Group 1: Company Overview - The company was established in 1997 and has developed its business across plastic packaging, military electronics, and film capacitor industries over more than 20 years [1] - Initially focused on electronic manufacturing packaging, the company quickly became a leading supplier serving major international manufacturers like Foxconn [1] - The plastic packaging business has shown steady growth, achieving revenue of 1.16 billion yuan with a year-on-year increase of 7.1% [1] Group 2: Marine Equipment Industry - The marine equipment sector is entering a high growth phase, with significant defense spending increases, including the U.S. Navy's plan to purchase 293 combat ships over the next 30 years [2] - China's government has highlighted "deep-sea technology" in its work report, indicating a commitment to deep-sea equipment development [2] - The subsidiary, China Electronics Huazhong, focuses on ship electronic information, covering research, production, sales, and technical services [2] Group 3: Film Capacitor Business - The film capacitor business is accelerating, with products designed for high voltage, long life, and self-healing properties, making them suitable for applications in new energy vehicles, photovoltaics, and military [3] - The company's film capacitors are core components in electromagnetic launch energy storage systems and have entered the controllable nuclear fusion industry [3] Group 4: Electromagnetic Equipment Industry - The emphasis on new strategic capabilities during the Two Sessions indicates a potential acceleration in the industrialization of electromagnetic equipment [4] - The company’s film capacitors are positioned as optimal solutions for instantaneous discharge in electromagnetic launch systems [4] - The company is expanding production to meet industry demand, with a multi-dimensional layout centered around China Electronics Huazhong [4] Group 5: Financial Projections - The company is expected to achieve net profits of 148 million yuan, 251 million yuan, and 361 million yuan in 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 44.5, 26.3, and 18.3 [4]

Core Viewpoint - The recent merger and acquisition plan between Guolv Cultural Investment Group Co., Ltd. and RunTian Industrial Co., Ltd. represents a strategic move to enhance quality and optimize structure in response to national policies aimed at fostering new productive forces in the economy [1][8]. Company Overview - RunTian Industrial is a leading company in the packaged drinking water industry in Jiangxi Province, recognized as one of the "Top Ten Consumer Brands" and "Leading Enterprises" in the region, with a strong brand presence and a national distribution network covering 22 provincial-level administrative regions [2][3]. - The company has achieved significant sales milestones, with its "RunTian Cui" natural selenium mineral water series being the national sales champion for three consecutive years (2022-2024) and ranking among the top ten in China's packaged drinking water and natural mineral water sectors in 2024 [2]. Financial Performance - RunTian Industrial is projected to achieve revenues of approximately 1.15 billion yuan and 1.26 billion yuan in 2023 and 2024, respectively, reflecting a year-on-year growth of about 9.4% [3]. - The company is expected to report net profits of approximately 147.25 million yuan and 176.75 million yuan for the same years, alongside operating cash flows of 222.50 million yuan and 182.65 million yuan, indicating strong financial health and operational efficiency [3]. Strategic Synergy - The merger is anticipated to enhance Guolv's financial status and market resilience by integrating RunTian's stable cash flow from the drinking water sector with Guolv's high-value tourism services, thereby optimizing revenue structure and operational efficiency [4][5]. - The collaboration will allow both companies to leverage shared resources in procurement, production, and sales, effectively reducing operational costs and expanding profit margins [4]. Market Opportunities - The merger aligns with national policies aimed at boosting domestic consumption, with the government planning to invest over 500 billion yuan in consumer infrastructure upgrades by 2025 [6][7]. - The consumer sector is expected to experience a new growth phase, supported by favorable policies and a recovering economic backdrop, which will benefit the combined entity's market positioning and growth potential [7]. Future Outlook - The acquisition is seen as a significant step in Jiangxi's state-owned enterprise reform, providing a model for financial synergy and value creation in the capital market [8]. - With the integration of RunTian's financial foundation and industry advantages, Guolv is poised to accelerate its transformation into a comprehensive service provider in the cultural and tourism consumption sector, injecting new vitality into regional economic development [8].

Core Viewpoint - The credit rating report indicates that the company, 嘉美食品包装 (Jia Mei Packaging), maintains an AA credit rating, reflecting its strong position in the metal can production industry, but faces challenges due to high customer concentration and reliance on major clients [3][6][19]. Company Overview - 嘉美包装 is one of the largest metal can manufacturers in China, providing a comprehensive range of food and beverage packaging solutions, including three-piece cans, two-piece cans, and aseptic paper packaging [5][13]. - The company has established a nationwide production network with bases in multiple provinces, enhancing its service capabilities and customer reach [5][15]. Financial Performance - In 2024, the company reported a net profit increase of 18.78% due to a decrease in raw material costs, particularly for tinplate used in three-piece cans [6][19]. - The company's total assets as of March 2025 were 41.25 billion, with total liabilities at 14.79 billion, indicating a stable financial position [3][4]. Customer Dependency - The company has a high customer concentration, with its largest client, 养元饮品 (Yangyuan Beverage), accounting for 32.48% of its revenue. This dependency poses risks if the client's performance declines [15][17]. - Despite maintaining stable relationships with major clients, the sales volume and revenue from these clients have shown a downward trend, necessitating close monitoring of their operational stability [7][15]. Market Environment - The metal packaging industry is experiencing increased concentration due to mergers and acquisitions, which may enhance competitive dynamics [10][12]. - The demand for metal packaging is supported by the growth in the soft drink sector, which saw a 6.3% increase in production in 2024, providing a favorable outlook for the industry [10][12]. Operational Efficiency - The company's overall capacity utilization remains low, with significant seasonal fluctuations affecting production levels. The utilization rate for three-piece cans has decreased due to reduced orders from major clients [15][18]. - The company employs a "sales-driven production" model, which has helped maintain a high production-sales ratio despite the challenges faced [15][18]. Raw Material Costs - The cost of key raw materials, particularly tinplate, has decreased, positively impacting the company's profitability. The average procurement price for tinplate fell by 9.97% in 2024 [19]. - The company faces ongoing pressure to control costs, as over 70% of its operating costs are attributed to direct materials, making it sensitive to fluctuations in raw material prices [19][20].

Group 1: Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) is actively building a virtual asset ecosystem that is compliant, risk-controlled, and sustainable, aiming to seize new opportunities for investors [1] - The SFC supports the listing of virtual asset spot ETFs and is promoting the application of blockchain technology for the tokenization of securities [1] - The approval of fee limits for securities registration institutions in the paperless securities market is seen as a significant milestone, establishing a fair and transparent fee structure that protects minority shareholders [4] Group 2: Company Listings - Suzhou Youlesai Shared Service Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, indicating its determination to pursue capital market opportunities [2] - Youlesai's projected revenues for 2022, 2023, and 2024 are approximately 648 million, 794 million, and 838 million yuan, with net profits of about 31 million, 64 million, and 51 million yuan respectively [2] - Jinye International has submitted its initial prospectus to the Hong Kong Stock Exchange, with projected revenues of approximately 123 million and 155 million HKD for the fiscal years 2023/24 and 2024/25 [3] - The revenue growth of Jinye International over the next two fiscal years indicates a solid market position and good prospects in Hong Kong, which may attract investor interest [3] Group 3: Market Performance - The Hang Seng Index closed at 23892.56, down 0.59% on June 13 [5] - The Hang Seng Tech Index and the National Enterprises Index also experienced declines of 1.72% and 0.85% respectively [5]

北交所策略专题报告 2025 年 06 月 15 日 北交所打新策略：募资规模提升，中签率迎来改善窗口 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：2025 年 Q2 北交所过会提速，募资规模提高或改善中签率 从发审会节奏上来看，截至 2025 年 6 月 13 日，2025 年 1-6 月北交所合计过会 9 家企业，2025 年 2 季度开始，随着申报企业补充 2024 年报数据的结束，北交所 上市节奏或提升。北交所打新高热度，从 2024 年三季度末开始，随着北交所市 场逐步活跃，2025 年 1-6 月北交所网上发行有效申购户数均值达 46.01 万户，网 上冻结资金均值达 4752 亿元。募资规模提高或改善中签率，2024 年-2025 年 6 月 13 日期间北交所合计上市 28 家企业，中签率均值达 0.09%，其中首发募集资 金超过 2 个亿企业的平均中签率在 0.14%，首发募集低于 2 个亿企业的平均中签 率在 0.06%。募资规模方面，2025 年 1-6 月北交所单家企业平均募集资金达 3. ...

Key Points - The company, Chongqing Zhengchuan Pharmaceutical Packaging Materials Co., Ltd., will initiate the conditional redemption of its convertible bonds, Zhengchuan Convertible Bonds, starting from April 28, 2025, due to the stock price being below 70% of the conversion price for 30 consecutive trading days [1][2] - The redemption price for the bonds is set at 100.35 RMB per bond, which includes the accrued interest [3][4] - The redemption period is from June 20, 2025, to June 26, 2025, during which the bonds will stop converting into shares [3][5] - Holders of the Zhengchuan Convertible Bonds have the option to redeem either part or all of their unconverted bonds, and this redemption is not mandatory [4][5] - The company will announce the results of the redemption and its impact on the company after the redemption period [4][5]

据港交所6月13日披露，苏州优乐赛共享服务股份有限公司(简称：优乐赛)向港交所主板递交上市申请，中信建 投（601066）国际为独家保荐人，星展集团为财务顾问。该公司曾于2024年11月18日递表港交所。 招股书显示，优乐赛是中国循环包装服务提供商，主要专注于为汽车行业内的汽车零部件制造商及OEM提供服 务。优乐赛为需要高效且可持续解决方案以管理供应链物流的客户提供循环容器的共享运营服务、租赁服务及 其他增值服务。此外，优乐赛亦向在其自有设施内使用容器或具备独立管理容器运营能力的客户销售容器。根 据弗若斯特沙利文，按2024年收入计，优乐赛是中国循环包装服务第二大提供商、中国汽车共享运营服务市场 的最大提供商。于2024年，循环包装服务、共享运营服务及汽车共享运营服务分别占中国整体物流包装解决方 案市场的6.4%、2.4%及1.0%。 根据弗若斯特沙利文报告，为紧贴可持续发展趋势，物流包装行业正加快从一次性包装转向循环包装，以满足 日益增长的可持续发展需求和支持ESG举措。2024年，中国整体物流包装解决方案市场规模达1,187亿美元，其 中物流容器销售占93.6%，市场高度分散，拥有超3,500位参与者。前 ...

Group 1 - The "Su Super" league has gained significant sponsorship interest, with major companies like JD.com and Yili partnering with the league, indicating its rising popularity in the sponsorship market [1][2] - As of June 13, the number of official strategic partners increased from 1 to 7, with new additions including JD.com and Li Auto, while official sponsors grew from 1 to 5, adding companies like Nubia and Yili [2] - The influx of sponsors is expected to keep ticket prices affordable, encouraging more fan participation, which is crucial for the league's future development [2] Group 2 - The sponsorship categories for "Su Super" include a total of five types: one title sponsor (Jiangsu Bank), one official strategic partner (Guoyuan V3), one official partner (KELME), one official sponsor (Kangshifu's bottled water), and two official suppliers (Zijin Insurance and Gatorade) [1] - The sponsorship landscape reflects the league's growing appeal, as evidenced by the increase in both the number of sponsors and the diversity of companies involved [2]

陕西金叶科教集团股份有限公司于2025年4月23日和5月28日召开会议，审议通过了关于2025年度向银行 等金融机构申请综合授信敞口额度及担保事项的议案，同意公司及各所属子公司对公司合并报表范围内 的公司向金融机构申请不超过人民币40亿元或等值外币的综合授信敞口额度，并提供相应担保。具体进 展如下： 截至公告披露日，公司及控股子公司的实际担保余额为156,701.82万元，约占公司最近一期经审计的 2024年归属于母公司净资产的86.69%。公司及控股子公司不存在逾期担保及涉及诉讼的担保。特此公 告。陕西金叶科教集团股份有限公司董事局 二〇二五年六月十二日。 截至2025年6月13日收盘，陕西金叶（000812）报收于4.54元，较上周的4.72元下跌3.81%。本周，陕西 金叶6月9日盘中最高价报4.74元。6月13日盘中最低价报4.53元。陕西金叶当前最新总市值34.9亿元，在 包装印刷板块市值排名27/42，在两市A股市值排名3845/5150。 本周关注点 【公司公告汇总】陕西金叶审议通过2025年度向银行等金融机构申请不超过40亿元综合授信敞口 额度 公司公告汇总 以上内容为证券之星据公开信息整理， ...

截至2025年6月13日收盘，盛通股份（002599）报收于8.2元，较上周的8.44元下跌2.84%。本周，盛通 股份6月9日盘中最高价报8.86元。6月13日盘中最低价报8.16元。盛通股份当前最新总市值44.08亿元， 在包装印刷板块市值排名21/42，在两市A股市值排名3259/5150。 公司公告汇总 第六届董事会2025年第三次会议决议公告，会议审议通过了《关于注销回购股份并减少注册资本的议 案》，同意注销存放于公司回购专用证券账户的4,906,930股A股普通股股票并相应减少注册资本。注销 完成后，公司总股本将由537,586,717股变更为532,679,787股，注册资本将由人民币537,586,717元减少至 人民币532,679,787元。该议案尚需提交公司股东大会审议。会议还审议通过了《关于召开2025年第一次 临时股东大会的议案》，决定于2025年6月25日召开2025年第一次临时股东大会。 本周关注点 关于注销回购股份并减少注册资本的公告 北京盛通印刷股份有限公司于2025年6月9日召开第六届董事会2025年第三次会议，审议通过了关于注销 回购股份并减少注册资本的议案。公司将注销回 ...