| | √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 - Xianggang Technology, established in 2006 and listed in 2017, specializes in packaging printing, particularly in cosmetics packaging, and has strong R&D and production capabilities [1] Group 1: Business Performance - For Q3 2025, Xianggang Technology reported revenue of 742 million yuan, ranking 14th in the industry, significantly lower than the top competitor Yutong Technology at 12.601 billion yuan [2] - The main business segments include packaging printing (50.39% of revenue), packaging containers (38.33%), cosmetics (7.98%), leasing (2.49%), labor services (0.48%), and others (0.33%) [2] - The net profit for the same period was 107 million yuan, ranking 9th in the industry, slightly below the industry average of 116 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 38.55%, higher than the industry average of 35.30%, but down from 41.63% the previous year [3] - The gross profit margin was 26.57%, exceeding the industry average of 21.53% and up from 22.13% year-on-year [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 23.46% to 17,200, while the average number of shares held per shareholder decreased by 19.00% [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 74,100 shares [5] Group 4: Management and Strategy - The chairman, Dong Jianjun, received a salary of 632,300 yuan in 2024, a slight increase from 627,600 yuan in 2023 [4] - The company is focusing on growth in its packaging printing business, with collaborations in the tobacco and cosmetics sectors expected to drive new growth [5]

Core Insights - Heartland Advisors reported a strong performance for small-cap stocks in Q3 2025, with the Russell 2000® Index increasing by 12.39%, outperforming the S&P 500 Index's 8.12% rise [1] - The Heartland Value Plus Fund returned 8.51% in Q3 2025, lagging behind the Russell 2000® Value Index's 12.60% gain [1] Company Analysis: Brady Corporation (NYSE:BRC) - Brady Corporation specializes in manufacturing identification solutions and workplace safety products, with a one-month return of -10.15% and a 52-week decline of 3.35% [2] - As of October 10, 2025, Brady's stock closed at $72.51, with a market capitalization of $3.415 billion [2] - The company is actively engaging in stock buybacks, increasing dividends, and pursuing acquisitions while maintaining low leverage, indicating prudent capital allocation [3] - Brady's core business focuses on identification solutions for commercial products, particularly in rugged industrial markets, with recent growth noted in Aerospace and Data Center sectors [3] - The company has undergone restructuring and cost-cutting measures, with management projecting strong growth and guidance for 2026 that exceeds expectations [3] - Brady's stock is considered to have a reasonable valuation, with a price target reflecting 18 times the estimated EPS for 2026 [3] Hedge Fund Interest - Brady Corporation is not among the top 30 most popular stocks among hedge funds, with 18 hedge fund portfolios holding its shares at the end of Q2 2025, down from 21 in the previous quarter [4] - While Brady is recognized for its potential, certain AI stocks are viewed as having greater upside potential and lower downside risk [4]

Core Insights - Zhuhai Zhongfu's stock price increased by 2.14% on September 29, reaching 2.87 CNY per share, with a total market capitalization of 3.69 billion CNY [1] - The company has seen a year-to-date stock price increase of 1.77%, with a recent decline of 2.38% over the last five trading days [1] Financial Performance - For the first half of 2025, Zhuhai Zhongfu reported revenue of 544 million CNY, reflecting a year-on-year growth of 1.63%, while the net profit attributable to shareholders was -37.21 million CNY, a decrease of 259.74% compared to the previous year [2] - The company has cumulatively distributed 629 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Business Overview - Zhuhai Zhongfu, established on December 18, 1985, and listed on December 3, 1996, operates in the production and sales of beverage packaging products, including PET bottles and labels, as well as providing beverage processing services [2] - The company's main business revenue composition includes 60.60% from beverage packaging products and 38.68% from beverage processing [2] - The company is categorized under the light industry manufacturing sector, specifically in plastic packaging [2]

Group 1 - On September 23, Nanfang Technology experienced a decline of 1.62% with a trading volume of 43.62 million yuan [1] - The financing data for Nanfang Technology on the same day showed a financing purchase amount of 8.94 million yuan and a financing repayment of 8.49 million yuan, resulting in a net financing purchase of 0.45 million yuan [1] - As of September 23, the total balance of margin trading for Nanfang Technology was 114 million yuan, which accounts for 9.75% of its circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, the number of shareholders for Nanfang Technology was 13,700, an increase of 1.79% from the previous period, while the average circulating shares per person decreased by 0.73% to 7,328 shares [2] - For the first half of 2025, Nanfang Technology reported an operating income of 777 million yuan, representing a year-on-year growth of 32.21%, but the net profit attributable to the parent company was 2.33 million yuan, a significant decrease of 89.44% year-on-year [2] Group 3 - Since its A-share listing, Nanfang Technology has distributed a total of 87.62 million yuan in dividends [3]

Core Insights - The company reported a total revenue of 5.248 billion yuan for the first half of 2025, representing a year-on-year growth of 12.43% [1] - The net profit attributable to shareholders reached 473 million yuan, marking a year-on-year increase of 33.39% [1] - The net cash flow from operating activities was 375 million yuan, showing a significant year-on-year growth of 108.42%, indicating improved cash recovery efficiency [1] Business Overview - The company has been deeply engaged in the packaging industry for nearly 40 years, establishing a strong business foundation and maintaining a leading position in the sector [1] - The company has developed a diverse product system, including beverage packaging products such as PET bottles, caps, labels, and various new materials applicable in multiple fields like food, pharmaceuticals, and electronics [1] - New product developments include breakthroughs in breathable film technology and the introduction of ultra-light breathable base films and conductive diaper base films, targeting the smart pants market [1] Market Strategy - The company is consolidating its market advantage by exploring strategic customer collaborations and seizing growth opportunities in emerging markets [2] - The core packaging business remains robust, with steady sales growth in beverage packaging and flexible packaging, demonstrating strong resilience in a volatile macroeconomic environment [2] - Strategic collaborations with major clients have been strengthened, with multiple production lines launched on schedule, including projects with Chongqing Blue Moon and Changsha Dongpeng [2][3] Customer Expansion - The company has successfully expanded its customer base, achieving a 62% year-on-year increase in business volume from non-strategic clients [3] - Significant progress has been made in the paper packaging sector, with notable collaborations in the fast food and new tea beverage industries, contributing to steady revenue growth [3] - The subsidiary, Zijiang New Materials, has focused on differentiated products to enhance market share in high-end consumer electronics and new energy vehicle battery sectors, achieving simultaneous revenue and profit growth [3] Financial Performance - The company’s diversified business segments have collaboratively driven overall performance improvement, showcasing its competitive advantage in a multi-industry layout [4] - The company has consistently shared development dividends with shareholders through cash dividends, having distributed a total of 5.508 billion yuan over 26 years [4]

Group 1 - The company reported a revenue of 5.248 billion yuan for the first half of 2025, representing a year-on-year growth of 12.43% [1] - The net profit attributable to shareholders reached 473 million yuan, an increase of 33.39% compared to the previous year [1] - The net cash flow from operating activities was 375 million yuan, showing a significant growth of 108.42% year-on-year, indicating improved cash recovery efficiency [1] - The company has consistently shared development dividends with shareholders, having distributed a total of 5.508 billion yuan in cash dividends since its listing 26 years ago [1] Group 2 - The company has established a diverse product system, including beverage packaging products such as PET bottles, caps, and labels, as well as new materials like aluminum-plastic films and BOPA films [2] - The company is one of the earliest domestic enterprises to enter the aluminum-plastic film industry through independent research and development [2] - The demand for aluminum-plastic films is expected to rise significantly due to the rapid development of the lithium-ion battery industry, leading to a trend of domestic substitution in this sector [2]

Core Insights - The company reported strong financial performance for the first half of 2025, with total revenue reaching 5.248 billion yuan, a year-on-year increase of 12.43%, and net profit attributable to shareholders rising by 33.39% to 473 million yuan [1] - The company has established a diversified industrial layout centered around its packaging business, supplemented by fast-moving consumer goods trading, import-export trade, real estate, and venture capital [1] Financial Performance - The net cash flow from operating activities was 375 million yuan, reflecting a significant increase of 108.42% compared to the same period last year [1] - The company has consistently paid cash dividends, totaling 5.508 billion yuan over 26 years [3] Business Operations - The core packaging business remains robust, with steady revenue growth in beverage packaging and flexible packaging, demonstrating strong resilience and sustainable development potential amid macroeconomic fluctuations [2] - Strategic collaborations with major clients have been strengthened, leading to the successful commissioning of multiple production lines and capacity expansions [2] Product Development - The company has developed new products, including a 10g ultra-light breathable bottom film and conductive diaper bottom film, entering the smart pants market [1] - The company has achieved significant progress in the paper packaging sector, with notable collaborations in the fast-food and new tea beverage industries [2] Market Expansion - The subsidiary, Zijiang New Materials, has focused on differentiated product strategies to enhance market share in high-end consumer electronics and new energy vehicle battery sectors, achieving synchronized growth in sales and profits [3] - The company has also seen positive contributions from auxiliary businesses, such as real estate, with successful delivery of villas providing ongoing cash flow support [3]

Core Viewpoint - The asset transfer plan of Zijiang Enterprise has been finalized, involving the sale of a 27.89% stake in Zijiang New Materials to Weitai for 299 million RMB, allowing Zijiang to focus on its core packaging business while enhancing collaboration with Weitai [1][2][5]. Group 1: Transaction Details - Zijiang Enterprise will transfer 16,562,300 shares of Zijiang New Materials, representing 27.89% of its total shares, to Weitai [2]. - After the transaction, Zijiang will retain a 31.05% stake in Zijiang New Materials, which will no longer be a subsidiary of Zijiang Enterprise [2][3]. - The total equity value of Zijiang New Materials is assessed at 1.1 billion RMB, with a value increase of 565 million RMB, reflecting a growth rate of 105.61% [4]. Group 2: Strategic Implications - The transaction is aimed at refocusing Zijiang Enterprise on its core packaging business, which includes products like PET bottles and various packaging materials [5][6]. - Zijiang Enterprise anticipates a positive impact on its net profit of approximately 250 million RMB for the fiscal year 2025 due to this transaction [1][5]. - Weitai aims to enter the high-growth lithium battery materials sector through this acquisition, enhancing its overall business structure and accelerating its transformation towards new productive forces [3][5]. Group 3: Financial Performance - In 2024, Zijiang Enterprise reported a revenue of 10.637 billion RMB, a year-on-year increase of 16.69%, and a net profit of 809 million RMB, up 44.55% [6]. - The core businesses of Zijiang, including beverage packaging and real estate, showed significant revenue growth, with beverage packaging generating 4.66 billion RMB and real estate development achieving a staggering 3451.71% increase in revenue [6].