Core Viewpoint - The metal packaging two-piece can industry is currently at a historical low in profitability, with a gross margin in the low single digits, but has significant potential for recovery due to industry consolidation and an improved competitive landscape [1][2] Industry Overview - The two-piece can industry is characterized by stable downstream demand and cash flow, with aluminum constituting approximately 70% of production costs. The primary downstream demand comes from beer (50%-60%) and carbonated beverages (20%-30%) [2] - The CAGR for beer can demand in China from 2019 to 2024 is approximately 4%, driven by an increase in canning rates, which have risen from 21.2% in 2016 to 29.6% in 2024, still below the global average of 43.8% and developed countries' levels of 60-70% [2] Profitability and Market Dynamics - The industry is currently at a profitability bottom, with the recent consolidation expected to gradually improve profitability. The acquisition of COFCO by Orijin in January 2025 has increased the market concentration from CR4=75% to CR3=75%, with Orijin's market share approaching 40% [2][3] - Historical data shows that after the last round of consolidation from 2017 to 2019, the industry's gross margin recovered to over 10%, with leading companies achieving gross margins of 13% (Baosteel Packaging), 10% (Orijin), and 17% (COFCO Packaging) in 2019 [3] Comparison with Other Industries - The current situation in the two-piece can industry is likened to the cement industry's price increase cycle from 2016 to 2021, indicating a potential for price increases due to supply constraints, industry consolidation, and demand growth. However, the lack of a cost increase trigger is noted as a missing factor for immediate price hikes [3] - The two-piece can industry's downstream demand is less cyclical compared to the cement industry, with a steady increase in demand as canning rates rise, but the high concentration in the beer market gives downstream players relatively strong bargaining power [3]

Investment Rating - The industry rating is "Overweight" [8] Core Viewpoints - The two-piece can industry is currently at a historical low in profitability, with a gross margin in the low single digits. Compared to overseas leaders like Ball and Crown, which have gross margins around 20%, and domestic peaks in 2019 exceeding 10%, there is significant room for profit recovery. The industry is characterized by stable downstream demand and cash flow, justifying a DCF valuation approach. Key companies include Aorikin and Baosteel Packaging [5][6] - The integration of the two-piece can industry in Q1 2025 has led to an optimized competitive landscape. Following the acquisition of COFCO by Aorikin, the industry concentration increased from CR4=75% to CR3=75%, with Aorikin's market share approaching 40%. This consolidation is expected to improve profitability gradually as the industry shifts focus towards profit-oriented operations [6][36] - The demand for two-piece cans in China is projected to grow steadily, driven by an increase in the canning rate, which has risen from 21.2% in 2016 to 29.6% in 2024, still below the global average of 43.8%. The growth is supported by the rising share of non-immediate consumption in the beer market and ongoing product premiumization [5][22][29] Summary by Sections Two-Piece Can Industry: Steady Growth in Downstream Demand - The two-piece can industry is primarily driven by stable demand from the beer and carbonated beverage sectors, with beer accounting for approximately 50-60% and carbonated drinks for 20-30% of demand. The CAGR for beer can demand in China from 2019 to 2024 is about 4% [15][22] - The canning rate in China is expected to continue increasing, with a potential demand increase of 11 million, 53 million, and 107 million cans for every 1%, 5%, and 10% increase in the canning rate, respectively [23][27] Domestic Integration Review: Significant Improvement in Profitability Post-Integration - The recent integration in the two-piece can industry has led to a notable improvement in profitability. The industry is expected to see a slowdown in capacity growth, with Aorikin planning to relocate some production lines overseas, which will enhance domestic supply-demand dynamics [36][42] - Historical data shows that after the last round of integration from 2017 to 2019, the industry saw a recovery in profitability, with gross margins for key players like Baosteel Packaging and Aorikin reaching 13% and 10%, respectively, in 2019 [44][51] Benchmarking Against Overseas Leaders: Significant Room for Profitability Recovery - Comparing with overseas leaders like Ball and Crown, which have operating margins between 12%-17% in the Americas, the domestic industry has substantial room for improvement in profitability. The market is characterized by stable demand and good cash flow, supporting higher leverage ratios [61][67] Learning from the Cement Industry: Industry Self-Regulation to Drive Margin Recovery - The cement industry experienced a price recovery from 2016 to 2021, driven by supply-side policies and stable downstream demand. Similar conditions are emerging in the two-piece can industry, with potential for price increases as supply constraints and industry consolidation take effect [71][72][86]

证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为4.02%，资本回报率不强。去年的净 利率为2.3%，算上全部成本后，公司产品或服务的附加值不高。从历史年报数据统计来看，公司上市 以来中位数ROIC为5.55%，投资回报一般，其中最惨年份2016年的ROIC为2.1%，投资回报一般。公司 历史上的财报非常一般(注：公司上市时间不满10年，上市时间越长财务均分参考意义越大。)。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为23.37%)建议关注公司应收账款 状况(应收账款/利润已达1012.67%) 分析师工具显示：证券研究员普遍预期2025年业绩在1.88亿元，每股收益均值在0.15元。 该公司被1位明星基金经理持有，该明星基金经理最近还加仓了，持有该公司的最受关注的基金经理是 金元顺安基金的缪玮彬，在2024年的证星公募基金经理顶投榜中排名前五十，其现任基金总规模为 13.50亿元，已累计从业8年258天。 据证券之星公开数据整理，近期宝钢包装(601968)发布2025年中报。截至本报告期末，公司营业总收入 42.75亿元，同比上升6.85%，归母净利润1.03亿元，同比 ...

8月28日晚间，两片罐包装龙头宝钢包装(601968)发布2025年半年度报告，公司报告期内业绩稳步增 长：营业总收入42.75亿元，同比增长6.85%，其中二片罐收入同比增长8.67%；归母净利润1.03亿元， 同比增长9.81%，扣非归母净利润1.00亿元，同比增长13.68%。 SW金属包装行业7家上市公司中，截至8月27日晚间已有4家披露半年报，另有3家前期披露了半年度业 绩预告，其中仅有宝钢包装为营业收入、（扣非前/后）归母净利润均保持正增长的公司。正如申万宏 源在此前研报中指出，两片罐供需格局改善，主要玩家盈利能力底部修复，宝钢包装是最受益于行业格 局改善的纯两片罐标的。 公告显示，公司产品包括金属两片罐及配套易拉盖、包装印铁产品和新材料包装等，是国内快速消费品 高端金属包装领域的领导者和行业标准制定者之一。近年来，随着我国居民生活水平的不断提升和国民 经济的稳步增长，金属包装行业的需求持续上升。与此同时，2024年开始业内主要玩家持续整合行业格 局，行业集中度再提升，倒逼中小厂商出清，券商普遍看好行业竞争格局不断优化带来的两片罐企业盈 利能力改善机会。 公司业绩提速，印证了券商的预判。作为金属包 ...

宝钢包装(601968.SH)披露2025年半年度报告，报告期公司实现营收42.75亿元，同比增长6.85%;归母净 利润1.03亿元，同比增长9.81%;扣非净利润9971万元，同比增长13.68%;基本每股收益0.08元。 ...

FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86- 21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 HKRI Taikoo Hui Shanghai, PRC 上海市方达律师事务所 关于上海宝钢包装股份有限公司 注销 2021 年股票期权激励计划部分已授予股票期权的法律意见书 致：上海宝钢包装股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法律 执业资格的律师事务所。根据上海宝钢包装股份有限公司（以下简称"宝钢包装" 或"公司"）的委托，本所担任宝钢包装 2021 年股票期权激励计划（以下简称"激 励计划"或"本次计划"）项目的特聘专项法律顾问，就公司本次注销激励计划项 下部分已授予股票期权（以下简称"本次注销"）的相关事项出具本法律意见书。 本所依据《中华人民共和国证券法》 （以下简称" 《证券法》"）、 《中华人民共 和国公司法 ...

Summary of Key Points Core Viewpoint - The company Shanghai Baosteel Packaging Co., Ltd. is renewing its financial service agreement with Baowu Group Finance Co., Ltd. to optimize financial management, expand financing channels, and reduce financing costs and risks [1][5]. Group 1: Overview of Related Transactions - The renewal of the financial service agreement constitutes a related transaction as both companies are controlled by China Baowu Steel Group Co., Ltd. [1][2]. - The financial service agreement aims to provide various financial services, including settlement and deposit services, to the company [3][4]. Group 2: Financial Status of Baowu Group Finance Co., Ltd. - As of December 31, 2024, Baowu Group Finance Co., Ltd. had total assets of 839.66 billion CNY, total liabilities of 739.48 billion CNY, and total equity of 100.19 billion CNY, with an operating income of 18.52 billion CNY and a profit of 2.03 billion CNY [2]. - By June 2025, the financial company reported total assets of 688.13 billion CNY, total liabilities of 585.04 billion CNY, and total equity of 103.09 billion CNY, achieving an operating income of 7.71 billion CNY and a profit of 4.00 billion CNY [2]. Group 3: Main Content of the Financial Service Agreement - The agreement includes services such as opening settlement accounts, providing payment and collection services, and offering deposit services with interest rates not lower than the average rates of major domestic banks [3][4]. - The maximum daily deposit balance for the company at the financial institution is set at 600 million CNY [4]. - The financial company will provide comprehensive credit services, including loans and bill acceptance, at preferential rates based on market conditions [4][5]. Group 4: Pricing Policy and Impact - The pricing for deposits and credit services will be based on the benchmark rates set by the People's Bank of China and negotiated between the parties, ensuring fairness and reasonableness [5]. - The financial services provided are expected to enhance the company's financial management and will not adversely affect its financial status or independence [5][6]. Group 5: Approval Process - The renewal of the financial service agreement has been approved by the company's board of directors, with related directors abstaining from voting, and will be submitted for shareholder approval [6][7].

证券代码：601968 证券简称： 宝钢包装 公告编号：2025-030 《关于上海宝钢包装股份有限公司 2021 年股票期权激励计划的批复》，中国宝武 钢铁集团有限公司原则同意公司实施 2021 年股票期权激励计划及公司实施 2021 年股票期权激励计划的业绩考核目标。 于公司 2021 年股票期权激励计划（草案）及摘要的议案》 《关于公司股票期权激 励计划实施考核管理办法的议案》及其他相关议案。公司对股票期权激励计划内 幕信息知情人买卖公司股票情况进行了自查，未发现相关内幕信息知情人存在利 用内幕信息买卖公司股票的行为。 上海宝钢包装股份有限公司 关于注销 2021 年股票期权激励计划部分已授予的股票期 权的公告 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。 上海宝钢包装股份有限公司（以下简称"宝钢包装"或"公司"）于 2025 年 8 月 27 日召开第七届董事会第十七次会议，审议通过了《关于注销 2021 年股 票期权激励计划部分已授予的股票期权的议案》，具体事项说明如下： 一、股票期权激励计划已履行的决策程序和信息 ...

格隆汇8月27日丨宝钢包装(601968.SH)公布2025年半年度报告，报告期实现营业收入42.75亿元，同比增 长6.85%；归属于上市公司股东的净利润1.03亿元，同比增长9.81%；归属于上市公司股东的扣除非经常 性损益的净利润9970.71万元，同比增长13.68%；基本每股收益0.08元。 ...

上海宝钢包装股份有限公司 内幕信息知情人登记管理制度 （2025年8月修订） 2.1 内幕信息的范围包括但不限于： 2.1.1 公司经营方针和经营范围的重大变化； 2.1.2 公司重大投资行为，公司在一年内购买、出售重大资产超过公 司资产总额 30%； 2.1.3 公司重大权益变动和重大股权结构变动； 1 总则 1.1 为规范上海宝钢包装股份有限公司（以下简称"公司"）内幕信息 管理，维护信息披露的公平原则，保护广大投资者的合法权益，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司信息披露管理办法》《上市公司监管指 引第 5 号——上市公司内幕信息知情人登记管理制度》《上海证券交易所股 票上市规则》等有关法律法规，以及《公司章程》《上海宝钢包装股份有限 公司信息披露事务管理制度》的有关规定，结合公司实际情况，制定本制 度。 1.2 董事会为公司内幕信息知情人登记管理工作的管理机构，应当按 照本制度以及上海证券交易所相关规则要求及时登记和报送内幕信息知情 人档案，并保证内幕信息知情人档案真实、准确和完整，董事长为主要责 任人。董事会秘书及 ...