□ 本报记者宋晓华 在非洲摩洛哥的一家医院里，医生熟练操作着透析设备为患者诊疗。这套为当地架起"生命之桥"的医疗 设备，从核心设计、组件组装到整条生产线的搭建落地，全程由江苏关怀医疗科技有限公司量身打造。 江苏企业"出海"正经历一场深刻蝶变：告别传统单一商品出口模式，转而输出融合产品、技术、服务与 商业模式的整体解决方案，在全球市场书写"中国方案"的崭新篇章。 "卖产品"转向"卖方案" 全球产业链重组加速、技术变革迭代升级、市场竞争日趋激烈、客户需求持续升级，多重因素共同推动 国内企业从"卖产品"向"卖方案"转型，这一趋势在制造大省江苏尤为凸显。 作为专注血液净化、生物制药等医用中空纤维膜产品的高新技术企业，江苏关怀医疗科技有限公司凭借 长期深耕的研发实力，于2024年实现关键跨越。"我们通过在当地建厂，助力实现透析器组装本土化， 完整输出产业链与解决方案，让优质医疗资源惠及全球更多患者。"该公司关务经理凌菊平介绍。 以解决方案的形式，将中国经验与世界需求相连接，苏企出海的转型之路，正勾勒出未来国际贸易新趋 势。业内人士分析，未来企业的解决方案出海将呈现智能化、绿色化、生态化三大显著特征。例如，智 能化趋势体 ...

达意隆 20260107 摘要 达意隆受益于碳酸饮料和瓶装水在东南亚、印度、中东和非洲等新兴市 场的强劲需求，海外市场成为其主要增长引擎，合同负债显著增长，预 示未来营收向好。 公司通过自主研发吹瓶机、吹灌旋一体机等关键技术，实现了从单机到 整线的拓展，提升了生产节拍，增强了与海外龙头企业的竞争力，为国 际市场扩张奠定基础。 达意隆通过与可口可乐、百事可乐等全球巨头合作，设立海外分公司和 建立经销商网络，成功拓展国际市场，海外营收占比已接近 50%，且盈 利能力优于国内市场。 公司营收增速和利润端增速均显著提升，得益于区域结构优化和毛利率 提升。海外市场对价格的容忍度较高，无菌灌装线替代也提升了国内毛 利率，推动整体盈利能力改善。 净利润增长主要驱动因素包括毛利率提升、信用减值损失改善以及有效 的费用管控。2025 年前三季度净利润达到 7.7%，同比增长超过三个百 分点，盈利能力显著增强。 Q&A 请介绍达意隆在新兴市场的业务前景和主要亮点。 达意隆在新兴市场的业务前景非常乐观，主要亮点包括液态产品包装设备的专 业性和出海战略。首先，达意隆作为液态产品包装设备专家，不仅提供饮料行 业的一体化生产线（从吹瓶到 ...

近一年中国包装机械出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国包装机械进口情况统计图 数据来源：中国海关，智研咨询整理 相关报告：智研咨询发布的《2026-2032年中国包装机械行业运营现状及发展趋向分析报告》 根据中国海关数据显示：2025年11月中国包装机械进口数量为0.15万台，同比下降11.8%，进口金额为 0.75亿美元，同比下降18.7%，2025年11月中国包装机械出口数量为351万台，同比增长66.8%，出口金 额为4.99亿美元，同比增长15.2%。 ...

Core Viewpoint - The report from Zhongtai Securities highlights the rapid development of emerging beverage categories such as sugar-free drinks, tea, and functional beverages, which have led to a significant recovery in equipment demand due to continuous new product launches and capacity expansion by second and third-tier brands [1][2]. Domestic Market - The domestic beverage consumption has undergone significant structural changes, benefiting from the widespread adoption of health-conscious consumption, with emerging categories like sugar-free drinks and functional beverages experiencing rapid growth [2]. - The demand for liquid packaging machinery is driven by the need for line upgrades, with a strong demand for ultra-clean and sterile lines [2]. - The domestic market is expected to see steady growth, with listed companies entering an expansion cycle since 2019, despite intense competition [2]. Overseas Market - Emerging markets have shown overall growth over the past decade, with accelerated growth post-pandemic, particularly in regions like India, Southeast Asia, and Latin America, where consumer spending power is increasing [3]. - Chinese companies are experiencing accelerated export growth due to their significant cost-performance advantages and after-sales service, although their market share remains low, indicating substantial future growth potential [3][4]. - The Asia-Pacific market is witnessing a decline in German companies' deliveries in 2024, while imports from China are on the rise [3]. Industry Outlook - The overall industry is experiencing a positive development trend, with simultaneous increases in revenue scale and profitability due to the resonance of domestic and international market demands [4]. - The global packaging equipment market is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2025 to 2032, while China's packaging machinery industry is expected to grow at an average annual rate of around 8% during the 14th Five-Year Plan period [2]. - Domestic manufacturers have established strong competitive advantages for overseas expansion, including lower costs and faster delivery times compared to Western brands, as well as stable technical service capabilities [4].

Core Viewpoint - The liquid packaging industry is experiencing a positive development trend with simultaneous growth in revenue scale and profitability, driven by structural changes in domestic beverage consumption and the rise of health-conscious products [1][3]. Domestic Market - Significant structural changes in domestic beverage consumption have occurred, with rapid development of sugar-free drinks, tea beverages, and functional drinks, leading to increased demand for equipment [2][3]. - The domestic market is entering an expansion cycle post-2019, with fierce competition expected to continue, resulting in stable growth [2][3]. - The average annual growth rate of China's packaging machinery industry is projected to be around 8% during the 14th Five-Year Plan period, with an average profitability growth rate of 7% for industry players [2]. Overseas Market - Emerging markets have shown overall growth in the past decade, with accelerated growth post-pandemic, particularly in India, Southeast Asia, and Latin America, driven by rising consumer spending [3]. - Chinese companies are benefiting from significant cost advantages and after-sales service, leading to accelerated export growth, despite currently low market share in overseas markets [3][4]. Competitive Advantages of Domestic Manufacturers - Domestic equipment has lower acquisition and long-term maintenance costs compared to brands from Europe, the US, and Japan, with efficient logistics and production timelines that meet the needs of emerging markets [4]. - Domestic enterprises have the capability to provide highly customized products and stable technical services, which are essential for meeting the demands of new markets [4]. - The trend of global investment favoring emerging countries and the upgrading of the food and beverage industry in countries like Vietnam and Indonesia creates ongoing demand for packaging equipment [4]. Recommended Stocks - Companies to watch include Dali Long (002209.SZ), Xin Meixing (300509.SZ), Yongchuang Intelligent (603901.SH), and Zhongya Co., Ltd. (300512.SZ) [4].

Investment Rating - The report does not explicitly state an investment rating for the liquid packaging machinery industry. Core Insights - The liquid packaging machinery is essential for the fast-moving consumer goods sector, particularly in food and beverage, personal care, and condiments. The industry primarily focuses on complete line sales, such as "blow-fill-cap" solutions. In developed markets, the emphasis is on upgrading existing production lines, while developing markets in Asia, Africa, and Latin America are still expanding their production capacity. The economic lifespan of domestic liquid packaging machinery is typically around 10 years [4][10]. Summary by Sections 1. Liquid Packaging Machinery Overview - Liquid packaging machinery is crucial for automating the entire process from bottle manufacturing to filling, capping, labeling, and packaging. The core equipment includes blow molding machines, filling machines, capping machines, and downstream packaging equipment. The industry is characterized by integrated solutions, with developed countries focusing on line upgrades and emerging markets still in the expansion phase [10][4]. 2. Domestic Market - Recent structural changes in domestic beverage consumption, driven by health trends, have led to rapid growth in sugar-free drinks, tea, and functional beverages. This has resulted in a significant recovery in equipment demand, with domestic companies entering an expansion cycle post-2019. The competition in the domestic market is intense, but growth is expected to remain stable [4][21]. 3. Overseas Market Opportunities - Emerging markets have shown consistent growth over the past decade, accelerated post-pandemic. Increased consumer spending in countries like India, Southeast Asia, and Latin America has driven demand for bottled water and sugary beverages. Chinese companies, leveraging cost advantages and service capabilities, are seeing accelerated export growth, with significant potential for market share expansion in these regions [4][21][25]. 4. Advantages of Chinese Liquid Packaging Machinery Exports - Chinese manufacturers have several competitive advantages in overseas markets, including lower purchase and maintenance costs compared to Western brands, efficient logistics to Southeast Asia and South Asia, and the ability to provide customized products and stable technical services. The global trend of investment shifting towards emerging markets further supports the demand for packaging equipment [4][25][30]. 5. Market Size and Growth Projections - The global packaging equipment market is projected to grow at a CAGR of 3.8% from 2024 to 2032, while China's packaging machinery industry is expected to grow at an annual rate of around 8% during the 14th Five-Year Plan period. The average profitability growth rate in the industry is estimated at 7%, with exports potentially reaching $12 billion [4][21]. 6. Market Demand and Supply Analysis - The report estimates that the domestic liquid packaging machinery market size for beverage packaging will reach approximately 169.4 billion yuan in 2024, based on consumption data and production line requirements. The overseas market for liquid packaging machinery is projected to be around 750.9 billion yuan, with significant growth potential in regions like Asia-Pacific and Africa [4][31][35]. 7. Recommended Companies - The report suggests focusing on companies such as Dali Long, New Meixing, Yongchuan Intelligent, and Zhongya Co., which are positioned to benefit from the industry's growth and export opportunities [4][21].

上市企业：永创智能（603901）,达意隆（002209）,新美星（300509）,楚天科技（300358）,智云股份 （300097）,东方精工（002611）,诺力股份（603611）,新时达（002527）,海容冷链（603187） 2020-2025年1-10月中国包装专用设备产量统计图 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国包装机械行业运营现状及发展趋向分析报告》 根据国家统计局数据显示：2025年10月中国包装专用设备产量为16.4万台，同比下降19.5%；2025年1- 10月中国包装专用设备累计产量为153.5万台，累计增长18.1%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

编号：2025-011 证券代码：002209 证券简称：达意隆 广州达意隆包装机械股份有限公司 投资者关系活动记录表 投资者关系活动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 业绩说明会 □路演活动 □其他(请文字说明其他活动内容) 活动参与人员 一、参与机构及人员 （一）线上会议：中信建投自营 乔翔、李雄杰、王明明、 叶天鸣、孟皓；中泰证券 寇鸿基 （二）现场调研：颐和久富 张准；天虫资本 李星雨；申万 宏源 刘建伟；煜德投资 程跃；中金公司 张琮翎；招商基 金 莫凡 二、上市公司接待人员 副总经理、董事会秘书：王燕囡 证券事务代表：冯天璐 时间 2025 年 12 月 15 日至 2025 年 12 月 19 日 地点 线上会议室、公司会议室 形式 线上会议、现场调研 交流内容及具体问答 记录 一、公司产品体系及经营情况介绍 二、互动交流 1、近年来，公司毛利率增长的原因有哪些？ 答：近年来，公司通过优化产品结构、强化内部管理、提升 产品品质、持续推进降本增效等措施稳步提升毛利率。 2、公司的代加工业务主要包括哪些？ 答：公司的代加工业务主要由公司设立的全资子公司开展， ...

证券代码：002209 证券简称：达意隆 广州达意隆包装机械股份有限公司 | 他轻工行业多样化需求，具备液态产品包装全面解决方案的 | | --- | | 供应能力。公司研制的全自动高速PET瓶吹瓶机、全自动PET | | 瓶吹灌旋一体机、全自动PET瓶吹贴灌旋一体机、黏流体灌 | | 装设备、无菌灌装生产线、含气灌装生产线等装备实现了进 | | 口替代，部分产品如全自动高速PET瓶吹瓶机在单模产能、 | | 节能降耗及整机效率上长期处于国内行业领先水平；72000 | | 瓶/小时PET瓶吹贴灌旋一体机填补了国内技术空白，整体技 | | 术处于国际领先水平。近年来，公司不断加大无菌工艺和装 | | 备的研发力度，先后突破了湿法和干法杀菌工艺，掌握了无 | | 菌灌装装备机械、工艺和自动化控制等相关技术，同时在超 | | 高速瓶装水生产线上实现了突破。 | | 7、无菌灌装设备可应用于哪些饮料产品的生产？公司在无菌 | | 灌装方面有哪些优势？ | | 答：无菌灌装设备可广泛应用于功能性饮料、果汁饮料、乳 | | 制品、茶饮、含气饮料、瓶装饮用水等产品的生产。近年来 | | ，公司不断加大无菌工艺和装备的研发 ...

数据来源：中国海关，智研咨询整理 近一年中国包装机械出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国包装机械行业运营现状及发展趋向分析报告》 根据中国海关数据显示：2025年10月中国包装机械进口数量为0.19万台，同比下降38.1%，进口金额为 0.79亿美元，同比下降17.6%，2025年10月中国包装机械出口数量为296万台，同比增长1.9%，出口金额 为4.37亿美元，同比增长11%。 近一年中国包装机械进口情况统计图 ...