Group 1: Company Strategy and Operations - The company establishes factories in different locations to better serve large clients due to the "economic transportation radius" of 100-150 kilometers [1] - The company has expanded from 4 factories in 2008 to 23 production bases, meeting the needs of large clients and creating a network effect [2][3] - The company focuses on a "blue ocean strategy" targeting large clients, enhancing customer trust and satisfaction [3] Group 2: Market Position and Competition - The price difference between the company's products and competitors is minimal, with occasional slight increases [2] - The company aims to increase revenue through both existing clients and new potential clients [2] - The packaging industry has low entry barriers, and the company enhances competitiveness through product development, technology, and service [2][3] Group 3: Financial Aspects - Accounts receivable typically range from 60 to 90 days, with larger sales leading to higher accounts receivable [2] - The top 5 clients' revenue increased from 760 million CNY to 930 million CNY year-on-year [3] - The company is currently in the review stage by the China Securities Regulatory Commission for a directed issuance [4]

Group 1: Company Strategy and Market Position - The company enhances customer retention through national layout and R&D advantages, which previously led to a slowdown in profit growth due to high initial costs [1] - The company currently competes with two foreign companies in the corrugated box packaging sector, namely International Paper and YFY [2] - The packaging industry has a large market capacity, resulting in minimal direct competition, primarily among regional leaders [2] Group 2: Production and Operational Efficiency - New factories need to achieve a capacity utilization rate of approximately 50% to break even [3] - The company has become the main supplier of outer packaging boxes for Xiaomi smartphones, with business volume expected to increase alongside Xiaomi's shipment growth [3] - The concept of "standardized factories" involves integrating advanced industrial engineering principles and automation to reduce management costs and enhance scalability [2] Group 3: Investment and Acquisition Strategy - The primary purpose of the company's industrial acquisition fund is to amplify investment capabilities and secure more acquisition targets, thereby increasing market share and brand influence [3] - The fund aims to standardize the acquisition process to mitigate risks and protect shareholder interests [3] - Future acquisitions may be conducted through cash or equity, depending on the specific circumstances of the target [3] Group 4: Future Growth and Revenue Sources - Future revenue growth will primarily come from increasing sales to existing customers and exploring new potential clients [4] - The company plans to establish new locations based on customer needs and its operational capabilities [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：2014-07-005 | | | □ 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 | | | 一、公司产品的了解及参观。 | | | | | 投资者关系活动主要内 | 1、公司目前的核心客户有哪些？ | | 容介绍 | 答：公司目前核心客户有海尔、美的、格力、富士康、 | | | 伊利、英博百威、戴尔等等。 | | | 2、公司原纸供应商主要有哪些？ | 1 | --- | --- | |-------|---------------------------------------------- ...