Group 1: Company Overview - The company primarily produces biodegradable products, including PLA coated paper cups and containers, which accounted for 54.71% of total products in 2024 [1][2] - The main customer sectors include freshly ground coffee, new-style tea drinks, fast food, and supermarkets [2] Group 2: Production Capacity and Operations - The Thailand factory began regular production in April 2025, focusing on orders from the U.S. market and is currently ramping up capacity [2][3] - The company plans to fully promote the production operations of the Thailand base throughout 2025 [3] Group 3: Market Development and Innovation - The company aims to enhance market share through product and technology innovation, targeting long-term partnerships with chain enterprises for stable orders [2][4] - Future development will focus on continuous technological innovation to drive product innovation, aligning with biodegradable product policies [4] Group 4: Competitive Advantages - The company possesses comprehensive processing capabilities, a rich variety of products, and strong R&D in biodegradable dining utensils, providing a competitive edge in the market [4]

证券代码：301501 证券简称：恒鑫生活 合肥恒鑫生活科技股份有限公司 投资者关系活动记录表 编号：2025-006 投资者关系 活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑现场参观 ☑其他（线上会议） 参与单位名 称及人员姓 名 中信证券、东北证券、招商证券、宁银理财、 财通证券、博时基金、 华泰资产、平安资产、华夏久盈、国联基金、金鹰基金、ABRDN PLC、 GOLDMAN SACHS ASSET MANAGEMENT、GRAND ALLIANCE ASSET MANAGEMENT LIMITED、MANULIFE ASSET MANAGEMENT、MILLENNIUM PARTNERS、PLEIAD INVESTMENT ADVISORS LIMITED、TAIREN CAPITAL LIMITED、JP Morgan 等。 时间 2025 年 7 月 4 日 （周五） 地点 公司会议室、线上会议 上市公司接 待人员姓名 1、恒鑫生活 董事长 严德平 2、恒鑫生活 董事、董事会秘书孙小宏 3、恒鑫生活 董事、财务总监 陈波 投资者关系 活动主要内 容 ...

Core Viewpoint - Hengxin Life (301501.SZ) is positioned uniquely in the food packaging sector, leveraging its biodegradable plastic production capabilities, which has led to a notable increase in its investment value following the release of its first annual and quarterly financial reports post-IPO [1][2]. Group 1: Strategic Positioning and Market Trends - The global environmental movement, particularly China's "dual carbon" goals, is reshaping the food packaging industry, with traditional plastic facing significant challenges due to degradation issues [1][2]. - The United Nations Environment Programme reports that the food service industry contributes approximately 30% of the hundreds of millions of tons of plastic waste generated globally each year [1]. - Hengxin Life has identified the trend towards biodegradable materials, particularly PLA (polylactic acid), which is derived from renewable resources and can decompose within months under composting conditions, making it environmentally friendly [2][3]. Group 2: Business Expansion and Market Demand - The global food delivery market is projected to reach $2.3 trillion in 2024, with a growth rate of 18%, significantly increasing the demand for disposable food packaging [8]. - Hengxin Life's product range includes PLA-coated paper cups and containers, which are gaining traction among major clients like Luckin Coffee and Heytea, aligning with their sustainability goals [3][9]. - The company’s domestic sales accounted for over 60% of total revenue in 2024, indicating a strong market presence and brand recognition in China [6]. Group 3: Financial Performance and Valuation - In 2024, Hengxin Life reported revenues of approximately 1.594 billion yuan, a year-on-year increase of 11.86%, and a net profit of about 220 million yuan, up 2.82% [1]. - The first quarter of 2025 saw a revenue of 419 million yuan, reflecting a 24.18% year-on-year growth, with net profit soaring by 79.79% to approximately 81.86 million yuan [1][10]. - The company's price-to-earnings ratio (TTM) is around 20, which aligns with the global biodegradable plastic production capacity growth rate of 22% from 2024 to 2029 [4][6]. Group 4: Technological and Competitive Advantages - Hengxin Life has established a strong R&D team and invests over 5% of its revenue annually in innovation, allowing it to master core PLA production technologies and reduce costs while enhancing product quality [12][14]. - The company has multiple production bases across China, with an annual capacity of several hundred thousand tons, enabling it to meet large-scale orders efficiently [13][14]. - Hengxin Life's partnerships with renowned brands like Starbucks and McDonald's enhance its market influence and provide stable revenue streams [13][14]. Group 5: Regulatory Environment and Future Outlook - The new "Interim Regulations on Express Delivery" effective June 1 is expected to create significant opportunities for companies like Hengxin Life that specialize in biodegradable materials [5][6]. - The increasing demand for biodegradable packaging in the express delivery sector is anticipated to boost Hengxin Life's order volume and improve its profit margins [6][11]. - The company's robust cash position, with a 284.28% year-on-year increase in cash reserves in Q1 2025, supports its growth initiatives and enhances its resilience against market fluctuations [10][11].

资料显示，弘景光电是全球光学镜头及摄像模组优质供应商，公司产品进入了戴姆勒-奔驰、日产、本田、奇 瑞、比亚迪等等国内外知名品牌；恒鑫生活是国内可生物降解餐饮具领军企业，是喜茶、星巴克、麦当劳、 DQ等国内外知名企业的纸制与塑料餐饮具提供商。 具体来看，弘景光电暂未公布发行价，公司单一账户申购上限为4000股，顶格申购需持深市市值4万元。 招股书显示，弘景光电是一家专业从事光学镜头及摄像模组产品的研发、设计、生产和销售的高新技术企业， 致力于面向全球光电领域提供专业的光学成像与视频影像解决方案。 公司主要产品包括智能汽车光学镜头及摄像模组和新兴消费光学镜头及摄像模组，其中智能汽车产品应用于智 能座舱、智能驾驶，新兴消费产品应用于智能家居、全景/运动相机和其他产品。 公司在各细分领域的市场地位较为突出，其中，在智能汽车领域，根据TSR研究报告，公司2022年在全球车 载光学镜头市场占有率3.70%，排名全球第六；在智能家居领域，根据艾瑞咨询数据推算，公司2023年在全 球家用摄像机（含可视门铃）光学镜头领域的市场占有率为9.95%；在全景/运动相机领域，根据 Frost&Sullivan数据推算，公司2023年在 ...

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