Group 1 - The core point of the announcement is that the major shareholder, Changxia Jinshi (Wuhan) Equity Investment Fund Partnership, has reduced its stake in Baosteel Packaging from 7.00% to 6.00%, which triggers a 1% threshold for equity changes [3][4]. - The reduction in shares occurred between September 11, 2025, and November 20, 2025, with a total of 12,757,800 unrestricted circulating shares being sold through centralized bidding [3][4]. - This equity change does not involve a takeover bid and will not affect the company's controlling shareholder or actual controller, nor will it impact the company's governance structure or ongoing operations [4][5]. Group 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 [4]. - The company will fulfill its information disclosure obligations based on any future changes in shareholder holdings [4].

Core Points - Baosteel Packaging announced a shareholding change due to the reduction of shares held by Changxia Jinshi and Anhui Jiaokong Jinshi from 7.00% to 6.00% [2] Summary by Category - **Shareholding Change** - Changxia Jinshi reduced its holdings by 12,757,800 shares through centralized bidding from September 11, 2025, to November 20, 2025 [2] - The combined shareholding of Changxia Jinshi and its concerted action party Anhui Jiaokong Jinshi decreased from 7.00% to 6.00%, triggering a 1% change in equity [2]

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 | 7.00% | | | | 权益变动后合计比例 | 6.00% | | | | 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 | | 证券代码：601968 证券简称：宝钢包装 公告编号：2025-043 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。 3.一致行动人信息 一致行动人名称 投资者身份 统一社会信用代码 安徽交控金石并购基 金合伙企业（有限合 伙） □ 控股股东/实控人 □ 控股股东/实控人的一致 行动人 其他直接持股股东 91340100MA2RBCBWXE □ 不适用 | | | 一、 信息披露 ...

Core Points - Baosteel Packaging (601968.SH) announced a shareholding change involving a reduction in shares held by Changxia Jinshi and Anhui Jiaokong Jinshi [1] Group 1 - The company received a notification regarding a shareholding change on November 20, 2025 [1] - Changxia Jinshi reduced its holdings by 12.7578 million shares through centralized bidding from September 11, 2025, to November 20, 2025 [1] - The combined shareholding of Changxia Jinshi and its concerted party Anhui Jiaokong Jinshi decreased from 7.00% to 6.00% [1]

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Viewpoints - The trend of packaging companies going overseas has shifted from an optional strategy to a necessary one due to intensified competition in the domestic market and changes in the international trade environment. The motivations for going overseas include responding to customer needs and industry chain shifts, as well as profit-driven and green/smart transformation initiatives. Key regions for expansion include Southeast Asia and Mexico, with a focus on light asset models and production line relocations to optimize profitability [4][5][6] Summary by Sections 1. Paper Packaging - The necessity for overseas expansion is driven by global supply chain migration and domestic low concentration leading to cost pressures. Companies are focusing on deep customer binding and local support [5][7] - Leading companies like Yutong Technology and Meiyingsen are expanding overseas, benefiting from early establishment in foreign markets and enjoying higher profit margins compared to domestic operations [21][24] - Investment recommendations include Yutong Technology and Meiyingsen for their strong overseas presence and high dividend yields, as well as Zhongxin Co. for its growth potential in Thailand [4][6][24] 2. Metal Packaging - The industry is facing pressure domestically, but overseas profitability remains strong. Companies are actively pursuing overseas expansion to counter domestic competition and improve profit margins [31][34] - Key players like Aorijin and Baosteel Packaging are enhancing their overseas sales ratios, with significant improvements in profit margins for exports compared to domestic sales [34][61] - Investment suggestions focus on Aorijin for its differentiated overseas strategy and Baosteel Packaging for its clear capacity expansion plans [4][6][34] 3. Plastic Packaging - The industry is shifting towards environmentally friendly and customized solutions, with companies like Yongxin Co. leading the way in functional film materials and expanding their overseas market presence [64][73] - The market for single-material plastic films is expected to grow significantly, driven by sustainability trends and increasing demand from multinational brands [70][73] - Investment recommendations highlight Yongxin Co. for its robust growth in functional film materials and stable revenue from overseas markets [4][6][73]

Meeting Overview - The fourth extraordinary general meeting of shareholders was held on November 17, 2025, at the company's office in Shanghai [1] - The meeting was chaired by the chairman, Mr. Cao Qing, and utilized a combination of on-site and online voting methods [1] Attendance - All 9 current directors attended the meeting, including 3 independent directors [2] - The company secretary and several senior executives were also present [2] Resolutions - The following proposals were approved during the meeting: - The mid-term profit distribution plan for 2025 [3] - The reappointment of the accounting firm for the year 2025 [3] - All proposals received approval, and separate voting was conducted for minority investors [4] Legal Verification - The meeting was witnessed by lawyers from Shanghai Fangda Law Firm, who confirmed that the meeting complied with relevant laws and regulations [5] - The qualifications of the participants and the voting procedures were deemed legal and valid [5]

证券代码：601968 证券简称：宝钢包装 公告编号：2025-042 上海宝钢包装股份有限公司 2025年第四次临时股东会决议公告 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)股东会召开的时间：2025 年 11 月 17 日 (二)股东会召开的地点：上海市宝山区同济路 333 号 4 号楼会议室 (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 | 152 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 703,740,897 | | 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（%） | 55.79 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由公司董事会召集，董事长曹清先生主持会议。本次股东会采用 现场投票和网络投票相结合的方式表决，会议的召 ...

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 FANGDA PARTNERS http://www.fangdalaw.com 关于上海宝钢包装股份有限公司 2025 年第四次临时股东会之法律意见书 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 年第四次临时股东会 （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《中华人民共和国 ...

Core Viewpoint - The urgent priority for the company is to enhance operational efficiency [1] Company Overview - Baosteel Packaging (601968.SH) is a leading enterprise in the domestic metal packaging industry, primarily producing metal packaging for fast-moving consumer goods such as food and beverages [3] - The company is also a leader in the high-end metal packaging sector and participates in setting industry standards [3] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 6.581 billion yuan, a year-on-year increase of 6.83%; net profit attributable to shareholders was 176 million yuan, up 11.97% year-on-year [4] - For the third quarter of 2025, revenue was 2.306 billion yuan, a year-on-year growth of 6.78%; net profit attributable to shareholders was 73.18 million yuan, an increase of 15.15% year-on-year [5] - Overall, the company's profitability growth significantly outpaced revenue growth in the first three quarters [6] - In the first half of 2025, the company reported revenue of 4.275 billion yuan, a year-on-year increase of 6.85%; net profit attributable to shareholders was 103 million yuan, up 9.81% year-on-year [6] - The performance improvement is attributed to continuous enhancements in lean management quality and the successful operation of newly established can-making projects [6] Industry Dynamics - A significant merger occurred in the metal packaging industry when Orijin announced the privatization of COFCO Packaging in January 2025 [7] - COFCO Packaging holds a significant position in both the two-piece and three-piece can markets, with a client roster that includes major brands like AB InBev, Coca-Cola, and China Resources Snow Beer [7] - The metal packaging industry has three core barriers: customers, capital, and technology, with customers being the most critical [8] - In 2023, the combined market share of the top four players in China's two-piece can industry reached 75%, with Baosteel Packaging holding 23%, Orijin 20%, COFCO Packaging 17%, and Shengxing 15% [8] - Following the failed acquisition attempt by China Baowu, which controls Baosteel Packaging, Orijin made a higher premium offer and gained support from key shareholders, leading to the successful merger [8] Market Position - The industry landscape has changed, resulting in a stable situation characterized by "one super and two strong" players [14] - After missing the acquisition opportunity, Baosteel Packaging has shifted to a new strategy [15]

Investment Rating - The report maintains an "Outperform" rating for the metal packaging industry [11]. Core Insights - The metal packaging industry, particularly the two-piece can segment, is expected to see a recovery in profitability as supply dynamics shift and demand from the beverage sector remains stable [3][4]. - The two-piece can market is characterized by cyclical price fluctuations influenced by supply-demand imbalances, with recent trends indicating a potential bottoming out of prices [2][56]. - The increasing canning rate in the beer and soft drink sectors is projected to be a key driver for future demand growth for two-piece cans [3][32]. Summary by Sections Industry Overview - The metal packaging industry generated revenue of CNY 150.56 billion in 2023, accounting for 13.05% of the overall packaging industry [1][19]. - Approximately 70% of the demand for metal packaging comes from the food and beverage sector, with two-piece cans being a significant product [1][18]. Price Dynamics - The price of two-piece cans has experienced three distinct phases: 1. A decline from CNY 0.52 to CNY 0.37 per can during the capacity concentration phase (2012-2016) due to oversupply [2]. 2. A recovery to CNY 0.54 per can during the industry consolidation phase (2016-2022) as market concentration increased [2]. 3. A projected decline to CNY 0.47 per can during the current capacity expansion phase (2022-2024) as competition intensifies [2][56]. Demand Drivers - The canning rate for beer in China is expected to rise from 21.21% in 2016 to 29.56% in 2024, leading to an increase in demand for two-piece cans from 28.96 billion to 31.55 billion cans [3][32]. - Each 1% increase in the canning rate is estimated to add approximately 1.061 billion cans to demand [3][32]. Industry Consolidation - The market share of leading companies is expected to increase following the acquisition of COFCO Packaging by ORG Packaging, which will further concentrate the market [3][49]. - The top three companies are projected to control nearly 80% of the market share post-acquisition [3][49]. Cost Structure - The price of aluminum, a major cost component in can production, significantly impacts profitability; a CNY 0.01 increase in can price can lead to a 45% increase in net profit per unit [4][56]. International Expansion - Leading companies are actively establishing overseas production bases to enhance profitability, with significant investments planned in countries like Vietnam and Thailand [52][54].