合兴包装2025年中报简析：净利润同比增长30.87%，盈利能力上升

Core Viewpoint - The recent financial report of Hexing Packaging (002228) shows a decline in total revenue but an increase in net profit, indicating improved profitability despite lower sales [1] Financial Performance - Total revenue for the first half of 2025 was 5.148 billion yuan, a decrease of 9.52% year-on-year [1] - Net profit attributable to shareholders reached 115 million yuan, an increase of 30.87% year-on-year [1] - Gross margin improved to 13.43%, up 11.73% year-on-year, while net margin increased to 2.19%, up 50.54% year-on-year [1] - Operating cash flow per share decreased to 0.1 yuan, down 67.1% year-on-year [1] Business Model and Strategy - The company's performance relies heavily on research and marketing efforts, necessitating a thorough examination of these driving factors [2] - The company has established a strategic overseas cooperation with Midea, focusing on resource sharing and value co-creation [3] - Three core mechanisms are in place for this cooperation: minimum procurement guarantees, value chain competitiveness enhancement, and risk-sharing collaboration [3] Fund Holdings - The largest fund holding Hexing Packaging is the Guotai Quantitative Strategy Mixed A, with a scale of 160 million yuan and a recent net value increase of 0.57% [3]