2026-01-28 02:00Company 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].