Core Insights - Hunan Muto Ren Packaging Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Qu Shun [1] Business Scope - The company engages in various general projects including packaging services, sales of packaging materials and products, and sales of plastic products [1] - It also offers high-performance sealing materials, professional design services, and wholesale of hardware products [1] - Additional activities include furniture sales, sales of wooden containers, timber acquisition and sales, and leasing services (excluding licensed leasing services) [1] - The company is involved in the recycling of renewable resources (excluding production waste metals) and sales of daily necessities (excluding projects requiring legal approval) [1]

Group 1 - Jiangxi Xiangyun Technology Co., Ltd. has been established with a registered capital of 5 million RMB [1] - The legal representative of the company is Xu Tao [1] - The business scope includes licensed projects such as printing of packaging and decoration printing products, and general projects like new material technology research and development, manufacturing and sales of plastic products, and digital technology services [1]

Financial Data and Key Metrics Changes - Third quarter net income for 2025 was $227 million or $2.51 per share, compared to $239 million or $2.65 per share in the third quarter of 2024. Excluding special items, net income was $247 million or $2.73 per share in 2025 [2][3] - Total company EBITDA for the third quarter, excluding special items, was $503 million in 2025, up from $461 million in 2024 [3] - Third quarter net sales increased to $2.3 billion in 2025 from $2.2 billion in 2024 [3] Business Line Data and Key Metrics Changes - In the packaging business, EBITDA, excluding special items, was $492 million with sales of $2.1 billion, resulting in a margin of 23.1%, compared to last year's EBITDA of $446 million and sales of $2 billion, or a 22.2% margin [6] - The paper segment reported EBITDA of $40 million with sales of $161 million, reflecting a margin of 24.9%, down from $43 million and a margin of 27.1% in the third quarter of 2024 [12][13] Market Data and Key Metrics Changes - Domestic containerboard and corrugated products prices and mix were $0.72 per share above the third quarter of 2024, while export containerboard prices were up $0.01 per share compared to last year [9] - Total shipments were down 1.1% in the third quarter of 2025 versus last year, with a noted decrease in shipments per day in corrugated products plants by 2.7% compared to the previous year [10] Company Strategy and Development Direction - The company aims to optimize production capabilities and reduce costs through ongoing investments and operational improvements, particularly following the acquisition of the GRIF containerboard business [7][8] - The integration of GRIF is expected to enhance long-term productivity and efficiency, with a focus on reducing inventory levels and improving customer service [11][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational improvements and synergies expected from the GRIF acquisition, projecting a run-rate EBITDA of approximately $240 million for the combined business [30] - The company anticipates challenges in the first quarter of 2026 due to tough comparisons but expects to see improvements in corrugated shipments and overall performance in the fourth quarter of 2025 [17][18] Other Important Information - Cash provided by operations reached a record $469 million, with free cash flow also at a record $277 million after capital expenditures of $192 million [14] - The company revised its capital expenditure forecast for the year to approximately $800 million, down from a previous estimate of $840 to $870 million [15] Q&A Session Summary Question: How are bookings and billings as the fourth quarter begins? - Management indicated bookings and billings are slightly over 1% up, but noted tough comparisons ahead [22][23] Question: Any insights on the GRIF acquisition and maintenance expectations? - Management highlighted that the acquired business is customer-focused and operationally compatible, with ongoing improvements expected [26][28] Question: Can you discuss the impact of outages on GRIF's performance? - The lower performance was attributed to outages and timing effects, with no economic downtime factored into GRIF's results [47] Question: What are the expectations for energy costs and inflation? - Management noted significant increases in energy costs and indicated plans to make several mills electricity independent [58][66] Question: How is the company managing inventory levels post-acquisition? - The company is actively working to reduce inventory levels and integrate operations to enhance efficiency [34][101]

Core Viewpoint - A new individual business, Foshan Nanhai Biaosheng Packaging Factory, has been established with a registered capital of 10,000 RMB, focusing on various packaging and manufacturing services [1] Group 1: Company Overview - The registered capital of the company is 10,000 RMB [1] - The business scope includes packaging services, manufacturing of paper and cardboard containers, sales of paper products, and sales of packaging materials and products [1] - The company is also involved in the manufacturing and sales of rubber products and daily wooden products, as well as internet sales (excluding items requiring special permits) [1]

天眼查App显示，近日，深圳市钧涛包装有限公司成立，法定代表人为朱红丽，注册资本50万人民币， 经营范围为一般经营项目是：包装材料及制品销售；工艺美术品及礼仪用品销售（象牙及其制品除 外）；工艺美术品及礼仪用品制造（象牙及其制品除外）；塑料包装箱及容器制造；木制容器销售；塑 料制品销售；文具用品零售；日用品销售；个人卫生用品销售；广告设计、代理；广告制作；专业设计 服务；新材料技术研发；包装服务；工业设计服务；供应链管理服务；组织文化艺术交流活动；技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广；互联网销售（除销售需要许可的商品）； 国内贸易代理；货物进出口；技术进出口。（除依法须经批准的项目外，凭营业执照依法自主开展经营 活动），许可经营项目是：包装装潢印刷品印刷。（依法须经批准的项目，经相关部门批准后方可开展 经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

天眼查App显示，近日，深圳市帕可罗包装有限公司成立，法定代表人为李永权，注册资本1万人民 币，经营范围为包装材料及制品销售；纸制品销售；塑料制品销售；工艺美术品及收藏品零售（象牙及 其制品除外）；工艺美术品及礼仪用品销售（象牙及其制品除外）；家居用品销售；文具用品批发；文 具用品零售；电子产品销售；日用百货销售；鞋帽批发；鞋帽零售；服装服饰批发；服装辅料制造；服 装服饰零售；箱包销售；玩具销售；国内贸易代理；供应链管理服务；货物进出口；技术进出口。（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动）无。 ...

天眼查App显示，近日，随州市曾都区跃新包装店（个体工商户）成立，法定代表人为李先耀，注册资 本1万人民币，经营范围为一般项目：包装服务，包装材料及制品销售，纸制品销售，图文设计制作， 食品用塑料包装容器工具制品销售，油墨销售（不含危险化学品），办公用品销售，日用玻璃制品销 售，平面设计，专业设计服务。（除许可业务外，可自主依法经营法律法规非禁止或限制的项目）。 ...

天眼查App显示，近日，徐州华章包装有限公司成立，法定代表人为张凯鹏，注册资本30万人民币，经 营范围为一般项目：包装服务；包装专用设备销售；金属包装容器及材料销售；食品用塑料包装容器工 具制品销售；食品互联网销售（仅销售预包装食品）；保健食品（预包装）销售；礼仪服务；木制容器 销售；平面设计；包装材料及制品销售；生态环境材料销售；物料搬运装备销售；专业设计服务；塑料 制品销售；竹制品销售；食品销售（仅销售预包装食品）；货物进出口；技术进出口；信息咨询服务 （不含许可类信息咨询服务）；新材料技术研发；工艺美术品及收藏品零售（象牙及其制品除外）；家 居用品销售（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - A new company named Chuangpin Packaging (Suzhou) Co., Ltd. has been established with a registered capital of 100,000 RMB [1] Company Overview - The legal representative of the company is Chen Min [1] - The company’s business scope includes a variety of services and products such as packaging services, sales of packaging materials and products, plastic products, metal packaging containers and materials, sponge products, electronic products, and more [1] Business Activities - The company is involved in manufacturing and selling various items including home goods, daily necessities, toys, outdoor products, and bags [1] - It also provides supply chain management services, domestic cargo transportation agency, handling and transportation, and various consulting services [1]

Core Insights - Recently, a new company named Le Fen Packaging Technology (Wuxi) Co., Ltd. was established with a registered capital of 1 million RMB [1] - The legal representative of the company is Wang Ximei [1] Company Overview - The company operates in various sectors including technology services, development, consulting, and transfer [1] - It provides packaging services and sells mechanical parts, equipment, and intelligent robots [1] - The company also engages in the sale of packaging materials, paper products, chemical products (excluding licensed chemical products), electronic equipment, plastic products, office supplies, stationery, daily necessities, and conducts import and export activities [1]