Core Viewpoint - The aseptic brick packaging industry is experiencing significant growth driven by increasing consumer demand for food safety, health, and convenience, particularly in the liquid food and beverage sector [2][3][4]. Industry Development Status - The aseptic brick packaging is widely used for liquid dairy, juices, and beverages, with a notable increase in demand in the Chinese market due to rising consumption of dairy products and non-carbonated drinks [3]. - The industry is characterized by intense competition, with global brands like Tetra Pak and SIG leading the market, while local brands are emerging in regions like China, leveraging localized innovation and cost advantages [3]. - Globalization is facilitating the expansion of international brands into emerging markets such as Southeast Asia, Latin America, and Africa, where demand for dairy products and ready-to-drink beverages is rapidly increasing [3]. Development Trends - There is a growing emphasis on environmental sustainability, with manufacturers adopting recyclable and biodegradable materials to reduce plastic usage in response to global environmental awareness [4]. - The demand for health-oriented and functional beverages is rising, prompting aseptic packaging to adapt to new product requirements, including plant-based, low-sugar, and functional drinks [4]. - Customization and personalization in packaging are becoming more prevalent, with brands offering diverse packaging options to attract younger consumers through visually appealing and emotionally engaging designs [4]. Global Market Scale Analysis - The global aseptic brick packaging market is projected to reach $16.374 billion in sales by 2024, with an expected growth to $20.414 billion by 2031, reflecting a compound annual growth rate (CAGR) of 3.12% from 2025 to 2031 [7]. - The Asia-Pacific region, particularly China, dominates the market, accounting for 26.05% of global sales in 2024, followed by Europe at 19.23% [7]. - In terms of product type, packaging with a capacity of 250-500ml holds the largest market share at 47.09% in 2024, while dairy products represent 61.55% of the market share in terms of application [7]. Major Manufacturers - Key players in the global aseptic brick packaging market include Tetra Pak, SIG, Elopak, Pactiv Evergreen, and others, with the top five manufacturers expected to account for nearly 80% of sales by 2024 [10].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The packaging industry has broad development prospects, with low market concentration in the metal and plastic packaging sectors. The company, as a leading player in the segmented industry, has significant room to increase its market share [28]. - The company aims to enhance its market share by strengthening cooperation with high - end brand customers and expanding into new customer segments, including cross - border integration and targeting mid - to low - end customers [31]. - The company will focus on technological innovation, product upgrading, and green development to improve its competitiveness and achieve high - quality development [32][33]. 3. Summary by Related Catalogs 3.1. Research Basic Information - Research object: Huayuan Holdings - Industry: Packaging materials - Reception time: April 16, 2025 - Reception personnel: Chairman and General Manager Li Zhicong, Independent Director Wu Qingchuan, Financial Controller and Board Secretary Shao Na [16] 3.2. Detailed Research Institutions - The research institutions are investors who participated online in Huayuan Holdings' 2024 annual online performance briefing [19]. 3.3. Research Institution Proportion No relevant information provided. 3.4. Main Content Information - **Food Packaging**: The company is committed to R & D of new technologies, materials, and processes in food packaging and maintains long - term industry - university - research cooperation [23]. - **Profit Growth in 2024**: The company actively explored domestic and international markets, improved production efficiency through process optimization, and reduced costs, leading to growth in revenue, gross margin, and profit. It also strengthened cost control, resulting in a decrease in financial expenses [24]. - **2025 Q1 Earnings**: The company's operation in the first quarter of 2025 was normal, and specific financial data will be disclosed in the first - quarter report on April 23, 2025 [25]. - **Plastic Packaging**: The company has core competitive advantages in the plastic packaging business, with many well - known customers. It has won several supplier awards. The management will explore new cooperation opportunities [25]. - **Profit Growth Points**: The company focuses on metal and plastic packaging and is looking for new business opportunities to promote sustainable development [26]. - **Overseas Market**: In 2024, the company's export revenue was 91.9091 million yuan, accounting for 3.25% of total revenue, mainly exported to the Philippines and Indonesia. The overseas market is under continuous development [28]. - **Industry Outlook**: The packaging industry has a bright future. The company will explore emerging markets, use digital technology, and introduce intelligent production to enhance competitiveness [28]. - **2024 Sales Expenses**: The increase in sales expenses in 2024 was due to marketing strategy adjustments, cash - flow improvement, and sales incentives. The company adjusted its product structure and business strategy to cope with market competition, resulting in limited revenue growth [30]. - **New Business - Battery Precision Structural Parts**: In 2024, the new energy division's revenue was 9.308 million yuan, accounting for 0.38% of total revenue. The company is cautious about market development. Revenue in 2025 will increase significantly compared to 2024 but will still account for a low proportion of total revenue [30]. - **2025 Market Share Improvement**: The company will strengthen cooperation with high - end customers and expand into new customer segments, including mid - to low - end customers, to increase market share [31]. - **Product Upgrade in 2025**: The company will enhance technological innovation, collaborate with research institutions, and develop new products based on market demand [32]. - **2025 Performance Outlook**: The company will improve its product structure, focus on technological innovation and green development, and enhance profitability and risk - resistance [33]. - **Order and Capacity Utilization**: The company's orders are stable, and the capacity utilization rate is high. It may expand production in the future [35]. - **Mergers and Acquisitions**: The company is actively looking for investment opportunities and will comprehensively evaluate potential acquisition targets [35].

以下文章来源于财经杂志 ，作者黄思韵 刘以秦 财经杂志 . 《财经》杂志官方微信。《财经》杂志由中国证券市场研究中心主办，1998年创刊，秉承"独立、独 家、独到"的新闻理念，以权威性、公正性、专业性报道见长，是政经学界决策者、研究者、管理者的 必读刊物。 关税潮袭来。 文｜《财经》实习生 黄思韵 记者 刘以秦 编辑｜刘以秦 来源 | 财经杂志 （ID：i-caijing） 从 4 月 3 日 ， 美 国 政 府 宣 布 对 越 南 加 征 46% 关 税 ， 到 4 月 10 日 ， 特 朗 普 宣 布 暂 缓 关 税 政 策 ， 同 时 越 南 政 府 声 明 称 ， 美 国 和 越 南 同 意 启 动 贸 易 协 定 谈 判 ， 同 意 相 互 取 消 关 税 壁 垒，越南的中国工厂们经历了过山车式的一周。 4月3日早上八点半，张俊驰看到了美国总统特朗普加关税的消息。他的对美贸易客户发 来 消 息 ， " 要 关 注 一 下 美 国 的 商 品 关 税 ， （ 特 朗 普 ） 对 越 南 下 手 了 ， 不 出 意 外 是 加 征 4 6%，查看一下我们的商品是否在内"。 张俊驰是个"厂二代"，他和父亲 ...

Core Viewpoint - Shanghai Haishun New Material Co., Ltd. has issued convertible bonds and provided updates on their conversion and stock changes, indicating a stable capital structure and ongoing compliance with regulatory requirements [1][2][3] Convertible Bond Issuance - The company issued 6,330,000 convertible bonds on March 23, 2023, with a face value of RMB 1,000 each, for a term of 6 years [1] - The bonds were listed on the Shenzhen Stock Exchange on April 20, 2023, under the name "Haishun Convertible Bonds" with the code "123183" [1] Conversion Period and Price Adjustments - The conversion period for the bonds started on October 9, 2023 [2] - The initial conversion price was adjusted from RMB 18.20 to RMB 18.15 on May 16, 2023, and further adjusted to RMB 18.00 on May 28, 2024, and then to RMB 17.74 on November 19, 2024 [2] Stock Changes - As of March 31, 2025, there were no shares converted from the bonds, leaving 6,328,000 convertible bonds outstanding [3] - The total share capital remained at 193,537,806 shares, with no changes in the proportion of restricted and unrestricted shares [3]