Overview - Minfeng Special Paper Co., Ltd. plans to publicly auction unused equipment from its Nanhu plant through Jiaxing Property Trading Co., Ltd. The first auction failed to attract any interested buyers, resulting in a failed bid [1][2]. Transaction Summary - The company held its 18th board meeting on September 29, 2025, and the first extraordinary shareholders' meeting on October 15, 2025, where it approved the proposal to publicly auction unused equipment [1]. - The first auction did not attract any interested buyers, leading to a failed bid [1]. - On November 19, 2025, the company held its 20th board meeting and approved a second public auction of the unused equipment, with the auction price reduced by 10% from the initial listing [1][2]. Progress of the Transaction - The second public auction was conducted from November 20 to November 26, 2025, but it also failed to attract any interested buyers, resulting in another failed bid [2]. Future Arrangements - To broaden the audience for the asset sale, the company plans to select other auction platforms for a new public auction, maintaining the same auction price and scope as in the second public auction [3].

Core Viewpoint - Minfeng Special Paper announced the failure of its second asset auction, indicating challenges in asset liquidation and operational adjustments following the closure of its Nanhu plant [2][3] Group 1: Asset Auction Details - The company attempted to sell unused equipment from the Nanhu plant through public auction but failed to attract any bidders in both the first and second rounds [2] - The initial auction price was set at 169,968,254.00 yuan, which was reduced by 10% to 152,971,428.60 yuan for the second auction after the first round ended in failure [2] - The assets for sale included multiple paper machines and other equipment, with some items being removed from the auction list based on the company's needs [3] Group 2: Operational Changes - The Nanhu plant was fully shut down by the end of June this year, with production operations shifting to a modernized facility in Haiyan [2] - The company aims to enhance asset efficiency and liquidity through the sale of these unused assets [2] Group 3: Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 889 million yuan, a year-on-year decrease of 23.61%, and a net profit of 18.64 million yuan, down 69.43% year-on-year [3] - As of November 27, the company's stock price increased by 1.19%, closing at 6.79 yuan per share, with a total market capitalization of 2.385 billion yuan [3]

Core Viewpoint - Minfeng Special Paper's assets are being auctioned off due to operational shifts, with two rounds of auctions resulting in no buyers, prompting a price reduction for the second attempt [1][2]. Group 1: Auction Details - The company announced a second auction for unused assets from the Nanhu plant, which has been fully shut down since June 2023, with the initial auction price set at 169,968,254.00 yuan, later reduced by 10% to 152,971,428.60 yuan after the first auction failed [1][2]. - The assets for sale include multiple paper machines and other equipment, with some items being removed from the auction list based on the company's needs [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 889 million yuan, a year-on-year decrease of 23.61%, and a net profit attributable to shareholders of 18.64 million yuan, down 69.43% compared to the previous year [2]. Group 3: Market Reaction - As of November 27, the company's stock price increased by 1.19%, closing at 6.79 yuan per share, with a total market capitalization of 2.385 billion yuan [3].

证券代码：600235 证券简称：民丰特纸 编号：2025-039 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。 重要内容提示： 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 民丰特种纸股份有限公司（以下简称"民丰特纸"或"公司"）拟将南湖厂 区不再使用设备等资产通过嘉兴市产权交易有限公司（以下简称"嘉兴产权公司"） 以公开挂牌方式进行第二次出售。本次拍卖在信息披露期满未征集到意向受让方， 拍卖结果为流拍。 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》。公司拟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。本次拍卖在信息披露期满未征集到意向受让方，拍卖结果为流 拍。 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》。公司拟将上述南湖厂区 不再使用设备等资产继续通过嘉 ...

Group 1 - The core business of the company is the research, production, and sales of paper and paper products [1] - The main customers include China National Tobacco Corporation, label manufacturers, and paper distributors [1]

Group 1 - The company, Minfeng Special Paper, stated on November 24 that it will use the first installment of compensation received from the demolition of the Nanhu plant for soil pollution investigation and remediation, with any surplus allocated for production operations [2]

Market Overview - The paper sector experienced a decline of 2.79% on November 21, with Qingshan Paper leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Qingshan Paper (600103) saw a significant drop of 6.30%, closing at 3.42, with a trading volume of 1.74 million shares and a turnover of 609 million yuan [2] - Other notable declines included Minfeng Special Paper (600235) down 6.13% to 6.58, and Hengda New Materials (301469) down 5.74% to 28.25 [2] - Annie Co. (002235) was one of the few gainers, increasing by 1.29% to 8.62, with a trading volume of 2.09 million shares and a turnover of 1.82 billion yuan [1] Capital Flow Analysis - The paper sector saw a net outflow of 347 million yuan from institutional investors, while retail investors contributed a net inflow of 282 million yuan [2] - The main capital inflow was observed in stocks like Huawang Technology (605377) with a net inflow of 5.94 million yuan, while stocks like Qingshan Paper experienced a net outflow of 510,900 yuan [3]

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]