Core Viewpoint - The stock price of Meiyingsen has shown a significant increase of 32.21% year-to-date, despite a recent decline of 1.30% over the last five trading days, indicating volatility in the market [2]. Company Overview - Meiyingsen Group Co., Ltd. is located in Guangming New District, Shenzhen, Guangdong Province, and was established on May 17, 2000, with its listing date on November 3, 2009 [2]. - The company specializes in the research, production, and sales of transportation packaging products, premium packaging products, label products, and electronic functional material die-cut products, offering integrated packaging services [2]. - The revenue composition includes lightweight packaging products (57.54%), third-party procurement (35.96%), other (3.28%), heavyweight packaging products (3.07%), and food industry (0.15%) [2]. Financial Performance - For the first half of 2025, Meiyingsen achieved a revenue of 1.949 billion yuan, representing a year-on-year growth of 5.46%, and a net profit attributable to shareholders of 176 million yuan, up 17.29% year-on-year [2]. - The company has distributed a total of 2.628 billion yuan in dividends since its A-share listing, with 1.175 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders reached 51,900, an increase of 0.87% from the previous period, with an average of 18,646 circulating shares per person, up 0.64% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 27.6145 million shares, an increase of 12.6974 million shares from the previous period [3].

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector, indicating a positive outlook compared to the broader market [2]. Core Insights - The report highlights the resilience of defensive assets and manufacturers with overseas production capabilities amid fluctuations in the trade environment between China and the U.S. Recommended stocks include Meiyingsen, Yutong Technology, and Yongxin Co., with a focus on companies like Jiangxin Home and Aopu Technology [1][5]. - The light industry manufacturing sector is expected to see a steady performance in Q3, with leading companies in personal care maintaining stable operations and overseas manufacturers strengthening their competitive edge [1][5]. Summary by Sections Light Industry Manufacturing - The light industry manufacturing index increased by 0.71% from October 8 to October 10, 2025, outperforming the CSI 300 index, which decreased by 0.51% [11]. - Key companies expected to perform well include Meiyingsen (projected Q3 net profit growth of 20%-30%), Yutong Technology (5%-15%), and Yongxin Co. (0%-10%) [6][7]. Home Furnishing - The home furnishing sector is experiencing pressure, with a notable bankruptcy in the custom home industry reflecting challenges for smaller firms. However, leading companies are expected to gain market share as demand stabilizes [5][6]. - The report suggests a left-side investment opportunity in home furnishing stocks, particularly those with high dividend yields [5]. Paper and Packaging - The report notes a mixed performance in the paper and packaging sector, with prices for various paper types showing fluctuations. For instance, double glue paper prices decreased by 50 RMB/ton, while corrugated paper prices increased by 65.62 RMB/ton [37]. - The overall revenue for the paper and paper products industry saw a decline of 1.9% year-on-year from January to August 2025, indicating a challenging environment [46][48]. Consumer Goods - The consumer goods segment is expected to benefit from a strong Q4, with companies like Zhengkang Oral Care and Mingyue Lens projected to see revenue growth of 10%-20% and 0%-10%, respectively [6]. - The report emphasizes the potential for growth in the personal care sector, particularly with brands expanding their marketing channels [6]. Export Chain - The report discusses the impact of U.S. tariffs on imported furniture and cabinetry, which may benefit companies with established overseas production capabilities [6]. - Companies like Zhongxin Co. and Jiangxin Home are highlighted as key players in the export chain, with expected net profit declines of 20%-10% for Q3 [6]. Cost Tracking - The report provides insights into cost trends, noting a decrease in shipping costs and fluctuations in raw material prices, which could impact overall profitability in the sector [33][40].

Core Viewpoint - On September 29, 2025, the company announced the election of Liu Lanfang as the employee director during the employee representative meeting [1] Group 1 - The company held an employee representative meeting on September 29, 2025 [1] - Liu Lanfang was elected as the employee director through a democratic election by the employee representatives [1]

关于选举职工董事的公告 1 证券代码：002303 证券简称：美盈森 公告编号：2025-034 美盈森集团股份有限公司 关于选举职工董事的公告 刘兰芳女士符合《公司法》《公司章程》规定的有关职工董事任职资格和条件。刘兰 芳女士当选公司职工董事后，公司第六届董事会中兼任公司高级管理人员以及由职工代表 担任的董事人数未超过公司董事总数的二分之一，符合相关法律法规的要求。 特此公告。 美盈森集团股份有限公司董事会 2025 年 9 月 29 日 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"）于 2025 年 9 月 29 日召开了 2025 年 第一次临时股东大会，审议通过了《关于修订<公司章程>及相关议事规则的议案》，根据 相关法律法规及规范性文件要求，公司增设 1 名职工董事，董事会将由 6 人组成，其中独 立董事 2 人，职工董事 1 人。 2025 年 9 月 29 日，公司召开了职工代表大会，经职工代表大会民主选举，选举刘兰 芳女士（简历详见附件）担任公司职工董事，任期至公司第六届董事会任期届满之日。 关于选举 ...

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 年第一次临时股东大会的 法律意见书 国枫律股字[2025]C0115 号 致：美盈森集团股份有限公司（贵公司） 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 年第一次临时股东大会（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"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《美盈森集团股份有 限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召 集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书 ...

2025 年第一次临时股东大会决议公告 （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，公司全体董 事、监事以现场和通讯相结合的方式出席了本次会议，公司部分高级管理人员、见证律师 以现场方式列席了本次会议。本次会议的召集、召开与表决程序符合《公司法》及《公司 章程》的有关规定。 （三）通过现场和网络投票出席本次会议的股东及股东授权代表共 500 人，代表有效 表决权股份总数 657,858,811 股，占公司有效表决权股份总数的 42.9601％。 证券代码：002303 证券简称：美盈森 公告编号：2025-033 美盈森集团股份有限公司 2025 年第一次临时股东大会决议公告 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、本次股东大会未出现否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 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 年第一次临时股东大会以 现场会议和网络投票相结合的方式举行。现场会议于 2025 年 9 月 29 日 14:50 起，在深圳 市光明 ...

Market Overview - The packaging and printing sector increased by 0.81% on September 29, with Kangxin New Materials leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Top Gainers in Packaging and Printing Sector - Kangxin New Materials (600076) closed at 2.91, up 5.05% with a trading volume of 451,300 shares and a turnover of 129 million yuan [1] - Zhuhai Zhongfu (000659) closed at 2.92, up 3.91% with a trading volume of 414,500 shares and a turnover of 118 million yuan [1] - New Hongze (002836) closed at 9.61, up 3.67% with a trading volume of 64,700 shares and a turnover of 61.1 million yuan [1] Top Losers in Packaging and Printing Sector - Jiahe Technology (872392) closed at 34.26, down 5.12% with a trading volume of 11,100 shares and a turnover of 38.23 million yuan [2] - Yongji Co., Ltd. (603058) closed at 9.69, down 3.20% with a trading volume of 140,600 shares and a turnover of 137 million yuan [2] - Wangzi New Materials (002735) closed at 14.55, down 3.00% with a trading volume of 232,700 shares and a turnover of 339 million yuan [2] Capital Flow Analysis - The packaging and printing sector experienced a net outflow of 92.65 million yuan from institutional investors, while retail investors saw a net inflow of 118 million yuan [2] - Major stocks like Jiyou Co. (603429) and Kangxin New Materials (600076) had significant net inflows from retail investors, despite overall net outflows from institutional and speculative investors [3]

Investment Rating - The report maintains a "Positive" investment rating for the paper packaging industry, indicating an expectation of better performance compared to the relevant market index over the next 12 months [10]. Core Insights - The paper packaging market in China is characterized by low concentration, intense competition, and low profit margins. Leading companies possess better customer resources and capabilities for international expansion, with overseas revenue growth outpacing domestic growth. The report anticipates a 2-3 year period of overseas investment dividends, driven by the first-mover advantage of leading companies, strong customer bases, and funding advantages [2][6][25]. Summary by Sections Background: Supply Chain Transition and Advantages of Leading Companies - The trend of paper packaging companies expanding overseas is evident, with leading firms showing higher overseas revenue growth compared to domestic figures. For instance, in the first half of 2025, Yutong's overseas revenue grew by 27% while domestic revenue declined by 2%. Similarly, Meiyingsen's overseas revenue increased by 39% while domestic revenue fell by 6% [6][16]. - The competitive landscape in China's paper packaging market is fragmented, with a CR5 of approximately 15%. Leading companies like Yutong hold about 6% market share, facing pressure from smaller firms employing aggressive pricing strategies [7][25]. Outlook: Increased Overseas Revenue Share and Optimized Profit Structure - The profitability of domestic leading paper packaging companies is higher than that of local competitors in markets like India. For example, Yutong's net profit margin of 21.7% in the first half of 2024 surpassed that of TCPL, India's largest folding carton producer, which had a net profit margin of about 8% [8][33]. - The report highlights that overseas markets present opportunities for premium pricing due to supply-demand mismatches, particularly in emerging manufacturing bases where local companies struggle to meet the quality and compliance standards required by multinational brands [9][46]. Competitive Advantages of Leading Companies - Leading companies have established multiple overseas bases, enhancing their ability to meet customer needs and reduce delivery times. For instance, Yutong has set up 10 overseas bases in countries like Vietnam and India [28]. - The report emphasizes the importance of technological advantages, funding capabilities, and compliance with international standards, which smaller firms often lack. Leading companies can leverage their established relationships with major clients to mitigate risks associated with international expansion [32][28].

Market Performance - The packaging and printing sector increased by 0.52% on September 22, with Hai Shun New Materials leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Gainers - Hai Shun New Materials (300501) closed at 18.09, up 10.37% with a trading volume of 161,500 shares and a turnover of 284 million yuan [1] - Ji You Co., Ltd. (603429) closed at 12.93, up 10.04% with a trading volume of 203,200 shares and a turnover of 252 million yuan [1] - Da Sheng Da (603687) closed at 9.45, up 4.42% with a trading volume of 297,300 shares and a turnover of 277 million yuan [1] Market Capital Flow - The packaging and printing sector experienced a net outflow of 92.57 million yuan from institutional investors, while retail investors saw a net outflow of 37.41 million yuan [2] - Speculative funds had a net inflow of 130 million yuan into the sector [2] Individual Stock Capital Flow - Ji You Co., Ltd. (603429) had a net inflow of 59.92 million yuan from institutional investors, while retail investors experienced a net outflow of 33.44 million yuan [3] - Mei Ying Sen (002303) saw a net inflow of 39.87 million yuan from institutional investors and a net outflow of 98.22 million yuan from retail investors [3] - Da Sheng Da (603687) had a net inflow of 29.47 million yuan from institutional investors, with retail investors experiencing a net outflow of 22.36 million yuan [3]

Group 1 - The core viewpoint of the report highlights that Meiyingsen (002303.SZ) has experienced significant growth in overseas sales and has demonstrated strong profitability [1] - The company is accelerating its overseas production capacity expansion, leading to a clearer global footprint [1]