A well-known insulation cup OEM, the largest customer (51% of revenue) from the U.S. PMI, the latter since 2020 to become the exclusive operator of cup and jug products in the North American market of Starbucks.

Anxin Securities said the company's big increase in performance is benefited from the devaluation of the RMB and the high demand for insulation cups in the US.

U.S. insulation cup import volume increased greatly.

According to the research data, the United States in the first half of the insulation cup imports of 680 million U.S. dollars, an increase of more than 124% year-on-year, reaching a record high.

In addition CEIC data show that in July and August, the United States single month insulation cup imports are 130 million U.S. dollars, year-on-year growth of 90% and 100%.

It respectively indicate that the United States insulation cup demand remains strong.

U.S. insulation cup demand surge, mainly due to the outdoor industry is highly mature, the steady growth of activity participation.

According to the latest statistics from the NPD Group, sales of water bottles and insulated containers in the U.S. grew 30% year-over-year in the last year to May 2022, second only to camping chairs in terms of growth rate.

Long-term long-distance commuting lifestyle and the need to keep drinks cold has created the U.S. favor of insulated cups.

As they gradually end the home office back to the company, the steady development of outdoor activities will promote the continued penetration of insulated cups in different use scenarios.

Through measures such as hedging and negotiating price adjustment with end customers, leading cup and pot manufacturers maintained stable gross margin performance against the background of rising raw material prices in 2021.

While the fall in raw material prices in the first half of 2022 was more favorable to the gross margin performance of manufacturers.

Outdoor tour boom continues to catalyze.

So far during the year, countries also gradually set off the outdoor tour boom, the most familiar is the surge in sales of camping-related goods, tent sales doubled year-on-year.

In fact, insulation cup is also one of the beneficiary species.

According to relevant data, since October, the sales of insulation cups rose by more than 30% year-on-year.

As the season turns to autumn, the temperature falls back more suitable for outdoor activities, related consumption vitality will be expected to continue to maintain.

Insulated cups and pots as a necessary equipment for long outdoor activities, will also be able to boom with the boom in outdoor activities.

Coffee consumption in various countries is steadily rising trend, and thermal insulation cup as a peripheral product of coffee consumption.

It will gain more attention with the continuous penetration of coffee consumption.

Mainly reflected in

1. Coffee shop penetration has improved the opportunity for consumers to contact insulation cups and coffee cups.

2. The environmental problems of disposable cups brought about by rising consumption will guide the development of consumption habits to bring their own cups.