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]

Core Insights - Jiahe Technology reported a revenue of 335,312,927.17 yuan for the first half of 2025, representing a year-on-year growth of 38.37% [2] - The net profit attributable to shareholders of the listed company was 10,357,615.84 yuan, showing a year-on-year decline of 51.26% [2] Financial Performance - Revenue for the first half of 2025 reached 335.31 million yuan, up from the previous year by 38.37% [2] - Net profit for the same period was 10.36 million yuan, down 51.26% compared to the previous year [2]

证券代码：872392 证券简称：佳合科技 公告编号：2025-113 昆山佳合纸制品科技股份有限公司 2025 年半年度募集资金存放、管理与实际使用情况的专项报告 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 （一）实际募集资金净额、资金到位时间 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 ...

2.会议召开地点：昆山开发区环娄路 228 号 公司会议室 证券代码：872392 证券简称：佳合科技 公告编号：2025-110 昆山佳合纸制品科技股份有限公司 第三届董事会第二十次会议决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 8 月 25 日 3.会议召开方式：现场及通讯方式 4.发出董事会会议通知的时间和方式：2025 年 8 月 15 日以书面方式发出 5.会议主持人：董事长董洪江先生 6.会议列席人员：董事会秘书及其他高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开和议案审议程序等方面符合《公司法》及《公司章程》 有关规定，表决结果合法有效。 （二）会议出席情况 会议应出席董事 8 人，出席和授权出席董事 8 人。 董事陈玉传、张毅、阮凤娥、独立董事许冬冬因工作原因以通讯方式参与表 决。 二、议案审议情况 （一）审议通过《关于公司<2025 年半年度报告>及其摘要的议案》 4. ...

Market Trends - The online sales proportion of small home appliances in China increased from 68% in 2020 to 79% in 2024, while offline retail sales of kitchen appliances are expected to decline by 9.1% year-on-year in 2024[2] - The small home appliance market in China is projected to reach a scale of 539.2 billion yuan by 2027[20] - In the first five months of 2025, the sales revenue of small home appliances reached 61.5 billion yuan, with a growth rate of 16.1%[24] Policy Impact - The "old for new" policy in the appliance sector has expanded to include 12 categories, stimulating market recovery and showing significant consumer potential[24] - In 2025, the total sales of the home appliance market reached 402.2 billion yuan, reflecting a year-on-year growth of 12.7%[24] Stock Performance - The median stock price change for consumer service stocks on the Beijing Stock Exchange was +4.34% from August 18 to August 22, 2025, with 95% of companies experiencing an increase[42] - The total market capitalization of consumer service companies rose from 118.94 billion yuan to 126.47 billion yuan during the same period[45] Valuation Metrics - The median price-to-earnings (P/E) ratio for consumer service companies increased from 50.4X to 52.3X[44] - The median P/E ratio for the broader consumer sector rose by 10.32% to 79.7X[51]

Group 1 - Jiahua Technology (872392) experienced a significant increase of 20.08% in stock price, with a trading volume of 1.94 billion yuan and a price fluctuation of 30.15% on the day [2] - The stock was listed on the Longhu list due to its daily price increase and fluctuation, with a total net selling amount of 14.18 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 90.31 million yuan, with a buying amount of 38.06 million yuan and a selling amount of 52.25 million yuan, resulting in a net selling of 14.18 million yuan [2] Group 2 - The largest buying brokerage was China Galaxy Securities, Beijing Wangjing Securities seat, with a buying amount of 13.51 million yuan, while the largest selling brokerage was Dongfang Caifu Securities, Lhasa Tuanjie Road No. 2 seat, with a selling amount of 18.62 million yuan [2] - Over the past six months, the stock has appeared on the Longhu list five times, with an average price increase of 3.78% the day after being listed and an average decrease of 0.81% over the following five days [2]

Market Overview - The packaging and printing sector rose by 0.87% on August 20, with Jiahe Technology leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Key Stocks Performance - Jiahe Technology (872392) closed at 42.75, up 20.08% with a trading volume of 46,900 lots and a transaction value of 194 million [1] - Meiyinglin (002303) closed at 4.38, up 5.29% with a trading volume of 696,100 lots and a transaction value of 29.86 million [1] - Xintonglian (603022) closed at 10.87, up 4.62% with a trading volume of 316,600 lots and a transaction value of 344 million [1] - Other notable performers include Baixinglong (833075) up 4.28%, Jinghua Laser (603607) up 4.27%, and Baosteel Packaging (601968) up 4.07% [1] Capital Flow Analysis - The packaging and printing sector experienced a net outflow of 288 million from institutional investors, while retail investors saw a net inflow of 295 million [2][3] - The main capital inflow was observed in Jinghua Laser with a net inflow of 71.21 million, while New Tonglian had a net inflow of 32.83 million [3] - Conversely, significant outflows were noted in several stocks, including New Tonglian and Meijusen, indicating a mixed sentiment among investors [3]

Policy Impact - The "Two New" policy has effectively promoted consumption and investment, driving related product sales exceeding 1.6 trillion yuan in 2025[2] - The scope of the old-for-new policy has expanded in 2025, with a total sales amount from five categories (automobiles, home appliances, digital products, home decoration, and electric bicycles) surpassing 1.6 trillion yuan by June 2025, exceeding the 2024 sales figures[5] Market Performance - The median market value change for consumer service stocks on the Beijing Stock Exchange was -2.21% from July 28 to August 1, 2025, with only 22% of companies experiencing an increase[2] - The total market capitalization of consumer service companies decreased from 123.5 billion yuan to 120.6 billion yuan during the same period[41] Sector Analysis - The median price-to-earnings (P/E) ratio for consumer service stocks rose from 52.1X to 53.5X[36] - The median P/E ratio for the broader consumer sector decreased from 72.9X to 72.6X, indicating a slight contraction in valuation[39] Company Highlights - Taihu Snow reported a 70% year-on-year increase in net profit for the first half of 2025, with revenue reaching approximately 280.82 million yuan, a 17.75% increase[2] - A total of 63 companies on the Beijing Stock Exchange are identified as beneficiaries of the "Two New" policy, with 10 in the equipment update category and 53 in the old-for-new category[29]