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%。 ...

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, primarily driven by the consolidation of COFCO Packaging, which solidified its leading position in the metal packaging sector and expanded its business scope into industrial and plastic packaging [1][2]. Group 1: Financial Performance - In 1H25, the company achieved revenue of 11.727 billion yuan, a year-on-year increase of 62.7%, and a net profit attributable to shareholders of 903 million yuan, up 64.7% year-on-year [1]. - The second quarter alone saw revenue of 6.152 billion yuan, reflecting a 68.3% year-on-year growth, while net profit for the quarter was 239 million yuan, down 11.4% year-on-year [1]. - The company recognized non-recurring gains of 502 million yuan in 1H25, with 463 million yuan attributed to the acquisition of COFCO Packaging [1]. Group 2: Business Expansion - The metal packaging segment generated revenue of 10.942 billion yuan in 1H25, a 72.0% increase year-on-year, accounting for 93.3% of total revenue [2]. - The acquisition of COFCO Packaging allowed the company to enter the industrial steel drum and plastic packaging markets, expanding its reach beyond food and beverage packaging [2]. Group 3: International Strategy - The company reported a significant increase in overseas revenue, reaching 1.14 billion yuan in 1H25, a 92.1% year-on-year growth [3]. - Investments of 442 million yuan and 647 million yuan are planned for new production lines in Thailand and Kazakhstan, respectively, aimed at enhancing the company's international presence in the two-piece can market [3]. Group 4: Profitability and Margins - The overall gross margin for 1H25 was 14.1%, down 3.7 percentage points year-on-year, primarily due to raw material price fluctuations and the impact of COFCO Packaging's consolidation [4]. - The company achieved an investment income of 514 million yuan in 1H25, a 402% increase year-on-year, largely from the acquisition of COFCO Packaging [4]. Group 5: Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised upward, with expected net profits of 1.317 billion yuan, 1.281 billion yuan, and 1.413 billion yuan, respectively [5]. - The target price for the company's stock is set at 7.65 yuan, based on a 15 times price-to-earnings ratio for 2025, reflecting the company's strengthened market position and growth prospects [5].

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 ...