Core Viewpoint - The aniline industry in China has experienced significant changes in production capacity and market dynamics, with a notable increase in capacity from 338,000 tons in 2020 to 449,500 tons in 2023, but is expected to stabilize around 450,000 tons in 2024 due to slowed growth in MDI production capacity [1][5][20]. Industry Overview - Aniline, also known as aminobenzene, is a crucial organic compound with the chemical formula C6H7N, characterized as a colorless to pale yellow oily liquid [2][3]. - The aniline industry is structured into three segments: upstream raw material supply, midstream production, and downstream application, with key applications in MDI, rubber additives, dyes, and pharmaceuticals [3][11]. Production Side - From 2017 to 2020, China's aniline production capacity decreased from 3.91 million tons to 3.38 million tons due to supply-side reforms and stricter environmental policies [5]. - In 2021, the trend reversed as new aniline facilities were commissioned, leading to a recovery in production capacity, which reached 4.495 million tons in 2023 [5][20]. - The growth in MDI production capacity is expected to slow significantly in 2024, limiting the demand for new aniline capacity [5][20]. Import and Export - China has achieved self-sufficiency in aniline, with imports remaining below 0.1 thousand tons from 2018 to 2024, indicating strong domestic supply capabilities [7]. - Aniline exports saw a significant decline in 2023, dropping to approximately 97,900 tons, a year-on-year decrease of 65.49%, but are projected to rebound to 213,400 tons in 2024, reflecting a year-on-year increase of 117.98% [7][9]. - The average export price of aniline has risen from 4,874.17 yuan/ton in 2020 to 9,765.64 yuan/ton in 2024, marking a cumulative increase of 100.35% [9]. Consumption Side - The MDI industry is the largest consumer of aniline, accounting for about 80% of market consumption in 2024, driven by the growing demand for high-performance materials in various sectors [11][19]. - Domestic MDI production capacity has expanded significantly since 2000, with projections indicating a continued annual growth rate of 6% to 8% over the next five years, further driving aniline demand [11][19]. Key Enterprises - The aniline industry in China is characterized by high entry barriers and is dominated by major players such as Wanhua Chemical, China Petroleum & Chemical Corporation (Sinopec), and Shandong Haihua, which possess integrated advantages and strong market positions [13][15]. - Wanhua Chemical leads the industry with an aniline production capacity of 2.16 million tons, accounting for nearly 50% of the national total [17]. Development Trends - The regulatory environment is becoming stricter, promoting standardized and green development within the aniline industry, with policies focusing on environmental protection and safety production [19]. - The supply-demand balance in the aniline market remains tight, with production capacity steadily increasing while new capacity additions are limited [20][21]. - China's aniline industry is expanding its export market, with increasing international competitiveness, particularly in Europe, where demand for imported aniline is rising [22].

Distribution Plan - The profit distribution plan was approved at the company's 2024 annual general meeting held on May 20, 2025 [1] - The company will distribute a cash dividend of 0.008 yuan per share (tax included) to all shareholders, with no bonus shares or capital increase [1][2] - The total cash dividend to be distributed amounts to 11,904,155.81 yuan (tax included) based on the adjusted share base of 1,488,019,476 shares [2] Shareholder Eligibility - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the record date [1] - Shares held in the company's repurchase account will not participate in this distribution [4] Taxation Details - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax [6] - For shares held for one month or less, the entire dividend is subject to tax, while shares held between one month and one year are taxed at 50% of the dividend amount [6] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net cash dividend of 0.0072 yuan per share [7] Implementation Method - The cash dividends will be distributed through the designated trading accounts of shareholders who have completed the necessary transactions [4] - The company will handle the cash dividend distribution for its controlling shareholder, Huatai Group [5]

Core Viewpoint - The company announced a cash dividend distribution of 0.008 yuan per share for the fiscal year 2024, approved at the annual shareholders' meeting on May 20, 2025 [1][2]. Dividend Distribution Details - Each A-share will receive a cash dividend of 0.008 yuan, with no bonus shares or capital increase [2][3]. - The total cash dividend distribution amounts to approximately 11.9 million yuan, based on a total share capital of 1,516,870,176 shares, excluding 28,850,700 shares held in the company's repurchase account [2][3]. Important Dates - The key dates for the dividend distribution are as follows: - Record date: June 26, 2025 - Last trading day: June 27, 2025 - Ex-dividend date: June 27, 2025 - Cash dividend payment date: June 27, 2025 [1][3]. Taxation Information - For individual shareholders holding shares for over one year, the dividend income is temporarily exempt from personal income tax. For those holding shares for one month or less, the full dividend income is subject to tax [4][5]. - The actual cash dividend received by qualified foreign institutional investors (QFII) will be 0.0072 yuan per share after a 10% withholding tax [5].

大成 is Dentons' Preferred Law Firm in China. dentons.cn 北京大成(上海)律师事务所 大成 DENTONS 关于山东华泰纸业股份有限公司 差异化分红事项的 法律意见书 大成 DENTONS 大成 is Dentons' Preferred Law Firm in China. 北京大成(上海)律师事务所 www.dentons.cn 中国上海市世纪大道 100 号上海环球金融中心 9 层/24 层/25 层 (200120) 9th/24th/25th Floor, Shanghai World Financial Center, 100 Century Avenue, Shanghai 200120, P. R. China Tel: +86 21-58785888 Fax: +86 21-58786866 eferred I aw Firm in China 北京大成(上海) 律师事务所 关于山东华泰纸业股份有限公司差异化分红事项的 法律意见书 大成证字[2025]第 114 号 致:山东华泰纸业股份有限公司 北京大成(上海)律师事务所(以下简称"本所" ...

证券代码：600308 证券简称：华泰股份 公告编号：2025-026 山东华泰纸业股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.008元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： 二、 分配方案 （1）根据公司 2024 年年度股东大会审议通过的《2024 年年度利润分配方案》，公司向全 体股东每股派发 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides daily observations on the pulp market, including market conditions, important news, logical analyses, and trading strategies. Market conditions cover futures and spot prices of different pulp types. Important news includes company - related events, project investments, and international trade situations. Logical analyses are based on various economic and industry data, and trading strategies offer suggestions for single - sided and arbitrage trading. 3. Summary by Related Catalogs Market Conditions - Futures market shows various trends such as weak, small, and high - level oscillations. For example, on 25 - 06 - 09, the SP main 09 contract was in a weak oscillation, closing at 5222 points, down 2 points or 0.04% [1]. - Spot prices of different pulp types (coniferous, broad - leaf, natural, and chemical mechanical) vary in different regions. For instance, in the Shandong market on 25 - 06 - 06, the import coniferous pulp market had relatively light trading, and prices of some brands were adjusted with the market [5]. Important News - North American paper giant Georgia - Pacific plans to permanently close its Cedar Springs box - board paper mill later this year, affecting about 535 jobs and with an annual capacity of 1 million tons [1]. - China's C&D Group plans to invest $2 billion in a pulp and finished paper production project in Vietnam's Quang Binh province [11]. - In 2025, India's paper and board imports reached a record 2.05 million tons, and imports from China increased by 33% [8]. Logical Analysis - In April, European coniferous pulp consumption decreased by 17.6% year - on - year, and domestic living paper production increased by 9.4% year - on - year in May, which is favorable for the broad - needle price difference [6]. - As of the end of last Friday, the inventory of the SHFE SP contract decreased by 75.6% year - on - year, while the social inventory of domestic pulp in five ports increased by 33.4 million tons year - on - year [1]. Trading Strategies - Single - sided trading: Suggestions include holding long positions, waiting and seeing, and making small - scale trial purchases. For example, on 25 - 06 - 09, it was recommended to wait and see for the SP main 07 contract and pay attention to the support at last Friday's low [1]. - Arbitrage trading: Usually involves waiting and seeing or reducing positions and waiting. For example, on 25 - 06 - 09, it was recommended to wait and see for the arbitrage strategy (long - short) [1].

Group 1 - The epoxy propylene sector experienced a decline of 3.41%, ranking among the top losers in the market, with notable declines in stocks such as Hongqiang Co., which hit the daily limit down, and others like Hongbaoli, Yida Co., and Bohai Chemical [1][2] - The sector saw a net outflow of 9.23 billion yuan in principal funds, with 18 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 30 million yuan. Hongbaoli led the outflow with 5.56 billion yuan, followed by Hangjin Technology, Wanhua Chemical, and Hongqiang Co. [2][3] - The top stocks with net inflows included Satellite Chemical, Zhongchumai, and Shida Shenghua, with inflows of 332.33 million yuan, 2.50 million yuan, and 1.99 million yuan respectively [2][3] Group 2 - The top losers in the epoxy propylene sector included Hongbaoli (-8.60%), Hangjin Technology (-3.77%), and Hongqiang Co. (-9.98%), with significant trading volumes and turnover rates [2][3] - The overall market sentiment reflected a bearish trend, with various sectors such as sodium-ion batteries and transgenic technology also experiencing declines, indicating a broader market pullback [2]

Core Viewpoint - The company is actively enhancing its operational efficiency and competitiveness through digital transformation and strategic projects in response to challenges in the paper and chemical industries. Group 1: Digital Transformation and Operational Efficiency - The company launched the "Industry Brain" project in April 2023, which is expected to improve production capacity by 8.57%, product quality by 7.6%, production efficiency by 5.8%, and transportation efficiency by 15% during its trial run in 2024 [2] - The "Industry Brain" integrates five major models covering the entire process from raw material procurement to production, sales, logistics, and finance, aiming to create a smart business model in the paper industry [2][3] - The project aims to reduce reliance on manual experience and enable rapid adjustments in production parameters, facilitating flexible production [2] Group 2: Strategic Projects and Market Positioning - The company has completed the construction of a 700,000-ton chemical wood pulp project, which is expected to enhance product scale, cost, and quality advantages, while ensuring raw material supply [3] - The company is focusing on integrating pulp and paper production to mitigate the impact of raw material price fluctuations and align with carbon neutrality trends [4] - The company is transitioning towards high-end cultural paper and specialty paper, with successful product development in various new categories following the relocation and renovation of its subsidiary [5] Group 3: Future Plans and Industry Position - The company plans to accelerate the transformation of research achievements and promote the advancement of Industry 4.0 in the paper sector by 2025 [3] - The company aims to extend its salt chemical and fine chemical industry chains, enhancing upstream resource development and downstream new product production to improve profitability in the chemical sector [5]

Core Viewpoint - Huatai Co., Ltd. is adapting to the challenges in the paper industry by optimizing its product structure and enhancing market competitiveness through transformation and upgrades [2] Group 1: Company Overview - Huatai Co., Ltd. is a leading domestic newsprint manufacturer and a key supplier for party newspapers and periodicals, with newsprint classified as a national strategic material [2] - The company has implemented comprehensive institutional reforms and accelerated the transition of its paper industry, focusing on improving efficiency and reducing costs [2] Group 2: Financial Management - The company collaborates closely with major state-owned banks to leverage unified credit advantages, ensuring low-cost and efficient fund utilization [3] - Huatai Co., Ltd. utilizes its financial subsidiary to centralize fund management, enhancing financial innovation through various financial instruments and systems [3] Group 3: Digital Transformation - The company is advancing its smart factory initiatives, having launched a 5G paper industrial cloud platform, marking it as the first provincial-level industrial internet platform in the paper industry [4] - Huatai Co., Ltd. is focusing on a comprehensive digital transformation that integrates research, production, supply chain, marketing, and management services [4] - By 2025, the company aims to accelerate the conversion of research achievements and promote the progress of Industry 4.0 in the paper sector [4] Group 4: Chemical Industry Development - The chemical sector is the second major pillar for Huatai Co., Ltd., with a focus on developing high-end salt chemical products in the Dongying Salt Chemical Industrial Park [5] - The company has successfully launched a 100,000-ton chloracetic acid project and a joint venture with Solvay Group for a high-purity electronic cleaning agent [5] Group 5: Industry Outlook - The paper industry is facing complex domestic and international environments, with weakening global market demand and structural overcapacity in some products [5] - Despite challenges, the overall production in the paper industry is improving, driven by stable economic operations and accelerated transformation towards high-end, intelligent, and green development [5]

Core Viewpoint - The company has appointed Li Yan as the new Vice General Manager, with her term starting from the date of the board's approval until the end of the current managerial term [1][2]. Group 1: Board Meeting Details - The 7th meeting of the 11th Board of Directors was held on May 20, 2025, with all 9 directors present, meeting legal and regulatory requirements [1]. - The board unanimously approved the proposal to appoint Li Yan as Vice General Manager, with 9 votes in favor and none against or abstaining [1]. Group 2: Candidate Qualifications - The Nomination Committee reviewed and approved Li Yan's qualifications, confirming she meets the necessary legal and regulatory requirements for the position [2]. - Li Yan has no disqualifying conditions under the Company Law or any other relevant regulations, and she is not listed as a market ban by the China Securities Regulatory Commission [2]. Group 3: Candidate Background - Li Yan, born in February 1978, holds a graduate degree and has extensive experience in investment management, having held various positions in Tian Tong Securities and Huatai Microfinance [2]. - She is related to the company's actual controller and chairman, but has no other significant relationships with major shareholders or board members [2].