Core Viewpoint - The demand for waste paper pulp is surging due to the rapid growth of e-commerce and logistics in China, driven by a stable domestic economy and supportive government policies promoting recycling and circular economy initiatives [1][12][21]. Industry Overview - Waste paper pulp, also known as recycled pulp, is produced from waste paper and cardboard through various processing techniques. The production methods include dry and wet processes, with dry methods being more cost-effective [3][7]. - The production of waste paper pulp in China is projected to increase from 54.44 million tons in 2018 to 63.18 million tons by 2024, reflecting a compound annual growth rate (CAGR) of 2.5% [1][12]. Market Dynamics - The "ban on waste" policy has led to a complete halt in imported waste paper, exacerbating the shortage of virgin pulp and prompting companies to ramp up waste paper pulp production to meet market demands [1][12]. - The waste paper recovery volume in China is expected to reach 69.71 million tons by 2024, with a recovery rate of 51.1% and a utilization rate of 51.6% [10]. Government Policies - The Chinese government has implemented various policies to support the recycling industry, including the "14th Five-Year Plan" which emphasizes the establishment of a comprehensive recycling system for waste materials [5][6]. - Recent policies encourage the deep processing of recycled resources, including waste paper, to enhance the recycling industry's efficiency and output [5][6]. Competitive Landscape - The waste paper pulp industry features a diverse competitive landscape, with both large enterprises and small to medium-sized companies. Major players include Shanying International, Sun Paper, and Chenming Paper [16][17]. - The industry is expected to undergo consolidation, driven by policy and capital influences, leading to increased market concentration [16]. Future Trends - The waste paper pulp industry is anticipated to maintain steady growth, supported by increasing consumer demand for eco-friendly products and ongoing government initiatives [21]. - Future production will focus on green and intelligent manufacturing, with investments in environmental technologies and automation to enhance efficiency and reduce emissions [22][23]. - The collaboration across the waste paper recycling supply chain is expected to strengthen, improving the overall recovery and utilization rates of waste paper [24].

Group 1 - The core viewpoint of the article highlights the recent performance and financial metrics of Qingshan Paper Industry, indicating a mixed financial outlook with a decrease in revenue but an increase in net profit [1] - As of August 5, 2025, Qingshan Paper's stock closed at 2.31 yuan, reflecting a 1.32% increase, with a trading volume of 286,700 hands and a transaction amount of 65.8985 million yuan [1] - The company's latest quarterly report shows total revenue of 627 million yuan, a year-on-year decrease of 5.93%, while net profit attributable to shareholders reached 30.6869 million yuan, a year-on-year increase of 41.63% [1] Group 2 - Qingshan Paper has a current liquidity ratio of 2.094 and a quick ratio of 1.796, indicating a strong short-term financial position [1] - The company has a debt-to-asset ratio of 30.28%, suggesting a moderate level of financial leverage [1] - Qingshan Paper has made investments in 24 companies and participated in 5,000 bidding projects, showcasing its active engagement in the market [2]

Market Overview - On August 4, the paper sector rose by 0.12% compared to the previous trading day, with Kane Co. leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Individual Stock Performance - Kane Co. (002012) closed at 6.31, with a gain of 5.87% and a trading volume of 994,100 shares, amounting to a transaction value of 625 million [1] - ST Morning (000488) closed at 2.05, up 3.02%, with a trading volume of 425,400 shares and a transaction value of 86.34 million [1] - Xianhe Co. (603733) closed at 22.00, increasing by 2.28%, with a trading volume of 40,900 shares and a transaction value of 89.94 million [1] - Other notable stocks include Minfeng Special Paper (600235) with a closing price of 6.57, up 1.23%, and Hengda New Materials (301469) at 27.97, up 1.05% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 81.62 million from institutional investors, while retail investors saw a net inflow of 43.91 million [2] - Notable net inflows from retail investors were observed in ST Morning (000488) with 12.04 million and Xianhe Co. (603733) with 474.99 million [3] - Conversely, significant net outflows were recorded for Sun Paper (002078) with -26.84 million from institutional investors and -34.59 million from retail investors [3]

Core Viewpoint - Fujian Qingshan Paper Co., Ltd. announced the completion of the registration of the free transfer of 100% equity of Fujian Light Textile (Holding) Co., Ltd. to Fujian Industrial Holding Group Co., Ltd., making the latter an indirect controlling shareholder of the company with an 18.95% stake [1][2]. Group 1 - The transfer of equity is part of the establishment of Fujian Industrial Holding Group Co., Ltd. as a state-owned enterprise under the supervision of the Fujian Provincial State-owned Assets Supervision and Administration Commission [1]. - The free transfer of 100% equity of Fujian Light Textile to Fujian Industrial Holding Group has been completed, and the new business license has been issued by the Fujian Provincial Market Supervision Administration [2]. - Following this transfer, Fujian Light Textile remains the controlling shareholder, and the actual controller continues to be the Fujian Provincial State-owned Assets Supervision and Administration Commission [2].

具体内容详见福建省青山纸业股份有限公司（以下简称公司）在上 海 证 券 交 易 所 网 站（www.sse.com.cn）披露的《关于控股股东重组的提示性公告》 （公告编号：临 2025-024）、《关于控股股东股权无偿划转的提示性公告》（公 告编号：临 2025-032）及《详式权益变动报告书（福建省工业控股集团有限公 司）》。 2025 年 7 月 25 日，公司收到控股股东福建轻纺《关于省国资委组建福建省 工业控股集团有限公司有关股权划转事项完成工商变更登记的通知》（闽轻纺函 企〔2025〕5 号），福建轻纺 100%股权无偿划转至省工控集团的工商变更登记手 续已办理完毕，并已取得福建省市场监督管理局换发的《营业执照》。 本次划转完成后，省工控集团间接拥有公司 18.95%股份的权益，成为公司 的间接控股股东。本次无偿划转不会导致公司控股股东及实际控制人发生变化， 公司的控股股东仍为福建省轻纺（控股）有限责任公司，实际控制人仍为福建省 国资委。 特此公告。 证券代码：600103 证券简称：青山纸业 公告编号：临 2025-034 福建省青山纸业股份有限公司 关于间接控股股东股权无偿划转 完成工商变更登 ...

Core Viewpoint - Fujian Qingshan Paper Co., Ltd. is utilizing part of its idle raised funds for cash management, specifically investing in structured deposits to enhance fund efficiency and increase overall company performance, thereby providing better returns for shareholders [1][2][10]. Cash Management Overview - Cash management is conducted through entrusted parties, namely China Everbright Bank and Bank of China, with a total amount of RMB 120 million allocated for structured deposits [1][2]. - The cash management aims to improve the efficiency of temporarily idle raised funds while ensuring the safety of the funds and the progress of investment projects [2][8]. Financial Details - The company has approved the use of up to RMB 600 million of temporarily idle raised funds for cash management within one year from the shareholders' meeting approval date [2][10]. - The structured deposits include products with varying terms, such as 90 days and 129 days, with expected annualized returns ranging from 0.6% to 2.00% [7][8]. Investment Projects - The company has shifted its investment focus from a previously stalled project to new projects, including a recovery technology upgrade and expansion of a pharmaceutical workshop, utilizing the remaining raised funds [4][5]. Recent Financial Indicators - As of March 31, 2025, the company's total assets were RMB 622.81 million, with total liabilities of RMB 188.58 million, resulting in a net asset value of RMB 434.23 million [9][10]. - The cash management investment of RMB 120 million represents 15.69% of the company's cash balance as of the latest reporting period [10]. Risk Management - The company has established internal controls to monitor the investment of idle funds, ensuring that the selected financial products are low-risk and do not affect the normal operation of the fundraising projects [7][9].

证券代码：600103 证券简称：青山纸业 公告编号：临 2025-033 福建省青山纸业股份有限公司 关于理财产品到期赎回并使用部分闲置 募集资金进行现金管理进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ●现金管理受托方：中国光大银行股份有限公司福州南门支行、中国银行股 份有限公司沙县支行 ●现金管理金额：结构性存款合计人民币 1.2 亿元 ●现金管理产品名称：中国光大银行 2025 年挂钩汇率对公结构性存款定制 第六期产品 639、中国光大银行 2025 年挂钩汇率对公结构性存款定制第七期产 品 29 、中国银行人民币结构性存款 ●现金管理期限：中国光大银行 2025 年挂钩汇率对公结构性存款定制第六 期产品 639，90 天；中国光大银行 2025 年挂钩汇率对公结构性存款定制第七期 产品 29，90 天；中国银行人民币结构性存款，129 天。 ●履行的审议程序：公司十届十八次董事会、十届十七次监事会、2024 年 第四次临时股东大会审议通过《关于继续使用部分闲置募集资金进行现金管理的 ...

Core Viewpoint - The equity transfer involves the Fujian Provincial State-owned Assets Supervision and Administration Commission transferring its 100% stake in Fujian Light Textile (Holding) Co., Ltd. to the Fujian Industrial Holding Group, making it the indirect controlling shareholder of Fujian Qingshan Paper Co., Ltd. with 18.95% voting rights [1][2] Summary by Sections 1. Basic Situation of the Equity Change - The equity transfer is part of the restructuring to establish the Fujian Industrial Holding Group, which will hold 100% of Fujian Light Textile [1] - The controlling shareholder and actual controller of the company remain unchanged, with Fujian Light Textile as the controlling shareholder and Fujian Provincial State-owned Assets Supervision and Administration Commission as the actual controller [1][2] 2. Basic Information of the Disclosing Party - Name: Fujian Industrial Holding Group Co., Ltd. - Registered Address: No. 1, Lianjiang North Road, Yuefeng Town, Jin'an District, Fuzhou City, Fujian Province - Legal Representative: Yang Fang - Registered Capital: 800 million yuan - Established on: May 27, 2025 - Type: Limited Liability Company (Wholly State-owned) [2][3] 3. Subsequent Matters - Detailed information regarding the equity change will be disclosed in the "Detailed Report on Equity Change of Fujian Qingshan Paper Co., Ltd." on the Shanghai Stock Exchange website [3]

Core Viewpoint - The report outlines the equity change of Fujian Qingshan Paper Industry Co., Ltd., where Fujian Provincial Industrial Holding Group Co., Ltd. will acquire 100% equity of Fujian Light Textile through a non-compensatory transfer, indirectly controlling 18.95% of Qingshan Paper's voting rights, thus becoming its indirect controlling shareholder [1][2][12]. Group 1: Equity Change Details - The equity change is a result of the non-compensatory transfer of 100% equity of Fujian Light Textile from the Fujian State-owned Assets Supervision and Administration Commission to Fujian Provincial Industrial Holding Group [2][10]. - After the equity change, Fujian Provincial Industrial Holding Group will indirectly control 426,942,224 shares of Qingshan Paper, representing 18.95% of the total voting rights [12][24]. - The change does not affect the direct controlling shareholder or the actual controller of Qingshan Paper, which remains Fujian Light Textile and Fujian State-owned Assets Supervision and Administration Commission, respectively [10][12]. Group 2: Company Information - Fujian Provincial Industrial Holding Group was established on May 27, 2025, with a registered capital of 800 million yuan [7][8]. - The company is a wholly state-owned limited liability company, primarily engaged in investment activities, management consulting, and various manufacturing sectors including paper production [7][8]. - As of the report date, Fujian Provincial Industrial Holding Group has not conducted any actual business operations since its establishment [8]. Group 3: Future Plans and Procedures - There are no plans for further acquisition or disposal of Qingshan Paper shares within the next 12 months, aside from the current equity change [10][11]. - The equity change requires the completion of registration procedures with government market supervision departments for the change of equity holder of Fujian Light Textile [11][26]. - The company has committed to maintaining the independence of Qingshan Paper in terms of assets, personnel, finance, and operations following the equity change [16][18].

证券代码：600103 证券简称：青山纸业 公告编号：临2025-032 福建省青山纸业股份有限公司 关于控股股东股权无偿划转的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、本次权益变动基本情况 2025年5月23日，公司收到控股股东福建轻纺通知，根据《福建省人民政府国有资 产监督管理委员会关于重组组建福建省工业控股集团有限公司的通知》（闽国资改革 〔2025〕53号），拟组建省工控集团作为省管企业，将福建省国资委直接持有的福建 轻纺100.00%股权注入省工控集团，福建轻纺作为省工控集团的子企业。具体内容详见 公司于2025年5月24日披露的《关于控股股东重组的提示性公告》（公告编号：临 2025-024）。 2025年6月27日，公司收到控股股东福建轻纺通知，福建省国资委已出具《关于组 建福建省工业控股集团有限公司有关股权划转的函》（闽国资函产权〔2025〕103号）， 明确将福建省国资委持有的福建轻纺100.00%股权无偿划转至省工控集团。 本次权益变动前，省工控集团未持有公司股份，公司 ...