2016-2025年1-9月印刷和记录媒介复制业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：珠海中富（000659），陕西金叶（000812），永新股份（002014），东港股份（002117）， 劲嘉股份（002191），合兴包装（002228），海顺新材（300501），龙利得（300883），上海艾录 （301062），喜悦智行（301198），京华激光（603607），大胜达（603687），方大新材（838163）， 沪江材料（870204），中荣股份（301223） 相关报告：智研咨询发布的《2026-2032年中国印刷业市场专项调查及投资前景分析报告》 2025年1-9月，印刷和记录媒介复制业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011 年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a steady revenue growth of 6.56% year-on-year for the first three quarters of 2025, achieving a total revenue of 2.706 billion yuan, with a net profit attributable to shareholders of 309 million yuan, reflecting a 1.43% increase [1][2] - In Q3 2025, the company generated revenue of 960 million yuan, marking an 8.02% year-on-year growth, and a net profit of 126 million yuan, up by 1.00% [1][2] - The company is advancing its capacity expansion projects, with half of the new functional film material production capacity already operational and full production expected by H1 2026 [1] - The gross margin for the first three quarters of 2025 was 22.33%, a decrease of 0.63 percentage points year-on-year, while Q3 2025 saw a gross margin of 24.44%, an increase of 0.38 percentage points year-on-year [2] - The company anticipates revenue growth of 7.4%, 9.2%, and 9.8% for the years 2025, 2026, and 2027, respectively, with net profits expected to grow by 2.3%, 9.5%, and 13.6% in the same period [2] Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 2.706 billion yuan, with a net profit of 309 million yuan [1] - The gross margin for Q1-Q3 2025 was 22.33%, while Q3 2025 saw a gross margin of 24.44% [2] - The net profit margin for Q1-Q3 2025 was 11.43%, and for Q3 2025, it was 13.12% [2] Future Projections - Revenue projections for 2025, 2026, and 2027 are 3.788 billion yuan, 4.135 billion yuan, and 4.542 billion yuan, respectively [2] - Net profit projections for the same years are 478 million yuan, 524 million yuan, and 595 million yuan, respectively [2] - The expected EPS for 2025, 2026, and 2027 is 0.78 yuan, 0.86 yuan, and 0.97 yuan, respectively [2]

Core Viewpoint - Yongxin Co., Ltd. has shown a positive stock performance with a year-to-date increase of 14.31% and a market capitalization of 7.044 billion yuan as of October 31 [1] Financial Performance - For the period from January to September 2025, Yongxin Co., Ltd. achieved a revenue of 2.706 billion yuan, representing a year-on-year growth of 6.56% [2] - The net profit attributable to shareholders for the same period was 309 million yuan, reflecting a year-on-year increase of 1.43% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Yongxin Co., Ltd. reached 19,900, an increase of 9.45% compared to the previous period [2] - The average number of circulating shares per shareholder was 30,383, which decreased by 8.63% from the previous period [2] Dividend Distribution - Since its A-share listing, Yongxin Co., Ltd. has distributed a total of 3.111 billion yuan in dividends, with 1.133 billion yuan distributed over the last three years [3] Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 3.6951 million shares, an increase of 362,700 shares from the previous period [3] - The fund "Baoying New Emerging Industries Mixed A" has exited the list of the top ten circulating shareholders [3]

Core Viewpoint - Yongxin Co., Ltd. is a leading enterprise in the domestic plastic packaging industry, focusing on high-tech products such as vacuum coating and multifunctional films, with a differentiated advantage across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Yongxin's revenue reached 2.706 billion yuan, ranking 2nd in the industry, surpassing the industry average of 1.826 billion yuan and the median of 741 million yuan [2] - The main business composition includes color printing packaging materials at 1.219 billion yuan (69.83% share) and plastic soft packaging films at 369 million yuan (21.13% share) [2] - The net profit for the same period was 311 million yuan, also ranking 2nd in the industry, above the industry average of 175 million yuan and the median of 19.75 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Yongxin's debt-to-asset ratio was 42.62%, slightly above the industry average of 42.37% and higher than the previous year's 38.29% [3] - The gross profit margin for Q3 2025 was 22.33%, lower than the previous year's 22.96% but higher than the industry average of 19.88% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 9.45% to 19,900, with an average holding of 30,400 circulating A-shares, a decrease of 8.63% [5] - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 3.6951 million shares, an increase of 362,700 shares from the previous period [5] Group 4: Future Outlook - The company is expected to maintain steady growth, with significant contributions from overseas markets and new materials, projecting revenues of 3.782 billion, 4.102 billion, and 4.419 billion yuan for 2025 to 2027 [5][6] - The net profit forecast for the same period is 460 million, 520 million, and 600 million yuan [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated resilience in its operations, with stable demand in its main plastic flexible packaging business and active expansion into overseas markets and new film materials [3] - The company reported a revenue of 2.706 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.56%, and a net profit attributable to shareholders of 309 million yuan, up 1.43% year-on-year [2] - The company is expected to achieve stable growth driven by its vertical integration strategy and the gradual ramp-up of its film business [5] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 960 million yuan, a year-on-year increase of 8.02%, and a net profit of 126 million yuan, up 1.00% year-on-year [2] - The gross margin for Q3 2025 increased by 0.38 percentage points to 24.44%, attributed to cost reductions and a higher proportion of high-margin overseas business [4] - The company’s net profit margin for Q3 2025 decreased by 0.84 percentage points to 13.22%, mainly due to increased operating expenses [4] Growth Drivers - The international market revenue for the first half of 2025 reached 303 million yuan, a year-on-year increase of 39.67%, while the film business generated 369 million yuan, up 20.34% year-on-year [3] - The company is focusing on overseas expansion and the development of new film materials as key growth points [3] Earnings Forecast - The company’s revenue is projected to be 3.782 billion yuan in 2025, 4.102 billion yuan in 2026, and 4.419 billion yuan in 2027, with corresponding EPS of 0.79 yuan, 0.86 yuan, and 0.95 yuan respectively [5][7] - The PE ratios for 2025, 2026, and 2027 are estimated to be 14, 13, and 12 times respectively [5]

Core Viewpoint - The company, Yongxin Co., Ltd. (002014), has experienced a decline in stock price despite a decrease in oil prices, with operational costs increasing due to higher sales volume and various raw material specifications [2][3]. Group 1: Stock Performance - As of October 27, 2025, Yongxin Co., Ltd. closed at 11.31 yuan, down 0.18%, with a turnover rate of 0.67%, a trading volume of 40,600 shares, and a transaction amount of 45.6884 million yuan [1]. Group 2: Cost Analysis - The company’s operating costs have increased in the first three quarters of the year, outpacing revenue growth, primarily due to increased sales volume rather than a direct correlation with crude oil prices [2]. - The main raw materials for the company are petroleum refining products, which are influenced by various factors beyond just crude oil prices [2]. Group 3: Capital Flow - On October 27, 2025, there was a net outflow of 1.2449 million yuan from institutional investors, while retail investors saw a net inflow of 1.8902 million yuan, and a net outflow of 645,300 yuan from individual investors [3].

Report Summary 1. Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core View - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, including new project information and the status of ongoing projects, while noting that issuance terms and progress may change and final prospectuses and underwriters should be consulted [1]. 3. Summary by Related Catalogs New Project Information Last Week - The 2025 private placement of exchangeable corporate bonds by Fujian State - owned Assets Management Co., Ltd. for professional investors received exchange feedback, with a proposed issuance size of 200 million yuan (the feedback size was reduced), the underlying stock being FUGuang Co., Ltd. (688010.SH), and the lead underwriter being Guoxin Securities. The exchange update date was October 24, 2025 [2]. - The 2025 private placement of exchangeable corporate bonds by O瑞金 Technology Co., Ltd. for professional investors received exchange feedback, with a proposed issuance size of 1.25 billion yuan, the underlying stock being Yongxin Co., Ltd. (002014.SZ), and the lead underwriter being CITIC Construction Investment Securities. The exchange update date was October 21, 2025 [2]. - The 2025 private placement of exchangeable corporate bonds by Hangzhou Iron & Steel Group Co., Ltd. for professional investors was accepted by the exchange, with a proposed issuance size of 1 billion yuan, the underlying stock being Hangzhou Iron & Steel Co., Ltd. (600126.SH), and the lead underwriter being Zheshang Securities. The exchange update date was October 23, 2025 [2]. - The 2025 private placement of science - and - technology innovation exchangeable corporate bonds by Sichuan Jiuzhou Investment Holding Group Co., Ltd. for professional investors was accepted by the exchange, with a proposed issuance size of 1 billion yuan, the underlying stock being Sichuan Jiuzhou (000801.SZ), and the lead underwriter being CITIC Securities. The exchange update date was October 20, 2025 [2]. Private EB Weekly Tracking (October 24, 2025) - A table shows the information of multiple private exchangeable bond projects, including bond names, lead underwriters, sizes, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [4].

Investment Rating - The report does not provide a specific investment rating for Yongxin Co., Ltd. [1] Core Insights - Yongxin Co., Ltd. demonstrated steady revenue growth with a total revenue of 2.706 billion yuan for Q1-Q3 2025, reflecting a year-on-year increase of 6.6%. The net profit attributable to shareholders reached 309 million yuan, up 1.4% year-on-year [1][2] - The company is expected to benefit from structural growth driven by high-potential businesses such as films and overseas markets, contributing positively to revenue performance [2] - The management anticipates that the new management team may accelerate business development, enhancing overall profitability [3] Financial Performance Summary - For Q3 2025, the company reported a revenue of 960 million yuan, a year-on-year increase of 8.0%, and a net profit of 126 million yuan, up 1.0% year-on-year. The gross margin for Q3 was 24.4%, showing a slight increase of 0.4 percentage points year-on-year [1][3] - The company’s operating cash flow for Q3 was 299 million yuan, an increase of 115 million yuan year-on-year, indicating strong cash flow performance [3] - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 460 million, 520 million, and 600 million yuan, respectively, with corresponding P/E ratios of 15.2X, 13.5X, and 11.7X [3]

Core Viewpoint - The company reported steady revenue and profit growth for the first three quarters of 2025, with a revenue of 2.71 billion yuan, up 6.6% year-on-year, and a net profit of 310 million yuan, up 1.4% year-on-year [3]. Group 1: Financial Performance - In Q1, Q2, and Q3 of 2025, the company achieved revenues of 850 million, 900 million, and 960 million yuan respectively, with year-on-year growth rates of 1.6%, 10.1%, and 8.0% [3]. - The net profits for Q1, Q2, and Q3 of 2025 were 89 million, 94 million, and 126 million yuan respectively, with year-on-year growth rates of 2.9%, 0.7%, and 1.0% [3]. Group 2: Capacity Expansion - The company is expanding its production capacity, with half of the annual production capacity of 22,000 tons of new functional film materials expected to be operational next year [4]. - A 30,000-ton biaxially oriented multifunctional film project is scheduled for installation in Q4 of this year and is expected to be operational by Q2 of next year [4]. - The pet food packaging project has begun trial production, contributing to the company's ongoing capacity expansion and long-term stable growth [4]. Group 3: Cost and Margin Analysis - The gross margin for Q3 2025 was 24.4%, an increase of 0.4 percentage points year-on-year, attributed to a decrease in raw material prices [5]. - The average price per ton for domestic BOPP in Q3 2025 was 8,102 yuan, down 449 yuan year-on-year, while the average price for domestic CPP was 9,900 yuan, down 1,900 yuan year-on-year [5]. - The operating expense ratio for Q3 2025 was 9.5%, an increase of 0.6 percentage points year-on-year, with specific rates for sales, management, R&D, and financial expenses being 1.4%, 3.2%, 4.4%, and 0.5% respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Views - The company reported steady revenue growth, with Q1-Q3 2025 revenue increasing by 6.56% year-on-year to 2.706 billion RMB, and net profit rising by 1.43% to 309 million RMB [2]. - The company's plastic flexible packaging film business is expected to be the main contributor to revenue growth, aligning with the trend towards environmentally friendly packaging materials [2][4]. - The gross margin slightly increased in Q3 2025, driven by resilient downstream demand and a decrease in crude oil prices [3]. - The company has a strong dividend payout history, maintaining a payout ratio above 80%, and is expected to continue high dividends due to stable performance from ongoing projects [4]. Summary by Sections Performance Review - For Q3 2025, the company reported revenue of 960 million RMB, a year-on-year increase of 8.02%, and a net profit of 126 million RMB, up 1.00% [2]. - The company’s revenue and net profit for Q1-Q3 2025 were 2.706 billion RMB and 309 million RMB, reflecting growth rates of 6.56% and 1.43% respectively [2]. Operational Analysis - The company’s main business, color printing composite packaging materials, is expected to maintain stable growth, supported by resilient demand in downstream sectors [2]. - The company is actively developing environmentally friendly packaging materials, which is anticipated to contribute significantly to revenue growth in Q3 2025 [2][4]. Financial Metrics - The gross margin for Q1-Q3 2025 was 22.33%, with a slight increase to 24.44% in Q3 2025, while the net profit margin was 11.50% [3]. - The company’s projected revenue for 2025-2027 is 3.784 billion RMB, 4.208 billion RMB, and 4.647 billion RMB, with respective growth rates of 7.33%, 11.19%, and 10.44% [5][10]. Future Outlook - The company is set to launch new production capacities in 2026, which will provide additional revenue streams [4]. - The company is also exploring new consumer segments, such as pet food, which is expected to enhance growth opportunities [4].