Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Viewpoints - The trend of packaging companies going overseas has shifted from an optional strategy to a necessary one due to intensified competition in the domestic market and changes in the international trade environment. The motivations for going overseas include responding to customer needs and industry chain shifts, as well as profit-driven and green/smart transformation initiatives. Key regions for expansion include Southeast Asia and Mexico, with a focus on light asset models and production line relocations to optimize profitability [4][5][6] Summary by Sections 1. Paper Packaging - The necessity for overseas expansion is driven by global supply chain migration and domestic low concentration leading to cost pressures. Companies are focusing on deep customer binding and local support [5][7] - Leading companies like Yutong Technology and Meiyingsen are expanding overseas, benefiting from early establishment in foreign markets and enjoying higher profit margins compared to domestic operations [21][24] - Investment recommendations include Yutong Technology and Meiyingsen for their strong overseas presence and high dividend yields, as well as Zhongxin Co. for its growth potential in Thailand [4][6][24] 2. Metal Packaging - The industry is facing pressure domestically, but overseas profitability remains strong. Companies are actively pursuing overseas expansion to counter domestic competition and improve profit margins [31][34] - Key players like Aorijin and Baosteel Packaging are enhancing their overseas sales ratios, with significant improvements in profit margins for exports compared to domestic sales [34][61] - Investment suggestions focus on Aorijin for its differentiated overseas strategy and Baosteel Packaging for its clear capacity expansion plans [4][6][34] 3. Plastic Packaging - The industry is shifting towards environmentally friendly and customized solutions, with companies like Yongxin Co. leading the way in functional film materials and expanding their overseas market presence [64][73] - The market for single-material plastic films is expected to grow significantly, driven by sustainability trends and increasing demand from multinational brands [70][73] - Investment recommendations highlight Yongxin Co. for its robust growth in functional film materials and stable revenue from overseas markets [4][6][73]

Group 1 - Yongtai Technology's wholly-owned subsidiary has received approval for trial production of a lithium battery additive project with an annual capacity of 5,000 tons, set to begin trial production [1] - Mengke Pharmaceutical has decided to terminate its plan to issue shares to a specific entity due to ongoing disagreements among major shareholders, which could impact the company's stable operations [1] - Anhui Construction's subsidiary has been approved to register and issue debt financing tools totaling 15 billion yuan, including 5 billion yuan in short-term financing notes and 10 billion yuan in medium-term notes [2] Group 2 - Koli'er plans to repurchase shares worth between 10 million and 20 million yuan, with a maximum repurchase price of 20.94 yuan per share, to implement an employee stock ownership plan [2] - Xinhua Pharmaceutical has received approval for the production of fumaric acid volnoral raw materials, which are used to treat gastroesophageal reflux disease [3] - Lianhuan Pharmaceutical has received approval for additional specifications of tadalafil tablets, expanding its product offerings for treating erectile dysfunction and benign prostatic hyperplasia [5] Group 3 - Greenland Holdings reported an increase of 1,834 lawsuits with a total amount of 6.587 billion yuan from October 21 to November 13, 2025 [7] - Lianke Technology plans to invest up to 600 million yuan of idle funds in low-risk financial products [8] - Yinglian Co. signed a strategic procurement contract for 5,000 million square meters of composite aluminum foil with a leading new energy technology company [10] Group 4 - China Eastern Airlines reported a 10.58% year-on-year increase in passenger turnover for October, with a capacity increase of 6.84% [12] - China National Airlines reported an 8.7% year-on-year increase in passenger turnover for October, with domestic and international capacity also showing growth [15] - Oupai Home plans to use 320 million yuan of idle funds to purchase structured deposits with expected annual yields between 0.65% and 2.50% [16] Group 5 - Tianwei Food has submitted H-share issuance application materials to the Hong Kong Stock Exchange, which have been accepted by the China Securities Regulatory Commission [18] - Guizhou Aviation plans to establish a subsidiary focused on the research, production, and market expansion of intelligent automotive components, with initial operating funds of 40 million yuan [20] - Daimai Co. plans to invest 100 million yuan to establish a wholly-owned subsidiary in Shanghai focused on robotics technology [22] Group 6 - Founder Securities has received approval to issue company bonds totaling up to 30 billion yuan [24] - Hengrui Medicine has received clinical trial approvals for multiple drugs, indicating ongoing research and development efforts [26] - Zhaojing Pharmaceutical's product ZG006 has received orphan drug designation from the FDA, providing various benefits for its development in the U.S. market [39]

Group 1 - The company, Meiyingsen, announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.66 RMB per 10 shares for all shareholders [2] - The total number of shares for the dividend calculation is 1,531,323,685 [2] - The record date for shareholders to receive the dividend is set for November 24, 2025, with the ex-dividend date on November 25, 2025 [2]

2025 年半年度权益分派实施公告 证券代码：002303 证券简称：美盈森 公告编号：2025-039 美盈森集团股份有限公司 2025 年半年度权益分派实施公告 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。 一、股东大会审议通过利润分配方案的情况 二、权益分派方案 本公司2025年半年度权益分派方案为：以公司现有总股本1,531,323,685股为基数， 向全体股东每10股派0.660000元人民币现金（含税；扣税后，通过深股通持有股份的香 港市场投资者、境外机构（含QFII、RQFII） 以及持有首发前限售股的个人和证券投资 基金每10股派0.594000元；持有首发后限售股、股权激励限售股及无限售流通股的个人 股息红利税实行差别化税率征收，本公司暂不扣缴个人所得税，待个人转让股票时，根 据其持股期限计算应纳税额【注】；持有首发后限售股、股权激励限售股及无限售流通 股的证券投资基金所涉红利税，对香港投资者持有基金份额部分按10%征收，对内地投 资者持有基金份额部分实行差别化税率征收）。【注：根据先进先出的原则，以投资者 1 2025 年半年度权益分派实 ...

Core Viewpoint - Meiyingsen (002303) announced on November 14 that its product pricing strategy considers both costs and customer demands for product design and services, indicating a comprehensive approach to pricing [1] Group 1 - The company emphasizes that product pricing is influenced by multiple factors, including cost and customer needs [1]

证券日报网讯美盈森（002303）11月14日发布公告，在公司回答调研者提问时表示，公司在越南、泰 国、马来西亚和墨西哥四个国家有六个工厂，还有一定的产能空间。在一些有增量订单的区域，公司也 会根据下游市场需求针对性地安排一些产能扩张的计划，并根据客户需求逐步投资。 ...

Core Viewpoint - Meiyingsen (002303) announced on November 14 that the company primarily relies on localized procurement for its raw materials [1] Group 1 - The company emphasizes local sourcing for its raw materials [1]

Core Viewpoint - The company, Meiyingsen (002303), emphasizes its competitive advantages over local overseas enterprises, particularly in product quality, service, R&D design, and customer resources [1] Group 1: Competitive Landscape - Domestic enterprises venturing abroad are primarily industry leaders, indicating a strong overall competitiveness [1] - The company possesses significant competitive advantages in product quality, service, R&D design, and customer resources compared to local overseas competitors [1] Group 2: Service Capabilities - The company is capable of providing group-based support services that better meet global supply chain management needs for clients with order demands in multiple domestic and international regions [1]

Core Viewpoint - Meiyingsen (002303) announced on November 14 that its domestic business customer industry distribution includes approximately 40% in consumer electronics, about 25% in furniture and home appliances, and around 15% in the automotive and new energy vehicle supply chain [1] Group 1 - Domestic business customer distribution: Consumer electronics accounts for approximately 40% [1] - Furniture and home appliances combined account for about 25% [1] - Automotive and new energy vehicle supply chain accounts for around 15% [1] Group 2 - Remaining customer segments include industries such as liquor, medical devices, food and beverage, health products, express packaging, and label and electronic functional materials die-cut products [1] - Overseas business customers are primarily from the consumer electronics, furniture, and home appliances sectors [1]

Core Viewpoint - The company, Meiyingsen (002303), reported that there have been some fluctuations in raw material prices recently, but the overall volatility is not significant [1] Group 1 - The company indicated that in the event of substantial fluctuations in raw material prices, it will negotiate with customers to adjust product prices [1] - The company will also take into account the fluctuations in material costs in new pricing [1]