Core Viewpoint - The company expects a net loss of 8.2 billion to 8.8 billion yuan for the fiscal year 2025, primarily due to production base shutdowns, declining production and sales volumes, and asset impairment [1][2]. Financial Performance - The company announced a projected net loss attributable to shareholders of 8.2 billion to 8.8 billion yuan for 2025, influenced by shutdowns at certain production bases, a decrease in production and sales, and asset impairment provisions [2]. - The company completed the divestiture of its financing leasing business in the fourth quarter, allowing it to focus on its core pulp and paper operations [2]. Business Status - As of the end of January 2026, four out of five production bases (Shouguang, Huanggang, Jilin, and Jiangxi) have fully resumed operations, with the Zhanjiang base restarting on January 28, 2026, and capacity utilization steadily improving [3]. - The company is working on improving operations through cost optimization and the development of new products [3]. Recent Events of Interest - On January 8, 2026, the company indicated that it would apply to revoke its ST status once risk warning factors are eliminated, which may influence market sentiment and capital flow [4]. - Attention is needed on subsequent financial restructuring and delisting risks [4]. Industry Policy Environment - At the beginning of 2026, the trend of renminbi appreciation may lower the cost of imported pulp, and policies such as "old for new" are expected to support demand in the paper industry [5]. - A report from Bohai Securities suggests a cautiously optimistic outlook for the industry, but ST stocks should be wary of fundamental pressures [5].

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their H-shares and A-shares, with some companies showing extremely high premiums while others exhibit negative premiums [1]. Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 831.03%, with H-share priced at 0.290 HKD and A-share at 2.25 CNY [1]. - Sinopec Oilfield Service (01033) follows with a premium rate of 296.70%, H-share at 0.910 HKD and A-share at 3.01 CNY [1]. - Beijing Jingcheng Machinery Electric (00187) ranks third with a premium of 285.05%, H-share at 4.280 HKD and A-share at 13.76 CNY [1]. Group 2: Lowest AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest AH premium rate at -13.27%, with H-share priced at 511.000 HKD and A-share at 370 CNY [1]. - China Merchants Bank (03968) shows a premium of -4.06%, H-share at 49.300 HKD and A-share at 39.49 CNY [1]. - WuXi AppTec (02359) has a premium of -2.14%, with H-share at 120.800 HKD and A-share at 98.7 CNY [1]. Group 3: Top Deviation Values - Jinju Group (02009) has the highest deviation value at 24.42%, with a premium of 212.05% [1]. - Beijing Jingcheng Machinery Electric (00187) has a deviation value of 21.92%, with a premium of 285.05% [1]. - Longpan Technology (02465) ranks third with a deviation value of 19.68%, and a premium of 101.01% [1]. Group 4: Lowest Deviation Values - JunDa Co., Ltd. (02865) has the lowest deviation value at -70.56%, with a premium of 176.15% [2]. - Changfei Optical Fiber (06869) follows with a deviation of -45.38%, and a premium of 105.94% [2]. - Chenming Paper (01812) has a deviation of -26.81%, with a premium of 190.80% [2].

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1] Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 831.03%, with H-share priced at 0.290 HKD and A-share at 2.25 CNY [1] - Zhejiang Shibao (01057) follows with a premium rate of 347.33%, H-share at 5.810 HKD and A-share at 21.7 CNY [1] - Sinopec Oilfield Service (01033) ranks third with a premium rate of 304.44%, H-share at 0.900 HKD and A-share at 3.04 CNY [1] Group 2: Bottom AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest AH premium rate at -13.97%, with H-share priced at 513.500 HKD and A-share at 368.82 CNY [1] - China Merchants Bank (03968) has a premium rate of -3.80%, H-share at 49.220 HKD and A-share at 39.53 CNY [1] - Heng Rui Medicine (01276) shows a minimal premium rate of -0.35%, with H-share at 69.050 HKD and A-share at 57.45 CNY [1] Group 3: Top Deviation Values - Sinopec Oilfield Service (01033) leads in deviation value at 26.29%, indicating a significant difference from its average premium rate [1] - Beijing Jingcheng Machinery Electric (00187) has a deviation value of 22.66% [1] - Longpan Technology (02465) ranks third with a deviation value of 19.24% [1] Group 4: Bottom Deviation Values - Junda Co., Ltd. (02865) has the lowest deviation value at -66.46%, indicating a substantial drop from its average premium rate [1] - Zhejiang Shibao (01057) follows with a deviation value of -42.67% [1] - Yangtze Optical Fibre and Cable (06869) shows a deviation value of -33.26% [1]

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: 2026年1月31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: 2026年2月2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 | ...

每经AI快讯，晨鸣纸业(01812.HK)跌超3%，截至发稿跌3.53%，报0.82港元，成交额134.29万港元。 ...

晨鸣纸业(01812)跌超3%，截至发稿，跌3.53%，报0.82港元，成交额134.29万港元。 公告称，业绩变动原因为2025年黄冈基地正常生产，寿光、江西、吉林基地1-3季度基本停产，湛江基 地全年停产，期间停工损失及检修费用同比增加，产销量同比下滑较大，影响了收入、利润；同时，受 停机影响，公司对部分资产计提了减值准备，进一步影响当期利润。 消息面上，1月30日晚，晨鸣纸业发盈警，截至2025年1月1日至2025年12月31日(本报告期)，公司预期 归属于上市公司股东的净亏损为人民币82亿元-88亿元，上年同期亏损约74.11亿元，同比扩大；扣除非 经常性损益后的净亏损为人民币75.5亿元-81.5亿元。 ...

公告称，业绩变动原因为2025年黄冈基地正常生产，寿光、江西、吉林基地1-3季度基本停产，湛江基 地全年停产，期间停工损失及检修费用同比增加，产销量同比下滑较大，影响了收入、利润；同时，受 停机影响，公司对部分资产计提了减值准备，进一步影响当期利润。 消息面上，1月30日晚，晨鸣纸业发盈警，截至2025年1月1日至2025年12月31日(本报告期)，公司预期 归属于上市公司股东的净亏损为人民币82亿元-88亿元，上年同期亏损约74.11亿元，同比扩大；扣除非 经常性损益后的净亏损为人民币75.5亿元-81.5亿元。 智通财经APP获悉，晨鸣纸业(01812)跌超3%，截至发稿，跌3.53%，报0.82港元，成交额134.29万港 元。 ...

Group 1 - The company expects a negative net profit for the fiscal year 2025, covering the period from January 1, 2025, to December 31, 2025 [1] - The company has communicated with its auditing firm regarding the financial data related to the profit forecast, which has not been audited yet [1][2] Group 2 - The decline in performance is attributed to the normal production at the Huanggang base, while the Shouguang, Jiangxi, and Jilin bases were largely shut down in the first three quarters, and the Zhanjiang base was shut down for the entire year, leading to significant losses and increased maintenance costs [2] - The company has divested all assets related to its financing leasing business to focus on its core pulp and paper operations, resulting in impairment provisions for certain leasing clients [2] - The company has implemented several measures to enhance operational efficiency and management, including improving production line operation rates and capacity utilization, optimizing procurement processes, and reducing financial costs through communication with financial institutions [2]

公司2025年末果断剥离全部融资租赁业务相关资产，虽产生一次性损益，却彻底卸下了这一长期拖累业绩的非主业负担，实现了资产的"轻装上阵"。此举 标志着公司战略重心全面回归制浆造纸核心业务，资源配置更加聚焦，为未来发展扫清了障碍。 发高附加值产品以及处置非主业资产等一系列措施。此外，公司与金融机构积极沟通，落实降息展期，财务费用实现大幅降低，经营能力得到夯实。 齐鲁晚报.齐鲁壹点马小杰 近日，ST晨鸣发布2025年度业绩预告。尽管受到部分基地停机检修及资产计提等因素影响，公司当期利润承压，但一系列主动调整与经营改善的信号清 晰显示：晨鸣纸业正果断甩掉历史包袱，聚焦主业，稳步走出经营低谷。 与此同时，公司积极应对短期挑战，稳步推进主要生产基地复工复产。目前，公司寿光基地、黄冈基地、吉林基地及江西基地已全面复工复产，1月28日 湛江晨鸣二厂也实现复工复产，各基地生产、销售情况良好，产能利用率稳步提升。为持续提升经营效益，公司采取了严格管控成本、优化产品结构、开 随着造纸行业供需格局逐步改善，市场呈现回暖趋势，晨鸣纸业凭借其完整的产业链布局和领先的产能基础，已逐步重回正轨。短期业绩波动不足为惧， 市场更应关注其战略调整 ...

Company News - Great Wall Motors (02333.HK) expects a total revenue of RMB 222.79 billion in 2025, representing a year-on-year increase of 10.19%. However, net profit is projected to decline by 21.71% to RMB 9.912 billion due to increased investments in new user channels and marketing for new models and technologies [2] - China Southern Airlines (01055.HK) anticipates turning a profit in 2025, with net profit expected to be between RMB 800 million and RMB 1 billion [2] - CICC (03908.HK) forecasts a net profit of RMB 8.542 billion to RMB 10.535 billion in 2025, reflecting a year-on-year increase of 50% to 85% [3] - Datang Power (00991.HK) projects a net profit of approximately RMB 6.8 billion to RMB 7.8 billion in 2025, indicating a year-on-year increase of about 51% to 73% [4] - Rongchang Bio (09995.HK) expects 2025 revenue of approximately RMB 3.25 billion, a year-on-year increase of about 89%, and a net profit of around RMB 716 million, achieving profitability [4] - Haijia Medical (06078.HK) anticipates revenue of approximately RMB 4.0 billion to RMB 4.05 billion in 2025, a year-on-year decrease of about 9% to 10%, with net profit expected to decline by 66% to 76% to around RMB 140 million to RMB 200 million [4] - Junshi Biosciences (01877.HK) expects 2025 revenue of around RMB 2.5 billion, a year-on-year increase of approximately 28.32%, with a net loss of about RMB 873 million, a reduction of 31.85% compared to the previous year [4] - Kaisa New Energy (01108.HK) issued a profit warning, expecting a year-on-year increase in net loss of approximately RMB 90.07 million to RMB 290 million [4] - Xingye Alloy (00505.HK) issued a profit warning, anticipating a year-on-year decrease in profit attributable to equity shareholders of about 50% [4] - Fudan Zhangjiang (01349.HK) issued a profit warning, expecting a net loss of approximately RMB 120 million to RMB 180 million in 2025 [4] - Chenming Paper (01812.HK) issued a profit warning, expecting a net loss of RMB 8.2 billion to RMB 8.8 billion, a significant increase compared to the previous year [5] - Tianqi Lithium (09696.HK) has commenced production of the first batch of standard chemical-grade lithium concentrate products from its third-phase expansion project [6] Financing and Buyback Activities - Xiaomi Group-W (01810.HK) repurchased approximately 4.2 million shares for about HKD 150 million, with repurchase prices ranging from HKD 35.13 to HKD 42.50 [10] - Vitasoy International (00345.HK) repurchased shares worth HKD 24.37 million, acquiring 3.492 million shares at prices between HKD 6.9 and HKD 7 [11] - Yujian Xiaomian (02408.HK) plans to repurchase up to HKD 100 million of H-shares [12] - Nanshan Aluminum International (02610.HK) completed a placement of 31 million shares, raising approximately HKD 1.987 billion [12]