证券代码：600308 股票简称：华泰股份 编号：2025-029 山东华泰纸业股份有限公司 关于开展期货套期保值业务的公告 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。 重要内容提示： 交易目的：山东华泰纸业股份有限公司（以下简称"公司"）针对与生产经营相关的 原材料、产成品的现货交易，为合理规避价格波动对公司生产经营的影响，充分利用期 货套期保值功能控制市场风险，进一步提升公司的抗风险能力，公司及子公司（包括全 资子公司、控股子公司，下同）拟根据公司实际情况适度开展主要以套期保值为目的的 期货业务。 交易品种及工具：公司开展商品期货套期保值业务的品种限于公司及子公司生产经 营相关的原材料品种或产成品(包括但不限于纸浆、双胶纸等)。 交易场所：经监管机构批准，具有相应业务经营资质的金融机构。 交易金额及期限：公司及子公司使用自有资金开展期货套期保值业务任一时点的保证 金（含前述交易的收益进行再交易的相关金额）最高额度不超过人民币1,800万元（不 含标准仓单交割占用的保证金规模）。交易期限自公司第十一届董事会第八次会议审 ...

山东华泰纸业股份有限公司 开展期货套期保值业务可行性分析报告 一、开展期货套期保值业务的目的 针对与生产经营相关的原材料、产成品的现货交易，为合理规避价格波动对 公司生产经营的影响，充分利用期货套期保值功能控制市场风险，进一步提升公 司的抗风险能力，山东华泰纸业股份有限公司（以下简称"公司"）及子公司拟 根据实际情况适度开展主要以套期保值为目的的期货业务。 二、开展期货套期保值业务基本情况 公司用于开展期货套期保值业务的资金来源为自有资金，不涉及募集资金。 （三）交易方式 公司开展商品期货套期保值业务的品种限于公司及子公司生产经营相关的 原材料品种或产成品（包括但不限于纸浆、双胶纸等）。 （四）交易期限 自公司第十一届董事会第八次会议审议通过之日起12个月内有效，上述资金 可循环使用。 三、风险分析 公司及子公司开展的期货套期保值业务遵循合法、审慎的原则，以日常生产 经营需求为基础，与公司实际业务相匹配，以规避和防范原材料和产成品价格波 动风险为目的。但仍存在一定的风险： 1、市场风险：期货行情变动较大，可能产生价格变化方向与公司预测判断 相背离的情况，造成交易损失。 （一）交易金额 公司及子公司开展期货套期 ...

根据《上海证券交易所上市公司自律监管指引第 5 号-交易与关 联交易》的相关要求，山东华泰纸业股份有限公司（以下简称华泰股 份或公司）通过查验和审阅华泰集团财务有限公司（以下简称华泰财 务公司或财务公司）《金融许可证》《营业执照》等证件资料及相关财 务资料，对财务公司的经营资质、业务和风险状况进行了评估，现将 有关风险评估情况报告如下： 一、公司基本情况 山东华泰纸业股份有限公司 关于对华泰集团财务有限公司的持续风险评估报告 华泰集团财务有限公司系经国家金融监管总局（原中国银行保险 监督管理委员会）批准设立的非银行金融机构，财务公司于 2019 年 10 月 17 日经中国银保监会（银保监复【2019】926 号）批准筹建， 于 2020 年 3 月 20 日经山东银保监局（鲁银保监准【2020】115 号） 批准开业。财务公司由华泰集团有限公司和山东华泰纸业股份有公司 共同出资设立，注册资本人民币 10 亿元，其中华泰集团出资 6 亿元， 占 60%，公司出资 4 亿元，占 40%。财务公司目前持有山东银保监局 发放的金融许可证（机构编码：L0277H237010001）和济南市历下区 行 政 审 批 服 ...

Core Viewpoint - The paper industry sector experienced a 0.5% increase on August 20, with Annie Co. leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3766.21, up 1.04% [1]. - The Shenzhen Component Index closed at 11926.74, up 0.89% [1]. Group 2: Individual Stock Performance - Annie Co. (002235) closed at 9.04, with a rise of 4.15%, and a trading volume of 1.4162 million shares, totaling a transaction value of 1.258 billion [1]. - BoHui Paper (600966) closed at 5.31, up 3.31%, with a trading volume of 204,000 shares, totaling 106 million [1]. - QiFeng New Materials (002521) closed at 9.07, increasing by 2.14%, with a trading volume of 114,200 shares, totaling 104 million [1]. - Forest Packaging (605500) closed at 10.24, up 1.69%, with a trading volume of 147,300 shares, totaling 150 million [1]. - Hengfeng Paper (600356) closed at 9.28, increasing by 1.64%, with a trading volume of 49,900 shares, totaling 45.9795 million [1]. - Minfeng Special Paper (600235) closed at 6.63, up 1.38%, with a trading volume of 78,900 shares, totaling 52.0111 million [1]. - Yibin Paper (600793) closed at 25.59, increasing by 1.35%, with a trading volume of 69,800 shares, totaling 178 million [1]. - Qingshan Paper (600103) closed at 2.36, up 1.29%, with a trading volume of 489,200 shares, totaling 1.15 billion [1]. - Rongsheng Environmental Protection (603165) closed at 12.55, increasing by 1.13%, with a trading volume of 36,600 shares, totaling 45.8246 million [1]. - Guanmeng High-tech (600433) closed at 3.17, up 0.96%, with a trading volume of 185,600 shares, totaling 58.3962 million [1]. Group 3: Capital Flow - The paper sector saw a net inflow of 101 million from main funds, while retail funds experienced a net outflow of 11.7049 million [2].

Market Overview - The paper sector increased by 0.57% on August 18, with Hengda New Materials leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Hengda New Materials (301469) closed at 31.69, up 5.95% with a trading volume of 50,600 and a turnover of 158 million [1] - ST Morning (000488) closed at 2.30, up 3.60% with a trading volume of 477,500 and a turnover of 109 million [1] - BoHui Paper (600966) closed at 5.17, up 2.78% with a trading volume of 315,500 and a turnover of 164 million [1] - Other notable performers include Minshida (833394) up 2.67%, Huawang Technology (605377) up 2.58%, and Hengfeng Paper (600356) up 2.46% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 57.59 million from institutional investors and 13.46 million from speculative funds, while retail investors saw a net inflow of 71.05 million [2] - Notable net inflows from retail investors were observed in Sun Paper (002078) with 49.32 million, and Hengfeng Paper (600356) with 14.96 million [3] - Conversely, significant net outflows from institutional investors were noted in Sun Paper (-36.67 million) and Hengda New Materials (-28.62 million) [3]

Group 1 - The core products of Dongying Huatai Chemical Group, a wholly-owned subsidiary of Huatai Co., Ltd., include caustic soda, liquid chlorine, hydrogen peroxide, propylene oxide, chloroacetic acid, methyl chloride, and aniline [1] - The annual production capacity of caustic soda is 750,000 tons (converted to hundred thousand tons), while the annual production capacity of liquid chlorine is approximately 600,000 tons [1]

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].

Industry Overview - The demand for wood pulp in China is continuously increasing due to the rising production of paper and cardboard, along with restrictions on waste paper imports [1][12] - In 2024, China's wood pulp production is projected to reach 26.26 million tons, a year-on-year increase of 13.58%, while consumption is expected to be 51.39 million tons, up 4.22% [1][12] - The industry is highly dependent on imports to meet downstream demand due to limited domestic wood resources [1][12] Industry Development History - The Chinese wood pulp industry has undergone five stages of development, from a nascent phase (1950-1978) dominated by state-owned enterprises to a rapid growth phase (2000-2010) following China's WTO accession [4][5] - The current phase (2021-present) focuses on green manufacturing and circular economy, driven by dual carbon goals and technological advancements [5] Industry Chain - The upstream of the wood pulp industry includes raw materials (mainly wood) and production equipment, while the midstream involves wood pulp manufacturing [8] - Downstream applications encompass various paper products, including household paper, cultural paper, packaging paper, and specialty paper [8] Current Industry Status - The wood pulp industry in China is transitioning from "import dependence" to "domestic dominance," with domestic wood pulp consumption expected to reach 25.95 million tons in 2024, a 15.49% increase [14] - The market share of major players like Asia Pacific Forest Products and Chenming Paper has increased due to investments and technological upgrades [14][16] Key Companies' Performance - The industry is characterized by "oligopolistic competition" with high market concentration among five major companies, including Asia Pacific Forest Products and Chenming Paper [16] - Chenming Paper's revenue from chemical pulp is projected to reach 1.519 billion yuan in 2024, a significant increase of 175.29% [18] Industry Development Trends - The industry is accelerating its transition towards green and sustainable development, with policies promoting the use of biomass fuels and efficient equipment [22] - Technological innovations, such as continuous cooking processes and digital production systems, are expected to enhance wood utilization rates and product quality [23] - Companies are expanding their global presence and forming regional partnerships to enhance supply chain resilience [24]

Core Viewpoint - Shandong Huatai Paper Industry Co., Ltd. expects a significant decline in net profit for the first half of 2025, projecting a decrease of 59.11% to 70.02% compared to the same period last year [2][4]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of the parent company between 55 million to 75 million yuan for the first half of 2025, a decrease of 10.843 million to 12.843 million yuan from the previous year [2][4]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between 36 million to 56 million yuan, reflecting a reduction of 12.004 million to 14.004 million yuan year-on-year [2][4]. Group 2: Previous Year’s Performance - In the same period last year, the total profit was 227.13 million yuan, with a net profit attributable to shareholders of the parent company at 183.43 million yuan [6]. - The net profit, after excluding non-recurring gains and losses, was 176.04 million yuan, with earnings per share recorded at 0.12 yuan [6][7]. Group 3: Reasons for Performance Decline - The decline in performance is attributed to a significant drop in sales prices of the company's main products, which outpaced the decrease in costs, leading to a reduction in gross profit margin and a decline in sales volume [8]. - The company is responding to the challenging economic environment by accelerating the production of a 700,000-ton chemical pulp project and advancing the construction of the Rizhao Huatai specialty pulp and paper project, while also optimizing product structure and improving management and production efficiency [8].

Group 1 - The company expects a net profit attributable to shareholders for the first half of 2025 to be between 55 million and 75 million yuan, representing a decrease of 10.843 million to 12.843 million yuan compared to the same period last year, a year-on-year decline of 59.11% to 70.02% [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 36 million and 56 million yuan, a decrease of 12.004 million to 14.004 million yuan compared to the same period last year, a year-on-year decline of 68.19% to 79.55% [2] - The main reason for the expected decline in performance is that the decrease in product sales prices exceeds the decrease in costs, leading to a decline in gross profit margin, along with a decrease in sales volume [2] Group 2 - The company's total profit for the same period last year was 227.1302 million yuan, with a net profit attributable to shareholders of 183.4273 million yuan, and a net profit after deducting non-recurring gains and losses of 176.0392 million yuan [2] - The earnings per share for the same period last year was 0.12 yuan [2] - The company is accelerating the production and efficiency of a 700,000-ton chemical pulp project and promoting the construction of the Rizhao Huatai specialty pulp and paper project, while optimizing product structure and improving management and production efficiency to ensure stable development [2]