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：2014-09-002 | | | □ 分析师会议 | | | □ 业绩说明会 | | 投资者关系活动类别 | □ 路演活动 | | | | | | | | 参与单位名称及人员姓 名 | | | 时间 | | | 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、证券专员 | | | 1、公司并购基金的模式如何？ 答：公司此次成立了两个并购基金，第一个基金是与中 | | 投资者关系活动主要内 容介绍 | 新融创合作，基金目标规模：人民币 4 亿元（首期 2 亿 元），由 ...

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：2014-09-001 | | | 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 | □ 路演活动 | | | | | | | | 参与单位名称及人员姓 名 | 银河证券：陈腾曦、杨岚、谭勇；互码投资：陈凌 | | 时间 | | | 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、证券专员 | | | 年半年度报告为何只披露了五家主要子公 | | 投资者关系活动主要内 | 司的盈利情况，其他公司是否有盈利？ 答：因半年度报告披露要点要求："单个子公司的净利润 | 1 | --- | --- | |-------|------------------------------ ...

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：2015-07-001 | | | □ 分析师会议 | | | □ 业绩说明会 | | 投资者关系活动类别 | □ 路演活动 | | | | | | | | 参与单位名称及人员姓 名 | 民生加银基金：邓凯成 | | 时间 | | | 地点 | | | 上市公司接待人员姓名 | 董事会秘书、证券事务代表 | | | 项目？ | | | 答：智能包装集成服务（下述简称"PAAS"），即将客户 | | 投资者关系活动主要内 | 与包装有关的产品和服务综合集成，包括：策划设计、 | | 容介绍 | 整合采购、智能生产和数据分享，通过工业互联网战略， 最终打造行业资源整合及分享平台。 | | | 近年来制造业人力成本高企，促生客户企业自动化 | | | 改造 ...

Group 1: Company Strategy and Innovations - The company is implementing an industrial internet strategy through a smart packaging integrated service (PAAS), which combines planning, procurement, smart production, and data sharing [1][2] - PAAS addresses customer pain points, allowing clients to separate non-core business functions, effectively reducing packaging costs and improving management efficiency [2][3] - The PAAS project aims to deepen cooperation with clients, enhancing customer loyalty and transitioning from passive order production to strategic partnerships [2][3] Group 2: Market Potential and Financial Performance - The PAAS initiative is expected to create a trillion-level market space, significantly surpassing traditional packaging industry capacities and profitability [2] - In Q2 2015, the company achieved a record revenue of ¥797,501,280.51, despite a challenging macroeconomic environment [3] - The company's current production capacity utilization rate is over 70% [3] Group 3: Customer Segmentation and Taxation - The customer base includes various sectors: home appliances (30-40%), food and beverage (30%), and others such as daily chemicals, furniture, and pharmaceuticals [4] - The company benefits from tax incentives, with a tax rate of 15% for certain subsidiaries and 25% for most others [4] Group 4: Future Outlook - The company anticipates that the total sales revenue for 2015 will depend on overall market conditions and the development of new business initiatives [4]

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：2015-08-001 | | | □ 分析师会议 | | | □ 业绩说明会 | | 投资者关系活动类别 | □ 路演活动 | | | | | | | | 参与单位名称及人员姓 名 | 安信证券:张妮、雷慧华 | | 时间 | | | 地点 | | | 上市公司接待人员姓名 | 董事会秘书、证券事务代表 | | | | | | 答：智能包装集成服务（下述简称"PAAS"），即将客户 | | 投资者关系活动主要内 | 与包装有关的产品和服务综合集成，包括：策划设计、 | | 容介绍 | 整合采购、智能生产和数据分享，通过工业互联网战略， 最终打造行业资源整合及分享平台。 | | | 近年来制造业人力成本高企，促生客户企业自动化 | | | 改造、服务 ...

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]