Core Viewpoint - The packaging and printing sector experienced a slight increase of 0.16% on October 24, with Jiahe Technology leading the gains. The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1]. Group 1: Market Performance - The packaging and printing sector rose by 0.16% on the previous trading day [1]. - The Shanghai Composite Index increased by 0.71%, closing at 3950.31 [1]. - The Shenzhen Component Index saw a rise of 2.02%, closing at 13289.18 [1]. Group 2: Capital Flow - The packaging and printing sector saw a net inflow of main funds amounting to 62.20 million yuan [2]. - Retail investors experienced a net outflow of 50.51 million yuan [2]. - Speculative funds had a net outflow of 11.69 million yuan [2].

Core Viewpoint - The article highlights the growth and transformation of Kunshan Jiahe Paper Products Technology Co., Ltd. (Jiahe Technology) since its listing on the Beijing Stock Exchange, emphasizing its commitment to becoming a creative, intelligent, and sustainable packaging solution provider through digital and intelligent upgrades [5][8]. Group 1: Company Development - Jiahe Technology focuses on paper packaging and display products, having established itself as a listed company since December 30, 2022 [5]. - The company aims to meet the increasing demand for intelligent packaging and comprehensive packaging solutions from well-known brand clients, which requires higher technical standards in product development and production operations [5][6]. - The company has faced challenges in the past, such as outdated printing technology, which hindered its ability to meet high-end market demands [6]. Group 2: Technological Advancements - Jiahe Technology has made strategic choices to serve high-end clients, leading to continuous technological research and intelligent upgrades that create a solid competitive barrier [6]. - The company’s core technological pillars include structural design, color management, and structural performance testing, with a focus on maintaining color consistency across production batches [6][7]. - The establishment of the subsidiary, Guangde Jialian Packaging Technology Co., Ltd., marks a new phase in Jiahe Technology's intelligent transformation, featuring advanced logistics systems and automated production lines [7]. Group 3: Market Expansion and Financial Performance - Jiahe Technology has built long-term stable partnerships with major brands like Walmart and Home Depot, leveraging its one-stop solution capabilities [8]. - In 2024, the company acquired a 26% stake in Vietnam Lisheng Packaging Co., Ltd., which has become a key overseas subsidiary, contributing to a 3004.82% year-on-year increase in export revenue [8][9]. - The company recognizes that mergers and acquisitions can accelerate growth, and it is open to evaluating synergistic opportunities in the future [9]. Group 4: Capital Market Impact - The listing on the Beijing Stock Exchange has enhanced Jiahe Technology's brand credibility and recognition, providing a broader financing channel [9]. - The company plans to utilize capital markets for resource optimization and to expand its operational scale and market share [9].

Core Insights - The article highlights the growth and transformation of Kunshan Jiahe Paper Products Technology Co., Ltd. (Jiahe Technology) since its listing on the Beijing Stock Exchange on December 30, 2022, aiming to become a creative, intelligent, and sustainable packaging solution provider [2][6] - The company is focusing on digitalization and intelligence to enhance service breadth and depth, while improving operational efficiency [2][3] Group 1: Company Development - Jiahe Technology has faced challenges in meeting high-end customer demands due to outdated printing technology, prompting a strategic focus on high-end clients and differentiation [3] - The company has established three core technological pillars: structural design, color management, and structural performance testing, which help maintain brand image consistency and optimize production costs [3][4] - The new factory of Jiahe Technology's wholly-owned subsidiary, Guangde Jialian Packaging Technology Co., Ltd., features advanced intelligent logistics systems and automated production lines, marking a significant step in the company's smart transformation [3] Group 2: Digital Transformation - Jiahe Technology is enhancing digital transformation through information system sharing with suppliers and customers, and has developed MES and CRM systems in collaboration with third-party teams [4] - The company is also migrating its ERP system data to the cloud in partnership with Huawei Cloud [4] Group 3: Market Expansion and Capital Strategy - Over its 24 years, Jiahe Technology has built long-term partnerships with major brands like Walmart and Home Depot, and in 2024, it acquired a 26% stake in Vietnam-based Lisheng Packaging, marking its overseas expansion [5] - The company reported a 3004.82% year-on-year increase in overseas sales revenue, with the Vietnam subsidiary becoming a key growth driver [5] - Following its listing, Jiahe Technology has gained greater recognition, enhancing its brand credibility and aiming to optimize resource allocation through capital markets [6]

Core Viewpoint - The packaging and printing sector experienced a slight decline of 0.24% on September 30, with Jiahe Technology leading the drop, while the overall market indices showed positive movements with the Shanghai Composite Index rising by 0.52% and the Shenzhen Component Index increasing by 0.35% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3882.78, up 0.52% [1]. - The Shenzhen Component Index closed at 13526.51, up 0.35% [1]. - The packaging and printing sector's performance was mixed, with individual stocks showing varying degrees of increase and decrease [1]. Group 2: Individual Stock Performance - Yinglian Co., Ltd. (002846) saw a significant increase of 4.41%, closing at 19.40 [1]. - Yongji Co., Ltd. (603058) increased by 2.68%, closing at 9.95 with a trading volume of 158,200 shares [1]. - Shanghai Ailing (301062) rose by 2.26%, closing at 8.58 with a trading volume of 105,700 shares [1]. - New Hongze (002836) increased by 2.08%, closing at 9.81 with a trading volume of 183,400 shares [1]. - Xianggang Technology (665E09) rose by 1.97%, closing at 17.60 with a trading volume of 47,400 shares [1]. - Yutong Technology (002831) increased by 1.63%, closing at 27.39 with a trading volume of 54,900 shares [1]. - Wangzi New Materials (002735) rose by 1.03%, closing at 14.70 with a trading volume of 162,400 shares [1]. - Global Printing (002799) increased by 1.00%, closing at 8.08 with a trading volume of 60,700 shares [1]. - Hongbo Co., Ltd. (002229) saw a slight increase of 0.35%, closing at 17.05 with a trading volume of 155,900 shares [1]. - Xiyue Zhixing (301198) also increased by 0.35%, closing at 11.46 with a trading volume of 41,600 shares [1]. Group 3: Capital Flow - The packaging and printing sector experienced a net outflow of 83.71 million yuan from main funds, while retail funds saw a net inflow of 29.78 million yuan [3]. - Speculative funds recorded a net inflow of 53.93 million yuan into the sector [3].

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、募集资金基本情况 2022 年 12 月 6 日，中国证券监督管理委员会出具《关于同意昆山佳合纸制 品科技股份有限公司向不特定合格投资者公开发行股票注册的批复》（证监许可 【2022】3072 号），同意昆山佳合纸制品科技股份有限公司（以下简称"公司" 或"本公司"）向不特定合格投资者公开发行股票的注册申请。2022 年 12 月 26 日，北京证券交易所出具《关于同意昆山佳合纸制品科技股份有限公司股票在北 京证券交易所上市的函》（北证函【2022】284 号），经批准，公司股票于 2022 年 12 月 30 日在北京证券交易所上市。 公司通过向不特定合格投资者公开发行人民币普通股 1,500.00 万股，发行价 格 人 民 币 8.00 元 / 股 ， 募 集 资 金 合 计 120,000,000.00 元 ， 扣 除 发 行 费 用 13,468,396.22 元（不含税）后，募集资金净额为 106,531,603.78 元。募集资金已 于 2 ...

证券代码：872392 证券简称：佳合科技 公告编号：2025-115 东吴证券股份有限公司 关于昆山佳合纸制品科技股份有限公司的 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 等有关法律法规、规范性文件等的规定，东吴证券股份有限公司（以下简称 "东吴证券"或"保荐机构"）作为昆山佳合纸制品科技股份有限公司（以下简 称"佳合科技"或"公司"）的保荐机构，负责佳合科技的持续督导工作，并出 具 2025 年半年度持续督导跟踪报告。 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | 保荐机构及时审阅了公司信息披露文件。 | | 2、督导公司建立健全并有效执行规则制度 | 保荐机构督导公司建立健全规则制度，本督 | | 的情况 | 导期内，佳合科技有效执行了规则制度。 | | 3、募集资金使用监督情况 | 保荐机构定期查阅公司募集资金使用台账、 | | | 募集资金专户对账单，抽取募集资金大额支 | | | 出相关的合同及会计凭证，了解募投项目实 | | | 施进度，每半年度对公司募集资金存放和使 | | | 用情况进行 ...

Core Viewpoint - The report highlights the significant growth potential of Jiahe Technology, particularly in the Vietnamese market, with a projected increase in net profit for the first half of 2025 and a strong emphasis on digital transformation and operational efficiency [1][2][3] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 335 million yuan, representing a year-on-year growth of 38.37% [1] - The net profit attributable to shareholders was 10.36 million yuan, a decline of 51.26% year-on-year, while the net profit excluding non-recurring items increased by 73.94% to 10.23 million yuan [1] - The company maintains profit forecasts for 2025-2027, expecting net profits of 39 million, 51 million, and 65 million yuan respectively, with corresponding EPS of 0.52, 0.67, and 0.86 yuan per share [1] Group 2: Business Expansion - The main business revenue increased by 90.75 million yuan, a growth of 38.16%, primarily due to the inclusion of Vietnam Lisheng in the consolidated financial statements starting May 2024 [2] - Vietnam Lisheng, a subsidiary in which the company holds a 51% stake, operates in the same sector and is positioned to benefit from the rapid growth of the printing and packaging industry in Vietnam [2] Group 3: Digital Transformation and Strategy - The company is recognized as a "2024 Headquarters Enterprise" in Kunshan and is implementing a "stock + new expansion" dual-effect model to enhance customer base and market responsiveness [3] - A new branch in Nanjing was established to improve customer service and market development capabilities [3] - The company is advancing its digital and intelligent transformation by optimizing existing digital management systems and enhancing operational efficiency [3]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Viewpoints - The company achieved a revenue of 335 million yuan in H1 2025, representing a year-on-year growth of 38.37%. However, the net profit attributable to the parent company decreased by 51.26% to 10.36 million yuan, while the net profit after deducting non-recurring items increased by 73.94% to 10.23 million yuan. The focus on the Vietnamese market is expected to enhance the company's overall strength and market competitiveness [3][4] - The company has expanded its regional production layout by incorporating its subsidiary in Vietnam, which contributed 96.45 million yuan to the revenue in the first four months of 2025. The Vietnamese packaging industry is experiencing rapid growth, driven by the global manufacturing shift to Southeast Asia [4] - The company is implementing a "stock + new expansion" dual-effect model to promote digital and intelligent transformation, enhancing its market development capabilities and internal management processes [5] Financial Summary and Valuation Indicators - The company's projected revenue for 2025 is 735 million yuan, with a year-on-year growth of 13.3%. The net profit attributable to the parent company is expected to be 39 million yuan, reflecting a growth of 16.2% [7][10] - The earnings per share (EPS) for 2025 is estimated at 0.52 yuan, with a price-to-earnings (P/E) ratio of 76.2 times. The P/B ratio is projected to be 8.2 times [7][10] - The company is expected to maintain a gross margin of 14.7% and a net margin of 5.3% in 2025 [10]

证券代码：872392 证券简称：佳合科技 公告编号:2025-114 昆山佳合纸制品科技股份有限公司（以下简称"公司"）分别于 2025 年 7 月 14 日、2025 年 7 月 30 日召开第三届董事会第十九次会议及 2025 年第三次临时 股东会，审议通过了《关于取消监事会并修订<公司章程>的议案》。具体内容详 见公司分别于 2025 年 7 月 15 日、2025 年 7 月 31 日在北京证券交易所信息披露 平台（www.bse.cn）发布的《昆山佳合纸制品科技股份有限公司第三届董事会第 十九次会议决议公告》（公告编号：2025-071）、《昆山佳合纸制品科技股份有限 公司关于取消监事会并修订<公司章程>公告》（公告编号：2025-073）及《昆山 佳合纸制品科技股份有限公司 2025 年第三次临时股东会决议公告》（公告编号： 2025-107）。 近日，公司已在苏州市数据局办理完成公司备案登记工作，本次备案的事项 主要为《公司章程》的信息变更备案。除上述事项外，公司《营业执照》记载的 其他工商登记事项未发生变更。 二、备查文件 《登记通知书（320505000314）登字〔2025〕第 0901 ...

Core Viewpoint - Jiahe Technology announced the approval of multiple proposals during the 20th meeting of its third board of directors, indicating ongoing corporate governance activities and strategic planning [2] Group 1 - The board meeting included the review and approval of the company's proposals, which may impact future operations and strategic direction [2]