Group 1: Company Overview - The company serves various industries including home appliances, IT, food and beverage, daily chemicals, furniture, and pharmaceuticals [1] - The company currently has 25 production bases [2] Group 2: PAAS Project - The PAAS (Packaging as a Service) project integrates planning, design, procurement, smart production, and data sharing, aiming to create a resource integration and sharing platform [2] - PAAS addresses customer pain points by allowing them to focus on core business while effectively reducing packaging costs and improving management efficiency [2] - The PAAS project is expected to create a trillion-level market space, offering significant growth potential compared to traditional packaging industries [2] Group 3: Financial Information - The company has established two industry funds, with the first fund targeting a scale of RMB 400 million (initial phase of RMB 200 million) and the second fund targeting RMB 800 million (initial phase of RMB 200 million) [3] - The first fund has completed its initial fundraising and has begun operations [3] Group 4: Customer Relationships - The typical payment terms for upstream suppliers are 30 days, while downstream customers vary by industry: 30-60 days for food and beverage and 60-90 days for electronics [2] - Large clients generally select 2-4 suppliers, with some cases opting for exclusive arrangements [2] Group 5: O2O Project - The company is developing an O2O (Online to Offline) packaging platform to cater to the growing demand for personalized and diverse packaging solutions from small and medium enterprises [3] - The integration of internet technology into packaging is expected to enhance product functionality and provide real-time monitoring of product quality and safety [3]

Group 1: Smart Packaging Integrated Services (PAAS) - PAAS integrates customer-related products and services, including design, procurement, smart production, and data sharing, creating a resource integration platform through industrial internet strategies [1] - PAAS addresses customer pain points by allowing them to separate non-core business functions, effectively reducing packaging costs and improving management efficiency [2] - The PAAS project is expected to create a trillion-level market space, offering significant growth potential compared to traditional packaging industries [2] Group 2: Market Position and Customer Base - The current market share in the corrugated paper packaging segment is very low, at less than 2% [2] - The company has seen an increase in customer concentration, with the top 5 customers generating revenue of 9.3 billion CNY in 2013, accounting for 38% of total sales, and 11.25 billion CNY in 2014, accounting for 41.45% of total sales [3] - Employee wages are above industry average, reflecting the company's commitment to valuing its workforce [2] Group 3: Future Developments and Strategies - The company plans to leverage internet technology to create a smart packaging ecosystem that enhances product tracking, quality assurance, and real-time monitoring [3] - The company maintains flexibility in acquisition strategies, considering both cash and equity options based on specific circumstances [3] - Current capacity utilization rates for new and old factories are approximately between 75% and 80% [3]

证券代码：002228 证券简称：合兴包装 厦门合兴包装印刷股份有限公司 投资者关系活动记录表 | --- | --- | |-------------------------|-----------------------------------------------------------------------------------| | | 编号：2015-05-003 | | | 特定对象调研 □ 分析师会议 | | | □ 业绩说明会 | | 投资者关系活动类别 | 新闻发布会 □ 路演活动 | | | | | | | | 参与单位名称及人员姓 名 | 南方基金：罗安安；建信基金：邵卓；博时基金：叶欣； 宝盈基金：程宾宾 | | 时间 | 19 日上午 | | | | | 地点 | | | 上市公司接待人员姓名 | 董事长、副董事长、董事会秘书、证券事务代表 | | | 1、公司新一年战略规划简要介绍？ （1）创新行业服务模式：通过智能包装集成服务，实现 | | 投资者关系活动主要内 | 行业工业互联网战略 | | 容介绍 | 智能包装集成服务（下述简称"PAAS"），即将客户 | | | 与 ...

Industry Overview - The packaging industry is currently facing significant challenges, including overcapacity, outdated equipment, and rising costs, leading to many companies operating at a loss and some going bankrupt [1][2] - Despite these difficulties, the industry is also seen as having potential for consolidation and innovation, particularly with the rise of Internet and Industry 4.0 [2] Customer Segmentation - The company's customer base is approximately 30-40% in the home appliance and IT sectors, and around 30% in the food and beverage sector, with the remainder in personal care, furniture, and pharmaceuticals [2] Supply Chain Financial Services - The packaging industry faces common issues with accounts receivable and long payment terms, creating a significant opportunity for supply chain financial services to support small and medium-sized enterprises [2] PAAS Project - The PAAS (Intelligent Packaging Integrated Service) project aims to meet the needs of medium to large clients by outsourcing non-core packaging functions, enhancing customer relationships, and transitioning from passive order production to strategic cooperation [3] - The project will also provide support in business, finance, centralized procurement, and design R&D for various packaging partners across the country [3] Acquisition Plans - The company plans to acquire assets primarily engaged in the production of cartons and paperboard, which aligns with its existing operations [3] - The pricing for the acquisition will be based on the net asset value of the target assets, as determined by auditing and valuation agencies [3] Future Development Goals - The company aims to develop two key platforms: the PAAS platform for medium to large clients and an O2O customization platform for e-commerce small clients and consumers [3][4] - These platforms will integrate packaging designers, material suppliers, small packaging companies, logistics, and machinery enterprises to create a comprehensive packaging ecosystem [4]

Group 1: Industry Overview - The domestic paper packaging industry has a low concentration due to its short development history, with industrialization beginning in 1995 [1] - The company became the first listed enterprise in the industry in 1996, rapidly expanding its national layout despite challenges in profitability and long capital recovery cycles [1] Group 2: Company Performance - The current capacity utilization rate of the company is approximately 70% [2] - The pricing of the company's products is generally comparable to competitors, with occasional slight increases [2] - The pricing model considers both internal cost factors and market competition [2] Group 3: Client Relationships - Large clients typically have 2-4 suppliers, with some unique cases of exclusive suppliers [2] - The company employs around 200-300 staff in a standard factory [2] Group 4: Future Plans - The company is currently in the review phase by the China Securities Regulatory Commission for a potential directed issuance at the end of the year [2]

证券代码：002228 证券简称：合兴包装 厦门合兴包装印刷股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------------|-------------------------------------------------------------------------------------|------------------------------------------------------| | | | 编号：2015-01-002 | | | ■特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | | | 参与单位名称及人员姓 | 名 东方证券：施红梅、赵越峰 | | | 时间 2015 年 1 月 8 日 | | | | | | | | | 地点 公司办公大楼三楼会议室（二） | | | | 上市公司接待人员姓名 董事会秘书、证券事务代表、证券专员 一、公司生产车间参观及了解 | | | | 二、会 ...

证券代码：002228 证券简称：合兴包装 厦门合兴包装印刷股份有限公司 投资者关系活动记录表 | --- | --- | |---------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------| | | 编号：2014-11-001 | | | ■特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | | | | | 参与单位名称及人员姓 名 | 普尔投资：陈卫荣、廖书仪；长城证券：李振兴； 东兴证券：万力；厦门招商银行：李正尧、陈春江； 银河证券：何碧长、林荣、林仁春 | | 时间 2014 年 11 月 11 日 | | | 地点 公司办公大楼三楼大会议室 | | | 上市公司接待人员姓名 董事会秘书、证券事务代表、证券专员 ...

证券代码：002228 证券简称：合兴包装 厦门合兴包装印刷股份有限公司 投资者关系活动记录表 | --- | --- | |-----------------------------------------------|-------------------------------------------------------------------------------------------| | | 编号：2014-12-001 | | | ■特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | | | 参与单位名称及人员姓 | 名 广州赛富合银资产管理有限公司：刘路、许政发 | | 时间 2014 年 12 月 11 日 | | | 地点 公司办公大楼三楼会议室（二） | | | 上市公司接待人员姓名 董事会秘书、证券事务代表 | | | | 1、公司非公开发行股票计划什么时候发行？ 答：目前刚经中国证监会审核通过，待取得证监会的核 | | 投资者关系活动主要内 容介绍 | 准批文后，再根据 ...

Fund Establishment and Progress - The company has established two industry funds, with the first fund in collaboration with Zhongxin Rongchuang, having an initial investment of over RMB 200 million, where the company holds a 20% stake in the first phase [1] - The second fund, in partnership with GF Xinde and Ruiyuan Capital, has a target scale of RMB 800 million (with an initial phase of RMB 200 million), where the company’s wholly-owned subsidiary, Yurong Investment, invests RMB 40 million as a subordinate investor [1] Project Integration and Financial Planning - The projects acquired by the funds are extensions of the company's main business, and the company is involved in the research and cultivation of these projects, allowing for quick integration into the listed company [2] - A new factory needs to achieve a capacity utilization rate of approximately 50% to break even [2] - Funding for future acquisitions by the listed company may come from various sources, including issuing stocks or using the company's own funds, depending on the actual situation [2] E-commerce and Client Relationships - E-commerce currently accounts for a small percentage of the company's total sales, but it is expected to gradually increase in line with industry trends; the company has long-term partnerships with platforms like JD.com, Vipshop, Dangdang, and SF Best [2] - Large clients typically choose 2-4 suppliers, with some unique cases having exclusive arrangements, but the company does not rely solely on any single industry or client [2] Employee Incentives and Stock Issuance - The company places significant emphasis on employee incentive mechanisms and will consider various methods to effectively motivate employees, with specific plans to be announced [3] - The non-public stock issuance plan has been approved by the China Securities Regulatory Commission and will proceed once the approval document is obtained, with timing to be determined based on specific circumstances [3] - The company prefers investors for the upcoming targeted issuance who can achieve mutual benefits or complementarity [3]

证券代码：002228 证券简称：合兴包装 厦门合兴包装印刷股份有限公司 投资者关系活动记录表 | --- | --- | |-------------------------------------------------------|-------------------------------------------------------------------------------------------------------| | | 编号：2015-01-004 | | | ■特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | | | | | 参与单位名称及人员姓 名 银华基金：王鑫钢、黄颖、秦锋 | | | 时间 2015 年 1 月 28 日 | | | 地点 公司办公大楼三楼会议室（一） | | | 上市公司接待人员姓名 董事长、董事会秘书、证券事务代表 | | | | 一、公司研发中心参观及了解 | | | | | 投资者关系活动主要内 容介绍 | 1、公司在业务方面做了哪些规划？ 答：（1）贯彻 ...