造纸行业是一个民营企业参与度较高的市场，民营企业占比约 70%。该行业主 要受市场化竞争影响，政策对其直接干预较少。历史上，造纸行业曾在 2017- 2018 年因排污许可证政策导致产能受到一定影响，但大部分企业最终获得了 许可证。因此，尽管目前没有明确的供给端政策，但整体市场情绪和价格预期 可能会因大众商品涨价情绪而改变，从而带来补库动作和需求弹性。 金属包装 行业集中度高，目前 CR3（前三大公司市场份额）已达 80%。今年（2025 年）初，第二大公司宝钢包装收购了第三大公司中粮包装，使得集中度进一步 提高。金属包装行业长期以来由于内部竞争激烈，新产能扩展导致价格迟迟未 能上涨。如果此次反内卷政策能够促使以宝钢为代表的央企进行产能调整，那 么其他公司如奥瑞金也可能积极配合，从而推动整个行业价格上升。 反内卷政策可能加速造纸和金属包装行业行情。造纸行业 2026 年起无 集中产能投放，需求端复苏成重点，有望迎来上行周期。金属包装方面， 奥瑞金和宝钢包装将受益于供给端收缩带来的价格提升。 造纸行业推荐稳健型标的太阳纸业和弹性标的九龙纸业、博汇纸业及理 文纸业。金属包装领域优先推荐奥瑞金和宝钢包装，受益于供给 ...

Overview - The demand for environmentally friendly packaging materials is increasing due to rising living standards and environmental awareness in China [1][11] - Laminated steel, known for its excellent wear resistance, corrosion resistance, moisture resistance, and aesthetic appeal, is gaining popularity among downstream customers [1][11] - The projected sales volume of laminated steel in China is expected to reach 182,600 tons by 2024, with a market size of 1.528 billion yuan [1][11] Industry Development - Laminated steel is produced by combining PP or PET films with tinplate, offering superior properties compared to traditional tinplate [2][3] - The production process of laminated steel is cost-effective, with lower material costs and energy consumption compared to traditional methods [3][5] - The industry has evolved since 2006, with domestic companies like Orijin leading the way in technology and production capacity [5][20] Supply Chain - The upstream of the laminated steel industry includes suppliers of steel substrates, plastic films, and production equipment [7] - The downstream market encompasses various sectors, including food and beverage packaging, daily chemical packaging, pharmaceutical packaging, and chemical product packaging [7] Market Demand - The food and beverage packaging sector accounts for over 60% of the laminated steel demand in China [9] - The revenue of large-scale food manufacturing enterprises in China reached 894.49 billion yuan in the first five months of 2025, indicating a growing market for laminated steel [9] Competitive Landscape - The laminated steel market in China is highly concentrated, with leading companies like Orijin and Baosteel Packaging holding over 50% market share [13][18] - New entrants face high technical and financial barriers, making it challenging to compete with established players [13] Key Players - Orijin Technology Co., Ltd. focuses on providing comprehensive packaging solutions and is expected to generate 13.67 billion yuan in revenue in 2024, with 88.66% from metal packaging products [16] - Baosteel Packaging Co., Ltd. is a leading manufacturer in the metal packaging sector, with projected revenue of 8.318 billion yuan in 2024, primarily from metal beverage cans [18] Future Trends - The demand for laminated steel is expected to grow as it finds applications in high-end sectors like electric vehicle battery casings [20] - Increasing environmental regulations and support for new material industries will drive companies to adopt more sustainable production practices [20]

尊敬的各位投资者大家好欢迎参加宝钢包装2024年度及2025年第一季度业绩说明会感谢大家长期以来对宝钢包装的信任与支持本次业绩说明会将分四个部分展开首先我将带领大家走进宝钢包装宝钢包装于2004年成立为中国宝五钢铁集团有限公司玉奇子公司属于宝五集团一级五元中的先进材料产业 成立以来宝钢包装逐渐成长为国内快速消费品金属包装领域的龙头企业国内金属包装领域的领导者和行业标准制定者之一公司始终专注于为食品饮料等快消品客户提供高质量的金属包装整体解决方案主营金属易拉罐配套易拉盖和包装彩印铁产品的生产制造服务于全球碳酸饮料啤酒品牌和国内知名茶饮料及食品企业 与国内外知名快销品牌客户建立了长期共赢的战略合作关系公司的主营业务分为金属易拉罐与包装彩印铁两大部分目前公司在中国越南柬埔寨马来西亚均有金属饮料罐业务布局搭建起了可以辐射中国和东南亚的极二片易拉罐制造销售服务网络为区域用户提供高效优质服务另外公司在河北佛山 武汉等地运营硬铁生产基地为用户提供从设计到彩印一条龙的品质服务公司具有丰富的专业积累高效的生产管理快速的服务响应创新的商业模式以及高附加值的差异化产品积累了包括青岛啤酒雪花啤酒嘉世博啤酒可口可乐百事可乐等在内的众多 ...

Industry Overview - The packaging industry in China has undergone rapid development, establishing significant production scale and becoming an essential part of the manufacturing sector [1] - The policy development of the packaging industry can be divided into three stages: initial growth before the 12th Five-Year Plan, a shift towards green packaging from 2010 to 2020, and a rapid development phase since 2021 focusing on sustainable packaging strategies and digital transformation [1] Market Share - In 2024, plastic and paper packaging combined will account for over half of the market share, with plastic packaging generating revenue of 562 billion yuan (27.19%) and paper packaging generating 547.6 billion yuan (26.50%) [3] Company Performance - Key players in the packaging industry include Shandong Pharmaceutical Glass, Double Star New Materials, and others, with diverse business layouts covering regions such as North America, Europe, Japan, and Southeast Asia [5] - Shandong Pharmaceutical Glass and Zhengchuan Co. are leading domestic glass packaging manufacturers, while companies like Dashing and Wanshun New Materials focus on paper packaging [5] Revenue Analysis - The revenue performance of major packaging companies in 2024 includes: - Jiamei Packaging: 3.2 billion yuan - Baosteel Packaging: 8.318 billion yuan - Wanshun New Materials: 657.9 million yuan - Dashing: 2.131 billion yuan [10][11] Product Categories - The packaging industry is categorized into various segments, including plastic, paper, metal, glass, and wood packaging, with representative companies in each category [9] - The industry chain is well-structured, with upstream raw material suppliers and midstream packaging manufacturers working closely together [9]

上 市 公 司 轻工制造 2025 年 06 月 30 日 宝钢包装 (601968) ——最受益于行业格局改善的纯两片罐标的 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 30 日 | | | --- | --- | --- | | 收盘价（元） | | 4.77 | | 一年内最高/最低（元） | | 6.00/4.16 | | 市净率 | | 1.3 | | 股息率%（分红/股价） | 1.55 | | | 流通 A 股市值（百万元） | | 6,085 | | 上证指数/深证成指 | 3,444.43/10,465.12 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.55 | | 资产负债率% | 48.89 | | 总股本/流通 A 股（百万） | 1,276/1,276 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-01 08-01 09-01 10-01 11-01 12-01 01-0 ...

Core Insights - The Chinese packaging industry has a long development history and has formed a mature industrial chain, with a continuous push towards green and sustainable packaging from the "11th Five-Year Plan" to the "14th Five-Year Plan" [1][3] - The government has issued multiple policies to support the packaging industry, emphasizing its importance in the national economy and its role in sustainable development [3][9] Policy Development Timeline - The packaging industry has seen a progressive focus on green packaging from the "11th Five-Year Plan" to the "14th Five-Year Plan," with specific goals set for 2025 to establish a resource-circulating industrial system [1] - Key milestones include the promotion of green packaging materials and the establishment of a comprehensive green packaging standard system by the end of 2025 [9] National Policy Summary and Interpretation - The packaging industry is supported by national policies that encompass design, production, printing, raw material supply, and machinery manufacturing, reflecting its integral role in the economy [3][4] - Recent policies include the "Interim Regulations on Express Delivery" aimed at promoting green, reduced, and recyclable packaging, and the "Action Plan to Reduce Logistics Costs" focusing on green transformation [5][6] Specific Policy Highlights - The "Action Plan for Deepening the Green Transformation of Express Packaging" aims for a comprehensive green packaging standard system by the end of 2025, with specific targets for reducing excessive packaging and increasing the use of recyclable materials [9][10] - The "Notice on Further Strengthening the Governance of Excessive Packaging" emphasizes the need for innovation in packaging design and materials to reduce waste and promote sustainability [11][12] Local Government Policies - Various provinces have introduced policies focusing on green packaging and the reduction of excessive packaging, with specific measures to enhance governance and compliance [13][14] - For example, Zhejiang Province has implemented measures to strengthen the governance of excessive packaging, while Gansu Province has focused on developing packaging design capabilities [14][16] Industry Goals and Future Directions - The "14th Five-Year Plan" outlines key actions for the green transformation of express packaging, with provinces setting specific targets for the adoption of recyclable packaging and the reduction of plastic waste [18][21] - The overall direction is towards a more sustainable packaging industry, with an emphasis on reducing material usage and enhancing recycling capabilities across the supply chain [12][21]

Meeting Details - The shareholders' meeting was held on June 24, 2025, at the conference room of Building 4, No. 333 Tongji Road, Baoshan District, Shanghai [1] - The attendance rate of ordinary shareholders and preferred shareholders with restored voting rights was 61.70% [1] - The meeting was chaired by the chairman of the board, Mr. Cao Qing, and followed the legal requirements of the Company Law and the Articles of Association [1] Voting Results - All non-cumulative voting proposals were approved with a high approval rate of 98.9554% for the A shares [1] - The voting results for the cumulative voting proposals also showed a strong majority, with 98.9568% approval for the independent director proposal [2] - All proposals received separate counting for small and medium investors [2] Legal Compliance - The lawyers confirmed that the meeting's convening and voting procedures complied with relevant Chinese laws and regulations, and the qualifications of participants were valid [3]

Group 1 - The legal opinion confirms that the convening and holding procedures of the Shanghai Baosteel Packaging Co., Ltd. shareholders' meeting comply with relevant Chinese laws and regulations as well as the company's articles of association [2][8] - The meeting utilized a combination of on-site and online voting, with the online voting period set for June 24, 2025, from 9:15 AM to 3:00 PM [4][5] - A total of 241 shareholders participated in the voting, representing 778,310,897 shares, which accounts for 61.70% of the total voting shares [6][7] Group 2 - The meeting's agenda included four proposals, with the first three requiring a special resolution and the fourth being a cumulative voting proposal [6][7] - The voting results indicated that the fourth proposal was passed by a simple majority, while the first three proposals were approved by a two-thirds majority [7][8] - The qualifications of the participants in the voting process were verified and deemed valid according to Chinese laws and the company's regulations [3][6]

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 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 关于上海宝钢包装股份有限公司 2025 年第二次临时股东大会之法律意见书 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。根据相关法律顾问协议，本所指派律师出席上海宝钢 包装股份有限公司（以下简称"宝钢包装"或"公司"）2025 年第二次临时股东大会 （以下简称"本次股东会"），并就本次股东会的召集和召开程序、参与表决和召 集会议人员的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共 ...

(二)股东大会召开的地点：上海市宝山区同济路 333 号 4 号楼会议室 证券代码：601968 证券简称：宝钢包装 公告编号：2025-026 上海宝钢包装股份有限公司 2025年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 24 日 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 241 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 778,310,897 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数（已扣除公司回购专户股份数）的比例（%） | 61.70 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长曹清先生主持会议。本次股东大会 采用现场投票和网络投票相结合的方式表决，会 ...