NOVEL(SZ:002014) Xin Lang Cai Jing·2025-08-30 10:05Group 1: Event Overview - The investor relations activity conducted by Huangshan Yongxin Co., Ltd. attracted numerous institutions, including 50 participating organizations such as Yinhua Fund and China Universal Asset Management [2][3] - The event took place from August 26 to August 29, 2025, and included formats like conference calls, online meetings, and roadshows [2] Group 2: Business Performance Insights - The gross margin of the color printing business has decreased year-on-year due to product price reductions and changes in product structure, with significant differences in product structure across periods affecting comparability [3] - The company aims to establish its film business as a core segment, with plans for capital expenditures including a new functional film material project with an investment of 180 million yuan, and a multi-functional film project also costing 180 million yuan, expected to be operational by mid-next year [3] - The gross margin for the film business remained stable at 15% in the first half of this year, with expectations for improvement in the future as the company focuses on differentiated, high-value-added products [3] Group 3: Industry Trends - The industry is experiencing a slow consolidation trend driven by policy guidance favoring large enterprises, environmental regulations pressuring smaller firms, and increasing quality demands from downstream customers [3] - The company believes that the packaging industry concentration will rise as orders shift towards larger scale enterprises due to the integration of downstream consumer sectors [3]