上海荣正企业咨询服务（集团）股份有限公司 关于 深圳市裕同包装科技股份有限公司 证券简称：裕同科技 证券代码：002831 2025年员工持股计划（草案） 之 独立财务顾问报告 2025 年 8 月 | | | 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 （二）本独立财务顾问报告本着诚实守信、勤勉尽责的专业态度出具本报告， 并对本报告的真实性、准确性和完整性承担责任； 一、释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 裕同科技、本公司、公司 | 指 | 深圳市裕同包装科技股份有限公司 | | --- | --- | --- | | 独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 本员工持股计划、本次员 | 指 | 深圳市裕同包装科技股份有限公司 年员工持股 2025 | | 工持股计划、本计划 | | 计划 | | 本员工持股计划草案、本 | 指 | 《深圳市裕同包装科技股份有限公司 年员工持 2025 | | 计划草案 | | 股计划（草案）》 | | | | 出资参加本员工持股计划的公司董事（不含外部董 | | 持有人 | 指 | 事、独 ...

深圳市裕同包装科技股份有限公司 2025 年半年度报告全文 深圳市裕同包装科技股份有限公司 2025 年半年度报告 2025 年 8 月 27 日 1 深圳市裕同包装科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王华君、主管会计工作负责人文成及会计机构负责人(会计主 管人员)王亚东声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司已在本报告中详细描述存在的宏观环境风险、市场竞争风险、核心 人才流失等风险，敬请查阅第三节管理层讨论与分析中关于公司面临的风险 和应对措施部分的内容。 《证券时报》、《中国证券报》、《上海证券报》、《证券日报》和巨潮资讯 网（www.cninfo.com.cn）为本公司指定信息披露媒体，本公司所有信息均以 在上述媒体刊登的信息为准，敬请投资者注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以董事会召开日的总股 本 920,51 ...

Group 1 - The company completed the cancellation of 10,000,053 repurchased shares, reducing its total share capital from 930,513,553 shares to 920,513,500 shares, and the registered capital decreased from RMB 930,513,553 to RMB 920,513,500 [1][3] - The share repurchase plan was approved on September 15, 2021, allowing the company to repurchase shares at a price not exceeding RMB 41.19 per share, with a total repurchase amount between RMB 100 million and RMB 200 million [1][2] - The repurchased shares were intended for employee stock ownership plans or equity incentive plans, but due to the lack of implementation within the three-year period, the company decided to cancel these shares [2][4] Group 2 - The cancellation of the repurchased shares was completed on August 22, 2025, in compliance with relevant laws and regulations [3] - After the cancellation, the structure of the company's share capital remains compliant with listing conditions, and there will be no significant impact on the company's financial status, operational results, or future development [4] - The company will proceed with necessary legal procedures for changes in registered capital and amendments to the company’s articles of association following the cancellation [4]

证券代码： 002831 证券简称：裕同科技 公告编号：2025-037 深圳市裕同包装科技股份有限公司 关于注销部分回购股份完成暨股份变动的公告 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。 特别提示： 1、本次注销的回购股份数量为10,000,053股，占注销前深圳市裕同包装科技股 份有限公司（以下简称"公司"）总股本的1.0747%。本次注销完成后，公司总股 本由930,513,553股变更为920,513,500股，公司注册资本由人民币930,513,553元变更 为920,513,500元。 2、经中国证券登记结算有限责任公司深圳分公司确认，本次回购股份的注销 日期为2025年8月22日。 公司因注销部分回购股份导致公司总股本发生变化，依据《公司法》《上市公 司股份回购规则》《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 有关法律法规、部门规章、规范性文件及公司回购股份方案的有关规定，现就本次 注销部分回购股份完成暨股份变动情况公告如下： 一、回购股份情况 公司于 2021 年 9 月 15 日召开第四届董事会第十一次会议，审议通过了《关于 ...

Summary of Key Points from the Research Report Industry Overview - **Industry**: Retail and Consumer Goods in China - **Retail Sales Growth**: Retail sales grew by 3.7% year-on-year (y-o-y) in July 2025, below the Bloomberg consensus of 4.6% and a decrease from 4.8% y-o-y growth in June 2025 [2][8][12] Core Insights - **Sector Performance**: - Retail sales of goods increased by 4% y-o-y, with notable deceleration in fast-growing sectors such as household appliances and audiovisual equipment (+29%) and furniture (+21%) compared to 2Q25 [2][12] - Beverage sales grew by 3% and cosmetics by 5%, both showing positive month-on-month (m-o-m) growth, while construction and decoration materials (-1%) and auto sales (-2%) declined [2][12] - Catering growth remained weak at 1%, with service-related retail growth slowing to 5.2% in the first seven months of 2025, down from 5.3% in 1H25 [2][12] - **Policy Impact**: - Newly issued regulations aimed at promoting frugality in government organs have negatively impacted sectors like catering and baijiu [2] - A recent statement from Xinhuanet advocating for proper policy implementation may alleviate some overreactions from local governments, potentially easing pressure on affected industries [2] - **Government Stimulus**: - The government has introduced multiple stimulus measures, including childcare subsidies and interest subsidies for personal consumption loans, to boost consumption [3] - A third round of trade-in subsidies amounting to RMB 69 billion has been earmarked [3] - Economists at HSBC have revised China's GDP growth forecast for 2025 to 4.9%, up from 4.5%, anticipating further fiscal policies to stimulate domestic demand [3] Company-Specific Insights - **Ninebot**: - The company showed strong interim results with 2Q25 revenue and net profit exceeding market expectations. A 49% earnings compound annual growth rate (CAGR) is expected from 2024 to 2027 [4] - The stock is currently trading at a price-to-earnings (PE) ratio of 21x for 2025 and 16x for 2026, deemed attractive [4] - **China Resources Beer**: - Expected low-single-digit y-o-y growth in sales volume and high-single-digit growth in net profit for 1H25. The stock is trading at a PE of 15x for 2025 and 14x for 2026, with a dividend yield of 3.9% for 2025 [4] - **YUTO**: - The company is expected to benefit from the shift of orders to overseas markets amid trade tensions, enhancing its competitiveness and market share. The stock is trading at a PE of 13x for 2025 and 11x for 2026 [4] Additional Insights - **Consumer Confidence**: The consumer confidence index declined by 0.1 month-on-month in June 2025, indicating potential concerns among consumers regarding spending [20] - **Unemployment Rate**: The surveyed urban unemployment rate increased by 0.2% month-on-month in July 2025, reflecting ongoing labor market challenges [15] - **Subsector Performance**: - The consumer discretionary sector has shown strong performance with a year-to-date increase of 11.6% and a one-year increase of 44.4% [27] - The baijiu subsector is currently trading at a 17x 12-month forward PE, while the beer subsector is at 18x [30][33] This comprehensive summary captures the essential insights and data points from the research report, providing a clear overview of the current state of the retail and consumer goods industry in China, along with specific company performances and broader economic indicators.

Market Overview - The packaging and printing sector rose by 0.87% on August 20, with Jiahe Technology leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Key Stocks Performance - Jiahe Technology (872392) closed at 42.75, up 20.08% with a trading volume of 46,900 lots and a transaction value of 194 million [1] - Meiyinglin (002303) closed at 4.38, up 5.29% with a trading volume of 696,100 lots and a transaction value of 29.86 million [1] - Xintonglian (603022) closed at 10.87, up 4.62% with a trading volume of 316,600 lots and a transaction value of 344 million [1] - Other notable performers include Baixinglong (833075) up 4.28%, Jinghua Laser (603607) up 4.27%, and Baosteel Packaging (601968) up 4.07% [1] Capital Flow Analysis - The packaging and printing sector experienced a net outflow of 288 million from institutional investors, while retail investors saw a net inflow of 295 million [2][3] - The main capital inflow was observed in Jinghua Laser with a net inflow of 71.21 million, while New Tonglian had a net inflow of 32.83 million [3] - Conversely, significant outflows were noted in several stocks, including New Tonglian and Meijusen, indicating a mixed sentiment among investors [3]

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [6][8]. Core Views - The report highlights that the domestic price of broadleaf pulp has recently increased, while cultural paper and white card paper remain under pressure due to supply and demand factors. However, the waste paper sector shows a strong willingness to raise prices, continuing its upward trend. In July, China's furniture exports increased by 3.0% year-on-year, and U.S. furniture sales rose by 5.1% year-on-year. The extension of reciprocal tariffs and countermeasures between China and the U.S. for another 90 days, along with the approaching U.S. interest rate cuts and overseas promotional stocking demands, suggests a potential recovery in the export chain [17][25]. Summary by Sections 1. Recent Research Tracking and Investment Thoughts - The domestic price of broadleaf pulp has risen slightly, while cultural paper and white card paper prices are still under pressure. The waste paper sector continues to show strong price increase intentions, maintaining an upward trend. In July, China's furniture exports increased by 3.0% year-on-year, and U.S. furniture sales rose by 5.1% year-on-year. The extension of reciprocal tariffs and countermeasures between China and the U.S. for another 90 days, along with the approaching U.S. interest rate cuts and overseas promotional stocking demands, suggests a potential recovery in the export chain [17][25]. 2. Key Data Tracking - In July, China's furniture retail sales increased by 20.6% year-on-year, while sales in building materials and home furnishing markets decreased by 12.9% year-on-year. The total retail sales of social consumer goods in July reached 38,780 billion yuan, with a year-on-year increase of 3.7% [39]. - The domestic price of broadleaf pulp has increased by 109 yuan/ton compared to July, influenced by international production cuts and price increases. The waste paper sector has also seen price increases, with waste paper prices rising by 21 yuan/ton for old books and 100 yuan/ton for old yellow board paper [18][22]. - In July, the U.S. furniture and home decor store sales increased by 5.1% year-on-year, maintaining a single-digit growth for 11 consecutive months. The inventory turnover ratios for U.S. furniture wholesalers and retailers indicate stable conditions, suggesting resilience in overseas demand [25][26]. 3. Company Announcements and Industry Dynamics - The report recommends focusing on leading companies in the home furnishing sector, such as Oppein Home, Sophia, and Gujia Home, which are expected to benefit from the recovery in home consumption. In the paper and packaging sector, it highlights Sun Paper as a key player benefiting from new capacity releases [5][14][15].

Investment Rating - The report indicates a positive investment outlook for the IP toy sector, paper industry, and home furnishing sector, highlighting specific companies to watch [2][4][17]. Core Insights - The IP toy market continues to thrive, with Sanrio's FY26Q1 performance exceeding expectations, driven by strong IP character sales, particularly Hello Kitty, across various regions [2][4]. - The paper industry is entering a peak demand season in Q3, with expectations for price stabilization and potential upward movement due to supply-side improvements [14][15]. - The home furnishing sector is poised for recovery as Beijing relaxes housing purchase restrictions, which may enhance valuation and stimulate demand [17][19]. Summary by Sections 1. IP Toy Sector - Sanrio's FY26Q1 revenue reached 431 billion JPY, a 49% year-on-year increase, with operating profit up 88% and net profit up 38%, attributed to strong IP character performance [2][4]. - Companies such as Morning Glory, Chuangyuan, Chaohongji, Guobo, and Blucor are highlighted for their innovative IP collaborations and product launches [2][4][6][9][10]. 2. Paper Industry - The report notes that Q3 demand is gradually increasing, with expectations for paper prices to stabilize and potentially rise, supported by reduced production from overseas suppliers [14][15]. - Key companies to monitor include Sun Paper, Nine Dragons, and Bohui Paper, as they are positioned to benefit from the improving supply-demand dynamics [14][15]. 3. Home Furnishing Sector - The easing of purchase restrictions in Beijing is expected to boost the home furnishing sector, with companies like Sophia, Oppein, Gujia, and others identified as having strong dividend safety margins [17][19][23]. - The report emphasizes the potential for valuation recovery in the home furnishing sector, driven by improved consumer confidence and demand from the secondary housing market [19][23].

Group 1 - The core point of the announcement is that Shenzhen Yutong Packaging Technology Co., Ltd. held its second extraordinary general meeting of shareholders in 2025, where no resolutions were rejected [1][2] - The meeting was held on August 11, 2025, with both on-site and online voting options available for shareholders [3][4] - A total of 201 shareholders attended the meeting, representing 634,566,762 shares, which accounts for 68.1953% of the total voting shares [5] Group 2 - The meeting approved the proposal to cancel part of the repurchased shares and reduce the registered capital [10] - The company plans to cancel 10,000,053 shares that were repurchased, leading to a corresponding reduction in registered capital by the same amount [14] - Creditors have 45 days from the announcement date to claim their debts or request guarantees from the company [16]

Group 1 - The latest stock price of Yutong Technology is 24.65 yuan, up 0.69% from the previous trading day, with an intraday high of 24.94 yuan and a low of 24.30 yuan, and a trading volume of 0.66 billion yuan [1] - Yutong Technology operates in the paper printing industry, covering packaging printing and environmental materials, and is a leading provider of packaging solutions in China [1] - On the news front, Yutong Technology announced that the second extraordinary general meeting of shareholders in 2025 approved the proposal to cancel part of the repurchased shares and reduce registered capital [1] Group 2 - On August 11, the net inflow of main funds into Yutong Technology was 1.7784 million yuan, with a cumulative net inflow of 15.6496 million yuan over the past five days [1]