昇兴集团股份有限公司 第一章 总 则 第一条 昇兴集团股份有限公司（以下简称"公司"）为逐步建立符合现代 企业制度要求和适应市场经济的激励约束机制，合理确定公司董事、高级管理人 员的薪酬，充分调动公司董事、高级管理人员的积极性和创造性，为公司创造更 好的经济效益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、中国 证券监督管理委员会（以下简称"中国证监会"）发布的《上市公司治理准则》 等有关法律、法规、规章、规范性文件和《昇兴集团股份有限公司章程》（以下 简称"《公司章程》"）的规定，结合公司实际情况，制定本制度。 第二条 本制度的适用对象是专职为公司服务并在公司领取薪酬的董事、高 级管理人员。高级管理人员是指公司董事会聘任的总经理（总裁）、副总经理（副 总裁）、财务总监、董事会秘书及其他高级管理人员（若有），以下简称"高管人 员"。 公司董事在本公司或下属子公司兼任其他职务的，应根据其兼任的其他职务 领取相应的薪酬并享受福利待遇。 第三条 公司独立董事不在公司领取薪酬或享受福利待遇，公司按照《公司 独立董事制度》的规定向独立董事发放津贴。独立董事津贴的标准应当由董事会 制订方案，股东会审议通过，并 ...

昇兴集团股份有限公司 关于 2025 年度股东会增加临时提案 暨股东会补充通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 昇兴集团股份有限公司（以下简称"公司"、"本公司"或"昇兴股份"） 第五届董事会第十九次会议审议通过了《关于召开 2025 年度股东会的议案》， 公司决定于 2026 年 4 月 13 日召开 2025 年度股东会，具体内容详见公司通过指 定信息披露媒体及巨潮资讯网（www.cninfo.com.cn）披露的《关于召开 2025 年 度股东会的通知》（公告编号：2026-015）。 2026 年 3 月 30 日，公司召开了第五届董事会第二十次会议，审议通过了《关 于修订<董事、高级管理人员薪酬管理制度>的议案》，该议案尚需提交股东会 审议，具体内容详见同日公司披露于指定信息披露媒体及巨潮资讯网的《昇兴集 团股份有限公司董事、高级管理人员薪酬管理制度》。2026 年 3 月 30 日，公司 董事会收到了公司控股股东昇兴控股有限公司（以下简称"昇兴控股"）提交的 《关于提议昇兴集团股份有限公司 2025 年度股东会增加临时提案的函 ...

证券代码：002752 证券简称：昇兴股份 公告编号：2026-017 昇兴集团股份有限公司 第五届董事会第二十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 昇兴集团股份有限公司（以下简称"公司"）第五届董事会第二十次会议于 2026 年 3 月 30 日上午在福建省福州市经济技术开发区经一路 1 号公司会议室以 现场结合通讯会议方式召开，本次会议由公司董事长林永保先生召集并主持，会 议通知已于 2026 年 3 月 26 日以专人递送、电子邮件等方式送达给全体董事、高 级管理人员。本次会议应出席董事 7 人，实际参加会议董事 7 人。公司总裁、副 总裁、财务总监、董事会秘书等高级管理人员列席了本次会议。本次会议的召集、 召开符合《中华人民共和国公司法》和本公司章程有关规定。 经与会董事认真审议，本次会议以记名投票表决方式表决通过了以下决议： 一、审议通过《关于修订<董事、高级管理人员薪酬管理制度>的议案》，表 决结果为：5 票赞成；0 票反对；0 票弃权；2 票回避表决。关联董事林永保先 生、林斌先生回避表决。 公司《董事、高级管理人员薪酬 ...

昇兴股份 2025 年度业绩说明会投资者活动记录表 昇兴集团股份有限公司 证券代码：002752 证券简称：昇兴股份 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | 业绩说明会 ☑ | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □电话会议 | | | □其他： （请文字说明其他活动内容） | | | 参与单位名称及 | | 昇兴股份2025年度业绩说明会采用网络远程方式进行，面向全体投资 | | 人员姓名 | 者 | | | 时间 | 2026 年 3 月 30 日 15:00-16:30 | | | 地点 | | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈"栏目 | | | 主持人：昇兴股份 | | | 公司接待人员姓 | 董事长, 总裁：林永保 | | | | 独立董事：刘微芳 | | | 名 | 董秘：刘嘉屹 | | | | 财务总监：王炜 | | | 投资者关系活动 | | | | 主要内容介绍 | | | | 附件清单 | 无 | | | 日期 | 年 ...

[Table_StockAndRank] 昇兴股份(002752) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 盈利能力稳步修复。25Q4 公司毛利率为 13.43%（同比-1.43pct、环比 +3.96pct），净利率为 4.31%（同比+0.58pct、环比+0.56pct），我们预计 盈利环比改善主要系产品结构优化；费用表现来看，25Q4 期间费用率为 6.27%（同比+1.20pct），其中销售/研发/管理/财务费用率分别为 0.61%/0.38%/4.59%/0.69%（（同比分别+0.19/+0.48/-0.14/+0.67pct），整 体表现平稳。 现金流&营运能力保持稳定。25Q4 经营性现金流净额为 0.15 亿元（同比 +0.53 亿元）；存货/应收/应付周转天数分别为 52 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for future performance, suggesting a potential "Buy" or "Hold" rating based on expected revenue growth and profit recovery. Core Insights - The company reported a total revenue of 7.174 billion yuan in 2025, reflecting a year-on-year increase of 0.6%, while the net profit attributable to shareholders decreased by 27.4% to 307 million yuan [1][2] - The fourth quarter of 2025 saw a revenue of 2.104 billion yuan, down 1.5% year-on-year, but net profit increased by 13.8% to 91 million yuan, indicating a recovery trend [1][2] - The company is expected to benefit from an optimized product structure and increased market share, particularly in overseas markets, with a projected revenue growth in Q1 2026 due to seasonal demand shifts [2][3] Financial Performance Summary - For the second half of 2025, domestic and overseas revenues were 3.336 billion yuan and 613 million yuan, respectively, showing a year-on-year decline of 1.3% and an increase of 16.1% [2] - The gross margin for Q4 2025 was 13.43%, a decrease of 1.43 percentage points year-on-year, while the net margin improved by 0.58 percentage points to 4.31% [3] - The company forecasts net profits of 445 million yuan, 551 million yuan, and 642 million yuan for 2026, 2027, and 2028, respectively, with corresponding P/E ratios of 14.1X, 11.4X, and 9.8X [3][5]

Company and Industry Summary Company: Shengxing Co., Ltd. (昇兴股份) Key Points 1. 2025 Performance Overview - Overall revenue for 2025 was approximately 7.2 billion yuan, remaining stable compared to 2024 - Net profit was around 307 million yuan, a decline of approximately 27-28% year-on-year - The fourth quarter showed better performance than the second and third quarters, primarily due to the Tian Si business not undergoing channel integration, leading to a recovery in sales and improvement in gross margin [3][4] 2. Business Segment Revenue Structure - Three-piece can business accounted for about 29.5% of total revenue - Two-piece can business represented approximately 65.5% - Aluminum bottle business made up about 3.3% - Canned business contributed around 1.7% [3] 3. Sales Performance by Segment - Three-piece can sales exceeded 3.1 billion units, down about 10% year-on-year - Two-piece can sales totaled approximately 10.2 billion units, up over 12% year-on-year - Domestic sales of two-piece cans were about 8.5-8.6 billion units, also up 12% - Overseas sales ranged between 1.6-1.7 billion units, increasing by approximately 20-22% [3][4] 4. Losses in Two-Piece Can Business - The two-piece can business faced significant losses exceeding 100 million yuan due to rising raw material costs and ineffective price increases - The loss per can was over 0.012 yuan [2][3] 5. Tian Si Business Challenges - The Tian Si Hong Niu business experienced a sales decline of approximately 22-23% due to channel integration efforts [2][4] 6. Q1 2026 Outlook - Q1 2026 showed signs of improvement with demand for two-piece cans exceeding expectations, with a year-on-year growth of at least a single-digit percentage - The three-piece can business benefited from the Spring Festival, with significant growth in January and February [2][4] 7. Industry Price Adjustments - The industry successfully implemented a price increase of 0.03-0.04 yuan per can by the end of 2025 - However, rising aluminum prices in Q1 2026 offset some of the benefits from this price increase [2][4] 8. Supply and Demand Dynamics - The overall supply in the industry is expected to contract to below 75 billion cans, with leading companies likely to achieve capacity utilization rates exceeding 85% - The industry gross margin target is expected to recover to over 10% [2][5] 9. Overseas Market Growth - The Cambodia factory achieved a net profit exceeding 100 million yuan and is operating at full capacity - The Vietnam project is expected to commence production in Q3 2026, contributing an annualized net profit of approximately 40 million yuan, supporting growth in 2027 [2][5] 10. Capital Expenditure Plans - The company plans to invest 800 million yuan over the next three years in overseas projects, focusing on Vietnam and Neijiang [2][5] 11. Aluminum Bottle Business Outlook - The aluminum bottle business is expected to have bottomed out in 2025, with signs of recovery in early 2026, although high-end consumption recovery remains to be observed [2][5] 12. Long-term Supply and Demand Outlook for Two-Piece Cans - The long-term trend for the two-piece can business is positive due to improving supply-demand dynamics and enhanced collaboration among leading companies [5][12] 13. Price Adjustment Mechanisms - Price adjustments for domestic two-piece cans vary by customer type, with annual contract customers typically adjusting prices at the end of Q1 based on aluminum price fluctuations [10][11] 14. New Capacity Plans - The Vietnam project is set to add approximately 800 million units of two-piece can capacity by September 2026, with expected gross margins of 15-20% and net margins of 7-8% [11][12] 15. Industry Collaboration and Price Trends - The current price adjustment collaboration among industry players is the strongest seen in recent years, which is expected to influence market dynamics positively [12][15] 16. Future Demand Expectations - The demand growth for 2026 is anticipated to exceed the normal range of 3-5%, driven by consumer stimulus policies and improved market conditions [15][16]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [7][21]. Core Insights - In 2025, the company achieved a revenue of 7.174 billion yuan, a year-on-year increase of 0.61%, while the net profit attributable to shareholders was 307 million yuan, a decrease of 27.44% year-on-year [3][5]. - The company is focusing on expanding its overseas market, particularly in Southeast Asia, where it has seen a revenue increase of 14.42% year-on-year, contributing to a rise in international revenue share from 13.38% in 2024 to 15.22% in 2025 [5][6]. - The company’s gross margin and net margin for 2025 were 11.03% and 4.28%, respectively, with a slight recovery in Q4 2025, where the gross margin was 13.43% [6]. Financial Performance Summary - The company reported a total revenue of 7.174 billion yuan for 2025, with a slight growth of 1% expected for 2026, reaching 7.752 billion yuan [9]. - The net profit forecast for 2026 is 410 million yuan, reflecting a 34% increase from 2025, with further growth projected for 2027 and 2028 [7][9]. - The earnings per share (EPS) for 2025 was 0.31 yuan, with expectations of 0.42 yuan in 2026 and 0.52 yuan in 2027 [9].

内部控制审计报告 昇兴集团股份有限公司 容诚审字[2026]361Z0157 号 容诚会计师事务所(特殊普通合伙) 中国·北京 内部控制审计报告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚审字[2026]361Z0157 号 昇兴集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了昇兴集团股份有限公司（以下简称"昇兴股份公司"）2025 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是昇兴 股份公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见 ...

中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于昇兴集团股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 非经营性资金占用及其他关联资金 往来情况专项说明 昇兴集团股份有限公司 容诚专字[2026]361Z0120 号 容诚会计师事务所(特殊普通合伙) 容诚专字[2026]361Z0120 号 昇兴集团股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了昇兴集团股份有限公司 （以下简称昇兴股份公司）2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公司股东权益 变动表以及财务报表附注，并于 2026 年 3 月 16 日出具了容诚审字[2026]361Z0143 号的无保留意见审计报告。 根据中国证券监督管理委员 ...