Company and Industry Summary Industry: Liquid Food Packaging Machinery Key Points from the Conference Call - **Company Performance Forecast**: New Meixing has projected a net profit attributable to shareholders of 118 million to 138 million yuan for 2025, representing a year-on-year growth of 160.76% to 204.96% [1]. The non-recurring net profit is expected to be between 114 million and 134 million yuan, with a year-on-year increase of 174.55% to 222.71% [1]. - **Q4 Performance Expectations**: For Q4 2025, New Meixing anticipates maintaining high growth, with a net profit attributable to shareholders expected to be between 39 million and 59 million yuan, reflecting a year-on-year growth of 113.65% to 224.61% [1]. The non-recurring net profit for Q4 is projected to be between 37 million and 57 million yuan, with a year-on-year increase of 57.83% to 143.18% [1]. - **Market Demand Insights**: The significant growth in New Meixing's 2025 performance indirectly indicates a robust demand for liquid product packaging equipment since the beginning of 2025. It is anticipated that core downstream categories such as bottled water and carbonated beverages may replicate the historical high growth of China's beverage industry [2]. - **Capital Expenditure Trends**: There is an expectation of sustained capital expenditure from local enterprise groups and international leading companies, which is likely to support ongoing demand in the liquid food packaging machinery sector [2]. - **Shareholder Actions**: Dali Long announced a pre-disclosure of share reduction by a shareholder holding over 5%, with Shenzhen Lefeng Investment, holding approximately 8.15%, planning to reduce its stake by up to 5.9707 million shares, not exceeding 3% of the total share capital from February 27, 2026, to May 26, 2026 [2]. - **Market Sentiment**: The reduction of shares by Dali Long's shareholder is viewed as a negative factor; however, there is optimism regarding the company's future performance and growth in overseas orders [2].

Company Overview - New Meixing Packaging Machinery Co., Ltd. is located in Zhangjiagang Economic Development Zone, Jiangsu Province, and was established on October 28, 2003. The company went public on April 25, 2016. Its main business involves the research, production, and sales of liquid food packaging machinery [1] - The revenue composition of the company includes: liquid packaging equipment 82.54%, spare parts and others 10.95%, preforms and caps 6.23%, and other businesses 0.28% [1] Stock Performance - On January 12, New Meixing's stock fell by 5.06%, closing at 15.40 CNY per share, with a trading volume of 259 million CNY and a turnover rate of 6.70%. The total market capitalization is 4.565 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of New Meixing, a fund under China Merchants Fund holds a significant position. The China Merchants Quantitative Selected Stock Fund A (001917) increased its holdings by 2.1903 million shares in the third quarter, bringing its total to 3.6184 million shares, which accounts for 1.46% of the circulating shares. The estimated floating loss today is approximately 2.9671 million CNY [2] - The China Merchants Quantitative Selected Stock Fund A (001917) was established on March 15, 2016, with a current scale of 3.663 billion CNY. Year-to-date returns are 4%, ranking 2795 out of 5580 in its category; the one-year return is 51.58%, ranking 1218 out of 4203; and since inception, the return is 294.94% [2]

Group 1 - New Meixing's stock price increased by 5.18% on January 9, reaching 16.25 yuan per share, with a trading volume of 192 million yuan and a turnover rate of 4.96%, resulting in a total market capitalization of 4.816 billion yuan [1] - The stock has risen for four consecutive days, with a cumulative increase of 20.33% during this period [1] - New Meixing specializes in the research, production, and sales of liquid food packaging machinery, with its main business revenue composition being 82.54% from liquid packaging equipment, 10.95% from spare parts and others, 6.23% from preforms and caps, and 0.28% from other businesses [1] Group 2 - Noan Fund's Noan Multi-Strategy Mixed A (320016) is among the top ten circulating shareholders of New Meixing, having entered the list in the third quarter with 1.7348 million shares, accounting for 0.7% of circulating shares [2] - The fund has generated an estimated floating profit of approximately 1.3878 million yuan today and a total floating profit of 4.5278 million yuan during the four-day increase [2] - The fund was established on August 9, 2011, with a latest scale of 1.855 billion yuan, and has achieved a year-to-date return of 2.79%, ranking 4045 out of 8827 in its category, and an annual return of 80.52%, ranking 423 out of 8084 [2]

Group 1 - The stock price of New Meixing on July 31 was 8.89 yuan, down 0.19 yuan from the previous trading day, representing a decline of 2.09% [1] - The opening price on that day was 9.08 yuan, with a highest price of 9.15 yuan and a lowest price of 8.86 yuan, with a trading volume of 65,407 hands and a transaction amount of 59 million yuan [1] - New Meixing's main business involves the research, production, and sales of liquid food packaging machinery, which is widely used in the beverage, dairy, and alcohol industries [1] Group 2 - The company is classified under the specialized equipment manufacturing industry and is registered in Zhangjiagang City, Jiangsu Province [1] - As of July 10, 2025, the number of shareholders in New Meixing was approximately 15,500 [1] - On July 31, the net outflow of main funds was 5.5556 million yuan, accounting for 0.25% of the circulating market value [1]