证券代码：002701 证券简称：奥瑞金 （奥瑞）2025－临 063 号 奥瑞金科技股份有限公司 关于第五届董事会 2025 年第六次会议决议的公告 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内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 一、董事会会议召开情况 奥瑞金科技股份有限公司第五届董事会2025年第六次会议通知于2025年12 月4日以电子邮件的方式发出，于2025年12月10日在北京市朝阳区建外大街永安 里8号华彬大厦6层会议室以通讯表决的方式召开。会议应参加董事9名，实际参 加董事9名，公司部分高级管理人员列席了本次会议，公司董事长周云杰先生主 持本次会议。本次会议的通知、召开以及参会董事人数均符合《中华人民共和国 公司法》等有关法律法规及《公司章程》的规定。 本议案已经公司独立董事专门会议审议通过。 本议案由非关联董事审议通过。公司关联董事周云杰、周原、沈陶、仝芳妍 回避表决。 二、董事会会议审议情况 全体董事审议，通过了下列事项： （一）审议通过《关于变更经营范围并修订<公司章程>的议案》。 根据公司经营发展需要，同意变更经营范 ...

Investment Rating - The report maintains a "Buy" rating for several key stocks in the financial and manufacturing sectors, including Green City China, Jianfa International Group, New China Life Insurance, and Bank of Communications [12][42][44]. Core Views - The report highlights the increasing pressure on corporate earnings in the short term, with a focus on the potential for export recovery in the coming year [9][10]. - The real estate sector is facing downward pressure, but there are expectations for policy support to alleviate burdens on homebuyers [11]. - The non-bank financial sector is experiencing an optimized market structure, with high growth potential in the securities industry [15]. - The banking sector is expected to see accelerated valuation reassessment driven by strong allocation forces [17]. - The new energy sector is at a bottoming phase, with attention on marginal changes in new technologies [20]. - The machinery sector is approaching mass production of humanoid robots, focusing on core supply chain targets [25]. - The military industry is expected to improve, with a focus on military trade, internal installations, and military-to-civilian transitions [27]. - The light industry is emphasizing opportunities in overseas manufacturing and high-quality domestic consumption [30]. Summary by Sections Real Estate - The real estate sector is under increasing downward pressure, particularly in core cities, with expectations for policy measures to lower home purchase thresholds [11]. - Key companies like Green City China and Jianfa International Group are highlighted for their strong land acquisition and sales performance, with projected net profits for 2025-2027 [12][14]. Non-Bank Financial - The securities industry is expected to maintain high growth, with significant improvements in insurance companies' performance [15][16]. - New China Life Insurance is noted for its leading elasticity and potential for growth in the equity market [16]. Banking - The report emphasizes the ongoing valuation repair in the banking sector, particularly for large state-owned banks and city commercial banks [17][19]. - Bank of Communications is highlighted for its low PB valuation compared to peers, indicating potential for significant upside [19]. New Energy - The new energy sector is identified as having established a bottom, with a focus on solar, storage, and lithium battery technologies [20][21]. - Companies like Sunshine Power and Siling Co. are recommended for their growth potential in the energy storage market [22][23]. Machinery - The humanoid robot sector is approaching mass production, with companies like Hengli Hydraulic expected to benefit from this trend [25][26]. Military - The military sector is projected to see upward trends in military trade and civilian applications of military technology [27][28]. Light Industry - The report emphasizes the importance of overseas manufacturing and high-quality domestic consumption opportunities, with companies like Simor International and Aorijin highlighted for their growth potential [30][32][34]. Environmental - The environmental sector is expected to benefit from carbon reduction policies and overseas expansion opportunities, with companies like Huanlan Environment and Ice Wheel Environment noted for their growth prospects [35][40][41].

Market Overview - In November, A-shares and Hong Kong stocks experienced a trend of high-low switching, with the ChiNext Index down 4.23% and the Hang Seng Tech Index down 5.23%[5] - The market's focus shifted towards defensive sectors as funds moved from high-valuation growth stocks to low-valuation cyclical stocks and dividend assets[5] Investment Strategy - December's market is expected to maintain an upward trend, with a short-term oscillating structure anticipated[5] - Key events include the Central Economic Work Conference and various industry conferences that may create investment opportunities[5] Key Investment Themes - Focus on "anti-involution" policies which are expected to improve industry performance, particularly in resource sectors benefiting from rising commodity prices[5] - Emphasis on overseas expansion themes, with Chinese high-end manufacturing expected to gain market share globally[5] Recommended Stocks - Zijin Mining (601899.SH) projected EPS growth from 1.21 in 2024 to 2.83 in 2027, with a PE ratio decreasing from 23.62 to 10.10[7] - Electric Power Investment (002128.SZ) expected to see EPS rise from 2.38 in 2024 to 2.75 in 2027, with a PE ratio decreasing from 10.9 to 9.45[27] Financial Performance - Zijin Mining's revenue is projected to grow from 303.64 billion yuan in 2024 to 381.84 billion yuan in 2027, with a net profit increase from 32.05 billion yuan to 75.22 billion yuan[18] - Electric Power Investment's revenue is expected to increase from 298.59 billion yuan in 2024 to 371.25 billion yuan in 2027, with net profit rising from 5.34 billion yuan to 6.17 billion yuan[27] Risk Factors - Risks include unexpected policy changes, underperformance in commercialization, and slower-than-expected product development[5]

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 11 月 3 日起至 2030 年 11 月 2 日止内办理贷款、商业汇票银 行承兑、商业承兑汇票贴现、贸易融资、 ...

Market Overview - The packaging and printing sector increased by 0.79% on December 1, with Huayuan Holdings leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Top Gainers in Packaging and Printing Sector - Huayuan Holdings (002787) closed at 11.78, up 9.99% with a trading volume of 97,000 shares and a turnover of 112 million yuan [1] - Jinfutech (003018) closed at 22.57, also up 9.99%, with a trading volume of 69,500 shares and a turnover of 157 million yuan [1] - Tianyuan Co., Ltd. (003003) closed at 14.44, up 9.98%, with a trading volume of 90,500 shares and a turnover of 127 million yuan [1] - Shunhao Co., Ltd. (002565) closed at 8.83, up 9.96%, with a trading volume of 106,100 shares and a turnover of 93.66 million yuan [1] Top Losers in Packaging and Printing Sector - Xianggang Technology (603499) closed at 20.80, down 3.08%, with a trading volume of 110,600 shares and a turnover of 231 million yuan [2] - Yingxing Co., Ltd. (002752) closed at 6.75, down 2.32%, with a trading volume of 442,400 shares and a turnover of 29.86 million yuan [2] - Dashengda (603687) closed at 8.96, down 2.08%, with a trading volume of 107,700 shares and a turnover of 97.45 million yuan [2] Capital Flow Analysis - The packaging and printing sector experienced a net outflow of 35.51 million yuan from institutional investors, while retail investors saw a net inflow of 37.08 million yuan [2][3] - Huayuan Holdings had a net inflow of 35.51 million yuan from institutional investors, while it faced a net outflow of 16.45 million yuan from retail investors [3] - Tianyuan Co., Ltd. saw a net inflow of 42.03 million yuan from institutional investors, with a net outflow of 21.05 million yuan from retail investors [3]

Core Insights - Aorikin Technology has a clear plan and commercial layout in the field of metal packaging materials development and recycling [2] - The company has achieved packaging material development and large-scale application through its proprietary coating iron technology [2] - A recycling center has been established in Shaoxing to promote a green recycling model for metal packaging in collaboration with various industry chain participants [2]

Group 1 - The core viewpoint of the news is that Aoyuan Jin's stock performance and financial metrics indicate a mixed outlook, with significant revenue growth but also notable fluctuations in financing activities [1][2]. Group 2 - As of November 26, Aoyuan Jin's stock price increased by 0.36%, with a trading volume of 138 million yuan. The financing buy-in amount was 12.31 million yuan, while the financing repayment was 13.36 million yuan, resulting in a net financing buy of -1.05 million yuan [1]. - The total financing and securities lending balance for Aoyuan Jin reached 548 million yuan, with the financing balance of 546 million yuan accounting for 3.78% of the circulating market value, which is below the 50th percentile level over the past year, indicating a low position [1]. - On the securities lending side, Aoyuan Jin repaid 300 shares and sold 121,200 shares on November 26, with a selling amount of 683,600 yuan. The remaining securities lending volume was 490,900 shares, with a securities lending balance of 2.77 million yuan, which is above the 80th percentile level over the past year, indicating a high position [1]. Group 3 - As of September 30, Aoyuan Jin had 45,800 shareholders, an increase of 1.58% from the previous period, with an average of 55,805 circulating shares per person, a decrease of 1.55% [2]. - For the period from January to September 2025, Aoyuan Jin achieved operating revenue of 18.346 billion yuan, a year-on-year increase of 68.97%, and a net profit attributable to shareholders of 1.076 billion yuan, a year-on-year increase of 41.40% [2]. - Aoyuan Jin has distributed a total of 3.912 billion yuan in dividends since its A-share listing, with 923 million yuan distributed over the past three years [2]. - Among the top ten circulating shareholders as of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest shareholder with 67.8365 million shares, a decrease of 6.9227 million shares from the previous period. Shenwan Hongyuan Securities Co., Ltd. was the seventh-largest shareholder with 28.4289 million shares, a decrease of 373,700 shares [2].

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Views - Recent fluctuations in aluminum prices have shown an upward trend since the end of September, with domestic aluminum prices increasing by 630 CNY/ton (3% increase) as of November 21, but have decreased by 600 CNY/ton (2.7% decrease) from mid-November highs. The cost of two-piece cans is estimated to have increased by nearly 0.01 CNY per can during this period. The pricing discussions for two-piece cans with domestic clients (mainly beer and herbal tea) are ongoing, with expectations for price adjustments to reflect raw material cost increases [2][4][6] - The acquisition of COFCO Packaging by Aorikin in 2025 has increased the market share of two-piece cans from 43% to 62%, enhancing pricing power within the industry. The integration of production lines and overseas project developments is expected to improve the supply-demand relationship, leading to better profitability in the future [6][7] - The trend of two-piece can exports is accelerating, with leading domestic companies expanding overseas capacities, primarily in Southeast Asia, which is expected to bring revenue growth and optimize profit structures. The profit margins for overseas two-piece can businesses are significantly higher than those in the domestic market [7] Summary by Sections Aluminum Price Trends - As of November 21, domestic aluminum prices have increased by 630 CNY/ton since September 30, while LME aluminum prices have also shown a similar trend with a 4.5% increase. However, both have seen declines from their respective peaks [4][6] Pricing Mechanism - The pricing model for two-piece cans involves adjustments based on raw material costs, with quarterly adjustments reflecting aluminum price changes and annual negotiations for baseline prices with domestic clients. The upcoming negotiations for 2026 prices are expected to incorporate recent aluminum price fluctuations [7][9] Market Dynamics - The domestic two-piece can industry is currently in a loss-making state, with expectations for profitability recovery starting in early 2026 if price negotiations proceed smoothly. The integration of foreign clients into the pricing model is also anticipated to benefit overall profitability [6][7]

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Viewpoints - The trend of packaging companies going overseas has shifted from an optional strategy to a necessary one due to intensified competition in the domestic market and changes in the international trade environment. The motivations for going overseas include responding to customer needs and industry chain shifts, as well as profit-driven and green/smart transformation initiatives. Key regions for expansion include Southeast Asia and Mexico, with a focus on light asset models and production line relocations to optimize profitability [4][5][6] Summary by Sections 1. Paper Packaging - The necessity for overseas expansion is driven by global supply chain migration and domestic low concentration leading to cost pressures. Companies are focusing on deep customer binding and local support [5][7] - Leading companies like Yutong Technology and Meiyingsen are expanding overseas, benefiting from early establishment in foreign markets and enjoying higher profit margins compared to domestic operations [21][24] - Investment recommendations include Yutong Technology and Meiyingsen for their strong overseas presence and high dividend yields, as well as Zhongxin Co. for its growth potential in Thailand [4][6][24] 2. Metal Packaging - The industry is facing pressure domestically, but overseas profitability remains strong. Companies are actively pursuing overseas expansion to counter domestic competition and improve profit margins [31][34] - Key players like Aorijin and Baosteel Packaging are enhancing their overseas sales ratios, with significant improvements in profit margins for exports compared to domestic sales [34][61] - Investment suggestions focus on Aorijin for its differentiated overseas strategy and Baosteel Packaging for its clear capacity expansion plans [4][6][34] 3. Plastic Packaging - The industry is shifting towards environmentally friendly and customized solutions, with companies like Yongxin Co. leading the way in functional film materials and expanding their overseas market presence [64][73] - The market for single-material plastic films is expected to grow significantly, driven by sustainability trends and increasing demand from multinational brands [70][73] - Investment recommendations highlight Yongxin Co. for its robust growth in functional film materials and stable revenue from overseas markets [4][6][73]

Group 1 - The core viewpoint of the news is that Aorui Jin's stock price has experienced fluctuations, with a recent decline of 2.05% and a total market value of 14.693 billion yuan [1] - Aorui Jin's stock price has increased by 3.42% year-to-date, but has seen a decline of 4.81% in the last five trading days and 7.87% in the last 20 days [2] - The company has a primary business focus on the research, design, production, and sales of metal packaging products, which account for 93.31% of its main revenue [2] Group 2 - As of September 30, 2025, Aorui Jin achieved an operating income of 18.346 billion yuan, 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] - The company 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] - The second-largest circulating shareholder, Hong Kong Central Clearing Limited, holds 67.8365 million shares, a decrease of 6.9227 million shares compared to the previous period [3]