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High Virtue Packaging: Customer Acquisition Controversy

Golden Research Southern Capital Center Zheng Ze*BR&*DL/Author Xi Zhou Song Lan Hong Li/Risk Control

"My attitude towards the disclosure of listed company information is like how I view icebergs," investment guru Warren Buffett once said. In fact, what Buffett cared about more were the bulk of undisclosed information and the larger part of the iceberg that remains submerged beneath the surface.

Looking at Guangdong Gaoyi Packaging Technology Co., Ltd. (hereinafter referred to as "Gaoyi Packaging"), two companies controlled by its actual controller—one selling red wine and another buying white liquor—may present unavoidable issues regarding information disclosure and internal controls. Notably, Gaoyi Packaging's cultivation of a new growth point in alcohol packaging with Jiangsu Jingsheng Liquor Co., Ltd. (hereinafter referred to as "Jingsheng") has contributed significantly to Gaoyi Packaging’s revenue in recent years, though questions may linger over the customer acquisition model’s information disclosure.

Firstly, related parties under the same control might present operational confusion, with identical names surfacing among financial personnel.

In this public offering, during the reporting period, Shenghui Trading's revenue was likely primarily contributed by Gaoyi Packaging and Gaoyi Packaging's suppliers. Moreover, from 2019 to 2024, Shenghui Trading's corporate email domain pointed to Gaoyi Packaging, while Shenghui Trading’s corporate phone contact displayed the same name as an employee of Gaoyi Packaging, presenting an unusual coincidence.

1.1 Shenghui Trading's revenue mainly comes from Gaoyi Packaging and its suppliers, and for the past three years plus the most recent period, Shenghui Trading reported net losses.

According to Gaoyi Packaging’s 2025 half-year report, as of June 30, 2025, Gaoyi Packaging’scontrolling shareholder and actual controller is Ren Zhisheng, whose concerted actors include Wang Xuemei, Ren Bo-bin, Shanghai Gaoru Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Shanghai Gaoru"), and Shanghai Gaoping Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Shanghai Gaoping").

Among them, Ren Zhisheng directly holds 44.6% of Gaoyi Packaging's shares, Shanghai Gaoping holds 4.59% of Gaoyi Packaging's shares, and Shanghai Gaoru holds 4.59% of Gaoyi Packaging's shares. Additionally, Ren Baibin, a shareholder of Gaoyi Packaging, is Ren Zhisheng's son, and shareholder Wang Xuemei is Ren Zhisheng's spouse. These two individuals each directly hold 9.84% of Gaoyi Packaging's shares. Ren Zhisheng and his concert parties collectively hold 73.47% of the voting rights in Gaoyi Packaging.

According to Gaoyi Packaging’s prospectus dated June 23, 2025 (hereinafter referred to as the 'June 23, 2025 prospectus'), as of December 31, 2024, Shenzhen Shenghui Trading Co., Ltd. (hereinafter referred to as 'Shenghui Trading')is another enterprise controlled by Ren Zhisheng, with its main business being wine trade.。

It is worth noting that Shenghui Trading’s revenue mainly comes from Gaoyi Packaging and its suppliers.

According to the first round inquiry response dated December 26, 2025, in 2022, Shenghui Trading soldwine products to 19 suppliers of Gaoyi Packaging,totaling148,200 yuan,with the highest single transaction amount being 23,900 yuan.

In 2024 and January to June 2025, the transaction and capital flow between Shenghui Trading and Gaoyi Packaging's supplier Guangdong Fuhongsheng Trading Co., Ltd. (hereinafter referred to as 'Fuhongsheng Trading') amounted toRMB 302,000, RMB 522,100, the relevant amounts are allred wineprocurement payments, mainly due to Fuhongsheng Trading's recognition of the quality and price of the related wines, which were sold to their own customers, relatives, friends, or for personal use.

According to the 'Occasional Related Party Transactions' section of the June 23, 2025 prospectus, in 2023, Gaoyi Packaging's procurement from Shenghui Tradingamounted to RMB 1,888,600。

According to incomplete statistics, from 2022 to 2024 and January to June 2025, the total sales contributed by Gaoyi Packaging and its suppliers to Shenghui Trading were respectivelyRMB 148,200, RMB 1,888,600, RMB 302,000,RMB 522,100, totaling 2.8609 million yuan.

In contrast, Shenghui Trading has suffered consecutive losses.

According to the reply to the first round of inquiries on December 26, 2025, during 2022-2024 and January-June 2025,Shenghui Trading's operating revenue was 131,100 yuan,1.8886 million yuan, 386,800 yuan,and 342,600 yuan,，while net profits were -895,600 yuan, -303,400 yuan, -461,600 yuan, and -287,600 yuan respectively.。

From 2019 to 2024, Shenghui Trading's email domain pointed to Gaoyi Packaging, and in 2023, Shenghui Trading shared an email address with Shenzhen Gaoyi.

According to data from the Market Supervision Administration, from 2019 to 2024, Shenghui Trading's corporate contact number was consistently "13*******71", and from 2019 to 2020, the company’s email address wasf**4@gaoyipp.com, from 2021 to 2024, the corporate email was "f**6@gaoyipp.com”。

In addition, Shenzhen Gaoyi Supply Chain Management Co., Ltd. (hereinafter referred to as 'Shenzhen Gaoyi') is a wholly-owned subsidiary established by Gaoyi Packaging, mainly responsible for supply chain management in the South China region for Gaoyi Packaging.

According to data from the Market Supervision Administration, from 2019 to 2023, the corporate contact number for Shenzhen Gaoyi was consistently "18*******49", and in 2023, the corporate email was “f**6@gaoyipp.com ”。

According to the Ministry of Industry and Information Technology's Government Service Platform, as of the query date April 15, 2026, the organizer of the website domain 'gaoyipp.com' is Gaoyi Packaging.

This means that in 2023, Shenghui Trading and Shenzhen Gaoyi, the wholly-owned subsidiary of Gaoyi Packaging, shared the same corporate email. By 2024, Shenghui Trading continued to use that email. The domain of this email belongs to Gaoyi Packaging.

The owner of the contact number for Shenghui Trading, 'Li*Wei,' shares the same name as the head of the Financial Center at Gaoyi Packaging.

It is worth mentioning that the WeChat username corresponding to the contact number '13*******71' of Shenghui Trading is 'Li * Wei'. Moreover, verified by Alipay's real-name authentication, the nickname for this contact number is '* Wei', with the real-name verification information showing 'Li * Wei'.。

The owner of this contact number, 'Li * Wei,' shares the same name as the director of Gaoyi Packaging’s Financial Center.

According to the June 23, 2025 prospectus, Gaoyi Packaging implements equity incentives for employees by granting them capital shares in Shanghai Gaoping and Shanghai Gaoru. The beneficiaries of the equity incentives include senior management and core employees of Gaoyi Packaging. Li * Wei is one of the investors in Shanghai Gaoping, holding a 2% stake.

According to the 'Reply Report to the <Shenzhen Stock Exchange's Inquiry Letter on the Application Documents for the Initial Public Offering and Listing of Guangdong Gaoyi Packaging Technology Co., Ltd.>' dated January 15, 2024 (hereinafter referred to as the 'January 15, 2024 SZSE Inquiry Reply'), as of the signing date of January 15, 2024, the investor in Shanghai Gaoping,Li * Wei, holding the position of Gao Yi PackagingDirector of the Finance Center。

In general, Shenghui Trading is an enterprise controlled by the actual controller of Gao Yi Packaging. From 2022 to 2024 and January to June 2025, Shenghui Trading’s revenue was mainly 'contributed' by Gao Yi Packaging and its suppliers. During the same period, Shenghui Trading recorded negative net profits. From 2019 to 2024, Shenghui Trading’s corporate email domain pointed to Gao Yi Packaging, and the owner of Shenghui Trading’s business contact number, 'Li * Wei,' shares the same name as 'Li * Wei,' the Director of the Finance Center at Gao Yi Packaging.

Second, enterprises controlled by the actual controller purchase liquor from companies without a liquor sales business scope, raising questions about the disclosure of methods for acquiring new strategic clients.

Looking back, Gao Yi Packagingadded Jinshe Yuan as a strategic client in 2021,controlled by Ren Zhisheng,Hunan Yihao was established in the same year. Among these, Hunan Yihao purchased liquor fromJinshe Yuan Culture, whose business scope does not include alcohol sales. Regarding customer acquisition, Gao Yi Packaging claimed it was through business negotiations, while Jinshe Yuan stated that various packaging materials were determined through bidding.

2.1 In 2021, Jinshe Yuan was added as a strategic client, and Hunan Yihao, controlled by Ren Zhisheng, purchased liquor from Jinshe Yuan Culture.

In 2021, Gaoyi Packagingadded Jinshe Yuan as a new strategic client in 2021. In the same year,Hunan Yihao was established, belonging to Ren Zhisheng, the actual controller of Gaoyi Packaging,and is an enterprise controlled by Ren Zhisheng, making Hunan Yihao an affiliate of Gaoyi Packaging.

According to the response to the first round of inquiries on December 26, 2025, Gaoyi Packaging stated that,2022Hunan Yihao made payments to Jiangsu Jinshe Yuan Liquor Sales Co., Ltd. (hereinafter referred to as 'Jinshe Yuan Sales') and Jiangsu Jinshe Yuan Cultural Communication Co., Ltd. (hereinafter referred to as 'Jinshe Yuan Culture')of 2 million yuanfor the purchase of baijiu. Jinshe Yuan Sales and Jinshe Yuan Culture are subsidiaries of Jinshe Yuan. Hunan Yihao's procurement of baijiu is intended for its baijiu sales business, and the procurement price does not differ significantly from the public pricing of similar baijiu products, with no potential interest arrangements.

Gaoyi Packaging stated that in 2022, its affiliate Hunan Yihao paid a total of 2 million yuan to two subsidiaries under Jinshe Yuan for the procurement of baijiu.

According to data from the Market Supervision Administration, from 2021 to 2024, the number of social security contributors at Hunan Yihao was zero.

According to the reply to the first round of inquiries on December 26, 2025, from 2022 to 2024 and January to June 2025, Hunan Yihao had a relatively small operating scale. Its main clients were Hunan Fengte Stainless Steel Co., Ltd. and other scattered customers; its primary supplier was Jinshe Yuan Sales.

During the same period, Hunan Yihao's revenue amounted to 116,800 yuan, 46,600 yuan, 10,000 yuan, and 0 yuan respectively. Meanwhile, the net profits were -180,900 yuan, -53,800 yuan, -8,700 yuan, and -2,400 yuan respectively.

In short, in 2022, Hunan Yihao paid 2 million yuan to two companies under Jinshe Yuan for the procurement of baijiu. During the reporting period, Hunan Yihao’s total revenue was less than 200,000 yuan, with net profits consistently negative. Moreover, from 2021 to 2024, the number of social security contributors at Hunan Yihao remained at zero.

Jinshe Yuan Culture’s business nature involves advertising design and production as well as tourism services.

According to Jinshe Yuan’s 2022 annual report and 2025 semi-annual report, Jinshe Yuan Sales, a wholly-owned subsidiary of Jinshe Yuan, operates in the 'alcoholic beverage sales' sector.Jinshiyuan CultureAlso a wholly-owned subsidiary of Jinshe Yuan, its business nature is advertising design and production as well as tourism services”。

Notably, Hunan Yihao paid Jinshe Yuan Culture, whose business scope does not include baijiu sales, for the procurement of baijiu — a situation that may seem perplexing.

Jinshi Yuan determines various packaging materials through bidding, while Gaoyi Packaging claims to secure business through negotiation.

According to the reply to the first round of inquiries on December 26, 2025,2022-2024, Gaoyi Packaging holds about 40%-50% share among Jinshi Yuan'spackaging material suppliers.。

From 2022 to 2023 and January to June 2024, Gaoyi Packaging mainly secured customers and orders through business negotiations, with no income obtained through bidding. Gaoyi Packaging stated that its method of securing business from Jinshi Yuan is via business negotiation, with a cooperation period of five years.

According to Jinshi Yuan’s 2020-2024 annual reports,Jinshi Yuan adopts measures such as public bidding and transparent procurementto guide the procurement of various materials. Jinshi Yuan issues production plans based on annual targets and market demand, and formulates procurement plans considering inventory levels. The procurement department selects suppliers for brewing raw materials, packaging materials, energy, and other supplies by comparing quality and price according to the procurement plan, using methods likebiddingand price inquiries within the list of supply bases.

In other words, Jinshe Yuan classifies and determines packaging material suppliers through bidding and other methods, while Gaoyi Packaging claimsthrough business negotiation methods，there is no income generated through bidding processes。

Thirdly, the industry is under pressure as large-scale enterprises experience a dual decline in performance, with capacity utilization falling below 80%. A fundraising of 580 million yuan has been initiated for expansion.

After uncovering new growth points in alcohol packaging in 2021, Jinshe Yuan has contributed substantial revenue to Gaoyi Packaging in recent years. However, entering 2025, Jinshe Yuan's third-quarter revenue and net profit began to decline. Across the industry, Boxin Long, which focuses on liquor clients, also saw significant drops in its 2025 fiscal year’s revenue and net profit. The domestic paper packaging sector is under pressure, with large-scale companies experiencing an overall dual decline in revenue and net profit. Against this backdrop, Gaoyi Packaging has embarked on a fundraising expansion path.

3.1 In 2025, import and export volumes in the paper packaging industry declined, with large-scale enterprises seeing a dual drop in revenue and profits

According to the June 23, 2025 prospectus, Gaoyi Packaging primarily producespaper-based printed packaging materialsand provides domestic and international well-known enterprises withpaper packaging products, the products are widely used in consumer electronics, small home appliances, e-cigarettes, and the liquor industry.

According to2025The June 23 prospectus cited the 'Annual Operation Report of China’s Paper and Paperboard Container Industry (2023）》，In 2023, there were 2,991 enterprises above a designated size in China’s domestic paper and paperboard container industry, a decrease of 164 from last year; cumulatively achievingRevenue2,682.57 billion yuan,a year-on-year decrease of 4.44%; the domestic paper and paperboard container industry cumulatively achieved a total profit of 10.867 billion yuan, increasing by 35.65% year-on-year; the domestic paper and paperboard container industrycompleted a cumulative total import and export value of8.594 billion US dollars,a year-on-year decrease of 11.09%。

According to the 'Analysis Report on Import and Export of China's Paper Packaging Industry Products (January-December 2025)' released by the China Packaging Federation, during January-December 2025, the domestic paper packaging industry productsaccumulated total import and export valueamounted to 7.293 billion US dollars,a year-on-year decrease of 1.27%；accumulated export valueamounted to 7.197 billion US dollars,a year-on-year decrease of 1.18%; the accumulated import value was 0.96 billion US dollars,a year-on-year decrease of 7.44%。

In addition, according to the 'Brief Report on the Operation of China's Packaging Industry from January to December 2025' released by the China Packaging Federation, during January-December 2025, enterprises above designated size in the domestic packaging industryAccumulated operating revenue completed2,054.627 billion yuan, a year-on-year decrease of 2.35%；Accumulated total profit completed95.152 billion yuan, a year-on-year decrease of 1.69%。

In 2025, both import and export volumes in the domestic paper packaging industry declined. During the same period, overall performance of large-scale enterprises in the packaging industry also dropped.

Section 3.2 noted that alcohol packaging was developed as a growth point, with Jinsun Edge's performance declining from January to September 2025

In 2021,Gao Yi PackagingAdded Jinsun Edge as a strategic client。

According to the first round of inquiry response on December 26, 2025, Gaoyi Packaging actively expanded its customer base and ventured intoliquor packagingand personal care small appliances, etc.Growth DriversThe risk of a significant decline in future performance is low.

According to the first round of inquiry response on December 26, 2025, during 2022-2024 and January-June 2025, Gaoyi Packaging’s sales revenue from Jinsuiyuan was RMB 49.6488 million, RMB 99.8853 million, RMB 107.7993 million, and RMB 38.366 million respectively.

According to Jinsuiyuan’s annual reports for 2021-2024, during 2020-2024, Jinsuiyuan’s operating revenue was RMB 5.119 billion, RMB 6.406 billion, RMB 7.885 billion, RMB 10.098 billion, and RMB 11.544 billion respectively, with net profits attributable to shareholders of RMB 1.567 billion, RMB 2.029 billion, RMB 2.503 billion, RMB 3.136 billion, and RMB 3.412 billion respectively.

During January-September 2025, Jinsuiyuan's operating revenue was RMB 8.881 billion, with net profit attributable to shareholders at RMB 2.549 billion, representing year-on-year declines of10.66%、17.39%。

Due to reduced demand for liquor packaging, peers focusing on liquor clients like Baixinglong saw net profits fall by over 40% in 2025

According to the first round of inquiry response on December 26, 2025, Gaoyi Packaging’s comparable company Shenzhen Baixinglong Creative Packaging Co., Ltd. (hereinafter referred to as “Baixinglong”) mainly focuses on liquor clients.

According to the 2025 earnings report, Baixinglong’s operating revenue in 2025 was RMB 516 million, representing a year-on-year decline ofNet profit attributable to shareholders was 23 million yuan, a year-on-year decrease of 43.87%.The main reasons for the change in performance area reduction in demand for liquor packaging from downstream liquor companies, which led to a year-on-year decline in revenue from product packaging and design services in the liquor packaging business, resulting in a corresponding decrease in operating gross profit.

Despite capacity utilization being less than 80%, the company plans to raise 580 million yuan to expand production. Over three years, it purchased 260 million yuan worth of bank wealth management products.

According to the prospectus dated June 23, 2025, Gaoyi Packaging plans to list on the Beijing Stock Exchange and aims to raise a total of 580 million yuan, which will be allocated tothe Dongguan Intelligent Packaging Production Construction Project, the R&D center construction project, the IT system construction project, and other initiatives. Among these, 130 million yuan will be used to supplement working capital.

From 2022 to 2024, as well as January to June 2025, Gaoyi Packaging's capacity utilization rates were respectively81.1%、69.93%、72.27%、75.88%。

In other words, despite capacity utilization being below 80%, Gaoyi Packaging still intends to raise funds to expand production.

According to the prospectus dated June 23, 2025,March 28, 2022Gaoyi Packaging held a shareholders' meeting,and distributed dividends of 21.574 million yuanThe dividend has been fully implemented.

Gaoyi Packaging's previous application for listing on the Shenzhen Stock Exchange involved signing an IPO coaching agreement on December 23, 2021, and completing coaching on June 15, 2023, during which it distributed dividends exceeding 20 million yuan.

In addition, from 2022 to 2024, the use of cash paid by Gaoyi Packaging for other investment-related activities was entirely forpurchasing bank wealth management products,, with respective amounts ofamounting to 190 million yuan, 34 million yuan, and 40 million yuan respectively.。

From 2022 to 2024, Gaoyi Packagingaccumulatively purchased 264 million yuan in bank wealth management products.

In its previous attempt to go public, Gaoyi Packaging distributed dividends exceeding 20 million yuan during the coaching period and has cumulatively purchased 264 million yuan worth of bank wealth management products in recent years. Meanwhile, despite a capacity utilization rate of less than 80% in recent years, Gaoyi Packaging is raising funds to expand production, planning to raise 580 million yuan, including 130 million yuan for working capital replenishment.

IV. Conclusion

A few years ago, after developing new growth points in alcohol packaging, Jinshi Yuan has contributed substantial revenue to Gaoyi Packaging in recent years. However, as we enter 2025, Jinshi Yuan's third-quarter revenue and net profit began to decline. Looking at the industry, Baixinglong, which focuses on alcoholic beverage clients, also saw a significant drop in revenue and net profit for the 2025 fiscal year. The domestic paper packaging industry is under pressure, with revenue and net profits of large-scale enterprises declining across the board. Against this backdrop, Gaoyi Packaging has embarked on a fundraising expansion.

In this IPO attempt, Hunan Yihao, controlled by actual controller Ren Zhisheng, purchased liquor from Jinshi Yuan Culture, which does not have a business scope covering liquor sales. Meanwhile, Shenghui Trading, also controlled by Ren Zhisheng, sold red wine to Gaoyi Packaging and its suppliers, potentially indicating operational confusion.

Regarding customer acquisition, Gaoyi Packaging claims it uses business negotiations, whereas Jinshi Yuan states that it determines various packaging materials through bidding processes.

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