以上具体内容详见公司于 2025 年 7 月 26 日、2025 年 8 月 12 日、2025 年 8 月 26 日 、 2025 年 8 月 27 日 、 2025 年 9 月 13 日 披 露 于 巨 潮 资 讯 网 （www.cninfo.com.cn）的相关公告。 截至本公告披露日，公司已完成《公司章程》以及董事、高级管理人员的信 息变更备案工作。本次注册资本变更具体如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 注册资本 | 注册资本为人民币 93,051.3553 | 注册资本为人民币 92,051.3500 | | | 万元。 | 万元。 | 除上述事项外，公司《营业执照》记载的其他工商登记事项未发生变更。变 更后的相关工商登记信息如下： 证券代码： 002831 证券简称：裕同科技 公告编号：2025-052 深圳市裕同包装科技股份有限公司 关于公司完成工商变更登记的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 深圳市裕同包装科技股份有限公司（以下简称"公司"）于 2025 年 7 月 25 ...

证券代码： 002831 证券简称：裕同科技 公告编号：2025-051 深圳市裕同包装科技股份有限公司 关于公司提供担保进展情况的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 （一）本次新增担保情况： | 序号 | 担保方 | 被担保方 | 币种 | 担保 方持 股比 | 被担保方资 产负债率 （2025 年 9 | 2025 年度 董事会已 批准的担 保额度 | 担保额度 占上市公 司最近一 期经审计 | 截至 2025 年 月 日已 9 30 签担保合同 | 本次新增 签署担保 合同金额 | 本次新增 后的担保 合同金额 | 截至 2025 年 月 日担 9 30 保实际发生 额/贷款余额 | 授信条件 | 担保期限 (自股东会 通过之日 | 是否关 联担保 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 例 | 月 30 日） | （万元） | 净资产比 | 金额（万元） | （万元） | ...

Core Viewpoint - Yutong Technology is a leading domestic supplier of paper printing and packaging products, with a strong focus on R&D, design, production, and sales, and has advantages in the full industry chain and smart factories [1] Group 1: Business Performance - In Q3 2025, Yutong Technology achieved revenue of 12.601 billion yuan, ranking first among 21 companies in the industry, significantly surpassing the second-ranked Hexing Packaging at 7.743 billion yuan [2] - The net profit for the same period was 1.161 billion yuan, also leading the industry, far exceeding the second-ranked Meiyingsen at 262 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Yutong Technology's debt-to-asset ratio was 47.59%, a slight decrease from 48.50% year-on-year, but still above the industry average of 35.30% [3] - The gross profit margin for Q3 2025 was 25.01%, slightly down from 25.19% year-on-year, yet higher than the industry average of 21.53% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 18.37% to 11,100, while the average number of circulating A-shares held per household increased by 20.15% to 45,900 [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder, holding 19.9194 million shares, a decrease of 235,600 shares from the previous period [5] Group 4: Future Outlook - Longjiang Securities indicated that Yutong Technology's profitability is expected to continue improving, with revenue growth projected due to factors such as the overseas expansion strategy and a high cash dividend and buyback ratio [5] - Galaxy Securities noted that the company's diversified and global layout is expected to drive revenue growth, with EPS estimates for 2025, 2026, and 2027 at 1.85, 2.10, and 2.42 yuan respectively [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's revenue and profit levels are continuously improving, with expectations for accelerated revenue growth [4][5]. - In the first three quarters of 2025, the company achieved revenue of 12.601 billion yuan, a year-on-year increase of 3%, and a net profit attributable to shareholders of 1.181 billion yuan, up 6% year-on-year [2][4]. - For Q3 2025, the company reported revenue of 4.726 billion yuan, a decrease of 4% year-on-year, while net profit attributable to shareholders increased by 2% to 627 million yuan [2][4]. Summary by Sections Financial Performance - The company’s gross margin, net profit margin, and deductive net profit margin improved by 1.2, 0.7, and 0.8 percentage points year-on-year in Q3 2025, respectively [10]. - The company’s expenses in sales, management, R&D, and financial costs showed varied changes, with financial costs rising due to exchange losses [10]. International Strategy - The company has been advancing its international strategy since 2010, establishing production bases in over 40 cities across 10 countries, including Vietnam, India, and Mexico [10]. - The overseas revenue contribution is expected to increase from over 20% currently to potentially over 40% in the future, with higher profit margins compared to domestic operations [10]. Shareholder Returns - The company has implemented a high cash dividend policy, with cumulative cash dividends amounting to 3.79 billion yuan and share buybacks totaling 870 million yuan since its listing [10]. - The projected dividend yield for 2025 is over 6%, with a target compound annual growth rate for net profit attributable to shareholders set at 10% [10]. Market Opportunities - The company is expanding its customer base beyond traditional sectors like consumer electronics and tobacco, targeting industries such as smart hardware, cosmetics, and healthcare [10]. - The company’s market share remains low, indicating significant growth potential in the packaging industry, which is characterized by low entry barriers and increasing competition [10].

Core Insights - The company achieved a revenue of 12.6 billion yuan in the first nine months of 2025, representing a year-on-year increase of 2.8%, with a net profit attributable to shareholders of 1.18 billion yuan, up 6.0% year-on-year [1] - In Q3 2025, the company reported a revenue of 4.73 billion yuan, a decrease of 3.7% year-on-year, while the net profit attributable to shareholders was 630 million yuan, an increase of 1.6% year-on-year [1] Global Expansion and Competitive Advantage - The company is enhancing its global presence through strategic investments in production bases in the Philippines, Mexico, and Indonesia, which are expected to enter the capacity release phase between 2024 and 2025 [1] - The overseas business is anticipated to improve overall profitability as it outperforms domestic markets, with an increasing proportion of revenue coming from international operations [1] Diversification and Revenue Growth - The company is actively expanding into new consumer sectors such as cultural and creative toys and AI, which are expected to contribute positively to revenue despite a slowdown in domestic consumer demand [1] - The industrial business segment is showing strong growth potential through subsidiaries focusing on flexible packaging and smart packaging equipment [1] Profitability Metrics - For the first nine months of 2025, the company reported a gross margin of 25.0%, a slight decrease of 0.2 percentage points year-on-year, while the net profit margin attributable to shareholders was 9.4%, an increase of 0.3 percentage points year-on-year [2] - In Q3 2025, the net profit margin attributable to shareholders was 13.3%, reflecting a year-on-year increase of 0.7 percentage points [2] Investment Outlook - The company's diversified and globalized strategy is expected to continue generating revenue growth, with enhanced profitability anticipated from smart factory initiatives [2] - Earnings per share (EPS) projections for 2025, 2026, and 2027 are 1.85 yuan, 2.10 yuan, and 2.42 yuan respectively, with a closing price of 26.4 yuan on October 27 corresponding to price-to-earnings (PE) ratios of 14X, 13X, and 11X [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [3][8]. Core Views - The company has shown a steady increase in profitability, with a focus on its global expansion strategy. The overseas production capacity is expected to contribute significantly to revenue growth, particularly with new factories in Mexico and the Philippines coming online [5][6]. - The company reported a slight decline in revenue for Q3 2025, attributed to the impact of a specific event in late 2024, but overall profitability metrics have improved [5]. - The report forecasts a steady growth trajectory for revenue and net profit over the next few years, with expected net profits of 1,647 million in 2025, 1,899 million in 2026, and 2,169 million in 2027 [3][5]. Financial Summary - The company achieved a revenue of 12,601 million in the first three quarters of 2025, reflecting a year-on-year growth of 2.8%. The net profit for the same period was 1,181 million, up 6% year-on-year [5]. - The gross margin for Q3 2025 improved to 28.74%, with a net profit margin of 13.24%, indicating enhanced operational efficiency [5]. - The report projects revenue growth rates of 12% for 2024, 12% for 2025, and 11% for 2026, with net profit growth rates of 17% for 2025 and 15% for 2026 [3][5]. Operational Performance - The company has successfully maintained a strong operating cash flow, with a 34.22% increase year-on-year, indicating robust cash generation capabilities [5]. - The report highlights the company's strategic investments in overseas facilities, which are expected to enhance its competitive position and revenue potential in the global market [5][6].

Summary of YUTO's Conference Call Company Overview - **Company**: YUTO (裕同科技) - **Industry**: Packaging and Manufacturing Key Points and Arguments 1. Overseas Expansion and Market Growth - YUTO's overseas layout is robust, with production capacity being released in Vietnam and India, and ongoing investments in Mexico. The expected growth rate in overseas markets is anticipated to surpass that of the domestic market, with a mid-term goal of increasing overseas revenue to match domestic levels, currently at approximately 20% [2][5][6]. 2. Financial Performance - For Q3 2025, YUTO achieved revenue of 12.6 billion yuan, a year-on-year increase of 2.8%, and a net profit of 1.18 billion yuan, up 6%. Despite a revenue decline due to a reduction in revenue from the acquisition of Wuhan Antec and delays in product shipments, the gross margin improved by one percentage point [4][9]. 3. New Business Lines - The company is actively expanding into new business lines such as cultural creativity, trendy toys, and heavy packaging. In Q3, the net profit reached a historical high of 630 million yuan, with an expected profit growth rate of around 10% when accounting for previous contributions and delays [2][7]. 4. Shareholder Returns and Stock Buyback - YUTO plans to maintain stable dividends and actively repurchase shares, with cumulative dividends and buybacks nearing 5 billion yuan since its listing in 2016. The company aims for a win-win situation for shareholders, management, and the market by achieving or exceeding stock incentive targets [2][8]. 5. Environmental Packaging Demand - There is a growing global demand for environmentally friendly packaging, particularly in the pulp molding sector. YUTO's factory in Vietnam is operating at full capacity, and plans are in place to increase production capacity in Indonesia [2][10][15]. 6. Strategic Positioning in New Consumption - YUTO positions itself as a high-end manufacturing service provider in the new consumption sector, maintaining good cooperation with major domestic and international brands. The company is also focusing on research and development in this area [10]. 7. Future Growth Expectations - Future growth is expected to come from supplying components for Meta's AR glasses and diversifying customer resources. The company has a solid platform with rich customer resources, ample cash reserves, and good cash flow [3][16]. 8. Challenges and Market Dynamics - The company faces challenges such as the delayed shipments from Apple, which have been postponed by 1-2 weeks. However, the overall average selling price (ASP) remains stable without significant changes [12][17]. 9. Confidence in Future Development - YUTO expresses confidence in its future development and plans to provide detailed insights into its three to five-year strategy at an appropriate time. The company aims to engage more frequently with investors [18]. 10. Industry Positioning - YUTO ranks among the top players in the environmental packaging sector, with a strong capability for reinvestment, indicating a promising outlook for future performance in this area [15]. This summary encapsulates the key insights from YUTO's conference call, highlighting the company's strategic initiatives, financial performance, and market positioning.

Group 1 - The core viewpoint of the article is that Huazhong Securities has given a "buy" rating to Yutong Technology (002831.SZ) based on its recent performance and future prospects [1] - The company released its Q3 2025 report, indicating a positive outlook [1] - There is a continuous optimization of expense ratios, leading to a stable improvement in profitability [1] - The acceleration of the intelligent transformation process is enhancing the development of new productive forces [1] Group 2 - The article mentions that the A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation [1] - It highlights that the technology sector is reshaping the market, indicating a new "slow bull" market pattern [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 12.601 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.80%. The net profit attributable to the parent company was 1.181 billion yuan, up 6.00% year-on-year. In the third quarter of 2025, the revenue was 4.726 billion yuan, a decrease of 3.66% year-on-year, while the net profit attributable to the parent company was 627 million yuan, an increase of 1.62% year-on-year [4][5] - The company has optimized its expense ratio, leading to a stable improvement in profitability. The gross margin for the first three quarters of 2025 was 25.01%, a decrease of 0.17 percentage points year-on-year. The net profit margin was 9.37%, an increase of 0.28 percentage points year-on-year. In the third quarter of 2025, the gross margin was 28.74%, an increase of 1.17 percentage points year-on-year [5] - The company is accelerating its intelligent transformation process, with multiple smart factories in operation and under construction, enhancing productivity and management levels [6] Financial Performance Summary - For 2025-2027, the company is expected to achieve revenues of 18.805 billion yuan, 20.490 billion yuan, and 22.094 billion yuan, with year-on-year growth rates of 9.6%, 9.0%, and 7.8% respectively. The net profit attributable to the parent company is projected to be 1.686 billion yuan, 1.890 billion yuan, and 2.083 billion yuan, with growth rates of 19.7%, 12.1%, and 10.3% respectively. The earnings per share (EPS) are expected to be 1.83 yuan, 2.05 yuan, and 2.26 yuan, with corresponding price-to-earnings (P/E) ratios of 14.42, 12.86, and 11.67 [7][10]

Market Overview - The packaging and printing sector increased by 0.27% on October 28, with Joyful Intelligence leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable gainers in the packaging and printing sector included: - Junbing Xihang (301198) with a closing price of 13.15, up 7.08% and a trading volume of 190,000 shares, totaling 247 million yuan [1] - Baosteel Packaging (601968) closed at 5.55, up 4.72% with a trading volume of 372,200 shares, totaling 205 million yuan [1] - Hongyu Packaging Materials (920274) closed at 33.17, up 4.14% with a trading volume of 34,600 shares, totaling 113 million yuan [1] Fund Flow Analysis - The packaging and printing sector experienced a net outflow of 274 million yuan from institutional investors, while retail investors saw a net inflow of 221 million yuan [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional selling contrasted by retail buying [2] Individual Stock Fund Flow - Key stocks with significant fund flow include: - Yutong Technology (002831) with a net inflow of 13.54 million yuan from institutional investors, but a net outflow of 14.21 million yuan from speculative investors [3] - Baosteel Packaging (601968) had a net inflow of 8.45 million yuan from institutional investors, while speculative investors saw a net outflow of 4.55 million yuan [3] - Junbing Xihang (301198) recorded a net inflow of 0.59 million yuan from retail investors, despite a net outflow from institutional and speculative investors [3]