Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [18]. Core Views - The company has shown significant revenue growth, with a 62.74% year-on-year increase in revenue for the first half of 2025, reaching 11.727 billion yuan, and a 64.66% increase in net profit, amounting to 903 million yuan [3]. - The company is actively expanding its overseas market presence, with notable investments in Thailand and Kazakhstan to establish new production bases, which are expected to enhance long-term growth [5]. - The integration of COFCO Packaging has strengthened the company's market position in the metal packaging sector, allowing it to transition from a focus on market share to profitability [6]. Financial Performance Summary - For the first half of 2025, the company's gross margin was 14.1%, a decrease of 3.7 percentage points year-on-year, while the net margin was 7.7%, an increase of 0.1 percentage points [6]. - The company reported a quarterly revenue of 6.152 billion yuan in Q2 2025, reflecting a year-on-year growth of 68.35% [3]. - The company’s operating expenses were well-managed, with a total expense ratio of 7.88%, down 0.46 percentage points year-on-year [6]. Revenue and Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1.346 billion yuan, 1.314 billion yuan, and 1.489 billion yuan respectively, with a significant increase of 70% in 2025 compared to the previous year [6][7]. - The estimated earnings per share (EPS) for 2025 is 0.53 yuan, with a price-to-earnings (P/E) ratio of approximately 10.6 [7][8].

证券代码：002701 证券简称：奥瑞金 （奥瑞）2025－临 054 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 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，公司全资子公司龙口奥瑞金包装有限公司及陕西奥瑞金包装有限公司与 河北省金融租赁有限公司（下称"河北金租"）开展融资租赁业务，融资金额合计人 民币 2 ...

[Table_StockNameRptType] 奥瑞金（002701） 公司点评 25Q2 业绩短期承压，积极布局海外市场 | [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-09-01 | | | [Table_BaseData] 收盘价（元） | | 5.55 | | 近 12 个月最高/最低（元） | 6.25/4.14 | | --- | --- | | 总股本（百万股） | 2,560 | | 流通股本（百万股） | 2,557 | | 流通股比例（%） | 99.91 | | 总市值（亿元） | 142 | | 流通市值（亿元） | 142 | [公司价格与沪深 Table_Chart] 300 走势比较 [Table_Author] 分析师：徐偲 [Table_Author] 分析师：徐偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S00105240400 ...

Core Viewpoint - The financial performance of Aorijin (002701) for the first half of 2025 shows significant growth in revenue and net profit, driven by the consolidation of COFCO Packaging Holdings, despite some declines in specific metrics like quarterly net profit and cash flow [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 11.727 billion yuan, a year-on-year increase of 62.74% [1] - Net profit attributable to shareholders was 903 million yuan, up 64.66% year-on-year [1] - In Q2 2025, total revenue was 6.152 billion yuan, reflecting a 68.35% increase year-on-year, while net profit decreased by 11.36% to 239 million yuan [1] - Gross margin was 14.12%, down 20.74% year-on-year, while net margin improved to 7.82%, an increase of 3.95% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 846 million yuan, accounting for 7.21% of revenue, a decrease of 9.45% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased significantly by 73.13% to 6.421 billion yuan [1] - Interest-bearing debt surged by 199.16% to 12.492 billion yuan [1] - Cash and cash equivalents slightly increased by 2.54% to 3.005 billion yuan [1] Cash Flow Analysis - Operating cash flow per share was 0.35 yuan, down 41.27% year-on-year [1] - The net cash flow from operating activities decreased by 41.58%, attributed to increased supplier payment settlements [3] - The net cash flow from investing activities saw a drastic decline of 21,772.34%, due to payments for acquiring COFCO Packaging Holdings [3] Investment Metrics - The company's return on invested capital (ROIC) was 7.53%, indicating average capital returns [4] - The historical median ROIC over the past decade was 8.71%, with the lowest recorded at 4.36% in 2018 [4] - Analysts project a 2025 net profit of 1.36 billion yuan, with an average earnings per share estimate of 0.53 yuan [4] Fund Holdings - The largest fund holding Aorijin shares is Tianhong Gain Return Bond Initiation A, with 3.3908 million shares, showing a reduction in holdings [5] - Other funds have newly entered the top ten holdings, indicating growing interest in Aorijin [5]

Core Insights - The company Aorikin reported a decrease in the number of shareholders to 45,116 as of June 30, 2025, down by 3,604 or 7.4% from March 31, 2025 [1][2] - The average number of shares held per shareholder increased from 52,500 to 56,700, with an average market value of 337,600 yuan per shareholder [1][2] - Aorikin's stock price increased by 19.24% from March 31, 2025, to June 30, 2025, despite the reduction in the number of shareholders [1][2] Company Performance - As of June 30, 2025, Aorikin's average shareholder count was higher than the industry average of 31,300 [1] - The average market value of shares held by Aorikin's shareholders was significantly above the industry average of 157,700 yuan [1] - During the period from March 31, 2025, to June 30, 2025, the company experienced a net outflow of 326 million yuan from major funds, while retail investors contributed a net inflow of 345 million yuan [2]

Group 1 - The company has not distributed cash dividends, issued bonus shares, or increased capital from reserves during the reporting period [3] - There were no changes in the controlling shareholder or actual controller during the reporting period [6][8] - The company does not have any preferred shareholders or related information during the reporting period [5][8] Group 2 - All directors attended the board meeting to review the report [2] - There are no non-standard audit opinions applicable to the company [3] - The company does not have any significant matters to report during the period [8]

Group 1 - The company achieved operating revenue of 11.727 billion yuan in the first half of 2025, representing a year-on-year growth of 62.74% [1] - The net profit attributable to shareholders of the listed company was 903 million yuan, an increase of 64.66% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 401 million yuan, showing a year-on-year decline of 24.17% [1] - The basic earnings per share were 0.35 yuan [1]

Group 1 - The core viewpoint of the article highlights the significant financial performance of Aoruijin in the first half of 2025, with a notable increase in both revenue and net profit [2] - Aoruijin reported a revenue of approximately 11.727 billion yuan, reflecting a year-on-year growth of 62.74% [2] - The company's net profit attributable to shareholders reached about 903 million yuan, marking a year-on-year increase of 64.66% [2]

| | | | | | | | | | | | 单位： 元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2025 年半年度占用 | | | 2025 年半年度 | | | | | 非经营性 | 资金占用方名称 | 占用方与上市公司的 | 上市公司核算 | 2025 年期初占 | 累计发生金额 | 2025 | 年半年度占 | 偿还累计发生 | 2025 年 6 月末 | 占用形成原因 | 占用性质 | | 资金占用 | | 关联关系 | 的会计科目 | 用资金余额 | （不含利息） | | 用资金的利息 | 金额 | 占用资金余额 | | | | 控股股 东、实际 | | | | | | | | | | | | | 控制人及 | — | — | — | - | | - | - | - | - | — | — | | 其附属企 | | | | | | | | | | | | | 业 | | | | | | | | | | | | | 其他关联 | | | | | | | | | | ...

奥瑞金科技股份有限公司 2025 年半年度财务报告 奥瑞金科技股份有限公司 奥瑞金科技股份有限公司 2025 年半年度财务报告 一、审计报告 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元。 2 奥瑞金科技股份有限公司 2025 年半年度财务报告 1、合并资产负债表 2025 年半年度财务报告 2025 年 8 月 1 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 3,005,065,399 | 3,631,445,037 | | 衍生金融资产 | 46,006,672 | 6,930,354 | | 应收票据 | 294,915,209 | 167,268,979 | | 应收账款 | 6,419,804,689 | 2,750,072,484 | | 应收款项融资 | 196,680,737 | 21,099,880 | | 预付款项 | 333,794,077 | 176,906,988 | | 其他应收款 | 213,897,112 | 138,973,643 | | 存货 | 2,96 ...