上海宝钢包装股份有限公司对宝武集团财务有限责任公司 的风险持续评估报告 按照证监会及上海证券交易所信息披露工作要求，通过查验宝武 集团财务有限责任公司（以下简称"财务公司"）《金融许可证》《企 业法人营业执照》等证件，根据《企业集团财务公司管理办法》等相 关规定，在审阅资产负债表、利润表、现金流量表等定期财务报表和 内部控制制度的基础上，对财务公司2025年上半年风险管理情况进行 了评估，具体风险评估情况如下： 10-1 （一）内部控制目标 财务公司构建起以完善的公司治理结构和先进的内部控制文化 为基础，以健全的内部控制制度和严密的控制措施为核心，以合规梳 理、稽核监督和内控评价体系为手段，以信息系统和通畅的沟通交流 渠道为依托的内部控制体系，基本达到内控管理的目标。确保财务公 司的战略和经营目标得以实施和实现；确保业务活动符合国家法规； 提高财务公司的经营效率和效果；确保各项业务稳健运行和资产的安 全与完整；确保业务记录、财务信息和其他管理信息的及时、完整和 真实；确保经营过程中的问题得到及时纠正。 （二）内部控制遵循的原则 财务公司依照全面、审慎、有效、制衡的基本原则构建内部控制 体系，以使内部控制渗透至 ...

Group 1 - The packaging and printing sector increased by 0.56% on August 26, with Kangxin New Material leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Kangxin New Material's stock price rose by 7.35% to 2.92, with a trading volume of 1.78 million shares and a transaction value of 523 million yuan [1] Group 2 - The packaging and printing sector experienced a net outflow of 74.88 million yuan from institutional funds, while retail investors saw a net inflow of 83.31 million yuan [2] - The top stocks in terms of net inflow from institutional investors included Kangxin New Material with 77.11 million yuan and Hongbo Co. with 65.53 million yuan [3] - The overall market sentiment showed a mixed trend, with some stocks like Dashingda and Hongbo Co. experiencing significant net outflows from retail investors [3]

从资金流向上来看，当日包装印刷板块主力资金净流出2.88亿元，游资资金净流出695.55万元，散户资金 净流入2.95亿元。包装印刷板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 872392 | 佳合科技 | 42.75 | 20.08% | 4.69万 | 1.94亿 | | 002303 | 美盈霖 | 4.38 | 5.29% | 69.61万 | 2.986.Z | | 603022 | 新通联 | 10.87 | 4.62% | 31.66万 | 3.44亿 | | 833075 | 柏星龙 | 34.34 | 4.28% | ¥ 4.47万 | 1.52亿 | | 603607 | 京华激光 | 28.33 | 4.27% | 21.49万 | 6.00亿 | | 601968 | 宝钢包装 | 5.37 | 4.07% | 27.46万 | 1.46亿 | | 002831 | 裕同科技 | 24.80 | 2.44% | 6.40万 | 1.57亿 | ...

Core Viewpoint - Wanglaoji is expanding its international presence by establishing production lines in Malaysia and signing a global strategic cooperation agreement with Baosteel Packaging, aiming to localize production in Southeast Asia and beyond [1][3]. Group 1: International Expansion - Wanglaoji has launched its international can product in multiple Chinese cities and plans to expand into Southeast Asia, North America, Europe, and Oceania [3]. - The company is focusing on local production in Southeast Asia through exporting concentrated liquids for local bottling, with the first batch produced in Malaysia [3]. - Wanglaoji's overseas market has grown 6.5 times over the past decade, with a compound annual growth rate exceeding 25% [4]. Group 2: Market Trends - The global plant-based beverage industry is experiencing explosive growth, with a compound annual growth rate of nearly 10% from 2019 to 2024, and Southeast Asia's plant-based beverage market is projected to grow by 25% in 2023 [3]. - The domestic beverage market is highly competitive, prompting Wanglaoji to seek new growth avenues through international expansion [3][4]. Group 3: Strategic Partnerships - Wanglaoji has partnered with Baosteel Packaging to leverage its production capabilities in Southeast Asia, enhancing supply chain collaboration and accelerating market penetration [3]. - The cooperation includes joint efforts in new packaging material development and utilizing existing production capacity in three Southeast Asian countries [3]. Group 4: Revenue Insights - Wanglaoji is a key revenue source for Baiyunshan's health sector, with a revenue growth of 6.15% in 2023, but a projected decline of 12.70% in 2024 [4]. - The company is adapting its products to meet varying consumer preferences in different countries, aiming to enhance its brand recognition and market presence [4][5].

Group 1: Industry Overview - The Chinese packaging industry can be divided into three competitive tiers based on revenue: the first tier includes companies like Yutong Technology, Aorikin, and Hexing Packaging with revenues over 10 billion yuan; the second tier includes Baosteel Packaging, Shengxing Co., and Shandong Pharmaceutical Glass with revenues between 3 billion and 10 billion yuan; the third tier consists of companies like Jinfutec, Xianggang Technology, and Longlide with revenues below 3 billion yuan [1][6] - The industry is characterized by a fragmented market structure, with many small-scale companies lacking innovation capabilities, leading to disordered competition in the low-end market [6][13] - The market concentration in the packaging industry is low, with the top 10 companies (CR10) holding less than 5% market share, indicating a need for further consolidation [6][13] Group 2: Market Segmentation - The packaging industry in China is segmented into glass packaging, paper packaging, plastic packaging, and metal packaging, with leading companies in each category: Shandong Pharmaceutical Glass and Zhengchuan Co. for glass; Wanshun New Materials and Shanying International for paper; Tongchan Lixing and Hongyu Packaging for plastic; and Shengxing Packaging and Jiamei Packaging for metal [4][9] Group 3: Competitive Landscape - The competitive landscape shows that leading companies like Shandong Pharmaceutical Glass and Zhengchuan Co. have extensive business layouts covering regions such as North America, Europe, Japan, and Southeast Asia [8][9] - The majority of packaging companies focus on specific materials, with Shandong Pharmaceutical Glass leading in medicinal glass, while companies like Dashing and Wanshun New Materials dominate the paper packaging sector [10][11] - The industry is experiencing a strong demand growth driven by the increasing consumption of food and beverages, which indirectly boosts the demand for packaging products [14]

Summary of Conference Call on Light Industry Sector Industry Overview - The conference call focuses on the light industry sector, specifically the paper and metal packaging industries [1][2][3]. Key Insights and Arguments - **Paper Industry Dynamics**: - The paper industry has been affected by pollution permit policies since 2018, but most companies received approval, allowing for continued operations [1][2]. - Currently, there are no clear supply-side policies, but rising consumer goods prices may lead to inventory replenishment and demand elasticity, potentially driving up paper prices [1][2]. - The expansion cycle in the paper industry is expected to end in 2025, with no further supply increases anticipated, thus waiting for demand recovery or inventory replenishment [1][4]. - **Metal Packaging Industry Concentration**: - The metal packaging industry has a high concentration level, with the top three companies (CR3) holding 80% market share. Baosteel Packaging's acquisition of COFCO Packaging has further increased this concentration [2][3]. - If the anti-involution policy prompts Baosteel to adjust its production capacity, other companies like Orijin may cooperate, leading to potential price increases across the industry [2][4]. - **Investment Opportunities**: - The light industry sector is expected to see investment opportunities emerge over the next two to three years, with a potential upward cycle anticipated [1][4]. - Recommended companies in the paper industry include stable performers like Sun Paper and more elastic options such as Jiulong Paper, Bohui Paper, and Lee & Man Paper [3][7]. - In the metal packaging sector, Orijin and Baosteel Packaging are prioritized for investment due to their potential benefits from supply-side contractions [3][9]. Additional Important Points - **Market Sentiment and Price Expectations**: - The anti-involution policy is seen as a catalyst for price increases in consumer goods, which may lead to market replenishment and improved demand, thus pushing up paper prices [1][4]. - The paper industry has historically experienced significant cycles driven by supply constraints and demand recovery, indicating that both supply and demand factors can lead to market improvements [4][6]. - **Future Projections**: - The paper industry is projected to enter an upward cycle starting in 2026, with a focus on demand recovery as no concentrated capacity will be introduced [3][6]. - For metal packaging, if Baosteel makes strategic adjustments, it could directly influence industry pricing, benefiting major players like Orijin and Baosteel Packaging [5][6]. - **Investment Strategy for Yield-Seeking Investors**: - Investors seeking returns should focus on elastic stocks such as Jiulong Paper, Bohui Paper, and Lee & Man Paper, which are expected to rebound significantly once market conditions stabilize [8]. This summary encapsulates the key points discussed in the conference call regarding the light industry sector, highlighting the dynamics of the paper and metal packaging industries, investment opportunities, and future market expectations.

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]

Summary of Conference Call Records Company Overview - Baosteel Packaging has grown to become a leading enterprise in the domestic fast-moving consumer goods metal packaging sector, focusing on high-quality metal packaging solutions for food and beverage clients [1][2] Core Industry Insights - The company operates hard iron production bases in Wuhan and other locations, providing comprehensive services from design to printing, and has established long-term strategic partnerships with well-known brands like Qingdao Beer and Coca-Cola [2] - Baosteel Packaging has been recognized for its technical innovation and product quality, receiving awards such as the Excellent Award from the China Packaging Federation and being listed in the 2024 Central Enterprise ESG Pioneer Index [2] Financial Performance - In 2024, the company achieved a revenue of 8.318 billion yuan, with a net profit of 172 million yuan and a basic earnings per share of 0.15 yuan [3] - The total assets reached 9.712 billion yuan, with a net asset value of 4.471 billion yuan and a debt-to-asset ratio of 52.43% [3] - The company maintained a cash dividend payout ratio of over 50% for seven consecutive years, with a total dividend payout of 551 million yuan over the past five years [4] Strategic Initiatives - The company is focusing on expanding its overseas market presence while maintaining a strong domestic market base, with 71.4% of its revenue coming from domestic operations [5] - Baosteel Packaging has initiated a share buyback program, repurchasing 14.3465 million shares for a total of 69.9734 million yuan, reflecting management's confidence in the company's long-term growth [5] Innovation and Development - The company is increasing its R&D investment to enhance innovation capabilities, exploring digital printing and flexible production models [6] - Baosteel Packaging is committed to green development, implementing carbon peak action plans and creating a comprehensive green management system [7][10] Market Management and ESG Practices - The company emphasizes the importance of investor relations and information disclosure, aiming to enhance market confidence and shareholder returns [6][8] - Baosteel Packaging has been recognized for its efforts in social responsibility, contributing to poverty alleviation and rural revitalization initiatives [12] International Expansion - The company is actively expanding its international footprint, establishing operations in Southeast Asia and enhancing its global supply network [11][13] - Baosteel Packaging has received accolades from partners, indicating strong market recognition and brand reputation [13] Operational Efficiency - The company is optimizing its organizational structure and enhancing operational efficiency through digital transformation and smart manufacturing initiatives [8][15] - Baosteel Packaging is focused on improving its governance structure and compliance management to strengthen risk management and internal controls [15] Conclusion - Baosteel Packaging is positioned as a leader in the metal packaging industry, with a strong focus on innovation, sustainability, and international growth, while maintaining robust financial performance and shareholder value [1][3][11]

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]

Investment Rating - The report initiates coverage with a "Buy" rating for Baosteel Packaging [2][8] Core Views - Baosteel Packaging is the first domestic enterprise to mass-produce two-piece cans, benefiting significantly from the improvement in industry dynamics [7][8] - The demand for two-piece cans is primarily driven by the increase in canning rates, with a projected demand of approximately 57.1 billion cans by 2025, reflecting a CAGR of about 2.0% from 2022 to 2025 [7][45] - The industry is experiencing accelerated consolidation, leading to increased supply-side concentration and a recovery in profitability for major players [7][8][59] Summary by Sections Company Overview - Baosteel Packaging focuses on the research, production, and sales of two-piece cans and tinplate products, with its first two-piece can production line established in 1998 [18][20] - The company has a stable shareholding structure, primarily controlled by China Baowu Steel Group, which holds approximately 52.98% of the shares [38][43] Industry Dynamics - The two-piece can market is expected to see a significant increase in demand due to rising canning rates, particularly in the beer and carbonated beverage sectors [45][46] - The industry has undergone a transformation from a fragmented competitive landscape to a more consolidated one, enhancing the profitability of leading players [59][60] Financial Data and Profitability Forecast - The total revenue for Baosteel Packaging is projected to reach 83.4 billion yuan in 2025, with a net profit of 1.9 billion yuan, reflecting a year-on-year growth of 9.3% [6][8] - The company’s overseas revenue is expected to grow significantly, reaching 2.38 billion yuan in 2024, a 25.8% increase year-on-year [7][30] Operational Efficiency - Baosteel Packaging has established a comprehensive factory layout across China, enhancing logistics efficiency and reducing costs [7][30] - The company maintains a strong cash flow and operational efficiency, with a stable interest expense of around 30 million yuan [7][15]