Jiamei Packaging(SZ:002969) Tai Mei Ti A P P·2025-12-10 11:01Core Viewpoint - The announcement by Jiamei Packaging regarding the "control change" has confirmed market speculation about a potential ownership change, leading to significant stock price movements and investor optimism [2]. Group 1: Control Change Announcement - Jiamei Packaging's controlling shareholder, China Food Packaging Co., Ltd. (referred to as "Zhongbao Hong Kong"), is planning a control change that may lead to a shift in the actual controller of the company, with stock suspension starting from December 10 for no more than two trading days [2]. - The stock price of Jiamei Packaging experienced a notable increase, with a 7.8% rise on December 9, closing at 4.56 yuan per share, marking a total increase of over 16% in three trading days and nearly 20% in six trading days, reaching a market capitalization of 4.36 billion yuan [2]. Group 2: Shareholder Reduction Activities - Investors have shown optimism regarding the ownership change, likely influenced by the long-standing pattern of frequent share reductions by shareholders, which has created market pressure [3]. - Since its listing, Jiamei Packaging's major shareholders have engaged in a series of significant share reductions, with Zhongbao Hong Kong reducing its holdings from 466 million shares (48.44%) to 44.75%, having sold approximately 38.45 million shares for about 161 million yuan since March 2023 [3]. - Other major shareholders, Fuxin Investment Co., Ltd. and Zhongkai Investment Development Co., Ltd., have also been actively reducing their stakes, with their combined reductions totaling 19.20 million shares from September 2023 to March 2024 [4]. Group 3: Financial Performance and Challenges - Jiamei Packaging's core business, which includes the development, design, production, and sales of food and beverage packaging containers, has faced significant operational challenges, with revenue stagnating around 3 billion yuan since 2021 [5]. - The company reported a revenue of 2.039 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.94%, with the metal packaging segment experiencing an 11% decline in revenue [5]. - Profitability has also been volatile, with net profit dropping to 17.03 million yuan in 2022, rebounding to 183 million yuan in 2024, but falling again to 39.16 million yuan in the first three quarters of 2025, a 47.25% year-on-year decline [6].