Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥5.49 billion, a decrease of 6.15% compared to the same period last year[18]. - The net profit attributable to shareholders was approximately ¥133.76 million, representing an increase of 10.99% year-on-year[18]. - The basic earnings per share for the period was ¥0.11, up 10.00% from ¥0.10 in the previous year[18]. - The total assets at the end of the reporting period were approximately ¥6.70 billion, a decrease of 4.41% compared to the end of the previous year[18]. - The net assets attributable to shareholders increased by 2.63% to approximately ¥2.81 billion[18]. - The net cash flow from operating activities was approximately ¥178.74 million, an increase of 13.49% year-on-year[18]. - The company's operating costs decreased by 6.45% to RMB 4,790,782,166.08 compared to the previous year[35]. - The total operating revenue for the first half of 2019 was CNY 5,485,109,674.99, a decrease of 6.14% compared to CNY 5,844,626,496.62 in the same period of 2018[178]. - Net profit for the first half of 2019 was CNY 145,092,864.65, a slight decrease of 2.6% from CNY 149,037,588.03 in the first half of 2018[179]. - The company's gross profit margin for the first half of 2019 was approximately 2.83%, compared to 3.66% in the same period of 2018[178]. Revenue Breakdown - The packaging manufacturing sector accounted for 73.27% of total revenue, while the supply chain service sector contributed 26.73%, showing a 7.51% increase year-on-year[38]. - The packaging manufacturing industry reported revenue of ¥4,019,052,624.83, a decrease of 10.31% compared to the same period last year, with a gross margin of 15.46%[39]. - The service industry generated revenue of ¥1,466,057,050.16, reflecting a year-on-year increase of 7.51%, with a gross margin of 4.96%[39]. - Revenue from cartons was ¥3,380,757,454.21, down 7.86% year-on-year, with a gross margin of 14.38%[39]. Investment Activities - The company completed the issuance approval of convertible bonds totaling RMB 595.75 million to fund the development of an eco-friendly packaging smart factory and a new production project in Qingdao[29]. - The total investment amount for the reporting period was ¥22,521,989.61, a decrease of 97.22% compared to ¥809,416,930.00 in the same period last year[48]. - The company is currently engaged in significant non-equity investments, with a focus on projects such as the annual production of 4000 million square meters of cardboard packaging[51]. - The investment in the environmental pre-printing packaging project reached ¥284,714.90, with a cumulative investment of ¥36,720,748.57, representing 48.51% of the planned investment[51]. - The company has initiated a new project for cardboard packaging with an investment of ¥5,049,350.05, which is still under construction[51]. Cash Flow and Liquidity - The net cash flow from operating activities for the first half of 2019 was CNY 178,736,146.28, up from CNY 157,485,134.49 in the first half of 2018, representing an increase of about 13.06%[188]. - Cash inflows from operating activities totaled CNY 4,866,228,324.63, while cash outflows amounted to CNY 4,687,492,178.35, resulting in a net cash inflow of CNY 178,736,146.28[188]. - The company reported cash and cash equivalents at the end of the first half of 2019 amounting to CNY 549,850,414.80, compared to CNY 533,589,734.93 at the end of the first half of 2018[190]. - The company’s cash flow from financing activities included CNY 1,191,147,946.60 in borrowings received, down from CNY 1,771,890,251.74 in the first half of 2018, reflecting a decrease of approximately 32.7%[189]. Risks and Challenges - The company faces risks such as macroeconomic fluctuations and raw material price volatility[4]. - Raw material costs account for over 65% of the company's operating costs, with potential price increases in industrial paper due to rising wood pulp prices and waste paper recycling costs[78]. - The competitive landscape in the corrugated paper packaging industry is expected to remain intense over the next 3 to 5 years, with regional companies gaining market share[77]. Corporate Governance and Compliance - The company has not experienced any major litigation or arbitration matters during the reporting period[94]. - The company has not undergone any bankruptcy restructuring during the reporting period[93]. - The half-year financial report has not been audited[92]. - The company has not faced any penalties or rectification issues during the reporting period[96]. - The company has committed to ensuring that its controlling shareholders do not engage in competing businesses[89]. Shareholder Information - The total number of shares after the recent changes is 1,169,516,948, with 99.65% being unrestricted shares[147]. - The largest shareholder, Xinjiang Xinghui Equity Investment Management Partnership, holds 33.96% of the shares, totaling 397,173,280 shares, which are currently pledged[151]. - The company reported a total of 34,407 common shareholders at the end of the reporting period[151]. - The company did not issue any new shares or conducted any major asset restructuring during the reporting period[148]. Environmental Compliance - The company has implemented strict environmental protection measures, ensuring compliance with national emission standards for wastewater and waste gas[123]. - The company has established a set of waste gas collection and treatment systems, ensuring that emissions meet regulatory standards[123]. - All subsidiaries have obtained pollution discharge permits, demonstrating compliance with environmental regulations[125].

Financial Performance - The company's operating revenue for Q1 2019 was CNY 2,876,414,886.99, representing an increase of 8.24% compared to the same period last year[7]. - Net profit attributable to shareholders was CNY 68,334,848.00, reflecting a growth of 17.47% year-over-year[7]. - Basic earnings per share increased by 20.00% to CNY 0.06 per share[7]. - Total operating revenue for Q1 2019 was CNY 2,876,414,886.99, an increase of 8.26% compared to CNY 2,657,345,073.01 in Q1 2018[45]. - Net profit for Q1 2019 reached CNY 74,951,332.34, representing a 9.46% increase from CNY 70,288,102.63 in Q1 2018[47]. - The total comprehensive income attributable to the parent company was ¥66,417,654.62, compared to ¥47,410,873.42 in the previous year, reflecting a significant increase[48]. Cash Flow - The net cash flow from operating activities improved significantly to CNY 133,864,046.70, a 187.23% increase compared to the previous year[7]. - Net cash flow from operating activities increased by 187.23% year-on-year, primarily due to better customer payments during the reporting period[20]. - The cash flow from operating activities generated a net inflow of ¥133,864,046.70, a recovery from a net outflow of ¥153,459,170.49 in the same period last year[56]. - The company's operating cash flow for the first quarter of 2019 was CNY 1,425,758,042.42, a significant increase from CNY 915,833,978.88 in the same period last year, representing a growth of approximately 55.5%[59]. - The net cash flow from operating activities was CNY 53,761,188.46, recovering from a negative cash flow of CNY -142,728,628.88 in the previous year[60]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,648,527,743.69, down 5.21% from the end of the previous year[7]. - The company's current assets decreased to CNY 4,474,544,944.75 from CNY 4,835,955,791.90, reflecting a decline of approximately 7.46%[37]. - The total liabilities decreased to CNY 3,558,902,002.05 from CNY 3,989,719,227.55, indicating a reduction of about 10.8%[38]. - The company's total assets decreased to CNY 5,548,761,537.62 from CNY 5,757,546,464.72 at the end of 2018, a decline of 3.63%[44]. - The total liabilities decreased to CNY 3,686,906,315.60 from CNY 3,901,977,600.18, a reduction of 5.51%[43]. Shareholder Information - The total number of shareholders at the end of the reporting period was 37,361[11]. - The largest shareholder, Xinjiang Xinghui Equity Investment Management Partnership, held 33.96% of the shares[11]. - The company's equity attributable to shareholders was CNY 2,737,338,767.67, reflecting stable ownership structure[65]. Investments and Projects - The company plans to issue convertible bonds with a total amount not exceeding RMB 595.75 million, with proceeds allocated to environmental packaging projects and new production facilities[22]. - A new investment project for a packaging R&D and production base with a total investment of USD 10 million has been initiated, focusing on packaging services and specialized design[25]. - The company has established a new subsidiary in Qingdao for packaging product design and production, with a registered capital of RMB 10 million[24]. Operational Changes - The company corrected prior accounting errors, which impacted the financial data presented in this report[7]. - The company has completed the transfer of 51% equity in Shanghai Mingfen Paper Industry and 51% equity in Liaoning Zhongyuan Supply Chain Management, ceasing to hold these stakes[23][24]. - The company has completed the registration of several new projects and equity transfers, enhancing its operational structure and market presence[24][25]. Research and Development - The company reported a research and development expense of CNY 30,304,911.82, which increased from CNY 28,284,164.88 in the previous year, reflecting a growth of 7.16%[45]. - Research and development expenses decreased to ¥514,205.99 from ¥1,338,840.45, indicating a reduction in investment in this area[51]. Financial Position - The company's total equity increased to CNY 3,089,625,741.64 from CNY 3,023,884,311.07, reflecting an increase of about 2.18%[39]. - Shareholders' equity totaled approximately $1.86 billion, reflecting a solid equity position[68]. - The company has a long-term loan of $245 million, which is part of its non-current liabilities[68]. Compliance and Audits - The company has no violations regarding external guarantees during the reporting period[30]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[31]. - The company has not undergone an audit for the first quarter report, which may affect the perception of financial reliability[70].

Financial Performance - The company's operating revenue for 2018 was CNY 12,166,127,616.39, representing a 39.08% increase compared to CNY 8,747,812,400.18 in 2017[16] - The net profit attributable to shareholders of the listed company was CNY 233,055,183.79, a 64.49% increase from CNY 141,680,068.71 in the previous year[16] - The net profit after deducting non-recurring gains and losses was CNY 213,832,065.47, up 68.43% from CNY 126,957,957.02 in 2017[16] - The total profit for 2018 was CNY 356,353,903.76, an increase of 35.86% compared to the previous year[47] - Basic and diluted earnings per share for 2018 were both ¥0.20, representing a 53.85% increase from ¥0.13 in 2017[17] - The net profit attributable to shareholders for Q4 2018 was ¥50,612,179.64, down from ¥61,933,993.38 in Q3[22] - The company reported a significant increase in cash and cash equivalents, with a net increase of ¥55,666,300.61, compared to a decrease of ¥3,655,402.23 in the previous year, marking a 1,622.85% change[84] Dividend Policy - The company plans to distribute a cash dividend of CNY 0.50 per 10 shares, based on a total of 1,169,516,948 shares[4] - The company distributed cash dividends of 0.50 CNY per 10 shares for the years 2016, 2017, and 2018, totaling 52,148,616.50 CNY, 58,475,847.40 CNY, and 58,475,847.40 CNY respectively[139][140][143] - In 2018, the cash dividends accounted for 25.09% of the net profit attributable to ordinary shareholders, while in 2017, it was 41.27%, and in 2016, it was 12.52%[143] - The company has committed to a minimum cash dividend ratio of 20% during profit distribution, given its growth stage and significant capital expenditure plans[144] - The cash dividend policy has been consistently applied over the past three years, reflecting the company's commitment to shareholder returns[143] Operational Strategy - The company has a comprehensive packaging solutions strategy, integrating various aspects of the packaging supply chain[8] - The company is focused on expanding its market presence and enhancing its product offerings through technological advancements[8] - The company has established a standardized factory production model to enhance efficiency and management[30] - The company has a procurement model that emphasizes a centralized purchasing strategy to ensure quality and reduce costs[29] - The company has developed a standardized factory management process, which reduces the time and cost of establishing new factories and production lines, allowing for rapid market entry[37] - The company has shifted from a product-oriented to a service-oriented business model, continuously innovating to meet customer needs and improve satisfaction[41] Market Position and Growth - The company operates in the mid-to-high-end corrugated cardboard packaging sector, focusing on R&D, production, and sales[28] - The corrugated cardboard packaging industry in China has a market value exceeding CNY 300 billion, with the company holding approximately 3% market share in 2018[49] - The company has established nearly 50 production bases across the country, significantly enhancing its production scale and market presence in the corrugated packaging industry[44] - The company’s supply chain services revenue grew by 149.85% year-on-year, reaching CNY 2,839,552,150.48 in 2018[56] - The revenue from the packaging manufacturing sector was CNY 9,326,575,465.91, accounting for 76.66% of total revenue[56] Investment and Acquisitions - The company acquired the Hezhong Chuangya project in 2018, enhancing its production capabilities and customer structure across various regions[48] - The company acquired a 100% stake in several packaging service companies in Indonesia, Malaysia, and Thailand, with total investments amounting to CNY 5,600,000[98] - The ongoing project for the annual production of 40 million square meters of environmentally friendly pre-printed packaging boxes has seen an investment of CNY 9,352,453.26, with a cumulative investment of CNY 36,436,033.67[100] - The company aims to enhance its production capacity and product offerings through strategic investments in new technologies and facilities[100] Risk Management - The company faces risks such as rising raw material prices and market competition, which could impact future performance[4] - The company emphasizes the importance of risk awareness among investors regarding forward-looking statements and potential market fluctuations[4] - The company recognizes macroeconomic risks that could impact demand in the packaging industry due to fluctuations in the retail consumption sectors[127] - The company faces market competition risks as regional competitors emerge and existing companies increase technological upgrades and mergers[128] - Raw material costs, which account for over 65% of operating costs, pose a significant risk due to potential price fluctuations in corrugated paper and boxboard[129] Research and Development - The company emphasizes research and development, having established packaging technology innovation centers that have received international certification, showcasing its technical strength[40] - R&D expenses grew by 18.99% to CNY 117,204,062.19 in 2018 from CNY 98,498,895.31 in 2017[69] - The company employed 255 R&D personnel in 2018, an increase of 12.33% from 227 in 2017[81] Environmental Responsibility - The company is classified as a key pollutant discharge unit by environmental protection authorities[187] - The company has implemented measures for energy conservation and environmental protection, including the use of recycled water[186] - The company has implemented continuous improvements to its environmental protection facilities to ensure compliance with national emission standards[191] - The company has obtained pollution discharge permits for its subsidiaries, ensuring adherence to environmental regulations[192] - The company has successfully reduced its solid waste emissions to 2.6 tons per year, demonstrating its commitment to waste management[191] Corporate Governance - The company has maintained a continuous relationship with the accounting firm for six years, with an audit fee of 1.3 million yuan for the current period[158] - There were no significant accounting errors that required retrospective restatement during the reporting period[154] - The company has not faced any major litigation or arbitration matters during the reporting period[161] - The company has provided opportunities for minority shareholders to express their opinions and ensure their rights are protected[139]

Financial Performance - Total assets increased to ¥7,311,292,744.14, up 53.45% from the previous year[8] - Revenue for the reporting period reached ¥3,291,558,513.67, representing an increase of 89.57% year-over-year[8] - Net profit attributable to shareholders was ¥72,711,359.67, a significant increase of 127.22% compared to the same period last year[8] - The net profit after deducting non-recurring gains and losses was ¥70,946,879.07, up 136.31% year-over-year[8] - Basic earnings per share rose to ¥0.06, a 100% increase from the previous year[8] - The weighted average return on equity was 2.74%, up from 0.82% in the previous year[8] - Revenue increased by 89.54% year-on-year, attributed to business growth and acquisitions[37] - Operating costs rose by 94.48% year-on-year, due to increased business activity and rising raw material prices[38] - R&D expenses increased by 31.96% year-on-year, reflecting enhanced investment in research and development[39] - Investment income surged by 1,435.53% year-on-year, primarily from the disposal of available-for-sale financial assets[39] - Net cash flow from operating activities increased by 108.48% year-on-year, mainly due to higher supplier settlements[39] - The estimated net profit attributable to shareholders for 2018 is projected to be between RMB 538.66 million and RMB 584.83 million, representing an increase of 250% to 280% compared to 2017[54] Shareholder Information - The total number of shareholders at the end of the reporting period was 39,610[12] - The largest shareholder, Xinjiang Xinghui Equity Investment Management Partnership, holds 33.96% of the shares[12] Cash Flow and Receivables - The company reported a net cash flow from operating activities of -¥6,824,834.30, a decline of 92.51% compared to the previous year[8] - Cash and cash equivalents increased by 74.80% compared to the beginning of the period, primarily due to acquisitions and increased operational scale[17] - Accounts receivable and notes receivable increased by 70.23%, with notes receivable up by 54.09% and accounts receivable up by 70.54%, driven by increased sales and acquisitions[17] - Other receivables increased by 212.41%, mainly due to land transfer deposits and acquisitions[18] Acquisitions and Investments - The company completed several acquisitions, including a 100% stake in Shaanxi Fusion Packaging and Jiangsu Wenxing Packaging, enhancing its market presence[42] - Deferred income increased by 629.55% year-on-year, primarily due to acquisitions[35] - The increase in net profit is attributed to the acquisition of 100% of the shares of Hezhong Chuangya Packaging Services (Asia) Co., Ltd., which generated significant non-operating income due to the acquisition price being lower than the fair value of identifiable net assets[54] - The acquisition is expected to create synergies and become a new profit growth point for the company, alongside growth in existing business sales[54] Corporate Actions - The company agreed to stop production at Baotou Huayang due to continuous losses and outdated equipment, with a registered capital of RMB 32 million and a 70% equity stake held by the company[45] - The company established a wholly-owned subsidiary, Hubei Hexin Intelligent Packaging Technology Co., Ltd., with a registered capital of RMB 30 million, focusing on packaging product R&D and sales[47] - The company increased the registered capital of its wholly-owned subsidiary, Xiamen Hexing Supply Chain, from RMB 10 million to RMB 180 million[49] - The company decided to terminate the public offering of convertible bonds due to changes in market conditions, with the application submitted on April 27, 2018[50] - The company plans to issue convertible bonds with a total amount not exceeding RMB 595.75 million, with a maturity of 6 years[51] - The funds raised from the bond issuance will be used for investment in the Environmental Packaging Industry 4.0 Smart Factory Project and the construction of a carton production project in Qingdao[51] Equity Transfers - The company transferred 51% equity of Hubei Zhifeng for RMB 5.1 million, and after the transfer, it no longer holds any equity in Hubei Zhifeng[44] - The company transferred 51% equity of Jiangsu Hexing for RMB 3.825 million, and after the transfer, it no longer holds any equity in Jiangsu Hexing[47] - The company transferred 60% equity of Changsha Xinghua Teng for RMB 720,000, and after the transfer, it no longer holds any equity in Changsha Xinghua Teng[49] - The company transferred 60% equity of Shenzhen Zhanshi for RMB 0, and after the transfer, it no longer holds any equity in Shenzhen Zhanshi[46] - The company acquired an additional 20% equity in Guiyang Hexing, increasing its stake to 90%, for RMB 102,623[48] Joint Ventures - The company established a joint venture, Suzhou Juhexin Paper Industry Co., Ltd., with a registered capital of RMB 10 million, with a 57% stake held by its subsidiary[46]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 4,820,156,553.90, representing an increase of 89.53% compared to CNY 2,543,280,584.85 in the same period last year[18]. - The net profit attributable to shareholders for the same period was CNY 409,634,807.71, a significant increase of 476.37% from CNY 71,071,654.02 in the previous year[18]. - Basic and diluted earnings per share reached CNY 0.35, up 400% from CNY 0.07 in the same period last year[18]. - The weighted average return on equity was 16.56%, an increase of 12.30% compared to 4.26% in the previous year[18]. - The company reported a total revenue of 150,893.6 million yuan with a net profit of 13,787.99 million yuan[74]. - The company expects a net profit for the first three quarters of 2018 to range between 432.90 million yuan and 484.44 million yuan, representing a growth of 320% to 370% compared to the same period in 2017[79]. - The company reported a significant increase in sales revenue, with cash received from sales reaching 1,955,978,329.53 CNY, up from 848,053,080.19 CNY in the previous period[179]. Cash Flow and Investments - The net cash flow from operating activities improved to CNY 45,295,817.77, a turnaround from a negative cash flow of CNY -362,698,945.39 in the previous year, marking a 112.49% increase[18]. - Cash flow from operating activities was CNY 3,431,585,574.67, up from CNY 1,630,312,252.05 in the previous year, showing a growth of 110.5%[175]. - The net cash flow from investment activities was -488,403,794.92 CNY, worsening from -48,399,680.66 CNY in the previous period[177]. - The company received 117,000,000.00 CNY from investment recoveries, compared to 683,230.33 CNY in the previous period[177]. - The total amount of raised funds is CNY 966.19 million, with CNY 6.45 million invested during the reporting period[64]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,046,738,011.18, a 47.90% increase from CNY 4,764,671,243.73 at the end of the previous year[18]. - Current liabilities rose to CNY 3,745,599,976.23, compared to CNY 2,307,164,802.71, indicating an increase of about 62%[163]. - The total liabilities increased to CNY 4,149,209,503.97 from CNY 2,307,858,442.63, showing a growth of approximately 80%[163]. - The company's retained earnings grew to CNY 978,130,514.30 from CNY 632,418,262.83, an increase of about 55%[164]. Market and Competitive Landscape - The company faces risks including market competition and rising raw material prices, which investors should be aware of[4]. - The competitive landscape in the corrugated packaging industry is intensifying, with both domestic and international players increasing their market presence[81]. - Raw material costs, particularly for corrugated paper and boxboard, account for over 65% of the company's operating costs, making price fluctuations a significant risk[82]. Acquisitions and Subsidiaries - The company initiated a public offering of convertible bonds totaling no more than 600 million yuan to acquire 100% of the shares of Hezhong Chuangya Packaging Services (Asia) Co., Ltd[32]. - The company has expanded its market layout through acquisitions, enhancing its competitive advantage in various regions[32]. - The company approved the acquisition of 100% equity in Hezhong Chuangya (Asia) Packaging Services Co., Ltd. using raised and self-owned funds[104]. - The company also approved the acquisition of 100% equity in four Southeast Asian companies under Hezhong Chuangya, including subsidiaries in Malaysia, Indonesia, and Thailand[105]. Environmental Compliance - The company is classified as a simplified management unit by the Hefei Environmental Protection Bureau, indicating a lower regulatory burden[121]. - The company has implemented a comprehensive wastewater treatment system, ensuring that all treated water meets the GB8978-1996 standards before discharge[119]. - The company has engaged qualified third-party services for hazardous waste disposal, ensuring compliance with pollution control standards[119]. - The company has invested in upgrading its emission control technologies to further reduce pollutants released into the environment[119]. Shareholder and Governance - The annual shareholders' meeting had a participation rate of 59.27%[86]. - The company will not distribute cash dividends or issue bonus shares for the semi-annual period[87]. - The company has confirmed the performance compensation agreements with its subsidiaries for the years 2016 to 2021[89]. - The company has not reported any overdue commitments from controlling shareholders or related parties during the reporting period[88]. Employee and Labor Management - The company is experiencing a continuous increase in labor costs, which is compressing profit margins[83]. - The company plans to enhance labor productivity through refined management, process improvements, and technological upgrades[83]. - The company is focused on improving automation levels to mitigate rising labor costs[83].

厦门合兴包装印刷股份有限公司 2018 年第一季度报告正文 证券代码： 002228 证券简称：合兴包装 公告编号：2018-025 号 厦门合兴包装印刷股份有限公司 2018 年第一季度报告正文 1 厦门合兴包装印刷股份有限公司 2018 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人许晓光、主管会计工作负责人蔡丽容及会计机构负责人(会计主 管人员)蔡丽容声明：保证季度报告中财务报表的真实、准确、完整。 2 厦门合兴包装印刷股份有限公司 2018 年第一季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增减 | | 营业收入（元） | 2,022,206,402.58 | 1,148,308,663.25 | 7 ...

Financial Performance - The company's operating revenue for 2017 was ¥6,323,377,418.05, representing a 78.51% increase compared to the previous year[6]. - The net profit attributable to shareholders for 2017 was ¥153,903,651.37, an increase of 49.51% year-on-year[6]. - The total assets of the company reached ¥4,764,671,243.73, reflecting a growth of 28.55% compared to the previous year[17]. - The total profit for 2017 was CNY 257,804,660.98, an increase of 64.14% year-over-year[46]. - The company reported a basic earnings per share of ¥0.15 for 2017, up from ¥0.11 in 2016[6]. - The gross profit margin for the packaging manufacturing sector decreased to 16.22%, down from 17.95% in the previous year[58]. - The company reported a total distributable profit of 148,906,697.39 yuan for 2017, with cash dividends accounting for 100% of the profit distribution[153]. Cash Flow and Dividends - The company plans to distribute a cash dividend of 0.50 RMB per 10 shares based on a total share capital of 1,169,516,948 shares as of December 31, 2017[4]. - The company distributed a cash dividend of RMB 0.5 per 10 shares in May 2017, amounting to 43.68% of the distributable profit for the year[52]. - The company distributed a cash dividend of 0.50 yuan per 10 shares, totaling 58,475,847.40 yuan for the year 2017[150]. - The cash dividend for 2016 was 52,148,616.50 yuan, with a higher payout ratio of 50.66% compared to 2017[153]. Operational Efficiency and Strategy - The company has established a standardized production model, enhancing efficiency and reducing costs in manufacturing[29]. - The company has implemented a supply chain management center to streamline sales strategies and improve customer service[31]. - The company has developed a modular ERP system to enhance operational efficiency and monitor key performance indicators across subsidiaries[37]. - The company is focusing on expanding its market presence through strategic partnerships and joint ventures with quality suppliers[32]. - The company is committed to developing environmentally friendly packaging solutions, positioning itself as a leader in sustainable packaging[27]. Risks and Challenges - The company acknowledges risks related to rising raw material prices and market competition[4]. - The company’s raw material costs account for over 65% of its operating costs, making fluctuations in raw material prices a significant risk to profitability[139]. - The company faces competition risks from regional enterprises and large paper manufacturers expanding into the packaging sector, which may affect market share[138]. - The company acknowledges potential macroeconomic risks that could impact demand in the packaging industry due to fluctuations in consumer spending[137]. Investments and Expansion - The company successfully raised CNY 535,863,436.04 through a private placement, which will enhance its capital structure and reduce financial risk[48]. - The company is focusing on expanding its supply chain management capabilities through new investments and partnerships[103]. - The company is actively pursuing market expansion strategies by establishing new entities in various regions[105]. - The company has committed to long-term investments in supply chain management to improve operational efficiency and profitability[105]. Research and Development - Research and development (R&D) investment increased by 132.99% to ¥94,755,506.60, with R&D expenditure as a percentage of operating income rising to 1.50%[86]. - The company is developing a digital printing project aimed at meeting the growing demand for personalized packaging, with ongoing business expansion efforts[67]. - The company aims to enhance its product offerings in packaging materials through ongoing research and development initiatives[103]. Corporate Governance and Compliance - The company has not engaged in any significant litigation or arbitration matters during the reporting period[168]. - The company has not faced any penalties or rectification situations during the reporting period[169]. - The commitments made by the actual controllers and shareholders have been fulfilled as of the reporting period[157]. - There are no outstanding commitments that have not been fulfilled, indicating compliance with all obligations[157]. New Establishments and Projects - The company established a new subsidiary, Zhejiang Kexing Paper Industry Co., Ltd., with an investment of 2,550,000.00 CNY, holding a 51% stake[107]. - The company formed a joint venture, Xiamen HeJiaXin Supply Chain Management Co., Ltd., with Zhengzhou JiaXin, with a registered capital of RMB 10 million, where the company holds a 51% stake[195]. - The company established HeZhongChuangYa (Xiamen) Environmental Technology Co., Ltd. with a registered capital of RMB 50 million, focusing on packaging services and supply chain management[198]. - The company is focusing on expanding its market presence through new projects in various locations, including Wuhan and Chongqing[110].

厦门合兴包装印刷股份有限公司 2017 年第三季度报告正文 厦门合兴包装印刷股份有限公司 2017 年第三季度报告正文 1 厦门合兴包装印刷股份有限公司 2017 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人许晓光、主管会计工作负责人蔡丽容及会计机构负责人(会计主 管人员)蔡丽容声明：保证季度报告中财务报表的真实、准确、完整。 2 厦门合兴包装印刷股份有限公司 2017 年第三季度报告正文 证券代码：002228 证券简称：合兴包装 公告编号：2017-041 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末 | | --- | --- | --- | --- | --- | | | | | | 增减 | | 总资产（元） | 4,413,706,890.90 | | 3,706,508, ...

Financial Performance - The company's operating revenue for the first half of 2017 was ¥2,543,280,584.85, representing a 57.91% increase compared to ¥1,610,556,470.89 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥71,071,654.02, up 39.51% from ¥50,943,429.84 in the previous year[17]. - The net profit after deducting non-recurring gains and losses was ¥70,761,568.87, a significant increase of 65.23% compared to ¥42,825,140.24 in the same period last year[17]. - The basic earnings per share increased to ¥0.07, reflecting a 40.00% growth from ¥0.05 in the previous year[17]. - The total profit amounted to ¥115,307,508.77, an increase of 49.23% compared to the previous year[29]. - The net profit attributable to shareholders reached ¥71,071,654.02, reflecting a growth of 39.51% year-on-year[29]. - The company reported a net loss of ¥1,740,000 from its investments in the reporting period[57]. - The company expects a net profit attributable to shareholders for the period from January to September 2017 to range between RMB 84 million and RMB 105 million, reflecting a year-on-year increase of 20% to 50%[87]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,039,941,885.19, which is a 9.00% increase from ¥3,706,508,267.04 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company were ¥1,651,765,947.11, showing a slight increase of 1.23% from ¥1,631,618,785.94 at the end of the previous year[17]. - The company's cash and cash equivalents decreased by ¥124,395,888.38, a decline of 207.47% compared to the previous period[36]. - The company's accounts receivable increased by 34.82% to ¥127,342.15 million, attributed to higher sales volume[25]. - The company's prepayments rose by 108.09% to ¥5,941.87 million, indicating increased operational commitments[25]. - Total liabilities reached CNY 2,266,469,981.97, compared to CNY 1,996,006,574.81, showing an increase of around 13.5%[186]. - Owner's equity totaled CNY 1,773,471,903.22, up from CNY 1,710,501,692.23, indicating a growth of approximately 3.7%[187]. Cash Flow - The net cash flow from operating activities was negative at -¥362,698,945.39, a decline of 478.54% compared to a positive cash flow of ¥95,815,070.15 in the same period last year[17]. - Cash inflow from operating activities totaled ¥1,658,862,499.37, compared to ¥1,136,767,928.57 in the previous period, showing an increase of approximately 46%[199]. - Cash outflow from operating activities was ¥2,021,561,444.76, up from ¥1,040,952,858.42, indicating a rise of about 94%[199]. Investment and Development - Research and development expenses increased by 114.38% to ¥37,000,810.58, indicating a significant investment in innovation[36]. - The company received approval for a non-public offering of up to 140 million shares to support new business developments[32]. - The total investment amount for the reporting period was ¥25,363,000, a decrease of 80.53% compared to ¥130,300,000 in the same period last year[55]. - The company established a new subsidiary, 合兴包装科技有限公司, with an investment of ¥510,000, holding a 51% stake, focusing on supply chain management[57]. - The company has ongoing non-equity investments, including a self-built project in the paper box packaging industry with an investment of ¥70,000,000, of which ¥47,575,900 has been utilized, representing 44.05% completion[60]. Market and Competition - The company faces risks such as rising raw material prices and market competition, which investors should be aware of[5]. - The company has implemented measures to reduce risks from rising raw material prices through centralized procurement strategies[84]. - The company has faced market competition risks due to the rapid development of the corrugated box packaging industry in China[85]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares[6]. - The actual controller of the company committed to maintaining a shareholding ratio of no less than 35% through Xinjiang Xinghui Equity Investment Management Partnership[94]. - The company has made commitments regarding non-competition and will not engage in any competing business within China, including Hong Kong, Macau, and Taiwan[93]. - The company has implemented an employee stock ownership plan with a total fundraising amount of 40 million RMB, resulting in the purchase of 4,457,961 shares at an average price of 25.00 RMB per share[101]. Risks and Compliance - The company has not engaged in any significant environmental protection issues during the reporting period[119]. - The company has not experienced any penalties or rectification situations during the reporting period[100]. - The company has not undergone any bankruptcy reorganization during the reporting period[97]. - The company has not engaged in any major related party transactions during the reporting period[103]. Future Outlook - The company has not provided any specific future performance guidance or outlook in the available content[92]. - The company has not disclosed any plans for new product development or technological advancements in the provided documents[92].

厦门合兴包装印刷股份有限公司 2017 年第一季度报告正文 证证券代码： 002228 证券简称：合兴包装 公告编号：2017-016 号 厦门合兴包装印刷股份有限公司 2017 年第一季度报告正文 1 厦门合兴包装印刷股份有限公司 2017 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人许晓光、主管会计工作负责人蔡丽容及会计机构负责人(会计主 管人员)蔡丽容声明：保证季度报告中财务报表的真实、准确、完整。 2 厦门合兴包装印刷股份有限公司 2017 年第一季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增减 | | 营业收入（元） | 1,148,308,663.25 | 766,1 ...