证券代码：920075 证券简称：柏星龙 公告编号：2026-002 深圳市柏星龙创意包装股份有限公司 一、授权现金管理情况 深圳市柏星龙创意包装股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第五届董事会第十三次会议，审议通过了《使用闲置募集资金购买理 财产品》的议案，对闲置募集资金现金管理进行授权，具体情况如下： 公司自 2025 年 4 月 24 日起 12 个月内，拟使用不超过人民币 1,800.00 万元 闲置募集资金现金管理，在前述额度范围内可以循环滚动使用。使用闲置募集资 金现金管理的品种满足安全性高、风险性小、流动性高等相关要求，且现金管理 所购的产品不得抵押，不用作其他用途，不影响募集资金投资计划正常进行。如 单笔产品存续期超过前述有效期，则决议的有效期自动顺延至该笔交易期满之 日。具体内容详见公司于 2025 年 4 月 25 日在北京证券交易所官方信息披露平台 (www.bse.cn)披露的《使用闲置募集资金购买理财产品的公告》（公告编号： 2025-034）。 截至本公告发出之日，公司以闲置资金现金管理合计未到期余额为人民币 9,300.00 万元（其中以闲置募集 ...

证券代码：920075 证券简称：柏星龙 公告编号：2026-001 深圳市柏星龙创意包装股份有限公司 关于使用闲置自有资金现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、授权现金管理情况 深圳市柏星龙创意包装股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第五届董事会第十三次会议，审议通过了《使用闲置自有资金购买理 财产品》的议案，对闲置自有资金现金管理进行授权，具体情况如下： 公司自 2025 年 4 月 24 日起 12 个月内，拟使用不超过人民币 20,000.00 万 元闲置自有资金现金管理，在前述额度范围内可以循环滚动使用。使用闲置自 有资金的品种满足安全性高、风险性小、流动性高等相关要求。如单笔产品存 续期超过前述有效期，则决议的有效期自动顺延至该笔交易期满之日。具体内 容详见公司于 2025 年 4 月 25 日在北京证券交易所官方信息披露平台 (www.bse.cn)披露的《使用闲置自有资金购买理财产品的公告》（公告编号： 2025-033 ...

Market Performance - The packaging and printing sector increased by 2.21% on January 12, with Baixinglong leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Individual Stock Performance - Baixinglong (code: 920075) closed at 31.72, up 12.01% with a trading volume of 65,000 shares and a transaction value of 198 million yuan [1] - Jiamei Packaging (code: 002969) closed at 16.58, up 10.02% with a trading volume of 43,100 shares and a transaction value of 71.38 million yuan [1] - Jingjia Co. (code: 002191) closed at 4.68, up 8.84% with a trading volume of 1,063,300 shares [1] - Other notable stocks include Hexing Packaging (code: 002228) up 5.47%, Zhuhai Zhongfu (code: 000659) up 5.46%, and Wangzi New Materials (code: 002735) up 4.82% [1] Capital Flow Analysis - The packaging and printing sector experienced a net outflow of 895 million yuan from institutional investors, while retail investors saw a net inflow of 644 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Jingjia Co. (code: 002191) had a net inflow of 69.04 million yuan from institutional investors, but a net outflow from retail investors of 57.78 million yuan [3] - Hexing Packaging (code: 002228) saw a net inflow of 39.77 million yuan from institutional investors, with retail investors experiencing a net outflow of 42.49 million yuan [3] - Jiamei Packaging (code: 002969) had a net inflow of 22.63 million yuan from institutional investors, while retail investors faced a net outflow of 14.32 million yuan [3]

Group 1 - The AI application market in China is projected to grow from CNY 282 billion in 2021 to CNY 639 billion in 2024, with a compound annual growth rate (CAGR) of 31.35%, and is expected to reach CNY 1,148 billion by 2026 [3][38][39] - The number of AI companies listed on the Beijing Stock Exchange (BSE) is 28, covering various segments of the AI industry [57] - The AI application industry is segmented into upstream, midstream, and downstream, with upstream providing computing power infrastructure and data services, midstream developing solutions for various fields, and downstream targeting sectors like internet, finance, education, healthcare, and industry [35][38] Group 2 - The electronic equipment industry on the BSE has seen a median price-to-earnings (P/E) ratio increase from 54.6X to 59.7X, with a median market capitalization rise from CNY 2.35 billion to CNY 2.48 billion [3][25] - The mechanical equipment industry on the BSE has experienced a median P/E ratio increase from 41.1X to 43.6X, with a median market capitalization increase from CNY 2.17 billion to CNY 2.29 billion [3][29] - The information technology industry on the BSE has seen a median P/E ratio increase from 66.7X to 72.9X, with a median market capitalization rise from CNY 2.32 billion to CNY 2.53 billion [3][33] Group 3 - The automotive industry on the BSE has maintained a median P/E ratio of 31.9X, with a median market capitalization increase from CNY 2.07 billion to CNY 2.09 billion [3][37] - The new energy industry on the BSE has seen a median P/E ratio increase from 33.2X to 34.5X, with a median market capitalization rise from CNY 2.22 billion to CNY 2.34 billion [3][41] - The report highlights several companies in the AI+ industry chain, including those providing computing power services, AI applications, and AI-powered products across various sectors [58][59]

Policy Insights - The Ministry of Culture and Tourism of the People's Republic of China issued a joint opinion on January 6, 2026, to promote high-quality development in cultural and sports activities, aiming to release consumption potential and meet the growing cultural needs of workers[6] - The "ticket root economy" is defined as economic activities formed through the collection, trading, and secondary development of tickets from various events, which can stimulate secondary consumption and extend the consumption chain[3] Market Performance - From January 5 to January 9, 2026, 90% of companies in the North Exchange's consumer service sector saw stock price increases, with a median market value change of +2.99%[28] - The total market value of consumer service companies rose from 109.71 billion yuan to 112.86 billion yuan, with a median market value increase from 1.87 billion yuan to 1.93 billion yuan[34] Industry Trends - The median price-to-earnings (P/E) ratio for the broad consumer sector increased by 2.56% to 50.5X, indicating a positive valuation trend[40] - The sports industry in China is projected to exceed 5 trillion yuan by 2025 and reach 7 trillion yuan by 2030, reflecting rapid growth from a niche to a pillar industry[18] Company Highlights - Notable stock performers include Greer (+29.99%), Guangzi International (+12.22%), and Zhu Laoliu (+10.67%) during the reporting period[36] - The median P/E ratio for Greer increased significantly, indicating strong market confidence in its future performance[39] Risk Factors - Potential risks include changes in the macroeconomic environment, market competition, and statistical data inaccuracies, which could impact the overall performance of the consumer service sector[3]

Group 1 - The emotional consumption market in China is rapidly growing, expected to rise from 16.3 trillion yuan in 2022 to 23.1 trillion yuan in 2024, and projected to exceed 4.5 trillion yuan by 2029, with over 90% of youth recognizing "emotional value" and nearly 60% willing to pay for it [1][4] - The retail industry is observing a shift in consumer trends from "meeting basic needs" to "valuing experiences," with "aesthetic economy," "emotional consumption," and "sense of value" becoming mainstream [4] - Companies are adopting "scenario-based" strategies to cater to immersive consumption needs, focusing on home office, pet cohabitation, and parent-child interaction [4] Group 2 - The company Baixinglong, known as the "first stock of creative packaging," is focusing on the emotional economy of Generation Z through its core brand "Wanwuzongseng," which has developed a dual product structure of "AI emotional companionship" and "popular trendy toys" [4] - The IP "One-Eyed Planet" AI companion plush toy has begun mass production, with core channels and consumer engagement expected to be established by the end of the year [4] - Dongwu Securities highlights that recent consumer promotion policies have significantly increased in "newness," aiming to stimulate internal consumption dynamics through new technologies, products, and scenarios [4]

Investment Rating - The report indicates a positive outlook for the consumer service industry on the Beijing Stock Exchange, highlighting investment opportunities driven by policy support and emerging consumption trends [1][22]. Core Insights - The consumer market in China has shown signs of recovery, with the Consumer Price Index (CPI) reaching a year-high growth of 0.7% in November 2025, while the Producer Price Index (PPI) has shown marginal improvement [2][5]. - The report identifies several consumption hotspots, including policy-driven consumption, emotional economy, health consumption, silver economy, national trend economy, and experience economy [2][12]. - The median market capitalization growth for 41 consumer service companies on the Beijing Stock Exchange was +30.92% in 2025, with 36 companies (88%) experiencing an increase [13][15]. - The median Price-to-Earnings (PE) ratio for consumer service companies was reported at 46.3x, indicating relatively low valuations and potential investment opportunities in 2026 [19][22]. Summary by Sections Domestic Consumption Market Trends - In 2025, the CPI showed a gradual recovery, with November's growth at 0.7%, marking the highest point of the year [5]. - The retail sales growth varied across categories, with strong performance in communication equipment, home appliances, and furniture, while traditional consumer goods like tobacco, clothing, and beverages lagged [6][8]. Market Performance - The median market capitalization change for consumer service stocks was -2.39% in the last week of December 2025, with notable performers including Thunder God Technology (+10.10%) and Vision Intelligence (+3.14%) [12][15]. - The overall market capitalization for consumer service companies decreased from 115.18 billion to 109.71 billion yuan, with a median market cap drop from 1.906 billion to 1.873 billion yuan [12][15]. Valuation Metrics - The median PE ratio for the broader consumer industry was reported at 49.3x, reflecting a slight decrease from previous periods [19][22]. - Specific sectors such as food and beverage, and agriculture showed median PE ratios of 49.5x, indicating stable valuations despite market fluctuations [19][22]. Company Highlights - Key companies in the consumer service sector include Gai Shi Food, Oufu Egg Industry, and Biowave, with significant market capitalization growth and diverse product offerings [22][26]. - The report emphasizes the potential of companies in the pet food, cosmetics, and agricultural sectors, with a robust pipeline of companies poised for listing on the Beijing Stock Exchange [22][27].

Core Viewpoint - The company Shenzhen Baixinglong Creative Packaging Co., Ltd. has terminated its investment plan to establish a joint venture in Vietnam, while retaining its wholly-owned subsidiary in Singapore as a channel for overseas investment [1][2]. Group 1: Investment Decisions - The company announced the termination of its investment of 7.65 million RMB to establish a joint venture in Vietnam due to a lack of consensus with its partner, Vietnam Hongcai Technology Co., Ltd. [1] - The planned joint venture, named Vietnam Baixinglong Creative Packaging Co., Ltd., was intended to be 51% owned by Baixinglong [1]. - The company will retain its wholly-owned subsidiary, Singapore Baixinglong, which has been established as a channel for overseas investment and a sales service center for markets surrounding Singapore [2]. Group 2: Financial Performance - As of September 2025, the company reported a revenue of approximately 377 million RMB, representing a year-on-year decline of 16.25% [2]. - The net profit attributable to the parent company was approximately 24.41 million RMB, reflecting a year-on-year decrease of 37.09% [2]. - The company emphasizes that the termination of the investment will not have a significant impact on its existing business or financial condition [2].

证券代码：920075 证券简称：柏星龙 公告编号：2025-131 深圳市柏星龙创意包装股份有限公司 关于终止对外投资设立合资三级子公司的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确 性和完整性承担个别及连带法律责任。 一、终止对外投资情况概述 深圳市柏星龙创意包装股份有限公司（以下简称"公司"）于2025年3月18 日经董事长决定，以深圳市柏星龙产业投资控股有限公司（以下简称"柏星龙 产业投资"）自有资金在新加坡投资人民币107.73万元设立全资二级子公司柏 星龙设计（新加坡）有限公司（以下简称"新加坡柏星龙"）；后拟通过新加 坡柏星龙投资人民币765.00万元，与越南鸿彩科技有限责任公司（以下简称" 越南鸿彩"）在越南北宁省共同设立合资三级子公司越南柏星龙创意包装有限 公司（以下简称"越南柏星龙""合资公司""合资三级子公司"），公司持 股51.00%。 鉴于本次对外投资合资公司设立及运营的具体事宜，合资双方经多轮协商 未能达成一致意见。经公司审慎研究，决定终止本次对外投资设立合资三级子 公司事项。 三、审议和表决情况 20 ...

深圳市柏星龙创意包装股份有限公司 证券代码：920075 证券简称：柏星龙 公告编号：2025-130 第五届董事会第十九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 12 月 29 日 2.会议召开地点：深圳市罗湖区清水河街道清水河一路罗湖投资控股大厦 A 座 11 楼大会议室 3.会议召开方式：现场及通过通讯方式召开会议 4.发出董事会会议通知的时间和方式：2025 年 12 月 26 日以通讯及邮件方式 发出 5.会议主持人：董事长赵国义先生 6.会议列席人员：董事会秘书以及公司其他高级管理人员列席了会议 7.召开情况合法合规的说明： 本次董事会会议通知依法定程序和时间发出，本次会议符合《公司法》《公 司章程》和《公司董事会议事规则》的相关规定，会议的召开合法有效。 （二）会议出席情况 截至目前，拟在新加坡设立的全资二级子公司新加坡柏星龙已完成工商注 册，公司将保留新加坡柏星龙作为公司境外投资的通道公司与 ...