HXPP(SZ:002228)2022-12-08 01:31Industry Overview - The packaging industry is currently facing significant challenges, including overcapacity, outdated equipment, and rising costs, leading to many companies operating at a loss and some going bankrupt [1][2] - Despite these difficulties, the industry is also seen as having potential for consolidation and innovation, particularly with the rise of Internet and Industry 4.0 [2] Customer Segmentation - The company's customer base is approximately 30-40% in the home appliance and IT sectors, and around 30% in the food and beverage sector, with the remainder in personal care, furniture, and pharmaceuticals [2] Supply Chain Financial Services - The packaging industry faces common issues with accounts receivable and long payment terms, creating a significant opportunity for supply chain financial services to support small and medium-sized enterprises [2] PAAS Project - The PAAS (Intelligent Packaging Integrated Service) project aims to meet the needs of medium to large clients by outsourcing non-core packaging functions, enhancing customer relationships, and transitioning from passive order production to strategic cooperation [3] - The project will also provide support in business, finance, centralized procurement, and design R&D for various packaging partners across the country [3] Acquisition Plans - The company plans to acquire assets primarily engaged in the production of cartons and paperboard, which aligns with its existing operations [3] - The pricing for the acquisition will be based on the net asset value of the target assets, as determined by auditing and valuation agencies [3] Future Development Goals - The company aims to develop two key platforms: the PAAS platform for medium to large clients and an O2O customization platform for e-commerce small clients and consumers [3][4] - These platforms will integrate packaging designers, material suppliers, small packaging companies, logistics, and machinery enterprises to create a comprehensive packaging ecosystem [4]