瑞财经 王敏 近日，广东高义包装科技股份有限公司（以下简称"高义包装"）披露公司公开发行股票并 在北交所上市申请文件的第二轮审核问询函，涉及于关联交易和境外子公司管理等。 截至本招股说明书签署日，公司的实际控制人为任志生，其一致行动人为王雪梅、任柏宾、上海高儒企 业管理合伙企业（有限合伙）和上海高萍企业管理合伙企业（有限合伙）。其中，任志生直接持有公司 44.60%的股份；任志生为高萍合伙的执行事务合伙人，高萍合伙持有公司4.59%的股份；任志生为高儒 合伙的执行事务合伙人，高儒合伙持有公司4.59%的股份。股东任柏宾为任志生之子，股东王雪梅为任 志生配偶，此二人分别直接持有公司9.84%的股份。综上所述，任志生及其一致行动人合计持有公司 73.47%的表决权。 任志生，男，1968年4月14日出生，中国国籍，无境外永久居留权，硕士研究生学历。1992年6月至1995 年9月，任衡阳市华泰实业有限公司经理；1995年10月至1998年3月，任福田区华深印刷厂经理；1998年 4月至2001年1月，任福田区鸿达印刷厂经理；2001年1月至2010年7月，任深圳市鸿达印刷包装有限公司 执行董事、总经理；2008年 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨裕同科技（002831.SZ） [Table_Title] 裕同科技：拟收购匈牙利纸包企业 Gelbert 60% 股权，开启全球化布局新阶段 报告要点 [Table_Summary] 裕同科技拟收购匈牙利纸包企业 Gelbert 60%股权，1）收购主体：全资子公司香港裕同；2） 收购价和估值：60%股权对价 654 万欧元，对应标的公司 2024 年经审计 EBITDA 的倍数为 6.4 倍。3）保障机制：本次交易设置与标的公司 2026-2027 年度财务指标挂钩的保留购买价款支 付机制，若标的公司未来两年经审计的年收入及 EBITDA 未能达到协议约定的考核标准（2026 年、2027 年分别或者两年算术平均值：不低于 2024 年收入，不低于 2024 年 EBITDA 的 85%）， 上市公司有权不予支付相应年度的保留购买价款，保留价款为 82 万欧元，分 2 期。 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 SAC：S0490516060001 SAC：S0490522050001 SFC：BUV463 ...

秦东大地，寒意未尽，创新发展的热潮已在渭水之畔涌动。 回望2025年，秦创原增材制造产业创新聚集区总投资68.3亿元的项目落地渭南；全市新能源发电装 机突破1000万千瓦；四大特色农业全产业链产值突破千亿元……这一连串亮眼数字的背后，是渭南以创 新驱动为核心、以产业升级为路径，系统布局、全域发力，加速形成新质生产力的生动实践。 以"智"提质 重塑工业核心竞争力 传统制造业是实体经济的重要组成部分。在渭南，一场关于"智造"的变革正在生产一线深入推进。 打造低碳发展新动能 2月25日，在渭南科赛机电设备有限责任公司的生产车间，工人们正在调试机器、有序生产。作为 国家级专精特新"小巨人"企业，该公司并未止步于传统机械加工，而是持续深耕印刷包装自动控制与信 息处理核心技术的研发应用。 "我们坚持创新驱动，将科技攻关与成果产业化紧密结合，这就是我们赢得市场的底气。"该公司技 术部负责人杨仓顺表示。截至目前，该公司研发的印刷机电脑套色控制系统、印刷图像监测系统、电子 轴控制系统等30多类产品，已远销全球60多个国家和地区。 位于渭南高新区的陕西北人印刷机械有限责任公司近年来积极推进智能加工基地建设，推动装配流 程标准化、 ...

格隆汇2月25日丨裕同科技(002831.SZ)公布，作为行业领先的包装整体解决方案服务商，为进一步深化 全球化战略布局、把握欧洲关键市场增长机遇，公司全资子公司香港裕同拟收购欧洲地区成熟的印刷包 装企业Gelbert公司60%的股权。Gelbert在当地拥有成熟的运营团队、生产基地及优质客户资源，具备稳 定的本地化交付能力。本次收购是公司全球化产能布局的关键一步，旨在欧洲核心区域建立战略支点， 通过将裕同的智能制造能力与Gelbert的属地化资源深度结合，更高效地响应国际客户的区域化需求。本 次交易以标的公司经审计的财务数据及双方商业谈判为定价参考，协商确定标的公司60%份额的交易对 价为654.37万欧元（按2月24日人民币兑欧元汇率中间价折算约合人民币5348万元）。本次交易完成 后，Gelbert将成为公司的控股子公司，并纳入公司合并报表范围。 ...

格隆汇2月25日丨裕同科技(002831.SZ)公布，作为行业领先的包装整体解决方案服务商，为进一步深化 全球化战略布局、把握欧洲关键市场增长机遇，公司全资子公司香港裕同拟收购欧洲地区成熟的印刷包 装企业Gelbert公司60%的股权。Gelbert在当地拥有成熟的运营团队、生产基地及优质客户资源，具备稳 定的本地化交付能力。本次收购是公司全球化产能布局的关键一步，旨在欧洲核心区域建立战略支点， 通过将裕同的智能制造能力与Gelbert的属地化资源深度结合，更高效地响应国际客户的区域化需求。本 次交易以标的公司经审计的财务数据及双方商业谈判为定价参考，协商确定标的公司60%份额的交易对 价为654.37万欧元（按2月24日人民币兑欧元汇率中间价折算约合人民币5348万元）。本次交易完成 后，Gelbert将成为公司的控股子公司，并纳入公司合并报表范围。 ...

2月25日，环球印务涨5.2%，截至发稿，报9.92元/股，成交6555.94万元，换手率2.12%，总市值31.75亿 元。 资料显示，西安环球印务股份有限公司位于陕西省西安市高新区科技一路32号，成立日期2001年6月28 日，上市日期2016年6月8日，公司主营业务涉及主要从事医药纸盒包装产品的设计、生产及销售,同时 兼营酒类、食品彩盒和瓦楞纸箱包装业务。主营业务收入构成为：医药及其他纸盒48.31%，印刷包装 供应链业务35.90%，互联网数字营销15.04%，销售边角料及房屋租赁等0.75%。 从环球印务十大流通股东角度 金元顺安元启灵活配置混合（004685）成立日期2017年11月14日，最新规模15.64亿。今年以来收益 7.21%，同类排名3105/8889；近一年收益51.89%，同类排名1104/8136；成立以来收益614.8%。 金元顺安元启灵活配置混合（004685）基金经理为缪玮彬。 截至发稿，缪玮彬累计任职时间9年74天，现任基金资产总规模15.64亿元，任职期间最佳基金回报 605.62%， 任职期间最差基金回报-28.79%。 声明：市场有风险，投资需谨慎。 本文基于第三方 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company plans to acquire 51% of Huayan Technology for a consideration of 448.8 million yuan, valuing Huayan Technology at 880 million yuan. The performance commitment for the years 2026, 2027, and 2028 is a net profit of no less than 75 million, 100 million, and 155 million yuan respectively, with an average of 110 million yuan over three years, corresponding to a PE ratio of 8 times. If the cumulative profit falls below 80% of the committed total, the seller must compensate the company. Conversely, if the actual average net profit reaches 120% of the commitment, the valuation may increase to a maximum of 1.32 billion yuan, corresponding to a PE of 10 times, requiring the company to compensate the seller [2][4][10]. Summary by Sections Acquisition Overview - The acquisition involves a related party transaction with the counterparty being Guandian Investment, fully owned by the company's actual controllers. The acquisition price is set at 448.8 million yuan, with the overall valuation of Huayan Technology at 880 million yuan [4][10]. Company Profile - Huayan Technology specializes in precision components, focusing on stainless steel, titanium alloys, magnetic materials, and high-performance thermal materials. Its products are used in foldable phones, smartwatches, and smart glasses, with major clients including Google, Samsung, META, Amazon, Microsoft, and Sony. The projected revenue for Huayan Technology in 2024 is 620 million yuan, with a net profit of 70 million yuan and a net profit margin of 11.5% [10]. Impact Analysis - The company is expanding its presence in the smart eyewear sector, with recent investments in related technologies. The acquisition is expected to enhance its capabilities in supplying components for smart glasses, particularly as META plans to increase production of AI glasses significantly by 2026. The global market for AI smart glasses is projected to grow substantially, with sales expected to reach 7 million units by 2025, a year-on-year increase of nearly 360% [10]. Financial Performance and Projections - The company has distributed a total of 3.79 billion yuan in cash dividends and has repurchased 870 million yuan worth of shares since its listing. The combined dividends and repurchases for the first half of 2025 amounted to 539 million yuan, representing 97% of the net profit. The expected dividend yield for 2026 is over 6% [10]. Investment Recommendation - The company is characterized as a high-quality dividend stock with stable growth prospects. The expected net profits for 2025, 2026, and 2027 are projected to be 1.7 billion, 1.9 billion, and 2.2 billion yuan respectively, corresponding to PE ratios of 17, 15, and 13 times. The recommendation is to "Buy" based on the anticipated growth and dividend yield [10].

经济观察网龙利得（300883）近期披露2025年业绩预告，预计全年归母净利润亏损510万元至750万元， 主要受安徽明光文化科创园项目前期投入及商誉减值影响。 业绩经营情况 以上内容基于公开资料整理，不构成投资建议。 该项目处于建设阶段，是导致2025年业绩亏损的主要因素之一，预计亏损1700万元至2050万元。项目聚 焦绿色环保印刷技术，未来投产后的盈利转化能力值得跟踪。 战略推进 龙利得在投资者活动中表示，未来1至2年将重点开拓大健康、美妆、生物医药及高端快消等高增长领 域，以应对行业竞争压力，这一战略调整可能影响长期业务结构。 公司已于2026年1月23日披露业绩预告，预计2025年全年归属于上市公司股东的净利润亏损510万元至 750万元，扣非净利润亏损775万元至1140万元，主要受安徽明光文化科创园项目前期投入及商誉减值影 响。投资者可关注后续正式年报的披露时间(通常在2026年4月前)，以验证具体财务数据。 公司项目推进 ...

Group 1: Company Overview and Financial Performance - The company is currently operating normally and steadily, with stable customer orders. Financial performance for 2025 and Q1 2026 will be disclosed in future reports [2] - The company has a long-term stable cooperation with major clients, which includes a pricing adjustment mechanism to mitigate the impact of rising raw material costs [2][3] Group 2: Raw Material Management and Cost Control - The company is implementing measures to address the impact of rising raw material prices, including early order forecasts from clients and strategic procurement from suppliers [3] - A flexible procurement system is in place to respond to market changes, along with a supply assurance system tailored to different policy environments [3] Group 3: Business Expansion and Market Opportunities - The company is expanding into the tobacco and alcohol packaging sectors, with a positive outlook on tobacco packaging and ongoing development in alcohol packaging [3] - The company is exploring new market opportunities and aims to leverage its strengths to expand into emerging business areas [3] Group 4: Dividend Policy and Investor Relations - The company emphasizes reasonable returns for investors, with cash dividends increasing annually from 2022 to 2024, adhering to profit distribution principles [3] - The company is open to considering acquisition opportunities while focusing on its core business without plans to extend into non-packaging industries [3] Group 5: Client Base and Product Offerings - The company serves a diverse client base across various sectors, including cosmetics, healthcare, food, pharmaceuticals, and emerging fields like e-commerce and cultural trends [3]

Core Viewpoint - The printing and packaging industry in the A-share market is facing significant challenges, with some companies reporting losses while others achieve growth through business transformation and refined operations [21]. Group 1: Company Performance Forecasts - Yinglian Co. expects a net profit of 32 million to 42 million yuan for 2025, turning from loss to profit due to revenue growth and improved operational efficiency [1]. - Jiamei Packaging anticipates a significant decline in net profit to 85.44 million to 104 million yuan, down 53.38% to 43.02%, primarily due to a "small year" in the beverage industry [2]. - Jihong Co. forecasts a net profit increase of 50% to 60%, estimating 273 million to 291 million yuan, driven by rising packaging demand and improved management [3]. - Senlin Packaging predicts a net profit of 53 million to 73 million yuan, a decrease of 72.6% to 62.25%, due to initial losses from a new production project and declining product prices [4]. - Guanhao High-tech expects a net loss of 310 million to 155 million yuan, a decline of 268.74% to 184.37%, influenced by industry competition and impairment provisions [5]. - Global Printing anticipates a reduced loss of 16.5 million to 30 million yuan, an improvement from the previous year's loss of 52.38 million yuan, due to optimized business structure [6]. - Longlide expects a net loss of 7.5 million to 5.1 million yuan, slightly worsening from the previous year's loss of 3.78 million yuan, due to project delays and goodwill impairment [7]. - Jinjia Co. forecasts a drastic net loss of 503.89 million to 251.94 million yuan, a decline of 450% to 800%, due to underperformance in subsidiary businesses [8]. - Xiyue Zhixing expects a net loss of 15 million to 8 million yuan, a slight increase in loss compared to the previous year, affected by competitive pricing in the electric vehicle sector [9]. - Hongbo Co. predicts a net loss of 112 million to 166 million yuan, an improvement from a loss of 293 million yuan last year, driven by growth in AI-related business [10]. - Hongyu Packaging expects a net profit of 17 million to 22 million yuan, a growth of 357.91% to 492.59%, due to improved customer structure and cost management [11]. - Xianggang Technology forecasts a net profit of 10 million to 13.8 million yuan, a growth of 52.14% to 109.95%, attributed to increased revenue in the packaging sector [12]. - Double Star New Materials anticipates a net loss of 530 million to 380 million yuan, driven by competitive pricing and increased production costs [13]. - Shengtong Co. expects a net profit of 6 million to 9 million yuan, a turnaround from loss, due to improved operational efficiency [14]. - Shanghai Ailu predicts a net loss of 90 million to 120 million yuan, transitioning from profit to loss due to operational losses and asset impairments [16]. - Enjie Co. forecasts a net profit of 109 million to 164 million yuan, turning from a loss of 556 million yuan last year, driven by increased demand in the lithium battery sector [17]. - Nanwang Technology expects a net loss of 22.5 million to 16 million yuan, influenced by goodwill impairment and declining gross margins [18]. - Xinjufeng anticipates a net profit of 51 million to 68 million yuan, a decline of 63.01% to 72.26% compared to the previous year, due to increased financial costs [19]. - Annie Co. predicts a net loss of 12.5 million to 25 million yuan, transitioning from profit due to investment losses and employee stock plan expenses [20]. - Jiyou Co. expects a net loss of 19 million yuan, with potential delisting risks due to poor financial performance [21]. Group 2: Industry Trends - The printing and packaging industry is experiencing significant performance divergence among companies, with simple market responses proving insufficient [21].