Core Viewpoint - Aorikin is expanding its international presence by establishing subsidiaries in Thailand and Kazakhstan, with a total investment of approximately 1.088 billion yuan to enhance its two-piece can production capacity and tap into new markets [2][3][4]. Group 1: International Expansion - Aorikin plans to invest about 442 million yuan in a new two-piece can production line in Thailand, with an expected annual capacity of 700 million cans and a construction period of 12 months [3][4]. - In Kazakhstan, Aorikin will invest approximately 647 million yuan to set up another two-piece can production line, targeting an annual capacity of 900 million cans, with a construction period of 18 months [4]. - The new production lines will primarily serve local customers in the beer, energy drink, and carbonated beverage sectors, while also expanding the customer base and market reach [4]. Group 2: Financial Performance and Market Position - Aorikin's acquisition of COFCO Packaging for over 5.5 billion yuan in April 2025 solidified its position as the leading player in the domestic metal packaging industry, with a market share of 37% in the two-piece can segment [6][8]. - The company reported a significant increase in net profit for the first half of 2025, projected to be between 850 million and 960 million yuan, representing a year-on-year growth of 55% to 75% [10]. - Despite the growth, Aorikin faces financial pressure, with a debt-to-asset ratio of 65.09% as of the first quarter of 2025, and a significant amount of interest-bearing debt [11][12]. Group 3: Market Dynamics - The domestic market for metal packaging is becoming increasingly competitive, prompting Aorikin to seek growth opportunities abroad [2][5]. - In 2024, Aorikin's domestic revenue was 12.489 billion yuan, accounting for 91.34% of total revenue, while international revenue was only 1.184 billion yuan, indicating a need for diversification [5]. - The demand for two-piece cans is expected to rise due to the accelerating penetration of canned beer, which is driving market growth [7].