■特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 ■其他 线上交流 华金证券股份有限公司 2025 年 12 月 5 日 15:00-15:40 线上会议 董事会秘书 吴小霜女士 证券事务代表 谢海桐女士 交流主要内容包括： 董事会秘书、证券事务代表介绍了公司发展历史、公司经营模式及公司主营业 务等情况，并进行交流。 【回复】自上市以来，公司发展依托两条路并行，一边是现有主营业务的发 展。在战略布局上，公司将继续拓展现有包装制品类主营业务的品类和规模。 公司除原有业务外，公司将以市场为导向，以应用于饮料和食品包装领域的 瓶盖业务的研发、生产、销售和相关配套服务为主业，并逐步拓展应用于其 他领域的包装行业的相关产品和业务，包括但不限于应用于日化用品盖、医 疗用品和保健用品瓶盖等领域的包装用品，增加公司主营业务产品的多样化。 另外一边是拟通过探索多种可能性去扩大公司发展规模和业务，实现公司的 外延式增长。 对于公司发展战略的考虑：一方面，公司已于 2021 年并购翔兆科技，通 过上市公司销售团队和研发团队的赋能，新型拉环盖业务获得了一定增长。并 购翔兆科技给公司带来营收 ...

5.自动化生产：采用自动化流水线生产，提高精度和生产效率。 3.标准化与模块化：尺寸适应标准货架和集装箱，提高装载和运输效率。采用模块化设计，可快速组装 或拆卸，满足定制化需求，降低库存成本。 4.功能拓展：提升防护性能,增加防潮、防震、防火等处理，适应精密仪器、危险品等特殊货物。增加多 功能设计，如可折叠木箱（节省空间）、可展示式木箱（兼顾运输与零售陈列）。 木箱包装作为传统的包装方式，在工业、物流、仓储等领域仍有广泛应用，但随着环保、技术和市场需 求的变化，其发展趋势正呈现以下特点： 1.环保与可持续化：木箱结构趋向模块化，便于拆卸和重复使用，降低废弃率。使用水性涂料、无甲醛 胶粘剂等，减少化学污染。 2.强度优化：木箱与塑料或金属部件结合，提升强度。 6.符合法规与认证：适应ISPM 15（国际木质包装检疫标准）等要求，确保跨境运输安全。 未来木箱包装将更注重环保性、智能化和循环利用，通过技术创新与跨行业融合，在保留传统优势的同 时，向高效、低碳、智能的方向转型升级。企业需关注材料革新、数字化工具应用及可持续供应链建 设，以适应市场变化。 ...

Group 1 - The core point of the article is that Yongchuang Intelligent (SH 603901) held its 30th meeting of the fifth board of directors on December 1, 2025, to discuss the report on the analysis of the plan for issuing stocks to specific objects in 2025 [1] - For the year 2024, Yongchuang Intelligent's revenue composition is 99.04% from the packaging industry and 0.96% from other businesses [1] - As of the report date, Yongchuang Intelligent has a market capitalization of 6.6 billion yuan [1]

Core Insights - The company reported a decline in revenue and a shift from profit to loss in the latest financial results, indicating significant operational challenges [2][3][4] Financial Performance - For the first nine months of 2025, total revenue was €2.35 billion, a decrease of 2.1% compared to €2.40 billion in 2024 [3] - Adjusted EBITDA for the same period was €495.4 million, down 14% from €575.4 million year-on-year [3] - The net loss for the first nine months was €130.8 million, contrasting with a net profit of €130.1 million in the previous year [3] Quarterly Performance - In Q3 2025, revenue was €769 million, a decline of 6.74% from €824.6 million in Q3 2024 [3] - Adjusted EBITDA for Q3 was €123.4 million, down 40% from €205.9 million year-on-year [3] - The net loss for Q3 was €221.8 million, compared to a profit of €45.2 million in the same quarter last year [3] Regional Performance - The European market showed a revenue decline of 2.5% year-on-year for the first nine months, with a sharper decline of 6.4% in Q3 [4] - The Asia-Pacific region experienced a slight revenue growth overall, but Q3 saw a decrease of 1.4% [4] - The IMEA region faced a significant revenue drop of 8.2% in Q3 [4] - The Americas region had mixed results, with a 4.2% increase in revenue for the first nine months but a 2.8% decline in Q3 [4] Market Challenges - The company is facing structural challenges due to weak consumer demand in sectors such as beverages and dairy, impacting overall revenue [4] - The slowdown in fast-moving consumer goods demand is contributing to the company's performance issues [4]

Core Viewpoint - The company has decided to terminate the fundraising investment project related to the "New Energy and Home Appliance Industry Recyclable Packaging Production Base" and will use the remaining funds to permanently supplement its working capital [1] Group 1 - The fourth meeting of the fourth board of directors was held, where the proposal to terminate the fundraising investment project was approved [1] - The remaining fundraising amount to be redirected for working capital is 84.5746 million yuan, which includes interest income and cash management returns [1] - The specific amount for the fund transfer will be based on the bank settlement balance on the day of the transfer [1]

Core Viewpoint - The company has decided to terminate the investment project related to the "New Energy and Home Appliance Industry Recyclable Packaging Production Base" and will redirect the remaining raised funds to permanently supplement working capital [1] Group 1 - The fourth meeting of the fourth board of directors was held on November 27, 2025, where the decision was made [1] - The total remaining raised funds amount to 84.5746 million yuan [1] - The decision is subject to approval by the company's shareholders' meeting [1]

Core Viewpoint - Jinfu Technology is planning to acquire at least 51% of Guangdong Lanyuan Technology Co., Ltd. through cash payment, currently in the planning stage with uncertainties regarding the transaction [1] Group 1: Acquisition Details - Jinfu Technology signed a Letter of Intent for the acquisition with Lanyuan Technology and its stakeholders on November 21, 2025, which is a preliminary agreement subject to further negotiation and a formal acquisition agreement [1] - The business scope of Lanyuan Technology includes manufacturing and trading of wires and cables, industrial design services, non-ferrous metal processing, synthetic material sales, new material technology research and development, and smart instrument manufacturing [1] Group 2: Company Background and Strategy - Jinfu Technology, established in 2001 and listed on the Shenzhen Stock Exchange in 2020, primarily focuses on the research, design, production, and sales of packaging products for the beverage and food sectors [1] - Prior to its listing, the company mainly produced bottle caps for packaged drinking water, but has since expanded its product range through acquisitions and new customer development [2] - The company aims to diversify its product offerings by exploring new packaging applications beyond beverages and food, including personal care, medical, and health product packaging [2] Group 3: Strategic Implications of the Acquisition - The acquisition is seen as a way for Jinfu Technology to explore new profit growth points while maintaining steady development of its core business [3] - If the acquisition is successful, Lanyuan Technology will be included in Jinfu Technology's consolidated financial statements, potentially enhancing the company's profitability, risk resistance, and overall competitiveness [3]

Group 1 - The company achieved profitability in the third quarter, with revenue showing a year-on-year increase [2] - The company is assisting downstream clients in product development, cost reduction, and market expansion, which is expected to enhance market share [2] - The advantages of circular packaging include reusability and environmental benefits, aligning with current green development trends [2] Group 2 - The leasing model for circular packaging reduces upfront costs for clients, controls risks, and simplifies management, thereby increasing client loyalty [2] - The company is expanding its presence in the home appliance sector, starting with refrigerator compressor packaging and moving into air conditioning compressor packaging [2] - The company aims to penetrate new industries such as fresh produce, logistics, and wine, leveraging the national "dual carbon" policy to enhance its brand influence [2]

Group 1: Company Overview and Performance - Joyful Intelligence has achieved profitability in the third quarter, with revenue showing a certain degree of increase compared to the same period last year, driven by strong customer trust [2] - The company is actively assisting downstream clients in product development, cost reduction, and market expansion to further increase market share [2] Group 2: Advantages of Circular Packaging - Circular packaging can be reused multiple times, resulting in lower single-use costs compared to traditional disposable packaging [3] - Customizable product features such as anti-shedding, dustproof, and flame-retardant properties enhance the protection of client components and improve storage and transportation efficiency [3] - At the end of the product's life cycle, circular packaging can be recycled to manufacture new products, offering stronger environmental benefits [3] Group 3: Client Adoption of Rental Models - Clients prefer the rental model due to lower initial investment, more controllable risks, and easier management compared to outright purchase [3] - The company incurs significant initial equipment investment, but costs decrease with multiple cycles of use, leading to continued profitability after depreciation [3] Group 4: Development in the Home Appliance Sector - Joyful Intelligence has expanded from refrigerator compressor circular packaging to the air conditioning compressor market, establishing a circular packaging operation system between clients and suppliers [3] - The stable market conditions in the home appliance sector are beneficial for the company's growth, with ongoing efforts to penetrate other core components like motors and control panels [3] Group 5: Industry Positioning and Future Growth - Under the national "dual carbon" policy, the company has established a strong influence in the circular packaging sector for automotive and home appliance industries, building a positive brand image among clients [3] - Future plans include increasing penetration in industries such as fresh produce, express logistics, and the wine industry, where initial partnerships have been formed to create new growth points [3]

Group 1: Domestic Business Overview - The distribution of domestic downstream customers shows that the consumer electronics sector accounts for approximately 40%, while furniture and home appliances together account for about 25%. The automotive and new energy vehicle supply chain accounts for around 15% [3] - Other sectors include liquor, medical devices, food and beverage, health products, express packaging, and label and electronic functional material die-cut products [3] Group 2: Overseas Operations - The company has six factories in Vietnam, Thailand, Malaysia, and Mexico, with additional capacity available for expansion based on market demand [4] - Compared to local competitors, the company has strong advantages in product quality, service, R&D design, and customer resources, enabling it to meet global supply chain management needs effectively [4] Group 3: Market Challenges and Risks - The packaging industry has relatively low barriers to entry, but leading companies possess significant competitive advantages in R&D, product quality, customer resources, and service [5] - The company faces risks if overseas market expansion does not meet expectations, which could impact overall development goals [7] Group 4: Pricing and Profitability - Product pricing is determined by considering costs and customer demands for design and service [7] - The company has developed higher value-added customers and reduced low-margin orders, contributing to overall profit improvement [8] Group 5: Financial Health and Future Plans - The company aims for stable domestic growth and rapid overseas business growth in 2026 [7] - Cash dividends are emphasized as an important way to return value to shareholders, with future amounts depending on operational and financial conditions [8]