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]

Group 1: Business Strategy - The company aims to consolidate its major client strategy, increasing customer penetration and the proportion of centralized procurement [1] - Plans to expand and enhance e-commerce, smart electronics, and modern logistics sectors [1] - Increased R&D investment to optimize packaging processes and meet personalized customer needs for scalable production [2] Group 2: Product Development - Development of eco-friendly, smart, digital, and media packaging based on customer needs [2] - Integration of the company's ERP system with clients' production planning systems for zero inventory management [2] - Digital printing is identified as a crucial future direction, with the company being the first in the domestic market to install advanced digital printing equipment [3] Group 3: Market Opportunities - Rapid growth in e-commerce has led to a surge in secondary packaging demand, with higher structural and functional requirements [2] - The company recognizes the increasing importance of packaging as the first impression for consumers, planning to focus on high-end color printing packaging [2] Group 4: Competitive Landscape - The packaging industry has a large market capacity, with competition primarily among regional leaders [3] - The company’s product pricing is slightly higher than competitors but remains competitive within the industry [3] - The use of pre-print technology is prevalent among clients in the food and beverage sector, suitable for large order volumes [4] Group 5: Industry Challenges - The packaging industry has historically faced overcapacity, but the market remains substantial, emphasizing the need for differentiated production to enhance competitiveness [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：2015-01-005 | | | ■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 中欧基金：卢纯青 | | | 时间 2015 年 1 月 29 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 | | | | 一、公司研发中心参观及了解 | | | | | 投资者关系活动主要内 | 1、公司在业务方面做了哪些规划？ | | 容介绍 | 答：（1）贯彻巩固大客户战略，提高客户渗透率，加大 | | | | | | （2）开拓并提升电子商务、智能电子、现代物流领域的 | | | | ...

Group 1: Company Operations - The company typically selects 2-4 suppliers based on size, with some unique cases of exclusive suppliers [1] - The economic transportation radius for the company's products is generally 100-150 kilometers, necessitating factories in different locations to better serve large clients [2] - The company has production facilities in South China, East China, Central China, Southwest, and North China [2] - The current capacity utilization rate is approximately over 70% [2] Group 2: Financial Aspects - The upstream suppliers usually offer a payment term of 30 days, while downstream clients vary from 30-60 days for the food and beverage industry to 60-90 days for the electronics industry [2] - Fluctuations in pulp prices significantly impact upstream companies, but the company can pass on costs to downstream clients, minimizing its own impact [2] - Most of the company's raw paper is sourced domestically, as many local paper companies can now replace foreign suppliers [2] Group 3: Strategic Initiatives - The establishment of an industrial merger fund is not solely for capacity expansion; it also considers customer resources, capacity structure, and operational teams for future development [3] - The company's market share in the express delivery sector is currently small but is expected to increase with the growth of emerging industries [3] - The recent targeted issuance of new shares aims to enhance production capacity through new facilities and equipment, addressing limitations from leased factory spaces [3]

Group 1: Fund Establishment and Progress - The company has established two industrial funds, with the first fund in collaboration with Zhongxin Rongchuang, having an initial amount of over 200 million RMB, where the company subscribed for 20% of the first phase [1] - The second fund, in partnership with GF Xinde and Ruiyuan Capital, has a target scale of 800 million RMB (with an initial phase of 200 million RMB), and the company’s wholly-owned subsidiary, Yurong Investment, is investing 40 million RMB as a subordinate investor [1] Group 2: M&A Considerations and Challenges - When selecting M&A targets, the company considers customer resources, capacity structure, and management teams that are beneficial for future development, aiming for synergies [2] - The current M&A process is perceived as easier than before due to the difficulties faced by many small and medium-sized enterprises, making this a favorable time for acquisitions [2] Group 3: Future Plans and Market Competition - Future projects acquired by the industrial fund will be integrated into the listed company, with funding sources potentially including stock issuance or company funds, depending on the situation [2] - The packaging industry has a large market capacity, resulting in minimal direct competition, with the main competition being regional leading companies [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：2015-03-002 | | | ■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 | | | | | | | | 参与单位名称及人员姓 名 厦门海翼投资有限公司：许晓毅 | | | 时间 2015 年 3 月 11 日 | | | 地点 公司会议室 | | | 上市公司接待人员姓名 董事会秘书、证券事务代表 | | | | 1、请问公司现在 18%-20%毛利率水平是否是一个合理的 | | | | | 投资者关系活动主要内 | 答：毛利率的提升需要精细化的管理，需要调整客户结 | | 容介绍 | 构、降低损耗等。公司目前的损耗率基本是行业中最低 | | | 的，大概 2%-2.5 ...

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：2015-02-001 | | | 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 | 郑州宇通集团有限公司：朱永建、刘军 上海涌泉亿信：李梦芝 | | 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、证券事务代表、证券专员 | | | 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、公司的核心竞争力有哪些？ 答：（1）全国布局及跨区域多厂管控优势 公司集团化大客户具有全国多厂布局及集中采购的 | ...