奥瑞金科技股份有限公司 章 程 二〇二六年一月 1 | . | 1 | | --- | --- | | | K 7 | | 第一章 | 总则 3 | | | --- | --- | --- | | 第二章 | 经营宗旨和经营范围 | 4 | | 第三章 | 股份 5 | | | 第四章 | 股东和股东会 8 | | | 第五章 | 董事和董事会 22 | | | 第六章 | 高级管理人员 34 | | | 第七章 | 财务会计制度、利润分配和审计 | 35 | | 第八章 | 通知和公告 | 39 | | 第九章 | | | | | 合并、分立、增资、减资、解散和清算 40 | | | 第十章 | 修改章程 43 | | | 第十一章 | 附则 44 | | 奥瑞金科技股份有限公司 章程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组 织和行为，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》"）和其他有关规定，制定本章 程。 第二条 公司系依照《公司法》、《关于设立外商投资股份有限公司若 干问题的暂行规定》（对外贸易经济合 ...

奥瑞金科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 证券代码：002701 证券简称：奥瑞金 （奥瑞）2026－临 004 号 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内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 公司第五届董事会 2025 年第六次会议及 2025 年第三次临时股东会审议通过 《关于变更经营范围并修订<公司章程>的议案》。上述详细内容请见公司于 2025 年 12 月 11 日、2025 年 12 月 27 日在《中国证券报》、《证券时报》、《上海 证券报》、《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）发布的《关 于变更经营范围并修订<公司章程>的公告》（2025-临 064 号）、《关于 2025 年第三次临时股东会决议的公告》（2025-临 072 号）。 近日，公司完成经营范围及《公司章程》的变更登记手续，并领取了北京市 怀柔区市场监督管理局换发的《营业执照》。本次变更登记完成后，公司经营范 围增加"塑料包装箱及容器制造；食品用塑料包装容器工具制品销售"，其余经 营范围亦根据 ...

Investment Rating - The report maintains a "Recommended" rating for the light industry manufacturing sector [2] Core Insights - Real estate data remains under pressure, but national subsidies and the expansion of the trade-in policy are driving a recovery in consumption. In 2025, the cumulative sales area of commercial housing in China reached 881.01 million square meters, down 8.7% year-on-year, while the cumulative sales amount reached 8393.68 billion yuan, down 12.6% year-on-year. The number of transactions in 30 major cities increased by 50% year-on-year, with a transaction area growth of 38% [1][11] - The implementation of a 62.5 billion yuan national subsidy on January 1 has led to a rapid qualification exhaustion, and the trade-in policy now includes smart and elderly-friendly home products. Major companies like Mousse, Oppein, and Youban are exploring strategic development and transformation in the competitive stock market [1][69] Summary by Sections Industry Key Data Tracking - **Home Furnishing**: Real estate data remains under pressure, but the return of national subsidies is expected to boost downstream demand recovery [7] - **Packaging**: Stable downstream demand and continuous optimization of the competitive landscape [52] Industry News and Dynamics - **Home Furnishing**: Policies are driving a recovery in consumption, with leading home furnishing companies pushing for strategic transformation [69] - **Packaging**: Anti-involution measures are improving corporate difficulties, and digitalization is driving industry upgrades [70] Light Industry Performance in Capital Markets - **Industry Yield Performance**: From December 2025 to January 2026, the CSI 300 index rose by 1.66%, while the light industry manufacturing sector increased by 5.10%, ranking 19th among 31 sub-industries [73] - **Industry Valuation**: The valuation of the sector has slightly increased, with the PE-TTM for packaging printing, home furnishing, paper, and entertainment products at 41.74, 29.68, 32.38, and 48.91 respectively [78] Investment Recommendations - For the home furnishing sector, it is recommended to focus on Oppein and Songlin Technology; for the packaging sector, attention should be on Aorijin, Yutong Technology, and Xianggang Technology; in the toy sector, focus on Pop Mart; in the paper sector, consider Jiulong Paper and Hengfeng Paper; additionally, the expansion of HNB is expected to drive high prosperity in the tobacco-related industry chain, recommending attention to China Tobacco Hong Kong [81]

Group 1 - The capital expenditure cycle in the metal packaging industry is nearing its end, with significant slowdown in capacity expansion expected in 2024-2025. The industry leaders are anticipated to shift from market share focus to profit orientation, with a slight increase in benchmark prices projected for 2026 [1][3] - The sales volume of two-piece cans in China increased from 47 billion to 58 billion cans from 2019 to 2023, with a CAGR of 5.4%. The market is primarily driven by beer and carbonated beverages. If the beer can penetration rate rises from 28.9% in 2023 to 36.5% by 2028, the two-piece can industry scale could grow to 71.9 billion cans by 2028, with a CAGR of 4.8% [1] - The three-piece can industry in China had a production and demand of 31.05 billion and 30.53 billion cans in 2022, respectively, with a year-on-year growth of approximately 4.3%. The competitive landscape is stable, with a CR3 of about 66% [2] Group 2 - The industry is at a cyclical turning point, with capital expenditure slowing down and profit levels at a low point, limiting further deterioration. The price of raw materials is expected to remain firm in 2026, but high growth rates are unlikely. A slight increase in benchmark prices is anticipated for 2026, which could enhance profits for major players [3] - Major players like Baosteel Packaging, Orijin, and Shengxing have seen significant growth in overseas revenue, with increases of 19.14%, 12.32%, and 92.07%, respectively. The profit margins for these companies are higher overseas compared to domestic markets, indicating a favorable competitive landscape abroad [4] - Companies to watch include Baosteel Packaging (601968.SH), Orijin (002701.SZ), Shengxing (002752.SZ), and Jiamei Packaging (002969.SZ) [5]

Investment Rating - The investment rating for the metal packaging industry is "Positive" [2] Core Insights - The metal packaging industry is experiencing steady expansion, with supply-demand pressure alleviating. The two-piece can segment is benefiting from increased beer canning rates, while the three-piece can segment maintains stable demand and superior profitability [9][37] - The industry is approaching a cyclical turning point, with expectations for leading companies to recover profitability as capital expenditure cycles peak and production capacity expansion slows [46][65] - The trend of overseas expansion is gaining momentum, with leading companies prioritizing international markets to enhance profit structures [4][65] Summary by Sections 1. Metal Packaging: Industry Steady Expansion, Supply-Demand Pressure Alleviated - The two-piece and three-piece can segments have distinct characteristics, with the two-piece can being lighter and more cost-effective, while the three-piece can offers better strength and print quality [9] - The two-piece can segment saw national sales grow from 47 billion cans in 2019 to 58 billion cans in 2023, with a CAGR of 5.4%. The beer canning rate is projected to rise from 28.9% in 2023 to 36.5% by 2028, contributing to further growth [12][19] - The three-piece can segment's production and demand were approximately 31.05 billion and 30.53 billion cans respectively in 2022, with a stable competitive landscape and superior profitability compared to the two-piece can segment [23][37] 2. Cyclical Turning Point Emerging, Awaiting Profit Recovery for Leaders - The capital expenditure cycle is nearing its peak, with significant production capacity expansion expected to slow down in 2024-2025. The industry is currently experiencing low profitability levels, with limited room for further deterioration [46][50] - The profitability of leading companies is anticipated to improve as supply-demand dynamics stabilize, with potential for slight price increases in 2026 [65] 3. Accelerated Overseas Capacity Layout, Profit Center Expected to Optimize - Leading companies such as Baosteel Packaging, Aorui Jin, and Shengxing have reported significant growth in overseas revenues, with Baosteel's overseas revenue reaching 1.359 billion yuan in the first half of 2025, a year-on-year increase of 19.14% [4] - The overseas market offers better competitive dynamics and higher pricing, leading to improved profit margins compared to domestic operations [4][65] 4. Key Company Profiles - Baosteel Packaging focuses on the two-piece can segment, showing stable performance [4] - Aorui Jin is expanding through acquisitions, particularly with the purchase of COFCO Packaging, indicating strong growth potential [4] - Shengxing has a diversified product matrix, with expected profitability recovery [4]

证券日报网讯1月22日，奥瑞金（002701）在互动平台回答投资者提问时表示，公司对欧塞尔俱乐部的 增资是基于其战略发展的考虑，致力于提升体育与主业协同效应。 ...

Group 1 - The core viewpoint of the news is that Aorui Jin's stock price has shown a slight increase recently, with a notable rise of 2.05% on January 20, reaching 5.97 yuan per share, and a total market capitalization of 15.282 billion yuan [1] - Aorui Jin's stock has experienced a year-to-date increase of 0.34%, a 5-day increase of 0.51%, a 20-day decrease of 2.93%, and a 60-day decrease of 1.81% [2] - The company reported a significant revenue of 18.346 billion yuan for the period from January to September 2025, representing a year-on-year growth of 68.97%, and a net profit attributable to shareholders of 1.076 billion yuan, up 41.40% year-on-year [2] Group 2 - Aorui Jin has distributed a total of 3.912 billion yuan in dividends since its A-share listing, with 0.923 billion yuan distributed in the last three years [3] - As of September 30, 2025, Aorui Jin had 45,800 shareholders, an increase of 1.58% from the previous period, with an average of 55,805 circulating shares per shareholder, a decrease of 1.55% [2] - The company is primarily engaged in the research, design, production, and sales of metal packaging products, with 93.31% of its main business revenue coming from metal packaging products and services [2]

Summary of the Conference Call for Aoyuan Company Overview - Aoyuan is primarily engaged in the manufacturing of metal cans, operating in the midstream sector with a cost-plus pricing model. The company initially grew by exclusively supplying beverage cans (three-piece cans) to China Red Bull, with major clients including Red Bull and Want Want [3][4]. Industry Insights - Aoyuan's acquisition of Ball China has allowed it to enter the two-piece can market, which is expected to grow due to natural demand increases and a rising "canning rate." The current domestic canning rate is approximately 30%, indicating significant room for growth compared to developed countries [2][6]. - The two-piece can industry is projected to continue growing, driven by demand from daily consumer goods such as beer, tea, and soft drinks, as well as changes in consumer habits post-pandemic [6]. Financial Performance and Projections - Aoyuan anticipates a net profit of approximately 650 million yuan for 2025, including a one-time gain of about 500 million yuan. The operating profit, excluding one-time factors, is expected to be around 150 million yuan. For 2026, the net profit is projected to reach about 1.1 billion yuan, benefiting from price increases and overseas business expansion [2][12]. Competitive Landscape - The industry has seen a significant shift in competitive dynamics due to mergers and acquisitions, leading to increased market concentration. Aoyuan's acquisition of Ball's Asia-Pacific operations has transformed the market from many competitors to a few leading firms, enhancing bargaining power [2][5]. - The merger with COFCO Packaging has further consolidated the market, reducing the number of competitors and increasing the market share of leading companies [5]. Challenges and Opportunities - The two-piece can industry faces challenges from rising raw material costs, particularly aluminum, which has been increasing rapidly. This cost pressure is expected to impact profit margins in the short term, but companies are managing this through raw material reserves and inventory [8]. - There is optimism regarding the domestic two-piece can market, with potential for significant margin improvements. Current domestic market gross margins are below 5%, while mature overseas markets typically see margins above 15% [9][10]. Strategic Initiatives - Aoyuan has a strong track record in mergers and acquisitions, having acquired over 20% stakes in companies like Yongxin and COFCO Packaging, which has enhanced its capital structure and market position [4]. - The company is actively expanding its overseas presence, which is expected to provide new growth opportunities and improve profit structures due to different competitive dynamics in international markets [11]. Regulatory Environment - Recent requirements from state-owned enterprises for downstream subsidiaries to focus on profit enhancement and high-quality development have catalyzed price increases in the two-piece can industry, with successful price adjustments expected by the end of 2025 [7].

Core Viewpoint - The company announced the approval of several proposals, including the sale of part of its equity in an overseas subsidiary to form related financial support [2] Group 1 - The fifth board of directors of the company held its first meeting in 2026 on January 14 [2] - The meeting reviewed and approved the proposal regarding the sale of equity in an overseas subsidiary [2]

Group 1 - The company, Aorijin (002701), announced that it will hold its first extraordinary shareholders' meeting on January 30, 2026, at 10:00 AM [1]