证券代码：603022 证券简称：新通联 公告编号：临2025-002 上海新通联包装股份有限公司关于持股5%以上股东所持股份被部分冻结的公告 近日，公司获悉并通过查询中国证券登记结算有限责任公司持股5%以上股东每日持股变化明细，发现 公司持股5%以上股东毕方投资所持有的公司无限售流通股部分股份被冻结，现将具体情况公告如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： ● 上海新通联包装股份有限公司（以下简称"公司"）持股5%以上股东芜湖远澈毕方投资中心（有限合 伙）（以下简称"毕方投资"）不属于公司控股股东或控股股东的一致行动人，其部分股份被冻结事项不 会导致公司实际控制人发生变化。本次披露的冻结事项不会对公司日常经营与管理造成影响。 ● 截至本公告日，毕方投资持有公司股份20,903,700股，占公司总股本的比例为10.45%，本次冻结的股 份数为2,422,009股，占其持有的股份比例为11.59%，累计冻结的股份数为14,801,694股，占其 ...

Core Viewpoint - Huayuan Holdings (002787) has experienced a decline in stock price and an increase in shareholder accounts, alongside significant growth in net profit and a planned cash dividend distribution [1][2][3][4]. Group 1: Stock Performance - As of March 28, 2025, Huayuan Holdings closed at 9.25 yuan, down 3.55% from the previous week [1] - The stock reached a peak of 9.67 yuan on March 24 and a low of 9.0 yuan on March 27 [1] - The current market capitalization is 3.005 billion yuan, ranking 31st in the packaging and printing sector and 4083rd in the A-share market [1] Group 2: Shareholder Changes - As of March 31, 2025, the number of shareholders increased to 21,900, an increase of 1,635 accounts or 8.09% since December 31 [2] - The average number of shares held per account decreased from 16,900 to 15,600, with an average holding value of 139,500 yuan [2] Group 3: Financial Performance - For the fiscal year 2024, Huayuan Holdings reported a total revenue of 2.449 billion yuan, a year-on-year increase of 1.6% [3] - The net profit attributable to shareholders was 70.737 million yuan, up 739% year-on-year, while the non-recurring net profit rose by 1,358.48% to 59.297 million yuan [3] - In Q4 2024, the company recorded a quarterly revenue of 570 million yuan, a decline of 8.19% year-on-year, but a net profit increase of 179.69% to 12.068 million yuan [3] Group 4: Dividend and Share Buyback - The profit distribution plan for 2024 includes a cash dividend of 1.00 yuan per 10 shares, with no stock dividends or capital increases [4] - The total cash dividend distribution amounts to approximately 33.24 million yuan, which is 150.75% of the net profit attributable to shareholders [4] - The company repurchased 10.344 million shares for a total of approximately 73.40 million yuan and plans to cancel 6.35 million repurchased shares, reducing registered capital from 325.05 million yuan to 318.70 million yuan [4]

Core Viewpoint - The company has approved an adjustment to the conversion price of its convertible bonds, reducing it from 3.28 CNY per share to 3.27 CNY per share, effective from April 2, 2025 [1][2]. Group 1 - The seventh board meeting of the company was held on April 1, 2025, with all members present, and the meeting was convened by the chairman [1]. - The board unanimously approved the proposal regarding the adjustment of the convertible bond conversion price [1]. - The adjustment follows the completion of the cancellation of certain repurchased shares, which was previously approved in earlier meetings [1].

Core Viewpoint - The financial report of Zijang Enterprise for 2024 shows significant growth in revenue and net profit, indicating strong performance in its core business areas, particularly in real estate and beverage packaging [1][5]. Financial Performance - Main revenue reached 10.637 billion, a year-on-year increase of 16.69% [1] - Net profit attributable to shareholders was 808 million, up 44.55% year-on-year [1] - Non-recurring net profit was 787 million, reflecting a 39.44% increase year-on-year [1] - In Q4 2024, quarterly main revenue was 3.449 billion, a substantial increase of 93.57% year-on-year [1] - Quarterly net profit attributable to shareholders was 281 million, up 159.01% year-on-year [1] - Quarterly non-recurring net profit was 268 million, a rise of 108.99% year-on-year [1] Cash Flow Analysis - Net cash flow from operating activities decreased by 63.32%, attributed to reduced cash receipts from sales [1] - Cash inflow from investment activities increased by 258.41%, due to the redemption of money market funds [1] - Cash outflow for investment activities rose by 30.94%, driven by increased payments for fixed assets and other long-term assets [1] Cost and Expense Changes - Sales expenses increased by 33.42%, primarily due to higher sales commissions in the real estate sector [5] - Management expenses rose by 7.47%, reflecting increased labor costs [5] - Financial expenses decreased by 19.79%, attributed to reduced interest payments [5] - R&D expenses grew by 6.76%, as the company enhanced its market competitiveness through increased investment in technology [5] Profitability Metrics - Gross profit margin stood at 23.8%, an increase of 11.29% year-on-year [9] - Return on equity was 13.59%, reflecting a year-on-year increase of 36.03% [9] - Earnings per share reached 0.53, up 44.44% year-on-year [9] - Net asset value per share was 4.06, a 6.80% increase year-on-year [9]

证券代码：603687 证券简称：大胜达 公告编号：2025-002 浙江大胜达包装股份有限公司 关于收购子公司四川大胜达中飞包装科技有限公司 部分股权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 交易内容概述：浙江大胜达包装股份有限公司（以下简称"公司"或"大 ）拟以 10,368 万元人民币收购江苏中彩新型材料有限公司（以下简称"江 胜达" 苏中彩"）持有的四川大胜达中飞包装科技有限公司（以下简称"四川中飞"）20% 股权。本次交易前，大胜达持有四川中飞 60%的股权；本次交易完成后，大胜达 持有四川中飞 80%的股权，江苏中彩持有四川中飞 20%的股权。 ? 本次交易不构成关联交易，不构成《上市公司重大资产重组管理办法》规 定的重大资产重组，不存在重大法律障碍。 ? 本次交易已经公司 2025 年 3 月 27 日召开的第三届董事会第二十四次会 议审议通过，无需公司股东大会批准。 ? 风险提示：本次收购是公司从长期发展战略布局出发的慎重决定，本次收 购完成后预计将给上市公司未来带来较好的 ...

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [4][29] - The report recommends "Increase" ratings for specific companies: Oppein Home, Sophia, Explorer, Semir Apparel, and Guibao Pet [4][29] Core Insights - The introduction of the "Consumption Boosting Special Action Plan" by the government aims to significantly stimulate domestic demand, benefiting sectors such as home furnishings, apparel, and pets [3][28] - From a valuation perspective, as of March 14, 2025, the PE-TTM for the home goods sector is 26.65 times and for the apparel sector is 28.06 times, both significantly lower than their historical averages, indicating potential for valuation recovery [3][28] Industry News - A major paper company in the Middle East has launched the largest paper production line in the region, enhancing its global market position [9] - Gap Inc. reported strong fourth-quarter results with a net income of $206 million, reflecting the success of its transformation strategy [9] Company Announcements - Tianyuan Pet plans to acquire Taotong Technology through a combination of stock issuance and cash payment [21] - Nanshan Zhishang reported a 5.82% decline in net profit year-on-year, attributed to increased interest expenses and weak performance in its fine woolen fabric business [22] Market Review - From March 10 to March 14, the light industry manufacturing sector outperformed the CSI 300 index by 0.18 percentage points, with notable performances in home goods and packaging printing [23] - The textile and apparel sector outperformed the CSI 300 index by 2.36 percentage points during the same period, driven by strong performance in the jewelry segment [25] Weekly Strategy - The report emphasizes the importance of the government's consumption boosting policies and their expected positive impact on the recovery of domestic consumption trends in related sectors [28]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2][3] Core Views - The company is expected to achieve a significant revenue increase in 2024, with projected revenue of 698 million yuan, representing a year-on-year growth of 39.72%. The net profit attributable to the parent company is expected to be 44.576 million yuan, reflecting a year-on-year increase of 13.22% [3] - The year 2024 is identified as the "promotional year" for the company's adhesive materials, leading to a substantial increase in orders and revenue from these products [3] - The company is undergoing capacity expansion with the successful trial operation of the first three automated production lines, and plans to establish joint processing plants in North America to better serve local customers [4] Financial Summary - The company's financial performance is summarized as follows: - Revenue (in million yuan): 384 in 2022, 500 in 2023, 698 in 2024E, 971 in 2025E, and 1,088 in 2026E, with a year-on-year growth rate of 39.7% in 2024 [6][9] - Net profit (in million yuan): 41 in 2022, 39 in 2023, 45 in 2024E, 60 in 2025E, and 66 in 2026E, with a year-on-year growth rate of 14.4% in 2024 [6][9] - Gross margin is projected to decrease from 18.5% in 2022 to 13.4% in 2024E [11] - Earnings per share (EPS) is expected to be 0.35 in 2024E, 0.46 in 2025E, and 0.51 in 2026E [6][10] Industry Insights - The demand for adhesive labels is driven by the rapid growth of the logistics and e-commerce sectors, with China's express delivery volume expected to reach 1,750.8 billion pieces in 2024, marking a year-on-year increase of 21.5% [5] - The global express logistics package volume has increased approximately threefold from 43 billion pieces in 2014 to 168.6 billion pieces in 2023, indicating a strong growth trend in the industry [5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][3] Core Views - The company is expected to achieve a significant revenue increase in 2024, with projected revenue of 698 million yuan, representing a year-on-year growth of 39.72%. The net profit attributable to the parent company is forecasted to be 44.576 million yuan, reflecting a year-on-year increase of 13.22% [3] - The year 2024 is identified as the "promotional year" for the company's adhesive materials, leading to a substantial increase in orders and revenue from these products [3] - The company is actively expanding its production capacity with the successful trial operation of the first three automated production lines and plans for a joint processing plant in North America to better serve local customers [4] Financial Summary - The company's financial performance is summarized as follows: - Revenue (in million yuan): 384 in 2022, 500 in 2023, 698 in 2024E, 971 in 2025E, and 1,088 in 2026E, with year-on-year growth rates of 5.9%, 30.1%, 39.7%, 39.1%, and 12.0% respectively [6][9] - Net profit (in million yuan): 41 in 2022, 39 in 2023, 45 in 2024E, 60 in 2025E, and 66 in 2026E, with year-on-year growth rates of 12.4%, -3.5%, 14.4%, 32.4%, and 10.5% respectively [6][9] - Earnings per share (EPS): 0.32 in 2022, 0.31 in 2023, 0.35 in 2024E, 0.46 in 2025E, and 0.51 in 2026E [6][9] Industry Insights - The demand for adhesive labels is expected to grow significantly due to the rapid expansion of the logistics and e-commerce sectors. The express delivery volume in China is projected to reach 1,750.8 billion pieces in 2024, marking a year-on-year increase of 21.5% [5] - The global parcel shipping volume has increased approximately threefold from 43 billion pieces in 2014 to 168.6 billion pieces in 2023, indicating a robust growth trend in the logistics industry [5]

Investment Rating - The report maintains a "Positive" investment rating for the light industry manufacturing sector [1]. Core Viewpoints - The government has set a positive tone for policies aimed at boosting consumption and stabilizing the real estate market, which is expected to benefit the light industry manufacturing sector [5][64]. - The report highlights a trend of recovery in real estate sales, with significant year-on-year increases in sales figures for major cities, indicating a potential positive impact on related industries [5][64]. - The report recommends focusing on leading companies in the sector that are well-managed and undervalued, such as Gujia Home (603816.SH) and Oppein Home (603833.SH) [5]. Summary by Sections Recent Market Performance - The light industry index closed at 2054.63 points with a weekly increase of 1.34%, ranking 16th among 31 sectors [10]. - Sub-sectors such as entertainment products, home goods, packaging, and paper all experienced positive growth, with increases of 3.02%, 1.24%, 0.99%, and 0.95% respectively [10]. Key Industry Data Tracking - In February 2025, the top 10 and top 100 real estate companies saw monthly sales increase by 16.5% and 8.2% year-on-year, respectively [5]. - The report notes significant increases in second-hand housing transactions in major cities, with Beijing up 114.95% and Shanghai up approximately 120% year-on-year [5]. Investment Recommendations - The report suggests a focus on companies with strong brand presence and channel strength, including high-end mattress leader Mousse (001323.SZ) and home furnishing leader Juran Home (000785.SZ) [5]. - It emphasizes the importance of companies that are enhancing their supply chain efficiency and organizational management, such as Smole International (6969.HK) [5]. Key Company Announcements - The report includes various company announcements, such as investment projects and share buybacks, indicating ongoing strategic initiatives within the sector [60]. Industry News - Recent government initiatives in Guangzhou to provide subsidies for home renovations are expected to stimulate demand in the home goods sector [63]. - The introduction of AI technology in 3D modeling for home design is seen as a significant innovation that could enhance efficiency in the industry [63].

行 业 研 究 行业周报 [Table_MainInfo] 加力支持以旧换新，关注扩大内需细分领域机会 | ――轻工制造&纺织服饰行业周报 | 分析师： | 袁艺博 | SAC NO： | 年 | 月 | 日 | S1150521120002 | 2025 | 3 | 10 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Author] | 证券分析师 | [Table_Summary] | 投资要点： | 袁艺博 | | | | | | | | | | | | | | | | | | | | 行业要闻 | 022-23839135 | yuanyb@bhzq.com | | | | | | | | | | | | | | | | | | | | | | （1）纸厂惊现千元涨价函，上一次还是两年前。 | [Tab ...