Core Viewpoint - The board of directors of Baosteel Packaging has approved several key resolutions during its 18th meeting of the 7th session, including performance evaluation and compensation for management, mid-term adjustments to the 2025 investment plan, and a three-year shareholder return plan [1][2][5][6]. Group 1: Board Resolutions - The board approved the performance evaluation and compensation confirmation for management members with a unanimous vote of 7 in favor [2][3]. - The mid-term adjustment of the 2025 investment plan was also unanimously approved with 9 votes in favor [5]. - A three-year shareholder return plan for 2025-2027 was approved, which will be submitted for review at the upcoming extraordinary shareholders' meeting [5][7]. Group 2: Management and Governance - The performance evaluation process for management strictly follows the relevant regulations and aims to enhance operational performance and core competitiveness [3]. - The board has revised several management systems, including the related party transaction management system and external guarantee management system, to protect investors' rights and ensure sustainable development [8]. Group 3: Upcoming Events - Baosteel Packaging will participate in the 2025 Shanghai-listed companies collective reception day and mid-term performance briefing on September 19, 2025, to engage with investors and address their concerns [10][11][12]. - The event will be held online, allowing investors to submit questions in advance for discussion during the meeting [14][15].

Group 1 - Baosteel Packaging (SH 601968) held its 18th meeting of the 7th Board of Directors on September 12, 2025, discussing the proposal to formulate or revise certain management systems [1] - For the first half of 2025, Baosteel Packaging's revenue composition was 96.79% from two-piece cans and 3.21% from tinplate business [1] - As of the report date, Baosteel Packaging's market capitalization was 6.7 billion yuan [1]

上海宝钢包装股份有限公司 未来三年（2025年-2027年）股东回报规划 上海宝钢包装股份有限公司（以下简称"公司"）为进一步健全科学、持续、稳定 的回报机制，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司监管 指引第3号——上市公司现金分红》《上海证券交易所上市公司自律监管指引第1号——规 范运作》等文件要求和《上海宝钢包装股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，制定《上海宝钢包装股份有限公司未来三年（2025年-2027年）股东回报规 划》（以下简称"本规划"）。 第一条 制定本规划的考虑因素 公司着眼于平稳、健康和可持续发展，在综合分析公司经营发展实际情况、股东意愿、 发展目标、社会资金成本、外部融资环境等因素基础上，充分考虑公司目前及未来盈利规 模、现金流量状况、发展所处阶段、项目投资资金需求、银行信贷及债权融资环境等情 况，建立对投资者科学、持续、稳定的回报机制，保持利润分配政策的连续性和稳定性。 第二条 本规划的制定原则 公司实行连续、稳定的利润分配政策，公司的利润分配应重视对投资者的合理的、稳 定的投资回报并兼顾公司的长远和可持续发展。公司现金股利政策目标为稳 ...

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"公司"）第七届董事会第十八次会 议于 2025 年 9 月 12 日采用现场结合通讯形式召开，会议通知及会议文件已于 2025 年 9 月 5 日以邮件方式提交全体董事。本次董事会会议由董事长主持，应 出席董事 9 名，实际出席董事 9 名。本次董事会会议经过了适当的通知程序，会 议召开及会议程序符合有关法律、法规及《上海宝钢包装股份有限公司章程》的 规定，会议及通过的决议合法有效。 经各位与会董事讨论，审议并形成了以下决议： 一、会议以 7 票同意、0 票反对、0 票弃权的表决结果，审议通过了《关于 经理层成员业绩评价及薪酬结算确认的议案》。 证券代码：601968 证券简称：宝钢包装 公告编号：2025-032 上海宝钢包装股份有限公司 第七届董事会第十八次会议决议公告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司监管 指引第 3 号——上市公司现金分红》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等文件要 ...

证券代码：601968 证券简称：宝钢包装 公告编号：2025-033 上海宝钢包装股份有限公司 关于参加2025年上海辖区上市公司集体接待日暨中报业 绩说明会的公告 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"公司"）已于 2025 年 8 月 28 日发 布了公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 19 日（星期五）15:00-17:00 参加 2025 年上海辖区上市公司集体接待日暨中报业绩说明会，就投资者关心的 问题进行交流。 一、说明会类型 本次业绩说明会以网络远程形式召开，公司将针对 2025 年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 19 日（星期五）15:00-17:00 （二）会议召开地点：全景路演网站 (https:/ ...

Group 1 - The core point of the announcement is the disclosure of a shareholding change by Changxia Jinshi (Wuhan) Equity Investment Fund Partnership, which reduced its stake in the company from 7.18% to 7.00% through the sale of 2,277,600 unrestricted circulating shares between July 10, 2025, and September 10, 2025 [2][3] - The shareholding change does not trigger a mandatory tender offer and is compliant with relevant laws and regulations, including the Securities Law of the People's Republic of China and the Management Measures for the Acquisition of Listed Companies [2][3] - The change in shareholding will not affect the company's controlling shareholder or actual controller, nor will it impact the company's governance structure or ongoing operations [3] Group 2 - The announcement confirms that the information provided by the company and its board of directors is accurate and consistent with the disclosures made by the information disclosure obligor [2] - The current shareholding of Changxia Jinshi and its concerted action partner, Anhui Jiaokong Jinshi M&A Fund Partnership, is derived from shares acquired through the company's asset purchase in March 2021 [2] - The company will fulfill its information disclosure obligations in a timely manner based on any future changes in shareholder holdings [3]

证券代码：601968 证券简称：宝钢包装 公告编号：2025-031 上海宝钢包装股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性公告 投资者长峡金石(武汉)股权投资基金合伙企业（有限合伙）及其一致 行动人保证向本公司提供的信息真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信 息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 7.18% | | | | 权益变动后合计比例 | 7.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否 | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否 | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | 其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适 ...

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]

Core Insights - Baosteel Packaging reported a revenue of 4.275 billion yuan for the first half of 2025, a year-on-year increase of 6.85%, with a net profit attributable to shareholders of 103 million yuan, up 9.81% year-on-year [1] - The company's second-quarter revenue reached 2.273 billion yuan, reflecting a 12.58% year-on-year growth, while the net profit for the same period was 45.19 million yuan, an increase of 20.42% year-on-year [1] - The accounts receivable as of the reporting period accounted for 1012.67% of the latest annual net profit, indicating a significant amount of receivables [1] Financial Performance - Revenue for 2024 was 4.001 billion yuan, while for 2025 it increased to 4.275 billion yuan, showing a growth of 6.85% [1] - Net profit attributable to shareholders rose from 93.39 million yuan in 2024 to 103 million yuan in 2025, marking a 9.81% increase [1] - The gross profit margin decreased to 7.09% from 7.92%, a decline of 10.54%, while the net profit margin improved to 2.67%, an increase of 3.81% [1] Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 136 million yuan, representing 3.17% of revenue, a decrease of 17.23% year-on-year [1] - The company's cash flow per share dropped significantly by 90.36% to 0.06 yuan, while the earnings per share remained stable at 0.08 yuan [1] - The company's return on invested capital (ROIC) was reported at 4.02%, indicating a relatively weak capital return performance [3] Market Position and Analyst Insights - Analysts expect the company's performance for 2025 to reach 188 million yuan, with an average earnings per share forecast of 0.15 yuan [3] - The company is held by a prominent fund manager who has recently increased their stake, indicating potential confidence in the company's future performance [3]