证券代码：002701 证券简称：奥瑞金 （奥瑞）2025－临 035 号 奥瑞金科技股份有限公司 关于公司合并报表范围内担保的进展公告 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。 公司于 2024 年 4 月 28 日召开的第五届董事会 2024 年第三次会议及 2024 年 5 月 27 日召开的 2023 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 2023 年年度股东大会审议批准之日起十二个月 内；公司于 2025 年 2 月 12 日召开的第五届董事会 2025 年第一次会议及 2025 年 2 月 28 日召开的 2025 年第一次临时股东大会，审议通过了《关于增加公司合并报表 范围内担保额度的议案》，同意增加公司与下属公司之间、下属公司之间的担保额度。 详见公司于 2024 年 4 月 30 日、2024 年 5 月 28 日、2025 年 2 月 13 日、2025 年 3 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report indicates that the acquisition of COFCO Packaging is expected to improve the industry landscape and profitability in the two-piece can segment [3][5] - The company reported a revenue of 13.67 billion yuan for 2024, a slight decrease of 1.23% year-on-year, while the net profit attributable to shareholders was 791 million yuan, an increase of 2.06% year-on-year [2][7] Revenue Summary - In 2024, the company's core business in metal packaging products and services generated revenue of 12.12 billion yuan, a year-on-year increase of 0.70%, while filling services achieved revenue of 166 million yuan, up 9.95% [3] - The domestic revenue for 2024 was 12.49 billion yuan, down 1.21% year-on-year, and overseas revenue was 1.18 billion yuan, down 1.39% [3] Profitability Summary - The overall gross margin for 2024 was 16.31%, an increase of 1.07 percentage points year-on-year, while the net margin was 5.68%, up 0.34 percentage points [4] - In Q1 2025, the gross margin was 13.60%, a decrease of 4.66 percentage points year-on-year, while the net margin was 11.99%, an increase of 4.21 percentage points [4] Financial Forecast and Valuation - The revenue forecast for 2025-2027 is set at 22.83 billion, 24.27 billion, and 25.83 billion yuan respectively, with EPS projected at 0.54, 0.54, and 0.59 yuan [5][7] - The report maintains a PE ratio of 10 for 2025 and 9 for 2027, indicating a favorable valuation outlook [5][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [19]. Core Views - The company has shown resilience in its operations, achieving stable growth in its three-piece can business and improved performance in its two-piece can segment. The acquisition of COFCO has significantly enhanced the company's scale and profitability [4][5]. - The company is expected to benefit from a recovery in demand and an improved industry landscape, with a forecasted increase in net profit for 2025-2027 [6][19]. Financial Performance Summary - In 2024, the company reported revenue of 13.673 billion yuan, a decrease of 1.23% year-on-year, while net profit attributable to shareholders was 791 million yuan, an increase of 2.06% year-on-year. In Q1 2025, revenue surged to 5.574 billion yuan, a year-on-year increase of 56.96%, with net profit reaching 665 million yuan, up 137.91% year-on-year [3][6]. - The company's gross profit margin and net profit margin for 2024 were 16.3% and 5.7%, respectively, showing improvements compared to the previous year. However, Q1 2025 saw a decline in gross profit margin to 13.6% due to seasonal demand fluctuations and raw material price volatility [6][3]. Acquisition Impact - The successful acquisition of COFCO Packaging has led to a significant increase in total assets, reaching 30.137 billion yuan by the end of Q1 2025, a growth of 66.56% from the beginning of the period. The acquisition also contributed 461 million yuan in investment income [5][6]. - The acquisition has resulted in a rise in expenses during Q1 2025, primarily due to increased financial costs associated with the merger and acquisition activities [5]. Dividend Policy - The company plans to distribute a cash dividend of 1.20 yuan per share (before tax) to all shareholders, totaling approximately 307 million yuan, which represents 46.17% of the net profit attributable to shareholders for the year [6].

Macro and Strategy Research - In April 2025, the manufacturing PMI dropped to 49.0%, indicating a contraction in manufacturing activity, influenced by high base effects and external environmental changes [2][3] - The production index decreased by 2.8 percentage points to 49.8%, while the new orders index fell by 2.6 percentage points to 49.2%, reflecting a slowdown in both production and demand [3] - The non-manufacturing business activity index also declined by 0.4 percentage points to 50.4%, with the construction sector remaining in expansion territory [4] Company Research: Aorijin (002701) - Aorijin reported a slight revenue decline of 1.23% to 13.673 billion yuan in 2024, but net profit increased by 2.06% to 791 million yuan [6][8] - In Q1 2025, revenue surged by 56.96% to 5.574 billion yuan, and net profit skyrocketed by 137.91% to 665 million yuan [6][8] - The company successfully consolidated its financials with COFCO Packaging, significantly boosting its asset scale by 83.13% [8] Company Research: Oppein Home (603833) - Oppein Home's Q1 2025 revenue decreased by 4.80% to 3.447 billion yuan, while net profit increased by 41.29% to 308 million yuan [11][12] - The company improved its profitability through supply chain reforms and automation upgrades, with gross margin rising by 4.31 percentage points to 34.29% [13] - Contract liabilities grew by 168.51% year-on-year, indicating strong future revenue potential [13] Company Research: Sophia (002572) - Sophia's 2024 revenue fell by 10.04% to 10.494 billion yuan, but net profit rose by 8.69% to 1.371 billion yuan [16][17] - The company experienced a significant decline in Q1 2025 net profit by 92.69% to 12.1 million yuan, primarily due to high base effects and a drop in the fair value of investments [16][17] - The implementation of a whole-house customization strategy has led to a steady increase in average transaction value [17][18]

证券研究报告 | 公司点评 | 包装印刷 奥瑞金(002701) 报告日期：2025 年 05 月 02 日 ——奥瑞金点评报告 投资要点 ❑ 公司公布 2024&2025Q1 业绩： 24 年公司实现营收 136.7 亿元，同比-1.2%，实现归母净利润 7.9 亿元，同比 +2.1%，实现扣非归母净利润 7.6 亿元，同比+2%，其中 Q4 收入 28.16 亿元，同 比-10.2%，实现归母净利润 0.29 亿元，同比-57%，实现扣非归母净利润 0.17 亿 元，同比-74%。25Q1 营收 55.7 亿元，同比+57%，归母净利润 6.65 亿元，同比 +138%，扣非归母净利 1.89 亿元，同比-28%，24 年业绩稳定，25Q1 并表中粮包 装业绩高增。 ❑ 境内两片罐压力明显，三片罐稳健 并表中粮拉动收入高增，期待两片盈利罐筑底回升 1）分产品：24 年金属包装产品及服务收入 121.23 亿元，同比+0.7%，毛利率 18.13%，同比+1.3pct，为收入核心，24 年公司三片罐业务的稳定增长，二片 罐业务各主要业绩指标同比提升，盈利水平提高，灌装服务/其他收入 1.66/13.84 亿 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve revenue of 13.673 billion yuan, net profit attributable to shareholders of 791 million yuan, and net profit excluding non-recurring items of 762 million yuan in 2024, reflecting a year-on-year change of -1%, +2%, and +2% respectively [2][4]. - In Q4 2024, the company is projected to generate revenue of 2.816 billion yuan, with a net profit attributable to shareholders of 29 million yuan, and net profit excluding non-recurring items of 17 million yuan, showing a year-on-year decline of -10%, -57%, and -74% respectively [2][4]. - For Q1 2025, the company will consolidate results from COFCO Packaging, expecting revenue of 5.574 billion yuan, net profit attributable to shareholders of 665 million yuan, and net profit excluding non-recurring items of 189 million yuan, indicating year-on-year growth of +57%, +138%, and -28% respectively [2][4]. Revenue Analysis - In Q1 2025, the company’s revenue increased by 57% post-consolidation, indicating strong synergy post-acquisition [10]. - The revenue for 2024 is expected to decline by 1%, with Q4 2024 experiencing a 10% drop, primarily due to the timing of the Spring Festival and clients completing annual targets [10]. - The revenue structure for 2024 shows that metal packaging products and services generated 12.123 billion yuan and 166 million yuan respectively, with year-on-year growth of +0.70% and +9.95% [10]. Profitability Insights - The primary profit source is expected to be from three-piece cans, while two-piece cans are under pressure in the short term [10]. - In Q4 2024 and Q1 2025, net profit attributable to shareholders is projected to decline by 74% and 28% respectively, with the main profit source being three-piece cans [10]. - The gross margin for Q1 2025 is expected to decrease by 4.7 percentage points, primarily due to a price drop in two-piece cans [10]. Financial Health - The company’s debt-to-asset ratio increased to 65% in Q1 2025, indicating that debt management will be a key focus moving forward [10]. - The increase in short-term loans by 3.793 billion yuan is attributed to acquisition financing, while long-term loans increased by 3.489 billion yuan [10]. Market Position and Future Growth - The company is a leader in the domestic metal packaging industry, with a stable profit base from three-piece cans and potential growth from international expansion of two-piece can production [10]. - Future growth drivers include recovery in two-piece can margins, expansion into overseas markets, improvement in domestic consumption demand, and increased revenue from high-margin innovative products [10]. - The integration with COFCO Packaging is expected to enhance the competitive landscape and profitability of the two-piece can sector, with a target gross margin recovery to above 15% [10]. Earnings Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 1.41 billion yuan, 1.42 billion yuan, and 1.71 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 10, 10, and 8 times [10].

| 13672.91 | 14940.52 | 16062.92 | 16980.56 | | --- | --- | --- | --- | | -1.23 | 9.27 | 7.51 | 5.71 | | 790.51 | 922.07 | 1061.35 | 1135.61 | | 2.06 | 16.64 | 15.11 | 7.00 | | 16.31 | 16.38 | 16.49 | 16.64 | | 0.31 | 0.36 | 0.41 | 0.44 | | 17.29 | 14.82 | 12.88 | 12.04 | | 1.51 | 1.43 | 1.34 | 1.25 | | 1.00 | 0.91 | 0.85 | 0.80 | 维持评级 | 市场数据 | 2025-4-30 | | --- | --- | | 股票代码 | 002701.SZ | | A 股收盘价(元) | 5.34 | | 上证指数 | 3,279.03 | | 总股本(万股) | 255,976 | | 实际流通 A 股(万股) | 255,741 | | 流通 A 股市值(亿元) | 136.57 | -2 ...

奥瑞金科技股份有限公司 2024 年度财务报表及审计报告 奥瑞金科技股份有限公司 2024 年度财务报表及审计报告 | | 页码 | | --- | --- | | 内容 | | | 审计报告 | 1 – 7 | | 年度财务报表 2024 | | | 合并及公司资产负债表 | 1 | | 合并及公司利润表 | 2 | | 合并及公司现金流量表 | 3 | | 合并股东权益变动表 | 4 | | 公司股东权益变动表 | 5 | | 财务报表附注 | 6 – 158 | | 补充资料 | 1-2 | 审计报告 普华永道中天审字(2025)第 10036 号 (第一页，共七页) 奥瑞金科技股份有限公司全体股东： (二) 我们的意见 一、 审计意见 (一) 我们审计的内容 我们审计了奥瑞金科技股份有限公司(以下称"奥瑞金公司")的财务报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、合并及公司现金流量表、 合并及公司股东权益变动表以及财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了奥 瑞金公司 2024 年 12 月 3 ...

一、主要会计数据和财务指标 | 持有数量(万股) 名称 | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 上海原龙投资控股(集团)有限公司 | 84057.06 | 32.87 | 不变 | | 珠海润格长青股权投资基金合伙企业(有限合伙) | 11716.13 | 4.58 | 不变 | | 香港中央结算有限公司 | 7363.25 | 2.88 | -1567.74 | | 北京华彬庄园绿色休闲健身俱乐部有限公司 | 6235.04 | 2.44 | 不变 | | 厦门瑞合盛圆股权投资合伙企业(有限合伙) | 4710.45 | 1.84 | 不变 | | 申万宏源证券（000562）有限公司 | 2590.56 | 1.01 | 新进 | | 长城人寿保险股份有限公司-自有资金 | 2107.98 | 0.82 | 新进 | | 中汇人寿保险股份有限公司-传统产品 | 2000.00 | 0.78 | 新进 | | 招商证券股份有限公司 | 1777.93 | 0.70 | -224.07 | | 北京二十一兄弟商贸有限公司 | 1748.74 ...

证券代码：002701 证券简称：奥瑞金 （奥瑞）2025－临 032 号 奥瑞金科技股份有限公司 关于召开 2024 年年度股东大会的通知 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。 一、召开会议的基本情况 1.会议届次：2024 年年度股东大会 2.会议召集人：公司董事会 3.会议召开的合法、合规性：本次股东大会会议的召开符合有关法律法规、 深圳证券交易所业务规则和《公司章程》等的规定。 4.会议召开的日期和时间： （1）现场会议时间：2025 年 5 月 20 日下午 14:30 （2）网络投票时间：本公司同时提供深圳证券交易所交易系统和互联网投票 系统供股东进行网络投票。 通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 5 月 20 日上 午 9:15-9:25，9:30—11:30，下午 13:00—15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 20 日 上午 9:15 至下午 15:00 期间的任意时间。 5.会议召开方式：现场投票与网络投票 ...