Summary of the Conference Call for Aoyuan (奥瑞金) Company and Industry Overview - The conference call discusses Aoyuan's performance in the metal packaging industry, specifically focusing on the two-piece and three-piece can segments [2][19]. Key Points and Arguments 1. **Q2 Performance Improvement**: Aoyuan's Q2 operating performance showed a slight improvement, primarily driven by the stable growth of the three-piece can business and profitability improvements in the two-piece can segment. However, price increases mainly covered rising costs, resulting in limited actual profit enhancement [2][3]. 2. **2025 H1 Earnings Forecast**: The forecast for Aoyuan's H1 2025 indicates a non-recurring net profit range of 154 million to 260 million yuan, with a midpoint of approximately 207 million yuan, showing improvement from Q1's 189 million yuan [3][4]. 3. **Impact of Acquisition**: The acquisition of COFCO Packaging is still in the finalization and integration phase, which has delayed significant improvements in competitive dynamics, pricing power, and profitability [4][9]. 4. **Price Increase in April 2025**: Aoyuan raised prices by 0.15 yuan in April 2025 to cover increased aluminum processing costs, reflecting enhanced pricing power due to changes in industry competition [6][11]. 5. **Non-Recurring Gains**: Non-recurring gains, such as government subsidies, had a minimal impact on Q2 performance, with a notable difference between non-recurring and recurring profits in Q1 due to early gains from the COFCO acquisition [7][12]. 6. **Outlook for H2 2025**: Aoyuan is expected to enter a consolidation phase post-acquisition, which will optimize competitive dynamics and improve pricing power and profitability [8][10]. 7. **Market Trends**: The two-piece can market is anticipated to perform better in H2 2025, with potential for significant profit growth if net profit per can increases by just 0.01 yuan. The overseas market for two-piece cans shows higher profitability potential [11][14]. 8. **Debt Management**: Aoyuan incurred over 3 billion yuan in acquisition loans, leading to interest expenses impacting quarterly performance. The company is implementing cost-cutting measures and may utilize capital market strategies to alleviate debt pressure [12][13]. 9. **Long-Term Growth Potential**: The metal packaging sector, particularly the two-piece can segment, is expected to have significant growth potential in the medium to long term, with anticipated improvements in profitability as industry dynamics stabilize [14][19]. 10. **Investment Opportunities**: The metal packaging sector should be viewed from a long-term perspective, focusing on overall industry profitability rather than short-term quarterly performance. Aoyuan and similar companies are seen as having good investment potential [17][18]. Other Important Insights - Aoyuan's integration with COFCO may involve relocating production lines overseas to address domestic supply-demand imbalances, similar to strategies employed by other companies in the industry [9][10]. - The overall stability of the three-piece can market provides a solid foundation for Aoyuan, despite the current challenges faced by the two-piece can segment [11][19].

Overview - The demand for environmentally friendly packaging materials is increasing due to rising living standards and environmental awareness in China [1][11] - Laminated steel, known for its excellent wear resistance, corrosion resistance, moisture resistance, and aesthetic appeal, is gaining popularity among downstream customers [1][11] - The projected sales volume of laminated steel in China is expected to reach 182,600 tons by 2024, with a market size of 1.528 billion yuan [1][11] Industry Development - Laminated steel is produced by combining PP or PET films with tinplate, offering superior properties compared to traditional tinplate [2][3] - The production process of laminated steel is cost-effective, with lower material costs and energy consumption compared to traditional methods [3][5] - The industry has evolved since 2006, with domestic companies like Orijin leading the way in technology and production capacity [5][20] Supply Chain - The upstream of the laminated steel industry includes suppliers of steel substrates, plastic films, and production equipment [7] - The downstream market encompasses various sectors, including food and beverage packaging, daily chemical packaging, pharmaceutical packaging, and chemical product packaging [7] Market Demand - The food and beverage packaging sector accounts for over 60% of the laminated steel demand in China [9] - The revenue of large-scale food manufacturing enterprises in China reached 894.49 billion yuan in the first five months of 2025, indicating a growing market for laminated steel [9] Competitive Landscape - The laminated steel market in China is highly concentrated, with leading companies like Orijin and Baosteel Packaging holding over 50% market share [13][18] - New entrants face high technical and financial barriers, making it challenging to compete with established players [13] Key Players - Orijin Technology Co., Ltd. focuses on providing comprehensive packaging solutions and is expected to generate 13.67 billion yuan in revenue in 2024, with 88.66% from metal packaging products [16] - Baosteel Packaging Co., Ltd. is a leading manufacturer in the metal packaging sector, with projected revenue of 8.318 billion yuan in 2024, primarily from metal beverage cans [18] Future Trends - The demand for laminated steel is expected to grow as it finds applications in high-end sectors like electric vehicle battery casings [20] - Increasing environmental regulations and support for new material industries will drive companies to adopt more sustainable production practices [20]

证券代码：002701 证券简称：奥瑞金 （奥瑞）2025－临 043 号 奥瑞金科技股份有限公司 关于公司控股股东部分股份质押及解除质押的公告 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： 证券代码：002701 证券简称：奥瑞金 （奥瑞）2025－临 043 号 二、股东股份解除质押基本情况 | | 是否为控 股股东或 | 本次 | 占其所 | 占公司 | | | | | 质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 第一大股 | 解除质押 | 持股份 | 总股本 | 起始日 | | 解除 | | 权 | | 名称 | 东及其一 | 股份数量 | 比例 | 比例 | | 日期 | | | 人 | | | 致行动人 | （万股） | （%） | （% ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company expects to achieve a net profit attributable to shareholders of 850 to 960 million yuan for H1 2025, representing a year-on-year increase of 55% to 75%. The net profit for Q2 2025 is projected to be between 186 to 295 million yuan, with a year-on-year change of -31% to +10% [2][7]. Summary by Sections Financial Performance - The company forecasts a net profit of 850 to 960 million yuan for H1 2025, with a year-on-year growth of 55% to 75%. The net profit for Q2 2025 is expected to be between 186 to 295 million yuan, showing a year-on-year change of -31% to +10% [2][7]. Business Analysis - The company has completed the acquisition of COFCO Packaging, leading to a significant revenue increase of 57% year-on-year in Q1. This acquisition has reduced the risk of high revenue concentration from a single customer, with the current major customer revenue share dropping to approximately 20% [12]. - The three-piece can business is expected to maintain stable performance, while the two-piece can business shows potential for profit improvement. The company plans to relocate excess production capacity overseas, which may provide opportunities for price recovery in the domestic market [12]. Future Outlook - The company is positioned as a leader in the domestic metal packaging industry, with a robust profit base from the three-piece can segment. The two-piece can production capacity is expected to exceed 25 billion cans, capturing nearly 40% of the market share. The integration with COFCO Packaging is anticipated to enhance the supply-demand dynamics and competitive landscape in the domestic two-piece can market [12]. - The company aims to drive growth through improved gross margins in the two-piece can segment, expansion into overseas markets, and increased consumption demand domestically [12]. Earnings Forecast and Valuation - The company is projected to achieve net profits of 1.41 billion, 1.42 billion, and 1.71 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 11, 11, and 9 times [12].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report suggests a positive outlook on the company's performance and potential for improvement in profitability [1][2]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 850 to 960 million yuan for the first half of 2025, representing a year-on-year growth of 55.1% to 75.2%. However, the net profit after deducting non-recurring items is projected to decline by 35.0% to 15.0% [1]. - The second quarter of 2025 is anticipated to show a net profit of 185 to 295 million yuan, with a year-on-year change ranging from a decline of 31.2% to an increase of 9.6% [1]. - The company’s two-piece can business is under pressure due to low single can prices, while the three-piece can business remains stable and continues to contribute profits [1][2]. - The report highlights the potential for price increases in the two-piece can segment as the industry landscape improves, indicating a significant opportunity for profit recovery [2]. Summary by Sections Two-Piece Can Business - The two-piece can segment is currently facing profitability challenges due to pressure from low can prices, but the industry structure is expected to improve, leading to potential profit recovery [2]. - The successful acquisition of COFCO Packaging is anticipated to enhance the company's market share and bargaining power, which may facilitate price increases [2]. Three-Piece Can Business - The three-piece can business is closely tied to major clients like China Red Bull, serving as a primary profit driver. The domestic energy drink market has shown consistent growth, supporting stable profits [2]. - The report anticipates further growth in sales volume for the three-piece can segment, contributing to overall profitability [2]. Profit Forecast - The company’s net profit attributable to shareholders is projected to be 1.3 billion yuan in 2025, with a year-on-year growth of 64.1%. The forecast for 2026 shows a decline of 12.4%, followed by a recovery of 24.9% in 2027 [3]. - The price-to-earnings ratio (PE) for 2025-2027 is estimated at 11.4X, 13.0X, and 10.4X respectively, indicating a favorable valuation trend [3]. Financial Metrics - The total revenue for 2025 is expected to reach 23.776 billion yuan, reflecting a significant year-on-year growth of 73.9% [5]. - The gross profit margin is projected to be 13.4% in 2025, with a slight decline in subsequent years [5].

[Orrgen Technology Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Orrgen%20Technology%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a year-over-year increase in GAAP net profit attributable to shareholders for H1 2025, ranging from **CNY 850 million to CNY 960 million**, representing a **55% to 75% growth**, while Non-GAAP net profit is expected to decrease by **15% to 35%**, ranging from **CNY 344 million to CNY 449 million** Performance Forecast Summary | Item | Current Period (2025 H1) | Prior Period (2024 H1) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | **Profit: CNY 850.17 - 959.87 million (YoY Growth 55% - 75%)** | Profit: CNY 548.50 million | | **Net Profit Excluding Non-Recurring Items** | Profit: CNY 343.71 - 449.47 million (YoY Decrease 15% - 35%) | Profit: CNY 528.78 million | | **Basic Earnings Per Share** | Profit: CNY 0.33 - 0.38/share | Profit: CNY 0.21/share | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company explicitly states that the performance forecast data released has not been audited by an accounting firm - The current performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) The performance change in the current period is twofold: a significant increase in overall net profit due to the acquisition and consolidation of COFCO Packaging, recognizing approximately **CNY 460 million** in non-recurring investment income, while non-GAAP net profit declined year-over-year due to temporary factors such as rising raw material prices and increased interest expenses from acquisition loans - Net profit attributable to shareholders significantly increased year-over-year, primarily due to the acquisition and consolidation of COFCO Packaging, recognizing approximately **CNY 460 million** in non-recurring investment income[5](index=5&type=chunk) - Non-GAAP net profit decreased year-over-year, mainly impacted by two temporary factors: rising raw material prices and increased interest expenses from acquisition loans[5](index=5&type=chunk) [Risk Warning](index=1&type=section&id=IV.%20Risk%20Warning) The company advises investors that the disclosed performance forecast data is a preliminary estimate by the finance department, and the final accurate financial data will be subject to the official '2025 Semi-Annual Report', urging investors to exercise caution and be aware of investment risks - The company emphasizes that the disclosed performance forecast data is a preliminary estimate, with final data subject to the official semi-annual report, reminding investors to be aware of investment risks[6](index=6&type=chunk)

证券代码：002701 证券简称：奥瑞金 （奥瑞）2025－临 041 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真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 公司于 2025 年 4 月 27 日召开的第五届董事会 2025 年第二次会议及 2025 年 5 月 20 日召开的 2024 年年度股东大会，审议通过了《关于公司合并报表范围内担保 额度的议案》，同意公司与下属公司之间、下属公司之间未来十二个月在额度内相互 提供担保，担保额度有效期为自公司 2024 年年度股东大会审议批准之日起十二个月 内。详见公司于 2025 年 4 月 29 日、2025 年 5 月 21 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）披露的相 关公告。 一、担保进展情况概述 近日，公司与江苏银行股份有限公司无锡分行(下称"江苏银行") 签署《最高 额保证合同》，就公司全资子公司江苏奥宝印刷科技有限公司（下称"奥宝印刷"） 与江苏银行自 2025 年 5 月 28 日起至 2026 年 ...

Core Viewpoint - The company, Aorijin Technology Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.20 RMB per 10 shares for all shareholders, subject to certain tax conditions [1][2]. Summary by Sections Shareholder Meeting Approval - The profit distribution plan was approved at the shareholder meeting held on May 20, 2025, and the announcement was published on May 21, 2025, in various financial newspapers and online platforms [1]. Profit Distribution Plan - The distribution plan is based on a total share capital of 2,559,760,469 shares, with a cash dividend of 1.20 RMB per 10 shares (before tax) for all shareholders. For specific categories of shareholders, different tax treatments apply [1][2]. Key Dates - The record date for the distribution is set for June 26, 2025, and the ex-dividend date is June 27, 2025 [2]. Distribution Recipients - The recipients of the distribution will be all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the close of trading on June 26, 2025 [2]. Distribution Method - During the application period for the distribution (from June 18, 2025, to June 26, 2025), the company assumes all legal responsibilities for any shortfall in cash dividends due to a decrease in the number of shares held by shareholders [2].

奥瑞金科技股份有限公司 2024 年年度权益分派实施公告 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2024年年度权益分派方案已获2025年5月20日召开的2024年年度股东大 会审议通过，股东大会决议的公告于2025年5月21日刊登在《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） 上，现将权益分派事宜公告如下： 证券代码： 002701 证券简称：奥瑞金 （奥瑞）2025－临 040 号 一、股东大会审议通过利润分配方案等情况 1.公司2024年年度股东大会审议通过的利润分配方案为：以总股本 2,559,760,469股为基数，向全体股东每10股派发现金红利1.20元（含税），不 送红股，不以资本公积金转增股本。若在利润分配方案披露后至实施前，公司总 股本由于可转债转股、股份回购、股权激励行权等原因而发生变动的，按照分配 比例不变的原则相应调整分配总额。 2.自本次分配方案披露至实施期间，公司股本总额未发生变化。 3.本次实施的 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The report indicates that the domestic two-piece can prices and profitability are expected to recover, with the company actively seeking opportunities in overseas markets [7][9]. - The company's net profit for Q1 2025 is approximately 190 million yuan, reflecting a year-on-year decline of 28%, primarily due to the pressure on two-piece can business profits [8]. - The completion of the acquisition of COFCO Packaging has significantly reduced the risk of over-reliance on a single customer, with the current major customer revenue proportion expected to drop to around 20% [8]. - The report anticipates that the two-piece can business will see a price increase in the second half of 2025, driven by rising aluminum processing fees and improved bargaining power [9]. Summary by Sections Market Overview - The average market price of aluminum ingots (A00) for April-May 2025 is projected to be 19,990 yuan/ton, a decrease of 443 yuan/ton compared to the average price of 20,433 yuan/ton in Q1 2025 [2][7]. Financial Performance - The company is expected to achieve a net profit of 1.414 billion yuan in 2025, with projected profits of 1.422 billion yuan in 2026 and 1.709 billion yuan in 2027, corresponding to P/E ratios of 11, 10, and 9 respectively [19]. Business Strategy - The company is focusing on integrating the operations of COFCO Packaging and relocating excess domestic production lines overseas, which is expected to optimize the supply-demand and competitive landscape for two-piece cans in China [9][15]. - The combined production capacity of the company and COFCO Packaging is estimated to be around 27.5 billion cans, leading to a market share of nearly 40%, significantly ahead of competitors [15]. Future Outlook - The report suggests that the company’s performance drivers may include the recovery of two-piece can gross margins, expansion of overseas business, improvement in domestic consumption demand, and an increase in the proportion of high-margin innovative products [15].