尊敬的各位投资者大家好欢迎参加宝钢包装2024年度及2025年第一季度业绩说明会感谢大家长期以来对宝钢包装的信任与支持本次业绩说明会将分四个部分展开首先我将带领大家走进宝钢包装宝钢包装于2004年成立为中国宝五钢铁集团有限公司玉奇子公司属于宝五集团一级五元中的先进材料产业 成立以来宝钢包装逐渐成长为国内快速消费品金属包装领域的龙头企业国内金属包装领域的领导者和行业标准制定者之一公司始终专注于为食品饮料等快消品客户提供高质量的金属包装整体解决方案主营金属易拉罐配套易拉盖和包装彩印铁产品的生产制造服务于全球碳酸饮料啤酒品牌和国内知名茶饮料及食品企业 与国内外知名快销品牌客户建立了长期共赢的战略合作关系公司的主营业务分为金属易拉罐与包装彩印铁两大部分目前公司在中国越南柬埔寨马来西亚均有金属饮料罐业务布局搭建起了可以辐射中国和东南亚的极二片易拉罐制造销售服务网络为区域用户提供高效优质服务另外公司在河北佛山 武汉等地运营硬铁生产基地为用户提供从设计到彩印一条龙的品质服务公司具有丰富的专业积累高效的生产管理快速的服务响应创新的商业模式以及高附加值的差异化产品积累了包括青岛啤酒雪花啤酒嘉世博啤酒可口可乐百事可乐等在内的众多 ...

Summary of Zhongfu Industrial Conference Call Company Overview - Zhongfu Industrial operates in three main segments: electrolytic aluminum, aluminum processing, and coal. The company has a total electrolytic aluminum capacity of 750,000 tons, aluminum processing capacity of 690,000 tons, and coal capacity of 2.25 million tons [3][7]. Financial Performance and Projections - For 2025, Zhongfu Industrial expects a net profit attributable to shareholders of approximately 2.24 billion yuan, based on an electrolytic aluminum price of 20,500 yuan/ton and an alumina price of 3,000 yuan/ton. The current P/E ratio is only 8 times, indicating low valuation and growth potential [2][3]. - The company anticipates a significant profit increase in the electrolytic aluminum segment in 2025 due to a 120,000-ton increase in equity capacity, reduced electricity costs from hydropower purchases, and a substantial drop in alumina prices [4][5]. - The projected net profit for 2026 is around 2.55 billion yuan, with a commitment to a minimum dividend payout ratio of 60% from 2025 to 2027, resulting in a dividend yield of approximately 8% [6][15]. Cost Structure and Profitability - The average electricity cost is expected to decrease from 0.53 yuan/kWh to 0.47 yuan/kWh due to changes in the electricity trading scheme in Sichuan, which will enhance profitability in the Guangyuan region [4][11]. - The company has successfully reduced its debt-to-asset ratio from over 100% to 33.4% following its restructuring [10]. Employee Incentives - In February 2025, Zhongfu launched an employee stock ownership plan, transferring 265 million shares at a price of 2.79 yuan per share, totaling approximately 424 million yuan. Over 70% of employees participated in this plan [8]. Business Segment Developments - The aluminum processing segment contributes significantly to revenue, with 63% of revenue from aluminum processing and 32% from electrolytic aluminum in 2024. The coal segment contributes relatively less [10]. - The company has made progress in its canning materials business, raising processing fees for can body and lid materials, which has improved processing profits [12]. Coal Business Status - Zhongfu currently operates three coal mines with a total capacity of 2.25 million tons, but actual equity capacity is only 610,000 tons. The company faced losses in the coal segment in Q1 2025, but expects to return to profitability as all mines resume operations [13]. Long-term Outlook - The company forecasts net profits of 2.76 billion yuan for 2027, with a potential doubling of market value if the dividend yield returns to a normal level of around 5% [6][15]. Conclusion - Zhongfu Industrial is positioned for significant growth in the coming years, driven by improvements in its electrolytic aluminum segment, a strong commitment to dividends, and a solid restructuring outcome. The company maintains a favorable outlook for its financial performance and market valuation.

Core Viewpoint - The doubling of tariffs on steel and aluminum to 50% by the Trump administration is significantly impacting U.S. food manufacturers, leading them to reconsider their packaging strategies and shift towards alternatives like sterile cartons, glass, and plastic [1][2][3]. Group 1: Impact on Food Manufacturers - Pacific Coast Producers, a major canned food supplier, is facing a 6% increase in special steel costs due to the new tariffs, which could lead to annual losses of up to $40 million and a planned 24% price increase for customers [1][3]. - The influx of imported canned goods from China and Southeast Asia has been driving down prices for domestic products since 2017, exacerbating the impact of the new tariffs [1][3]. - Companies are exploring alternative packaging solutions, such as sterile cartons from Tetra Pak and SIG Group, to mitigate rising costs [2][3]. Group 2: Industry Response and Trends - The beverage industry is also affected, with Coca-Cola indicating a potential shift towards plastic packaging if aluminum costs rise significantly [2][5]. - The American Glass Packaging Association is seeing opportunities to capture market share from aluminum cans due to the tariffs [3][4]. - Analysts suggest that if tariffs persist, companies will need to rethink their packaging strategies to maintain profitability [3][4]. Group 3: Challenges in Transitioning Packaging - Transitioning to alternatives like glass or sterile cartons presents logistical and cost challenges, as glass is generally more expensive due to its heavier weight [4][5]. - The majority of aluminum used in beverage cans is recycled, which may shield some manufacturers from tariff impacts [4][5]. - Companies that have diversified their packaging options, like Coca-Cola, may adapt more easily to tariff changes compared to those focused solely on canned products [5][6].

Group 1 - The company focuses on "high-end intelligent manufacturing" and "low-carbon circular economy," with plans to enhance product quality and expand into sectors such as new energy, automotive materials, semiconductors, industrial robots, and low-altitude flight [1] - Current orders are stable, sufficient for one and a half months of production, and processing fees for products like CTP/PS boards and aluminum can materials have been adjusted upwards in the first quarter [1] - The wholly-owned subsidiary, Hongsheng New Materials, is constructing an "automotive and green energy aluminum industrial park," which will invest in high-end equipment to capture future market opportunities and enhance profit margins [1] Group 2 - In 2024, the company implemented two dividend distributions, increasing the frequency and proportion of profit distribution to enhance investor returns, supported by a solid cash reserve and reduced capital expenditures [2]

本版今起推出"积极发展乡村富民产业"系列报道，记者走进希望的田野，近距离探寻各地推动乡村富民 产业升级发展的新实践、新探索，敬请关注。 ——编者 习近平总书记强调，"要积极发展乡村富民产业，提高农业综合效益，壮大县域经济，拓宽农民增收渠 道"。 乡村全面振兴，产业为要，富民为本。新时代以来，各地因地制宜，把发展壮大乡村富民产业作为做 好"三农"工作的重要抓手，全环节升级、全价值提升、全产业融合，乡村富民产业高质量发展步履铿 锵。 "过去种葡萄是换口粮，现在酿葡萄酒是谋发展。"站在宁夏回族自治区吴忠市红寺堡区汇达阳光生态酒 庄观景台上，望着远处绵延的葡萄树，李财感慨万千。10余年间，曾经的戈壁荒滩已是满眼生机，而他 自己，也从一个"挖沟工"成长为酒庄首席酿酒师。 李财的人生蜕变，是宁夏葡萄酒产业跨越式发展的生动写照。从戈壁拓荒，到驰名海外，宁夏葡萄酒产 业从无到有、从弱到强，去年酿酒葡萄种植面积达60.6万亩，年产葡萄酒1.4亿瓶，综合产值达450亿 元，为周边农户提供近13万个就业岗位，创造工资性收入12.2亿元。小葡萄"酿"出富民大产业，也为广 大农民酿出幸福生活的"美酒"。 开荒种果，延链强链，戈壁荒滩成 ...

随着欧盟 CBAM 落地，拥有绿电的企业将具备定价权及市场准入权，中 孚实业深度布局绿电铝，展现出强大的资源与成本优势，有望实现跨越 式增长。 Q&A 为什么在当前时点看好中孚实业？ 中孚实业 20250611 从行业层面来看，今年铝价在进入淡季后仍然坚挺，价格维持在 2 万元以上， 并且随着近期铝价的下行，整个行业的盈利水平逐步扩张。尽管市场担心光伏 排产下修对铝价的影响，但从 5 月底以来，铝价依然稳定，库存保持极低位， 这表明压力测试已经经历过。尤其是在旺季转淡季期间，这种压力测试矫正了 之前的预期，使得整个铝板块被低估，包括中孚实业。 从公司层面来看，中孚 实业自 1993 年成立以来，通过破局重启和收购少数股东电解铝股权，目前已 达到绿电 50 万吨、火电 25 万吨的布局。四川水电铝布局具有成本优势，下游 配套加工有望受益于欧盟碳边境调节机制落地后的绿色认证。此外，公司经营 获利显著提升，员工持股计划激发管理和经营活力，以及分红比例大幅提升， 都为公司价值重估提供了良好基础。因此，我们非常看好中孚实业未来的发展 前景及上涨空间。 摘要 铝价稳定且库存低位表明市场已通过压力测试，旺季转淡季期间的调整 ...

证券简称：斯莱克 证券代码：300382 答：尊敬的投资者，您好！截至目前公司未接到相关的股东 减持计划通知。感谢您的关注！ 4、请问汪总，贵公司 24 年电池壳业务以方形为主，全年 卖出多少套？ 答：尊敬的投资者，您好！公司 2024 年电池壳整体销售量 为 1.75 亿个，其中大部分为方形电池壳。感谢您的关注！ 5、请问安董事长，贵公司 3 月份与日本哈默纳科接触，请 问是否有意向与其合作投资，如有请问是否为公司布局的谐波 减速机方向？ 苏州斯莱克精密设备股份有限公司投资者关系活动记录表 编号：2025-002 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 √业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（电话会议） | | 参与单位名称 | 斯莱克 2024 年度业绩说明会采用网络远程方式举行，面向全体 | | 及人员姓名 | 投资者 | | 时间 | 2025 年 5 月 13 日 15:00—17:00 | | 地点 | 全景•路演天下（http://ir.p5w.net） | | 上市公 ...

证券研究报告 | 行业定期报告 2025 年 05 月 11 日 钨价持续上涨，稀土开启涨价 金属行业周报 周期/金属及材料 英美就关税贸易协议条款达成一致，美方保留 10%基准关税，钢铝关税降至 零。中美开始进入谈判阶段。近期关税问题干扰市场情绪。本周美元和美债反 弹对黄金价格略有压力。继续推荐金铜的投资机会。此外关注，稀土、钨等反 制品种和自主可控相关，以及时间友好的科技和机器人相关材料标的。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 235 | 4.6 | | 总市值（十亿元） | 3997.6 | 4.7 | | 流通市值（十亿元） | 3716.4 | 4.8 | 行业指数 % 1m 6m 12m 绝对表现 11.5 -1.3 11.8 相对表现 7.2 5.0 6.8 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 May/24 Aug/24 Dec/24 Apr/25 (%) 金属及材料 沪深300 相关报告 1、《金属行业周报—美国非农略超 预期，降息预期降温施压金价》 2025-05-05 2、 ...

Core Viewpoint - The company aims to enhance competitiveness by reducing costs and improving production efficiency, particularly in high-precision aluminum production, as outlined in its 2025 strategic plan [1][11]. Financial Performance - In 2024, the company reported a revenue of 22.76 billion yuan, a 21.12% increase from 18.79 billion yuan in the previous year [3][7]. - Operating costs rose by 29.75% to 20.55 billion yuan, primarily due to increased sales volume of aluminum products and rising prices of key raw materials like alumina [3][7]. - The net profit attributable to shareholders was 704 million yuan, reflecting a 39.30% decline year-on-year [3][7]. Inventory and Production - The company's aluminum product inventory reached 39,800 tons, a 47.68% increase compared to the previous year, attributed to the highest production and sales volume in the company's history [4]. - The company produced approximately 500,000 tons of aluminum can materials in 2024, with global demand for this product being less than 7 million tons [3][4]. Raw Material Costs - Alumina prices exceeded 5,000 yuan per ton, marking the highest level in nearly 20 years, contributing to increased operating costs [3][10]. - The company faced higher electricity costs due to the integration of thermal power and varying settlement methods during different water periods [3][10]. Strategic Initiatives - The company plans to implement energy-saving modifications in its electrolytic aluminum and power plant operations to lower costs [11][12]. - It aims to enhance resource utilization by integrating waste heat from power plants with urban heating demands [11][12]. - The company is focusing on investments in low-carbon energy sources such as wind and solar power, and has registered a new company for product development in the new energy sector [11][12]. Market Position and Trade Relations - The company reported a 76.07% increase in revenue from international markets, totaling 9.28 billion yuan [10]. - The company has adjusted its sales strategy in response to international trade dynamics, particularly reducing expectations for the U.S. market due to trade tensions [11].

证券简称：斯莱克 证券代码：300382 苏州斯莱克精密设备股份有限公司投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 √业绩说明会 | | 动类别 | □新闻发布会 √路演活动 | | | □现场参观 | | | √其他（电话会议） 东吴证券、摩根基金、西部利得基金、前海联合基金、博道 | | | 基金、长城基金、中信保诚基金、创金合信基金、易米基金、天 | | | 治基金、上海利幄私募基金、俊腾私募基金、广州云禧私募基金、 | | 参与单位名称 | 敦和资管、熵一资本、红骅投资、上海宝源胜知投资、上海长见 | | 及人员姓名 | 投资、上海天猊投资、和谐健康保险、进门财经、国海证券、光 | | | 大证券、国泰证券、中泰证券、华创证券、上海盘京投资、华泰 | | | 保兴基金、光大保德信基金、睿亿投资、上海鹤禧私募基金、浙 | | | 商基金、中航基金机构人员共 55 人 | | 时间 | 2025 年 4 月 28 日：2024 年报暨 2025 年一季报交流会 | | | 2025 年 4 月 29 ...