Core Viewpoint - The company expects a significant increase in net profit for 2025, projecting a growth of 160.76% to 204.96% year-on-year, driven by innovation, strategic focus, and operational improvements [1] Group 1: Financial Projections - The company forecasts a net profit attributable to shareholders of 118 million to 138 million yuan for 2025, with a year-on-year increase of 160.76% to 204.96% [1] - The projected net profit after deducting non-recurring gains and losses is expected to be between 114 million and 134 million yuan, reflecting a year-on-year growth of 174.55% to 222.71% [1] Group 2: Strategic Initiatives - The company adheres to the operational philosophy of "innovation-driven development and quality winning the market," providing comprehensive solutions for liquid product equipment and storage integration, benefiting from advantages in technology, brand, customer relations, and product matrix [1] - In 2025, the company will focus on a dual strategy of "premium products and efficient growth," responding to industry trends and customer demands for high efficiency, low energy consumption, and customized production lines [1] - The company has successfully launched a series of high-end customized products, including the "first 81,000 BPH blow-fill-seal integrated machine in China," enhancing capabilities in intelligent, green, flexible, and service-oriented manufacturing [1] Group 3: Operational Improvements - The company is initiating an internal logistics upgrade project, which includes the construction of various automated warehouses to improve material management efficiency [1] - The company aims to enhance "internal growth" by improving lean management across all processes, optimizing the supply chain, increasing production efficiency, and strengthening collaboration across the value chain [1] - These efforts are expected to solidify profit foundations and inject continuous momentum for high-quality development [1]

Financial Performance - The net profit attributable to shareholders is expected to be between RMB 11,800 million and RMB 13,800 million, representing a year-on-year increase of 160.76% to 204.96% compared to RMB 4,525.22 million in the same period last year[3]. - The net profit after deducting non-recurring gains and losses is projected to be between RMB 11,400 million and RMB 13,400 million, reflecting a growth of 174.55% to 222.71% from RMB 4,152.32 million in the previous year[3]. - The financial data presented is preliminary and has not been audited by an accounting firm, with detailed financials to be disclosed in the annual report[7]. Strategic Initiatives - The company emphasizes a dual strategy of "premium products and lean growth," focusing on high-efficiency, low-energy, and customized production lines in response to market demands[5]. - The company is advancing its "internal growth" strategy by improving lean management across all processes and optimizing supply chain efficiency[6]. - The introduction of high-end customized products, including China's first 81,000 BPH blow-fill-cap integrated machine, has strengthened the company's position in intelligent and green manufacturing[5]. - In 2025, the company launched a logistics upgrade project, enhancing material management through the construction of various automated warehouses[6].

Company Overview - New Meixing Packaging Machinery Co., Ltd. is located in Zhangjiagang Economic Development Zone, Jiangsu Province, and was established on October 28, 2003. The company went public on April 25, 2016. Its main business involves the research, production, and sales of liquid food packaging machinery [1] - The revenue composition of the company includes: liquid packaging equipment 82.54%, spare parts and others 10.95%, preforms and caps 6.23%, and other businesses 0.28% [1] Stock Performance - On January 12, New Meixing's stock fell by 5.06%, closing at 15.40 CNY per share, with a trading volume of 259 million CNY and a turnover rate of 6.70%. The total market capitalization is 4.565 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of New Meixing, a fund under China Merchants Fund holds a significant position. The China Merchants Quantitative Selected Stock Fund A (001917) increased its holdings by 2.1903 million shares in the third quarter, bringing its total to 3.6184 million shares, which accounts for 1.46% of the circulating shares. The estimated floating loss today is approximately 2.9671 million CNY [2] - The China Merchants Quantitative Selected Stock Fund A (001917) was established on March 15, 2016, with a current scale of 3.663 billion CNY. Year-to-date returns are 4%, ranking 2795 out of 5580 in its category; the one-year return is 51.58%, ranking 1218 out of 4203; and since inception, the return is 294.94% [2]

Group 1 - New Meixing's stock price increased by 5.18% on January 9, reaching 16.25 yuan per share, with a trading volume of 192 million yuan and a turnover rate of 4.96%, resulting in a total market capitalization of 4.816 billion yuan [1] - The stock has risen for four consecutive days, with a cumulative increase of 20.33% during this period [1] - New Meixing specializes in the research, production, and sales of liquid food packaging machinery, with its main business revenue composition being 82.54% from liquid packaging equipment, 10.95% from spare parts and others, 6.23% from preforms and caps, and 0.28% from other businesses [1] Group 2 - Noan Fund's Noan Multi-Strategy Mixed A (320016) is among the top ten circulating shareholders of New Meixing, having entered the list in the third quarter with 1.7348 million shares, accounting for 0.7% of circulating shares [2] - The fund has generated an estimated floating profit of approximately 1.3878 million yuan today and a total floating profit of 4.5278 million yuan during the four-day increase [2] - The fund was established on August 9, 2011, with a latest scale of 1.855 billion yuan, and has achieved a year-to-date return of 2.79%, ranking 4045 out of 8827 in its category, and an annual return of 80.52%, ranking 423 out of 8084 [2]

Core Viewpoint - The report from Zhongtai Securities highlights the rapid development of emerging beverage categories such as sugar-free drinks, tea, and functional beverages, which have led to a significant recovery in equipment demand due to continuous new product launches and capacity expansion by second and third-tier brands [1][2]. Domestic Market - The domestic beverage consumption has undergone significant structural changes, benefiting from the widespread adoption of health-conscious consumption, with emerging categories like sugar-free drinks and functional beverages experiencing rapid growth [2]. - The demand for liquid packaging machinery is driven by the need for line upgrades, with a strong demand for ultra-clean and sterile lines [2]. - The domestic market is expected to see steady growth, with listed companies entering an expansion cycle since 2019, despite intense competition [2]. Overseas Market - Emerging markets have shown overall growth over the past decade, with accelerated growth post-pandemic, particularly in regions like India, Southeast Asia, and Latin America, where consumer spending power is increasing [3]. - Chinese companies are experiencing accelerated export growth due to their significant cost-performance advantages and after-sales service, although their market share remains low, indicating substantial future growth potential [3][4]. - The Asia-Pacific market is witnessing a decline in German companies' deliveries in 2024, while imports from China are on the rise [3]. Industry Outlook - The overall industry is experiencing a positive development trend, with simultaneous increases in revenue scale and profitability due to the resonance of domestic and international market demands [4]. - The global packaging equipment market is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2025 to 2032, while China's packaging machinery industry is expected to grow at an average annual rate of around 8% during the 14th Five-Year Plan period [2]. - Domestic manufacturers have established strong competitive advantages for overseas expansion, including lower costs and faster delivery times compared to Western brands, as well as stable technical service capabilities [4].

Core Viewpoint - The liquid packaging industry is experiencing a positive development trend with simultaneous growth in revenue scale and profitability, driven by structural changes in domestic beverage consumption and the rise of health-conscious products [1][3]. Domestic Market - Significant structural changes in domestic beverage consumption have occurred, with rapid development of sugar-free drinks, tea beverages, and functional drinks, leading to increased demand for equipment [2][3]. - The domestic market is entering an expansion cycle post-2019, with fierce competition expected to continue, resulting in stable growth [2][3]. - The average annual growth rate of China's packaging machinery industry is projected to be around 8% during the 14th Five-Year Plan period, with an average profitability growth rate of 7% for industry players [2]. Overseas Market - Emerging markets have shown overall growth in the past decade, with accelerated growth post-pandemic, particularly in India, Southeast Asia, and Latin America, driven by rising consumer spending [3]. - Chinese companies are benefiting from significant cost advantages and after-sales service, leading to accelerated export growth, despite currently low market share in overseas markets [3][4]. Competitive Advantages of Domestic Manufacturers - Domestic equipment has lower acquisition and long-term maintenance costs compared to brands from Europe, the US, and Japan, with efficient logistics and production timelines that meet the needs of emerging markets [4]. - Domestic enterprises have the capability to provide highly customized products and stable technical services, which are essential for meeting the demands of new markets [4]. - The trend of global investment favoring emerging countries and the upgrading of the food and beverage industry in countries like Vietnam and Indonesia creates ongoing demand for packaging equipment [4]. Recommended Stocks - Companies to watch include Dali Long (002209.SZ), Xin Meixing (300509.SZ), Yongchuang Intelligent (603901.SH), and Zhongya Co., Ltd. (300512.SZ) [4].

Investment Rating - The report does not explicitly state an investment rating for the liquid packaging machinery industry. Core Insights - The liquid packaging machinery is essential for the fast-moving consumer goods sector, particularly in food and beverage, personal care, and condiments. The industry primarily focuses on complete line sales, such as "blow-fill-cap" solutions. In developed markets, the emphasis is on upgrading existing production lines, while developing markets in Asia, Africa, and Latin America are still expanding their production capacity. The economic lifespan of domestic liquid packaging machinery is typically around 10 years [4][10]. Summary by Sections 1. Liquid Packaging Machinery Overview - Liquid packaging machinery is crucial for automating the entire process from bottle manufacturing to filling, capping, labeling, and packaging. The core equipment includes blow molding machines, filling machines, capping machines, and downstream packaging equipment. The industry is characterized by integrated solutions, with developed countries focusing on line upgrades and emerging markets still in the expansion phase [10][4]. 2. Domestic Market - Recent structural changes in domestic beverage consumption, driven by health trends, have led to rapid growth in sugar-free drinks, tea, and functional beverages. This has resulted in a significant recovery in equipment demand, with domestic companies entering an expansion cycle post-2019. The competition in the domestic market is intense, but growth is expected to remain stable [4][21]. 3. Overseas Market Opportunities - Emerging markets have shown consistent growth over the past decade, accelerated post-pandemic. Increased consumer spending in countries like India, Southeast Asia, and Latin America has driven demand for bottled water and sugary beverages. Chinese companies, leveraging cost advantages and service capabilities, are seeing accelerated export growth, with significant potential for market share expansion in these regions [4][21][25]. 4. Advantages of Chinese Liquid Packaging Machinery Exports - Chinese manufacturers have several competitive advantages in overseas markets, including lower purchase and maintenance costs compared to Western brands, efficient logistics to Southeast Asia and South Asia, and the ability to provide customized products and stable technical services. The global trend of investment shifting towards emerging markets further supports the demand for packaging equipment [4][25][30]. 5. Market Size and Growth Projections - The global packaging equipment market is projected to grow at a CAGR of 3.8% from 2024 to 2032, while China's packaging machinery industry is expected to grow at an annual rate of around 8% during the 14th Five-Year Plan period. The average profitability growth rate in the industry is estimated at 7%, with exports potentially reaching $12 billion [4][21]. 6. Market Demand and Supply Analysis - The report estimates that the domestic liquid packaging machinery market size for beverage packaging will reach approximately 169.4 billion yuan in 2024, based on consumption data and production line requirements. The overseas market for liquid packaging machinery is projected to be around 750.9 billion yuan, with significant growth potential in regions like Asia-Pacific and Africa [4][31][35]. 7. Recommended Companies - The report suggests focusing on companies such as Dali Long, New Meixing, Yongchuan Intelligent, and Zhongya Co., which are positioned to benefit from the industry's growth and export opportunities [4][21].

国浩律师（上海）事务所 关于江苏新美星包装机械股份有限公司 2025 年第一次临时股东会的 法律意见书 致：江苏新美星包装机械股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）和中国证券监督管理委员会《上市公司股东 会规则》（以下简称"《股东会规则》"）的规定，国浩律师（上海）事务所接受江 苏新美星包装机械股份有限公司（以下简称"公司"）董事会的聘请，指派律师现场 见证了公司于 2025 年 12 月 15 日 14:30 起在江苏省张家港经济开发区（南区）新 泾东路 518 号公司会议室召开的公司 2025 年第一次临时股东会，并依据有关法律、 法规、规范性文件的规定以及《江苏新美星包装机械股份有限公司章程》（以下 简称"《公司章程》"）的规定，对本次股东会的召集、召开程序、出席人员资格、 大会表决程序等事宜进行了审查，现发表法律意见如下： 国浩律师（上海）事务所 法律意见书 一、股东会的召集、召开程序 公司董事会已于 2025 年 11 月 29 日在中国证监会指定信息披露网站上向公司 股东发出了召开 2025 年第一次临时股东会的会 ...

证券代码：300509 证券简称：新美星 公告编号：2025-040 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： （1）现场会议召开时间：2025 年 12 月 15 日（星期一）下午 14：30 江苏新美星包装机械股份有限公司 （2）网络投票时间：2025 年 12 月 15 日 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 12 月 15 日上 午 9:15－9:25，9:30－11:30，下午 13:00－15:00。 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 12 月 15 日 上午 9:15 至下午 15:00 的任意时间。 2、召开地点：江苏省张家港经济开发区（南区）新泾东路 518 号公司会议 室 3、召开方式：本次股东会采用现场投票和网络投票相结合的方式进行，公 司股东应选择现场投票、网络投票中的一种方式。同 ...

Group 1: Company Overview and Technological Advantages - The company has a strong technological innovation capability, maintaining a leading position in the industry with breakthroughs in high-speed and diversified technology, including the launch of the 108,000 bottles/hour blow-fill-cap machine, which won the "2025 Food and Beverage Industry Technology Innovation Award" [2][3] - The company has developed a comprehensive aseptic technology system, being the first in China to promote wet, dry, and EDS aseptic technologies, with significant milestones including the first domestic aseptic filling machine in 1999 and the launch of the seventh generation aseptic filling technology in 2015 [3][4] - The company has accumulated over 1,500 patent applications and holds more than 800 authorized patents, demonstrating its strong research and development capabilities [4] Group 2: Market Position and Client Relationships - The company's technology and equipment have been successfully applied in over 80 countries and regions, with 3,000 production lines delivered, covering five major sectors: beverages, dairy, alcohol, condiments, and daily chemicals [6] - The company has established deep strategic partnerships with major clients such as Coca-Cola, Pepsi, and Wahaha, receiving multiple awards for outstanding contributions and best cooperation [6] - The company has been recognized as a top 100 patent manufacturing enterprise in Jiangsu for three consecutive years and is classified as a national "specialized, refined, and innovative" small giant enterprise [6] Group 3: Sustainability and Green Manufacturing - The company has implemented green manufacturing practices, including the installation of a photovoltaic system with a capacity of 1,499.9 KW, which can generate an average of 150,000 kWh annually, reducing carbon emissions by approximately 1,500 tons each year [6][7] - The company’s products are designed to be energy-efficient, contributing to resource conservation and supporting the industry's green transformation [7] Group 4: Competitive Strategy and Growth Drivers - The company has transitioned from a single equipment supplier to a provider of comprehensive solutions, offering services from core equipment development to factory planning and lifecycle support [8][10] - Recent profit growth is attributed to innovation-driven strategies, operational efficiency, and a focus on strategic markets, with significant contributions from the continuous upgrade of technology products and lean management practices [10]