证券代码：600308 股票简称：华泰股份 编号：2025-031 山东华泰纸业股份有限公司 关于公司及子公司成为胶版印刷纸期货首批交割厂 库暨"华泰牡丹"品牌入选首批可交割商品品牌的 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。 2025 年 9 月 3 日，上海期货交易所（以下简称"上期所"）发布 《关于同意胶版印刷纸期货首批交割厂库的公告》（〔2025〕110 号） 及《关于同意胶版印刷纸期货首批可交割商品的公告》（〔2025〕111 号）。根据上述公告，山东华泰纸业股份有限公司（以下简称"公司"） 及控股子公司广东华泰纸业有限公司（以下简称"广东华泰"）均获 准成为胶版印刷纸期货首批交割厂库，公司旗下"华泰牡丹"品牌入 选胶版印刷纸期货首批可交割商品品牌。 此次公司及广东华泰获得胶版印刷纸期货交割厂库资质、"华泰 牡丹"品牌成为首批可交割商品品牌，是公司在胶版印刷纸领域综合 实力的重要体现，亦是业务发展的关键突破。此举有利于公司进一步 拓宽业务边界，增强在胶版印刷纸市场的核心竞争力与行业影响力； 对公司优化资 ...

Core Viewpoint - Huatai Co., Ltd. has been approved to become a delivery warehouse for the first batch of newsprint futures, marking a significant breakthrough in its business development and enhancing its competitiveness in the market [1] Group 1 - The Shanghai Futures Exchange announced the approval of Huatai Co., Ltd. and its subsidiary Guangdong Huatai Paper Industry Co., Ltd. as delivery warehouses for newsprint futures [1] - The "Huatai Peony" brand has been selected as one of the first batch of deliverable brands for newsprint futures [1] - This approval reflects the comprehensive strength of the company in the newsprint sector and is a key milestone for its business development [1] Group 2 - The move is expected to broaden the company's business boundaries and enhance its core competitiveness and industry influence in the newsprint market [1] - It will positively impact the company's resource allocation efficiency, industrial chain strategy layout, and ability to meet customer needs more precisely [1]

Core Viewpoint - Huatai Co., Ltd. has been approved to become a delivery warehouse for the first batch of newsprint futures, marking a significant breakthrough in its business development and enhancing its competitiveness in the market [1] Group 1 - The Shanghai Futures Exchange announced the approval of Huatai Co., Ltd. and its subsidiary Guangdong Huatai Paper Industry Co., Ltd. as delivery warehouses for newsprint futures [1] - The "Huatai Peony" brand has been selected as one of the first deliverable brands for newsprint futures, showcasing the company's comprehensive strength in the newsprint sector [1] - This approval is expected to broaden the company's business boundaries and strengthen its core competitiveness and industry influence in the newsprint market [1] Group 2 - The move will positively impact the company's resource allocation efficiency, strategic layout of the industry chain, and ability to meet customer needs more precisely [1]

Delivery Warehouses - The Shanghai Futures Exchange (SHFE) has approved several companies as the first batch of delivery warehouses for the newsprint futures, including Xiamen Jianfa Warehousing Co., Qingdao China Foreign Trade Supply Chain Management Co., and others [1] - The SHFE will adjust the delivery warehouse capacity based on market development and will gradually expand the delivery warehouse layout [1] Delivery Factories - The SHFE has designated multiple companies as the first batch of delivery factories for newsprint futures, including Yueyang Forest & Paper Co., Shandong Bohui Paper Industry Co., and others [2] - Delivery factories are required to prepare for the futures delivery business according to the approved capacity and ensure compliance with relevant regulations [2] Deliverable Products - The first batch of deliverable products for newsprint futures includes 13 brands, such as "Yueyang Tower" produced by Yueyang Forest & Paper Co. and "Galaxy Ru Yi" produced by Shandong Galaxy Ruixue Paper Industry Co., all subject to standard pricing [2] - The SHFE will monitor changes in the newsprint market and may adjust the list of deliverable products accordingly [2] Designated Inspection Institutions - The SHFE has approved several institutions as designated inspection agencies for newsprint futures, including China Light Industry Paper Products Inspection and Certification Co. and Shanghai Customs Industrial Products and Raw Materials Testing Technology Center [3] - These institutions are required to conduct inspection services according to the relevant regulations and ensure orderly operations [3] - A set of inspection guidelines for newsprint futures has been jointly developed and filed by the designated inspection agencies [3]

Core Viewpoint - The Shanghai Futures Exchange has approved several companies as the first delivery warehouses for the futures of offset printing paper, indicating a significant development in the paper industry and futures trading [1] Group 1: Approved Companies - The following companies have been approved as delivery warehouses: Yueyang Forest & Paper Co., Ltd., Shandong Bohui Paper Industry Co., Ltd., Shandong Sun Paper Industry Co., Ltd., Guangxi Sun Paper Industry Co., Ltd., Shandong Huatai Paper Industry Co., Ltd., Guangdong Huatai Paper Industry Co., Ltd., Nine Dragons Global (China) Investment Group Co., Ltd., Liansheng Pulp and Paper (Zhangzhou) Co., Ltd., Xiamen Jianfa Pulp and Paper Group Co., Ltd., and Xiamen Guomao Paper Industry Co., Ltd. [1] Group 2: Operational Guidelines - From the date of the announcement, all approved delivery warehouses must prepare for the offset printing paper futures delivery operations according to the approved warehouse capacity, strictly adhering to relevant regulations and enhancing management to ensure orderly operations [1] Group 3: Future Developments - The standard warehouse receipt generation for offset printing paper futures will commence on November 20, 2025, with the Shanghai Futures Exchange planning to adjust warehouse capacity and expand the delivery warehouse layout based on market development [1]

Group 1 - The paper sector experienced a slight increase of 0.16% on September 1, with Hengfeng Paper leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Hengfeng Paper's stock price rose by 6.96% to 10.29, with a trading volume of 363,000 shares and a transaction value of 377 million yuan [1] Group 2 - The paper sector saw a net inflow of 151 million yuan from institutional investors, while retail investors experienced a net outflow of 72 million yuan [2] - Key stocks such as Qingshan Paper and Annie Co. also showed significant movements, with Qingshan Paper's stock price increasing by 6.81% [2][3] - The trading data indicates that institutional investors were more active in the paper sector compared to retail investors, reflecting a shift in market sentiment [3]

Financial Performance - The company's total revenue for the first half of 2025 was 6.409 billion yuan, a decrease of 1.86% year-on-year [1] - The net profit attributable to shareholders was 67.6382 million yuan, down 63.13% year-on-year [1] - In Q2 2025, total revenue was 3.323 billion yuan, an increase of 7.32% year-on-year, while net profit attributable to shareholders was 7.8087 million yuan, a decline of 88.92% year-on-year [1] - The gross margin was 9.67%, an increase of 1.29% year-on-year, while the net margin was 0.98%, a decrease of 66.03% year-on-year [1] Financial Ratios and Metrics - The company's return on invested capital (ROIC) for the previous year was 0.79%, indicating weak capital returns [3] - The net profit margin for the previous year was 0.14%, suggesting low added value for products or services [3] - The ratio of selling, administrative, and financial expenses to revenue was 4.58%, an increase of 28.91% year-on-year [1] Cash Flow and Debt Situation - The company's cash flow situation is concerning, with cash and cash equivalents amounting to 1.427 billion yuan, a decrease of 28.96% year-on-year [1] - The ratio of cash and cash equivalents to current liabilities was only 44.85%, indicating potential liquidity issues [3] - The company’s interest-bearing debt increased by 14.71% year-on-year to 3.287 billion yuan [1] Accounts Receivable - The accounts receivable stood at 1.17 billion yuan, a 5.06% increase year-on-year, with accounts receivable to profit ratio reaching 3235.46% [1][3] - The company needs to closely monitor its accounts receivable situation due to the high ratio compared to net profit [3]

Core Viewpoint - The company, Shandong Huatai Paper Co., Ltd., is planning to engage in futures hedging business to mitigate price fluctuations of raw materials and finished products, thereby enhancing its risk resistance capabilities [6][8]. Section 1: Company Overview - The company is identified by the stock code 600308 and is referred to as Huatai Shares [19]. - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the report [1][5]. Section 2: Financial Data - The maximum amount for futures hedging business is set at RMB 18 million, excluding the margin for standard warehouse receipt delivery [9][10]. Section 3: Important Matters - The company has approved the proposal for futures hedging business, which is aimed at controlling market risks associated with price fluctuations [6][12]. Section 4: Risk Analysis and Control Measures - The company has established a management system for futures hedging business, which includes risk control measures and a professional team to oversee operations [14]. - The company will strictly control the types and scale of futures hedging to align with actual business needs [14]. Section 5: Impact on the Company - Engaging in futures hedging is expected to improve the company's financial stability and ability to respond to price volatility in raw materials and finished products [15][16]. Section 6: Investor Communication - The company will hold a performance briefing on September 8, 2025, to discuss the first half of 2025's operational results and financial status with investors [30][31].

Core Points - The board of directors of Shandong Huatai Paper Industry Co., Ltd. held its eighth meeting of the eleventh session on August 29, 2025, where several key resolutions were passed [1][2]. Group 1: Financial Reporting - The company approved the 2025 semi-annual report and its summary with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [1]. - The audit committee confirmed that the report's preparation and review processes complied with legal regulations and internal management systems, ensuring the report accurately reflects the company's financial status and operational results [1]. Group 2: Risk Assessment and Management - The board approved a risk continuous assessment report for Huatai Group Financial Co., Ltd. with a vote of 7 in favor, 0 against, and 0 abstentions, with related directors abstaining from the vote [2]. - The company established a management system for futures hedging business, which was also unanimously approved with 9 votes in favor [2]. - A feasibility analysis report for the futures hedging business was approved with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [2]. - The proposal to conduct futures hedging business was approved with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [2].

Core Viewpoint - Huatai Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved a revenue of 6.409 billion yuan, representing a year-on-year decrease of 1.86% [1] - The net profit attributable to shareholders was 67.64 million yuan, down 63.13% year-on-year [1] - The net profit after deducting non-recurring items was 47.50 million yuan, reflecting a significant decline of 73.02% compared to the previous year [1] - Basic earnings per share stood at 0.05 yuan [1]