证券代码：601968 证券简称：宝钢包装 公告编号：2025-020 上海宝钢包装股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.032元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | | 2025/6/11 | － | 2025/6/12 | 2025/6/12 | | Ａ股 | | | | | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 14 日的2024年年度股东大会审议通过。 二、 分配方案 （2）本次差异化分红除权除息的计算依据 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关 ...

Investment Rating - The report assigns a "Buy" rating for the packaging sector, maintaining the previous rating of "Buy" [2] Core Insights - The plastic packaging segment shows steady revenue growth and an upward shift in profit margins, with Yongxin Co. reporting a revenue increase of 9.6% in Q4 2024 and 1.6% in Q1 2025, alongside a net profit growth of 41.7% and 2.9% respectively [2][6] - The paper packaging sector continues to grow steadily, with Yutong Technology experiencing a revenue increase of 11% in Q4 2024 and 6% in Q1 2025, despite a net profit decline of 35% in Q4 2024, which is expected to stabilize in Q2 2025 [3][7] - The metal packaging segment is facing challenges, particularly in the two-piece can market, but there are signs of potential recovery as industry consolidation progresses and demand stabilizes [4][8] Summary by Segment Plastic Packaging - Yongxin Co. reported a revenue increase of 9.6% in Q4 2024 and 1.6% in Q1 2025, with net profit growth of 41.7% and 2.9% respectively [2][6] - The gross margin for Q4 2024 was 25.9%, and for Q1 2025, it was 21.3%, indicating a slight increase in profitability [2] - The company is expected to maintain steady growth driven by new management and an expanding overseas market, with functional films projected to grow over 20% [2][6] Paper Packaging - Yutong Technology's revenue grew by 11% in Q4 2024 and 6% in Q1 2025, while net profit saw a decline of 35% in Q4 2024 but rebounded with a 10% increase in Q1 2025 [3][7] - The company is well-positioned with a global layout and stable customer orders, particularly in premium paper packaging [3][7] Metal Packaging - The two-piece can market is under pressure, with expected losses in Q1 2025, but there are signs of recovery as demand stabilizes and pricing improves [4][8] - Baosteel Packaging reported a revenue increase of 11% in Q4 2024 but only 1% in Q1 2025, with net profit fluctuations indicating a challenging environment [4][8] - The report suggests that ongoing industry consolidation and improved pricing power for leading companies may lead to a recovery in profitability [4][8]

Investment Rating - The report assigns a "Buy" rating for the packaging sector, maintaining the previous rating of "Buy" [2] Core Insights - The plastic packaging segment shows steady revenue growth and an upward shift in profit margins, with Yongxin Co. reporting a revenue increase of 9.6% in Q4 2024 and 1.6% in Q1 2025, alongside a net profit growth of 41.7% and 2.9% respectively [2][6] - The paper packaging sector continues to grow steadily, with Yutong Technology experiencing a revenue increase of 11% in Q4 2024 and 6% in Q1 2025, despite a net profit decline in Q4 2024 due to various one-off impacts [3][7] - The metal packaging segment is facing challenges, particularly in the two-piece can sector, but there are signs of potential recovery as industry consolidation progresses and demand stabilizes [4][8] Summary by Segment Plastic Packaging - Yongxin Co. reported a revenue increase of 9.6% in Q4 2024 and 1.6% in Q1 2025, with a net profit growth of 41.7% and 2.9% respectively [2][6] - The gross margin for Q4 2024 was 25.9%, and for Q1 2025, it was 21.3%, indicating a slight increase in profitability despite a decrease in product prices due to falling oil prices [6] - Functional films are expected to grow over 20% in Q1 2025, with overseas business projected to grow by 30% [2][6] Paper Packaging - Yutong Technology's revenue grew by 11% in Q4 2024 and 6% in Q1 2025, with a net profit decline of 35% in Q4 2024 but a recovery of 10% in Q1 2025 [3][7] - The company is expected to maintain stable customer orders and improve market share due to its global layout and strong client relationships [3][7] Metal Packaging - The two-piece can sector is under pressure, with expected losses in Q1 2025, but there are signs of recovery as demand from the beer sector stabilizes [4][8] - Baosteel Packaging reported a revenue increase of 11% in Q4 2024 but only 1% in Q1 2025, with a net profit growth of 138% in Q1 2025 [4][8] - The report suggests that the consolidation in the industry and improved pricing power for leading companies may lead to a recovery in profitability [4][8] Investment Recommendations - The report recommends focusing on companies with stable growth and high dividends, such as Yongxin Co. and Yutong Technology, as well as Baosteel Packaging and others in the two-piece can sector that may see a rebound [11]

Group 1: Company Overview - Baosteel Packaging provides comprehensive metal packaging solutions for well-known fast-moving consumer goods (FMCG) giants, operating in the upstream of the food and beverage sectors [2] - The company achieved a revenue of 8.318 billion yuan in 2024, marking a 7.19% year-on-year increase, leading the industry [2] - In Q1 2025, the company's net profit attributable to the parent company, excluding non-recurring gains and losses, grew by 9.2% [2] Group 2: Innovation and R&D - Baosteel Packaging's R&D expenses increased by 92.64% year-on-year in 2024, reflecting the company's strong commitment to innovation [2] - The company has launched several innovative products, including the industry's first 710ML large can and self-developed temperature-sensitive cans [2] - These innovations are expected to enhance product structure optimization and increase market competitiveness [2] Group 3: Digital Transformation and AI - The company is focused on enhancing customer value through the continuous improvement of its "Three Smart" system and is exploring AI applications in metal packaging [3] - In 2024, both domestic and international revenues showed year-on-year growth, with overseas business increasing by 25.78% [3] - Baosteel Packaging is actively expanding its business layout, including new production bases in Xiamen and projects in Vietnam and Cambodia [3] Group 4: Capital Management and Shareholder Returns - In response to new policies, Baosteel Packaging has implemented a market value management system and aims to balance company growth with shareholder returns [4] - The company executed its first share buyback and mid-term dividend in 2024, distributing a total cash dividend of 87.3509 million yuan, which is 50.67% of the net profit attributable to shareholders [4] - Baosteel Packaging has maintained a cash dividend exceeding 50% for seven consecutive years and plans to continue mid-term dividends in 2025 [4] Group 5: Investor Relations and Market Engagement - The company has organized over 30 investor engagement activities in 2024, including roadshows and strategy meetings, to enhance communication with investors [5] - Following the 2024 annual report, securities analysts have projected steady growth in the company's net profit for 2025-2027, with estimates ranging from 1.8 billion to 2.13 billion yuan [5]

证券代码：601968 证券简称：宝钢包装 公告编号：2025-019 上海宝钢包装股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公 会议召开时间：2025 年 5 月 22 日（星期四）15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2025 年 5 月 15 日（星期四）至 5 月 21 日（星期三）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ir601968@baosteel.com）进行提问。公司将在说明会上回答投资者普遍关 注的问题。 （三）会议召开方式：上证路演中心视频录播和网络互动 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 4 月 24 日发 布了公司 2024 年年度报告，于 2025 ...

证券代码：601968 证券简称：宝钢包装 公告编号：2025-018 上海宝钢包装股份有限公司 2024年年度股东大会决议公告 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)股东大会召开的时间：2025 年 5 月 14 日 (二)股东大会召开的地点：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 | 241 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 706,127,215 | | 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 | 55.98 | | 份总数（已扣除公司回购专户股份数）的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长曹清先生主持会议。本次股东大会 采用现场投票和网络投票相结合的方式表决，会议的召 ...

FANGDA PARTNERS http://www.fangdalaw.com 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 关于上海宝钢包装股份有限公司 2024 年年度股东大会之法律意见书 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"）2024 年年度股东大会（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《中华人民共和国公司法》 ...

2025 年 05 月 08 日 宝钢包装(601968.SH) 金属包装龙头地位稳固， 海外布局成效逐步彰显 事件：宝钢包装发布 2024 年年度报告和 2025 年一季报。24 年 公司实现营业收入 83.18 亿元，同比增长 7.19%；归母净利润 1.72 亿元，同比下降 21.13%；扣非后归母净利润 1.67 亿元，同比下 降 22.62%。24Q4 公司实现营业收入 21.58 亿元，同比增长 11.00%； 归母净利润 0.15 亿元，同比下降 6.04%；扣非后归母净利润 0.17 亿元，同比增长 35.85%。 25Q1 公司实现营业收入 20.02 亿元，同比增长 1.02%；归母净利 润 0.57 亿元，同比增长 2.67%；扣非后归母净利润 0.57 亿元， 同比增长 9.17%。 金属饮料罐稳健增长，彩印铁业务承压，产品结构持续优化 24 年公司持续优化产品结构和海外业务布局，提升核心竞争力，着 力提高经营质效。分产品看，24 年公司金属饮料罐/包装彩印铁分别 实现收入 78.58/4.47 亿元，同比分别增长 8.22%/-7.36%，占比分别 为 94.46%/5.38%。1） ...

上海宝钢包装股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 14 日 上海宝钢包装股份有限公司 2024 年年度股东大会会议议程 股东报到登记、入场时间： 列席会议人员：公司董事会秘书、其他高级管理人员、公司聘请的律 师 2025 年 5 月 14 日 星期三 13:00-13:30 会议召开时间：2025 年 5 月 14 日 星期三 13:30 会议召开地点：上海市同济路 333 号四号楼会议室 参加会议人员：股东及股东代理人 出席会议人员：公司董事、监事 主要议程： 5.关于宝钢包装 2024 年度监事薪酬执行情况报告的议案 6.关于宝钢包装 2024 年度财务决算报告的议案 7.关于宝钢包装 2024 年度利润分配方案的议案 8.关于宝钢包装 2025 年度财务预算的议案 9.关于宝钢包装 2024 年度内部控制评价报告的议案 一、宣布会议开始，报告出席现场会议的股东人数、代表股份总 数，并宣读《会议须知》 二、审议议案： 1.关于 2024 年度董事会工作报告的议案 2.关于 2024 年度监事会工作报告的议案 3.关于 2024 年度报告的议案 4.关于宝钢包装 2024 ...

公司报告 | 年报点评报告 宝钢包装（601968） 证券研究报告 优化国内外布局，推动转型发展 公司发布年报及一季报 25Q1 公司营收 20 亿同增 1%，归母净利 0.57 亿同增 3%，扣非后归母净利 0.57 亿同增 9%； 24 年营收 83 亿同增 7%，归母净利 1.7 亿同减 21%，扣非后归母净利 1.7 亿同减 23%。 24 年境内收入 59 亿同增 1%，毛利率 5.6%同减 2.5pct；境外收入 24 亿同 增 26%，毛利率 14%同增 3pct。 24 年毛利率 8%，净利率 2%。 风险提示：项目进度不及预期；行业竞争加剧；下游需求不及预期。 公司坚持"四化"发展方向和"四有"原则，积极推进宝钢包装规划发展 目标与"内外联动"战略任务落实；坚持创新驱动，有效推动产品高端化 多样化；坚持绿色低碳发展，实现国内法人子公司"绿色工厂"全覆盖； 坚持数字化转型，形成行业内最佳数字化底座和实践案例；加快国内产能 调整优化和国际化发展步伐。首次实施股份回购、首次开展中期分红、成 功实施非公开发行 A 股股票，上市公司资本运作取得新的突破。 优化国内外布局，推动转型发展 公司进一步加快国 ...