行业日报 | 北交所 缩量微跌，关注商业航天及消费主线 北交所市场点评——20251218 核心结论 行情回顾：1）指数层面：12 月 18 日北证 A 股成交金额达 215.3 亿元，较 上一交易日减少 18.36 亿元，北证 50 指数收盘价为 1431.71，下跌 0.51%， PE_TTM 为 60.14 倍。北证专精特新指数收盘价为 2419.74，上涨 0.18 %。 2）个股层面：当日北交所 286 家公司中 97 家上涨，5 家平盘，184 家下跌。 其中涨幅前五的个股分别为：驰诚股份（30.0%）、星辰科技（30.0%）、 鹿得医疗（18.5%）、泓禧科技（14.7%）、柏星龙（11.5%）；跌幅前五 的个股分别为：美之高（-8.0%）、志晟信息（-7.0%）、*ST 广道（-6.1%）、 戈碧迦（-5.8%）、华信永道（-4.7%）。 新闻汇总：1）市场监管总局：综合整治"内卷式"竞争，推动形成优质优 价、良性竞争的市场秩序：市场监管总局召开会议，会议要求，要加力推进 全国统一大市场建设，强化公平竞争治理，推动经济循环畅通。要综合整治 "内卷式"竞争，推动形成优质优价、良性竞争的市场秩序； ...

Investment Rating - The report indicates a neutral investment rating for the consumer service sector on the Beijing Stock Exchange, with a median stock price change of -1.83% for the week ending December 5, 2025 [2][36]. Core Insights - The integration of artificial intelligence (AI) into the consumer sector is expected to create new growth opportunities. The government has issued policies to promote AI applications across various consumer goods, aiming to enhance service consumption and foster new product consumption models [3][6][10]. - The consumer market is transitioning from scale expansion to quality and efficiency, driven by AI innovations that enhance user experience and operational efficiency [7][10]. - The report highlights significant growth in AI-related consumer products, such as smart wearables, AI toys, and AI applications in retail and e-commerce, indicating a robust market potential [17][22][30][34]. Summary by Sections 1. AI and Consumer Integration - AI is expected to drive innovation in consumer scenarios and business models, creating a virtuous cycle of consumption-driven economic growth [3][7]. - The government has outlined key actions to integrate AI into consumer services, including the development of smart home devices and AI-driven entertainment products [6][10]. 2. Market Performance - As of December 5, 2025, 27% of consumer service companies on the Beijing Stock Exchange saw stock price increases, with a median market capitalization change of -1.83% [36][38]. - The median price-to-earnings (P/E) ratio for consumer service companies decreased from 46.4X to 45.2X, while total market capitalization rose from 1093.85 billion to 1096.29 billion [39][40]. 3. Industry Valuation - The median TTM P/E ratio for the broader consumer sector increased by 0.75% to 50.0X, indicating a slight upward trend in valuations [45][48]. - The P/E ratio for the food and agriculture sector decreased from 51.4X to 50.5X, while the professional services sector saw a minor decline from 26.3X to 26.2X [46][49]. 4. Company Announcements - Tianfangbiao has established a wholly-owned subsidiary in the digital economy industrial park in Quanzhou, Fujian, to enhance its operational capabilities and market competitiveness [54].

Market Overview - The packaging and printing sector increased by 0.79% on December 1, with Huayuan Holdings leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Top Gainers in Packaging and Printing Sector - Huayuan Holdings (002787) closed at 11.78, up 9.99% with a trading volume of 97,000 shares and a turnover of 112 million yuan [1] - Jinfutech (003018) closed at 22.57, also up 9.99%, with a trading volume of 69,500 shares and a turnover of 157 million yuan [1] - Tianyuan Co., Ltd. (003003) closed at 14.44, up 9.98%, with a trading volume of 90,500 shares and a turnover of 127 million yuan [1] - Shunhao Co., Ltd. (002565) closed at 8.83, up 9.96%, with a trading volume of 106,100 shares and a turnover of 93.66 million yuan [1] Top Losers in Packaging and Printing Sector - Xianggang Technology (603499) closed at 20.80, down 3.08%, with a trading volume of 110,600 shares and a turnover of 231 million yuan [2] - Yingxing Co., Ltd. (002752) closed at 6.75, down 2.32%, with a trading volume of 442,400 shares and a turnover of 29.86 million yuan [2] - Dashengda (603687) closed at 8.96, down 2.08%, with a trading volume of 107,700 shares and a turnover of 97.45 million yuan [2] Capital Flow Analysis - The packaging and printing sector experienced a net outflow of 35.51 million yuan from institutional investors, while retail investors saw a net inflow of 37.08 million yuan [2][3] - Huayuan Holdings had a net inflow of 35.51 million yuan from institutional investors, while it faced a net outflow of 16.45 million yuan from retail investors [3] - Tianyuan Co., Ltd. saw a net inflow of 42.03 million yuan from institutional investors, with a net outflow of 21.05 million yuan from retail investors [3]

Group 1 - The "Implementation Plan" proposes to form three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027, focusing on consumption upgrades to lead industrial upgrades and better meet diverse demands [5][6][10] - The total number of consumer goods in China has reached 230 million, with over 100 categories such as home appliances, furniture, and clothing being the largest in global production [9][10] - The plan identifies key consumption areas including elderly products, smart connected vehicles, and consumer electronics, which are expected to show strong growth momentum and development potential [10][18] Group 2 - The median price-to-earnings (P/E) ratio for the North Exchange's consumer service stocks is -0.48%, with notable increases in stock prices for companies like Zhu Laoliu (+8.30%) and Thunder Technology (+7.46%) [35][41] - The total market capitalization of consumer service companies on the North Exchange decreased from 1097.59 billion to 1093.85 billion, with a median market cap drop from 19.44 billion to 18.97 billion [37][43] - The median TTM P/E ratio for the broader consumer industry decreased from 51.7X to 49.7X, indicating a slight decline in valuation [45][46] Group 3 - Jinbo Bio received a Class D medical device registration certificate in the Philippines, marking a significant achievement for China's high-end implantable medical devices in the international market [54][57] - The report highlights several companies related to the key consumption areas mentioned in the "Implementation Plan," including health products (Yicheng Konjac), cultural IP (Baixinglong), pet food (Lusi Co.), smart home (Shisheng Intelligent), and consumer electronics (Thunder Technology) [33][34]

证券代码：920075 证券简称：柏星龙 公告编号：2025-128 深圳市柏星龙创意包装股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 √其他 二、 投资者关系活动情况 活动时间：2025 年 11 月 20 日至 2025 年 11 月 21 日 活动地点：（1）线上集体接待日活动于全景网"投资者关系互动平台" （http://ir.p5w.net）召开；（2）线下分析师会议于上海金茂君悦大酒店召开。 参会单位及人员：（1）线上参会为网络方式参加 2025 年度深圳辖区上市公 司投资者网上集体接待日的投资者；（2）线下分析师会议为申万宏源证券、红塔 证券、中泰证券、晨鸣私募基金、浙江国信投资、乐世资本、上海艾叶私募基金 管理有限公司。 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 √分析师会议 □路演活动 上市公司接待人员： （1）线上集体接待日活动接待人员为： 公司董事长：赵国义先生； 公司副董事长、总裁：赵国祥先 ...

持股 5%以上及员工持股平台股东减持股份结果公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股 | | --- | --- | --- | --- | --- | | | | （股） | （%） | 股份来源 | | 深圳市柏星龙创意投资合伙企业 | 员工持股平台 | 2,500,000 | 3.86% | 北交所上 | | （有限合伙） | | | | 市前取得 | | 深圳市柏星龙投资有限责任公司 | 持股 5%以上股东、 | 3,417,500 | 5.27% | 北交所上 | | | 员工持股平台 | | | 市前取得 | 一、 减持主体减持前基本情况 证券代码：920075 证券简称：柏星龙 公告编号：2025-127 深圳市柏星龙创意包装股份有限公司 注：柏星龙创意投资、柏星龙投资系公司实际控制人赵国义之一致行动人。本次股份减持中， 公司控股股东、实际控制人赵国义及其一致行动人赵国祥、赵国忠与公司董事、高级管理人 员均不存在通过柏星龙创意投资 ...

证券代码：920075 证券简称：柏星龙 公告编号：2025-125 深圳市柏星龙创意包装股份有限公司 信息披露义务人保证除本报告书披露的信息外，没有通过任何其他方式增加或减 少其在上市公司中拥有权益的股份。 上市公司名称：深圳市柏星龙创意包装股份有限公司 股票上市地点：北京证券交易所 简式权益变动报告书 信息披露义务人及其主要负责人保证公告内容的真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 股票简称：柏星龙 股票代码：920075 信息披露义务人 1：深圳市柏星龙创意投资合伙企业（有限合伙） 执行事务合伙人：赵国义 住所和通讯地址：深圳市罗湖区南湖街道嘉北社区迎春路 12 号海外联谊大厦 2722 权益变动性质：股份减少 信息披露义务人 2：深圳市柏星龙投资有限责任公司 法定代表人：赵国义 住所和通讯地址：深圳市罗湖区南湖街道嘉北社区迎春路 12 号海外联谊大厦 2722 权益变动性质：股份减少 签署日期：2025 年 11 月 信息披露义务人声明 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗 漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 | . | | - ...

证券代码：920075 证券简称：柏星龙 公告编号：2025-124 （一）信息披露义务人基本情况 | 1.基本情况 | | | --- | --- | | 信息披露义务人 | 柏星龙创意投资、柏星龙投资 | 深圳市柏星龙创意包装股份有限公司 关于控股股东、实际控制人及一致行动人股东 权益变动触及 5%整倍数的提示性公告 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。 深圳市柏星龙创意包装股份有限公司（以下简称"公司"）于 2025 年 11 月 17 日收到股东深圳市柏星龙创意投资合伙企业（有限合伙）（以下简 称"柏星龙创意投资"）、深圳市柏星龙投资有限责任公司（以下简称"柏星 龙投资"）出具的《简式权益变动报告书》。柏星龙创意投资于 2025 年 11 月 12 日至 2025 年 11 月 17 日通过集中竞价方式累计减持公司股份 134,516 股，持有公司股份比例由 3.86%减少至 3.65%。柏星龙投资于 2025 年 11 月 12 日至 2025 年 11 月 17 日通过集中竞价方式 ...

证券代码：920075 证券简称：柏星龙 公告编号：2025-126 深圳市柏星龙创意包装股份有限公司 投资者说明会预告公告 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、 说明会类型 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流。 三、 参加人员 公司董事长：赵国义先生； 公司总裁：赵国祥先生； 公司独立董事：甘权先生； 公司独立董事：刘昱熙女士； 公司董事、副总裁：苏凤英女士； 公司董事会秘书：黄海英女士； 公司财务总监：黄木辉先生。 四、 投资者参加方式 本次说明会采用网络方式召开。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，公司高管将在线就公司业绩情况、公司治理、发展战略、经营 状况、权益分派、融资计划和可持续发展等投资者所关 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's packaging business revenue has declined, putting pressure on performance, while the development of AI and trendy toy businesses has shown significant progress [5] - In Q1-Q3 2025, the company achieved operating revenue of 377 million yuan (down 16% year-on-year) and a net profit attributable to shareholders of 24.41 million yuan (down 37% year-on-year) [6] - The decline in revenue is attributed to a sluggish domestic liquor packaging market and intensified competition, leading to reduced customer orders [6] - The company is actively expanding its overseas market presence, with packaging business accounting for 92.93% of total revenue in the first half of 2025, down 10.16% year-on-year [6] - The company is enhancing its design and IP development capabilities, with its cultural and trendy toy business making rapid progress [6] Summary by Sections Financial Performance - In Q3 2025, the company reported operating revenue of 125 million yuan (down 29% year-on-year) and a net profit of 3.44 million yuan (down 71% year-on-year) [6] - The sales expense ratio was 9.06% (up 1.3 percentage points year-on-year), management expense ratio was 11.96% (up 2.3 percentage points year-on-year), and R&D expense ratio was 4.03% (up 0.3 percentage points year-on-year) [6] Revenue Forecast - The company is expected to achieve net profits of 41 million yuan, 53 million yuan, and 68 million yuan for the years 2025 to 2027, respectively [6] - The projected operating revenue for 2025 is 572 million yuan, reflecting a year-on-year decline of 3.48% [7] Market Strategy - The company is diversifying its product offerings in the domestic market, expanding into categories such as yellow wine, beer, and fruit wine, while also innovating in channels from traditional supermarkets to e-commerce and instant retail [6] - The cultural and trendy toy business is focusing on the Z generation's new consumption demands, with core original IP products entering the industrialization preparation stage [6]