华福证券 公 司 研 究 裕同科技（002831.SZ） Q2 业绩创新高，员工持股目标锚定稳增长 投资要点： 公 司 财 公司发布 2025 年半年度报告。25H1 公司实现营收 78.76 亿元，同比 +7.1%，归母净利润 5.54 亿元，同比+11.42%，扣非归母净利润 5.6 亿元， 同比+7.11%。单季度来看，25Q2 实现营收 41.77 亿元，同比+7.71%，归母 净利润 3.13 亿元，同比+12.34%，扣非归母净利润 3.13 亿元，同比+12.09%， 单季度收入、业绩创历史同期新高。 报 点 评 营收稳健海外高增，全球化布局积极推进。公司在稳固消费电子包装 市场领先地位的基础上，紧抓新业务和新兴细分市场机会，持续开拓新的 增长点。1）分产品来看，25H1 纸质精品包装/包装配套/环保纸塑/其他产 品营收 54.61/12.97/5.84/3.79 亿元，同比分别+5.4%/+3.5%/+6.8%/+57.8%。 AI PC、AI 手机等新品类的推出有望带动新一轮换机潮，为公司核心业务 提供稳定支撑。同时，包含注塑件在内的其他产品板块增长靓丽，且毛利 率由负转正，新业务已逐步开始 ...

Core Viewpoint - Turkey's unique geographical position serves as a crucial bridge between Europe and Asia, presenting both opportunities and challenges for Chinese paper packaging companies in the Turkish market [1] Market Opportunities - The upcoming Paper Eurasia exhibition in May 2026 will provide a significant platform for Chinese companies to showcase their products and engage with local customers [1] - Understanding Turkish customs data allows Chinese paper packaging companies to accurately gauge the demand scale and trends for paper packaging products in Turkey [1][16] Product Development - The increasing import volume of eco-friendly paper packaging products for food indicates a growing consumer focus on environmental protection and food safety in Turkey [1][16] - Companies can adjust their production focus towards developing biodegradable and pollution-free materials, enhancing packaging design, and improving product sealing and preservation to meet specific market demands [3][16] Pricing Strategy - By analyzing the price range of imported products, companies can formulate competitive pricing strategies, optimizing production processes to offer cost-effective products or investing in high-end custom packaging for premium markets [5][12] Regional Market Insights - Different economic development levels and consumption habits across Turkey's regions lead to varying demands for paper packaging products [6][8] - Coastal industrial cities require robust industrial packaging, while inland consumer cities prioritize aesthetic and functional small packaging [8][10] Marketing Strategies - Companies should enhance brand promotion and marketing efforts in inland consumer cities, incorporating local cultural elements into packaging design to meet consumer preferences [10] - For coastal industrial cities, collaboration with local industries to provide customized industrial packaging solutions is essential [11] Competitive Analysis - Understanding the competitive landscape through customs data helps companies identify key competitors and their product characteristics, enabling strategic adjustments to enhance innovation and quality [12][14] - Collaborating with local Turkish paper packaging companies can leverage their established sales channels and customer relationships, creating mutually beneficial opportunities [15] Future Trends - Long-term import data analysis can reveal emerging market demands for materials, functions, and designs in paper packaging [16] - The anticipated rise in demand for biodegradable packaging and the integration of smart packaging technologies, such as QR codes and sensors, can enhance product value and market positioning [17]

Group 1 - Northern Long Dragon is planning to acquire the controlling stake of Henan Zhongsheng and raise matching funds, leading to a stock suspension [1] - The company specializes in the research, design, production, and sales of non-metal composite materials for military vehicle equipment [1] - Koyuan Pharmaceutical's major shareholder plans to reduce their stake by up to 3%, amounting to 324.87 million shares [2] Group 2 - Jiaste Technology's shareholder intends to reduce their stake by up to 3%, totaling 1,428.75 million shares [2] - Chengdi Xiangjiang's subsidiary has won a bid for a data center project with China Mobile, valued at 492 million yuan [3] - Zhongchao Holdings' actual controller sold 223 million shares during a period of stock price fluctuation, representing 0.16% of total shares [4] Group 3 - ST Yushun's stock will resume trading after confirming no significant changes in its operational environment [6] - Xing Shuai Er's shareholder plans to reduce their stake by up to 0.37%, equating to 130 million shares [7] - Weiguang Co. intends to reduce its stake by up to 1.32%, totaling 300 million shares [8] Group 4 - Zhongsheng Pharmaceutical's subsidiary has received ethical approval for two Phase III clinical trials for its innovative peptide drug RAY1225 [9][10] - Nongxin Technology's major shareholder plans to reduce their stake by up to 1.35%, amounting to 135 million shares [12] - Mintai Aluminum has signed a strategic cooperation agreement with Penghui Energy for collaboration in battery technology [14] Group 5 - Youyan Powder's controlling shareholder plans to reduce their stake by up to 1%, totaling 103 million shares [16] - Runjian Co. has been shortlisted for a procurement project with China Mobile, valued at 374 million yuan [17] - Bangyan Technology has terminated its plan to issue shares and raise funds for asset acquisition [18] Group 6 - Xianggang Technology's controlling shareholder intends to reduce their stake by up to 3%, equating to 648.42 million shares [19] - Zhongke Shuguang is undergoing a stock suspension due to a planned share swap merger with Haiguang Information [20]

Core Insights - The Turkish maternal and infant market has seen significant growth in demand for paper packaging, driven by economic conditions, demographic changes, and market upgrades [1][3] - The demand for paper packaging is not only increasing in quantity but also in quality and innovation, influenced by consumer awareness of safety and environmental concerns [1][3] - Turkey's position as a member of the EU Customs Union allows its paper packaging products to enter the EU market tariff-free, enhancing its attractiveness for international brands [5] Demand Trends - The Turkish maternal and infant market's demand for paper packaging is influenced by a stable birth rate and heightened consumer focus on product safety, environmental sustainability, and functionality [1] - The Turkish government has implemented green packaging regulations, promoting the use of biodegradable or highly recyclable materials in maternal and infant product packaging [1][3] - There is a growing trend towards smart and personalized packaging solutions, incorporating features like anti-counterfeiting labels and interactive designs to cater to the high-end market [1][3] Supply Chain Dynamics - Turkey has developed a comprehensive paper packaging industry chain, including pulp supply, paper production, and packaging design and manufacturing [3] - Despite limited domestic pulp production, Turkey benefits from its geographical location, allowing stable imports of high-quality pulp from Europe, Russia, and Central Asia [3] - Leading Turkish paper packaging companies are enhancing production efficiency and product quality through technological upgrades, enabling them to compete with international brands [3] International Trade Impact - The EU Customs Union membership provides Turkish paper packaging products with zero-tariff access to the EU market, attracting international maternal and infant brands to establish production bases in Turkey [5] - Turkish maternal and infant brands are leveraging this geographical advantage to expand into overseas markets, contributing to a continuous increase in paper packaging exports [5] Future Outlook - The demand for paper packaging in Turkey's maternal and infant market is expected to continue growing, with a focus on the wider application of green packaging materials and increased R&D in biodegradable materials [7] - Smart packaging technologies are anticipated to penetrate the market further, enhancing product value and consumer interaction through IoT and big data [7] - Turkey is poised to become a key hub connecting the European and Asian maternal and infant packaging supply chains, enhancing regional market synergy [7] Industry Events - The third Paper Eurasia exhibition will take place in Istanbul from May 6-8, 2026, serving as a significant platform for industry leaders to showcase eco-friendly packaging solutions and smart production technologies [10]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][13]. Core Insights - The company reported a revenue of 1.71 billion yuan and a net profit of 180 million yuan for 2024, showing a year-on-year revenue decline of 1.8% but a net profit increase of 8.0%. In Q1 2025, the revenue was 360 million yuan, with a significant decline in net profit by 75.0% year-on-year [1][3]. - The company is a leader in the domestic aseptic packaging market, with a market share of approximately 10.5% in the Chinese aseptic packaging sales volume and 13.4% in the liquid milk market. The core customer, Yili, experienced a revenue decline of 8.2% in 2024 [1][7]. - The gross margin improved to 23.8% in 2024, up by 2.1 percentage points year-on-year, while the net profit margin also increased to 10.8% [1][7]. Financial Summary - For 2024, the company achieved total revenue of 1,706 million yuan, with a projected growth of 3.4% in 2025, reaching 1,764 million yuan. The net profit is expected to grow by 14.9% in 2025, reaching 211 million yuan [3][8]. - The earnings per share (EPS) for 2024 is projected at 0.44 yuan, with a price-to-earnings (P/E) ratio of 22. The target price is set at 11.7 yuan, compared to the current price of 9.69 yuan [3][8]. - The company’s total assets are projected to grow from 3.58 billion yuan in 2024 to 4.20 billion yuan by 2027, indicating a steady growth trajectory [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][13]. Core Views - The company reported a revenue of 1.71 billion yuan and a net profit of 180 million yuan for 2024, showing a year-on-year revenue decline of 1.8% but a net profit increase of 8.0%. For Q1 2025, the revenue was 360 million yuan, with a significant decline in net profit by 75.0% year-on-year [1][3]. - The company is positioned as a leader in the domestic aseptic packaging market, with a notable market share of approximately 10.5% in the Chinese aseptic packaging sales volume and 13.4% in the liquid milk market [7][8]. - The gross margin improved to 23.8% in 2024, up by 2.1 percentage points year-on-year, while the net profit margin also increased to 10.8% [7][8]. - The company anticipates synergies from the acquisition of Fenmei Packaging, which is expected to enhance its production capacity, research and development, and customer base [7][8]. Financial Summary - For 2024, the company achieved total revenue of 1,706 million yuan, with projected growth rates of 3.4%, 6.3%, and 7.3% for 2025, 2026, and 2027 respectively [3][8]. - The net profit for 2024 was 184 million yuan, with expected growth rates of 14.9%, 7.1%, and 7.5% for the following years [3][8]. - The earnings per share (EPS) for 2024 is projected at 0.44 yuan, with a price-to-earnings (P/E) ratio of 22 [3][8]. - The target price for the company's stock is set at 11.7 yuan, compared to the current price of 9.69 yuan [3][8].

Core Viewpoint - The demand for paper packaging in Turkey's food service industry is significantly increasing as a sustainable alternative to plastic, driven by rising environmental awareness and government initiatives [1][2][15]. Group 1: Market Growth and Demand - Turkey's offline food service market is experiencing robust growth, with increasing consumer demand for dining services, both for takeout and dine-in [1]. - The large domestic market in Turkey supports the continuous growth of the food service sector, where paper packaging plays a crucial role across various establishments, including cafes, fast food outlets, and fine dining restaurants [1]. - Paper packaging not only meets basic service needs but also enhances brand image and consumer experience through attractive designs and printing [1]. Group 2: Government Initiatives - The Turkish government has implemented policies to promote green packaging, including the "Green Packaging Action Plan," which provides subsidies for companies using recyclable materials and water-based inks [2]. - This initiative encourages local businesses to upgrade their technologies and broadens the application of paper packaging in the food service industry [2]. Group 3: Consumer Preferences - Turkish consumers are increasingly demanding higher standards for food packaging, focusing on aesthetics, environmental friendliness, and practicality [3][5][7]. - There is a growing preference for biodegradable materials and water-based ink printed paper packaging, which are perceived as environmentally friendly and safer for health [5]. - Consumers expect paper packaging to have good preservation, moisture resistance, and oil resistance, especially for takeout services [7]. Group 4: Technological Innovations - Technological advancements, particularly in Industry 4.0 and smart packaging, are driving innovation in Turkey's paper packaging market [9][10]. - The introduction of advanced production equipment and techniques, such as digital printing and automation, enhances production efficiency and product quality [10]. - Smart packaging technologies, including RFID and temperature-sensitive labels, are being integrated into paper packaging to improve logistics tracking and consumer experience [10]. Group 5: International Trade Opportunities - Turkish food service companies can leverage export opportunities for eco-friendly paper packaging products in the international market, capitalizing on the global shift towards sustainable packaging [12]. - Importing advanced paper packaging technologies and products from abroad can elevate the overall quality of Turkey's paper packaging market, meeting consumer demands for high-quality and personalized packaging [14]. Group 6: Challenges and Opportunities - Despite the growth in demand for paper packaging, challenges such as rising raw material costs and increased environmental standards are impacting production costs [15]. - The competitive market landscape necessitates continuous improvement in product quality and service levels to capture market share [15]. - The strengthening of global environmental policies and rising consumer interest in sustainable packaging present significant growth opportunities for Turkey's paper packaging market [15]. Group 7: Upcoming Events - The third Paper Eurasia International Printing, Packaging, and Paper Industry Exhibition will take place in Istanbul from May 6-8, 2026, serving as a key platform for industry stakeholders to explore market demands and establish partnerships [17].

Group 1: 华峰化学 - Company decided to terminate the acquisition of 100% equity in Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd. due to insufficient shareholder approval [1] - The decision was made based on prudence, as the proposal did not receive more than two-thirds of the valid voting rights at the shareholders' meeting [1] - Company will continue to promote related equity injection work and strictly fulfill asset injection commitments [1] Group 2: 中荣股份 - Actual controller and chairman Huang Huanran has been placed under residential surveillance by the police [2] - Other board members and senior management are performing their duties normally, and the board of directors is operating as usual [2] - Company specializes in the research, design, production, and sales of paper printing and packaging products [2] Group 3: 密尔克卫 - Three shareholders plan to reduce their holdings by a total of up to 2% of the company's shares through block trading [3] - The reduction includes 143.63 million shares, 97.65 million shares, and 75.03 million shares, representing 0.91%, 0.62%, and 0.47% of the total share capital respectively [3] - The reduction period is from June 6, 2025, to September 5, 2025, due to personal funding needs [3] Group 4: 舒泰神 - Subsidiary Jiangsu Beijietai Biotechnology Co., Ltd. has obtained a drug production license from the Jiangsu Provincial Drug Administration [4] - The license allows for the production of therapeutic biological products, specifically for registered declaration use [4] - The license is valid until May 7, 2030, and is not expected to have a significant impact on the company's current performance [4] Group 5: 捷顺科技 - Company won the bid for the "Chongqing Beautiful Sunshine Home and other public rental housing supporting parking space operation project" [5] - The project includes four public rental housing supporting parking lots with a total of 13,335 parking spaces [5] - The minimum guaranteed revenue for the project is quoted at 40.43 million yuan per year, with a total contract amount expected to exceed 100 million yuan [5] Group 6: 综艺股份 - Company signed an investment cooperation intention agreement to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. through cash capital increase or share transfer [6] - Jilai Micro primarily engages in the research, production, and sales of power semiconductor chips and devices [6] - The transaction is expected to constitute a major asset restructuring [6] Group 7: 东山精密 - Subsidiary DSBJ PTE. LTD. plans to acquire 100% equity of French GMD Group for approximately 100 million euros (about 814 million yuan) [7] - The acquisition aims to advance the company's globalization strategy and enhance its market share in the automotive parts sector [7] - The company specializes in the research, production, and sales of electronic circuit products and precision components [7] Group 8: 诺诚健华 - Company reported a net profit of 17.97 million yuan for the first quarter of 2025, a significant turnaround from a loss of 142 million yuan in the same period last year [8] - The first quarter revenue reached 381 million yuan, representing a year-on-year growth of 129.92% [8] - The company focuses on the research, production, and commercialization of innovative drugs [8] Group 9: 凯美特气 - Shareholders plan to reduce their holdings by up to 3% of the company's shares through centralized bidding and/or block trading [9] - The total number of shares to be reduced is 20.86 million [9] - The reduction is due to personal funding needs [9] Group 10: 海创药业 - Controlling shareholder plans to reduce holdings by up to 2% of the company's shares through centralized bidding and block trading [10] - The total number of shares to be reduced is 1.98 million [10] - The reduction is due to personal funding needs [10] Group 11: 高争民爆 - Controlling shareholder plans to reduce holdings by up to 3% of the company's shares through centralized bidding and block trading [11] - The total number of shares to be reduced is 828,000 [11] - The reduction is due to the company's funding needs [11] Group 12: 金埔园林 - Two shareholders plan to reduce their holdings by a total of up to 1.91% of the company's shares [12] - The reductions include 183.93 million shares and 167.73 million shares [12] - The reasons for the reductions are asset optimization and personal funding needs [12] Group 13: 掌趣科技 - The largest shareholder plans to reduce holdings by up to 1% of the company's shares through centralized bidding or block trading [13] - The total number of shares to be reduced is 27.2 million [13] - The reduction is due to personal funding needs [13] Group 14: 美凯龙 - Company announced that its director and general manager has been placed under investigation and detention by the local supervisory committee [14] - Other board members and senior management are performing their duties normally, and daily operations are unaffected [14] - The company specializes in managing and operating self-operated and franchised shopping malls [14] Group 15: 新强联 - Major shareholder plans to reduce holdings by up to 1.89% of the company's shares through centralized bidding and block trading [15] - The total number of shares to be reduced is 717,490 [15] - The reduction is due to operational needs [15] Group 16: 日月明 - Shareholder plans to reduce holdings by up to 1% of the company's shares through centralized bidding [16] - The total number of shares to be reduced is 80,000 [16] - The reduction is due to personal funding needs [16] Group 17: 同有科技 - Major shareholder and vice president plan to reduce their holdings by up to 1.53% of the company's shares [17] - The total number of shares to be reduced is 730,850 [17] - The reduction is due to personal funding needs [17] Group 18: 爱尔眼科 - Subsidiary successfully acquired 60% equity and specific debt of Shenzhen Guangsheng Digital Technology Co., Ltd. for 650 million yuan [18] - The transaction constitutes a related party transaction [18] - The acquired asset will serve as long-term medical premises for the subsidiary [18]