Market Overview - On November 28, 2025, the A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 3888.60 points, up 0.34%. The Shenzhen Component Index closed at 12984.08 points, up 0.85%, and the ChiNext Index closed at 3052.59 points, up 0.70%. Over 4100 stocks rose, with total trading volume in the Shanghai and Shenzhen markets at 1.59 trillion yuan, a decrease of 120 billion yuan from the previous trading day [1] - In Hong Kong, the three major indices showed mixed results, with the Hang Seng Index down 0.34% to 25858.89 points and a total trading volume of 146.204 billion HKD. The Hang Seng China Enterprises Index fell 0.38%, while the Hang Seng Tech Index rose slightly by 0.02%. For the month, the Hang Seng Index decreased by 0.18% [1] - In the US, the stock market closed early on November 28, 2025, with all three major indices rising for the fifth consecutive trading day. The Dow Jones Industrial Average increased by 0.61% to 47716.42 points, the S&P 500 rose by 0.54% to 6849.09 points, and the Nasdaq Composite Index gained 0.65% to 23365.69 points [1] Important News - The People's Bank of China reiterated its commitment to prohibitive policies against virtual currencies during a meeting on November 28, 2025. The bank emphasized the importance of risk prevention in financial work and called for continued efforts to combat illegal financial activities related to virtual currencies. It urged enhanced collaboration among units to improve regulatory policies and monitoring capabilities [4] - The National Bureau of Statistics reported that the manufacturing Purchasing Managers' Index (PMI) for November was 49.2%, an increase of 0.2 percentage points from the previous month, indicating a slight improvement in economic conditions. The PMI for large enterprises was 49.3%, down 0.6 percentage points, while the PMIs for medium and small enterprises were 48.9% and 49.1%, respectively, both below the critical point [4]

Core Viewpoint - The company announced changes to its fundraising projects, including the completion and adjustment of certain projects, as well as the permanent allocation of surplus funds to working capital due to unmet market demand and increased competition in the pharmaceutical industry [1][4][6]. Fundraising Project Adjustments - The company plans to permanently allocate surplus fundraising of 45.7502 million yuan to working capital, which accounts for 6.20% of the net fundraising amount [2][4]. - The "Pharmaceutical Packaging Folding Box Expansion and Intelligent Manufacturing Project" will be concluded, with total investment reduced from 280.2 million yuan to 49.37 million yuan, and the use of fundraising decreased from 87.5326 million yuan to 42.0384 million yuan [3][4]. - The "Global Printing Expansion and Green Packaging Intelligent Manufacturing Industrial Park (Phase I) Project" has been postponed to December 2027 due to similar reasons of unmet demand and competition [5][6]. Financial Performance and Legal Issues - The company has faced two consecutive years of losses, with a significant decline in revenue and a net profit loss of 20.0619 million yuan in the first three quarters of the year, a 44.12% decrease in revenue year-on-year [8]. - The company is involved in a legal dispute concerning a claim of approximately 332.6 million yuan related to a subsidiary's loan default, which has added to its operational challenges [7][8].

天眼查App显示，近日，东阳市雅骏包装有限公司成立，法定代表人为喻雅轩，注册资本10万人民币， 经营范围为一般项目：纸和纸板容器制造；纸制品制造；纸制品销售；包装材料及制品销售；互联网销 售（除销售需要许可的商品）；专业设计服务；技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；工程和技术研究和试验发展；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）。许可项目：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，具体经营项目以审批结果为准）。 ...

天眼查App显示，近日，文山顺通包装有限公司成立，法定代表人为谢汉山，注册资本1500万人民币， 经营范围为许可项目：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）一般项目：互联网销售（除销售需要许可的 商品）；纸制品制造；纸制品销售；纸制造；纸和纸板容器制造；包装材料及制品销售；货物进出口； 个人互联网直播服务。（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）。 ...

天眼查App显示，近日，汕头市优亿包装有限公司成立，注册资本50万人民币，经营范围为一般项目： 印刷专用设备制造；机械设备销售；包装服务；包装材料及制品销售；专业设计服务；塑料制品销售； 塑料制品制造；化工产品销售（不含许可类化工产品）；纸和纸板容器制造；纸制造；纸制品销售；文 具用品零售；办公用品销售。 ...

Core Insights - Zhengzhou Yuanchuang Packaging Printing Co., Ltd. has been established with a registered capital of 50,000 RMB [1] - The legal representative of the company is Zhang Gang [1] Business Scope - The company is involved in various printing services, including packaging decoration printing, document printing, and specific printing services [1] - It also engages in residential interior decoration, subject to necessary approvals [1] - General business activities include professional design services, graphic design, packaging services, and advertising services [1] - The company offers enterprise management consulting, market marketing planning, and event services [1] - Retail activities include sales of daily necessities, sports equipment, office supplies, and various materials [1] - Internet sales are also part of the business model, excluding items that require special permits [1]

Group 1 - A new company, Wuhu Xinyi Packaging Co., Ltd., has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Zhu Hongxia [1] - The business scope includes licensed projects such as printing of packaging and decorative printing products, as well as other printed materials, which require approval from relevant authorities before operation [1] Group 2 - General projects include the manufacturing of paper and paperboard containers, production of paper products, and sales of paper products, excluding licensed businesses [1] - The company is allowed to operate independently in accordance with laws and regulations for non-prohibited or restricted items [1]

Core Viewpoint - Huayuan Holdings announced a share buyback plan with a total amount between 30 million and 60 million yuan, with a maximum buyback price of 16.00 yuan per share, which is 49.39% higher than the current price of 10.71 yuan [1] Group 1: Share Buyback Details - The buyback will be funded by self-owned and self-raised funds, with a duration of 12 months [1] - This is the second buyback announcement for the year; the first was on July 17, 2025, with a planned amount between 20 million and 40 million yuan and a maximum price of 12.28 yuan per share [1] - Since the last buyback announcement, the company has repurchased 4.4118 million shares, amounting to approximately 39.90 million yuan, with a stock price increase of 24.97% during that period [1] Group 2: Company Overview - Huayuan Holdings, established on June 23, 1998, and listed on December 31, 2015, is located in Suzhou, Jiangsu Province, and specializes in the production and sales of metal packaging products [2] - The company's main business revenue composition includes: chemical cans (55.93%), food packaging (18.27%), injection molded products (15.43%), blow molded products (8.58%), and others (1.79%) [2] - As of September 30, 2025, the number of shareholders decreased by 6.67% to 18,500, with an average of 13,595 circulating shares per person, an increase of 7.14% [2] Group 3: Financial Performance - For the period from January to September 2025, Huayuan Holdings achieved a revenue of 1.775 billion yuan, a year-on-year decrease of 5.56%, while the net profit attributable to shareholders increased by 45.91% to 85.6066 million yuan [2] - The company has distributed a total of 296 million yuan in dividends since its A-share listing, with 33.2399 million yuan distributed over the past three years [3] Group 4: Institutional Holdings - As of September 30, 2025, notable new institutional shareholders include: Bodao Growth Zhihang Stock A (holding 2.3564 million shares), Nuoan Multi-Strategy Mixed A (holding 1.9066 million shares), and Bodao Yuanhang Mixed A (holding 1.8208 million shares) [3]

Core Viewpoint - Xi'an Global Printing Co., Ltd. has approved several important proposals, including the structural adjustment of certain fundraising projects, the conclusion of a pharmaceutical packaging project, and the extension of the timeline for a green packaging industrial park project, aimed at optimizing fund usage efficiency and aligning with current operational needs [1][2][4]. Fundraising Project Structural Adjustment - The company has decided to conclude the "Pharmaceutical Packaging Folding Box Expansion and Intelligent Manufacturing Project," releasing surplus funds of 45.75 million yuan (approximately 6.20% of the net fundraising amount) to permanently supplement working capital [2][4]. - This decision is based on strategic planning and actual operational conditions, aiming to enhance the efficiency of fund usage by reallocating idle funds to core business operations [2][4]. Green Packaging Industrial Park Project Extension - The board has approved an extension of the timeline for the "Global Printing Expansion and Green Packaging Intelligent Manufacturing Industrial Park (Phase I) Project," without changing the project location,主体, investment total, or content [3]. - This extension is intended to ensure project quality and long-term benefits, avoiding resource waste from hasty construction [3]. Proposal Review Results and Future Arrangements - The proposal regarding the adjustment of fundraising projects was passed with 7 votes in favor, requiring further review by the shareholders' meeting [4]. - The company will hold the third extraordinary shareholders' meeting of 2025 to ensure shareholders can exercise their voting rights, with details to be disclosed later [4].

格隆汇11月28日丨环球印务(002799.SZ)公布，为提高募集资金使用效率，匹配现阶段经营发展的实际 需要以创造更大的效益价值，公司拟对募集资金投资项目进行如下调整：1、同意将"医药包装折叠纸盒 扩产暨智能制造项目"的投资总额进行调整并结项，同时将节余募集资金4,575.02万元（含利息收入，实 际金额以资金转出当日专户余额为准）永久补充流动资金，占募集资金净额的6.20%，待节余募集资金 转出后，注销相关募集资金专户。2、同意在募投项目实施地点、实施主体、实施方式、投资总额及投 资内容不变的前提下，根据募投项目的实际建设情况及目前实施进度，对"环球印务扩产暨绿色包装智 能制造工业园（一期）项目"达到预定可使用状态的时间进行延期。 ...