证券代码：603687 证券简称：大胜达 公告编号：2025-028 浙江大胜达包装股份有限公司 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法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.05847元 ? 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 ）2025 年 5 月 12 本次利润分配方案经浙江大胜达包装股份有限公司（以下简称"公司" 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 每股现金红利=（本次实际参与分配的股本数×实际分派的每股现金红利）÷本次权益分 派股权登记日的总股本=（545,185,964×0.05847）/ 550,031,864≈0.0580（元/股） 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司 回购专用证券账户中已回购的股份不参与本次分红。 （1）本次差异化分红方案 公司于 202 ...

证券代码：603499 证券简称：翔港科技 公告编号：2025-016 上海翔港包装科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： ? 会议召开时间：2025 年 6 月 20 日（星期五）15:00—16:00 ? 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 6 月 20 日 （星期五） 15:00-16:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 ? 投资者可于 2025 年 6 月 13 日（星期五）至 6 月 19 日（星期四）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 tangjun@sunglow-tec.com 进行提问。公司将在说明会上对投资者普遍关注的问 ...

Core Insights - The Shenzhen Logistics Expo 2025 showcased a transformative model for digital supply chains, emphasizing a 40% reduction in both procurement costs and carbon emissions through innovative technologies [1][2]. Group 1: Digital Supply Chain Reconstruction - The "Cross-Border Green Chain Platform" addresses traditional procurement challenges such as supplier fragmentation and logistics inefficiencies, with 85% of surveyed companies reporting hidden costs in procurement [2]. - Key technologies include a blockchain traceability system that identified 27% redundant procurement steps, an AI dynamic pricing engine that improved decision-making speed by six times, and a carbon footprint visualization tool that helped a multinational reduce air freight emissions by 1,800 tons in a single quarter [2][3]. Group 2: Pathways to 40% Reduction - The platform's "Green Chain Index" integrates 12 metrics for supplier certification, with 2,300 suppliers from 15 countries certified, leading to a 38% reduction in procurement costs and a 43% decrease in carbon footprint for companies using recycled materials [3]. - A machine learning-based demand forecasting system provided 90-day alerts for procurement fluctuations, resulting in a 92% inventory turnover rate and a reduction in waste from 15% to 4%, saving over 6 million yuan annually for a major company [4]. - The platform optimized logistics by integrating multi-modal transport resources, achieving a 19% reduction in transport distance and a 22% decrease in fuel consumption [5]. - The introduction of a "carbon points cashback" mechanism allowed companies to convert emission reductions into procurement discounts, with one company redeeming over 2 million yuan in green materials [6]. Group 3: Cross-Border Ecosystem Effects - A strategic agreement with Germany's TUV certification body will incorporate Chinese green standards into an international recognition system, facilitating automatic deductions for EU carbon border taxes for companies using the platform [7]. - The platform's model is expected to be promoted to 3,000 enterprises in Shenzhen, potentially reducing emissions by 1.2 million tons annually [7]. Group 4: Challenges and Future Evolution - Despite significant achievements, challenges such as data security and international standard discrepancies remain, with potential emission calculation discrepancies of 15%-20% noted [8]. - The next-generation system will incorporate real-time regulatory interpretation features and establish dispute arbitration mechanisms, marking 2025 as a pivotal year for green supply chains [8].

Investment Rating - The report initiates coverage with a "Buy" rating for China Resources Beverage [3][8][10]. Core Views - China Resources Beverage, as a leading bottled water company, benefits from both revenue and profit growth. The company is expected to enjoy the industry's penetration rate increase and has made initial progress in its beverage business with the "Zhiben Qingrun" chrysanthemum tea series. The company is projected to improve its profitability through various cost-reduction strategies [3][8][29]. Summary by Sections Company Overview - China Resources Beverage is a subsidiary of China Resources Group, focusing on bottled water and beverage businesses. Its core brand "Yibao" is a leading bottled water brand in China, with a market share of 18.4% in 2023 [5][15]. Bottled Water Business - The bottled water market in China has grown from 152.6 billion yuan in 2018 to 215 billion yuan in 2023, with a CAGR of 7.1%. The company aims to increase its self-production rate from 32% in 2023 to over 60% by the end of the 14th Five-Year Plan, which is expected to significantly enhance profitability [6][8][29]. Beverage Business - The company has been exploring the beverage sector since 2011, launching various products. The "Zhiben Qingrun" series has gained a market share of 38.5% in 2023. The company aims to improve channel efficiency and reduce sales expenses through continuous product launches and increased distribution [7][8][29]. Financial Forecast and Investment Advice - The company is expected to achieve revenues of 140.7 billion yuan, 150.6 billion yuan, and 161.4 billion yuan in 2025, 2026, and 2027, respectively. Corresponding net profits are projected to be 19.2 billion yuan, 22.4 billion yuan, and 26.1 billion yuan, with EPS of 0.8, 0.93, and 1.09 yuan, respectively [8][29].

Core Insights - Smucker (SJM.US) reported a 3% year-over-year decline in Q4 sales to $2.1 billion, falling short of expectations [1] - Non-GAAP EPS was $2.31, exceeding market expectations, compared to $2.66 in the same period last year [1] - Adjusted gross profit decreased by 9% year-over-year [1] Sales Performance - Same-store sales fell by 1%, reflecting a 3% decline in volume/mix, driven by decreased sales in pet snacks, dessert baking products, and fruit spreads, partially offset by increased sales of Uncrustables sandwiches [1] - The U.S. retail coffee business saw an 11% sales increase, while the U.S. retail pet food business experienced a 13% sales decline [1][2] Acquisition Impact - Sales were negatively impacted by the acquisition of Hostess in November 2023, as the company faced poor performance due to reduced consumer spending [1] - CEO Mark Smucker indicated plans to offset rising raw material costs through price increases [1] Pricing and Future Outlook - Same-store sales reflected a 3% increase in net pricing, primarily due to higher coffee prices, while net prices for dessert baking products and pet snacks declined [2] - The company provided a lower-than-expected earnings guidance for the next fiscal year, projecting adjusted EPS between $8.50 and $9.50, with a midpoint of $9.00, compared to the average expectation of $10.25 [2] - Following the earnings announcement, the company's stock price fell approximately 8% in pre-market trading [2]

港股研究丨公司深度丨华润饮料（2460.HK） [Table_Title] 华润饮料深度报告：清润至本，方兴未艾 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 华润饮料作为头部包装水企业具备收入端、利润端双重逻辑。从收入端看，公司作为包装水龙 头优先享受行业渗透率提升红利，同时公司积极探索饮料业务，"至本清润"菊花茶已取得初步 成果，未来第二曲线可期。从利润端看，公司通过提高自产率、降低代工费、优化生产工艺多 种方式降低包装水生产成本，饮料业务的增长也将摊薄销售费用，公司盈利能力具备较大提升 空间。我们预计 2025/2026/2027 年公司 EPS 为 0.8/0.93/1.09 元，对应 PE 为 15X/13X/11X， 首次覆盖给予"买入"评级。 分析师及联系人 [Table_Author] 董思远 冯萱 SAC：S0490517070016 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 盈利预测与投资 ...

重庆正川医药包装材料股份有限公司 www.lhratings.com 联合〔2025〕4103 号 联合资信评估股份有限公司通过对重庆正川医药包装材料股份 有限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定 维持重庆正川医药包装材料股份有限公司主体长期信用等级为 A+， 维持"正川转债"信用等级为 A+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月九日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受重庆正川医药包装材料股份有限公司（以下 简称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评 级委托关系外，联合资信、评级人员与该公司不存在任何影响评级行 ...

Group 1 - The core viewpoint of the announcement is that the credit rating for Chongqing Zhengchuan Pharmaceutical Packaging Materials Co., Ltd. remains unchanged at "A+" for both the company and its convertible bonds, with a stable outlook [1][2]. - The previous credit rating was also "A+" for both the company and the convertible bonds, with a stable outlook, indicating consistency in the company's financial health [2]. - The credit rating was conducted by United Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational and industry conditions [2]. Group 2 - The announcement confirms that the tracking credit rating report is available on the Shanghai Stock Exchange website for further details [2].

3)持续的市场份额增长，鉴于同行在副食品(如百事可乐(PEP.US)的零食和Keurig Dr Pepper(KDP.US)的 咖啡)的困境，可口可乐的竞争优势在不断上升。 4)收购"fa!rlife"带来的增长贡献。 简而言之，大摩表示，投资者能够以与同行相同的估值倍数购买可口可乐，但其长期OSG会显著更高。 大摩指出，可口可乐OSG远高于同行——在长期来看，可口可乐OSG持续保持领先水平，在一个消费包 装行业(CPG)销售增长放缓的环境下，其OSG表现领跑同行;长期来看可口可乐OSG在5%左右的水平， 而同行的OSG大致在3%左右的水平上下波动。 大摩认为可口可乐在OSG方面具有诸多优势，包括： 1)更强的持续定价能力，这是重点。 2)尽管价格大幅上涨，但历史销量增长稳健，高于同行水平，这使大摩对其未来的可持续性充满信心， 因为价格增长会逐渐放缓。销量增长得益于市场份额的增加、巨大的创新、更高且更有效的营销、优于 同行的执行能力，并且大摩认为所有这些因素都应能持续下去。 摩根士丹利发布研报，将可口可乐(KO.US)列为首选股，并重申其"增持"评级，目标价81美元。大摩认 为，可口可乐的有机销售额增速(OS ...

本周研究跟踪与投资思考：英美烟草更新 2025 上半年交易，收入略超指引， Glo Hilo 6 月 9 日正式进入日本市场，关注日本消费者产品反馈；布鲁可 6 月 9 日调入港股通，建议继续关注全人群、全价位与全球化策略推进节奏。 英美烟草 2025H1 收入略超指引目标，Glo Hilo 于 6 月 9 日在日本上市。1） 英美烟草 BAT 更新 2025 上半年交易，H1 收入略超此前指引，H2 有望加速增 长。新型烟草方面，上半年电子烟 Vuse 收入预计下降 15%左右，主要系受美 国和加拿大非法电子烟市场影响；口含烟 Velo 实现双位数增长，其中美国 市场预计三位数增长；加热不燃烧Glo预计低个位数增长，塞尔维亚Glo Hilo 表现较好，试用转化率翻番，下半年将继续在主要市场分阶段推广，公司预 计有望加速增长。2）Glo Hilo 正式进入日本市场：根据 BAT 日本公司，6 月 9 日 Glo Hilo 与其专属烟弹 Virto 将在仙台主要便利店及 Glo 官网面向 居住在宫城县的消费者正式发售，自 6 月 14 日起 Hilo 也将在仙台快闪店售 出。日本是全球最成熟的 HNB 消费市场 ...