Group 1 - Mexico's Congress approved a tariff bill on December 10, 2025, imposing additional tariffs on 1,463 products from non-free trade agreement countries, including China, India, Vietnam, Thailand, and South Korea, to protect local industries [1] - The tariff rates will increase from the original 0-20% to 10-50%, affecting approximately 17 industries, including textiles, steel, automotive parts, plastics, and appliances, with the law expected to be enacted by January 1, 2026 [1] Group 2 - The increase in import tariffs is expected to raise costs for imported goods and encourage local sourcing, while also accelerating the trend of local supply and supply chain expansion [2] - The company has established production capacities in Mexico, Vietnam, Thailand, and Malaysia, focusing on local or nearby sourcing for raw materials, which helps mitigate the impact of increased tariffs [2] - The company's overseas business has a significantly higher profitability compared to domestic operations, with projected foreign sales revenue of 1.104 billion yuan in 2024, a year-on-year increase of 34.5%, and a gross margin of 33%, which is 8.63 percentage points higher than domestic sales [2] Group 3 - The company emphasizes investor returns through a light asset expansion model, maintaining a high dividend payout ratio, with projected ratios of 75.1%, 101.5%, and 310.5% for 2022-2024 [3] - The company plans to distribute a total cash dividend of 874 million yuan in 2024, resulting in a dividend yield of 15.95% [3] - The company has maintained a net operating cash flow exceeding 400 million yuan over the past three years, ensuring strong cash flow quality to support ongoing dividends and business expansion [3] Group 4 - Revenue growth is projected at 7%, 15%, and 18% for 2025-2027, with net profit growth of 18%, 31%, and 22%, respectively, maintaining previous estimates [4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.22 yuan, 0.28 yuan, and 0.35 yuan, respectively, with a current price-to-earnings (PE) ratio of 13.7X for 2026, indicating a high safety margin and significant dividend value [4]

Investment Rating - The report maintains a "Hold" rating for the company, indicating a projected relative performance between 10% and 20% over the next six months [6][19]. Core Insights - The report highlights the impact of Mexico's proposed tariffs on 1,463 products from non-free trade countries, including China, which will increase import costs and encourage local sourcing [3][4]. - The company is positioned to benefit from the structural trend of localized supply and supply chain migration, with significant overseas operations in Mexico, Vietnam, Thailand, and Malaysia [4]. - The company's overseas sales revenue is projected to grow by 34.5% year-on-year in 2024, contributing to a higher gross margin compared to domestic sales [4]. - The company emphasizes a light asset expansion model, maintaining a high dividend payout ratio, with projected cash dividends of 874 million yuan in 2024, resulting in a dividend yield of 15.95% [5]. Financial Projections - Revenue growth rates are forecasted at 7%, 15%, and 18% for 2025, 2026, and 2027, respectively, with net profit growth rates of 18%, 31%, and 22% [6]. - The earnings per share (EPS) are expected to be 0.22 yuan, 0.28 yuan, and 0.35 yuan for the years 2025, 2026, and 2027, respectively [6]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 13.7x for 2026, indicating a favorable safety margin and highlighting the company's dividend value [6].

Core Points - The company announced the approval of multiple proposals during the first (temporary) meeting of the seventh board of directors, including the election of the chairman of the board [2] Summary by Category - **Company Governance** - The seventh board of directors held its first meeting and approved the proposal for the election of the chairman [2] - **Corporate Announcements** - The announcement was made on the evening of December 15, indicating significant governance changes within the company [2]

深圳市福田区中心五路 18 号星河中心大厦 19 层 电话：0755-23993388 传真：0755-86186205 邮编：518048 北京国枫（深圳）律师事务所 关于美盈森集团股份有限公司 2025 年第二次临时股东会的 法律意见书 国枫律股字[2025]C0146 号 网络投票结果均由深圳证券交易所交易系统和互联网投票系统予以认证； 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执 业规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定 职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认 定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并承担相应法律责任； 4．本法律意见书仅供贵公司本次会议之目的使用，不得用作任何其他用途。本所 律师同意将本法律意见书随贵公司本次会议决议一起予以公告。 北京国枫（深圳）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2025 年第二次临时股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称" ...

2025 年第二次临时股东会决议公告 证券代码：002303 证券简称：美盈森 公告编号：2025-045 美盈森集团股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决提案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）美盈森集团股份有限公司（以下简称"公司"）2025 年第二次临时股东会以现 场会议和网络投票相结合的方式举行。现场会议于 2025 年 12 月 15 日 14:50 起，在深圳 市光明区美盈森大厦 B 座 18 楼会议室召开。网络投票时间为 2025 年 12 月 15 日，其中通 过深圳证券交易所交易系统进行网络投票的时间为 2025 年 12 月 15 日 9:15—9:25，9:30 —11:30 和 13:00—15:00；通过互联网投票系统投票的时间为：2025 年 12 月 15 日 9:15 至 15:00 的任意时间。 （二）本次会议由第六届董事会召集，董事长王治军先生主持本次会议，公司部分董 事以现 ...

第七届董事会第一次（临时）会议决议公告 证券代码：002303 证券简称：美盈森 公告编号：2025-046 美盈森集团股份有限公司 第七届董事会第一次（临时）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 美盈森集团股份有限公司（以下简称"公司"）第七届董事会第一次（临时）会议 通知以邮件方式于 2025 年 12 月 9 日送达。本次会议于 2025 年 12 月 15 日 16:00 起， 在美盈森大厦 B 座 18 楼会议室以现场的方式召开。本次会议应出席董事 5 人，实际出 席董事 5 人。公司高级管理人员列席了本次会议。会议的内容以及召集、召开的方式、 程序均符合《公司法》和《公司章程》的规定。会议由公司董事长王治军先生召集并主 持。 与会董事经过充分的讨论，一致通过以下决议： 一、以同意票 5 票，反对票 0 票，弃权票 0 票，审议通过了《关于选举公司第七 届董事会董事长的议案》。 薪酬与考核委员会由谭伟（独立董事）、刘兰芳（职工董事）、吴吉林（独立董事） 三位董事组成，其中谭伟任主任委员。 三、以同意票 5 票，反对票 0 票， ...

Company Overview - Meiyingsen (SZ 002303) announced that on December 12, 2025, it will accept investor research from Manulife Fund and others, with the company’s board secretary Liu Huifeng and securities representative Wen Min participating in the reception and addressing investor inquiries [1] Financial Performance - For the first half of 2025, Meiyingsen's revenue composition was as follows: paper products accounted for 96.57%, other businesses for 3.28%, and the food industry for 0.15% [1] - As of the report date, Meiyingsen's market capitalization was 6.1 billion yuan [1]

证券代码：002303 证券简称：美盈森 美盈森集团股份有限公司 投资者关系活动记录表 编号：2025-22 | 投资者关系 | 特定对象调研 分析师会议 | | --- | --- | | 活动类别 □媒体采访 | 业绩说明会 | | | □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 | 1、宏利基金 吕佳文、孟杰、汪兰英、周少博 | | 名 | 2、中邮证券 赵洋、陆禹舟 | | 上市公司参 | 1、董事会秘书 刘会丰 | | 与人员 | 2、证券事务代表 闻敏 | | 时间 2025 | 年 月 日（周五） 12 12 | | 地点 美盈森大厦 | B 座 18 楼会议室 | | 形式 | 线下现场会议 1、公司海外业务未来盈利水平能否保持稳定？ | | | 答：由于当前海外一些区域对包装产品及服务要求较高的高 | | | 附加值客户较为集中且受益于海外市场竞争格局等因素，当前公 | | 交流内容及 | 司海外业务的盈利水平较国内业务总体要高一些。随着公司海外 | | 具体问答记 | 新产能的逐步投入使用，我们的目标是维持海外业务盈利水平的 | | 录 ...

Core Insights - The company, Meiyingsen Group Co., Ltd., held an online investor meeting on December 4, 2025, with participation from several investment institutions [1][2] Group 1: Business Development - The company aims to maintain steady growth in its domestic business for the upcoming year, indicating that there is significant room for improvement in current capacity utilization [3] - To address redundant capacity, the company plans to transfer some equipment to overseas markets and lease out vacant factory spaces to enhance asset utilization [3] Group 2: Overseas Expansion - The company is planning targeted capacity expansion based on downstream market demand, with some new overseas capacity already in the planning stages [4] - Meiyingsen emphasizes its competitive advantage in overseas markets due to early entry, combined with strengths in product R&D, service, and multi-regional presence [4] Group 3: Profitability and Cost Management - The company aims to maintain stable profit margins for both domestic and international operations, having improved overall profitability by focusing on high-value clients and reducing low-margin orders [5] - In response to raw material price fluctuations, the company will negotiate price adjustments with clients and incorporate material cost variations into new pricing [5] - The company is also addressing currency fluctuations by engaging with banks to mitigate impacts and may consider risk hedging in the future [5] Group 4: Talent and Shareholder Returns - The management structure of overseas factories consists mainly of personnel dispatched from domestic operations, while local recruitment is ongoing for production line staff [6] - The company currently employs cash incentives for talent management and has no stock incentive plans, with future arrangements to be announced [6] - Meiyingsen highlights cash dividends as a key method for shareholder returns and will continue to prioritize dividends, although specific amounts will depend on operational performance and financial conditions [6]

Group 1: Domestic Business Outlook - The company aims to maintain steady growth in its domestic business for the upcoming year [2] - Current domestic capacity utilization has significant room for improvement, with plans to relocate some equipment overseas and lease out vacant factory space to enhance asset utilization [2][3] Group 2: Overseas Operations - The company operates six factories in Vietnam, Thailand, Malaysia, and Mexico, all of which still have available capacity [3] - The company has a competitive advantage due to its early entry into overseas markets, along with strengths in product development, service, and multi-regional layout [4] Group 3: Profitability and Cost Management - The company has developed higher value-added clients and reduced low-margin orders, aiming to maintain profit margins at current levels despite growth in overseas business [5] - Raw materials are primarily sourced locally, and the company negotiates product prices with clients during significant raw material price fluctuations [5] Group 4: Currency and Risk Management - Currency fluctuations have had a notable impact on the company's Q3 performance, with ongoing monitoring and potential hedging strategies being considered to mitigate risks [5] - The company holds a certain amount of foreign currency and engages in discussions with banks to manage exchange rate impacts effectively [5] Group 5: Human Resources and Incentives - Management and technical personnel are mainly expatriates, while production line workers are primarily recruited locally, with ongoing training for local management [6] - Currently, the company relies on cash incentives for talent retention and does not have a stock incentive plan in place [6] Group 6: Dividend Policy - Cash dividends are emphasized as a key method for returning value to shareholders, with future dividend amounts and ratios to be determined based on operational performance and capital expenditures [6]