证券日报网12月5日讯 家联科技在12月4日至12月5日回答调研者提问时表示，公司核心技术壁垒建立在 深度改性能力、一体化智造与标准引领的综合体系之上。由于不同种类的生物全降解材料制品对于后端 使用性能的要求不尽相同，因此PLA等生物降解材料必需经过改性以后才能加工生产出符合客户要求的 产品。针对生物降解塑料领域，材料改性和发泡等相关方向的研究需要大量的人力、设备、资金及时间 投入，且短时间内无法形成有效产能，这对新入厂商形成了较高的壁垒。公司不仅攻克了生物降解材料 耐高温、抗冲击等关键行业难题，并掌握了多种材料的共混改性技术，能够充分满足客户的定制化需 求，同时公司具备大规模智能制造保障的产品稳定性、从材料到模具及各工艺的全产业链快速响应能力 以及牵头制定各类国际、国家标准的能力，使得公司在激烈竞争中能够持续获得结构性优势。 （编辑 姚尧） ...

Core Viewpoint - Ningbo Jialian Technology Co., Ltd. is experiencing rapid capacity growth and has established production bases in various regions, including Thailand, which is expected to enhance its competitiveness in the North American market due to favorable tariff policies [3][4][5]. Company Overview - The company has a stable credit rating of AA- and is expected to maintain this outlook due to its leading position in the industry and continuous capacity expansion [3][4]. - As of March 2025, the company's total assets reached 45.89 billion, with total debt at 21.49 billion and net profit of -0.28 million [3][4]. Financial Performance - The company's operating income for 2024 was 23.26 billion, with a net profit margin of 17.62% [4][5]. - The company reported a decrease in net profit from 1.76 million in 2022 to -0.28 million in 2024, indicating challenges in profitability [3][4]. Market Dynamics - The demand for plastic dining products is growing in China, driven by the expansion of the takeout and restaurant markets, which is expected to benefit leading companies in the industry [5][11]. - The company exports a significant portion of its products, with 55.42% of its revenue coming from overseas sales, primarily from North America [5][11]. Competitive Landscape - The company faces high customer concentration, with the top five customers accounting for 45.08% and 42.99% of sales in 2023 and 2024, respectively [6][14]. - The company has established long-term partnerships with well-known retailers and restaurant giants, enhancing its brand recognition and market position [6][14]. Operational Challenges - The utilization rate of newly added production capacity is still in the ramp-up phase, which may affect the company's ability to meet demand [6][7]. - The company has a high proportion of foreign assets, with significant exposure to currency fluctuations, as its overseas operations are primarily denominated in foreign currencies [6][7]. Industry Trends - The plastic products industry is witnessing a trend towards increased concentration, with leading companies benefiting from the elimination of outdated production capacities [11][12]. - The introduction of biodegradable plastic products is gaining traction, with the company investing in technology to enhance its competitive edge in this segment [12][13].