| 证券代码：301062 | 证券简称：上海艾录 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：123229 | 债券简称：艾录转债 | | 上海艾录包装股份有限公司 关于 2025 年第三季度可转债转股情况公告 （一）可转债发行情况 经中国证券监督管理委员会《关于同意上海艾录包装股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可﹝2023﹞1928 号）批准，并经 深圳证券交易所同意，上海艾录股份有限公司（以下简称"公司"）于 2023 年 10 月 23 日向不特定对象发行（向社会公开发行）可转换公司债券 5,000,000 张， 每张面值人民币 100 元，募集资金总额为人民币 500,000,000.00 元，扣除不含税 本公司及董事会全体成员保证信息披露内容的真实、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： 5、2025 年第三季度，"艾录转债"因转股减少 0 张（票面金额共计 0 元人 民币），合计转换上海艾录包装股份有限公司（以下简称"公司"）股票 0 股。截 至 2025 年 9 月 30 日，公司剩余可转换公 ...

（文章来源：证券日报） 证券日报网讯上海艾录9月24日在互动平台回答投资者提问时表示，截至2025年9月19日，公司在册股东 （合并融资融券账户）总户数为17198户。 ...

Group 1 - The core point of the article is that Shanghai Ailu announced on September 23 that as of September 19, 2025, the total number of registered shareholders (including margin trading accounts) is 17,198 [2]

Core Insights - The beauty packaging industry is facing significant challenges in 2025, impacting both upstream and downstream companies [1] - Among 12 listed beauty packaging companies, half reported revenue and profit growth, while others experienced declines, highlighting a widening gap between companies [1][10] - The competitive landscape is fragmented, with revenue disparities exceeding 50 times between the largest and smallest companies [1] Revenue Performance - The top tier companies (revenue over 5 billion) include Yutong Technology, Zijiang Enterprise, and Hexing Packaging, with Yutong and Zijiang achieving revenue growth, while Hexing saw a decline of 9.52% [5][10] - The second tier (revenue between 1 billion and 5 billion) companies, including Yongxin Co., Zhongrong Co., and Lihua Technology, all reported revenue growth, with Zhongrong achieving double-digit growth [5][10] - The third tier (revenue between 500 million and 1 billion) companies, such as Shanghai Ailu, Xianggang Technology, and Jiahen Household, also showed revenue increases, with Xianggang achieving a notable growth rate of 43.76% [6][8] - The fourth tier (revenue between 100 million and 500 million) companies, including Longlide, Baixinglong, and Jinsong New Materials, displayed significant revenue differences, with Longlide growing by 20.71% while Baixinglong and Jinsong experienced declines [8][10] Profitability Analysis - Among the 12 companies, only Jinsong New Materials and Jiahen Household reported net losses, while the rest remained profitable [10] - Jinsong's net profit plummeted by 1664%, attributed to declines in both domestic and international sales, alongside rising fixed costs [14][19] - In contrast, Xianggang Technology's net profit surged by 432%, driven by market expansion and operational efficiency improvements [14][15] - Half of the companies experienced a decline in gross profit margins, with Jiahen Household's margin dropping nearly 24 percentage points [3][16] Cost and Margin Challenges - The majority of companies reported gross margins between 10% and 30%, with Baixinglong achieving the highest at 36.5% [16] - Jiahen Household's gross margin decline was primarily due to increased fixed costs and a shift towards lower-margin products [20] - Shanghai Ailu faced similar challenges, with rising raw material costs and stagnant revenue growth leading to a significant drop in net profit [20] Strategic Insights - Companies are increasingly focusing on R&D investments, with most maintaining a sales-to-R&D expense ratio of less than 1, indicating a commitment to innovation [21] - The need for supply chain upgrades is critical as consumer demands evolve, and failure to meet these demands could result in customer loss [28][29] - The industry is experiencing pressure from raw material price fluctuations, competitive pricing, and environmental regulations, necessitating strategic adjustments for survival [29][30] - Long-term success in the packaging industry will favor companies with integrated service capabilities and technological barriers, while those relying on single product lines must adapt to avoid obsolescence [15][31]

中信证券股份有限公司 关于上海艾录包装股份有限公司 2025年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称： 上海艾录（301062） | | --- | --- | | 保荐代表人姓名：赵成豪 | 联系电话：021-20262092 | | 保荐代表人姓名：欧阳颢頔 | 联系电话：021-20262092 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 1次（截至2024年12月31日，公司募集资金已 | | | 全部使用完毕） | | （2）公司 ...

Group 1 - The company Shanghai Ailu stated on September 4 that the performance for the third quarter of 2025 will be disclosed at the appropriate time [2]

Group 1 - The company Shanghai Ailu announced on September 4 that its subsidiary Aina New Energy has gradually achieved partial bulk shipments of polyurethane composite material frames to some customers [2] - The specific progress and performance situation will be disclosed according to the company's information [2]

Group 1 - The company, Shanghai Ailu (301062), confirmed on September 1 that it does not face any delisting risk as per the Shenzhen Stock Exchange's rules for the Growth Enterprise Market [1] - The company also stated that there are no significant risks that should have been disclosed but have not been [1]

Group 1 - The core point of the article highlights that Shanghai Ailu reported a decrease in the number of shareholders, with a total of 17,591 shareholders as of August 31, down by 935 from the previous period, representing a decline of 5.05% [2] - The closing price of Shanghai Ailu was 8.70 yuan, reflecting an increase of 1.99%, although the stock price has cumulatively decreased by 5.33% since the concentration of chips began, with 2 days of increase and 6 days of decrease during this period [2] - The latest margin trading data as of August 29 shows a total margin balance of 248 million yuan, with the financing balance also at 248 million yuan, indicating an increase of 1.76 million yuan, or 0.72%, since the concentration of chips began [2] Group 2 - The company's semi-annual report indicates that it achieved an operating income of 586 million yuan in the first half of the year, representing a year-on-year growth of 2.57%, while the net profit was 2.9154 million yuan, a significant decline of 94.35% year-on-year, with basic earnings per share at 0.0070 yuan and a weighted average return on equity of 0.19% [2]

Core Viewpoint - Shanghai Ailu's 2025 mid-term report shows a slight increase in total revenue but a significant decline in net profit, indicating potential financial distress and challenges in cash flow management [1][2]. Financial Performance Summary - Total revenue for 2025 reached 586 million yuan, a year-on-year increase of 2.57% compared to 572 million yuan in 2024 [1]. - Net profit attributable to shareholders dropped to 2.92 million yuan, a decline of 94.36% from 51.65 million yuan in the previous year [1]. - The gross profit margin decreased to 19.5%, down 22.97% from 25.32% in 2024 [1]. - The net profit margin turned negative at -0.96%, a decrease of 112.63% from 7.63% in 2024 [1]. - Total receivables increased to 286 million yuan, a rise of 4.42% from 274 million yuan in 2024, with receivables accounting for 536.95% of net profit [1][3]. Cash Flow and Debt Analysis - Cash flow from operating activities decreased by 53.32%, attributed to a reduction in cash received from sales [2]. - Cash flow from investing activities increased by 43.94%, due to reduced cash payments for construction and equipment investments [2]. - Cash flow from financing activities surged by 279.11%, driven by increased bank borrowings [2]. - The net increase in cash and cash equivalents rose by 102.31%, reflecting a decrease in cash outflows for investments and increased borrowings [2]. Business Model and Investment Returns - The company's return on invested capital (ROIC) for the previous year was 2.4%, indicating weak capital returns [2][3]. - Historical data shows a median ROIC of 9.93% since the company’s listing, suggesting average investment returns [3]. - The company’s reliance on research and capital expenditure for performance necessitates careful evaluation of the effectiveness of these investments [3]. Recommendations for Monitoring - Attention is advised on the company's cash flow situation, with cash and cash equivalents covering only 40.07% of current liabilities [3]. - Monitoring of the company's debt levels is crucial, as the interest-bearing debt ratio has reached 29.94% [3]. - The high ratio of receivables to profit warrants close scrutiny, given the significant percentage of receivables relative to net profit [3].