Group 1 - Company announced a guarantee agreement with CITIC Bank Shenzhen Branch, providing a joint liability guarantee for its wholly-owned subsidiary Wuhan Guangda Tongchuang [2] - The maximum debt secured under the guarantee is RMB 20 million, effective from September 10, 2025, to December 31, 2026 [2] - Total guarantee amount provided by the company and its subsidiaries is RMB 479 million, accounting for 29.52% of the latest audited net assets attributable to the listed company [2]

Group 1 - The stock of Yinglian Co., Ltd. increased by 1.89% today, with a turnover rate of 31.12% and a trading volume of 1.774 billion yuan, showing a volatility of 12.30% [1] - Institutional investors net sold 1.9943 million yuan, while the total net selling from brokerage seats amounted to 14.2 million yuan [1] - The stock has appeared on the Dragon and Tiger list 9 times in the past six months, with an average decline of 0.69% the day after being listed and an average decline of 1.31% over the following five days [2] Group 2 - The main capital outflow for the stock today was 110 million yuan, with large orders seeing a net outflow of 65.6664 million yuan and big orders a net outflow of 43.9006 million yuan [2] - In the last five days, the main capital has seen a net inflow of 189 million yuan [2] - The top five brokerage seats accounted for a total transaction volume of 441 million yuan, with buying amounting to 149 million yuan and selling amounting to 293 million yuan, resulting in a net selling of 144 million yuan [1]

Market Performance - The packaging and printing sector increased by 0.15% on September 10, with Yongji Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Gainers - Yongji Co., Ltd. (603058) closed at 9.47, up 5.22% with a trading volume of 263,500 shares and a turnover of 245 million yuan [1] - Shunhao Co., Ltd. (002565) closed at 7.68, up 5.21% with a trading volume of 635,700 shares and a turnover of 488 million yuan [1] - Zhuhai Zhongfu (000659) closed at 3.24, up 4.52% with a trading volume of 1,616,100 shares and a turnover of 523 million yuan [1] Market Capital Flow - The packaging and printing sector experienced a net outflow of 324 million yuan from institutional investors, while retail investors saw a net inflow of 329 million yuan [2] - The overall market showed a mixed trend with some stocks experiencing significant inflows from retail investors despite the outflow from institutional investors [2] Individual Stock Flow - Shunhao Co., Ltd. had a net inflow of 66.79 million yuan from institutional investors, while retail investors had a net outflow of 62.68 million yuan [3] - Yongji Co., Ltd. saw a net inflow of 3.74 million yuan from institutional investors, with retail investors also experiencing a net outflow of 5.66 million yuan [3] - The overall trend indicates a divergence in investment behavior between institutional and retail investors within the sector [3]

Market Overview - A-shares opened mixed on September 8, with the Shanghai Composite Index down 0.02%, the Shenzhen Component Index up 0.33%, and the ChiNext Index up 0.21% [1] - Sectors such as batteries and aerospace equipment saw significant gains, while sectors like duty-free and CPO experienced notable declines [1] Institutional Insights - Huatai Securities noted that the A-share mid-term performance has shown a clear divergence, with short cycles continuing to bottom out but showing initial signs of improvement [2] - The report highlighted that advanced manufacturing and TMT sectors are expected to see continued supply-demand improvements, while infrastructure chain revenue is approaching a turning point [2] - A-share mid-term dividend payouts have reached a historical high, suggesting a favorable environment for investors [2] Sector Focus - CITIC Securities expressed a bullish outlook on lithium batteries and energy storage, citing the upcoming peak season and unexpected demand in the storage sector [3] - The report indicated that the supply-demand relationship in the lithium battery sector has fundamentally shifted, with strong earnings visibility and low valuations [3] - Tianfeng Securities emphasized the investment opportunities in edge AI, driven by policy support and major company innovations, particularly highlighting Apple's commitment to product innovation in this area [4]

Group 1 - Guangdong Zhaozhi Technology Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Dong Zhaojian [1] - The business scope includes technology services, development, consulting, and various sales including packaging materials and paper products [1] Group 2 - The company is authorized to engage in printing of packaging decoration and production of food paper packaging and container products, subject to approval [1] - The company can operate independently based on its business license, except for projects that require approval [1]

Group 1 - Huizhou Micro Printing Packaging Co., Ltd. has been established with a registered capital of 10,000 RMB [1] - The company's business scope includes general projects such as advertising production, design, and agency, as well as graphic design and production [1] - The company is also involved in the sale and manufacturing of plastic products, with specific licensing for printing packaging and other printed materials [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [12]. Core Insights - The company achieved a revenue of 515 million yuan in H1 2025, representing a year-on-year growth of 43.76%, and a net profit attributable to shareholders of 78.32 million yuan, up 432.14% year-on-year [1]. - The packaging segment generated 479 million yuan in revenue, a 52.85% increase year-on-year, driven by market expansion and significant growth in the packaging printing business [2]. - The cosmetics segment reported a revenue of 42.29 million yuan, down 13.52% year-on-year [2]. - The company has signed strategic cooperation agreements with several new clients, including major cosmetics and health companies, and has successfully developed new products in its subsidiaries [2]. Financial Summary - The company's gross margin improved to 28.40% in H1 2025, an increase of 7.37 percentage points year-on-year [3]. - Revenue projections for 2025-2027 are estimated at 1.117 billion yuan, 1.426 billion yuan, and 1.769 billion yuan, respectively, with net profits expected to be 152 million yuan, 204 million yuan, and 267 million yuan [3][4]. - The report indicates a significant increase in earnings per share, projected to rise from 0.31 yuan in 2024 to 0.88 yuan in 2027 [4]. Market Data - As of September 4, 2025, the company's closing price was 17.63 yuan, with a 12-month price range of 13.28 to 37.43 yuan [5]. - The total market capitalization is approximately 5.33 billion yuan [5]. Performance Metrics - The company has shown strong absolute returns of 80% over the past 12 months, outperforming the market [8]. - The projected price-to-earnings ratio is expected to decrease from 83.39 in 2024 to 19.97 in 2027, indicating improved valuation over time [4].

Market Performance - The packaging and printing sector increased by 2.67% on September 5, with Yinglian Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Highlights - Yinglian Co., Ltd. (002846) closed at 21.31, up 10.02% with a trading volume of 718,400 shares and a transaction value of 1.444 billion [1] - Qiangbang New Material (001279) closed at 41.96, up 7.37% with a trading volume of 84,400 shares and a transaction value of 351 million [1] - Other notable stocks include Zhongzheng Co. (603091) up 7.25%, Xianggang Technology (663499) up 6.69%, and Dashengda (603687) up 6.34% [1] Capital Flow - The packaging and printing sector experienced a net outflow of 20.1144 million from institutional investors and 35.7666 million from retail investors, while there was a net inflow of 55.8809 million from individual investors [2][3] - The capital flow data indicates that Hai Shun New Material (300501) had a net inflow of 46.9166 million from institutional investors, while Yinglian Co., Ltd. (002846) saw a net outflow of 30.4687 million from retail investors [3]

Macro and Strategy Research - The liquidity environment is expected to improve, providing a mid-term layout window for the A-share market, with a focus on strengthening domestic circulation as a key policy direction [2][3] - The capital market is experiencing a liquidity-driven trend, with increased trading volume and a rise in margin financing balances, indicating a positive influx of funds into the market [3] Industry Research Metal Industry - The steel industry reported a revenue of CNY 945.23 billion in H1 2025, a year-on-year decrease of 9.16%, while net profit increased by 157.66% to CNY 13.14 billion, indicating significant improvement in overall performance [8] - The non-ferrous metal industry achieved a revenue of CNY 1,819.66 billion in H1 2025, a year-on-year growth of 6.49%, with net profit rising by 36.55% to CNY 95.36 billion, reflecting strong performance [10] Light Industry and Textile - The light industry manufacturing sector reported a revenue of CNY 297.01 billion in H1 2025, with a slight year-on-year increase of 0.01%, but net profit decreased by 23.14% to CNY 13.95 billion, indicating pressure on profitability [15] - The textile and apparel sector saw a revenue decline of 5.16% and a net profit decrease of 8.40% in H1 2025, highlighting challenges in the market [16] Pharmaceutical and Biotech - The pharmaceutical and biotech sector experienced a revenue decline in H1 2025, with innovative drugs and CXO segments showing strong performance, while medical devices faced pressure [18][19] - The chemical pharmaceutical segment reported a revenue of CNY 136.94 billion in Q2 2025, a year-on-year decrease of 1.4%, but net profit increased by 9.0%, indicating a recovery in profitability [19]

Core Viewpoint - The performance of Jinjia Co., Ltd. has been declining, with its controlling shareholder facing potential judicial enforcement of shares, which may impact the company's stability and governance structure [1][5][10]. Financial Performance - Jinjia Co., Ltd. has experienced a continuous decline in revenue and net profit over the past two and a half years, with revenue figures of 51.89 billion, 39.45 billion, and 28.57 billion from 2022 to 2024, reflecting a year-on-year change of 2.40%, -23.96%, and -27.58% respectively [7][8]. - The net profit has also decreased for three consecutive years, with figures of 1.97 billion, 1.18 billion, and 719.85 million, showing year-on-year changes of -80.64%, -40.03%, and -39.19% [8][9]. - In the first half of 2025, the company reported revenue of 12.39 billion, a decline of 16.56% year-on-year, and a net profit of 1.22 billion, down 32.54% year-on-year [8][9]. Shareholder Control and Legal Issues - The controlling shareholder, Shenzhen Jinjia Venture Capital Co., Ltd. (Jinjia Chuangtou), may face judicial enforcement of 58.4 million shares, which represents 12.61% of its holdings and 4.02% of the total share capital of Jinjia Co., Ltd. [1][3]. - If the judicial enforcement is fully executed, Jinjia Chuangtou's shareholding could decrease from 463 million shares to 405 million shares, reducing its total shareholding percentage from 31.90% to 27.88% [5]. - Jinjia Chuangtou and its concerted parties have been involved in 15 major lawsuits in the past twelve months, with a total amount in dispute reaching 4.01 billion [10][11]. Business Segments - Jinjia Co., Ltd. operates in three main business segments: premium paper packaging, new materials, and new tobacco products [6]. - The revenue from the premium paper packaging segment decreased by 36.70% year-on-year, while the new materials segment saw a decline of 24.91%. Conversely, the new tobacco segment experienced a significant increase in revenue of 157.67% year-on-year [9].