9月8日，奥瑞金盘中上涨2.07%，截至14:16，报5.93元/股，成交2.95亿元，换手率1.97%，总市值151.79 亿元。 资金流向方面，主力资金净流出1394.01万元，特大单买入1615.08万元，占比5.48%，卖出1888.53万 元，占比6.41%；大单买入4242.59万元，占比14.39%，卖出5363.16万元，占比18.19%。 奥瑞金今年以来股价涨6.85%，近5个交易日涨6.27%，近20日涨8.01%，近60日涨2.95%。 资料显示，奥瑞金科技股份有限公司位于北京市怀柔区雁栖工业开发区，成立日期1997年5月14日，上 市日期2012年10月11日，公司主营业务涉及食品饮料金属包装产品的研发、设计、生产和销售。主营业 务收入构成为：金属包装产品及服务93.31%，其他(补充)6.14%，灌装服务0.55%。 责任编辑：小浪快报 奥瑞金所属申万行业为：轻工制造-包装印刷-金属包装。所属概念板块包括：预制菜、冰雪产业、低 价、储能、世界杯等。 截至6月30日，奥瑞金股东户数4.51万，较上期减少7.40%；人均流通股56685股，较上期增加7.99%。 2025年1月-6月，奥 ...

融资方面，奥瑞金当日融资买入6142.72万元。当前融资余额5.42亿元，占流通市值的3.65%，融资余额 低于近一年50%分位水平，处于较低位。 9月5日，奥瑞金涨4.31%，成交额4.72亿元。两融数据显示，当日奥瑞金获融资买入额6142.72万元，融 资偿还5340.59万元，融资净买入802.13万元。截至9月5日，奥瑞金融资融券余额合计5.46亿元。 分红方面，奥瑞金A股上市后累计派现39.12亿元。近三年，累计派现9.23亿元。 机构持仓方面，截止2025年6月30日，奥瑞金十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股7475.92万股，相比上期增加481.32万股。申万宏源证券有限公司位居第六大流通股东，持股 2880.26万股，相比上期增加292.12万股。 责任编辑：小浪快报 融券方面，奥瑞金9月5日融券偿还1300.00股，融券卖出2.07万股，按当日收盘价计算，卖出金额12.03 万元；融券余量58.18万股，融券余额338.03万元，超过近一年90%分位水平，处于高位。 资料显示，奥瑞金科技股份有限公司位于北京市怀柔区雁栖工业开发区，成立日期1997年5月14日，上 ...

丨证券研究报告丨 公司研究丨点评报告丨奥瑞金（002701.SZ） [Table_Title] 奥瑞金 2025H1 点评：Q2 业绩符合预期，期待 二片罐盈利改善&出海破局 报告要点 [Table_Summary] 2025H1 实现营收/归母净利润/扣非净利润 117.27/9.03/4.01 亿元，同比+63%/+65%/-24%； 2025Q2 实现营收/归母净利润/扣非净利润 61.52/2.39/2.12 亿元，同比+68%/-11%/-20%。 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 SAC：S0490516060001 SAC：S0490522050001 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% 2025H1 实现营收/归母净利润/扣非净利润 117.27/9.03/4.01 亿元，同比+63%/+65%/-24%； 2025Q2 实现营收/归母净利润/扣非净利润 61.52/2.39/2.12 亿元，同比+68%/-11%/-20%。 research.95579.com 1 奥瑞金（002701.SZ） cjzqdt11111 [T ...

Core Viewpoint - The metal packaging two-piece can industry is currently at a historical low in profitability, with a gross margin in the low single digits, but has significant potential for recovery due to industry consolidation and an improved competitive landscape [1][2] Industry Overview - The two-piece can industry is characterized by stable downstream demand and cash flow, with aluminum constituting approximately 70% of production costs. The primary downstream demand comes from beer (50%-60%) and carbonated beverages (20%-30%) [2] - The CAGR for beer can demand in China from 2019 to 2024 is approximately 4%, driven by an increase in canning rates, which have risen from 21.2% in 2016 to 29.6% in 2024, still below the global average of 43.8% and developed countries' levels of 60-70% [2] Profitability and Market Dynamics - The industry is currently at a profitability bottom, with the recent consolidation expected to gradually improve profitability. The acquisition of COFCO by Orijin in January 2025 has increased the market concentration from CR4=75% to CR3=75%, with Orijin's market share approaching 40% [2][3] - Historical data shows that after the last round of consolidation from 2017 to 2019, the industry's gross margin recovered to over 10%, with leading companies achieving gross margins of 13% (Baosteel Packaging), 10% (Orijin), and 17% (COFCO Packaging) in 2019 [3] Comparison with Other Industries - The current situation in the two-piece can industry is likened to the cement industry's price increase cycle from 2016 to 2021, indicating a potential for price increases due to supply constraints, industry consolidation, and demand growth. However, the lack of a cost increase trigger is noted as a missing factor for immediate price hikes [3] - The two-piece can industry's downstream demand is less cyclical compared to the cement industry, with a steady increase in demand as canning rates rise, but the high concentration in the beer market gives downstream players relatively strong bargaining power [3]

Investment Rating - The industry rating is "Overweight" [8] Core Viewpoints - The two-piece can industry is currently at a historical low in profitability, with a gross margin in the low single digits. Compared to overseas leaders like Ball and Crown, which have gross margins around 20%, and domestic peaks in 2019 exceeding 10%, there is significant room for profit recovery. The industry is characterized by stable downstream demand and cash flow, justifying a DCF valuation approach. Key companies include Aorikin and Baosteel Packaging [5][6] - The integration of the two-piece can industry in Q1 2025 has led to an optimized competitive landscape. Following the acquisition of COFCO by Aorikin, the industry concentration increased from CR4=75% to CR3=75%, with Aorikin's market share approaching 40%. This consolidation is expected to improve profitability gradually as the industry shifts focus towards profit-oriented operations [6][36] - The demand for two-piece cans in China is projected to grow steadily, driven by an increase in the canning rate, which has risen from 21.2% in 2016 to 29.6% in 2024, still below the global average of 43.8%. The growth is supported by the rising share of non-immediate consumption in the beer market and ongoing product premiumization [5][22][29] Summary by Sections Two-Piece Can Industry: Steady Growth in Downstream Demand - The two-piece can industry is primarily driven by stable demand from the beer and carbonated beverage sectors, with beer accounting for approximately 50-60% and carbonated drinks for 20-30% of demand. The CAGR for beer can demand in China from 2019 to 2024 is about 4% [15][22] - The canning rate in China is expected to continue increasing, with a potential demand increase of 11 million, 53 million, and 107 million cans for every 1%, 5%, and 10% increase in the canning rate, respectively [23][27] Domestic Integration Review: Significant Improvement in Profitability Post-Integration - The recent integration in the two-piece can industry has led to a notable improvement in profitability. The industry is expected to see a slowdown in capacity growth, with Aorikin planning to relocate some production lines overseas, which will enhance domestic supply-demand dynamics [36][42] - Historical data shows that after the last round of integration from 2017 to 2019, the industry saw a recovery in profitability, with gross margins for key players like Baosteel Packaging and Aorikin reaching 13% and 10%, respectively, in 2019 [44][51] Benchmarking Against Overseas Leaders: Significant Room for Profitability Recovery - Comparing with overseas leaders like Ball and Crown, which have operating margins between 12%-17% in the Americas, the domestic industry has substantial room for improvement in profitability. The market is characterized by stable demand and good cash flow, supporting higher leverage ratios [61][67] Learning from the Cement Industry: Industry Self-Regulation to Drive Margin Recovery - The cement industry experienced a price recovery from 2016 to 2021, driven by supply-side policies and stable downstream demand. Similar conditions are emerging in the two-piece can industry, with potential for price increases as supply constraints and industry consolidation take effect [71][72][86]

机构专用席位卖出额排名：中简科技(995.2万元)、银之杰(247.5万元)、中际旭创(221.48万元)。 成交价方面，共10只股票平价成交，5只股票溢价成交，43只股票折价成交；掌趣科技、四川九洲、光 迅科技溢价率居前，溢价率依次为18.18%、11.29%、9.57%；太湖远大、远信工业、昆仑万维折价率居 前，折价率依次为29.96%、23.97%、22.25%。 机构专用席位买入额排名：奥瑞金(3.34亿元)、新媒股份(4856万元)、中际联合(1809.5万元)、阿特斯 (1428万元)、曼卡龙(1321.32万元)、城发环境(1180.8万元)、瑞泰新材(1029.24万元)、海亮股份(795.2万 元)、巴兰仕(587.85万元)、福斯特(493.5万元)、弘业期货(419.6万元)、信安世纪(402.3万元)、三人行 (400.44万元)、晓鸣股份(331.8万元)、西域旅游(299.91万元)、盟固利(229.98万元)、欧晶科技(210.12万 元)、御银股份(202.42万元)、易瑞生物(200.79万元)、力鼎光电(200.72万元)、晨曦航空(200.48万元)。 今日(9月4日)A ...

证券时报·数据宝统计显示，奥瑞金今日收盘价为5.57元，上涨0.18%，日换手率为1.25%，成交额为1.78 亿元，全天主力资金净流出416.77万元，近5日该股累计下跌0.71%，近5日资金合计净流出2759.41万 元。 两融数据显示，该股最新融资余额为5.38亿元，近5日增加1160.54万元，增幅为2.21%。 奥瑞金9月4日大宗交易平台出现一笔成交，成交量5860.00万股，成交金额3.34亿元，大宗交易成交价为 5.70元，相对今日收盘价溢价2.33%。该笔交易的买方营业部为机构专用，卖方营业部为招商证券股份 有限公司北京光明路证券营业部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为3.85亿元。 机构评级来看，近5日共有5家机构给予该股评级，预计目标价最高的是华泰证券，9月2日华泰证券发布 的研报预计公司目标价为7.65元。（数据宝） 9月4日奥瑞金大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | ...

| 权益类证券大宗交易(协议交易) | | | | | | | 国下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-09-04 | 002701 | 奥瑞金 | 5.70 | 5,860.00 | 33,402.00机构专用 | | 招商证券股份有限 | | | | | | | | | 公司北京光明路证 | | | | | | | | | 劳营业部 | 9月4日，奥瑞金大宗交易成交5860万股，成交额3.34亿元，占当日总成交额的65.21%，成交价5.7元， 较市场收盘价5.57元溢价2.33%。 ...

H1 毛利率同降3.7pct，长期供需格局改善有望提振盈利能力25H1 公司综合毛利率14.1%/同比-3.7pct， 我们判断主要受原料价格波动下二片罐毛利率有所承压，以及中粮包装并表影响。费用端，25H1 整体 期间费用率7.9%/ 同比-0.5pct ， 销售/ 管理/ 研发/ 财务费用率分别为1.7/4.3/0.7/1.2%，同比 +0.1/-0.6/+0.3/-0.3pct。此外，25H1 公司实现投资收益5.14 亿元/同比+402%，主要系收购中粮包装并于 购买日确认的投资收益。综合影响下，公司25H1 归母净利率7.7%/同比+0.1pct。展望未来，伴随龙头规 模优势凸显及产能外迁，国内二片罐行业供需格局有望持续优化，定价策略有望更为合理，进而带动相 关业务毛利率提升。 Q2 单季实现营收61.52 亿元/同比+68.3%；归母净利润2.39 亿元/同比-11.4%。公司25H1 营收和利润高 增，主要是中粮包装并表所致，其中25H1确认非经常损益金额5.02 亿元，其中4.63 亿元为收购原中粮 包装股份、于购买日确认的投资收益。我们认为，收购落地后公司在金属包装领域的龙头地位和规模优 势 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 奥瑞金科技股份有限公司（"奥瑞金"或"本公司"、"公司"）及董事会全体成员保证信息披露的真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 公司近日收到控股股东上海原龙投资控股（集团）有限公司（以下简称"上海原龙"）函告，获悉上海原 龙所持有本公司的部分股份办理了质押及解除质押业务，具体事项如下： 一、股东股份质押基本情况 （1）上述股份质押与公司生产经营需求无关，对公司生产经营、公司治理等不会产生影响，不存在业 绩补偿义务履行等情况。 （2）上海原龙不存在非经营性资金占用、违规担保等侵害公司利益的情形。 ■ 二、股东股份解除质押基本情况 ■ 三、股东股份累计质押的情况 截至本公告披露日，上海原龙及其一致行动人所持质押股份情况如下： ■ 四、其他说明 奥瑞金科技股份有限公司 董事会 2025年9月4日 （3）截至本公告披露日，上海原龙资信状况良好，具备相应的履约能力，所质押股份不存在平仓风险 或被强制过户风险。 五、备查文件 （一）中国证券登记结算有限责任公司出具的《持股5%以上股东每日持股变化明细》及《持股5%以上 股东每日持股变化名单》； （二）中国 ...