证券日报网讯合兴包装（002228）9月16日在互动平台回答投资者提问时表示，未来，公司将继续做好 经营管理，努力提升核心竞争力，进一步加强投资者关系管理，以高质量发展推动公司市值的可持续增 长。 ...

Core Insights - The beauty packaging industry is facing significant challenges in 2025, impacting both upstream and downstream companies [1] - Among 12 listed beauty packaging companies, half reported revenue and profit growth, while others experienced declines, highlighting a widening gap between companies [1][10] - The competitive landscape is fragmented, with revenue disparities exceeding 50 times between the largest and smallest companies [1] Revenue Performance - The top tier companies (revenue over 5 billion) include Yutong Technology, Zijiang Enterprise, and Hexing Packaging, with Yutong and Zijiang achieving revenue growth, while Hexing saw a decline of 9.52% [5][10] - The second tier (revenue between 1 billion and 5 billion) companies, including Yongxin Co., Zhongrong Co., and Lihua Technology, all reported revenue growth, with Zhongrong achieving double-digit growth [5][10] - The third tier (revenue between 500 million and 1 billion) companies, such as Shanghai Ailu, Xianggang Technology, and Jiahen Household, also showed revenue increases, with Xianggang achieving a notable growth rate of 43.76% [6][8] - The fourth tier (revenue between 100 million and 500 million) companies, including Longlide, Baixinglong, and Jinsong New Materials, displayed significant revenue differences, with Longlide growing by 20.71% while Baixinglong and Jinsong experienced declines [8][10] Profitability Analysis - Among the 12 companies, only Jinsong New Materials and Jiahen Household reported net losses, while the rest remained profitable [10] - Jinsong's net profit plummeted by 1664%, attributed to declines in both domestic and international sales, alongside rising fixed costs [14][19] - In contrast, Xianggang Technology's net profit surged by 432%, driven by market expansion and operational efficiency improvements [14][15] - Half of the companies experienced a decline in gross profit margins, with Jiahen Household's margin dropping nearly 24 percentage points [3][16] Cost and Margin Challenges - The majority of companies reported gross margins between 10% and 30%, with Baixinglong achieving the highest at 36.5% [16] - Jiahen Household's gross margin decline was primarily due to increased fixed costs and a shift towards lower-margin products [20] - Shanghai Ailu faced similar challenges, with rising raw material costs and stagnant revenue growth leading to a significant drop in net profit [20] Strategic Insights - Companies are increasingly focusing on R&D investments, with most maintaining a sales-to-R&D expense ratio of less than 1, indicating a commitment to innovation [21] - The need for supply chain upgrades is critical as consumer demands evolve, and failure to meet these demands could result in customer loss [28][29] - The industry is experiencing pressure from raw material price fluctuations, competitive pricing, and environmental regulations, necessitating strategic adjustments for survival [29][30] - Long-term success in the packaging industry will favor companies with integrated service capabilities and technological barriers, while those relying on single product lines must adapt to avoid obsolescence [15][31]

Core Insights - The overall performance of the 36 A-share printing and packaging listed companies in the first half of 2025 shows a positive trend, with 63.89% of companies achieving revenue growth and 80.56% reporting profits, indicating robust operational stability despite market challenges [1][4][14]. Revenue Performance - Total revenue for the 36 companies reached 65.916 billion yuan, marking a year-on-year increase of 13.01% [1]. - Among these, 15 companies reported revenues exceeding 1 billion yuan, with 5 companies surpassing 5 billion yuan, and 1 company exceeding 10 billion yuan [4][5]. - The top five companies by revenue are Aorijin (11.727 billion yuan), Yutong Technology (7.876 billion yuan), Enjie (5.763 billion yuan), Zijiang Enterprise (5.248 billion yuan), and Hexing Packaging (5.148 billion yuan) [4][5]. Profitability Analysis - A total of 29 companies reported profits, with 9 companies achieving net profits over 100 million yuan, contributing to 92.31% of the total profit [6]. - The top three companies by profit are Aorijin (900 million yuan), Yutong Technology (554 million yuan), and Zijiang Enterprise (473 million yuan) [6]. Performance Disparity - There is a significant disparity in performance, with 10 companies achieving over 20% revenue growth and 3 companies exceeding 50% growth [9]. - Notably, Hongbo achieved a revenue increase of 197.92%, attributed to its expansion into AI computing services [9][12]. - Conversely, 15 companies experienced a decline in net profit, with 3 transitioning from profit to loss [10]. Innovation and Technology - Companies are increasingly focusing on technological innovation to differentiate themselves in a competitive market, with R&D investments becoming a key strategy [15]. - For instance, Zijiang Enterprise reported R&D expenditures of 167 million yuan, leading to a 33.39% increase in net profit [15]. Smart Manufacturing and Sustainability - The shift towards smart manufacturing is evident, with companies like Yutong Technology implementing digital factories and automated production lines to enhance efficiency [16]. - Additionally, the industry is moving towards green transformation, with companies like Shunhao developing biodegradable materials and optimizing production processes to meet sustainability goals [17].

Group 1 - The core point of the article is that Hexing Packaging (002228) announced the completion of its fifth share repurchase plan, having repurchased a total of 4,398,848 shares, which represents 0.36% of the company's total share capital as of August 31, 2025 [1]

格隆汇9月1日丨合兴包装(002228.SZ)公布，截至2025年8月31日，公司第五期回购计划通过回购专用证 券账户以集中竞价交易方式累计回购公司股份4,398,848股，占公司目前总股本0.36%，其中最高成交价 为3.43元/股，最低成交价为3.39元/股，成交总金额为人民币14,996,983.20元（不含交易费用）。 ...

证券代码：002228 证券简称：合兴包装 公告编号：2025-094 号 厦门合兴包装印刷股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 厦门合兴包装印刷股份有限公司（以下简称"公司"）于2025年5月16日召开第 七届董事会第五次会议，审议通过了《关于回购公司股份方案的议案》（以下简称 "第五期回购计划"），同意公司使用自有资金和/或自筹资金（含银行回购专项贷 款等）以集中竞价方式回购公司股份，回购的公司股份将用于实施员工持股计划或 股权激励计划。本次回购股份价格不超过人民币4.67元/股，回购资金总额不低于人 民币5,000万元（含）且不超过人民币10,000万元（含），回购股份期限自董事会审 议通过本次回购股份方案之日起12个月内。因公司实施2024年年度权益分派，公司 回购股份价格上限由4.67元/股（含）调整为4.50元/股（含）。具体内容详见公司于 2025年5月20日、2025年5月22日、2025年7月23日在《证券时报》《证券日报》和巨 潮资讯网（www.cninfo.com.cn）上披露的相关公告 ...

Core Viewpoint - The recent financial report of Hexing Packaging (002228) shows a decline in total revenue but an increase in net profit, indicating improved profitability despite lower sales [1] Financial Performance - Total revenue for the first half of 2025 was 5.148 billion yuan, a decrease of 9.52% year-on-year [1] - Net profit attributable to shareholders reached 115 million yuan, an increase of 30.87% year-on-year [1] - Gross margin improved to 13.43%, up 11.73% year-on-year, while net margin increased to 2.19%, up 50.54% year-on-year [1] - Operating cash flow per share decreased to 0.1 yuan, down 67.1% year-on-year [1] Business Model and Strategy - The company's performance relies heavily on research and marketing efforts, necessitating a thorough examination of these driving factors [2] - The company has established a strategic overseas cooperation with Midea, focusing on resource sharing and value co-creation [3] - Three core mechanisms are in place for this cooperation: minimum procurement guarantees, value chain competitiveness enhancement, and risk-sharing collaboration [3] Fund Holdings - The largest fund holding Hexing Packaging is the Guotai Quantitative Strategy Mixed A, with a scale of 160 million yuan and a recent net value increase of 0.57% [3]

Company Summary - Hexing Packaging (SZ 002228) announced on August 30 that its seventh board meeting was held on August 28, 2025, in Xiamen, discussing the 2025 semi-annual report and its summary [1] - For the first half of 2025, Hexing Packaging reported that its revenue composition was entirely from the packaging manufacturing industry, accounting for 100.0% [1] Industry Summary - The domestic automotive market is witnessing a significant event with nearly 120 brands and 1,600 vehicles competing in the Southwest region, marking the opening of the first A-class car exhibition in the second half of the year [1] - The emergence of new energy vehicles is expected to reshape the automotive market landscape, referred to as the "third pole" of new energy [1]

Group 1 - The core viewpoint of the article is that Hexing Packaging (002228.SZ) reported a decrease in revenue for the first half of 2025 while showing an increase in net profit [1] - The company's operating revenue for the first half of 2025 was 5.148 billion yuan, a year-on-year decrease of 9.52% [1] - The net profit attributable to shareholders of the listed company was 115 million yuan, reflecting a year-on-year increase of 30.87% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 112 million yuan, which is a year-on-year increase of 23.61% [1] - The basic earnings per share were 0.1 yuan [1]

Core Points - The company held its seventh supervisory board's fourth meeting on August 28, 2025, to review and approve the 2025 semi-annual report and asset impairment provisions [1][2] - The supervisory board unanimously agreed that the procedures for preparing and reviewing the semi-annual report complied with legal and regulatory requirements, ensuring the report accurately reflects the company's actual situation [1] - The board also approved the provision for asset impairment, stating it fairly represents asset value and enhances the reliability of the company's financial information [2] Summary by Sections Meeting Details - The meeting was conducted in a hybrid format, combining in-person and remote participation, and was convened by Mr. Zheng Kaijing [1] - All three supervisory board members attended, and the meeting adhered to the relevant provisions of the Company Law and the company's articles of association [1] Semi-Annual Report - The supervisory board approved the 2025 semi-annual report with a unanimous vote of 3 in favor, 0 against, and 0 abstentions [1] - The report is set to be published on August 30, 2025, in the Securities Times, Securities Daily, and on the Giant Tide Information Network [2] Asset Impairment Provision - The supervisory board also approved the asset impairment provision with the same voting outcome, emphasizing that it does not harm the interests of the company or its shareholders [2] - Details regarding the asset impairment provision will also be published on August 30, 2025, in the same outlets [2]