Core Viewpoint - Shenzhen Baixinglong Creative Packaging Co., Ltd. is leading the creative packaging industry in China by integrating creativity, technology, and cultural innovation, transitioning from aesthetic competition to value-driven growth [1] Group 1: Company Overview - Baixinglong is recognized as the top listed company in China's creative packaging design sector, with a stock code of 920075 [1] - The company has successfully created over 30,000 products across various high-end consumer sectors, including liquor, cosmetics, tea, food, jewelry, and luxury goods [6] Group 2: Innovative Service Model - Baixinglong has developed a unique one-stop creative service model that integrates brand strategy, creative design, technology research and development, and product delivery, covering the entire cycle from strategy to delivery [2] - This model aims to elevate packaging from a design strategy to a growth strategy, enhancing brand premium capabilities [2] Group 3: Design Philosophy - The company emphasizes that design begins with insights and originality, involving market research, cultural analysis, and systematic brand development to create commercially viable products [4] - Baixinglong maintains an original philosophy of "new, unique, and special," establishing a market demand database and creative material library to provide continuous inspiration and market insights [4] Group 4: Technological Integration - Baixinglong is committed to integrating creativity with technology, pushing packaging towards a new phase of technological, intelligent, and environmentally friendly solutions [9] - The company has established five production bases across China, achieving a daily production capacity of 200,000 single boxes, ensuring efficient production from custom samples to mass production [9] Group 5: Innovation in Packaging - The company has pioneered various innovations in packaging, such as introducing cardboard boxes in liquor packaging and developing environmentally friendly packaging solutions [10] - Baixinglong has also developed a multi-modal AI model to enhance creative processes, significantly improving design efficiency and quality [12] Group 6: Cultural and Consumer Engagement - In 2024, Baixinglong launched a new subsidiary, "Longyan Cultural Innovation," to enter the consumer-facing cultural product market, combining design, craftsmanship, and international IP operations [14] - The company is leveraging AI capabilities in cultural products, creating interactive and emotionally engaging items for younger consumers [14][16] Group 7: Industry Leadership - Baixinglong is redefining the value of packaging by transforming it into a growth engine and a strategic tool for brands, setting a replicable benchmark for the creative packaging industry in China [17]

Investment Rating - The report indicates a neutral investment rating for the consumer service sector on the Beijing Stock Exchange, with a median stock price change of -1.83% for the week ending December 5, 2025 [2][36]. Core Insights - The integration of artificial intelligence (AI) into the consumer sector is expected to create new growth opportunities. The government has issued policies to promote AI applications across various consumer goods, aiming to enhance service consumption and foster new product consumption models [3][6][10]. - The consumer market is transitioning from scale expansion to quality and efficiency, driven by AI innovations that enhance user experience and operational efficiency [7][10]. - The report highlights significant growth in AI-related consumer products, such as smart wearables, AI toys, and AI applications in retail and e-commerce, indicating a robust market potential [17][22][30][34]. Summary by Sections 1. AI and Consumer Integration - AI is expected to drive innovation in consumer scenarios and business models, creating a virtuous cycle of consumption-driven economic growth [3][7]. - The government has outlined key actions to integrate AI into consumer services, including the development of smart home devices and AI-driven entertainment products [6][10]. 2. Market Performance - As of December 5, 2025, 27% of consumer service companies on the Beijing Stock Exchange saw stock price increases, with a median market capitalization change of -1.83% [36][38]. - The median price-to-earnings (P/E) ratio for consumer service companies decreased from 46.4X to 45.2X, while total market capitalization rose from 1093.85 billion to 1096.29 billion [39][40]. 3. Industry Valuation - The median TTM P/E ratio for the broader consumer sector increased by 0.75% to 50.0X, indicating a slight upward trend in valuations [45][48]. - The P/E ratio for the food and agriculture sector decreased from 51.4X to 50.5X, while the professional services sector saw a minor decline from 26.3X to 26.2X [46][49]. 4. Company Announcements - Tianfangbiao has established a wholly-owned subsidiary in the digital economy industrial park in Quanzhou, Fujian, to enhance its operational capabilities and market competitiveness [54].

Market Overview - The packaging and printing sector increased by 0.79% on December 1, with Huayuan Holdings leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Top Gainers in Packaging and Printing Sector - Huayuan Holdings (002787) closed at 11.78, up 9.99% with a trading volume of 97,000 shares and a turnover of 112 million yuan [1] - Jinfutech (003018) closed at 22.57, also up 9.99%, with a trading volume of 69,500 shares and a turnover of 157 million yuan [1] - Tianyuan Co., Ltd. (003003) closed at 14.44, up 9.98%, with a trading volume of 90,500 shares and a turnover of 127 million yuan [1] - Shunhao Co., Ltd. (002565) closed at 8.83, up 9.96%, with a trading volume of 106,100 shares and a turnover of 93.66 million yuan [1] Top Losers in Packaging and Printing Sector - Xianggang Technology (603499) closed at 20.80, down 3.08%, with a trading volume of 110,600 shares and a turnover of 231 million yuan [2] - Yingxing Co., Ltd. (002752) closed at 6.75, down 2.32%, with a trading volume of 442,400 shares and a turnover of 29.86 million yuan [2] - Dashengda (603687) closed at 8.96, down 2.08%, with a trading volume of 107,700 shares and a turnover of 97.45 million yuan [2] Capital Flow Analysis - The packaging and printing sector experienced a net outflow of 35.51 million yuan from institutional investors, while retail investors saw a net inflow of 37.08 million yuan [2][3] - Huayuan Holdings had a net inflow of 35.51 million yuan from institutional investors, while it faced a net outflow of 16.45 million yuan from retail investors [3] - Tianyuan Co., Ltd. saw a net inflow of 42.03 million yuan from institutional investors, with a net outflow of 21.05 million yuan from retail investors [3]

Group 1 - The "Implementation Plan" proposes to form three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027, focusing on consumption upgrades to lead industrial upgrades and better meet diverse demands [5][6][10] - The total number of consumer goods in China has reached 230 million, with over 100 categories such as home appliances, furniture, and clothing being the largest in global production [9][10] - The plan identifies key consumption areas including elderly products, smart connected vehicles, and consumer electronics, which are expected to show strong growth momentum and development potential [10][18] Group 2 - The median price-to-earnings (P/E) ratio for the North Exchange's consumer service stocks is -0.48%, with notable increases in stock prices for companies like Zhu Laoliu (+8.30%) and Thunder Technology (+7.46%) [35][41] - The total market capitalization of consumer service companies on the North Exchange decreased from 1097.59 billion to 1093.85 billion, with a median market cap drop from 19.44 billion to 18.97 billion [37][43] - The median TTM P/E ratio for the broader consumer industry decreased from 51.7X to 49.7X, indicating a slight decline in valuation [45][46] Group 3 - Jinbo Bio received a Class D medical device registration certificate in the Philippines, marking a significant achievement for China's high-end implantable medical devices in the international market [54][57] - The report highlights several companies related to the key consumption areas mentioned in the "Implementation Plan," including health products (Yicheng Konjac), cultural IP (Baixinglong), pet food (Lusi Co.), smart home (Shisheng Intelligent), and consumer electronics (Thunder Technology) [33][34]

Core Insights - The report indicates a significant adjustment in the market during November 2025, with the North Exchange 50 Index declining by 12.32% and the North Exchange Specialized and New Index falling by 13.44%, underperforming compared to major indices like the ChiNext and STAR Market [8][10][12] - Looking ahead to December, the report emphasizes the importance of focusing on trading opportunities related to companies included in the North Exchange 50 and Specialized and New Indexes, particularly after the resolution of certain uncertainties [3][21] - The report anticipates a speeding up of reforms in the North Exchange in 2026, suggesting that recent market adjustments may have led to the undervaluation of quality assets, creating potential investment opportunities [3][21] Market Performance - The North Exchange A-share overall PE ratio remains at 44X, while the daily average trading volume has decreased to 139 billion [28][31] - In November 2025, the North Exchange saw a trading volume increase to approximately 376.6 billion, with a monthly turnover rate of 53%, up from 44% in October [20][23] - The report notes that only 10 companies had a price increase exceeding 5% in November, with notable performers in the power equipment and machinery sectors [17][18] Company Focus - Companies such as Tongli Co., Development Technology, and others are highlighted as potential investment targets due to their solid fundamentals and valuation attractiveness [3][21] - The report suggests focusing on companies with stable long-term performance and market scarcity, such as Guangxin Technology and Lin Tai New Materials [3][21] - Sectors with high policy support and growth certainty, including robotics, energy storage, and AI power, are recommended for investment, with specific companies like Hai Xi Communications and Xingtu Measurement Control being noted [3][21] New Listings and IPOs - From January 1, 2024, to November 28, 2025, a total of 46 companies have been newly listed on the North Exchange, with the average issuance PE ratio being 13.80X and an average first-day price fluctuation of 287% [37][45] - Recent updates indicate that two companies have registered and two have passed the review process, with ongoing normalization in new stock issuance [43][44]

Group 1: Policy Environment and Consumer Recovery - The national policy has been continuously enhancing support for service consumption, leading to a steady recovery in domestic demand, with a focus on sectors such as elderly care, tourism, and household services [13][15][17] - In October 2025, the retail sales of consumer goods increased by 2.9% year-on-year, with the catering sector boosted by the "Double Festival" effect, showing a 3.8% increase [17][22] - The consumer price index (CPI) turned positive at +0.2%, indicating a gradual recovery in consumer sentiment and a stable improvement in the overall consumption price system [22][24] Group 2: New Consumption Sectors Analysis - The pet food industry is characterized by high repurchase rates and a growing young pet owner demographic, with the market expected to reach approximately 175.5 billion yuan by 2025, reflecting a growth rate of 7.5% [30][31] - The new-style tea beverage market is projected to reach about 354.7 billion yuan in 2024, with a growth rate of 6.4%, driven by demand upgrades and brand differentiation [34][36] - The "Guzi Economy," which includes merchandise derived from IP such as anime and games, is rapidly expanding, connecting cultural and physical goods consumption among young consumers [40][41] Group 3: Key Companies in New Consumption - Taihu Snow, a leading brand in silk bedding, has established a strong market position through multi-channel strategies and brand recognition, transitioning towards a "new national silk lifestyle brand" [43][44] - Bixinglong, a creative packaging leader, has built significant barriers through a comprehensive service model and strong client relationships with high-end brands, enhancing its market presence [45][46] - Lusi Co., a prominent player in the pet food sector, is leveraging its dual-brand strategy and expanding its domestic market share while maintaining strong growth through its OEM/ODM model [47][48] - Yizhi Konjac, a leader in konjac processing, is capitalizing on its supply chain advantages and product premiumization, with a focus on expanding into functional applications and maintaining strong client relationships [50][51] Group 4: Investment Recommendations - The report suggests focusing on companies with clear brand positioning and category barriers, such as Taihu Snow in the silk bedding sector, which has maintained a leading position for years [54][55] - Companies that align with domestic trends and excel in capacity and channel development, like Lusi Co. in the pet food market, are also highlighted as strong investment opportunities [55] - Firms with supply chain advantages or functional raw material barriers, such as Yizhi Konjac, are recommended for their long-term growth potential in the context of domestic market upgrades [55]

证券代码：920075 证券简称：柏星龙 公告编号：2025-128 深圳市柏星龙创意包装股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 √其他 二、 投资者关系活动情况 活动时间：2025 年 11 月 20 日至 2025 年 11 月 21 日 活动地点：（1）线上集体接待日活动于全景网"投资者关系互动平台" （http://ir.p5w.net）召开；（2）线下分析师会议于上海金茂君悦大酒店召开。 参会单位及人员：（1）线上参会为网络方式参加 2025 年度深圳辖区上市公 司投资者网上集体接待日的投资者；（2）线下分析师会议为申万宏源证券、红塔 证券、中泰证券、晨鸣私募基金、浙江国信投资、乐世资本、上海艾叶私募基金 管理有限公司。 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 √分析师会议 □路演活动 上市公司接待人员： （1）线上集体接待日活动接待人员为： 公司董事长：赵国义先生； 公司副董事长、总裁：赵国祥先 ...

持股 5%以上及员工持股平台股东减持股份结果公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股 | | --- | --- | --- | --- | --- | | | | （股） | （%） | 股份来源 | | 深圳市柏星龙创意投资合伙企业 | 员工持股平台 | 2,500,000 | 3.86% | 北交所上 | | （有限合伙） | | | | 市前取得 | | 深圳市柏星龙投资有限责任公司 | 持股 5%以上股东、 | 3,417,500 | 5.27% | 北交所上 | | | 员工持股平台 | | | 市前取得 | 一、 减持主体减持前基本情况 证券代码：920075 证券简称：柏星龙 公告编号：2025-127 深圳市柏星龙创意包装股份有限公司 注：柏星龙创意投资、柏星龙投资系公司实际控制人赵国义之一致行动人。本次股份减持中， 公司控股股东、实际控制人赵国义及其一致行动人赵国祥、赵国忠与公司董事、高级管理人 员均不存在通过柏星龙创意投资 ...

证券代码：920075 证券简称：柏星龙 公告编号：2025-125 深圳市柏星龙创意包装股份有限公司 信息披露义务人保证除本报告书披露的信息外，没有通过任何其他方式增加或减 少其在上市公司中拥有权益的股份。 上市公司名称：深圳市柏星龙创意包装股份有限公司 股票上市地点：北京证券交易所 简式权益变动报告书 信息披露义务人及其主要负责人保证公告内容的真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 股票简称：柏星龙 股票代码：920075 信息披露义务人 1：深圳市柏星龙创意投资合伙企业（有限合伙） 执行事务合伙人：赵国义 住所和通讯地址：深圳市罗湖区南湖街道嘉北社区迎春路 12 号海外联谊大厦 2722 权益变动性质：股份减少 信息披露义务人 2：深圳市柏星龙投资有限责任公司 法定代表人：赵国义 住所和通讯地址：深圳市罗湖区南湖街道嘉北社区迎春路 12 号海外联谊大厦 2722 权益变动性质：股份减少 签署日期：2025 年 11 月 信息披露义务人声明 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗 漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 | . | | - ...

证券代码：920075 证券简称：柏星龙 公告编号：2025-124 （一）信息披露义务人基本情况 | 1.基本情况 | | | --- | --- | | 信息披露义务人 | 柏星龙创意投资、柏星龙投资 | 深圳市柏星龙创意包装股份有限公司 关于控股股东、实际控制人及一致行动人股东 权益变动触及 5%整倍数的提示性公告 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。 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 11 月 17 日收到股东深圳市柏星龙创意投资合伙企业（有限合伙）（以下简 称"柏星龙创意投资"）、深圳市柏星龙投资有限责任公司（以下简称"柏星 龙投资"）出具的《简式权益变动报告书》。柏星龙创意投资于 2025 年 11 月 12 日至 2025 年 11 月 17 日通过集中竞价方式累计减持公司股份 134,516 股，持有公司股份比例由 3.86%减少至 3.65%。柏星龙投资于 2025 年 11 月 12 日至 2025 年 11 月 17 日通过集中竞价方式 ...