Investment Rating - The report assigns a rating of "Increase" for the company, indicating a potential upside of over 15% relative to the CSI 300 index [47]. Core Viewpoints - Hengxin Life (301501.SZ) is a leading manufacturer of biodegradable food service products in China, supplying well-known domestic and international companies such as Luckin Coffee and Amazon. The demand for the company's products is expected to grow due to the increasing needs of the downstream catering industry and environmental protection initiatives [4][9]. - The company achieved revenue and net profit of 1.425 billion and 214 million RMB respectively in 2023, with a compound annual growth rate (CAGR) of 40.79% and 63.34% for revenue and net profit from 2021 to 2023 [11][13]. - The average PE ratios for comparable companies in 2023, 2024, and 2025 are 37.86, 26.81, and 21.74 respectively, indicating a favorable valuation compared to industry peers [4][34]. Summary by Sections Company Overview - Hengxin Life is a leading manufacturer of biodegradable food service products, benefiting from the growing demand in the catering industry and environmental regulations. The company has established multiple production bases across China and has a diverse product line that includes PLA-coated paper cups and biodegradable utensils [9][30]. Business Analysis - The company's main revenue sources include paper and plastic food service products, with biodegradable products accounting for over 50% of total revenue. The revenue from biodegradable products has shown significant growth, driven by the increasing demand from coffee and tea beverage sectors [11][13]. - The company has maintained a stable gross margin around 28%, with a decreasing trend in expense ratios due to economies of scale [16][19]. Industry Development - The biodegradable materials industry is expanding due to environmental concerns and regulatory pressures to reduce plastic waste. The global production capacity for bioplastics is projected to grow, with PLA being a significant component of this market [10][24]. - The catering industry in China has shown robust growth, with the market size reaching 4.7 trillion RMB in 2019 and recovering strongly post-2020. The demand for biodegradable food service products is expected to rise as consumer preferences shift towards sustainable options [28][29]. Competitive Landscape - The industry currently has a low concentration, with many players in the market. However, the trend is shifting towards increased concentration as leading companies leverage their technological and production advantages to capture market share [29][30]. - Hengxin Life has established a strong position in the biodegradable food service product sector, recognized as one of the top ten companies in the biodegradable plastics industry in China [30]. IPO and Fundraising - The company plans to issue 25.5 million shares, raising approximately 828 million RMB to expand its production capacity for PLA biodegradable products and enhance operational efficiency [31][33].

合肥恒鑫生活科技股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 保荐人（主承销商）：华安证券股份有限公司 1 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，合肥恒鑫生活科技股份有限公司（以下简称 "发行人"、"公司"或"本公司"）发行的人民币普通股票将于 2025 年 3 月 19 日在深圳证券交易所创业板上市，上市公告书全文和首次公开发行股票并在创 业板上市的招股说明书全文披露于中国证券监督管理委员会指定的信息披露网 站（巨潮资讯网，网址 www.cninfo.com.cn；中证网，网址 www.cs.com.cn；中 国证券网，网址 www.cnstock.com；证券时报网，网址 www.stcn.com；证券日 报网，网址 www.zqrb.cn；经济参考网，网址 www.jjckb.cn；中国金融新闻网， 网址 www.financialnews.com.cn；中国日报网，网址 cn.chinadaily.com.cn），供投 资者查阅。 所属网站二维码，巨潮资讯网 。 一、上市概况 （一）股票简称： ...

（住所：安徽省合肥市滨湖新区紫云路 1018 号） 二〇二五年三月 股票简称：恒鑫生活 股票代码：301501 合肥恒鑫生活科技股份有限公司 Hefei Hengxin Life Science and Technology Co., Ltd. （安徽长丰双凤经济开发区双凤路 36 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行 股票并在创业板上市招股说明书中的相同。 本上市公告书中若出现总数与各分项数值之和尾数不符的情况，均为四舍五 入所致。 1 合肥恒鑫生活科技股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明 合肥恒鑫生活科技股份有限公司 上市公告书 特别提示 合肥恒鑫生活科技股份有限公司（以下简称"恒鑫生活"、"发行人"、"公 司"、"本公司"）股票将于 2025 年 3 月 19 日在深圳证券交易所创业板上市。 创业板公司具有业绩不稳定、经营风险高、退市风险高等特点，投资 ...

北京海润天睿律师事务所 | 一、本次发行上市的批准和授权 | 3 | | --- | --- | | 二、发行人本次发行上市的主体资格 | 4 | | 三、本次发行上市的实质条件 | 4 | | 四、本次发行上市的保荐机构和保荐代表人 | 5 | | 五、发行人及相关责任主体出具的承诺及约束措施 | 6 | | 六、结论性意见 | 6 | 关于合肥恒鑫生活科技股份有限公司 首次公开发行股票并在深圳证券交易所创业板上市的 法律意见书 中国·北京 朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 邮政编码：100022 电话：(010)65219696 传真：(010)88381869 法律意见书 北京海润天睿律师事务所 首次公开发行股票并在深圳证券交易所创业板上市的 法律意见书 致：合肥恒鑫生活科技股份有限公司 根据合肥恒鑫生活科技股份有限公司（以下简称"发行人"）与北京海润天 睿律师事务所（以下简称"本所"）签订的法律服务协议，本所接受发行人委托， 担任发行人本次公开发行股票并在深圳证券交易所（以下简称"深交所"）创业 板上市（以下简称"本次发行上市"）事宜的专项法律顾问。 关于合肥恒鑫生活科 ...

华安证券股份有限公司 关于 合肥恒鑫生活科技股份有限公司 首次公开发行股票并在创业板上市 之 上市保荐书 保荐机构（主承销商） （住所：安徽省合肥市滨湖新区紫云路 1018 号） 合肥恒鑫生活科技股份有限公司 上市保荐书 声明 华安证券股份有限公司及具体负责本次证券发行项目的保荐代表人已根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》、《首 次公开发行股票注册管理办法》（以下简称"《注册管理办法》"）、《深圳证 券交易所创业板股票上市规则》（以下简称"《创业板股票上市规则》"）等有 关法律、行政法规和中国证监会、深圳证券交易所的有关规定，诚实守信，勤勉 尽责，严格按照依法制订的业务规则和行业自律规范出具上市保荐书，并保证所 出具文件真实、准确、完整。 如无特别说明，本上市保荐书中的相关用语具有与《合肥恒鑫生活科技股份 有限公司首次公开发行股票并在创业板上市招股说明书》中相同的含义。 1 | 声明 1 | | --- | | 目录 2 | | 一、发行人基本情况 3 | | 二、发行人本次发行情况 18 | | 三、 ...

Company Overview - Hefei Hengxin Life Technology Co., Ltd. is set to launch its initial public offering (IPO) and will be listed on the Shenzhen Stock Exchange's ChiNext board on March 19, 2025 [1] - The company will issue 25.50 million shares, accounting for 25.00% of the total share capital post-IPO [3] IPO Details - The IPO price is set at 39.92 CNY per share, which is below the average static price-to-earnings (P/E) ratio of 20.68 for the paper and paper products industry as of March 3, 2025 [3][6] - The total share capital after the IPO will be 102 million shares [5] Industry Context - The company operates in the "C22 Paper and Paper Products Industry" as classified by the China Listed Companies Association [3] - The average static P/E ratio for comparable A-share listed companies in the same industry is reported to be 37.91 [6]