Core Insights - The exhibition industry is experiencing a resurgence with increasing market activity and favorable policies across the country, leading to a robust supply-demand dynamic in various exhibitions [1] Group 1: Upcoming Major Exhibitions - The HNC Health Nutrition Exhibition 2025 will take place from June 24 to 26 at the National Exhibition and Convention Center (Shanghai), featuring over 2,500 exhibitors and attracting more than 120,000 professional visitors [1] - The 32nd China International Musical Instruments Exhibition will be held from June 24 to 29 at the China International Exhibition Center (Chaoyang), showcasing a wide range of musical instruments and related organizations [2] - The 5th China (Xiamen) International Cross-Border E-Commerce Exhibition will occur from June 26 to 28 at the Xiamen International Convention and Exhibition Center, covering over 50,000 square meters with more than 1,500 international standard booths [3] - The 2025 Beijing International Low-Altitude Economy and Drone System Industry Exhibition will be held from June 26 to 28 at the Beijing Shougang Exhibition Center, focusing on technological innovation and industry collaboration [4] - The 30th Shanghai International Processing and Packaging Exhibition will take place from June 24 to 26 at the National Exhibition and Convention Center (Shanghai), covering 220,000 square meters and providing solutions for various industries [4] - The 2025 Shenzhen International Consumer Electronics Exhibition will be held from June 25 to 27 at the Shenzhen International Convention and Exhibition Center, featuring an exhibition area of 200,000 square meters [5] - The 16th Optoelectronic Industry Expo will take place from June 25 to 27 at the National Conference Center, showcasing various optoelectronic technologies and applications [6] - The 2025 Hangzhou International Intelligent Connected New Energy Vehicle Exhibition will be held from June 20 to 22 at the Hangzhou International Convention and Exhibition Center, focusing on smart connected vehicles and related technologies [7][8]

行业观点更新： 投资建议 风险因素 地产竣工恢复速度低于预期；原材料价格大幅上涨；新品推广不及预期；汇率大幅波动。 敬请参阅最后一页特别声明 1 家居板块：内销方面，5 月中国家具类社零同比+25.6%，1-5 月累计同比+21.4%。而根据渠道调研反馈，6 月以来 整体接单情况相对偏弱，国补对需求的刺激作用有一定疲软，或因部分刚性需求前期有所提前释放。其中软体家 居产品由于更新周期相对较快并且更新难度较低，Q2 软体家居企业预计多数有望同比实现增长，而定制家居企业 由于大宗渠道等影响，预计业绩相对仍有承压。外销维度，部分企业预计由于 Q2 抢出口，整体业绩表现相对较 优，而在关税风险仍存的背景下，重点仍关注后续具备自身较强成长逻辑或者具备海外产能优势，盈利有望底部 反转的企业。整体来看，建议重点关注 25 年业绩增长确定性高并且具备相对高股息支撑的内销龙头企业，此外 建议关注部分具备自身α或相关盈利底部反转型外销企业。 新型烟草：HNB 方面，6 月 9 日，glo hilo 正式在日本宫城县上市销售，从渠道调研来看，产品铺货速度较快并 且 BAT 渠道端已对 glo hilo 倾斜较多营销资源，整体产品陈 ...

Core Viewpoint - Anhui Province has announced the inclusion of Tongcheng Economic and Technological Development Zone as a "2025 Manufacturing Digital Transformation Demonstration Park," highlighting its role as a model for regional digital transformation support [2][4]. Group 1: Policy and Support - The Anhui government released a plan aimed at promoting the high-end, intelligent, and green development of manufacturing through digital transformation, with a focus on pilot projects in industrial parks [2]. - Financial support will be provided to qualifying parks from provincial funds, specifically targeting the construction of industrial internet platforms and digital upgrades for enterprises [2]. Group 2: Implementation and Development - Tongcheng Economic Development Zone is focusing on the green packaging industry, leveraging leading enterprises to create a collaborative system involving small and medium-sized enterprises and service platforms [4]. - The zone has already established several exemplary digital transformation models and is advancing the application of digital solutions among key enterprises and small businesses [4][5]. - Future plans include utilizing provincial funding to enhance equipment connectivity, data collection, and system integration, thereby implementing impactful digital transformation projects [4][5].

证券代码：603429 证券简称：集友股份 公告编号：2025-021 安徽集友新材料股份有限公司 安徽集友新材料股份有限公司（以下简称"公司"）于 2025 年 6 月 20 日 开了 2024 年度业绩说明会。现将相关情况公告如下： 关于 2024 年度业绩说明会召开情况的公告 回复：1、公司将根据储能等能源材料产品的工业化项目落地的进度，与潜 在客户进行技术对接、商务洽谈，筹建集新能源固态电池关键材料研发中试基地， 保障能源材料产品工业化项目落地的顺利实施，具体进展请您关注公司在指定信 息披露媒体上发布的相关信息。 品及新市场；（2）随着公司业务转型发展及寻求新的利润增长点的需要，公司 将充分依托资本市场，按照优势互补、扩大经营、增加收益和降低风险的原则， 充分考虑产、供、销的整体布局，积极寻找新业务板块在国内外投资或外延并购 的机会，努力推进新的业务板块的构建和成型，为公司发展创造新的效益增长点， 增强公司的核心竞争力，实现公司业务的转型。 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。 一、业绩说明会召开情况 ...

Core Viewpoint - Guangdong Dongfeng New Materials Group Co., Ltd. has been placed on a credit rating watch list due to significant revenue decline and losses in its new energy materials segment, alongside uncertainties regarding its investment funds and changes in its controlling shareholder [3][5][14]. Financial Performance - The company's total assets decreased from 81.63 billion yuan in 2022 to 74.07 billion yuan in 2023, while total liabilities dropped from 21.60 billion yuan to 13.49 billion yuan during the same period [7]. - Operating revenue fell sharply from 37.44 billion yuan in 2022 to 26.31 billion yuan in 2023, reflecting a 29.57% gross margin in 2022, which decreased to 23.05% in 2023 [7][29]. - The net profit for 2023 was reported at -0.25 billion yuan, indicating a significant downturn from previous earnings [7]. Business Segments - The company is undergoing a strategic transformation, having exited its printing and packaging business, with a focus on medical packaging and new energy materials [14][16]. - The medical packaging segment's revenue declined by 11.31% year-on-year, amounting to 6.32 billion yuan in 2024, with a reduced profit margin due to increased competition and economic pressures [18][29]. - The new energy materials segment faced challenges, with production capacity utilization dropping to 46.56% in 2024, resulting in a net loss of 20.54 million yuan [22][28]. Investment Funds - The company has two consumer investment funds that have entered the exit phase, with significant declines in investment valuations impacting overall returns [27]. - The Chengdu fund, with a total investment of 3 billion yuan, has seen its external investments drop to approximately 1.95 billion yuan, while the Shenzhen fund's investments total around 9.60 billion yuan [27]. Shareholder Changes - The controlling shareholder has changed to Quzhou Zhishang Enterprise Management Partnership, with the actual controller being the Quzhou State-owned Assets Supervision and Administration Commission, which is expected to provide some support in business coordination and resource allocation [10][14]. - The company has completed the transfer of significant shares, with the new shareholders expected to influence future strategic directions [15][14]. Industry Outlook - The medical packaging industry is anticipated to expand due to strong downstream demand, despite current challenges such as rising raw material costs and competitive pressures [12][13]. - The overall economic environment in China is showing signs of recovery, which may support the company's future performance if external uncertainties are managed effectively [11].

第五条 公司董事会应对内部控制制度的建立健全和有效实施负责，重要的 内部控制制度应经董事会审议通过。 厦门吉宏科技股份有限公司 内部审计制度 （2025年6月修订） 第一章 总则 第一条 为进一步规范厦门吉宏科技股份有限公司（以下简称"公司"）及控 股子公司的内部审计工作，提高内部审计工作质量，保护投资者合法权益，促使 公司持续健康发展，根据《中华人民共和国审计法》等法律法规及《公司章程》 的有关规定，特制定本制度。 第二条 本制度所称被审计对象，特指公司各内部机构、控股子公司及具有 重大影响的参股公司。 第三条 本制度所称内部审计，是指由公司内部机构或人员，对公司内部控 制和风险管理的有效性、财务信息的真实性和完整性以及经营活动的效率和效果 等开展的一种评价活动。具体包括监督被审计对象的内部控制制度运行情况，检 查被审计对象会计账目及相关资产及企业经营状况，监督被审计对象预决算执行 和财务收支，评价重大经济活动的效益等行为。 第四条 本制度所称内部控制，是指公司董事会、高级管理人员及其他有关 人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （二）提高公司经营的效率和 ...

Core Points - The company has completed the registration capital change and the revision of its articles of association, which was approved in the board meeting on April 25, 2025, and the annual shareholders' meeting on June 6, 2025 [1] - The registered capital has been reduced from 1,222.83 million RMB to 1,195.54 million RMB, with no other changes [1] - The company is engaged in the production of mid-to-high-end corrugated boxes and various packaging printing products, as well as the research and development of new color printing products [1] Company Information - The company is officially named Xiamen Hexing Packaging Printing Co., Ltd., with a unified social credit code of 91350200612016388E [1] - The legal representative is Xu Xiaoguang, and the company was established on May 17, 1993 [1] - The company's address is No. 556, Tongji North Road, Tong'an District, Xiamen City [1]

Core Viewpoint - Shanghai Ailu Packaging Co., Ltd. maintains a long-term credit rating of A+ with a stable outlook, reflecting its competitive advantages in technology research and development, production processes, and customer resources [1][5]. Company Overview - The company was established in August 2006 and went public on the Shenzhen Stock Exchange in September 2021, with a total share capital of 432 million shares as of March 2025 [12]. - The main business includes the research, production, and sales of industrial paper packaging, plastic packaging, and intelligent packaging systems [12]. Financial Performance - In 2024, the company achieved an operating revenue of 1.191 billion yuan, a year-on-year increase of 11.63%, while the total profit was 44 million yuan, a decrease of 45.41% compared to the previous year [19][20]. - The total assets as of the end of 2024 were 2.935 billion yuan, with total liabilities of 839 million yuan, resulting in a debt-to-asset ratio of 47.70% [11][12]. Production and Sales - The company has significantly increased its production capacity, with industrial paper packaging capacity at approximately 525 million pieces per year and composite plastic products at about 475 million linear meters per year [17]. - However, the capacity utilization rate has decreased due to new production lines and insufficient downstream demand, leading to significant pressure on capacity digestion [9][19]. Industry Environment - The packaging industry in China faced challenges in 2023, with a slight decline in revenue and an increase in profit margins, indicating a competitive market environment [13][16]. - The overall demand for packaging is closely tied to consumer sentiment, which has shown slight improvement in 2024, contributing to a modest increase in industry revenue [16]. Competitive Advantages - The company maintains a competitive edge through its strong R&D capabilities, advanced production technology, and a diverse customer base, which includes over 700 clients across various industries [17][19]. - R&D expenses in 2024 amounted to 43.27 million yuan, representing 3.63% of total revenue, highlighting the company's commitment to innovation [17]. Challenges - The company faces significant cost control pressures due to high raw material prices, particularly for paper and plastic, which are influenced by market fluctuations [21][22]. - The profitability of the photovoltaic component business remains uncertain, with potential risks related to market demand and supply chain stability [5][9].

截至2024年12月31日，在71个容器管理中心("CMC")的支持下，公司管理的资产池有约140万个循环容 器，遍布100个城市。公司的数字系统和平台，包括箱管管、Find Me和回箱宝，还能提供实时追踪、 运营调度、库存管理和回收监控，显著提高了运营效率和透明度。 业绩方面， 2022年、2023年度2024年，优乐赛的营收稳步上行，分别实现6.48亿元、7.94亿元及8.38亿 元的收入。同期，年内利润分别为3120.1万元、6414.9万元、5074.1万元，表现有所波动。 可循环快递包装是解决快递行业一次性污染问题的良策，行业内多家企业也在不断推出新类型的循环快 递包装，期望通过循环使用减少资源消耗和碳排放。近日，有着"汽车行业最大的共享包装服务商"之称 的优乐赛递表港交所，中信建投国际为独家保荐人，星展集团为财务顾问。 值得注意的是，该公司曾于2024年11月18日向港交所主板递交上市申请，后因招股书失效，此次已是二 次递表。 那么这次再次冲击港交所，优乐赛有哪些新亮点值得市场关注呢？ 市场地位领先，营收稳步上行 在客户的容器管理能力有限，数字化程度不高及一次性包装成本高昂等物流包装行业的关键痛点 ...

Industry Overview - The packaging industry in China has a market size exceeding 2 trillion yuan, with a projected revenue of 2.07 trillion yuan for 2024 from approximately 19,000 enterprises [19][21] - The industry is categorized into various materials, including plastic, paper, metal, glass, and wood, with plastic and paper packaging accounting for over half of the market share [21] Industry Chain Analysis - The upstream of the packaging industry includes essential raw materials such as paper, plastic, glass, aluminum, and steel, along with production equipment like forming, filling, and sealing machines [3][5] - The downstream applications span across multiple sectors, including pharmaceuticals, food and beverage, daily chemicals, chemicals, and home appliances [3] Industry Development History - The packaging industry in China has evolved through three main stages: initial growth before the 12th Five-Year Plan, a shift towards green packaging from 2010 to 2020, and rapid development since 2021 focusing on sustainable packaging strategies [7][8] Industry Policy Direction - The packaging industry is supported by national policies, emphasizing the importance of sustainable development and integration with global economic trends [11][12] - Recent policies focus on reducing excessive packaging, promoting green packaging standards, and encouraging technological innovation [14][16] Competitive Landscape - The industry is divided into three competitive tiers based on revenue, with leading companies like Yutong Technology and Aorui Jin in the first tier, while many smaller firms dominate the lower tiers [26][29] - The market remains fragmented, with a low concentration ratio (CR10) of less than 5%, indicating a need for increased market consolidation [29] Industry Development Trends - The packaging industry is experiencing a shift towards smart and green transformation, with advancements in automation, AI, and the use of biodegradable materials [32] - By 2030, the market size of the packaging industry in China is expected to reach 2.8 trillion yuan, driven by these trends [32]