出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 12月17日晚间，昇兴股份发布定增预案，拟向特定对象发行股票，募集资金总额不超过11.57亿元，用于越南新建两片罐和食品罐生产基地项目、四川内江 新增两片罐生产线项目、补充流动资金。 但值得关注的是，昇兴股份所处的金属包装行业，内部产能仍处于供大于求的状态，年初以来行业盈利普遍承压，并且行业头部企业也纷纷跑马圈地，昇 兴股份此次募资扩张产能，是否会加剧结构性产能过剩有待商榷。 此外，昇兴股份前次定增募投项目全部变更，有的是整体变更，有的是部分变更。并且，变更的两个募投项目还两次延期。至于前次募投项目的实际效益 更是一言难尽，2024年度合计实现的效益仅为承诺效益的13.87%。 所处行业产能结构性过剩盈利承压 定增必要性待考 根据定增预案，昇兴股份计划发行新股不超过293，075，540 股（含本数），募集资金不超过11.57亿元，扣除发行费用后全部用于越南新建两片罐和食品 罐生产基地项目、四川内江新增两片罐生产线项目、补充流动资金，拟投入金额分别为5.4亿元、2.7亿元、3.47亿元。其中，扩张产能的资金合计8.1亿元， 占计划募资总额的70%。 昇 ...

昇兴股份本次向特定对象发行股票拟募集资金总额(含发行费用)不超过115,700.00万元，扣除发行费用 后的募集资金净额拟全部投入越南新建两片罐和食品罐生产基地项目、四川内江新增两片罐生产线项 目、补充流动资金。 中国经济网北京12月18日讯昇兴股份（002752）(002752.SZ)昨日晚间发布2025年度向特定对象发行A股 股票预案。 昇兴股份本次发行的定价基准日为昇兴股份本次向特定对象发行股票的发行期首日，发行价格不低于定 价基准日前20个交易日公司股票交易均价的80%(定价基准日前20个交易日公司股票交易均价=定价基准 日前20个交易日公司股票交易总额÷定价基准日前20个交易日公司股票交易总量)。 昇兴股份本次拟发行的股份数量不超过本次发行前总股本的30%，即不超过293,075,540股(含本数)，最 终发行数量将在本次发行获得深交所审核通过并经中国证监会同意注册后，由公司董事会根据公司股东 会的授权及发行时的实际情况与本次发行的保荐人(主承销商)协商确定。 昇兴股份本次向特定对象发行股票的发行对象为不超过35名(含本数)的特定对象，包括符合中国证监会 规定的证券投资基金管理公司、证券公司、保险机 ...

南方财经12月18日电，昇兴股份(002752.SZ)12月18日披露定增预案，拟向不超过35名特定投资者发行 不超过2.93亿股A股股票，募集资金总额不超过11.57亿元。募集资金将主要用于越南新建两片罐和食品 罐生产基地项目（拟投入5.4亿元）、四川内江新增两片罐生产线项目（拟投入2.7亿元），其余3.47亿 元用于补充流动资金。 前次募资方面，公司2021年非公开发行募资净额为7.37亿元。不过前次募投项目存在较多变更，其 中"云南曲靖灌装及制罐生产线建设项目"变更金额1.37亿元，最终因市场环境变化终止；"泉州分公司 两片罐制罐生产线技改增线项目"整体变更为安徽和武汉两个新项目。已建成项目效益未达预期，三个 主要项目累计实现效益1462.29万元，远低于承诺的10725.50万元，公司解释原因为项目延期导致产能爬 坡缓慢及市场环境变化。 财务数据显示，公司2025年前三季度经营业绩承受压力。归属于母公司股东的净利润为2.17亿元，扣除 非经常性损益后为1.96亿元。截至2025年9月末，公司资产负债率达57.93%，应收账款账面价值为17.01 亿元，存货账面价值为11.09亿元。公司解释业绩波动主要 ...

人民财讯12月17日电，昇兴股份（002752）12月17日公告，拟定增募资不超过11.57亿元，用于越南新 建两片罐和食品罐生产基地项目、四川内江新增两片罐生产线项目及补充流动资金。 ...

每经AI快讯，昇兴股份（SZ 002752，收盘价：6.65元）12月17日晚间发布公告称，本次向特定对象发 行股票方案已经公司第五届董事会第十七次会议审议通过，公司本次向特定对象发行股票的发行对象为 不超过35名（含本数）的特定对象，本次拟发行的股份数量不超过本次发行前总股本的30%，即不超过 约2.93亿股（含本数），最终发行数量将在本次发行获得深交所审核通过并经中国证监会同意注册后， 由公司董事会根据公司股东会的授权及发行时的实际情况与本次发行的保荐人（主承销商）协商确定。 发行价格不低于定价基准日前20个交易日公司股票交易均价的80%。本次发行拟募集不超过11.57亿 元，募集资金用于以下用途：越南新建两片罐和食品罐生产基地项目，总投资约6.7亿元，拟投入募集 资金5.4亿元；四川内江新增两片罐生产线项目，总投资约2.85亿元，拟投入募集资金2.7亿元。 （记者 曾健辉） 2025年1至6月份，昇兴股份的营业收入构成为：金属包装行业占比93.23%，其他业务占比6.68%，EMC 合同能源占比0.09%。 截至发稿，昇兴股份市值为65亿元。 每经头条（nbdtoutiao）——海南封关政策红利全解析： ...

昇兴股份（002752）(002752.SZ)发布公告，公司拟向特定对象发行股票，募集资金总额(含发行费用)不 超过11.57亿元，扣除发行费用后的募集资金净额拟全部投入：越南新建两片罐和食品罐生产基地项 目、四川内江新增两片罐生产线项目、补充流动资金。 ...

智通财经APP讯，昇兴股份(002752.SZ)发布公告，公司拟向特定对象发行股票，募集资金总额(含发行 费用)不超过11.57亿元，扣除发行费用后的募集资金净额拟全部投入：越南新建两片罐和食品罐生产基 地项目、四川内江新增两片罐生产线项目、补充流动资金。 ...

Financial Data and Key Metrics Changes - Earnings for the quarter were $1.85 per share compared to a loss of $1.47 per share in the prior year quarter, with adjusted earnings per share at $2.24 compared to $1.99 in the prior year quarter [3] - Net sales in the quarter increased by 4.2% compared to the prior year, reflecting a 12% increase in shipments across European beverage [4] - Free cash flow improved to $887 million from $668 million in the prior year, reflecting higher income and lower capital spending [4] Business Line Data and Key Metrics Changes - Segment income was $490 million in the quarter compared to $472 million in the prior year, driven by increased volumes in Europe and strong results in tin plate businesses [4] - North American beverage volumes were down 3%, while European beverage posted a record quarter with income 27% above the prior year on the back of 12% volume growth [10][11] - Transit packaging income remained level to the prior year, with increased shipments offsetting the impact of lower equipment activity [11] Market Data and Key Metrics Changes - Latin American volumes were down 5% in the quarter, primarily due to a 15% volume decline across Brazil and Mexico [10] - North American volumes were mixed, down 3% after a slow start in July and August, but rebounded in September [10] - Margins across Asia remained above 17% despite lower Southeast Asian volumes of 3% [11] Company Strategy and Development Direction - The company achieved its long-term net leverage target of 2.5 times and remains committed to a healthy balance sheet while returning excess cash to shareholders [5] - The company is raising its guidance for the full year, projecting adjusted EPS to be in the range of $7.70 to $7.80 [5] - The company is focused on continuous operational improvements and maintaining a strong balance sheet to support shareholder returns [12] Management's Comments on Operating Environment and Future Outlook - Management noted limited direct impact from tariffs but remains attentive to indirect effects on global consumer and industrial demand [5] - The company expects the fourth quarter in Brazil to return to growth, supported by government initiatives to lower interest rates [10] - Management expressed confidence in the strength of the beverage can market and consumer demand, despite inflationary pressures [80] Other Important Information - The company repurchased $105 million of common stock in the quarter and $314 million year to date, returning more than $400 million to shareholders this year [4] - The company expects net interest expense of approximately $350 million and a full-year tax rate of 25% [6][7] Q&A Session Summary Question: Growth in Europe and potential concerns about pre-buying - Management indicated that the growth in Europe is largely due to underlying market growth and substitution, with a long-term growth rate of 4% to 5% expected [19] Question: Outlook for Americas EBIT and impact from Mexico and Brazil - Management stated that the $1 billion EBIT target is aspirational but achievable this year, with Brazil and Mexico contributing to the decline in Americas beverage [27] Question: North American volumes and promotional spending - Management noted that North American volumes were down 3%, attributed to a specific customer pruning, and that consumer demand is driving growth rather than promotions [34][36] Question: Capacity in Europe and ability to service demand - Management confirmed that they are adding capacity in Europe and expect to continue to grow volume and income-wise [71] Question: Capital allocation for 2026 - Management indicated that they will responsibly return cash to shareholders while considering capital expenditures in the range of $450 million to $500 million for 2026 [92] Question: Impact of Novelis fire on volumes - Management stated that the direct impact from the Novelis fire is not significant for the company, but they are monitoring potential indirect impacts on customers [112]

Financial Data and Key Metrics Changes - Earnings for the quarter were $1.85 per share compared to a loss of $1.47 per share in the prior year quarter, with adjusted earnings per share at $2.24 compared to $1.99 in the prior year quarter [2][3] - Net sales in the quarter increased by 4.2% compared to the prior year, reflecting a 12% increase in shipments across European beverage [3] - Free cash flow improved to $887 million from $668 million in the prior year, reflecting higher income and lower capital spending [3][4] - Segment income was $490 million in the quarter compared to $472 million in the prior year, indicating year-on-year improvements [3][4] Business Line Data and Key Metrics Changes - European beverage posted a record quarter with income 27% above the prior year on the back of 12% volume growth [8][9] - America's beverage volumes were down 5% in the quarter, primarily due to a 15% volume decline across Brazil and Mexico [7][8] - North American volumes were mixed, down 3% overall, but rebounded firmly in September, which was up 3% [8][9] - Transit packaging income remained level to the prior year, with increased shipments offsetting lower equipment activity [9] Market Data and Key Metrics Changes - The company achieved its long-term net leverage target of 2.5 times in September and remains committed to a healthy balance sheet [4] - The impact of tariffs has been limited, with management remaining attentive to indirect effects on global consumer and industrial demand [4][6] - The delivered aluminum price reached $2.10 a pound, up 54% in the last 10 months, impacting percentage margins in North America [6][8] Company Strategy and Development Direction - The company is raising its guidance for the full year, projecting adjusted EPS to be in the range of $7.70 to $7.80 [4] - The company plans to responsibly return cash to shareholders while maintaining a strong balance sheet [4][10] - Management emphasized the importance of continuous improvement in manufacturing operations and maintaining a competitive edge in the market [40][41] Management's Comments on Operating Environment and Future Outlook - Management noted that the can business is typically low-growth, with historical growth rates in Europe around 4% to 5% [15][25] - The company expects the fourth quarter in Brazil to return to growth, supported by government initiatives [8] - Management expressed confidence in the strength of the beverage can market, driven by consumer demand rather than promotional spending [22][23] Other Important Information - The company repurchased $105 million of common stock in the quarter and $314 million year to date, returning over $400 million to shareholders this year [3][4] - The company expects full-year adjusted free cash flow to be approximately $1 billion after $400 million of capital spending [5] Q&A Session Summary Question: Can you provide more details on the growth in Europe? - Management indicated that the growth in Europe was driven by underlying market growth and substitution, with a long-term growth rate of 4% to 5% expected [12][15] Question: What is the outlook for Americas EBIT? - Management stated that the $1 billion EBIT target is still aspirational but looks achievable this year, with impacts from Brazil and Mexico noted [16][18] Question: How did North American volumes perform? - North American volumes were down 3%, attributed to customer pruning, but management expects to service demand better next year [20][21] Question: What are the expectations for capital expenditures in 2026? - Management indicated that capital expenditures for 2026 are expected to be in the range of $450 million to $500 million, with ongoing projects in Europe and Brazil [45][68] Question: How is the company addressing debt and share repurchases? - Management confirmed that they are comfortable with the current debt levels and will consider share repurchases based on market conditions [78][82]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6]. Core Viewpoints - The company is focusing on enhancing its customer structure and actively expanding into overseas markets, particularly in Southeast Asia [4][5]. - In the first half of 2025, the company reported a revenue of 3.2 billion yuan, a slight increase of 0.1% year-on-year, while the net profit attributable to the parent company was 150 million yuan, a decrease of 37% [1]. - The company is optimizing its production capacity and layout, with new projects being implemented to meet customer demands [3]. - The company is adjusting its profit forecasts due to the performance in the first half of 2025, with expected net profits for 2025, 2026, and 2027 being 360 million, 450 million, and 560 million yuan respectively [5]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.6 billion yuan, a 4% increase year-on-year, while the net profit was 50 million yuan, down 51% [1]. - The company’s revenue for the first half of 2025 was 3.2 billion yuan, with a net profit of 150 million yuan, reflecting a 37% decrease [1]. Market Strategy - The company is actively responding to structural and cyclical changes in the beverage and beer industry, focusing on both consolidating existing customer market share and expanding to new customers [2]. - The company is also capturing opportunities in niche markets by accelerating the development of new products and businesses [2]. Capacity and Project Development - The company is carefully controlling capital expenditures and new capacity construction while optimizing domestic capacity layout [3]. - The Nanning factory has commenced production in the first half of 2025, and the company is increasing regional capacity investments to quickly match customer needs [3]. Overseas Expansion - The company is focusing on expanding its overseas business, particularly in Southeast Asia, with ongoing projects in Cambodia and Indonesia [4]. - The Indonesian factory began trial production in the first half of 2025, and the company has initiated investment projects for a two-piece can production line in Vietnam [4].