Core Points - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.80 yuan per 10 shares (tax included) and no bonus shares [2][3] - The total number of shares eligible for the distribution is 1,135,791,853 shares after excluding 59,748,950 shares held in the repurchase account [3][4] - The actual cash dividend amount is calculated to be 204,442,533.54 yuan, which will be distributed among the eligible shares [1][5] Distribution Details - The cash dividend will be distributed to all shareholders registered by the end of trading on July 29, 2025, with payments made on July 30, 2025 [4][5] - The cash dividend per share after the distribution will be 0.1710042 yuan, calculated based on the total cash dividend divided by the total number of shares [1][5] - The company will not withhold individual income tax for shareholders holding shares before the initial public offering, but will apply a differentiated tax rate for other categories of shareholders [3][4] Convertible Bond Adjustments - The conversion price of the company's convertible bonds will be adjusted from 3.27 yuan to 3.10 yuan per share, effective from July 30, 2025 [6] - The upper limit for the repurchase price of shares will also be adjusted from 4.67 yuan to 4.50 yuan per share, effective from the same date [6]

证券代码：002228 证券简称：合兴包装 公告编号：2025-075 号 债券代码：128071 债券简称：合兴转债 厦门合兴包装印刷股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 其中：P0 为调整前转股价，n 为送股或转增股本率，k 为增发新股或配股率， A 为增发新股价或配股价，D 为每股派送现金股利，P1 为调整后转股价。 当公司出现上述股份和/或股东权益变化情况时，将依次进行转股价格调整， 并在中国证监会指定的上市公司信息披露媒体上刊登董事会决议公告，并于公告 中载明转股价格调整日、调整办法及暂停转股期间（如需）；当转股价格调整日 为本次发行的可转换公司债券持有人转股申请日或之后，转换股份登记日之前， 则该持有人的转股申请按公司调整后的转股价格执行。 当公司可能发生股份回购、合并、分立或任何其他情形使公司股份类别、数 量和/或股东权益发生变化从而可能影响本次发行的可转换公司债券持有人的债 权利益或转股衍生权益时，公司将视具体情况按照公平、公正、公允的原则以及 充分保护本次发行的可转换公司债券持有人权益的原则调整转股价格。有 ...

Group 1 - The company has approved a share repurchase plan using its own and/or self-raised funds, with a maximum repurchase price of RMB 4.67 per share and a total repurchase amount between RMB 50 million and RMB 100 million [1][2] - The annual profit distribution for 2024 has been approved, with a total cash dividend amounting to approximately RMB 204.44 million, calculated based on the total share capital minus repurchased shares [2][3] - The repurchase price cap has been adjusted to RMB 4.50 per share following the distribution of cash dividends, with estimated repurchase quantities ranging from approximately 11.11 million to 22.22 million shares, representing 0.93% to 1.86% of the total share capital [3][2] Group 2 - The company will not include repurchased shares in the 2024 annual profit distribution, ensuring that the total share capital remains unchanged while reducing the cash dividend per share [2][3] - The company will comply with relevant laws and regulations regarding information disclosure during the repurchase period [3]

Group 1 - Jinshi Technology experienced a limit down today with a trading volume turnover rate of 7.17% and a total transaction amount of 493 million yuan, showing a fluctuation of 7.51% [2] - Institutional investors net sold 13.71 million yuan, while the total net selling by brokerage seats reached 19.13 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange's watch list due to a daily price deviation of -10.58% [2] Group 2 - The top five brokerage seats on the watch list had a combined transaction amount of 98.99 million yuan, with a buying amount of 33.07 million yuan and a selling amount of 65.91 million yuan, resulting in a net selling of 32.84 million yuan [2] - Among the brokerage seats, four institutional special seats were involved, with a total buying amount of 20.30 million yuan and a selling amount of 34.00 million yuan, leading to a net selling of 13.71 million yuan [2] - Over the past six months, the stock has appeared on the watch list 16 times, with an average price drop of 1.41% the next day and an average increase of 1.47% over the following five days [2] Group 3 - The stock saw a net inflow of 3.86 million yuan from main funds today, including a net inflow of 2.12 million yuan from large orders and 1.74 million yuan from major funds [2] - In the past five days, the main funds experienced a net outflow of 10.10 million yuan [2]

Core Viewpoint - The company announced the completion of the cancellation of 319,800 stock options related to its 2022 stock option and restricted stock incentive plan, which represents 0.18% of the company's total share capital [1][3]. Summary by Sections 1. Approval of Stock Option Cancellation - The cancellation of stock options was approved in the fifth meeting of the fourth board of directors and the seventh meeting of the fourth supervisory board [1]. - The total number of stock options to be canceled is 319,800, which involves 60 incentive recipients [1][3]. 2. Reasons and Quantity of Cancellation - The cancellation was primarily due to changes in personal circumstances of the incentive recipients, specifically those who have resigned [2]. - A total of 54,600 stock options were canceled for 8 individuals from the initial grant and 6 individuals from the reserved grant who no longer meet the incentive criteria due to resignation [2]. 3. Completion of Cancellation - The cancellation process was confirmed by the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, and was completed on July 21, 2025 [3]. - The canceled stock options had not been exercised, thus not affecting the company's share capital [3]. 4. Impact on the Company - The cancellation of the stock options will not have a significant impact on the company's operating performance or financial condition [3]. - The management team will continue to fulfill their responsibilities diligently to create value for shareholders [3].

Investment Rating - The industry investment rating is "Hold" [1] Core Views - The report highlights a significant divergence in performance among companies as they release their semi-annual earnings forecasts, with some companies showing remarkable growth while others face declines [3][19] - Key drivers for growth include market expansion, product upgrades, operational efficiency improvements, and effective cost control [21][24] Summary by Sections Semi-Annual Earnings Forecasts - Jiangxin Home reported a net profit of 410-460 million yuan for H1 2025, representing a year-on-year growth of 43.70%-61.23% [21] - Aorijin expects a net profit of 850-960 million yuan for H1 2025, with a growth rate of 55%-75% [21] - Zhongshun Jierou anticipates a net profit of 140-160 million yuan, reflecting a growth of 59.85%-82.68% [24] - Saifutian forecasts a turnaround with a net profit of 2.55-3.80 million yuan, compared to a loss of 12.49 million yuan in the previous year [23] Market Performance - From July 14 to July 18, 2025, the Shanghai Composite Index rose by 0.69%, while the ShenZhen Component Index increased by 2.04% [25] - The light industry manufacturing index rose by 0.08%, ranking 21st among 31 sectors, while the textile and apparel index increased by 0.24%, ranking 19th [25] Key Data Tracking - Real estate data shows a significant decline in property transactions, with a 35.98% decrease in the transaction area of commercial housing in major cities [34] - The price of cotton in China is reported at 15,508 yuan per ton, with a week-on-week increase of 1.59% [12] - The report indicates a notable increase in furniture sales, with June 2025 sales reaching 20.77 billion yuan, a year-on-year increase of 28.7% [9]

Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

Key Points - The company plans to repurchase its A-shares using self-owned and self-raised funds through a centralized bidding method on the Shenzhen Stock Exchange, with a total repurchase amount between RMB 20 million and RMB 40 million, and a maximum repurchase price of RMB 12.28 per share, estimating to repurchase approximately 1,628,665 shares, accounting for about 0.49% of the total share capital [1][4][6] - The repurchased shares will be used for the company's employee stock ownership plan or equity incentives, and any unused shares will be canceled within three years after the announcement of the repurchase results [3][9] - The repurchase is aimed at enhancing investor confidence, maintaining the interests of shareholders, and promoting the company's long-term development [2][8] - The company has confirmed that there are no plans for share buybacks or sales by directors, supervisors, senior management, or major shareholders during the repurchase period [1][8] - The repurchase will not affect the company's debt repayment ability or continuous operation capability, and the shareholding structure will remain compliant with listing conditions [8][9]

Summary of Haishun New Materials Conference Call Industry Overview - The conference call primarily discusses the pharmaceutical packaging materials industry, with Haishun New Materials being a key player in this sector [2][3][10]. Key Points and Arguments 1. **Stable Performance in Pharmaceutical Packaging**: In the first half of 2025, Haishun's pharmaceutical packaging business remained stable, accounting for over 90% of total business, despite facing pressure on profits due to price competition [2][3][10]. 2. **Impact of Price Competition**: The company anticipates a risk of declining gross margins due to intensified price wars initiated by leading firms and increased production capacity in the industry [2][10][11]. 3. **Customer Base Expansion**: Haishun has collaborated with over 80 companies from the top 100 pharmaceutical firms, accumulating approximately 2,000 to 3,000 clients. The company is focusing on increasing product variety for existing customers [2][3][5]. 4. **Growth in New Energy Sector**: Sales of aluminum-plastic film for lithium battery packaging have increased, although the industry faces overcapacity. The company aims to capture market share with an expected production capacity of 30 to 40 million square meters [2][4][7]. 5. **M&A Strategy**: The company is pursuing an acquisition strategy, particularly targeting consumer packaging firms. Recent acquisitions include Zhengyi Packaging and Silvian, aimed at quickly establishing a customer network and leveraging existing technologies [2][8][9]. 6. **International Market Expansion**: Haishun is increasing its focus on overseas markets, with a goal for international sales to reach 30% of total sales in the future. The company is expanding its foreign trade team and participating in international exhibitions [3][20]. 7. **Future of Solid-State Battery Packaging**: The company sees significant opportunities in solid-state battery packaging, which could greatly increase demand for aluminum-plastic films as the market evolves [14][20]. 8. **New Product Development**: The establishment of high-performance medical material and electronic material divisions aims to develop niche products, enhancing the existing pharmaceutical packaging business [15][16]. 9. **Inventory Management Improvements**: The company plans to enhance inventory management through DRP and ERP systems to maintain reasonable stock levels and address issues from overcapacity in certain regions [19][20]. Additional Important Insights - **Market Dynamics**: The competitive landscape is shifting, with leading companies lowering prices, which may pressure smaller firms and lead to market consolidation [11][13]. - **Financial Implications of Convertible Bonds**: The amortization of convertible bonds significantly impacts profits, with expectations to manage this through value enhancement and management strategies [17]. - **Adaptation to New Business Areas**: New energy and electronic sectors require different production equipment and quality control systems, prompting the formation of specialized teams to ensure compliance with industry standards [18][20]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic direction, market challenges, and growth opportunities in both existing and new business areas.

Core Viewpoint - Shanghai Ailu Packaging Co., Ltd. has successfully issued convertible bonds totaling RMB 500 million, with a maturity of six years and a tiered interest rate structure, aimed at funding various projects and enhancing its financial position [2][3][4]. Group 1: Issuance Details - The convertible bonds were approved by the board and shareholders in early 2023 and received regulatory approval from the China Securities Regulatory Commission on July 14, 2023 [2][3]. - The total amount raised from the issuance is RMB 500 million, with each bond having a face value of RMB 100, resulting in 5 million bonds issued [3][4]. - The bonds will be listed on the Shenzhen Stock Exchange starting November 20, 2023, under the name "Ailu Convertible Bonds" and code "123229" [3][4]. Group 2: Financial Terms - The bonds have a tiered interest rate structure: 0.30% for the first year, increasing to 3.00% by the sixth year [4][5]. - Interest payments will be made annually, with the first payment scheduled for October 23, 2024 [6][7]. - The initial conversion price for the bonds is set at RMB 10.15 per share, subject to adjustments based on corporate actions [6][7]. Group 3: Use of Proceeds - The net proceeds from the bond issuance, after deducting underwriting fees, are intended for specific projects, including industrial paper packaging construction and working capital [16][18]. - The total investment for the projects is estimated at RMB 617.08 million, with the company planning to adjust funding allocations as necessary [16][18]. - The company has committed to using the raised funds in accordance with the approved project plans and has established a dedicated account for fund management [16][19]. Group 4: Company Performance - For the fiscal year 2024, the company reported a revenue of RMB 1.19 billion, reflecting an 11.63% increase year-on-year, despite a 33.96% decline in net profit attributable to shareholders [18][21]. - The company’s total assets reached RMB 2.93 billion, with net assets of RMB 1.53 billion, indicating a 29% increase from the previous year [21]. - The decline in net profit is attributed to longer R&D cycles and increased depreciation and impairment provisions related to solar projects [21].