证券代码：600210 证券简称：紫江企业 公告编号：临 2025-013 上海紫江企业集团股份有限公司 单位：元 币种：人民币 2025年第一季度主要经营数据公告 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法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十八号——化工》的相关要 求，上海紫江企业集团股份有限公司（以下简称"公司"）现将 2025 年第一季度主要 经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 （一）主要产品产量、销量 | 主要产品 | 2025 | 年 月产量 1-3 | 年 2025 | 月销量 1-3 | | --- | --- | --- | --- | --- | | PET 瓶(亿只) | | 8.71 | 8.75 | | | PET 瓶坯(亿只) | | 36.17 | 34.87 | | | 皇冠盖(亿只) | | 51.54 | 57.42 | | | 塑料标签(亿平方米) | | 1.52 | 1.50 | | | 塑料防盗盖（亿只） | | 41.24 | 37.14 | ...

【环球时报记者 杨舒宇 环球时报特约记者 王逸】在美国政府加征关税导致全球混乱的背景下，一些欧洲公司对在美扩张持谨慎态度。据路透社 25日报道，由于美国总统特朗普在关税问题上的反复无常，一些欧洲小公司开始重新考虑是否继续在美扩张。不确定性、成本压力和地缘政治风 险正促使规模较小的企业暂停或完全退出，保护主义对美国作为外国企业投资目的地的地位或将产生长期影响。 德国工业似乎在美国 " 按下暂停键 " "与特朗普的希望相反，他的保护主义不会导致更多德国公司迁往美国并在那里创造就业机会。"德国中小企业联合会主席马克·滕比格对路透社表 示，由于美国政府的关税政策，德国一些中小企业目前正在审查其在美国的业务。 德国机械设备制造业联合会北美贸易政策顾问安德鲁·阿代尔本月初访问美国后表示，该联合会的一些成员公司正在推迟采购，"目前，工业界似 乎正在按下暂停键"。 英国小型企业联合会政策主席蒂娜·麦肯齐对《金融时报》表示，小型企业的信心"已经很脆弱，因此贸易关税上调将对小型企业造成沉重打击"。 她补充道，美国是小型出口商的主要市场，因此增加成本将威胁到数千家企业的重要收入来源。英国企业家们指出，供应链成本、对直接产品出 口和 ...

Industry Overview - The corrugated box industry is a significant part of the packaging sector, known for its protective performance, convenient processing characteristics, and environmental advantages, widely used in food, beverage, electronics, and logistics [1][16] - China's corrugated box production has shown fluctuations, with a decline from 34.44 million tons in 2021 to 28.63 million tons in 2023, primarily due to severe inventory backlog, slow market demand recovery, and insufficient end-user demand [1][16] - Despite an increase in express delivery volumes, policies promoting reduction, standardization, and recycling of packaging have hindered effective growth in express packaging [1][16] - Production is expected to grow by 2025 as market demand recovers [1][16] Industry Chain - The upstream of the corrugated packaging industry includes paper mills providing raw materials, with fluctuations in raw paper prices significantly impacting costs and profits for corrugated product manufacturers [8] - The midstream involves the manufacturing and packaging of corrugated paper products, while the downstream includes major application markets such as food, electronics, beverages, and express delivery [8] Market Size and Growth - In 2023, China's packaging market size reached 1,153.91 billion yuan, with the paper and board container segment accounting for 268.26 billion yuan, highlighting its importance in the packaging market [14] - The corrugated packaging industry is expected to benefit from the overall growth in the paper and board production sector, which is projected to reach 15.85 million tons in 2024, a year-on-year increase of 8.6% [10] Competitive Landscape - The industry is witnessing the emergence of large-scale enterprises with advanced production technologies and economies of scale, enhancing their market competitiveness [18] - Key players in the industry include Forest Packaging Group, Xiamen Hexing Packaging, Meiyingsen Group, Shanghai Xintonglian Packaging, and Shenzhen Yutong Packaging, which are expanding their market presence through strategic growth initiatives [18][19] Development Trends - The industry is moving towards green packaging, focusing on using recycled paper to reduce reliance on new wood and lower carbon emissions [23] - Smart technologies, including IoT and AI, are being integrated into corrugated packaging to enhance product tracking, anti-counterfeiting, and data collection, improving production efficiency [24] - There is a growing demand for personalized packaging solutions, driven by advancements in digital printing technology, allowing for customized designs and small-batch production [26]

FBIF从不只是枯燥的演讲，我们希望在分享丰富干货的同时，您还能感受到乐趣，享受与现场嘉宾共同 放松的时光。今年，我们精心设计 12大互动环节 ，特邀 近30位不同领域的行业专家 ，不仅充满趣 味，而且更具深度，远超您的预期！ 话不多说，让我们一同揭开精彩的面纱！ 饮料创新论坛 【互动研讨一】FB IF2025 【中国植物地图发布】 【时间】 5月8日 14:40-15:10 【地点】 饮料创新论坛 植物饮料正在加速从边缘走向核心。它不再是被贴上"健康"标签的功能饮品附属品，而是成为 连接无 糖化、功能化与消费分层 的重要入口。在原料透明度、成分结构与文化价值被重新审视的今天，植物 正从"配角"走向"主角"。 这一趋势背后，是行业对中国原料体系认知的重新建立。 为此，FBIF特别发布——《FBIF中国植物地图》。以"药食同源"为基础视角，首次系统梳理全国34个 省市区的代表性可食植物资源，涵盖 野菜、中草药、特殊本草 三大板块，构建出一套面向行业的 原料 灵感数据库 ，也是一份连接配方设计、风味创新与文化表达的资源底图。在今天，当饮品行业开始 从"甜"走向"清"、从"刺激"走向"调理"，植物不只是被动被使用的 ...

Group 1 - The company plans to distribute a total cash dividend of 87,350,945.25 yuan (including tax) for the year 2024, which accounts for 50.67% of the net profit attributable to the parent company's shareholders [2][34][36] - The cash dividend per share is proposed to be 0.032 yuan (including tax), based on a total share capital of 1,261,432,936 shares, excluding shares in the company's repurchase account [34][36] - The company emphasizes a long-term cash dividend policy, aiming to distribute no less than 30% of the audited net profit attributable to the parent company's shareholders each year [34][36] Group 2 - The company operates in the packaging industry, focusing on metal packaging for fast-moving consumer goods, including food and beverages [7][10] - The metal packaging industry is experiencing continuous growth due to rising consumer demand, driven by improved living standards and economic growth in China [2][4] - The company is positioned as a leader in high-end metal packaging and aims to provide comprehensive solutions for advanced packaging materials [8][10] Group 3 - The company achieved total operating revenue of 8.318 billion yuan and a net profit of 172 million yuan for the reporting period [10][13] - The revenue from metal beverage cans was 7.858 billion yuan, while the revenue from printed iron packaging was 447 million yuan [10][13] - The company is committed to enhancing its core competitiveness through innovation, product upgrades, and service optimization [4][10] Group 4 - The company is adapting to market changes by optimizing production capacity and enhancing management efficiency in response to slowing domestic demand and rising raw material costs [13] - The metal packaging industry is expected to benefit from environmental regulations and consumer preferences for sustainable packaging solutions [5][4] - The company plans to continue its focus on green and low-carbon development, aligning with national environmental policies [5][4]

Financial Data and Key Metrics Changes - The company reported first quarter net income of $204 million or $2.26 per share, an increase from $155 million or $1.72 per share in the same quarter of 2024 [5][6] - First quarter net sales were $2.1 billion in 2025 compared to $2 billion in 2024, with total company EBITDA, excluding special items, at $421 million in 2025 versus $333 million in 2024 [5][6] - The increase in earnings per share was driven by higher prices and mix in the Packaging segment, contributing $0.78 per share, and volume contributing $0.27 per share [6][7] Business Line Data and Key Metrics Changes - In the Packaging segment, EBITDA, excluding special items, was $409 million with sales of $2 billion, resulting in a margin of 21%, up from an EBITDA of $326 million and sales of $1.8 billion with an 18% margin in the previous year [10] - The Paper segment reported EBITDA of $40 million with sales of $154 million, yielding a 26% margin, compared to $41 million and $164 million in sales with a 25% margin in the first quarter of 2024 [17][18] Market Data and Key Metrics Changes - Domestic containerboard and corrugated products prices and mix were $0.72 per share above the first quarter of 2024, while export containerboard prices were up $0.06 per share compared to the same period [12] - Total volume and shipments per day in corrugated products plants were up 2.5% versus last year, although the Paper segment volume was lower by 7% compared to a strong first quarter of 2024 [13][18] Company Strategy and Development Direction - The company is focused on operational efficiency, cost reduction initiatives, and capital project execution to mitigate the impact of inflation [7][11] - A new state-of-the-art high-efficiency box plant in Glendale, Arizona, has been successfully started up, increasing box capacity significantly and enhancing service capabilities in key markets [15][16] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued economic uncertainty affecting demand but expects box shipments to be higher than the first quarter and above last year's levels [14][24] - The company is cautious about customer ordering patterns due to macroeconomic factors and trade tensions, which may impact future guidance [31][32] Other Important Information - Cash provided by operations reached a record $339 million, with free cash flow also at a record $191 million [20] - The company adjusted its planned maintenance outage schedule to manage economic uncertainty, resulting in increased planned outage expenses for the second quarter [21][22] Q&A Session Summary Question: Adjustments in guidance and forecast - Management noted that customer caution is influencing ordering patterns, leading to a more prudent approach in business [31][32] Question: Inventory and production levels - Management explained that production is being adjusted based on expected demand, with some small machines down for maintenance in May [41][42] Question: Higher prices and mix in packaging - The company effectively implemented price increases, contributing to better-than-expected results [50][52] Question: E-commerce growth and margins - E-commerce is a growing segment, but margins remain consistent as the company focuses on long-term customer relationships [56][58] Question: Rail contract rate increases - Management confirmed multiple rail increases impacting freight costs, with additional increases expected in the second quarter [70][73] Question: Capital expenditures - The company is on track with its capital expenditure guidance, with significant projects underway [72] Question: Containerboard supply and production - Management expressed confidence in meeting demand through improved productivity and potential adjustments in export volumes [144] Question: Basis weights and lightweighting trends - The company noted a general trend of decreasing basis weights, driven by customer needs and technological advancements [148][149]

Core Viewpoint - Suzhou Huayuan Holdings Co., Ltd. reported a significant increase in net profit by 739% in its annual report and continued to show strong growth in Q1 2025, with both net profit and net profit excluding non-recurring items achieving double-digit growth [1][2] Group 1: Financial Performance - In Q1 2025, the company achieved a net profit of approximately 22.13 million yuan, representing a year-on-year increase of 14.91% [2] - The net profit excluding non-recurring items reached 22.55 million yuan, with a year-on-year growth of 15.8% [2] Group 2: Business Model and Market Position - Huayuan Holdings has a comprehensive business model in packaging, covering the entire industry chain from product design to manufacturing, making it one of the few technology service-oriented enterprises in the domestic packaging sector [2] - The company focuses on high-end metal packaging, establishing a stable customer base primarily consisting of large domestic and international chemical coating companies [2] Group 3: Strategic Initiatives - The company has invested significantly in product research and market layout for food packaging, establishing a world-class food safety control system and participating in various international and domestic standards [3] - Huayuan Holdings maintains a steady order flow and high capacity utilization, with plans to assess market changes and customer needs for potential capacity expansion [3] Group 4: Research and Development - In Q1 2024, the company invested 18.08 million yuan in R&D, which accounted for 3.64% of its operating revenue, focusing on technological upgrades and achieving numerous patents [4] - The company emphasizes green manufacturing and aims to reduce energy consumption through technological innovation and equipment upgrades, moving towards a "near-zero carbon" factory model [4] Group 5: Future Outlook - Huayuan Holdings is committed to developing "small but beautiful" products, focusing on safety, stability, lightweight, and recyclability in packaging [5] - The management plans to explore new business opportunities and enhance overall profitability and market resilience through technological innovation and process transformation [5]

高楼林立、车流不息。自2015年挂牌以来，中国北方首个自贸试验区——天津自贸试验区秉持为国家试制度、为地方谋发展的初心使命，推 进一系列首创性、集成式探索，为全面深化改革和扩大开放探索新途径、积累新经验。 "面向新10年，我们将加强制度创新整体谋划和系统集成，不断释放先行先试改革红利和发展动力。"天津市商务局局长、天津自贸试验区管 委会副主任孙剑楠说。 当好制度创新"试验田" 新华社天津4月21日电 题：从"试验田"到"新引擎"——北方首个自贸试验区探路制度型开放10年观察 新华社记者杨文、刘羽佳、宋瑞 中国（天津）自由贸易试验区拱门。新华社记者岳月伟 摄 2022年5月，总部位于意大利的高利尔（天津）包装有限公司，在离岸贸易"天津模式"下完成首单离岸贸易结算，如今此类业务已经常态化开 展。 "天津公司可以采购全球供应商的原材料，经由意大利、荷兰等境外制造基地装配后，直接发往泰国等海外销售目的地，收付汇贸易行为发生 在天津公司。"高利尔天津公司总经理米尔科·图里纳说。 传统模式下，跨境资金流与物流必须一致，而"天津模式"则以外汇管理部门+属地行政主管部门+商业银行+离岸贸易实施企业的多方"现场办 公会"形式批 ...

Group 1: Market Overview - The Chinese service packaging industry has experienced significant growth, with a market size reaching approximately 450 billion RMB in 2023, reflecting an 8.5% year-on-year increase [1][59] - The market is primarily driven by consumption upgrades, rapid development of e-commerce, and environmental policies [3][59] Group 2: Market Structure and Segmentation - The industry consists of four main categories: paper packaging (40% market share), plastic packaging (33%), metal packaging (15%), and glass packaging (12%) [2] - Food and beverage packaging is the largest application area, accounting for 49% of the total market, followed by daily chemical products (18%) and pharmaceutical packaging (10%) [2] Group 3: Industry Drivers - Consumption upgrades are leading to increased demand for high-quality packaging, with high-end packaging sales growing by 12% in 2023 [3] - The rapid growth of e-commerce has driven demand for logistics packaging, with e-commerce transactions reaching 40 trillion RMB, a 15% increase [3] - Environmental policies are promoting the use of biodegradable packaging materials, which saw a 20% increase in usage in 2023 [3] Group 4: Future Trends - By 2025, the market size of the Chinese service packaging industry is expected to reach 550 billion RMB, with a compound annual growth rate (CAGR) of approximately 7% [4] - Food and beverage packaging will remain the largest market segment, projected to reach 260 billion RMB by 2025 [4] Group 5: Policy Support - The Chinese government has implemented various policies to support the service packaging industry, with total industry output reaching 1.8 trillion RMB in 2023, a 12% increase [5] - Tax incentives have benefited about 75% of service packaging companies, with total tax reductions exceeding 30 billion RMB [6] Group 6: Financial Support and Talent Development - Financial institutions have increased support for the service packaging industry, with total loans reaching 500 billion RMB by the end of 2023, a 15% increase [9] - Over 100,000 new graduates in related fields entered the job market in 2023, a 20% increase, enhancing the industry's talent pool [10] Group 7: Market Supply and Demand Analysis - The total production capacity of the service packaging industry reached approximately 1.5 million tons in 2023, with a 7% year-on-year increase [26] - The supply-demand relationship remains balanced, with an overall capacity utilization rate of about 80% [28] Group 8: Competitive Landscape - The market is characterized by a mix of large enterprises and numerous small to medium-sized companies, with leading firms holding over 30% market share [20] - The industry has seen an average annual increase of 7% in R&D investment, totaling 60 billion RMB in 2023 [21] Group 9: Global Comparison - The global service packaging market reached approximately 120 billion USD in 2023, with the Asia-Pacific region accounting for 40% of the market [51] - China's service packaging market size was about 48 billion USD in 2023, growing at a rate higher than the global average [52] Group 10: Investment Outlook - The service packaging industry in China is expected to maintain steady growth, with a projected market size of 220 billion RMB by 2025, reflecting a CAGR of approximately 7.8% [47] - Investors are advised to focus on companies with strong R&D capabilities, high market share, and a commitment to environmental sustainability [49][62]