Core Viewpoint - The article highlights the journey of Shenda Group under the leadership of Zhang Guoping, emphasizing the importance of entrepreneurial spirit, innovation, and social responsibility in overcoming challenges and achieving high-quality development in the new energy and new materials sectors [1][22]. Group 1: Early Development - In 1985, Zhang Guoping started Shenda Group with less than 300,000 yuan, focusing on producing plastic packaging for food, which faced initial market challenges [1][2]. - The company identified a gap in the domestic market for packaging materials, leading to the development of the three-layer co-extruded film, which significantly contributed to the localization of export packaging materials and won several awards [2][3]. Group 2: Expansion Phase - Under Zhang's leadership, Shenda evolved from a small factory to a leading soft plastic packaging enterprise in Asia, breaking foreign technology monopolies and addressing domestic market needs [3][4]. - The establishment of publicly listed companies and the introduction of professional management marked a significant shift in the company's operational structure, enhancing its capital and growth potential [3][4]. Group 3: Crisis Management - In 2006, Shenda faced a financial crisis but successfully restructured by shutting down unprofitable operations and reallocating resources to support local education and economic development [5][6]. - The company emerged as a model for successful restructuring in the domestic market, demonstrating resilience and social responsibility through consistent tax contributions [6]. Group 4: New Era and Strategic Shift - With the introduction of the national "dual carbon" strategy in 2020, Shenda pivoted towards new energy materials, aiming to establish a second growth curve [8][21]. - The establishment of Nali Technology and Boheng New Materials reflects Shenda's commitment to innovation and breaking foreign monopolies in the new energy sector [9][12]. Group 5: Technological Innovation and Market Expansion - Nali Technology has rapidly advanced in the new functional collector field, achieving significant production capacity and entering the supply chains of major global companies like CATL and Tesla [11]. - Boheng New Materials successfully developed a production line for ultra-thin high-strength films, addressing a critical gap in the domestic market and enhancing the safety of electric vehicle batteries [12][13]. Group 6: Corporate Culture and Social Responsibility - Zhang Guoping emphasizes the integration of innovation, talent, and social responsibility as core components of Shenda's corporate culture, fostering a strong team and community engagement [16][20]. - The company has a history of contributing to social causes, including educational initiatives and disaster relief, reinforcing its commitment to corporate citizenship [20]. Group 7: Future Vision - Shenda aims to achieve the "Centennial Shenda" goal by focusing on high-quality development in soft plastic materials, new energy materials, and modern services, with a clear strategy for technological advancement and market expansion [21][22]. - The company plans to enhance its global presence and continue attracting top talent to support its ambitious growth objectives in the new energy sector [21][22].

Investment Rating - The report maintains a "Buy" rating for Yongxin Co., Ltd. (002014.SZ) with a current price of 11.60 CNY [1] Core Views - The company achieved steady revenue growth in the first half of 2025, with a revenue of 1.75 billion CNY, up 5.8% year-on-year, and a net profit of 180 million CNY, up 1.7% year-on-year [5][6] - The domestic market showed stable growth, while international business revenue grew significantly, with a 39.7% increase year-on-year [6] - The company plans to establish a wholly-owned subsidiary in Shanghai with an investment of 5 million CNY to enhance R&D capabilities and support international business expansion [6] - Increased market competition has led to a decline in gross margin, which was 21.2% in the first half of 2025, down 1.2 percentage points year-on-year [6][7] - The company continues to maintain a high dividend policy, proposing a cash dividend of 2.8 CNY per 10 shares, resulting in a total cash dividend of 170 million CNY, with a dynamic dividend yield of 5.3% [8][9] Summary by Sections Financial Performance - In 1H2025, revenue from various product lines was as follows: color printing packaging (1.22 billion CNY, +2.6%), aluminum-plated packaging (40 million CNY, +22.3%), plastic flexible packaging (370 million CNY, +20.3%), and ink (70 million CNY, +3.8%) [6] - The company’s gross margin by product line was: color printing packaging (21.9%), aluminum-plated packaging (2.6%), plastic flexible packaging (14.7%), and ink (22.2%) [7] - The company’s operating expense ratio was 9.5%, down 1.0 percentage points year-on-year, with a notable decrease in management expenses due to reduced employee compensation [8] Profit Forecast and Valuation - The report slightly lowers the profit forecast for 2025-2027, estimating net profits of 500 million CNY, 550 million CNY, and 600 million CNY respectively, with corresponding EPS of 0.81, 0.89, and 0.99 CNY [9][10] - The current price-to-earnings (P/E) ratios for 2025-2027 are projected to be 14, 13, and 12 times respectively [9] Market Position - Yongxin Co., Ltd. is recognized as a leading enterprise in the soft plastic packaging industry, with stable domestic operations and accelerated international expansion [9]