Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,362,905,046.49, representing a 5.34% increase compared to CNY 2,243,063,433.79 in the same period last year[3]. - Net profit attributable to shareholders was CNY 169,266,605.02, up 7.75% from CNY 157,089,453.10 year-on-year[3]. - Basic and diluted earnings per share increased to CNY 0.112, reflecting a 7.69% growth from CNY 0.104[3]. - In Q1 2025, the company reported a net profit of CNY 177,024,707.35, an increase of 7.3% compared to CNY 164,024,919.01 in Q1 2024[16]. - The company's operating profit for Q1 2025 was CNY 214,581,511.75, up from CNY 199,108,377.17 in the same period last year, reflecting a growth of 7.4%[16]. - The total comprehensive income for Q1 2025 was CNY 172,222,132.75, compared to CNY 164,024,919.01 in Q1 2024[16]. Cash Flow - The net cash flow from operating activities improved significantly to CNY 93,075,817.62, a 162.51% increase from a negative CNY 148,901,618.88 in the previous year[3]. - The net cash flow from operating activities for Q1 2025 was CNY 93,075,817.62, a significant improvement from a negative cash flow of CNY -148,901,618.88 in Q1 2024[18]. - The net cash flow from financing activities in Q1 2025 was CNY 492,502,559.10, slightly down from CNY 517,097,902.75 in Q1 2024[20]. - The company reported a net cash outflow from investing activities of CNY -401,044,062.91 in Q1 2025, worsening from CNY -233,596,877.70 in Q1 2024[18]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 13,778,613,393.36, a 4.47% increase from CNY 13,188,777,950.03 at the end of the previous year[3]. - Total current liabilities increased to CNY 3,156,168,764.10 as of March 31, 2025, from CNY 2,621,563,947.00 at the end of 2024, indicating a rise of approximately 20.3%[23]. - Total liabilities increased to CNY 4,393,153,249.35 as of March 31, 2025, from CNY 4,085,492,136.64 at the end of 2024, representing an increase of about 7.5%[23]. - Total assets increased to CNY 9,177,517,645.94 as of March 31, 2025, up from CNY 8,842,214,326.36 at the end of 2024, representing a growth of approximately 3.8%[23]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 106,408[7]. - Shanghai Zijiang (Group) Co., Ltd. holds 395,207,773 shares, accounting for 26.06% of total shares[7]. Investment and Equity Changes - The company plans to transfer 23% equity of Zijiang New Materials Technology Co., Ltd. to Shanghai Weitai Industrial Automation Co., Ltd., which is controlled by the actual controller of the company[8]. - The cash payment method is proposed for the acquisition of approximately 40% equity of Zijiang New Materials, aiming to gain control[8]. - The company received CNY 4,911,718.32 in non-recurring gains, primarily from asset disposals and government subsidies[5]. - Investment income decreased by 57.77% due to lower returns from long-term equity investments[4]. - The company reported an investment income of CNY 39,629,038.91 in Q1 2025, a substantial increase from CNY 9,123,414.37 in Q1 2024, marking an increase of about 335.5%[25]. Research and Development - The company incurred research and development expenses of CNY 77,138,984.32 in Q1 2025, slightly down from CNY 78,550,257.39 in Q1 2024[16]. - Research and development expenses in Q1 2025 were CNY 249,135.40, significantly higher than CNY 68,472.56 in Q1 2024, showing an increase of about 264.5%[25]. Other Financial Metrics - The company reported a 32.74% decrease in advance receipts due to reduced rental income[4]. - The company's retained earnings rose to CNY 1,731,822,491.09 as of March 31, 2025, compared to CNY 1,699,821,037.46 at the end of 2024, indicating an increase of approximately 1.9%[23]. - The company has not engaged in any share lending or borrowing activities among the top 10 shareholders[8]. - The financial statements are unaudited as of the reporting date[9].

关于对外提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 被担保人名称： 2025 年 3 月 28 日-2025 年 4 月 25 日期间（以下简称"本次期间"），上海紫江企 业集团股份有限公司（以下简称"公司"）为下属控股子公司上海紫燕合金应用科技 有限公司（以下简称"紫燕合金"）和下属全资子公司上海紫丹食品包装印刷有限公 司（以下简称"紫丹食品"）提供担保。 一、担保情况概述 （一）提供担保的基本情况 证券代码：600210 证券简称：紫江企业 公告编号：临 2025-012 上海紫江企业集团股份有限公司 1、截至 2025 年 4 月 25 日，公司及下属子公司相互提供担保实际余额如下： | 担保人 | 被担保人 | | 董事会/股东大会批准的 | 截至4月25日的实际 | | --- | --- | --- | --- | --- | | | | | 最高担保金额（万元） | 担保余额（万元） | | 公司 | 下属资产负债率低于 | 70%的子公司 | 245,000.00 | 7 ...

Industry Overview - The corrugated box industry is a significant part of the packaging sector, known for its protective performance, convenient processing characteristics, and environmental advantages, widely used in food, beverage, electronics, and logistics [1][16] - China's corrugated box production has shown fluctuations, with a decline from 34.44 million tons in 2021 to 28.63 million tons in 2023, primarily due to severe inventory backlog, slow market demand recovery, and insufficient end-user demand [1][16] - Despite an increase in express delivery volumes, policies promoting reduction, standardization, and recycling of packaging have hindered effective growth in express packaging [1][16] - Production is expected to grow by 2025 as market demand recovers [1][16] Industry Chain - The upstream of the corrugated packaging industry includes paper mills providing raw materials, with fluctuations in raw paper prices significantly impacting costs and profits for corrugated product manufacturers [8] - The midstream involves the manufacturing and packaging of corrugated paper products, while the downstream includes major application markets such as food, electronics, beverages, and express delivery [8] Market Size and Growth - In 2023, China's packaging market size reached 1,153.91 billion yuan, with the paper and board container segment accounting for 268.26 billion yuan, highlighting its importance in the packaging market [14] - The corrugated packaging industry is expected to benefit from the overall growth in the paper and board production sector, which is projected to reach 15.85 million tons in 2024, a year-on-year increase of 8.6% [10] Competitive Landscape - The industry is witnessing the emergence of large-scale enterprises with advanced production technologies and economies of scale, enhancing their market competitiveness [18] - Key players in the industry include Forest Packaging Group, Xiamen Hexing Packaging, Meiyingsen Group, Shanghai Xintonglian Packaging, and Shenzhen Yutong Packaging, which are expanding their market presence through strategic growth initiatives [18][19] Development Trends - The industry is moving towards green packaging, focusing on using recycled paper to reduce reliance on new wood and lower carbon emissions [23] - Smart technologies, including IoT and AI, are being integrated into corrugated packaging to enhance product tracking, anti-counterfeiting, and data collection, improving production efficiency [24] - There is a growing demand for personalized packaging solutions, driven by advancements in digital printing technology, allowing for customized designs and small-batch production [26]

Group 1 - DeepSeek's emergence has led to a significant revaluation of Chinese technology stocks and assets, indicating a shift from a manufacturing power to a manufacturing stronghold in China [2] - The average price-to-earnings (P/E) ratio in the U.S. stock market is 1-2 times higher than that in China, presenting a global capital rebalancing opportunity [2] - The impact of DeepSeek is felt across various industries, prompting companies to explore how artificial intelligence can empower their operations and enhance valuations [2] Group 2 - The revaluation of Chinese assets also implies regaining pricing power, with listed companies needing to effectively communicate their unique market positions and values [3] - Purple River Enterprises has integrated market capitalization management into its performance assessment for 20 years, evolving from benchmarking against the CSI 300 to comparing with industry peers [3] - The company has returned 62% of its distributable profits to investors through dividends, with a proposed cash dividend of 3 yuan per 10 shares, totaling 455 million yuan, representing 56.26% of its net profit [3]

一、特种印刷行业概述 内容概况：特种印刷因其具有高获利、竞争小和成长空间大等特点，被越来越多的印刷企业看好。特种 印刷涵盖面广、承印范围大，包括印刷手工艺品、T恤、瓶体、烟包、金属制体表面、服装吊牌、PVC 卡和激光压纹标识等。近年来，中国特种印刷行业的市场规模呈现出快速增长的趋势。随着经济的发展 和人们消费水平的提高，对特种印刷产品的需求也将不断增加。数据显示，2024年中国特种印刷市场规 模约为460亿元。未来，随着中国经济的发展，卷烟、酒类、食品、医药、小家电、化妆品、智能卡等 产品市场规模的不断扩大，特种印刷行业发展前景广阔。 相关上市企业：紫江企业（600210）、盛通股份（002599）、鸿兴印刷集团（00450）、东峰集团 （601515）、合兴包装（002228）、东港股份（002117）、鸿博股份（002229）、长荣股份 （300195）、宝钢包装（601968）、嘉美包装（002969）等。 相关企业：上海易连实业集团股份有限公司等。 关键词：特种印刷、市场规模、特种纸及纸板产量、包装行业规模以上企业营业收入 | | 特种印刷的技术优势 | | --- | --- | | 优势 | 相关 ...

Core Points - The CSI 1000 Quality Index has shown a decline of 8.35% over the past month, an increase of 1.30% over the last three months, and a year-to-date decrease of 1.62% [1] - The index is composed of 100 listed companies selected from the CSI 1000 Index based on their operational stability, profitability, and quality metrics [1] - The top ten weighted companies in the CSI 1000 Quality Index include Yuxin Technology (3.39%), Dataport (3.21%), Tonghua Jinma (3.11%), and others [1] Industry Composition - The industry distribution of the CSI 1000 Quality Index shows that the healthcare sector accounts for 24.45%, industrials for 18.35%, and information technology for 14.63% [2] - Other sectors include consumer discretionary (9.77%), financials (9.69%), communication services (8.13%), and materials (5.64%) [2] - The index undergoes semi-annual adjustments, with changes implemented on the next trading day following the second Friday of June and December [2]

投资要点： 公司发布2024 年报，业绩表现超预期。2024 年实现收入106.37 亿元，同比增长16.7%；实现归母净利 8.09 亿元，同比增长44.5%；扣非净利润7.87 亿元，同比增长39.4%；2024Q4 单季收入34.49 亿元，同 比增长93.6%，归母净利润2.81 亿元，同比增长159%，扣非净利润2.68 亿元，同比增长109%。2024 年 每股派发现金股利0.3 元，分红率56.3%，对应股息率4.3%。 包装主业维持稳健增长，饮料包装毛利率改善明显。1）收入端：2024 年饮料包装、纸塑包装分别实现 收入46.60、27.13 亿元，分别同比增长5.5%、6.3%，单Q4 分别实现收入9.19、6.70 亿元，分别同比增 长22.2%、5.7%。饮料包装业务公司继续深化与可乐、百事、达能、统一等战略客户的合作，此外实现 与东鹏特饮、百岁山、菓子熟了等重点品牌客户的战略突破，并从饮料包装延申至调味包、乳制品和日 化品等领域；饮料OEM 业务表现优异，在可乐、达能、统一、曜能量等战略客户以外，拓展了三得 利、菓子熟了、喜茶、加多宝等新客户，24 年销量同比增长20%以上。2）利润端 ...

上 市 公 司 公 司 研 究 / 公 轻工制造 ——2024 年报点评：包装主业稳健增长，铝塑膜企稳改 善，业绩超预期伴随分红提升！ 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 9,116 | 10,637 | 9,802 | 10,082 | 11,494 | | 同比增长率（%） | -5.1 | 16.7 | -7.8 | 2.9 | 14.0 | | 归母净利润（百万元） | 560 | 809 | 862 | 821 | 968 | | 同比增长率（%） | -7.2 | 44.5 | 6.6 | -4.7 | 17.9 | | 每股收益（元/股） | 0.37 | 0.53 | 0.57 | 0.54 | 0.64 | | 毛利率（%） | 21.4 | 23.8 | 22.2 | 22.8 | 23.9 | | ROE（%） | 9.7 | 13.1 | 13.1 ...

Core Viewpoint - The financial report of Zijang Enterprise for 2024 shows significant growth in revenue and net profit, indicating strong performance in its core business areas, particularly in real estate and beverage packaging [1][5]. Financial Performance - Main revenue reached 10.637 billion, a year-on-year increase of 16.69% [1] - Net profit attributable to shareholders was 808 million, up 44.55% year-on-year [1] - Non-recurring net profit was 787 million, reflecting a 39.44% increase year-on-year [1] - In Q4 2024, quarterly main revenue was 3.449 billion, a substantial increase of 93.57% year-on-year [1] - Quarterly net profit attributable to shareholders was 281 million, up 159.01% year-on-year [1] - Quarterly non-recurring net profit was 268 million, a rise of 108.99% year-on-year [1] Cash Flow Analysis - Net cash flow from operating activities decreased by 63.32%, attributed to reduced cash receipts from sales [1] - Cash inflow from investment activities increased by 258.41%, due to the redemption of money market funds [1] - Cash outflow for investment activities rose by 30.94%, driven by increased payments for fixed assets and other long-term assets [1] Cost and Expense Changes - Sales expenses increased by 33.42%, primarily due to higher sales commissions in the real estate sector [5] - Management expenses rose by 7.47%, reflecting increased labor costs [5] - Financial expenses decreased by 19.79%, attributed to reduced interest payments [5] - R&D expenses grew by 6.76%, as the company enhanced its market competitiveness through increased investment in technology [5] Profitability Metrics - Gross profit margin stood at 23.8%, an increase of 11.29% year-on-year [9] - Return on equity was 13.59%, reflecting a year-on-year increase of 36.03% [9] - Earnings per share reached 0.53, up 44.44% year-on-year [9] - Net asset value per share was 4.06, a 6.80% increase year-on-year [9]

3月27日晚，紫江企业发布2024年财报，报告期内，公司实现营业收入约106.37亿元，同比增长16.69%; 归母净利润约8.09亿元，同比增长44.55%;扣非归母净利润7.87亿元，同比增长39.44%。 公司表示，业绩增长主要源于房地产业务净利润贡献大幅增加和饮料包装业务毛利率上升所带来的利润 增长。与此同时，公司2024年在饮料包装、软包与新材料产业上均在原有的经营基础上取得了新的突 破，实现了多元业务贡献业绩增长的良性发展。 核心业务拓市扩能，持续注入长期发展动能 在生产端，公司则不断加大新产线投资，以扩大生产率。2024年，公司麦当劳湖北智慧产业园内纸包装 产线、容器包装事业部的长沙东鹏产线、饮料OEM事业部和容器包装事业部华南生产基地顺利投产， 同时饮料OEM事业部和容器包装事业部西南生产基地启动开工，这也将为公司相关业务后续发展提供 稳定的产能支持，有望带动公司业绩的稳定提升。 紫江企业以包装业务为核心，在该领域布局了PET瓶及瓶坯、皇冠盖、塑料防盗盖、标签、喷铝纸及纸 板、彩色纸包装印刷、薄膜等包装材料以及饮料OEM等产品。 在此基础上，公司2024年部分业务产销量得到显著提升。容器包装事 ...