| | √特定对象调研 □分析师会议 | | | | --- | --- | --- | --- | | 投资者关系 | □媒体采访 | | □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | | | √现场参观 | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 财通证券轻工行业分析师 | | | | 及人员姓名 | | | | | 时间 | 年 月 日（星期二）上午 11 25 | 2025 | 11:00-14:00 | | 地点/形式 | 公司现场交流 | | | | 上市公司接待 | 董事会秘书陈彬海、财务负责人赵琪、证券事务代表林贵华 | | | | 人员姓名 | | | | | | 1、简单介绍公司经营业务情况 | | | | | 回复：公司主要业务包括纸制印刷包装产品的研发、设计、生产 | | | | | 和销售，为客户提供创新研发、创意设计、色彩管理、智能化生 | | | | | 产、供应链管理、终端营销服务及其他个性化需求配套解决方案 | | | | | 服务。 | | | | | 公司主要产品包括折叠彩盒、礼盒、彩箱、纸浆模塑、标签、促 | | | ...

Group 1: Company Overview - The company specializes in the research, design, production, and sales of paper printing and packaging products, offering innovative R&D, creative design, color management, intelligent manufacturing, supply chain management, and marketing services [2] - Main products include folding cartons, gift boxes, color boxes, pulp molding, labels, promotional tools, paper bags, and paper-based flexible packaging, serving clients in cosmetics, oral care, personal and home care, food, health products, pharmaceuticals, consumer electronics, tobacco, and alcohol sectors [2] Group 2: Production and Market Strategy - The company has established production bases in South China (Zhongshan), North China (Tianjin, Shenyang), East China (Kunshan, Pinghu), Southwest (Chengdu), and overseas (Vietnam) [2] - Overseas orders are driven by major clients' capacity needs and include some locally developed orders [2] Group 3: Business Growth and Profitability - The company is entering the tobacco and alcohol packaging sectors, with profitability expected to improve as business scales up [3] - Future business growth is anticipated from maintaining leadership in personal care, food and health products, and consumer electronics, while also expanding into tobacco, alcohol packaging, and pulp molding [3] Group 4: Investor Relations and Dividends - The company emphasizes reasonable returns for investors, with cash dividends increasing annually from 2022 to 2024 [3] - The company is committed to sharing operational success with investors while ensuring normal operations and long-term development [3]

Core Viewpoint - The actual controller, chairman, and general manager of Zhongrong Co., Huang Huanran, has been placed under residential surveillance by the Zhongshan Public Security Bureau, which raises concerns about the company's governance and potential operational impacts [2][3]. Company Operations - Zhongrong Co. has stated that it has made proper arrangements for related work, and other board members and senior management are continuing their duties normally. The board of directors is operating as usual, and the company has a sound governance structure, internal control mechanisms, and effective management systems [5]. - The daily operations are managed by the executive team, and the production and operational order of the company and its subsidiaries remain normal. The recent events are not expected to have a significant impact on the company's normal production and operations [5]. Financial Performance - In 2024, Zhongrong Co. achieved an operating income of 2.782 billion yuan, a year-on-year increase of 7.3%. However, the net profit attributable to the parent company was 144 million yuan, a decrease of 29.6% compared to the previous year [11]. - For the first quarter of 2025, the company reported an operating income of 699 million yuan, a year-on-year increase of 27.5%, while the net profit attributable to the parent company was 39.36 million yuan, down 4.67% year-on-year [11]. - The company’s main business includes the research, design, production, and sales of paper-based printing and packaging products, with key products such as folding color boxes, gift boxes, color cartons, pulp molding, labels, and promotional tools [13]. Management and Shareholding - Huang Huanran, aged 63, has been with the company since 1990 and currently holds 45.32 million shares through Zhongrong Printing Group Co., Ltd. His annual salary is 1.4611 million yuan, which reflects a decrease of 123,400 yuan compared to the previous year [6][7][9]. - As of May 13, the stock price of Zhongrong Co. was 16.85 yuan per share, with a total market capitalization of 3.3 billion yuan [13].