒、PLA刀叉 勺、PLA吸管，纸杯套等，以及PE淋膜纸杯/碗，PP/PET杯/盖、餐盒，PS杯盖等。 而从产品结构上来看，可生物降解的新型环保产品已然成为恒鑫生活的核心增长极和市场开拓的"王牌 武器"。 2025年3月成功登陆创业板后，其市值一度突破90亿元，引发市场高度关注。而更令人瞩目的是，2024 年公司实现营收15.94亿元，净利润达到2.20亿元，并且在2025年一季度延续增长势头，亮眼的成绩吸引 了长江证券、泰信基金等16家机构于5月14日扎堆 ...

近日，国内环保餐具龙头恒鑫生活发布两份逆势增长的财报：2024年营收15.94亿元创历史新高，2025 年一季度净利润同比大涨79.79%至8186万元。 这家从安徽县域走出的国家级专精特新"小巨人"，在可降解PLA纸杯、餐盒等"小产品"中构建起覆盖全 球的大生意——客户名单囊括星巴克、瑞幸咖啡、麦当劳等50余家国际巨头，泰国工厂更是14个月极速 投产刷新了行业纪录。 而透过其2024年报与2025年一季报，可以窥见中国制造转型升级的新路径：在绿色革命的确定性中寻找 增长，于全球化的不确定性里锻造韧性。 财务指标全线飘红可降解产品成增长引擎 4月24日，国内环保餐饮具领军企业恒鑫生活正式发布2024年度报告及2025年第一季度财报，各项数据 都颇为亮眼。 2024年年报显示，公司营业总收入达到15.94亿元，同比增长11.86%；归母净利润为2.20亿元，同比增 长2.82%。2025年一季度实现营收4.19亿元，同比增长24.18%；归母净利润达8186.27万元，同比增长 79.79%，延续增长态势，为全年发展奠定了良好基础。 如果把时间线进一步延长，就愈发能凸显公司业绩增长的稳健。2021-2023年营 ...

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]