Baosteelpackage(SH:601968) Xin Lang Cai Jing·2025-10-30 11:45Core Viewpoint - Baosteel Packaging is a leading player in the high-end metal packaging sector for fast-moving consumer goods in China, focusing on the production of metal beverage cans and printed tin packaging [1] Group 1: Business Performance - For Q3 2025, Baosteel Packaging reported revenue of 6.581 billion yuan, ranking second among seven companies in the industry, with the top company, Orijin, generating 18.346 billion yuan [2] - The main business segments include metal beverage cans, contributing 4.137 billion yuan (96.79% of revenue), and printed tin packaging, contributing 137 million yuan (3.21% of revenue) [2] - The net profit for the same period was 192 million yuan, ranking third in the industry, below the average net profit of 225 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 51.07%, lower than the previous year's 55.52% and below the industry average of 55.10%, indicating improved debt repayment capability [3] - The gross profit margin was 7.43%, down from 8.37% year-on-year and below the industry average of 11.84% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.63% to 32,900, while the average number of circulating A-shares held per shareholder decreased by 4.43% [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which became a new shareholder with 8.3093 million shares [5] Group 4: Management Compensation - The chairman, Cao Qing, received a salary of 1.7743 million yuan in 2024, an increase of 169,800 yuan from 2023 [4] Group 5: Future Outlook - According to Tianfeng Securities, Baosteel Packaging's revenue for Q2 2025 was 2.3 billion yuan, a year-on-year increase of 13%, with a net profit of 45 million yuan, up 20% [5] - The company is focusing on capacity expansion and optimizing its business layout, with ongoing projects in Anhui and Xiamen [5] - Guotou Securities projects that Baosteel Packaging will rank second in domestic two-piece can production in 2024, with expected revenues of 8.494 billion yuan, 9.671 billion yuan, and 10.294 billion yuan for 2025-2027, respectively [6]