证券代码：000488 200488 证券简称： ST 晨鸣 ST 晨鸣 B 公告编号 2025-054 山东晨鸣纸业集团股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 1、股东大会届次：山东晨鸣纸业集团股份有限公司2025年第一次临时股东大会 2、会议召集人：公司董事会 本次股东大会的召开已经公司第十届董事会第二十一次临时会议审议通过。 3、会议召开的合法性、合规性：本次股东大会会议召集、召开符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》等相关规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2025 年 10 月 28 日 14:00 （2）网络投票时间为： 采用交易系统投票的时间：2025 年 10 月 28 日 9:15—9:25，9:30—11:30 和 13:00—15:00 采用互联网投票的时间：2025 年 10 月 28 日 9:15—15:00 5、会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式 6、股权登记日：A 股股权登记日为 2025 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 山东晨鸣纸业集团股份有限公司（以下简称"公司"）第十届董事会第二十一次临 时会议通知于 2025 年 10 月 5 日以书面、邮件方式送达各位董事，会议于 2025 年 10 月 10 日以通讯方式召开。会议应参加董事 10 人，实际参加董事 10 人。本次董事会的召开 符合国家有关法律、法规和《公司章程》的规定。 与会董事认真审议了本次会议的各项议案，形成会议决议如下： 一、审议通过了《关于调整公司治理结构并修订<公司章程>的议案》 为全面贯彻落实新《中华人民共和国公司法》及其配套规则要求，进一步提升公司 规范运作水平，完善治理结构，根据《中华人民共和国公司法》、中国证券监督管理委员 会《关于新<公司法>配套制度规则实施相关过渡期安排》、《上市公司章程指引》等法律 法规、规范性文件的规定，公司拟调整治理结构，不再设置监事会和监事，监事会的职 权由公司董事会审计委员会承接，与监事会相关的公司制度相应废止，同时，公司结合 实际情况，拟对《公司章程》进行相应修订。 该议案尚需提交公司 2025 年第一次临时股东大会审 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列山東晨鳴紙業集團股份有限公司在深圳證券交易所網站刊登日期為二零 二五年十月十日的「山東晨鳴紙業集團股份有限公司第十屆董事會第二十一次臨 時會議決議公告」、「山東晨鳴紙業集團股份有限公司關於為控股子公司提供擔 保的公告」、「山東晨鳴紙業集團股份有限公司獨立董事候選人聲明與承諾（張志 元）」、「山東晨鳴紙業集團股份有限公司獨立董事候選人聲明與承諾（羅新華）」、 「山東晨鳴紙業集團股份有限公司獨立董事候選人聲明與承諾（萬剛）」、「山東晨 鳴紙業集團股份有限公司獨立董事候選人聲明與承諾（孔鵬志）」、「山東晨鳴紙業 集團股份有限公司獨立董事提名 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of October 9, with Northeast Electric (00042) leading at a premium of 743.75% [1][2]. AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): 743.75% - Andeli Juice (02218): 235.25% - Zhejiang Shibao (01057): 227.36% [1][2] - The bottom three stocks with the lowest AH premium rates are: - Contemporary Amperex Technology (03750): -16.12% - Heng Rui Medicine (01276): -2.39% - China Merchants Bank (03968): 3.49% [1][2] Deviation Values - The stocks with the highest deviation values are: - Changfei Optical Fiber (06869): 28.93% - Zhejiang Shibao (01057): 12.23% - Red Star Macalline (01528): 11.20% [1][2] - The stocks with the lowest deviation values are: - Northeast Electric (00042): -72.24% - Shanghai Electric (02727): -54.73% - Dazhong Public Utilities (01635): -29.80% [1][2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山東晨鳴紙業集團股份有限公司 呈交日期: 2025年9月30日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000488 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,706,765,684 | RMB | | 1 RMB | | 1,706,765,684 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,706,765,684 | RMB | | 1 RMB | | 1,706,765,684 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Although the price of double-offset paper may hit a new low and enter the era starting with "3", in the short term, it is not advisable to be overly bearish on the futures price of double-offset paper, and the consensus expectation may reverse [3][7][51]. - The current futures price of double - offset paper is in a state of "low valuation + short - term bullish drivers + medium - to - long - term bearishness". Downward trading has limited value, and short - term traders can consider buying on dips, with an expected price fluctuation range of 4,100 - 4,500 yuan/ton [4][53]. Summary by Directory 1.上市以来的行情回顾 - After listing, the futures price of double - offset paper has maintained an overall oscillating trend, with the fluctuation range generally concentrated between 4,100 - 4,300 yuan/ton. The current futures market has fully priced in the long - term oversupply expectation, but this long - term downward pressure has not been transmitted to the spot market. The quotes of mainstream brands are relatively firm, and the decline is relatively limited. The expected return from selling for delivery currently cannot cover the opportunity cost in the spot market [8][51]. 2. 空头的核心逻辑是什么？ 2.1 产能持续投放 - In the medium to long term, the industry's production capacity has been continuously increasing, leading to severe overcapacity. The overall industry production capacity is estimated to be in the range of 16 - 18 million tons. It is expected that 950,000 tons of cultural paper will be put into production in the second half of 2025, accounting for about 5% - 6% of the current production capacity, and 1.43 million tons in 2026. Additionally, a southern paper mill plans to put into production a double - offset paper production line with a capacity of 1.2 million tons from the end of 2026 to the beginning of 2027 [14]. 2.2 需求见顶下滑 - The consumption of double - offset paper is mainly affected by the "one textbook and one supplementary material" policy and the population cycle. From January to July 2025, the cumulative consumption of double - offset paper was 4.52 million tons, a year - on - year decrease of 19%. Grassroots research shows that the consumption of off - campus supplementary teaching materials has decreased by 30% - 50% in different provinces. The number of compulsory education students has declined, and this downward trend is expected to continue in 2025 [16]. 2.3 晨鸣复工影响 - Recently, Shouguang Chenming has accelerated its resumption of work and production. After the successful start - up of Factory 6, the Meilun Chemical Pulp Factory and the paper production lines of Factories 5 and 9 have also been successfully put into operation. Factory 6 has a production capacity of about 160,000 tons, Factory 5 about 500,000 tons, Factory 9 about 400,000 tons, and the pulp line about 1.2 million tons. Other paper production lines will also be gradually started, increasing the overall industry supply pressure [18]. 2.4 成本和价格的负反馈 - The cost of double - offset paper includes raw materials (wood pulp) and papermaking costs, which are greatly affected by factors such as formula, wood pulp price, and integration level. As paper prices decline, paper mills have adjusted their formulas to reduce costs. The mainstream cost - reduction paths include reducing the proportion of commercial pulp and increasing the proportion of chemimechanical pulp, as well as reducing the proportion of softwood pulp and increasing the proportion of chemimechanical pulp and hardwood pulp. The estimated cash cost of mainstream natural - white double - offset paper is in the range of 3,600 - 4,200 yuan/ton. If a company has a high degree of integration, it can still make a profit [21][22]. 3. 是否存在尚未交易的潜在利多？ 3.1 教辅教材需求的边际改善 - The consumption of double - offset paper used for supplementary teaching materials has obvious seasonal characteristics. September to November is the peak season for tendering of supplementary teaching materials. Usually, the consumption of double - offset paper shows a seasonal month - on - month improvement during this period, and prices tend to have a phased rebound around the National Day. In 2024, the price did not rebound significantly due to the impact of policies and population. Since September 2025, the weekly sales volume of double - offset paper has increased from 157,000 tons to 167,000 tons, showing an obvious month - on - month improvement [25][28]. 3.2 浆价提涨带动预期有所改变 - In the short term, the price of imported hardwood pulp has been continuously rising, and the downward space for softwood pulp prices is limited, which has changed the bearish sentiment in the downstream market. The current pulp price is close to the full cost of Suzano's pulp. South American pulp companies led by Suzano have a strong willingness to raise prices and have started to actively cut production to support prices. Since the second quarter of 2025, many pulp mills have shut down or plan to shut down in the future due to economic reasons, and the shutdown capacity of commercial pulp has increased rapidly. The inventory days of softwood pulp in pulp mills are at a historical high, while the inventory days of hardwood pulp are relatively low, with certain price - increasing ability. Recently, as the price of hardwood pulp has rebounded from the bottom, the profit of paper mills has further declined, which has changed the expectations of some practitioners and weakened the bearish sentiment, thus boosting demand to some extent [31][36][40]. 3.3 交割利润修复 - In the short term, the 2601 contract is still far from the delivery date. It is believed that the paper price is unlikely to continue to decline in the short term, and the futures - spot convergence may be achieved by the futures price moving closer to the spot price. Based on the current delivery cost calculation, the current futures price is significantly undervalued. As the delivery date approaches, the repair of delivery profit may drive the futures price to rebound [42][43]. 3.4 长期变量中仍有利多 - There is still room for improvement in per - capita consumption. China's per - capita consumption of double - offset paper is about two - thirds of that in Japan. The decline in double - offset paper consumption cannot be linearly extrapolated, and the degree of overcapacity may be overestimated. Supplementary teaching materials are only one of the end - products of double - offset paper, and the decline in their consumption does not represent weak demand for social books. As of 2023, the overall print volume of social books has still been increasing. As of August 2025, the cumulative year - on - year increase in the added value of China's printing and recording media reproduction industry above the designated size was +1.3%. Double - offset paper machines can be used to produce other paper types, which may lead to an overestimation of the effective production capacity of double - offset paper and an underestimation of the overall capacity utilization rate [44][47][49]. 4. 总结和策略展望 - Although the price of double - offset paper may hit a new low, in the short term, it is not advisable to be overly bearish on the futures price. The short - term marginal improvement of short - term variables may drive the futures price to have a phased rebound before a significant decline. The current futures price is in a state of "low valuation + short - term bullish drivers + medium - to - long - term bearishness", and short - term traders can consider buying on dips, with an expected price fluctuation range of 4,100 - 4,500 yuan/ton [53].

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their A-shares and H-shares, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] AH Premium Rate Rankings - The top three companies with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Andeli Juice (02218): 227.40% - Hongye Futures (03678): 225.67% [1] - The bottom three companies with the lowest AH premium rates are: - Ningde Times (03750): -12.07% - Heng Rui Medicine (01276): -3.97% - Zijin Mining (02899): 4.14% [1] Deviation Value Rankings - The top three companies with the highest deviation values are: - Northeast Electric (00042): 74.37% - Changfei Optical Fiber (06869): 24.77% - Zhaoyan New Drug (06127): 22.94% [1] - The bottom three companies with the lowest deviation values are: - Longpan Technology (02465): -25.07% - Qin Port Shares (03369): -19.33% - COSCO Shipping Energy (01138): -15.04% [1] Detailed AH Stock Premium and Deviation Data - The report provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating significant variations in market perception and valuation between A-shares and H-shares [1][2]

北京商报讯(记者张君花)9月22日，晨鸣纸业在投资者互动平台表示，目前公司寿光基地已全部恢复生 产；黄冈基地、江西基地二厂正常生产；江西基地一厂、吉林基地、湛江基地当前仍在停机检修，争取 尽快恢复生产。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* 中國，山東 二零二五年九月十六日 於本公告日期，執行董事為胡長青先生、李興春先生、李峰先生及李偉先先 生；非執行董事為韓亭德先生及李傳軒先生；及獨立非執行董事為尹美群女士、 孫劍非先生、楊彪先生及李志輝先生。 * 僅供識別 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列山東晨鳴紙業集團股份有限公司在深圳證券交易所網站刊登日期為二零二 五年九月十五日的「山東晨鳴紙業集團股份有限公司投資者關係活動記錄表」，僅 供參閱。 承董事會命 山東晨鳴紙業集團股份有限公司 胡長青 主席 编号：2025-003 证券代码：000488、200488 证券简称：ST 晨鸣、ST 晨鸣 B 山东晨鸣纸 ...

Core Viewpoint - The company is actively working on resuming production, managing debt, and optimizing asset disposal to improve its financial situation and operational efficiency [2][3]. Group 1: Production and Operations - The company has five major production bases: Shouguang, Zhanjiang, Huanggang, Jiangxi, and Jilin. Currently, the Shouguang base is fully operational, while the Huanggang base and Jiangxi second factory are producing normally. However, the Jiangxi first factory, Jilin base, and Zhanjiang base are still under maintenance [2]. - The company aims to resume production at the halted bases as soon as possible [2]. Group 2: Financial Support and Debt Management - A capital injection of 1 billion yuan from the government platform has been fully received, along with a 2.31 billion yuan syndicated loan that has been approved, with the first tranche already disbursed [2]. - The company has implemented measures to address its debt issues, including extending loan terms and reducing interest rates, which has lowered financial costs by approximately 700 million yuan [3]. Group 3: Asset Disposal and Efficiency - The company is focusing on revitalizing and disposing of existing assets, particularly non-core assets, and has established an asset management center to enhance disposal efficiency [2]. - The disposal of property assets located in key cities such as Shanghai, Jinan, and Shenzhen is being accelerated [2]. Group 4: Industry Outlook - The paper industry has seen concentrated new capacity additions, leading to supply-demand imbalances. However, the long-term outlook is positive due to the "dual carbon" strategy and improved domestic market conditions, which are expected to enhance industry profitability and market concentration [3].