Company Overview - Company name: Xiamen Hexing Packaging Printing Co., Ltd. - Established on May 17, 1993, and listed on May 8, 2008 - Main business involves R&D, design, production, sales, and service of mid-to-high-end corrugated cartons, with revenue composition: corrugated packaging 88.38%, color box packaging 4.50%, others 3.24%, industrial paper 2.80%, cushioning packaging 1.08% [1] Financial Performance - For the first half of 2025, the company achieved operating revenue of 5.148 billion yuan, a year-on-year decrease of 9.52% - The net profit attributable to shareholders was 115 million yuan, a year-on-year increase of 30.87% [2] Stock Performance - As of September 22, the stock price decreased by 2.11% to 3.25 yuan per share, with a total market value of 3.944 billion yuan - Year-to-date stock price increased by 14.88%, with recent declines of 3.56% over the last 5 trading days, 5.25% over the last 20 days, and 3.25% over the last 60 days [1] Shareholder Information - As of June 30, the number of shareholders was 24,300, a decrease of 4.77% from the previous period - Average circulating shares per person increased by 5.01% to 49,086 shares [2] Dividend Distribution - Cumulative cash distribution since the A-share listing amounts to 1.294 billion yuan, with 488 million yuan distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders saw the exit of the fund "Zhaoshang Quantitative Selected Stock Initiation A" from the list [3]

Company Overview - Shanghai Shunhao New Materials Technology Co., Ltd. was established on December 21, 2004, and listed on March 18, 2011. The company is located at 200 Zhenchen Road, Putuo District, Shanghai [2] - The main business includes research, production, processing, and sales of vacuum aluminum-coated paper, composite film paper, white cardboard, printed products, and cigarette polypropylene fiber bundles [2] - The revenue composition is as follows: printed products 48.07%, aluminum-coated paper 30.03%, others (supplement) 8.51%, composite film paper 5.56%, others 3.93%, optical anti-counterfeiting film 2.02%, new tobacco 1.65%, and white cardboard 0.23% [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 620 million yuan, a year-on-year decrease of 12.19%. The net profit attributable to the parent company was 33.30 million yuan, a year-on-year increase of 23.11% [2] - Since its A-share listing, the company has distributed a total of 427 million yuan in dividends, with 68.81 million yuan distributed in the last three years [3] Stock Performance - On September 17, the stock price of Shunhao fell by 2.03%, trading at 7.24 yuan per share, with a total market capitalization of 7.674 billion yuan [1] - Year-to-date, the stock price has increased by 141.25%, but it has decreased by 5.73% in the last five trading days and 14.72% in the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on July 22, where it recorded a net buy of -21.52 million yuan [1] Shareholder Information - As of June 30, the number of shareholders was 46,100, a decrease of 11.52% from the previous period. The average circulating shares per person increased by 13.01% to 23,011 shares [2]

Company Overview - Hongming Co., Ltd. is located in Dongguan City, Guangdong Province, and was established on November 12, 2002. The company was listed on December 30, 2022. Its main business involves the research, development, manufacturing, and sales of packaging specialized equipment [1]. - The revenue composition of Hongming Co., Ltd. includes: 65.62% from automated packaging equipment, 18.87% from supporting packaging equipment, 6.64% from spare parts, 6.39% from other equipment, and 2.48% from leasing and other services [1]. Stock Performance - As of August 29, Hongming's stock price decreased by 2.35%, trading at 36.52 CNY per share, with a total market capitalization of 1.826 billion CNY. The stock has increased by 31.37% year-to-date but has seen a decline of 9.36% over the last five trading days and 6.14% over the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on May 23, where the net buying was -24.9592 million CNY, with total buying of 18.2429 million CNY, accounting for 6.06% of total trading volume, and total selling of 43.2021 million CNY, accounting for 14.36% of total trading volume [1]. Financial Performance - For the first half of 2025, Hongming Co., Ltd. reported a revenue of 92.6997 million CNY, a year-on-year decrease of 13.35%. The net profit attributable to the parent company was -3.3293 million CNY, a year-on-year decrease of 166.86% [2]. - Since its A-share listing, the company has distributed a total of 50 million CNY in dividends [3]. Shareholder Information - As of August 20, the number of shareholders for Hongming Co., Ltd. was 6,790, a decrease of 7.58% from the previous period. The average number of circulating shares per shareholder increased by 8.20% to 2,420 shares [2].

Core Viewpoint - The report highlights the financial performance and operational strategies of Shanghai Xintonglian Packing Co., Ltd. for the first half of 2025, showcasing growth in revenue and net profit while emphasizing the company's commitment to sustainable practices and innovation in the packaging industry [1][3]. Financial Performance - The company achieved a revenue of CNY 455.56 million, representing a 6.42% increase compared to CNY 428.07 million in the same period last year [7]. - The total profit amounted to CNY 33.45 million, up 26.34% from CNY 26.48 million year-on-year [7]. - The net profit attributable to shareholders was CNY 21.67 million, reflecting a 3.99% increase from CNY 20.84 million in the previous year [7]. - The net cash flow from operating activities decreased significantly by 71.87% to CNY 20.20 million, compared to CNY 71.81 million in the same period last year [7]. - The total assets increased by 2.9% to CNY 1.12 billion, while the net assets attributable to shareholders rose by 4.34% to CNY 805.21 million [7]. Industry Overview - The packaging industry is experiencing a transformation driven by green initiatives and technological advancements, leading to structural differentiation and accelerated integration [8]. - The demand for sustainable packaging solutions is increasing due to the growth of e-commerce and heightened consumer awareness regarding environmental issues [8]. - Wood packaging remains essential in heavy industries, but faces challenges from environmental regulations and fluctuating raw material prices [8]. - Paper packaging is gaining market share due to the "plastic ban" policies, while plastic packaging is making strides in high-end functional areas [8]. Business Model and Services - The company specializes in producing lightweight and heavy packaging products, offering integrated services that include packaging design, production, logistics, and on-site packaging assistance [8][9]. - The "integrated packaging solution" model enhances customer relationships by providing comprehensive support throughout the packaging process, thereby reducing costs and improving efficiency [9]. - The company has established a centralized procurement system to manage raw materials and packaging supplies effectively [9]. Innovation and Development - The company emphasizes innovation and has applied for three invention patents, with one already granted [8]. - Continuous investment in technology and process upgrades has led to improved operational efficiency and reduced production costs [8]. - The company is committed to sustainable development, having been recognized in the "Third China Enterprise Carbon Neutral Performance List" and awarded for energy-saving achievements [8]. Market Expansion - The company is expanding its market presence by responding to diverse customer needs and entering new sectors such as new materials and renewable energy vehicles [8]. - The operation of the overseas factory in Thailand has begun to yield profits, contributing to the company's growth [8].

Core Viewpoint - The report highlights the financial performance and strategic direction of Shanghai Shunho New Materials Technology Co., Ltd., emphasizing its focus on environmentally friendly packaging and the industrial hemp market, while also addressing the challenges and opportunities within the tobacco and new tobacco product sectors [1][2][3]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 619.54 million yuan, a decrease of 12.19% compared to the same period in 2024 [2]. - The net profit attributable to shareholders was approximately 29.48 million yuan, down 6.24% from the previous year [2]. - Basic and diluted earnings per share increased by 23.14% to 0.0314 yuan per share [2]. Industry Overview - The global green packaging market is experiencing significant growth, with the tobacco packaging sector projected to reach 10.15 billion USD by 2031, reflecting a compound annual growth rate (CAGR) of 1.9% [3]. - In China, the packaging industry is supported by a robust policy framework aimed at promoting green development, with the government emphasizing the establishment of a resource-circulating industrial system by 2025 [3]. - The industrial hemp market is expanding globally, with 57 countries legalizing some form of medical cannabis, and the market for medical cannabis expected to reach 21.04 billion USD by 2025 [3]. Company Strategy - The company maintains a dual strategy focusing on "environmentally friendly low-carbon new materials" and "biological health," with core business areas including special environmentally friendly paper, printing products, industrial hemp processing, and new tobacco products [7][11]. - The company is actively pursuing research and development in new tobacco products and has obtained necessary licenses for electronic cigarette production [11][12]. - The company has established subsidiaries in the U.S. to capitalize on the growing industrial hemp market and has developed innovative products such as Nano Joints, which aim to provide a healthier alternative to traditional smoking [9][10]. Competitive Advantages - The company is recognized as a high-tech enterprise and has been involved in setting industry standards, maintaining a competitive edge in the special anti-counterfeiting environmentally friendly paper market [12][16]. - The company has a strong focus on research and development, holding 402 patents and 223 trademarks, which supports its innovation capabilities [13][12]. - The company emphasizes sustainable practices, having developed biodegradable packaging products and implemented advanced waste treatment technologies [14][19].

Core Viewpoint - The successful industrial-scale production of PHA water-based barrier coatings at the APP (China) Ningbo base of the Lee & Man Paper Manufacturing Limited marks the first global validation of this technology, paving the way for large-scale commercialization of eco-friendly packaging solutions [2]. Group 1: Industrial Collaboration - The collaboration involved four key players: Micro Factory (PHA raw material supplier), Dubai City (water-based barrier coating technology provider), Lee & Man Paper (leading paper manufacturer), and Hengxin Life (paper cup manufacturer), showcasing a cross-industry innovation model [2][6]. - The entire process from PHA raw materials to water-based barrier coatings, then to PHA food-grade paper, and finally to molded paper cups was completed in just 100 days, demonstrating remarkable efficiency and "Chinese speed" in the supply chain [5]. Group 2: Technical Achievements - Micro Factory provided high-purity and stable PHA raw materials, serving as the source for the synthetic biological manufacturing [6]. - Dubai City successfully developed a stable water-based barrier coating from PHA, addressing key technical challenges such as film formation and heat sealing strength in industrial production [6]. - Lee & Man Paper utilized its advanced industrial production capabilities to conduct industrial-scale testing, effectively integrating PHA water-based coatings with food-grade paper to produce high-quality and efficient PHA water-based barrier food-grade paper [6]. Group 3: Environmental Impact - The successful validation of PHA technology represents a significant step towards addressing the global issue of "white pollution," providing a strong "Chinese solution" for sustainable packaging [2].

Core Viewpoint - The company has made significant progress in developing antibacterial coating preservation technology and eco-friendly stone-plastic packaging, addressing the issues of "white pollution" and fruit and vegetable loss in agricultural circulation [1][2]. Group 1: Technology Development - The company has developed a green low-carbon stone-plastic packaging product based on natural inorganic powders and polymer composite materials, which is non-toxic and supports 100% physical recycling [1][2]. - The antibacterial coating technology integrated into the packaging provides three innovative functions: it releases plant-based antibacterial components to inhibit microbial growth and fruit ripening, optimizes internal temperature and humidity to delay metabolism, and enhances barrier performance to maintain the freshness of fruits and vegetables [2]. Group 2: Environmental and Agricultural Impact - The stone-plastic packaging's low-carbon characteristics throughout the entire lifecycle contribute to the packaging industry's achievement of "dual carbon" goals, providing a practical path for low-carbon transformation [2]. - The breakthrough in preservation technology directly enhances the commercialization rate and added value of agricultural products, effectively addressing post-harvest processing and terminal preservation challenges, thereby reducing logistics costs while ensuring supply quality [2]. Group 3: Future Directions - The company is collaborating with research institutions, large agricultural bases, fresh e-commerce platforms, and logistics companies to promote technological iteration and standardized application [3]. - The company aims to position itself as an "integrated service provider of green packaging and smart preservation," continuously exploring the integration of eco-friendly materials and preservation technologies to serve broader agricultural regions and consumer markets [3].

Core Insights - In 2024, China's express delivery volume surpassed 170 billion packages, maintaining its position as the world's largest market for the 11th consecutive year, highlighting the significant environmental impact of packaging materials used in the industry [1] - The shift towards green packaging is driven by policies, corporate initiatives, and technological advancements, with a focus on reusable packaging solutions like circular express boxes to address the challenges of high costs and low recycling rates [1][15] Group 1: Industry Trends - The concept of "gray environmentalism" was introduced by entrepreneur Chai Aina in 2017, emphasizing that packaging should not be single-use but reusable, marking the beginning of a gradual transition towards sustainable logistics [2] - Gray Environmental's first product, made from renewable materials, has attracted significant investment, enabling the deployment of over 10 million circular boxes across China, resulting in a reduction of approximately 160,000 tons of carbon emissions [4][6] - The circular packaging model is gaining traction among major brands like Anta, which has reported significant cost savings and environmental benefits from using circular boxes for short-distance transportation [6][8] Group 2: Challenges and Solutions - The scalability of circular packaging faces challenges such as high initial costs, complex recovery processes, low consumer participation, and data sharing issues among stakeholders [7] - SF Express has been a pioneer in implementing circular packaging, having deployed over 1.4 million circular boxes by 2021, but still faces challenges in user awareness and operational complexity [8][9] - The integration of circular packaging into cold chain logistics has shown promising results, with SF Express reporting significant carbon reductions through the use of reusable cold transport boxes [9][14] Group 3: Corporate Strategies - JD.com has developed a diverse circular packaging system under its "Qingliu Plan," achieving over 70 million uses annually, focusing on product variety and ecological layout [10][12] - EMS is leveraging its extensive network to implement smart reusable packaging solutions, allowing users to easily return packaging through a mobile app [13][14] - The future of circular packaging relies on a collaborative approach among technology, user engagement, and corporate execution to create a sustainable system [14] Group 4: Policy Influence - The development of circular packaging is accelerating due to strengthened policy guidance, with clear targets set for the promotion of reusable packaging [15][16] - The revised "Interim Regulations on Express Delivery" effective June 1, 2025, mandates express companies to establish packaging operation standards and recycling management systems, making circular packaging a compliance requirement [16][17] - Recommendations for effective implementation include creating a shared recovery system, addressing data barriers, and adopting international best practices to support the transition to circular packaging [17]

Core Viewpoint - The company plans to change part of its fundraising investment projects, reallocating unused funds from the "Pulp Molding Environmental Tableware R&D Production Base Project" to a new project, the "Thailand Packaging Carton Production Base Construction Project" to enhance fundraising efficiency and adapt to market conditions [5][12][29]. Meeting Procedures - The shareholders' meeting will maintain order and efficiency, allowing only authorized personnel to enter [1][2]. - Shareholders must present valid identification and documents for registration [2]. - Shareholders have the right to speak, inquire, and vote during the meeting, with specific procedures for raising questions [2][4]. Voting Process - Voting will be conducted through both on-site and online methods, with a reminder service for small investors to ensure participation [3][5]. - The voting period is set for the trading hours on the day of the meeting [5]. Fundraising Project Changes - The company intends to reallocate 17,484.20 million yuan of unused funds from the previous project to the new Thailand project, which aims to establish a production base with an annual capacity of 50 million square meters of corrugated cartons [12][19]. - The original project had a total investment of 55,889.19 million yuan, but due to market conditions, the company decided to halt further investments in the second phase of the project [17][18]. New Project Overview - The Thailand project will involve a total investment of 18,800.00 million yuan, with a focus on local production to meet the growing demand in Southeast Asia [19][21]. - The project aligns with the company's strategy to enhance its presence in the Southeast Asian market, leveraging Thailand's favorable investment policies and geographical advantages [19][22]. Market Demand and Economic Viability - The global paper packaging market is projected to grow at a compound annual growth rate of 5.50% from 2024 to 2029, with significant demand in Southeast Asia driven by e-commerce and manufacturing sectors [24][25]. - The Thailand project is expected to generate annual sales revenue of 25,000 million yuan, with a tax return on investment of 8.28% [27]. Compliance and Risk Management - The company will adhere to local regulations and collaborate with legal firms to navigate the complexities of Thai laws and regulations [28][29]. - A diversified supply chain strategy will be implemented to mitigate risks associated with logistics and local supplier capabilities [28].

Industry Overview - The packaging industry in China has undergone rapid development, establishing significant production scale and becoming an essential part of the manufacturing sector [1] - The policy development of the packaging industry can be divided into three stages: initial growth before the 12th Five-Year Plan, a shift towards green packaging from 2010 to 2020, and a rapid development phase since 2021 focusing on sustainable packaging strategies and digital transformation [1] Market Share - In 2024, plastic and paper packaging combined will account for over half of the market share, with plastic packaging generating revenue of 562 billion yuan (27.19%) and paper packaging generating 547.6 billion yuan (26.50%) [3] Company Performance - Key players in the packaging industry include Shandong Pharmaceutical Glass, Double Star New Materials, and others, with diverse business layouts covering regions such as North America, Europe, Japan, and Southeast Asia [5] - Shandong Pharmaceutical Glass and Zhengchuan Co. are leading domestic glass packaging manufacturers, while companies like Dashing and Wanshun New Materials focus on paper packaging [5] Revenue Analysis - The revenue performance of major packaging companies in 2024 includes: - Jiamei Packaging: 3.2 billion yuan - Baosteel Packaging: 8.318 billion yuan - Wanshun New Materials: 657.9 million yuan - Dashing: 2.131 billion yuan [10][11] Product Categories - The packaging industry is categorized into various segments, including plastic, paper, metal, glass, and wood packaging, with representative companies in each category [9] - The industry chain is well-structured, with upstream raw material suppliers and midstream packaging manufacturers working closely together [9]