Core Viewpoint - Baosteel Packaging is a leading player in the high-end metal packaging sector for fast-moving consumer goods in China, focusing on the production of metal beverage cans and printed tin packaging [1] Group 1: Business Performance - For Q3 2025, Baosteel Packaging reported revenue of 6.581 billion yuan, ranking second among seven companies in the industry, with the top company, Orijin, generating 18.346 billion yuan [2] - The main business segments include metal beverage cans, contributing 4.137 billion yuan (96.79% of revenue), and printed tin packaging, contributing 137 million yuan (3.21% of revenue) [2] - The net profit for the same period was 192 million yuan, ranking third in the industry, below the average net profit of 225 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 51.07%, lower than the previous year's 55.52% and below the industry average of 55.10%, indicating improved debt repayment capability [3] - The gross profit margin was 7.43%, down from 8.37% year-on-year and below the industry average of 11.84% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.63% to 32,900, while the average number of circulating A-shares held per shareholder decreased by 4.43% [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which became a new shareholder with 8.3093 million shares [5] Group 4: Management Compensation - The chairman, Cao Qing, received a salary of 1.7743 million yuan in 2024, an increase of 169,800 yuan from 2023 [4] Group 5: Future Outlook - According to Tianfeng Securities, Baosteel Packaging's revenue for Q2 2025 was 2.3 billion yuan, a year-on-year increase of 13%, with a net profit of 45 million yuan, up 20% [5] - The company is focusing on capacity expansion and optimizing its business layout, with ongoing projects in Anhui and Xiamen [5] - Guotou Securities projects that Baosteel Packaging will rank second in domestic two-piece can production in 2024, with expected revenues of 8.494 billion yuan, 9.671 billion yuan, and 10.294 billion yuan for 2025-2027, respectively [6]

Core Viewpoint - Baosteel Packaging (601968.SH) reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, indicating positive financial performance and growth potential [1] Financial Performance - The total operating revenue for the first three quarters reached 6.581 billion yuan, representing a year-on-year growth of 6.83% [1] - The net profit attributable to shareholders was 176 million yuan, showing a year-on-year increase of 11.97% [1] - The basic earnings per share were reported at 0.14 yuan [1] Dividend Distribution - The company proposed a cash dividend of 0.45 yuan (including tax) for every 10 shares to all shareholders [1]

关于续聘会计师事务所的公告 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。 重要内容提示： 拟聘任的会计师事务所名称：中审众环会计师事务所（特殊普通合伙） 本事项尚需提交公司股东会审议。 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 （1）机构名称：中审众环会计师事务所（特殊普通合伙）（以下简称"中审 众环"） 证券代码：601968 证券简称：宝钢包装 公告编号：2025-039 上海宝钢包装股份有限公司 （2）成立日期：中审众环始创于 1987 年，是全国首批取得国家批准具有从 事证券、期货相关业务资格及金融业务审计资格的大型会计师事务所之一。根据 财政部、证监会发布的从事证券服务业务会计师事务所备案名单，中审众环具备 股份有限公司发行股份、债券审计机构的资格。2013 年 11 月，按照国家财政部 等有关要求转制为特殊普通合伙制。 （3）组织形式：特殊普通合伙企业 （4）注册地址：湖北省武汉市武昌区水果湖街道中北路 166 号长江产业大 厦 17-18 层。 （5）首席合伙人：石文先 （6）2024 年 ...

一、 召开会议的基本情况 (一)股东会类型和届次 2025年第四次临时股东会 证券代码：601968 证券简称：宝钢包装 公告编号：2025-040 上海宝钢包装股份有限公司 关于召开2025年第四次临时股东会的通知 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： (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 17 日 13 点 30 分 召开地点：上海市宝山区同济路 333 号 4 号楼会议室 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年11月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 17 日 至2025 年 11 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9 ...

证券代码：601968 证券简称：宝钢包装 公告编号：2025-037 上海宝钢包装股份有限公司 第七届董事会第十九次会议决议公告 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。 上海宝钢包装股份有限公司（以下简称"公司"）第七届董事会第十九次会 议于 2025 年 10 月 30 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 10 月 20 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 9 票同意、0 票反对、0 票弃权的表决结果，审议通过了《关于 2025 年第三季度报告的议案》。 上述议案已经公司董事会审计与合规管理委员会审议通过。董事会审计与合 规管理委员会认为：公司 2025 年第三季度报告的编制和审议程序符合法律法规、 规范性文件、《公司章程》和 ...

证券代码：601968 证券简称：宝钢包装 公告编号：2025-038 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： 一、利润分配方案内容 根据上海宝钢包装股份有限公司（以下简称"公司"或"宝钢包装"）2025 年前三季度财务报告（未经审计），公司母公司法人口径可供分配利润为 75,936,863.47 元。为实现公司长期、持续的发展目标，宝钢包装 2025 年中期 利润分配方案如下： 1、根据《公司章程》每年分派的现金红利不低于当年度经审计的合并报表 归属于母公司股东净利润的 30%的原则。公司前三季度合并报表归属母公司净利 润为 175,730,808.68 元（未经审计），因此 2025 年前三季度现金分红总额应不 低于 52,719,242.60 元。鉴于公司重视回报股东，秉承长期现金分红的政策，公 司拟向在派息公告中确认的股权登记日在册的全体股东每 10 股派发现金红利 0.45 元（含税）。根据《上市公司股份回购规则》等有关规定，上市公司回购 专用证券账户中的股份，不享有利润分配，认购新股等权利。 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥2,306,382,726.41, an increase of 6.78% compared to the same period last year[4] - The total profit for the quarter was ¥91,867,840.16, showing a slight decrease of 0.09% year-on-year[4] - Net profit attributable to shareholders was ¥73,182,359.10, reflecting a growth of 15.15% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥72,481,391.62, up by 15.29% year-on-year[4] - The net profit for the first three quarters of 2025 reached CNY 191,805,027.11, an increase from CNY 170,781,045.00 in the same period of 2024, representing an increase of approximately 12.0%[21] - The company's total profit for the current period was CNY 243,593,376.67, an increase from CNY 227,636,434.28 in the previous year, representing a growth of approximately 7.3%[21] Cash Flow and Liquidity - The cash flow from operating activities for the year-to-date was ¥410,883,668.24, which is a decrease of 46.72% compared to the previous year[5] - The net cash flow from operating activities decreased to CNY 410,883,668.24 in 2025 from CNY 771,218,954.50 in 2024, reflecting a decline of approximately 46.7%[24] - Cash and cash equivalents as of September 30, 2025, were CNY 830,065,550.19, a decrease from CNY 1,188,839,824.64 at the end of 2024[14] - The cash and cash equivalents at the end of the period were CNY 830,065,550.19, compared to CNY 640,586,173.26 at the end of the previous year, showing an increase of approximately 29.6%[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,653,868,105.43, a decrease of 0.59% from the end of the previous year[5] - Total assets as of September 30, 2025, were CNY 9,653,868,105.43, slightly down from CNY 9,711,521,348.82 at the end of 2024[17] - Total liabilities as of September 30, 2025, were CNY 4,930,015,359.51, compared to CNY 5,092,148,212.13 at the end of 2024, showing a decrease of 3.2%[16] - The company's total equity as of September 30, 2025, was CNY 4,723,852,745.92, an increase from CNY 4,619,373,136.69 at the end of 2024[17] Shareholder Information - Shareholder equity attributable to the parent company was ¥4,565,852,580.51, an increase of 2.11% year-on-year[5] - The total number of ordinary shareholders at the end of the reporting period was 32,935[10] Operating Costs and Expenses - Total operating costs for the first three quarters of 2025 were CNY 6,335,295,304.20, up from CNY 5,920,690,791.89 in 2024, reflecting a year-on-year increase of 7.0%[20] - Research and development expenses for the first three quarters of 2025 amounted to CNY 6,386,976.75, down 29.3% from CNY 9,045,052.20 in 2024[20] - The company incurred financial expenses of CNY 7,622,357.88, up from CNY 7,074,180.23, marking an increase of about 7.8%[21] - The interest expenses decreased significantly to CNY 16,391,589.76 from CNY 27,590,239.65, a reduction of approximately 40.5%[21] Government Subsidies - The company received government subsidies amounting to ¥2,560,866.91 during the quarter, contributing positively to the financial results[7] Earnings Per Share - Basic earnings per share for the quarter were ¥0.06, unchanged from the previous year[5] - The basic and diluted earnings per share remained stable at CNY 0.14 for both periods[22] Investment Activities - The company’s investment activities resulted in a net cash outflow of CNY 437,656,625.48, compared to a net outflow of CNY 678,335,906.97 in the previous year, indicating an improvement of about 35.5%[24] Profit Margins - Operating profit margin for the first three quarters of 2025 was approximately 3.7%, compared to 3.8% in the same period of 2024, indicating a slight decrease[20]

Market Overview - The packaging and printing sector increased by 0.27% on October 28, with Joyful Intelligence leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable gainers in the packaging and printing sector included: - Junbing Xihang (301198) with a closing price of 13.15, up 7.08% and a trading volume of 190,000 shares, totaling 247 million yuan [1] - Baosteel Packaging (601968) closed at 5.55, up 4.72% with a trading volume of 372,200 shares, totaling 205 million yuan [1] - Hongyu Packaging Materials (920274) closed at 33.17, up 4.14% with a trading volume of 34,600 shares, totaling 113 million yuan [1] Fund Flow Analysis - The packaging and printing sector experienced a net outflow of 274 million yuan from institutional investors, while retail investors saw a net inflow of 221 million yuan [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional selling contrasted by retail buying [2] Individual Stock Fund Flow - Key stocks with significant fund flow include: - Yutong Technology (002831) with a net inflow of 13.54 million yuan from institutional investors, but a net outflow of 14.21 million yuan from speculative investors [3] - Baosteel Packaging (601968) had a net inflow of 8.45 million yuan from institutional investors, while speculative investors saw a net outflow of 4.55 million yuan [3] - Junbing Xihang (301198) recorded a net inflow of 0.59 million yuan from retail investors, despite a net outflow from institutional and speculative investors [3]

Summary of Baosteel Packaging Conference Call Industry Overview - Baosteel Packaging is a leading player in the domestic metal packaging industry, with a focus on two-piece can business, which accounts for 95% of its operations [2][4] - The two-piece can industry is currently experiencing an oversupply, with total demand around 55 billion cans and supply reaching 60-70 billion cans [2][6] - The beer can penetration rate in China is only 30%, significantly lower than the 50-60% in developed countries, indicating substantial growth potential [2][6] Key Financial Metrics - Revenue is projected to grow from 5 billion yuan in 2018 to 8.3 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 9% [2] - Net profit is expected to increase from 40 million yuan in 2018 to 170 million yuan in 2024, with a CAGR of 26% [2][5] - The company’s domestic two-piece can business has a significant profit elasticity, where a 1% increase in gross margin can yield an additional 120 million yuan in net profit [4][12] Market Position and Competitive Landscape - Baosteel Packaging is positioned as a market leader in the two-piece can sector, with a strong focus on expanding its overseas market presence, particularly in Southeast Asia [2][9] - The competitive landscape is improving due to industry consolidation, such as Orijin's acquisition of COFCO Packaging, which enhances market concentration [2][8] - The company is experiencing a shift in capital expenditure towards overseas markets, with 30% of its revenue coming from international operations [2][9] Future Performance Expectations - The company anticipates a gradual recovery in profitability starting in 2024, driven by improved pricing power and market conditions [3][4] - For 2025, net profit is projected to be between 190 million to 200 million yuan, with a further increase to 330 million yuan in 2026 [7][15] - The estimated price-to-earnings (PE) ratio for 2025 is around 35 times, while the price-to-book (PB) ratio is expected to be 1.77 times, indicating potential for a 20% price increase [7][16] Catalysts for Profit Improvement - Key catalysts for profitability improvement include the optimization of the competitive landscape, government policies against excessive competition, and rising beer can penetration rates [3][8] - The company is also benefiting from high automation levels in new Southeast Asian production lines, which contribute to higher profit margins compared to domestic operations [2][9] Additional Insights - The two-piece can industry has undergone three phases: rapid growth (2000-2012), price wars due to oversupply (2012-2018), and a current phase of consolidation and recovery [10][11] - The company’s domestic production capacity is expected to reach 13 billion cans in 2024, with plans for further expansion in subsequent years [13] - The first quarter of 2025 saw pressure on earnings due to raw material price increases, but a recovery is expected in the second quarter, with overseas operations contributing significantly to profits [14]

Core Insights - The metal packaging industry is undergoing significant transformation driven by manufacturing upgrades and green low-carbon development, with Shanghai Baosteel Packaging Co., Ltd. emerging as a key player in this transition [1] Financial Performance - In 2024, the company achieved operating revenue of 8.318 billion yuan, reflecting a year-on-year growth of 7.19% [2] - For the first half of 2025, the non-recurring net profit attributable to shareholders increased by 13.68% year-on-year, indicating strong operational resilience and growth potential [2] Product and Operational Innovation - The company has introduced innovative products such as the 710ML large can and temperature-sensitive cans, expanding market options and creating new application scenarios [2] - The implementation of a "one headquarters, multiple bases" model and the "three smart systems" has led to comprehensive digital coverage of domestic bases, with plans for overseas promotion [2] Global Strategy and Green Transition - The company reported a 25.78% year-on-year increase in overseas business revenue in 2024, highlighting its successful global business optimization [2] - Baosteel Packaging has achieved full coverage of domestic green factories and is actively developing a "dual carbon dual control" cloud platform, along with the industry's first product carbon footprint report [3] Investor Relations and Returns - The company has implemented a shareholder return plan and has made significant strides in capital operations, including its first share buyback and mid-term dividend [4] - Over the past decade, Baosteel Packaging has distributed dividends 11 times, with a cumulative dividend amount of 672 million yuan, maintaining a cash dividend payout ratio of over 50% for the past eight years [4] Future Outlook - The company aims to focus on becoming a world-class enterprise in the metal packaging sector, emphasizing innovation, global resource optimization, and green low-carbon transformation [4]