Group 1 - The core point of the article is that Jiamei Packaging (SZ 002969) held its 23rd meeting of the second session of the third board of directors on November 11, 2025, to discuss the proposal for the re-election of members of the audit committee [1] - For the first half of 2025, Jiamei Packaging's revenue composition was as follows: metal packaging accounted for 76.2%, filling accounted for 13.38%, and others accounted for 10.42% [1] - As of the time of reporting, Jiamei Packaging had a market capitalization of 3.7 billion yuan [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company achieved revenue of 18.346 billion yuan, net profit attributable to shareholders of 1.076 billion yuan, and net profit excluding non-recurring items of 568 million yuan for the first three quarters of 2025, representing year-on-year growth of 69%, 41%, and -24% respectively. In Q3 2025, the company reported revenue of 6.619 billion yuan, net profit attributable to shareholders of 173 million yuan, and net profit excluding non-recurring items of 167 million yuan, with year-on-year changes of +81%, -19%, and -23% respectively [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 18.346 billion yuan, net profit of 1.076 billion yuan, and net profit excluding non-recurring items of 568 million yuan, with year-on-year changes of +69%, +41%, and -24% respectively. In Q3 2025, the revenue was 6.619 billion yuan, net profit was 173 million yuan, and net profit excluding non-recurring items was 167 million yuan, with year-on-year changes of +81%, -19%, and -23% respectively [2][6]. Business Analysis - The Q3 2025 net profit excluding non-recurring items was 167 million yuan, which included contributions from COFCO Packaging. The performance was under pressure primarily due to the profitability of the two-piece can segment. The gross margin for Q3 2025 was 12.4%, down 3.8 percentage points year-on-year and 2.2 percentage points quarter-on-quarter. The net profit margin excluding non-recurring items was 2.5%, down 3.4 percentage points year-on-year and 0.9 percentage points quarter-on-quarter. The three-piece can segment remained stable, while the two-piece can segment's profitability declined compared to Q2 2025, mainly due to a rise in the average price of aluminum materials [6]. Strategic Initiatives - The company is accelerating its overseas expansion, with several announcements regarding international business development. Currently, the overseas business accounts for a low proportion of total revenue, but there are many planned projects, including acquisitions and equipment relocations. Key initiatives include: 1. Acquiring 65.5% of the shares in a UAE can manufacturing company for up to 119 million USD, with projected revenues and net profits of 402 million and 25 million Saudi Riyals respectively for 2024. 2. Signing a strategic cooperation agreement with Slaik to assist in overseas expansion, involving an investment of approximately 500 million yuan for new production lines and equipment modifications over five years. 3. Plans to invest approximately 442 million yuan in Thailand and 647 million yuan in Kazakhstan for new two-piece can production lines [6]. Future Outlook - The three-piece can segment has a stable foundation, while there is significant potential for profitability improvement in the two-piece can segment. The company has a strong relationship with its core customer, China Red Bull, ensuring stable orders and profitability. The domestic market for two-piece cans shows potential for improvement, with a market share of nearly 40% when combined with COFCO Packaging. The company plans to relocate excess domestic production capacity overseas, which may provide opportunities for price recovery in the domestic market. The net profit margin for two-piece cans is expected to gradually recover to single digits, with significant earnings elasticity [6]. Investment Recommendations - The company is a leader in the domestic metal packaging industry, with a solid profit base from the three-piece can segment. The expansion of the two-piece can capacity overseas is expected to drive both alpha and beta growth. Future growth drivers may include: 1. Recovery of gross margins for two-piece cans 2. Expansion of overseas business 3. Improvement in domestic consumption demand 4. Increased canization rates in beverages (e.g., beer) 5. Higher revenue contribution from high-margin innovative products - The integration of production lines with COFCO Packaging and the relocation of excess domestic capacity to overseas markets are expected to optimize the supply-demand and competitive landscape for two-piece cans, leading to profitability recovery [6]. Financial Projections - The company is projected to achieve net profits attributable to shareholders of 1.15 billion, 1.22 billion, and 1.45 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 13, 12, and 10 times [6].

Investment Rating - The report maintains an "Outperform" rating for the metal packaging industry [11]. Core Insights - The metal packaging industry, particularly the two-piece can segment, is expected to see a recovery in profitability as supply dynamics shift and demand from the beverage sector remains stable [3][4]. - The two-piece can market is characterized by cyclical price fluctuations influenced by supply-demand imbalances, with recent trends indicating a potential bottoming out of prices [2][56]. - The increasing canning rate in the beer and soft drink sectors is projected to be a key driver for future demand growth for two-piece cans [3][32]. Summary by Sections Industry Overview - The metal packaging industry generated revenue of CNY 150.56 billion in 2023, accounting for 13.05% of the overall packaging industry [1][19]. - Approximately 70% of the demand for metal packaging comes from the food and beverage sector, with two-piece cans being a significant product [1][18]. Price Dynamics - The price of two-piece cans has experienced three distinct phases: 1. A decline from CNY 0.52 to CNY 0.37 per can during the capacity concentration phase (2012-2016) due to oversupply [2]. 2. A recovery to CNY 0.54 per can during the industry consolidation phase (2016-2022) as market concentration increased [2]. 3. A projected decline to CNY 0.47 per can during the current capacity expansion phase (2022-2024) as competition intensifies [2][56]. Demand Drivers - The canning rate for beer in China is expected to rise from 21.21% in 2016 to 29.56% in 2024, leading to an increase in demand for two-piece cans from 28.96 billion to 31.55 billion cans [3][32]. - Each 1% increase in the canning rate is estimated to add approximately 1.061 billion cans to demand [3][32]. Industry Consolidation - The market share of leading companies is expected to increase following the acquisition of COFCO Packaging by ORG Packaging, which will further concentrate the market [3][49]. - The top three companies are projected to control nearly 80% of the market share post-acquisition [3][49]. Cost Structure - The price of aluminum, a major cost component in can production, significantly impacts profitability; a CNY 0.01 increase in can price can lead to a 45% increase in net profit per unit [4][56]. International Expansion - Leading companies are actively establishing overseas production bases to enhance profitability, with significant investments planned in countries like Vietnam and Thailand [52][54].

Core Viewpoint - The stock of Aoruijin has shown a mixed performance in recent trading sessions, with a year-to-date increase of 9.19% and a significant rise in revenue and net profit for the year [2][3]. Group 1: Stock Performance - On November 10, Aoruijin's stock price increased by 2.02%, reaching 6.06 CNY per share, with a trading volume of 1.47 billion CNY and a turnover rate of 0.96%, resulting in a total market capitalization of 15.512 billion CNY [1]. - Year-to-date, Aoruijin's stock has risen by 9.19%, with a 1.51% increase over the last five trading days, a 3.19% decrease over the last 20 days, and a 9.98% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Aoruijin achieved a revenue of 18.346 billion CNY, representing a year-on-year growth of 68.97%, and a net profit attributable to shareholders of 1.076 billion CNY, which is a 41.40% increase year-on-year [2]. - Since its A-share listing, Aoruijin has distributed a total of 3.912 billion CNY in dividends, with 0.923 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Aoruijin had 45,800 shareholders, an increase of 1.58% from the previous period, with an average of 55,805 circulating shares per shareholder, a decrease of 1.55% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 67.8365 million shares, which is a decrease of 6.9227 million shares from the previous period [3].

Core Viewpoint - Aorijin achieved a net profit attributable to shareholders of 1.076 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 41.4% [1] - The company experienced a decline in net profit of 18.61% year-on-year in the third quarter of 2025, amounting to 173 million yuan [1] Group 1: Financial Performance - In the first three quarters of 2025, Aorijin's net profit attributable to shareholders reached 1.076 billion yuan, showing a significant growth of 41.4% compared to the previous year [1] - The third quarter of 2025 saw a net profit of 173 million yuan, which is a decrease of 18.61% year-on-year [1] Group 2: Business Strategy and Market Position - Aorijin is actively expanding its overseas market presence to create new growth opportunities [1] - As a leading company in the metal packaging industry, Aorijin has effectively optimized its product categories and expanded its customer base, resulting in stable revenue growth [1] - The successful acquisition of COFCO Packaging has significantly increased Aorijin's market share in the two-piece can business, enhancing its bargaining power and improving profit elasticity [1] Group 3: Investment Rating - The report maintains a "Buy" rating for Aorijin, indicating positive outlook based on its performance and strategic initiatives [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 18.346 billion yuan, a year-on-year growth of 68.97%, and net profit attributable to shareholders at 1.076 billion yuan, up 41.4% [1] - However, the third quarter showed a decline in net profit despite a strong revenue increase, indicating pressure on profitability [1] Financial Performance - For the first three quarters of 2025, the gross margin was 13.52%, down 3.78 percentage points year-on-year, while the net profit margin was 5.87%, a decrease of 1.14 percentage points [1] - In Q3 2025, the gross margin fell to 12.44%, down 3.83 percentage points year-on-year, with a net profit margin of 2.61%, down 3.21 percentage points [1] Expansion Plans - The company plans to invest approximately 4.416 billion yuan in a new two-piece can production line in Thailand, with an expected annual capacity of 700 million cans and production capabilities by September 2026 [2] - Additionally, a project in Kazakhstan is set for an investment of about 6.4652 billion yuan, targeting an annual capacity of 900 million cans and expected to be operational by Q1 2027 [2] - These investments aim to enhance the company's overseas market presence and improve the supply structure domestically [2] Investment Outlook - The company is positioned as a leader in the metal packaging industry, with strong revenue growth driven by the successful acquisition of COFCO Packaging and an improved market share [3] - Revenue projections for 2025-2027 are set at 23.860 billion, 25.497 billion, and 26.765 billion yuan, with corresponding net profits of 1.234 billion, 1.399 billion, and 1.533 billion yuan, indicating robust growth [3] - The company maintains a "buy" rating based on its growth potential and market position [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 18.346 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 68.97%. The net profit attributable to shareholders was 1.076 billion yuan, up 41.4% year-on-year. However, in Q3 2025, the revenue was 6.619 billion yuan, showing a year-on-year growth of 81.28%, while the net profit decreased by 18.61% [3][4] - The company's gross margin for the first three quarters of 2025 was 13.52%, down 3.78 percentage points year-on-year. The net profit margin was 5.87%, down 1.14 percentage points year-on-year. In Q3 2025, the gross margin was 12.44%, down 3.83 percentage points year-on-year, with a net profit margin of 2.61%, down 3.21 percentage points year-on-year [4] - The company is actively expanding into overseas markets, with plans to invest in production lines in Thailand and Kazakhstan, aiming to enhance growth and profitability. The Thailand project has an estimated investment of approximately 4.416 billion yuan, with a planned annual capacity of 700 million cans, while the Kazakhstan project has an estimated investment of about 6.4652 billion yuan, with a planned annual capacity of 900 million cans [5] - The company is expected to achieve revenues of 23.860 billion yuan, 25.497 billion yuan, and 26.765 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 74.5%, 6.9%, and 5.0%. The net profit attributable to shareholders is projected to be 1.234 billion yuan, 1.399 billion yuan, and 1.533 billion yuan for the same years, with year-on-year growth rates of 56.1%, 13.4%, and 9.6% [6][8]

Core Viewpoint - The stock of Guangdong Yinglian Packaging Co., Ltd. has shown significant volatility, with a year-to-date increase of 118.73% but a recent decline in the last five and twenty trading days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Company Overview - Guangdong Yinglian Packaging Co., Ltd. was established on January 11, 2006, and went public on February 7, 2017. The company specializes in the research, production, and sales of "safe, environmentally friendly, and easy-to-open" metal packaging products [2]. - The main revenue sources for the company include: easy-open lids for canned food (43.25%), easy-open lids for beverages (29.45%), other products (14.63%), easy-open lids for dry powder (12.60%), and lithium battery composite current collectors (0.06%) [2]. - The company is classified under the light industry manufacturing sector, specifically in packaging and printing, focusing on metal packaging [2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.648 billion yuan, representing a year-on-year growth of 10.68%. The net profit attributable to shareholders was 35.378 million yuan, showing a remarkable increase of 1572.67% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 1.09 billion yuan in dividends, with 10.04 million yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Yinglian Packaging was 49,600, an increase of 2.41% from the previous period. The average number of circulating shares per person was 5,178, which decreased by 2.35% [2]. - Among the top ten circulating shareholders, the fourth largest is a new institutional investor, China Aviation New Start Flexible Allocation Mixed A (005537), holding 8.4766 million shares [3].

Core Viewpoint - Baosteel Packaging reported steady revenue growth and improved net profit in Q3 2025, indicating resilience in its operations despite challenges in the market [1][3]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 6.581 billion yuan, a year-on-year increase of 6.83%, and a net profit attributable to shareholders of 176 million yuan, up 11.97% [1]. - In Q3 2025, revenue reached 2.306 billion yuan, reflecting a 6.78% year-on-year growth, while net profit was 73 million yuan, increasing by 15.15% [1]. Profitability Analysis - The gross margin for the first three quarters of 2025 was 7.43%, down 0.93 percentage points year-on-year, while Q3 gross margin was 8.08%, a decline of 1.12 percentage points [3]. - The net profit margin for the first three quarters was 2.91%, an increase of 0.14 percentage points year-on-year, with Q3 net profit margin at 3.37%, up 0.22 percentage points [3]. Strategic Initiatives - The company is expanding its overseas production capacity and optimizing its product structure, focusing on enhancing core competitiveness and operational efficiency [2]. - Key projects include the Anhui Baosteel canning phase II and Xiamen Baosteel canning, along with international initiatives in Cambodia and Vietnam to strengthen its market position in Southeast Asia [2]. Investment Outlook - Baosteel Packaging is expected to maintain steady growth in performance, with projected revenues of 8.460 billion, 9.667 billion, and 10.308 billion yuan for 2025-2027, reflecting year-on-year growth rates of 1.71%, 14.26%, and 6.63% respectively [4]. - Net profits are forecasted to be 196 million, 334 million, and 488 million yuan for the same period, with significant growth rates of 13.67%, 70.64%, and 45.95% [4].

Investment Rating - The report maintains an "Accumulate-A" investment rating for Baosteel Packaging, with a target price of 6.42 CNY for 2026 [5][6]. Core Views - Baosteel Packaging has shown solid performance in Q3 2025, with revenue of 2.306 billion CNY, a year-on-year increase of 6.78%, and a net profit of 73 million CNY, up 15.15% year-on-year [1][3]. - The company is expanding its overseas capacity and optimizing its product structure, which is expected to enhance its core competitiveness and operational efficiency [2][5]. - Despite a short-term pressure on gross margins due to rising raw material prices, the net profit margin has shown a positive trend, indicating potential for profitability recovery as industry competition improves [3][4]. Financial Performance Summary - For the first three quarters of 2025, Baosteel Packaging achieved a revenue of 6.581 billion CNY, a 6.83% increase year-on-year, and a net profit of 176 million CNY, up 11.97% year-on-year [1]. - The gross margin for Q1-Q3 2025 was 7.43%, down 0.93 percentage points year-on-year, while the net profit margin improved to 2.91%, an increase of 0.14 percentage points year-on-year [3][4]. - The company expects revenues of 8.460 billion CNY, 9.667 billion CNY, and 10.308 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 196 million CNY, 334 million CNY, and 488 million CNY [5][10]. Market Position and Strategy - Baosteel Packaging is actively pursuing projects in Southeast Asia, including Cambodia and Vietnam, to strengthen its market position in the region [2]. - The company is committed to a "Four Modernizations" development direction and "Four Possessions" operational principles to enhance management efficiency and promote differentiated innovative products [4]. Valuation Metrics - The report projects a PE ratio of 35.9X for 2025, decreasing to 14.4X by 2027, indicating an expected improvement in valuation as earnings grow [5][10]. - The estimated PB ratio for 2026 is 1.70X, reflecting the company's anticipated growth trajectory [5].