嘉美包装(002969) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, while also cautioning investors about risks such as macroeconomic fluctuations, market competition, customer concentration, and gross margin volatility, with no plans for cash dividends, bonus shares, or capital reserve conversions for this half-year period - The company's board of directors, supervisory board, and senior management commit to the truthfulness, accuracy, and completeness of the report content[5] - Forward-looking statements regarding future plans in the report do not constitute substantive commitments, and investors are advised to be aware of investment risks[5] - The company faces risks from macroeconomic fluctuations and cyclical downstream industries, market competition, customer concentration, and gross margin volatility[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Directory of Reference Documents Reference documents for this reporting period include financial statements signed and sealed by the company's负责人, chief accountant, and head of accounting department, original copies of all company documents and announcements publicly disclosed on the CSRC-designated website and newspapers during the reporting period, and the original semi-annual report text signed by the legal representative - Reference documents include signed and sealed financial statements, original copies of publicly disclosed company documents and announcements, and the original report text signed by the legal representative[10][11][12] Definitions This section provides definitions for common terms used in the report, covering major subsidiaries, investment company names, the reporting period, and detailed explanations of core products like tinplate, printed tin, three-piece cans, two-piece cans, easy-open ends, aseptic paper packaging, and BC cans, as well as business areas such as soft drinks - The reporting period refers to January 1, 2025, to June 30, 2025, and the prior year's corresponding period refers to January 1, 2024, to June 30, 2024[13] - Key products include tinplate, printed tin, three-piece cans, two-piece cans, easy-open ends, easy-open cans, aseptic paper packaging, and various new metal cans such as BC cans, ABC cans, TBC cans, and SBC cans[13] - Soft drinks are defined as naturally or artificially prepared beverages with an alcohol content below 0.5% (by mass)[13] Part II Company Profile and Key Financial Indicators Company Basic Information Jiamei Food Packaging (Chuzhou) Co., Ltd., trading as Jiamei Packaging with stock code 002969, is listed on the Shenzhen Stock Exchange, with Chen Min as legal representative and Chen Qiang as board secretary, maintaining unchanged contact and disclosure information at its registered and office address in Chuzhou, Anhui Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jiamei Packaging | | Stock Code | 002969 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Jiamei Food Packaging (Chuzhou) Co., Ltd. | | Legal Representative | Chen Min | | Board Secretary | Chen Qiang | | Securities Affairs Representative | Xu Yanling | | Contact Address | No. 189 Wuhu East Road, Chuzhou, Anhui Province | - The company's registered address, office address, website, email, information disclosure, and archiving locations remained unchanged during the reporting period[18][19] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue decreased by 8.73% to CNY 1.257 billion, net profit attributable to shareholders plummeted by 65.59% to CNY 19.74 million, and non-recurring net profit fell by 71.81%, while net cash flow from operating activities decreased by 43.01%, with total assets and net assets attributable to shareholders slightly declining 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,256,603,455.81 | 1,376,829,613.82 | -8.73% | | Net Profit Attributable to Shareholders | 19,741,563.74 | 57,369,095.05 | -65.59% | | Net Profit Attributable to Shareholders Excluding Non-recurring Items | 16,257,294.52 | 57,674,735.19 | -71.81% | | Net Cash Flow from Operating Activities | 206,154,902.47 | 361,709,070.98 | -43.01% | | Basic Earnings Per Share | 0.0207 | 0.0598 | -65.38% | | Diluted Earnings Per Share | 0.0207 | 0.0598 | -65.38% | | Weighted Average Return on Net Assets | 0.81% | 2.43% | -1.62% | | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 4,359,033,979.55 | 4,489,680,655.19 | -2.91% | | Net Assets Attributable to Shareholders | 2,421,938,942.01 | 2,436,509,032.31 | -0.60% | - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[23][24] Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to CNY 3.4843 million, primarily comprising government grants of CNY 6.0436 million recognized in current profit or loss, non-current asset disposal losses of CNY 0.743 million, and other non-operating income and expenses of CNY 0.6549 million, after deducting an income tax impact of CNY 1.1614 million 2025 Semi-Annual Non-recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -742,992.53 | | Government Grants Recognized in Current Profit or Loss | 6,043,586.93 | | Other Non-operating Income and Expenses Apart from the Above | -654,916.04 | | Less: Income Tax Impact | 1,161,409.14 | | Total | 3,484,269.22 | - The company does not classify non-recurring gains and losses as recurring gains and losses[27] Part III Management Discussion and Analysis Principal Business and Industry Position The company specializes in R&D, design, production, and sales of food and beverage packaging containers, including three-piece cans, two-piece cans, and aseptic paper packaging, along with beverage filling services, holding a leading market share in the metal packaging industry, particularly in three-piece cans, aiming to build a "full-产业链的中国饮料服务平台" (full-产业链的中国饮料服务平台) - China's metal packaging industry is fragmented, with market concentration expected to increase, as domestic leading enterprises become major suppliers due to scale and cost advantages[29] - The soft drink and beer industries have entered a mature phase, leading to slow growth in the metal beverage packaging industry, with three-piece cans primarily used for dairy-based and plant-protein soft drinks[30] - The company holds a leading market share in food and beverage metal cans, with a prominent share in three-piece cans, aiming to become a "full-产业链的中国饮料服务平台" (full-产业链的中国饮料服务 platform)[31] - The company's main products include three-piece cans, two-piece cans, and aseptic paper packaging, offering various beverage filling services to key clients such as Yangyuan Drinks, Wanglaoji, and Yinlu Group[34] - The company operates with a "hierarchical control, centralized procurement, decentralized execution" purchasing model, a "customer-centric" market layout, a "production-to-order" manufacturing model, and a "direct sales" model primarily targeting end customers[36] Core Competitiveness Analysis The company's core strengths lie in its leading filling service capabilities, industry-leading scale, stable customer base, comprehensive business layout, robust quality control, and strong integrated service offerings, providing one-stop packaging and filling solutions while maintaining long-term partnerships with renowned clients and optimizing costs through a "co-location" production model - The company possesses large-scale, multi-regional, and multi-variety beverage filling service capabilities, offering integrated services from formula R&D to packaging materials and filling[38] - The company is one of the largest metal easy-open can manufacturers in China, with production scale and market share ranking among the top in the food and beverage can industry[39] - The company has established stable cooperative relationships with renowned domestic food and beverage brands such as Yangyuan Drinks, Wanglaoji, Yinlu Group, and Dali Group[40] - The company has established production bases in over ten locations including Anhui, Henan, Sichuan, and Fujian, forming a nationwide networked supply structure and adopting a "co-location model" to be closer to customers[41] - The company possesses robust quality control capabilities, covering production process control and product quality testing, strictly adhering to food supply chain safety management principles[42][43] - The company provides one-stop food and beverage packaging container and filling solutions with a comprehensive product line, being one of the few enterprises simultaneously possessing production capabilities for three-piece cans, two-piece cans, aseptic paper packaging, and filling solutions[44][45] Analysis of Principal Business During the reporting period, the company's principal business revenue decreased by 8.73%, with metal packaging revenue down 11.00% and filling revenue down 1.38%, specifically, three-piece can revenue decreased by 19.10% while two-piece can revenue increased by 24.00%, and although revenue in the South China region grew by 68.92%, the Central, North, and Southwest China regions experienced declines, with no significant changes in the company's profit composition or sources Major Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,256,603,455.81 | 1,376,829,613.82 | -8.73% | | | Net Profit Attributable to Shareholders | 19,741,563.74 | 57,369,095.05 | -65.59% | | | Net Cash Flow from Operating Activities | 206,154,902.47 | 361,709,070.98 | -43.01% | Increase in cash paid for goods and services | | Income Tax Expense | 8,063,434.65 | 17,956,080.61 | -55.09% | Due to decrease in total profit | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (CNY) | Proportion of Operating Revenue | Prior Year Period Amount (CNY) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Metal Packaging | 957,543,183.65 | 76.20% | 1,075,888,032.15 | 78.14% | -11.00% | | | Filling | 168,159,278.23 | 13.38% | 170,508,955.80 | 12.38% | -1.38% | | By Product | Three-piece Cans | 706,688,523.25 | 56.24% | 873,582,264.47 | 63.45% | -19.10% | | | Two-piece Cans | 250,854,660.40 | 19.96% | 202,305,767.68 | 14.69% | 24.00% | | By Region | Central China | 284,101,878.71 | 22.61% | 371,796,917.45 | 27.00% | -23.59% | | | East China | 537,141,909.78 | 42.75% | 528,120,954.58 | 38.36% | 1.71% | | | South China | 167,774,007.22 | 13.35% | 99,320,228.45 | 7.21% | 68.92% | - The company's profit composition or sources did not undergo significant changes during the reporting period[48] Analysis of Non-Principal Business During the reporting period, non-principal business activities impacted total profit, with credit impairment losses contributing 22.53% and other income (primarily government grants and awards) contributing 29.23%, while asset impairment and non-operating expenses had negative impacts of -8.08% and 7.35% respectively, noting that these non-principal business items are mostly unsustainable Impact of Non-Principal Business on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Asset Impairment | -2,247,947.08 | -8.08% | Mainly inventory depreciation provision | No | | Non-operating Income | 216,512.59 | 0.78% | Mainly compensation income and others | No | | Non-operating Expenses | 2,043,581.68 | 7.35% | Mainly losses from disposal of non-current assets | No | | Credit Impairment Losses | 6,263,968.08 | 22.53% | Mainly bad debt provision for receivables | No | | Gains on Asset Disposal | 429,160.52 | 1.54% | Mainly gains on disposal of non-current assets | No | | Other Income | 8,127,803.07 | 29.23% | Mainly government grants and awards | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly decreased, with a lower proportion of monetary funds and accounts receivable but an increased share of inventory and construction in progress, while on the liability side, short-term borrowings significantly decreased and contract liabilities increased, with no major changes in asset measurement attributes or significant overseas assets, and CNY 733 million in restricted assets primarily for bank acceptance bill deposits and mortgage guarantees Significant Changes in Asset Composition | Item | Amount at End of Current Period (CNY) | Proportion of Total Assets | Amount at Prior Year-End (CNY) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 454,025,298.98 | 10.42% | 513,134,336.76 | 11.43% | -1.01% | | Accounts Receivable | 366,497,360.29 | 8.41% | 516,360,273.54 | 11.50% | -3.09% | | Inventories | 448,950,196.06 | 10.30% | 418,219,066.47 | 9.32% | 0.98% | | Fixed Assets | 2,097,149,978.48 | 48.11% | 2,162,384,571.23 | 48.16% | -0.05% | | Construction in Progress | 186,920,669.24 | 4.29% | 136,705,743.55 | 3.04% | 1.25% | | Short-term Borrowings | 72,164,372.37 | 1.66% | 221,385,793.42 | 4.93% | -3.27% | | Contract Liabilities | 21,370,414.54 | 0.49% | 17,063,981.78 | 0.38% | 0.11% | - The company had no major overseas assets during the reporting period, and the measurement attributes of its principal assets did not undergo significant changes[57][59] Restricted Asset Rights as of the End of the Reporting Period | Item | Amount at Period-End (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 253,936,535.82 | Bank acceptance bill deposits, letter of credit deposits, etc. | | Fixed Assets | 379,758,910.51 | Mortgage guarantee | | Intangible Assets | 99,107,261.74 | Mortgage guarantee | | Total | 732,802,708.07 | | Analysis of Investment Status During the reporting period, the company's investment amounted to CNY 25 million, an 84.66% increase year-on-year, with no significant equity investments, non-equity investments, securities investments, derivative investments, or use of raised funds Investment Amount Changes | Indicator | Investment Amount in Current Period (CNY) | Investment Amount in Prior Year Period (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 25,000,000.00 | 3,835,420.76 | 84.66% | - During the reporting period, the company had no significant equity investments, non-equity investments, securities investments, derivative investments, or use of raised funds[61][62][63][64] Analysis of Major Holding and Participating Companies The company's major subsidiaries, including Jianyang Jiamei Printed Iron Can Co., Ltd., Linying Jiamei Printed Iron Can Co., Ltd., and Guangxi Beihai Jinmeng Can Manufacturing Co., Ltd., significantly contributed to net profit through their can manufacturing businesses, with no acquisitions or disposals of subsidiaries during the reporting period Major Subsidiary Financial Data | Company Name | Company Type | Principal Business | Registered Capital | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jianyang Jiamei Printed Iron Can Co., Ltd. | Subsidiary | Can Manufacturing | CNY 180 million | 304,307,593.94 | 183,447,593.98 | 173,201,371.79 | 27,202,895.32 | 20,331,540.08 | | Linying Jiamei Printed Iron Can Co., Ltd. | Subsidiary | Can Manufacturing | CNY 62.58 million | 276,046,285.50 | 217,981,555.39 | 111,925,551.13 | 13,924,256.80 | 10,375,519.82 | | Guangxi Beihai Jinmeng Can Manufacturing Co., Ltd. | Subsidiary | Can Manufacturing | CNY 180 million | 359,422,076.34 | 200,143,990.87 | 168,614,425.86 | 8,988,734.09 | 6,684,090.56 | - During the reporting period, the company neither acquired nor disposed of any subsidiaries[67] Risks and Countermeasures The company faces risks from macroeconomic fluctuations, intensifying market competition, high customer concentration, and gross margin volatility, which it addresses by consolidating existing clients, developing potential ones, strengthening R&D and innovation, improving talent and compensation systems, and expanding capital market financing channels, having significantly reduced reliance on its largest customer and actively pursuing new markets and business models to achieve its "full-产业链的中国饮料服务平台" (full-产业链的中国饮料服务 platform) strategic goal - The company faces risks from macroeconomic fluctuations and cyclical downstream industries, market competition, customer concentration, and gross margin volatility[68][69][70][71][72] - The company employs marketing strategies of "deep engagement with corporate clients and providing professional services" to consolidate existing customer bases, develop potential ones, and closely follow the regional expansion plans of existing major brand clients[73] - The company actively expands into new markets, such as exporting three-piece tinplate beer cans and two-piece aluminum cans to Vietnam, and promotes OEM, ODM, OBM, and OCM collaborations to build a "full-产业链的中国饮料服务平台" (full-产业链的中国饮料服务 platform)[74] - In the first half of 2025, despite a decline in performance, the company's business and customer structure adjustments yielded significant results, with a notable reduction in the proportion of its largest customer and the risk of over-reliance on a single major client[74][75] - The company will increase R&D investment and talent acquisition, optimize process conditions, accelerate industrial production R&D for new packaging container applicability, and continuously improve its talent development and compensation assessment system[76][77] - The company will, based on business development plans and project construction, timely utilize direct and indirect financing methods to raise funds and supplement its development capital[78] Part IV Corporate Governance, Environment, and Social Responsibility Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[81] Profit Distribution and Capital Reserve Conversion to Share Capital The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[82] Implementation of Equity Incentive Plan The company continued to implement its 2020 Restricted Stock Incentive Plan, completing the repurchase and cancellation of 3.59 million restricted shares held by 199 incentive recipients due to unmet company performance targets and the departure of some recipients, with no employee stock ownership plans or other employee incentive measures implemented during the reporting period - On February 13, 2025, the company completed the repurchase and cancellation of 3,590,000 restricted shares held by 199 incentive recipients that had been granted but not yet unlocked[86] - The repurchase and cancellation were due to the incentive plan not meeting the company-level performance targets for the third unlocking period of both the initial and reserved grants, and some incentive recipients no longer qualifying due to resignation[86] - The company did not implement any employee stock ownership plans or other employee incentive measures during the reporting period[87] Environmental Information Disclosure The company and its five major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with corresponding environmental information disclosure report query indexes provided - The listed company and its 5 major subsidiaries are included in the list of enterprises required to disclose environmental information by law[87] Enterprises Included in the List of Legally Required Environmental Information Disclosure | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Jiamei Food Packaging (Chuzhou) Co., Ltd. | https://39.145.37.16:8081/zhhb/yfplpub_html//companyList | | 2 | Linying Jiamei Printed Iron Can Co., Ltd. | http://222.143.24.250:8247/enpList/enpNameList | | 3 | Henan Huaguan Yangyuan Beverage Co., Ltd. | http://222.143.24.250:8247/enpList/enpNameList | | 4 | Chuzhou Huaguan Beverage Co., Ltd. | https://39.145.37.16:8081/zhhb/yfplpub_html//companyList | | 5 | Jianyang Jiamei Printed Iron Can Co., Ltd. | https://103.203.219.138:8082/eps/list | Social Responsibility During the reporting period, the company had no other social responsibility matters requiring disclosure - The company had no social responsibility matters requiring disclosure during the reporting period[88] Part V Significant Matters Fulfillment of Commitments During the reporting period, there were no commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue and unfulfilled as of the end of the reporting period - During the reporting period, there were no commitments by the company's actual controllers, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue and unfulfilled as of the end of the reporting period[90] Related Party Fund Occupation During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[91] Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[92] Appointment of Accounting Firm The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[93] Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters, with other lawsuits as plaintiff totaling CNY 9.6783 million (some ongoing, some concluded with no major impact) and as defendant totaling CNY 1.1533 million (some ongoing, some fulfilled with no major impact) - The company had no significant litigation or arbitration matters during this reporting period[95] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Other lawsuits where the company and its subsidiaries are plaintiffs, not meeting the disclosure threshold for significant litigation (arbitration) | 967.83 | No | Partially under trial; partially judgment effective | No significant impact | Partially not judged, partially executed, some defendants in bankruptcy proceedings | | Other lawsuits where the company and its subsidiaries are defendants, not meeting the disclosure threshold for significant litigation (arbitration) | 115.33 | No | Partially under trial; partially judgment effective | No significant impact | Partially not judged, partially fulfilled | Penalties and Rectifications During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[97] Significant Related Party Transactions During the reporting period, the company did not engage in related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, nor did it conduct deposit, loan, credit, or other financial business with affiliated financial companies - During the reporting period, the company did not engage in related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships[98][99][100][101] - There were no deposit, loan, credit, or other financial business transactions between the company and affiliated financial companies or related parties[102][103] - The company had no other significant related party transactions during the reporting period[104] Significant Contracts and Their Performance During the reporting period, the company had no entrustment, contracting, leasing, entrusted wealth management, or other significant contracts, but it did have significant guarantees for subsidiaries, with approved guarantee quotas totaling CNY 365 million and actual guarantees totaling CNY 360 million at period-end, representing 17.61% of net assets - The company had no entrustment, contracting, or leasing matters during the reporting period[105] Company Guarantees for Subsidiaries | Name of Guaranteed Party | Disclosure Date of Guarantee Quota Announcement | Guarantee Quota (CNY 10,000) | Actual Occurrence Date | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Whether Fulfilled | Whether Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Guanguai Metal Packaging Co., Ltd. | February 18, 2025 | 3,000 | March 11, 2025 | 3,000 | Joint and several liability guarantee for principal debt | No | No | | Guangxi Beihai Jinmeng Can Manufacturing Co., Ltd. | April 26, 2025 | 10,000 | February 17, 2025 | 10,000 | Joint and several liability guarantee for principal debt | No | No | | Total approved guarantee quota for subsidiaries during the reporting period (B1) | | 36,500 | | | | | | | Total actual guarantee amount for subsidiaries during the reporting period (B2) | | 36,000 | | | | | | | Total approved guarantee quota for subsidiaries at the end of the reporting period (B3) | | 36,500 | | | | | | | Total actual guarantee balance for subsidiaries at the end of the reporting period (B4) | | 36,000 | | | | | | - The company's total guarantee amount (i.e., A4+B4+C4) accounts for 17.61% of its net assets[110] - The company had no entrusted wealth management or other significant contracts during the reporting period[111][112] Part VI Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital decreased from 959,041,290 shares to 955,451,290 shares, primarily due to the repurchase and cancellation of 3.59 million restricted shares because the equity incentive plan did not meet performance targets and some incentive recipients resigned, while the company also cumulatively repurchased 7.081 million shares through centralized bidding for convertible bond conversion Share Changes | Type of Change | Number of Shares Before Change | Proportion Before Change | Increase/Decrease in This Change (+, -) | Number of Shares After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 9,265,466 | 0.96% | -3,590,000 | 5,675,466 | 0.59% | | II. Unrestricted Shares | 949,775,824 | 99.03% | 0 | 949,775,824 | 99.41% | | III. Total Shares | 959,041,290 | 100.00% | -3,590,000 | 955,451,290 | 100.00% | - The main reason for the share change was the company's repurchase and cancellation of 3,590,000 restricted shares due to the equity incentive plan not meeting performance targets and the departure of some incentive recipients[118] - The company completed the repurchase and cancellation procedures for 3,590,000 restricted shares on February 13, 2025[120] - As of the end of the reporting period, the company had cumulatively repurchased 7,081,000 shares through centralized bidding, accounting for 0.74% of the total share capital, with a transaction amount of CNY 23,604,349, intended for convertible bond conversion[121][123] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period-Beginning (shares) | Restricted Shares Unlocked in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at Period-End (shares) | Reason for Restriction | Unlock Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 Restricted Stock Incentive Recipients | 3,590,000 | -3,590,000 | 0 | 0 | Equity incentive restricted shares | Repurchase and cancellation completed on February 13, 2025 | Shareholder Numbers and Shareholding At the end of the reporting period, the company had 30,287 common shareholders, with China Food Packaging Co., Ltd. as the largest shareholder holding 44.75%, and Fuxin Investment Co., Ltd. holding 10.71%, both belonging to China Orient Asset Management Co., Ltd., while the company's dedicated share repurchase account held 7.081 million shares, representing 0.74% of the total share capital - The total number of common shareholders at the end of the reporting period was 30,287[127] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Change in Shares During Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Food Packaging Co., Ltd. | Overseas Legal Person | 44.75% | 427,547,807 | 0 | 427,547,807 | | Fuxin Investment Co., Ltd. | Overseas Legal Person | 10.71% | 102,323,593 | -6,603,000 | 102,323,593 | | Zhongkai Investment Development Co., Ltd. | Overseas Legal Person | 2.44% | 23,279,120 | -2,880,239 | 23,279,120 | | Jiamei Food Packaging (Chuzhou) Co., Ltd. Repurchase Special Securities Account | Other | 0.74% | 7,081,000 | 7,081,000 | 7,081,000 | - Fuxin Investment Co., Ltd. and Zhongkai Investment Development Co., Ltd. both belong to China Orient Asset Management Co., Ltd.[128] - The company's top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[129] Changes in Holdings of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[130] Changes in Controlling Shareholder and Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[131] - The company's actual controller did not change during the reporting period[131] Part VII Bond-Related Information Convertible Corporate Bonds On August 9, 2021, the company publicly issued CNY 750 million in convertible corporate bonds (Jiamei Convertible Bonds) with a 6-year term, and as of the end of the reporting period, there were 9,834 bondholders with no guarantors, with the convertible bonds decreasing by CNY 2,000 due to put options during the period, and a cumulative conversion of 44,055 shares at a price of CNY 4.57 per share after multiple adjustments, while the company's main credit rating is AA with a negative outlook - On August 9, 2021, the company publicly issued CNY 750 million in convertible corporate bonds, abbreviated as "Jiamei Convertible Bonds," with a 6-year term[137] Convertible Bond Basic Information | Indicator | Content | | :--- | :--- | | Name of Convertible Corporate Bonds | Jiamei Food Packaging (Chuzhou) Co., Ltd. 2021 Publicly Issued Convertible Corporate Bonds | | Number of Convertible Bondholders at Period-End | 9,834 | | Guarantor of the Company's Convertible Bonds | None | | Significant Changes in Guarantor's Profitability, Asset Status, and Credit Status | Not Applicable | Convertible Bond Changes During Reporting Period | Name of Convertible Corporate Bonds | Before This Change (CNY) | Increase/Decrease in This Change (CNY) | After This Change (CNY) | | :--- | :--- | :--- | :--- | | Jiamei Food Packaging (Chuzhou) Co., Ltd. 2021 Publicly Issued Convertible Corporate Bonds | 749,778,900.00 | -2,000.00 (Put Option) | 749,776,900.00 | - As of June 30, 2025, convertible corporate bonds cumulatively converted into 44,055 shares, with 0 shares converted in the current period; a total of 91 convertible bonds were put back, with 20 put back in the current period[143][146] - Jiamei Packaging's corporate credit rating is AA, Jiamei Convertible Bonds' credit rating is AA, and the rating outlook is negative[148] Key Accounting Data and Financial Indicators for the Past Two Years At the end of the reporting period, the company's current ratio and asset-liability ratio improved, while the quick ratio slightly decreased, with net profit excluding non-recurring items plummeting by 71.81% year-on-year, and significant declines in EBITDA to total debt ratio, interest coverage ratio, and cash interest coverage ratio, though loan repayment rate and interest payment rate remained at 100% Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Period | End of Prior Year | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Current Ratio | 1.50 | 1.42 | 5.63% | | Asset-Liability Ratio | 44.44% | 45.73% | -1.29% | | Quick Ratio | 1.07 | 1.08 | -0.93% | | Item | Current Period | Prior Year Period | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Net Profit Excluding Non-recurring Items | CNY 16.2573 million | CNY 57.6747 million | -71.81% | | EBITDA to Total Debt Ratio | 11.84% | 16.58% | -4.74% | | Interest Coverage Ratio | 2.04 | 3.85 | -47.01% | | Cash Interest Coverage Ratio | 84.76 | 142.30 | -40.44% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Part VIII Financial Report Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[152] Financial Statements This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flows at the end of the reporting period, with all unaudited data presented in Chinese Yuan - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[153][157][161][165][169][171][174][180] - The financial statements are unaudited, and the unit for statements in the financial notes is yuan[152][153] Company Profile Jiamei Food Packaging (Chuzhou) Co., Ltd., listed on the Shenzhen Stock Exchange on December 2, 2019, with its headquarters in Chuzhou, Anhui, primarily engages in the R&D, design, production, and sales of food and beverage packaging containers and provides beverage filling services, operating within the metal products industry, with these financial statements approved by the board of directors on August 27, 2025 - Jiamei Food Packaging (Chuzhou) Co., Ltd. was listed on the Shenzhen Stock Exchange on December 2, 2019[186] - The company's principal business is the R&D, design, production, and sales of food and beverage packaging containers, and providing beverage filling services, belonging to the metal products industry[187] - These financial statements were approved for issuance by the company's board of directors on August 27, 2025[187] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, in accordance with the accounting standards issued by the Ministry of Finance, with the board of directors confident in the company's sufficient operating funds to continue operations for at least 12 months from the approval date of these financial statements - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with the "Basic Standards for Business Accounting Standards" and specific accounting standards, application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[188] - The board of directors believes the company has sufficient working capital and will be able to continue operations for a foreseeable period of not less than 12 months from the approval date of these financial statements[189] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates for financial statement preparation, covering areas such as financial instruments, receivables, inventory, fixed assets, revenue recognition, and government grants, with accounting policy changes made in accordance with Interpretations No. 17 and No. 18 of the Enterprise Accounting Standards, which did not materially impact financial position or operating results - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, and cash flows[191] - The company made accounting policy changes in accordance with Interpretations No. 17 and No. 18 of the Enterprise Accounting Standards, but these did not have a significant impact on the company's financial position and operating results[309][310][311][312] - The company has established specific accounting policies and estimates for transactions and matters such as revenue recognition, financial instruments, and bad debt provisions for receivables[190] Financial Instruments The company classifies financial assets into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, with detailed initial and subsequent measurement methods, while financial liabilities are classified as at fair value through profit or loss or other financial liabilities, and the company defines recognition criteria for financial asset transfers, offsetting principles for financial assets and liabilities, and impairment provision methods for financial instruments primarily based on the expected credit loss model - The company classifies financial assets into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[211] - Financial liabilities are classified at initial recognition as financial liabilities measured at fair value through profit or loss or other financial liabilities[219] - The company recognizes impairment provisions for financial assets measured at amortized cost and debt instrument investments measured at fair value through other comprehensive income, based on expected credit losses[226] Notes Receivable and Other Receivables The company's receivables primarily include notes receivable, accounts receivable, financing for receivables, other receivables, contract assets, debt investments, other debt investments, and long-term receivables, with loss provisions for sales-related receivables measured at the amount of expected credit losses over their entire lifetime, while other receivables are categorized into three stages based on significant increases in credit risk and assessed in different portfolios based on common risk characteristics - The company's receivables primarily include notes receivable, accounts receivable, financing for receivables, other receivables, contract assets, debt investments, other debt investments, and long-term receivables[228] - For receivables arising from the sale of products or provision of services, the company measures loss provisions at the amount of expected credit losses over their entire lifetime[229] Provision Rate for Receivables (by Aging) | Aging | Provision Rate for Accounts Receivable (%) | Provision Rate for Other Receivables (%) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 5 | 5 | | 1-2 years | 30 | 30 | | 2-3 years | 50 | 50 | | Over 3 years | 100 | 100 | Revenue Recognition and Measurement The company recognizes revenue when it satisfies a performance obligation, meaning the customer obtains control of the related goods or services, with domestic sales recognized upon customer receipt and foreign sales upon product customs clearance and departure, while processing (filling) revenue is recognized based on the quantity of finished goods confirmed by the customer upon warehousing, and the company adjusts transaction prices based on variable consideration and consideration payable to customers, also determining whether it is a principal or an agent - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[288] - Sales revenue: domestic sales are recognized upon customer receipt, while export sales are recognized when the product completes customs clearance and departs offshore[290] - Processing (filling) revenue: after processing is complete, revenue is recognized based on the quantity of finished goods confirmed by the customer upon warehousing for settlement[291] Significant Accounting Policy and Estimate Changes The company changed its accounting policies in accordance with Interpretations No. 17 and No. 18 of the Enterprise Accounting Standards, with Interpretation No. 17 addressing the classification of current and non-current liabilities, disclosure of supplier financing arrangements, and accounting for sale-and-leaseback transactions, and Interpretation No. 18 addressing the accounting for provisions arising from guarantee-type quality assurances, with these changes having no significant impact on the company's financial position or operating results, and no significant accounting estimate changes or adjustments for first-time adoption of new accounting standards during the reporting period - The company changed its accounting policies in accordance with Interpretations No. 17 and No. 18 of the Enterprise Accounting Standards[309][311] - Interpretation No. 17 specifies the classification of current and non-current liabilities, disclosure of supplier financing arrangements, and accounting treatment for sale-and-leaseback transactions[309] - Interpretation No. 18 stipulates that provisions arising from guarantee-type quality assurances not constituting a single performance obligation should be recognized in "cost of principal business" and "cost of other businesses"[311] - The aforementioned accounting policy changes did not have a significant impact on the company's financial position and operating results[310][312] Taxation The company's main taxes include Value-Added Tax (rates of 13%, 9%, 6%, collection rate of 5%), Urban Maintenance and Construction Tax (rates of 5%, 7%), Enterprise Income Tax (parent company 25%, subsidiaries 25% or small and micro enterprise rates), and Education Surcharge (rate of 5%), with some subsidiaries qualifying for preferential tax treatment for small and micro enterprises and a 10% tax credit for investment in special equipment Major Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sale of goods or provision of taxable services; rental service income | 13%, 9%, 6%, Collection Rate: 5% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5%, 7% | | Enterprise Income Tax | Taxable income | Parent company applies 25%; subsidiaries apply 25% or small and micro enterprise tax rate | | Education Surcharge | Amount of turnover tax payable | 5% | - Subsidiaries Jiamei (Chuzhou) E-commerce Co., Ltd. and Linying Jiayin Food Co., Ltd. qualify for preferential tax treatment for small and micro enterprises[315] - Enterprises that purchase and actually use special equipment meeting environmental protection, energy and water saving, and safety production requirements can offset 10% of the investment amount against their taxable income[315] Notes to Consolidated Financial Statement Items This section provides detailed notes on various consolidated financial statement items, including monetary funds, receivables, inventories, fixed assets, short-term borrowings, and convertible bonds, offering insights into their balances, changes, and underlying reasons, as well as revenue, costs, and profit components - The period-end balance of monetary funds was CNY 454 million, of which CNY 254 million was restricted, primarily for bank acceptance bill deposits and letter of credit deposits[316][318] - The period-end balance of accounts receivable was CNY 366 million, a 29.03% decrease from the beginning of the period, with major customers including Uni-President Enterprises, Wanglaoji, and T.C. Pharmaceutical (Red Bull)[321][329] - The period-end balance of receivables financing was CNY 257 million, primarily bank acceptance bills, with CNY 72.5939 million endorsed or discounted and not yet due in the current period[331][338] - The period-end book value of inventories was CNY 449 million, including an inventory depreciation provision of CNY 5.8258 million for semi-finished and finished goods[361][363] - The period-end book value of fixed assets was CNY 2.097 billion, a slight decrease from the beginning of the period, with CNY 114 million in property ownership certificates for buildings currently being processed[385][390][394] - The period-end balance of construction in progress was CNY 187 million, primarily for equipment installation and building projects[397][399] - The company's total restricted assets at period-end amounted to CNY 733 million, mainly comprising pledged or mortgaged monetary funds, fixed assets, and intangible assets[426][428] - The period-end balance of short-term borrowings was CNY 72.1644 million, a significant 67.49% decrease from the beginning of the period, primarily consisting of credit loans and guaranteed loans[436] - The period-end balance of bonds payable was CNY 756 million, mainly Jiamei Convertible Bonds, which decreased by CNY 2,000 in the current period due to put options[472][474] - During the reporting period, operating revenue was CNY 1.257 billion, operating cost was CNY 1.111 billion, net profit was CNY 19.7416 million, and income tax expense was CNY 8.0634 million[499][530] R&D Expenses During the reporting period, the company's total R&D expenses amounted to CNY 4.1122 million, all expensed, primarily comprising employee compensation, depreciation and amortization, material consumption, and other inputs, with no R&D projects meeting capitalization criteria or significant externally acquired R&D projects R&D Expenditure Details | Item | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 2,379,832.23 | 2,179,294.93 | | Depreciation and Amortization | 1,290,973.70 | 1,765,590.74 | | Material Consumption | 122,402.14 | 162,803.19 | | Other | 318,944.07 | 338,900.04 | | Total | 4,112,152.14 | 4,446,588.90 | | Of which: Expensed R&D Expenditure | 4,112,152.14 | 4,446,588.90 | - The company has no R&D projects meeting capitalization criteria or significant externally acquired R&D projects[560][561] Changes in Consolidation Scope During the reporting period, there were no business combinations under non-common control, business combinations under common control, disposal of subsidiaries, or loss of control, nor any other changes in the scope of consolidation - No business combinations under non-common control, business combinations under common control, transactions or events involving loss of control over subsidiaries, or other changes in the scope of consolidation occurred in the current period[562][563][564] Interests in Other Entities The company owns multiple wholly-owned subsidiaries primarily engaged in the production and sales of metal containers and packaging materials, as well as beverage filling services, with registered capital ranging from CNY 0.5 million to CNY 615 million, and during the reporting period, there were no transactions involving changes in ownership interests in subsidiaries while still retaining control, nor any interests in joint ventures, associates, or unconsolidated structured entities - The company owns multiple wholly-owned subsidiaries, including Fujian Mingguan Packaging Materials Co., Ltd., Hengshui Jiamei Printed Iron Can Co., Ltd., and Jianyang Jiamei Printed Iron Can Co., Ltd.[566][567] - The principal businesses of the subsidiaries include the production and sales of metal containers, easy-open cans and related products, packaging materials, and beverage filling services[566][567] - The company has no significant non-wholly-owned subsidiaries, nor did any transactions occur where ownership interests in subsidiaries changed while still retaining control[568][569] - The company has no interests in joint ventures, associates, or unconsolidated structured entities[570][571] Government Grants During the reporting period, the company's government grant-related liability item was deferred income, with an opening balance of CNY 41.2183 million, new grants of CNY 9.072 million, CNY 2.0728 million transferred to other income, and a closing balance of CNY 48.2174 million, primarily asset-related, while total government grants recognized in current profit or loss amounted to CNY 8.1757 million, comprising CNY 2.0728 million asset-related and CNY 6.1029 million income-related Liability Items Involving Government Grants | Account Title | Opening Balance (CNY) | New Grants in Current Period (CNY) | Amount Recognized in Non-operating Income in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Other Changes in Current Period (CNY) | Closing Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 41,218,266.22 | 9,072,000.00 | | 2,072,834.88 | | 48,217,431.34 | Asset-related | Government Grants Recognized in Current Profit or Loss | Account Title | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Asset-related | 2,072,834.88 | 1,756,172.63 | | Income-related | 6,102,850.19 | 3,314,713.25 | | Total | 8,175,685.07 | 5,070,885.88 | Financial Instrument Related Risks The company faces market risks (foreign exchange risk, interest rate risk), credit risk, and liquidity risk, with foreign exchange risk from USD-denominated financial instruments deemed not significant by management, and interest rate risk from fixed-rate and floating-rate short-term borrowings having a limited impact on net profit, while credit risk is mitigated through credit limits, approvals, and bad debt provisions, and management considers liquidity risk low, maintaining sufficient cash and cash equivalents, having derecognized CNY 185 million in receivables financing due to endorsement and discounting during the reporting period - The company's foreign exchange risk primarily relates to its USD-denominated financial instruments, but management considers the foreign exchange risk not significant[577] - Interest rate risk primarily arises from fixed-rate short-term or long-term borrowings and floating-rate short-term borrowings, and management considers the fair interest rate risk not significant[579][580] - A 50 basis point increase/decrease in interest rates would decrease/increase the company's net profit by CNY 0.0465 million for January-June 2025[581] - The company mitigates credit risk by controlling credit limits, credit approvals, and making adequate bad debt provisions[583][584] - Management believes the company's liquidity risk is low and maintains sufficient cash and cash equivalents[587] - During the reporting period, the company derecognized CNY 184,981,604.75 in receivables financing due to endorsement and discounting[591][592] Fair Value Disclosure At the end of the reporting period, the company's total assets measured at fair value on a recurring basis amounted to CNY 326 million, primarily comprising CNY 257 million in receivables financing (Level 2 measurement) and CNY 69.8741 million in other non-current financial assets (Level 3 measurement), with receivables financing valued at face amount due to short remaining maturity, and other non-current financial assets (wealth management products and unlisted equity) estimated at expected yield or investment cost, with no transfers between fair value hierarchy levels or changes in valuation techniques during the period Fair Value of Assets and Liabilities Measured at Period-End | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | | 256,559,851.00 | | 256,559,851.00 | | Other Non-current Financial Assets | | | 69,874,100.00 | 69,874,100.00 | | Total Assets Measured at Fair Value on a Recurring Basis | | 256,559,851.00 | 69,874,100.00 | 326,433,951.00 | - Receivables financing is valued at its face amount as fair value due to its short remaining maturity, making its book value approximate its fair value[597] - Level 3 fair value measured financial assets include wealth management products and unlisted equity held by the company, with fair value estimated based on expected yield or