Industry Overview - The corrugated box industry is a significant part of the packaging sector, known for its protective performance, convenient processing characteristics, and environmental advantages, widely used in food, beverage, electronics, and logistics [1][16] - China's corrugated box production has shown fluctuations, with a decline from 34.44 million tons in 2021 to 28.63 million tons in 2023, primarily due to severe inventory backlog, slow market demand recovery, and insufficient end-user demand [1][16] - Despite an increase in express delivery volumes, policies promoting reduction, standardization, and recycling of packaging have hindered effective growth in express packaging [1][16] - Production is expected to grow by 2025 as market demand recovers [1][16] Industry Chain - The upstream of the corrugated packaging industry includes paper mills providing raw materials, with fluctuations in raw paper prices significantly impacting costs and profits for corrugated product manufacturers [8] - The midstream involves the manufacturing and packaging of corrugated paper products, while the downstream includes major application markets such as food, electronics, beverages, and express delivery [8] Market Size and Growth - In 2023, China's packaging market size reached 1,153.91 billion yuan, with the paper and board container segment accounting for 268.26 billion yuan, highlighting its importance in the packaging market [14] - The corrugated packaging industry is expected to benefit from the overall growth in the paper and board production sector, which is projected to reach 15.85 million tons in 2024, a year-on-year increase of 8.6% [10] Competitive Landscape - The industry is witnessing the emergence of large-scale enterprises with advanced production technologies and economies of scale, enhancing their market competitiveness [18] - Key players in the industry include Forest Packaging Group, Xiamen Hexing Packaging, Meiyingsen Group, Shanghai Xintonglian Packaging, and Shenzhen Yutong Packaging, which are expanding their market presence through strategic growth initiatives [18][19] Development Trends - The industry is moving towards green packaging, focusing on using recycled paper to reduce reliance on new wood and lower carbon emissions [23] - Smart technologies, including IoT and AI, are being integrated into corrugated packaging to enhance product tracking, anti-counterfeiting, and data collection, improving production efficiency [24] - There is a growing demand for personalized packaging solutions, driven by advancements in digital printing technology, allowing for customized designs and small-batch production [26]

证券代码： 002831 证券简称：裕同科技 公告编号：2025-008 深圳市裕同包装科技股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 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。 深圳市裕同包装科技股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日召开了第五届董事会第十一次会议，审议通过了《关于回购公司股份的议案》， 具体内容详见公司于 2025 年 4 月 9 日披露的相关公告。 根据《公司章程》"第二节第二十六条"的相关规定，由于本次回购股份方 案回购的股份将全部用于员工持股计划或股权激励，经公司三分之二以上董事出 席的董事会会议决议通过后即可实施，无需提交公司股东大会审议。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 规定，现将公司董事会公告回购股份决议的前一个交易日（即 2025 年 4 月 8 日） 登记在册的前十名股东及前十名无限售条件股东的名称、持股数量及持股比例情 况公告如下： | 序号 | 股东名称 | 持股数量（股） | 占总股本比例 | | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company plans to repurchase approximately 10-20 million yuan of its shares at a price not exceeding 37.36 yuan per share, which corresponds to a repurchase quantity of 2.6767-5.3533 million shares, accounting for 0.29%-0.58% of the total share capital. This repurchase reflects the company's confidence in its development [2][4]. - The company is characterized as a high dividend and stable growth stock, having committed to a dividend payout ratio of no less than 60% for the years 2023-2025, which is expected to continue. Considering the repurchase, the dividend payout ratio is likely to increase [2][10]. - The company has cumulatively implemented cash dividends of 2.85 billion yuan and repurchased 650 million yuan worth of shares since its listing, totaling 3.5 billion yuan [10]. Summary by Sections Company Overview - The current stock price is 21.78 yuan, with a total share capital of 93,051 million shares. The net asset value per share is 12.08 yuan, and the highest/lowest price in the last 12 months is 28.29/19.74 yuan [8]. Financial Performance - The company’s total revenue for 2023 is projected at 15.223 billion yuan, with a net profit of 1.494 billion yuan. Forecasts for 2024-2026 indicate revenues of 17.091 billion, 18.443 billion, and 20.064 billion yuan, respectively, with net profits of 1.540 billion, 1.795 billion, and 1.999 billion yuan [15]. Growth Potential - The company is expected to maintain stable growth, with quarterly revenue growth outpacing the consumer electronics industry. It has strong relationships with leading clients and is expanding its customer base in high-growth sectors such as tobacco, alcohol, cosmetics, and environmental packaging [10]. - The company’s overseas revenue currently accounts for about 20%, with plans for further increases as it supports international clients. The company has over 50 production bases globally, enhancing its competitive edge [10]. Market Position - The company is positioned to benefit from global supply chain shifts, as it does not directly export to the U.S. and has a global production layout that mitigates tariff impacts. This strategic positioning is expected to enhance its market share and profitability [10].

证券代码： 002831 证券简称：裕同科技 公告编号：2025-007 深圳市裕同包装科技股份有限公司 关于回购公司股份方案的公告暨回购报告书 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、重要内容提示： 1、公司拟以集中竞价交易方式回购公司已发行的 A 股普通股，回购股份的总 金额不低于人民币 10,000 万元且不超过人民币 20,000 万元，回购价格不超过人民 币 37.36 元/股（未超过本次董事会回购决议前 30 个交易日股票交易均价的 150%）， 按回购金额上限测算，预计回购股份数量约为 5,353,318 股，约占公司目前已发行总 股本的 0.58%，按回购金额下限测算，预计回购股份数量约为 2,676,659 股，约占公 司目前已发行总股本的 0.29%，具体回购股份的数量以回购期满时实际回购的股份 数量为准。回购股份将用于员工持股计划或者股权激励。回购股份实施期限为自公 司第五届董事会第十一次会议审议通过本次回购股份方案之日起 12 个月内。资金 来源为公司的自有资金和/或自筹资金。 2、截至本公告披露日，公司董事、监事、高级管理人员 ...

深圳市裕同包装科技股份有限公司 第五届董事会第十一次会议决议公告 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"）第五届董事会第十 一次会议通知于 2025 年 4 月 8 日（星期二）以书面或邮件方式发出，会议于 2025 年 4 月 8 日（星期二）以通讯表决的方式召开，本次会议应参与表决的董事 7 人， 实际参与表决的董事 7 人，分别为：王华君先生、吴兰兰女士、刘宗柳先生、刘 中庆先生、王利婕女士、吴宇恩先生、邓赟先生。本次会议由公司董事长王华君 先生主持，会议的召集和召开符合有关法律、法规及《公司章程》的规定，会议 形成的决议合法有效。经与会董事认真审议，本次会议讨论并通过如下决议： 一、议案及表决情况 证券代码： 002831 证券简称：裕同科技 公告编号：2025-006 具体内容请见公司同日在《证券时报》、《中国证券报》、《上海证券报》、 《证券日报》和巨潮资讯网上披露的《关于回购公司股份方案的公告暨回购报告 书》。 二、备查文件 1、公司第五届董事会第十一次会议决议。 特此公告。 深圳市裕同包装科 ...

Investment Rating - The report provides a positive investment outlook for various sectors, particularly recommending companies in the home furnishing, new tobacco, light consumer goods, and paper packaging industries [5][23][24][26]. Core Insights - The home furnishing sector is expected to stabilize with the introduction of consumer subsidies, leading to improved order intake for many companies [5][19]. - New tobacco products, particularly from Smoore International, are anticipated to benefit from market expansion despite tariff challenges [23]. - The paper packaging industry is facing high pulp inventory levels, which may slow down profit recovery, but consolidation efforts are expected to improve competition [24]. - The light consumer goods sector, especially in pet products, is likely to see accelerated domestic brand growth due to increased tariffs on imports [26]. Summary by Sections Home Furnishing Sector - Domestic sales are improving as consumer subsidies are rolled out, with expectations for further stimulus policies [5][19]. - Companies like Gujia Home and Sophia are highlighted for their strong market positions and growth potential [5][19]. - Export challenges due to increased tariffs are noted, but companies with strong domestic sales channels are expected to perform well [5][19]. New Tobacco - Smoore International is positioned to adapt to tariff impacts due to its production capabilities in Indonesia [23]. - The electronic cigarette market is expected to maintain consumer demand despite potential price increases from tariffs [23]. - The overall market for compliant brands is projected to expand, providing growth opportunities [23]. Paper Packaging - High pulp inventory levels are suppressing price increases, with a slow recovery in profitability expected [24][25]. - The acquisition of Zhongliang Packaging by Aorijin is expected to enhance competitive dynamics in the industry [24]. - The introduction of new consumer electronics subsidies is anticipated to benefit leading packaging companies [24]. Light Consumer Goods - The pet food market is expected to see a shift towards domestic brands as tariffs on imports increase [26]. - Companies like Guibao Pet are positioned to capture market share due to their competitive pricing and product quality [26]. - The AI glasses segment is highlighted for its growth potential, with recommendations to focus on key supply chain players [26].

深圳市裕同包装科技股份有限公司 2025 年第一次临时股东大会 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更前次股东大会决议。 一、会议召开和出席情况 （一）会议召开情况 证券代码：002831 证券简称：裕同科技 公告编号：2025-005 深圳市裕同包装科技股份有限公司 2025 年第一次临时股东大会决议公告 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。 （1）现场会议召开时间：2025年3月13日（星期四）下午14:30 （2）网络投票时间： （a）通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 3 月 13 日上午 9:15—9:25，9:30—11:30；下午 13:00—15:00； （b）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3月13日 上午9:15—下午15:00。 3、股权登记日：2025年3月7日 4、召开地点：深圳市宝安区石岩街道水田社区石环路1号公司三楼会议室 5、召开方式：现场投票与网络投票表决相结合 6、召集人：公司董事会 7、主持人：董事长王华君先生 8、本次 ...

北京市中伦（广州）律师事务所 关于深圳市裕同包装科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 $$\exists{\mathrm{O}}\exists{\mathrm{H}}\nexists\exists{\mathrm{H}}$$ 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（广州）律师事务所 关于深圳市裕同包装科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：深圳市裕同包装科技股份有限公司 根据深圳市裕同包装科技股份有限公司（以下简称裕同科技或者公 ...

证券代码：002831 证券简称：裕同科技 公告编号：2025-004 深圳市裕同包装科技股份有限公司 关于公司控股股东部分股份质押延期购回的公告 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"）近日接到公司控股股 东吴兰兰女士通知，获悉股东吴兰兰女士所持有公司的部分股票已办理质押延期购 回手续，具体质押延期购回情况如下： 一、股东股份质押变动基本情况 | 吴兰兰 | 455,640,191 | 48.97% | 181,600,000 | 181,600,000 | 39.86% | 19.52% | 0 | 0 | 0 | 0 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 王华君 | 106,954,809 | 11.49% | 44,550,000 | 44,550,000 | 41.65% | 4.79% | 0 | 0 | 0 | 0 | | 合计 | 562,595,000 | 60.46% | 226,1 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - The ongoing government subsidy activities and the AI trend are expected to benefit the ICT packaging business, particularly with the promotion of the 3C consumer electronics trade-in program [4][5] - The integration of AI capabilities in traditional consumer electronics is anticipated to drive a new wave of demand, with significant growth in global shipments of AI-driven PCs and smartphones projected for 2024 [5] - The company's internationalization strategy is progressing steadily, with new production bases established globally, which is expected to enhance profitability [6] - The company has a strong commitment to shareholder returns, with plans for substantial cash dividends and share buybacks [6] Summary by Sections Company Overview - The company is positioned as a leading integrated packaging provider in the consumer electronics sector, with a diversified business model [7] Financial Performance - Revenue projections for 2024, 2025, and 2026 are estimated at 171.97 billion, 191.16 billion, and 209.98 billion yuan, respectively, reflecting year-on-year growth rates of 13.0%, 11.2%, and 9.8% [7][10] - Net profit attributable to the parent company is expected to reach 16.29 billion, 18.24 billion, and 20.36 billion yuan for the same years, with corresponding growth rates of 13.3%, 12.0%, and 11.7% [7][10] - The report highlights an EPS forecast of 1.75, 1.96, and 2.19 yuan for 2024, 2025, and 2026, with P/E ratios of 14.79, 13.21, and 11.83, respectively [8][10]