April 24, 2025
Itinbox®
Key Financial Highlights
Revenue: RMB 8.318 billion in 2024, up 7.19% year-on-year
Net Profit (Attributable to Shareholders): RMB 172 million
Basic EPS: RMB 0.15 per share
2024 Dividend: RMB 0.032 per share (tax included)
Industry Context & Market Outlook
Global Metal Packaging Market: Estimated at USD 138.1 billion in 2019, projected to reach USD 193.2 billion by 2025 (CAGR ~4%).
China’s Metal Packaging Sector (2023): Main business revenue of RMB 150.562 billion (+0.34% YoY), representing 13.05% of total packaging industry revenues.
Domestic Consumption Gap: China’s per-capita metal packaging use remains half the global average—and far below levels in Germany (⅓), the UK (¼), the US (⅐), and Japan (⅛).
Despite rapid industry growth, substantial room for consumption expansion exists. Ongoing supply side reforms, capacity upgrades, and technology adoption are optimizing the sector’s structure and positioning leading firms for accelerated growth.
Strategic Digital & Intelligent Manufacturing
“Three Intelligence” System (2020): Early deployment of integrated visualization platforms enables real time monitoring and fine tuned production management across headquarters and bases, advancing the “one headquarters, multiple bases” strategy.
R&D Investment: RMB 12.47 million in 2024 (+92.64% YoY), focusing on new can designs and digital technologies—key to maintaining leadership in two piece can manufacturing.
Smart Factory Expansion: Capitalizing on intelligent production, Baosteel Packaging continues to drive traditional to digital transformation, enhancing decision making efficiency and operational excellence.
Overseas Expansion & Partnership with Wong Lo Kat
2024 Equity Financing: Issued 142 million new shares in December, raising RMB 698 million to fund three new intelligent aluminum two piece can plants in Anhui, Guizhou, and Cambodia—all now operational.
Anhui Base: Phase I (2022) added 1.4 billion cans/year at 4,000 cans/min—Asia’s fastest single line speed. Phase II is complete, adding 600 million cans/year.
Global Footprint: Since 2012, established four overseas bases across Vietnam, Malaysia, and Cambodia, totaling five production lines under the “3-4-5” model. New projects include:
Long An, Vietnam: 800 million cans/year (announced June 2024)
Cambodia: 1.2 billion cans/year intelligent aluminum line (announced August 2024; RMB 499 million investment)
Strategic Alliance: In April 2025, signed a comprehensive global partnership with beverage leader Wong Lo Kat in Malaysia to collaborate on supply chain integration, market development, and new packaging material research—targeting rapid growth in Southeast Asian drink markets.
Shareholder Returns & Corporate Governance
2024 Dividend Plan: RMB 0.32 per 10 shares, totaling RMB 40.37 million.
2024 Interim Dividend: RMB 46.99 million.
Total 2024 Dividends: RMB 87.35 million, representing 50.67% of net profit and marking the 12th consecutive annual dividend since listing (cumulative dividends of RMB 631.10 million).
Share Buyback: Purchased 14.35 million shares for RMB 70 million to support future equity incentive plans and strengthen management alignment.
Future Outlook
Baosteel Packaging aims to:
Deepen “Home and Abroad” Strategy: Expand international operations and enhance global market presence.
Accelerate Innovation: Invest in new materials, technologies, and differentiated can designs.
Optimize Lean Management: Benchmark “model factories” and pursue continuous improvement.
Advance “Digital to Intelligent” Transformation: Integrate AI and other advanced technologies.
Emphasize ESG: Strengthen corporate social responsibility and sustainability practices.
Leveraging robust fundamentals and strategic initiatives, Baosteel Packaging is poised to reinforce its leadership in the global metal packaging industry.
