Market Overview - The paper sector experienced a slight decline of 0.08% on November 20, with Jingxing Paper leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Annie Co. (002235) saw a significant increase of 9.95%, closing at 8.51, with a trading volume of 808,200 shares and a turnover of 680 million [1] - Yibin Paper (600793) rose by 3.31% to 22.78, with a trading volume of 63,900 shares and a turnover of 14.5 million [1] - Other notable performers included Bohui Paper (600966) up 2.25% and Minshida (920394) up 1.16% [1] Capital Flow Analysis - The paper sector had a net inflow of 191 million from institutional investors, while retail investors saw a net outflow of approximately 59.4 million [2] - The main capital inflow was concentrated in Annie Co. with a net inflow of 3.44 billion, representing 50.64% of its trading volume [3] - Other stocks like Yibin Paper and Bohui Paper also experienced positive net inflows from institutional investors [3]

Core Viewpoint - Minfeng Special Paper Co., Ltd. is proceeding with the public auction of unused equipment from its Nanhu plant, initially set at a valuation of RMB 174,651,109.00, which has been adjusted to RMB 169,968,254.00 after excluding certain equipment. The first auction was unsuccessful, leading to a second auction with a 10% price reduction to RMB 152,971,428.60 [2][3][4] Group 1: Transaction Overview - The company held board meetings on September 29, 2025, and October 15, 2025, to approve the sale of unused equipment from the Nanhu plant to enhance asset liquidity and operational efficiency [3][13] - The initial auction price was set at RMB 174,651,109.00, later adjusted to RMB 169,968,254.00 after removing specific equipment [2][14] - The first auction period ran from October 17, 2025, to November 17, 2025, but resulted in no interested buyers, leading to a failed auction [3][14] Group 2: Subsequent Arrangements - On November 19, 2025, the board approved a second public auction with a 10% price reduction from the adjusted price, setting the new auction price at RMB 152,971,428.60 [4][14] - The second auction will proceed without requiring further shareholder approval, as it was authorized by the board [4][14] Group 3: Management Changes - The company announced the resignation of General Manager Cao Jihua on November 18, 2025, due to work reasons, while he will continue to serve as a board member and chairman [16][17] - The board appointed Han Jiyou as the new General Manager, effective immediately, with a term lasting until the end of the current board's tenure [17][18]

Core Points - Minfeng Special Paper announced the sale of unused equipment and assets at its Nanhu plant through a public listing with an initial price of RMB 174,651,109.00 [2] - After removing certain equipment from the auction, the adjusted listing price for the assets is set at RMB 169,968,254.00 [2] - The first auction failed to attract any interested buyers, resulting in a failed bid [2] - The company plans to conduct a second public auction, reducing the price by 10% to RMB 152,971,428.60 [2] Company Actions - The company will sell unused equipment and assets through Jiaxing Property Trading Co., Ltd. [2] - The board of directors approved the proposal for the second public auction during the 20th meeting of the 9th board session [2] - The company aims to maintain the remaining auction details unchanged while adjusting the price [2]

重要内容提示： 民丰特种纸股份有限公司（以下简称"公司"）于 2025 年11月18日收到公 司总经理曹继华先生提交的书面辞职报告。曹继华先生因工作原因，申请辞去公 司总经理职务。辞职后，曹继华先生将继续在公司担任第九届董事会董事、董事 长及董事会下设专门委员会有关职务不变。具体情况如下： 民丰特种纸股份有限公司 关于公司总经理辞职暨聘任公司总经理的公告 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、准确性和完整性承担法律责任。 证券代码：600235 证券简称：民丰特纸 公告编号：2025- 037 一、总经理离任情况 特此公告。 民丰特种纸股份有限公司 | | | | 原定任期 | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | 到期日 | | 股子公司任职 | （如适用） | 毕的公开 | | | | | | | | 董事、董事 | 承诺 | | | | | | | | 长 ...

公司于2025年11月19日，召开了第九届董事会第二十次会议，审议通过了《民 丰特纸关于第二次公开挂牌出售不再使用设备的议案》（9票同意 0票反对 0票弃 权）。公司将在首次挂牌价格（调整后）169,968,254.00元的基础上下降10%，即 152,971,428.60元，进行第二次公开挂牌出售。其余内容保持不变。 一、本次交易概述 公司于2025年9月29日召开九届董事会第十八次会议、2025年10月15日召开 2025年度第一次临时股东会，审议通过了《民丰特纸关于拟公开挂牌出售不再使 用设备的议案》。鉴于公司南湖厂区已全面停产，为盘活公司资产，提高公司资 产运营效率及流动性，公司将南湖厂区不再使用设备等资产通过嘉兴产权公司以 公开挂牌方式出售。首次挂牌价格不低于上述资产的评估值共计人民币 174,651,109.00元。详见《民丰特纸关于拟公开挂牌出售不再使用设备的公告》 证券代码：600235 证券简称：民丰特纸 编号：2025-038 民丰特种纸股份有限公司 关于公开挂牌出售不再使用设备的进展公告 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 ...

证券代码：600235 证券简称：民丰特纸 编号：2025-036 民丰特种纸股份有限公司 第九届董事会第二十次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 民丰特种纸股份有限公司（以下简称"公司"）第九届董事会第二十次会议 通知于 2025 年 11 月 18 日以电子邮件、电话和书面方式告知各位董事。会议于 2025 年 11 月 19 日以通讯方式召开。经全体董事一致同意，本次董事会会议豁 免通知时限要求。会议应出席董事 9 人，实到董事 9 人，会议由董事长曹继华先 生主持。会议的召集、召开及审议程序符合《公司法》、《公司章程》和《董事会 议事规则》的有关规定。 韩继友，男,1974 年出生,东北林业大学制浆造纸专业毕业,大学本科学历, 高级工程师。历任民丰特种纸股份有限公司六分厂厂长、技术中心主任、副总工 程师、总经理助理、民丰特纸海盐分公司副总经理、总经理、浙江嘉丰纸制品有 限公司执行董事。现任民丰特种纸股份有限公司副总经理。 截至本公告披露日，韩继友先生未持有公司股份 ...

Core Viewpoint - The company announced the resignation of its general manager, Cao Jihua, due to work reasons, while he will continue to serve as a director and chairman of the board [1] Group 1 - The board of directors has approved the appointment of Han Jiyou as the new general manager, effective from the date of the board's approval until the end of the current board's term [1]

Group 1 - The core point of the article is the resignation of the general manager of Minfeng Special Paper, Mr. Cao Jihua, due to work reasons, while he will continue to serve as a director and chairman of the board [1] - The board has approved the appointment of Mr. Han Jiyou as the new general manager following Mr. Cao's resignation [1] - For the year 2024, the revenue composition of Minfeng Special Paper is reported to be 99.17% from mechanical paper and 0.83% from other businesses [1] Group 2 - As of the report, the market capitalization of Minfeng Special Paper is 2.5 billion yuan [1]

Core Points - The company announced that its 20th board meeting of the 9th session will be held on November 19, 2025 [1] - Due to work reasons, the general manager, Cao Jihua, resigned on November 18, and the board plans to appoint Han Jiyou as the new general manager until the end of the current board session [1] - Han Jiyou is currently the deputy general manager, does not hold any shares, and has no related party relationships [1] - The company has initiated a public sale of unused equipment, which failed to sell at the initial listing price of 170 million yuan, and is now planning to reduce the price by 10% to 153 million yuan for a second listing [1]

Core Points - The company announced the resignation of its General Manager, Mr. Cao Jihua, due to work-related reasons, effective November 18, 2025 [1] - Mr. Cao Jihua will continue to serve as a director and chairman of the board, as well as in other committee roles [1] - The board has appointed Mr. Han Jiyou as the new General Manager, effective from the date of board approval until the end of the current board's term [1]