Group 1: Company Developments - Suzhou Jiangtian Packaging Technology Co., Ltd. successfully passed the IPO review on the Beijing Stock Exchange, with Nongfu Spring as its largest customer, accounting for a significant portion of its revenue [3] - Jiangtian Technology had previously undergone five rounds of guidance from Anxin Securities for a proposed listing on the ChiNext, revealing past financial irregularities such as loan transfers and non-genuine trade background in bill transactions [3] - New Tianli Technology Co., Ltd. has recently passed the review by the Beijing Stock Exchange, producing plastic containers for popular brands like Mixue Ice City and Xiangpiaopiao [4][5] Group 2: Industry Trends - The label printing industry in China has a relatively low entry barrier and low industry concentration, with key materials like high-temperature PET film and anti-counterfeiting holographic materials being heavily reliant on imports [3] - International label giant Avery Dennison plans to increase its smart label chip packaging capacity in China by 800 million pieces per year by 2027, potentially squeezing the market space for domestic manufacturers [3] - The new tea beverage sector has seen a surge in IPOs, with major brands like Gu Ming and Mixue Ice City listing on the Hong Kong Stock Exchange and NASDAQ in early 2025, marking the year as a significant period for new tea drink IPOs [6]

Market Overview - The packaging and printing sector increased by 1.63% on November 25, with Shengxing Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Stock Performance - Notable gainers in the packaging and printing sector included: - Shengxing Co., Ltd. (002752) with a closing price of 6.88, up 10.08% and a trading volume of 406,000 shares [1] - Jinfutech (003018) with a closing price of 15.41, up 9.99% and a trading volume of 115,700 shares [1] - Global Printing (002799) with a closing price of 9.21, up 4.66% and a trading volume of 440,100 shares [1] Capital Flow - The packaging and printing sector saw a net inflow of 22.30 million yuan from institutional investors, while retail investors contributed a net inflow of 64.69 million yuan [2] - The sector experienced a net outflow of 86.99 million yuan from speculative funds [2] Individual Stock Capital Flow - Shengxing Co., Ltd. (002752) had a net inflow of 96.48 million yuan from institutional investors, while it faced a net outflow of 47.37 million yuan from speculative funds [3] - Jinfutech (003018) recorded a net inflow of 44.21 million yuan from institutional investors, with a net outflow of 20.48 million yuan from speculative funds [3] - Global Printing (002799) had a net inflow of 37.15 million yuan from institutional investors, with a net outflow of 10.54 million yuan from speculative funds [3]

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 ...

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