证券代码：002228 证券简称：合兴包装 公告编号：2025-097 号 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 厦门合兴包装印刷股份有限公司（以下简称"公司"）于2025年5月16日召开第 七届董事会第五次会议，审议通过了《关于回购公司股份方案的议案》（以下简称 "第五期回购计划"），同意公司使用自有资金和/或自筹资金（含银行回购专项贷 款等）以集中竞价方式回购公司股份，回购的公司股份将用于实施员工持股计划或 股权激励计划。本次回购股份价格不超过人民币4.67元/股，回购资金总额不低于人 民币5,000万元（含）且不超过人民币10,000万元（含），回购股份期限自董事会审 议通过本次回购股份方案之日起12个月内。因公司实施2024年年度权益分派，公司 回购股份价格上限由4.67元/股（含）调整为4.50元/股（含）。具体内容详见公司于 2025年5月20日、2025年5月22日、2025年7月23日在《证券时报》《证券日报》和巨 潮资讯网（www.cninfo.com.cn）上披露的相关公告。 一、回购公司股份的具体情况 根据《深圳证券交易所上市公 ...

Core Insights - The toothpaste packaging industry is experiencing rapid growth due to increasing awareness of oral health, with the market size in China projected to reach 358.50 billion yuan in 2024, a year-on-year increase of 3.6% [1][7]. - By 2025, the market size is expected to grow to approximately 370.83 billion yuan, driven by rising consumer demands for product quality and packaging design [1][7]. Industry Overview - Toothpaste packaging serves multiple functions, including product protection, user experience enhancement, brand communication, and environmental responsibility [3][7]. - The industry encompasses both inner packaging (directly in contact with toothpaste) and outer packaging (providing protection and brand display) [3][4]. Market Dynamics - The industry is influenced by rising disposable income and consumer spending in China, with per capita disposable income reaching 21,840 yuan in the first half of 2025, a nominal increase of 5.3% year-on-year [5][6]. - The demand for high-quality, eco-friendly, and personalized packaging is expected to drive the industry's transformation towards premium and sustainable solutions [6][10][13]. Competitive Landscape - The toothpaste packaging market is characterized by significant concentration, with major international players like Amcor and Tetra Pak dominating the high-end market [8][9]. - Domestic companies such as Zijiang Group and Kingfa Technology are increasingly replacing imports through technological innovation and product differentiation [9]. Industry Trends - The industry is witnessing a shift towards high-end packaging, with companies using premium materials and innovative designs to enhance product value [10]. - Smart packaging is emerging as a trend, incorporating technology like QR codes for improved consumer engagement and product traceability [11][12]. - Sustainability is becoming a key focus, with brands adopting recyclable and biodegradable materials to meet consumer and regulatory demands [13]. - Personalization is on the rise, with packaging tailored to specific consumer demographics, including children and seniors [14].

Investment Rating - The report maintains a "Positive" investment rating for the paper packaging industry, indicating an expectation of better performance compared to the relevant market index over the next 12 months [10]. Core Insights - The paper packaging market in China is characterized by low concentration, intense competition, and low profit margins. Leading companies possess better customer resources and capabilities for international expansion, with overseas revenue growth outpacing domestic growth. The report anticipates a 2-3 year period of overseas investment dividends, driven by the first-mover advantage of leading companies, strong customer bases, and funding advantages [2][6][25]. Summary by Sections Background: Supply Chain Transition and Advantages of Leading Companies - The trend of paper packaging companies expanding overseas is evident, with leading firms showing higher overseas revenue growth compared to domestic figures. For instance, in the first half of 2025, Yutong's overseas revenue grew by 27% while domestic revenue declined by 2%. Similarly, Meiyingsen's overseas revenue increased by 39% while domestic revenue fell by 6% [6][16]. - The competitive landscape in China's paper packaging market is fragmented, with a CR5 of approximately 15%. Leading companies like Yutong hold about 6% market share, facing pressure from smaller firms employing aggressive pricing strategies [7][25]. Outlook: Increased Overseas Revenue Share and Optimized Profit Structure - The profitability of domestic leading paper packaging companies is higher than that of local competitors in markets like India. For example, Yutong's net profit margin of 21.7% in the first half of 2024 surpassed that of TCPL, India's largest folding carton producer, which had a net profit margin of about 8% [8][33]. - The report highlights that overseas markets present opportunities for premium pricing due to supply-demand mismatches, particularly in emerging manufacturing bases where local companies struggle to meet the quality and compliance standards required by multinational brands [9][46]. Competitive Advantages of Leading Companies - Leading companies have established multiple overseas bases, enhancing their ability to meet customer needs and reduce delivery times. For instance, Yutong has set up 10 overseas bases in countries like Vietnam and India [28]. - The report emphasizes the importance of technological advantages, funding capabilities, and compliance with international standards, which smaller firms often lack. Leading companies can leverage their established relationships with major clients to mitigate risks associated with international expansion [32][28].

Company Overview - Company name: Xiamen Hexing Packaging Printing Co., Ltd. - Established on May 17, 1993, and listed on May 8, 2008 - Main business involves R&D, design, production, sales, and service of mid-to-high-end corrugated cartons, with revenue composition: corrugated packaging 88.38%, color box packaging 4.50%, others 3.24%, industrial paper 2.80%, cushioning packaging 1.08% [1] Financial Performance - For the first half of 2025, the company achieved operating revenue of 5.148 billion yuan, a year-on-year decrease of 9.52% - The net profit attributable to shareholders was 115 million yuan, a year-on-year increase of 30.87% [2] Stock Performance - As of September 22, the stock price decreased by 2.11% to 3.25 yuan per share, with a total market value of 3.944 billion yuan - Year-to-date stock price increased by 14.88%, with recent declines of 3.56% over the last 5 trading days, 5.25% over the last 20 days, and 3.25% over the last 60 days [1] Shareholder Information - As of June 30, the number of shareholders was 24,300, a decrease of 4.77% from the previous period - Average circulating shares per person increased by 5.01% to 49,086 shares [2] Dividend Distribution - Cumulative cash distribution since the A-share listing amounts to 1.294 billion yuan, with 488 million yuan distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders saw the exit of the fund "Zhaoshang Quantitative Selected Stock Initiation A" from the list [3]

（文章来源：证券日报） 证券日报网讯 9月19日晚间，合兴包装发布公告称，公司及子公司无逾期对外担保、涉及诉讼的担保及 因担保被判决败诉而承担损失等情形。 ...

证券代码：002228 证券简称：合兴包装 公告编号：2025-096 号 厦门合兴包装印刷股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 厦门合兴包装印刷股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 25 日及 2025 年 6 月 6 日召开的第七届董事会第四次会议及 2024 年年度股 东大会审议通过了《关于 2025 年度公司为控股子公司提供担保的议案》，同意公 司在 2025 年度为 6 家下属子公司的授信业务提供担保，担保的总额度不超过 3.70 亿元人民币。除了以往申请的担保根据合同约定继续执行外，剩余担保申请有效 期为 2024 年年度股东大会决议之日起至 2025 年年度股东大会召开日止，在上述 额度内发生的具体担保事项，授权公司董事长具体负责与金融机构签订相关担保 协议，不再另行召开董事会或股东大会，具体担保有效期以担保协议约定为准。 在授权期内，上述担保额度可循环使用。具体内容详见公司刊登于《证券时报》 《证券日报》和巨潮资讯网（www.cninfo. ...

（编辑 楚丽君） 证券日报网讯 9月18日晚间，合兴包装发布公告称，控股股东新疆兴汇聚股权投资管理有限合伙企业将 其持有的部分股份办理了质押业务。本次质押数量为300万股，占其所持股份比例0.76%，占公司总股 本比例0.25%。 ...

证券代码：002228 证券简称：合兴包装 公告编号：2025-095 号 厦门合兴包装印刷股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 厦门合兴包装印刷股份有限公司（以下简称"公司"或"本公司"）于近日 接到本公司控股股东新疆兴汇聚股权投资管理有限合伙企业（以下简称"新疆兴 汇聚"）关于将其持有的本公司部分股份办理了质押业务的通知，具体事项如下： 一、股东股份质押的基本情况 | | 是否为控股 | 本次质押 | 占其所 | 占公司 | 是否 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股东或第一 | | 持股份 | 总股本 | | 为补 | | | | 质押 | | 股东名称 | | 数量 | | | 为限 | | 质押起始日 | 质押到期日 | 质权人 | | | | 大股东及其 | （股） | 比例 | 比例 | 售股 | 充质 | | | | 用途 | | | 一致行动人 | ...

Core Viewpoint - The company aims to enhance its core competitiveness and improve investor relations management to drive sustainable growth in market value through high-quality development [1] Group 1 - The company will continue to focus on operational management [1] - The company is committed to strengthening its core competitiveness [1] - The company emphasizes the importance of investor relations management [1] Group 2 - The company is focused on achieving sustainable growth in market value [1] - The company plans to promote high-quality development [1]

Core Insights - The beauty packaging industry is facing significant challenges in 2025, impacting both upstream and downstream companies [1] - Among 12 listed beauty packaging companies, half reported revenue and profit growth, while others experienced declines, highlighting a widening gap between companies [1][10] - The competitive landscape is fragmented, with revenue disparities exceeding 50 times between the largest and smallest companies [1] Revenue Performance - The top tier companies (revenue over 5 billion) include Yutong Technology, Zijiang Enterprise, and Hexing Packaging, with Yutong and Zijiang achieving revenue growth, while Hexing saw a decline of 9.52% [5][10] - The second tier (revenue between 1 billion and 5 billion) companies, including Yongxin Co., Zhongrong Co., and Lihua Technology, all reported revenue growth, with Zhongrong achieving double-digit growth [5][10] - The third tier (revenue between 500 million and 1 billion) companies, such as Shanghai Ailu, Xianggang Technology, and Jiahen Household, also showed revenue increases, with Xianggang achieving a notable growth rate of 43.76% [6][8] - The fourth tier (revenue between 100 million and 500 million) companies, including Longlide, Baixinglong, and Jinsong New Materials, displayed significant revenue differences, with Longlide growing by 20.71% while Baixinglong and Jinsong experienced declines [8][10] Profitability Analysis - Among the 12 companies, only Jinsong New Materials and Jiahen Household reported net losses, while the rest remained profitable [10] - Jinsong's net profit plummeted by 1664%, attributed to declines in both domestic and international sales, alongside rising fixed costs [14][19] - In contrast, Xianggang Technology's net profit surged by 432%, driven by market expansion and operational efficiency improvements [14][15] - Half of the companies experienced a decline in gross profit margins, with Jiahen Household's margin dropping nearly 24 percentage points [3][16] Cost and Margin Challenges - The majority of companies reported gross margins between 10% and 30%, with Baixinglong achieving the highest at 36.5% [16] - Jiahen Household's gross margin decline was primarily due to increased fixed costs and a shift towards lower-margin products [20] - Shanghai Ailu faced similar challenges, with rising raw material costs and stagnant revenue growth leading to a significant drop in net profit [20] Strategic Insights - Companies are increasingly focusing on R&D investments, with most maintaining a sales-to-R&D expense ratio of less than 1, indicating a commitment to innovation [21] - The need for supply chain upgrades is critical as consumer demands evolve, and failure to meet these demands could result in customer loss [28][29] - The industry is experiencing pressure from raw material price fluctuations, competitive pricing, and environmental regulations, necessitating strategic adjustments for survival [29][30] - Long-term success in the packaging industry will favor companies with integrated service capabilities and technological barriers, while those relying on single product lines must adapt to avoid obsolescence [15][31]