Core Viewpoint - The company, Shandong Huatai Paper Co., Ltd., has announced its third-quarter report for 2025, highlighting its financial performance and strategic investments in the chemical new materials sector through a joint venture with Huayou Holdings Group Co., Ltd. [8][12] Financial Data Summary - The third-quarter report for 2025 has been approved by the board of directors, confirming the authenticity and completeness of the financial information [2][9] - The financial statements for the period from January to September 2025 are unaudited, with no significant changes reported in major accounting data and financial indicators [3][6] Investment Overview - The company plans to establish a joint venture named Guangxi Huatai Huayou Chemical New Materials Co., Ltd., with a registered capital of RMB 669 million, where Huatai Chemical will contribute RMB 341.19 million (51%) and Huayou Holdings will contribute RMB 327.81 million (49%) [12][14] - The joint venture aims to leverage Huatai Chemical's technical and operational advantages in the chlor-alkali and fine chemical sectors, alongside Huayou's resource advantages, to expand into high-performance chemical new materials [14][37] Approval and Governance - The investment has been approved by the company's board and does not require shareholder meeting approval [12][14] - The joint venture will operate independently, with a governance structure that includes a board of directors composed of members nominated by both parties [30][32] Market Impact - The investment is expected to enhance the company's competitiveness and profitability by tapping into the growing demand for chlor-alkali products in the Guangxi region, which is strategically located near Southeast Asian markets [37] - The joint venture is anticipated to have no immediate adverse impact on the company's cash flow, with potential long-term benefits if it achieves stable profitability [37]

Core Viewpoint - Huatai Co., Ltd. (SH 600308) announced the convening of its 11th Board of Directors' ninth meeting on October 30, 2025, to review the Q3 2025 report and other documents [1] Company Summary - For the first half of 2025, Huatai's revenue composition was as follows: Mechanism paper accounted for 62.55%, chemical products for 29.56%, pulp for 3.18%, electric power for 2.6%, and other businesses for 2.05% [1]

Core Viewpoint - Huatai Co., Ltd. is a leading player in the domestic paper industry, with a comprehensive business model covering the entire paper production chain, showcasing differentiated advantages in scale and cost [1] Group 1: Business Performance - In Q3 2025, Huatai's revenue reached 9.481 billion yuan, ranking 4th in the industry, surpassing the industry average of 9.202 billion yuan and the median of 5.383 billion yuan [2] - The main business composition includes mechanical paper at 4.009 billion yuan, accounting for 62.55%, and chemical products at 1.895 billion yuan, accounting for 29.56% [2] - The net profit for the same period was 66.3586 million yuan, ranking 5th in the industry, above the industry average of 378 million yuan and the median of 55.008 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Huatai's debt-to-asset ratio was 42.39%, an increase from 39.88% year-on-year, but still below the industry average of 56.77% [3] - The gross profit margin for Q3 2025 was 8.71%, up from 8.40% year-on-year, exceeding the industry average by 0.28% [3] Group 3: Executive Compensation - The chairman, Li Xiaoliang, received a salary of 622,500 yuan in 2024, an increase of 219,000 yuan from the previous year [4] - The general manager, Wei Lijun, earned 622,500 yuan in 2024, up by 119,200 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.04% to 46,900 [5] - The average number of circulating A-shares held per shareholder increased by 6.43% to 32,400 [5] - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 10.6467 million shares, an increase of 656,200 shares from the previous period [5]

Financial Performance - The company's operating revenue for the third quarter was CNY 3,072,023,792.55, a decrease of 0.69% compared to the same period last year[4] - The net profit attributable to shareholders for the year-to-date period decreased by 56.68%, amounting to CNY 72,586,554.45[4] - The net profit excluding non-recurring gains and losses for the year-to-date period decreased by 74.39%, totaling CNY 40,746,375.56[4] - The basic earnings per share for the year-to-date period was CNY 0.05, reflecting a decline of 55.23%[5] - Total operating revenue for the first three quarters of 2025 was CNY 9,481,135,965.10, a decrease of 1.48% compared to CNY 9,624,223,210.52 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 66,358,640.64, down 61.0% from CNY 170,006,914.09 in the first three quarters of 2024[20] - Operating profit for the first three quarters of 2025 was CNY 135,630,198.38, compared to CNY 207,263,535.35 in the same period of 2024, reflecting a decline of 34.6%[19] - Earnings per share for the first three quarters of 2025 were CNY 0.05, down from CNY 0.11 in the same period of 2024[20] - Total profit for the first three quarters of 2025 was CNY 104,385,374.13, a decrease of 84.7% from CNY 679,815,901.30 in the same period of 2024[30] Assets and Liabilities - The total assets at the end of the reporting period were CNY 15,963,095,975.70, an increase of 4.39% from the end of the previous year[5] - Total assets as of September 30, 2025, amounted to RMB 15,963,095,975.70, an increase from RMB 15,292,517,298.26 as of December 31, 2024, reflecting a growth of approximately 4.4%[14] - Current assets totaled RMB 6,426,866,523.40, up from RMB 6,123,407,617.00, indicating an increase of about 4.9%[14] - The total non-current assets were RMB 9,536,229,452.30, an increase from RMB 9,169,109,681.26, indicating a growth of about 4%[15] - The company’s total liabilities increased to RMB 6,200,866,000.00, reflecting a growth of approximately 5% compared to the previous period[15] - Total liabilities increased to CNY 6,766,719,289.37 in 2025 from CNY 6,133,127,435.39 in 2024, marking an increase of 10.4%[16] - Total liabilities increased to 5,855,259,863.38 CNY from 5,106,546,345.54 CNY, representing a rise of approximately 14.6%[27] Cash Flow - The cash flow from operating activities for the year-to-date period was CNY 180,038,515.09, representing an increase of 15.73%[5] - Cash flow from operating activities for the first three quarters of 2025 was CNY 180,038,515.09, an increase of 16.0% compared to CNY 155,562,616.05 in the same period of 2024[22] - The company recorded a net cash inflow from operating activities of CNY 10,607,708,785.01 in 2025, compared to CNY 11,241,533,375.68 in 2024, indicating a decrease of 5.6%[22] - The net cash flow from operating activities for the first three quarters of 2025 was negative CNY 281,876,250.94, compared to a positive CNY 108,323,847.05 in the same period of 2024[32] - Cash and cash equivalents at the end of the period increased to 1,276,632,064.67 CNY from 1,146,228,313.70 CNY, marking a net increase of 192,325,015.36 CNY[23] - Cash and cash equivalents at the end of the first three quarters of 2025 amounted to CNY 578,433,855.33, an increase from CNY 417,133,166.67 at the end of the same period in 2024[33] Costs and Expenses - The company attributed the decrease in net profit to a larger decline in product sales prices compared to the decrease in costs, leading to a drop in gross margin[9] - The company reported a decrease in total operating costs to CNY 9,383,727,903.64 in 2025 from CNY 9,494,859,372.03 in 2024, a decline of 1.2%[19] - The company reported a decrease in sales expenses to CNY 20,109,934.57 in 2025 from CNY 16,762,032.18 in 2024, reflecting a strategic cost management approach[29] - Research and development expenses for the first three quarters of 2025 were CNY 241,250,056.53, slightly down from CNY 242,105,298.41 in 2024[19] - Research and development expenses increased slightly to CNY 183,205,618.97 in 2025 from CNY 179,607,756.54 in 2024, indicating continued investment in innovation[29] - The company’s financial expenses rose to CNY 70,094,669.09 in 2025, compared to CNY 64,001,800.94 in 2024, primarily due to increased interest expenses[29] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 46,885[11] - Shareholders' equity totaled 5,813,163,517.61 CNY, compared to 5,732,678,963.98 CNY, showing a slight increase of about 1.4%[27] Non-Recurring Items - The company reported a non-recurring gain of CNY 11,700,900.01 for the current period, primarily from government subsidies and asset disposals[7] Inventory and Receivables - Inventory increased to RMB 2,074,847,072.71 from RMB 1,991,617,383.99, representing a rise of approximately 4.2%[14] - The company reported a total of RMB 522,688,386.85 in notes receivable, up from RMB 353,129,692.61, representing a significant increase of approximately 48%[14] - Accounts receivable increased slightly to 1,724,878,003.55 CNY from 1,722,587,472.80 CNY, showing a marginal growth[26] - Inventory grew to 1,032,074,619.68 CNY, compared to 921,568,079.61 CNY, indicating an increase of about 12.0%[26] Borrowings - Short-term borrowings rose to RMB 1,544,665,430.56 from RMB 1,314,050,809.73, marking an increase of around 17.5%[15] - Long-term borrowings rose significantly to 1,471,623,979.88 CNY from 964,430,400.00 CNY, an increase of about 52.5%[27] - Total non-current liabilities rose to CNY 1,800,581,506.56 in 2025 from CNY 1,259,246,750.44 in 2024, an increase of 42.9%[16] Strategic Initiatives - The company did not report any new product launches or significant market expansion strategies during this period[34]

证券代码：600308 证券简称：华泰股份 公告编号：2025-033 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 3 日(星期一) 至 11 月 7 日(星期 五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 htjtzq@163.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 本次投资者说明会以网络互动形式召开，公司将针对 2025 年三 季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 山东华泰纸业股份有限公司 关于召开 2025 年三季度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 山东华泰纸业股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年三季度报告，为便于广大投资者更全面 深入地了解公司 2025 年三季度的经营成果、财务状况 ...

证券代码：600308 证券简称：华泰股份 公告编号：2025-034 山东华泰纸业股份有限公司关于全资子公司 东营华泰化工集团有限公司与华友控股集团有限公 司设立合资公司暨对外投资的公告 重要内容提示： 投资标的名称：广西华泰华友化工新材料有限公司（以下简称"合资公 司"） 投资金额：合资公司注册资本人民币 66,900 万元，其中山东华泰纸 业股份有限公司（以下简称"公司"）全资子公司东营华泰化工集团有限公司 （以下简称"华泰化工"）以自有资金出资 34,119 万元，占注册资本的 51%； 华友控股集团有限公司（以下简称"华友控股"）以现金出资 32,781 万元， 占注册资本的 49%。 交易实施尚需履行的审批及其他相关程序 本次投资已经公司第十一届董事会第九次会议审议通过，无需提交公司股 东会审议。 其它需要提醒投资者重点关注的风险事项 1. 行业风险：化工新材料行业受宏观经济波动、产业政策调整及原材料价 格波动影响较大，可能导致合资公司经营业绩不及预期。 2. 运营管理风险：合资双方在管理理念、运营模式上可能存在差异，若协 同不畅，将影响合资公司经营效率。 3. 审批与设立风险：合资协议生效需经包 ...

山东华泰纸业股份有限公司 第十一届董事会第九次会议决议公告 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法律责任。 山东华泰纸业股份有限公司（下称"公司"或"华泰股份"）第 十一届董事会第九次会议通知于 2025 年 10 月 20 日以专人送达及传 真的方式下发给公司 9 名董事。会议于 2025 年 10 月 30 日以现场与 通讯相结合的方式召开。会议应表决董事 9 人，实际表决董事 9 人， 公司全体高管人员列席了会议，会议召开符合《公司法》和《公司章 程》的有关规定，所做的决议合法有效。会议由李晓亮董事长主持， 经过充分讨论，审议通过了如下议案： 证券代码：600308 股票简称：华泰股份 编号：2025-032 特此公告。 山东华泰纸业股份有限公司董事会 一、审议通过了《公司 2025 年三季度报告》。 此项议案已经公司审计委员会事前审核认可同意。公司审计委员 会认为：公司 2025 年三季度报告的编制和审议程序符合法律法规、 规范性文件、《公司章程》和公司内部管理制度的各项规定。公司 2025 年三季度报告的内容和格式符 ...

Core Insights - The paper sector experienced a slight increase of 0.01% on October 29, with Minshida leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance Summary - Minshida (920394) closed at 41.63, with a rise of 6.99% and a trading volume of 29,200 lots, amounting to a transaction value of 117 million [1] - Xianhe Co. (603733) closed at 22.90, up 2.92%, with a trading volume of 34,900 lots and a transaction value of approximately 78.84 million [1] - Wuzhou Special Paper (605007) closed at 12.01, increasing by 2.56%, with a trading volume of 36,900 lots and a transaction value of around 43.68 million [1] - Other notable stocks include Songyang Resources (603863) at 20.93 (+2.30%), Huatai Co. (600308) at 3.79 (+1.88%), and Sun Paper (002078) at 14.24 (+0.49%) [1] Capital Flow Analysis - The paper sector saw a net outflow of 198 million from institutional investors, while retail investors contributed a net inflow of 182 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Huatai Co. (600308) had a net inflow of 16.33 million from institutional investors, but a net outflow of 15.51 million from retail investors [3] - Xianhe Co. (603733) experienced a net inflow of 2.16 million from retail investors, despite a net outflow from institutional investors [3] - Wuzhou Special Paper (605007) saw a net inflow of 1.77 million from institutional investors and a net inflow of 3.26 million from retail investors [3]

Market Overview - The paper sector increased by 0.04% on October 27, with Qingshan Paper leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Individual Stock Performance - Qingshan Paper (600103) closed at 3.71, up 2.20%, with a trading volume of 2.19 million shares and a turnover of 810 million yuan [1] - Hengda New Material (301469) closed at 29.26, up 2.13%, with a trading volume of 14,300 shares and a turnover of 41.68 million yuan [1] - Songwu Resources (603863) closed at 20.51, up 1.28%, with a trading volume of 100,400 shares and a turnover of 205 million yuan [1] - Other notable stocks include Huatai Co. (600308) at 3.73 (+0.54%) and Xianhe Co. (603733) at 22.45 (+0.54%) [1] Capital Flow Analysis - The paper sector experienced a net outflow of 49.9 million yuan from institutional investors, while retail investors saw a net outflow of 56.9 million yuan [2] - Conversely, speculative funds recorded a net inflow of 106 million yuan [2] Detailed Capital Flow for Selected Stocks - Sun Paper (002078) had a net outflow of 23.42 million yuan from institutional investors, with a net inflow of 13.19 million yuan from speculative funds [3] - Yueyang Forest Paper (600963) saw a net inflow of 22.82 million yuan from institutional investors, but a net outflow of 34.79 million yuan from retail investors [3] - Qingshan Paper (600103) had a net inflow of 16.87 million yuan from institutional investors, while retail investors experienced a net outflow of 69.10 million yuan [3]

Core Viewpoint - The paper industry sector experienced a decline of 0.83% on October 24, with Bohui Paper leading the drop, while the overall stock market showed positive performance with the Shanghai Composite Index rising by 0.71% and the Shenzhen Component Index increasing by 2.02% [1] Industry Summary - The paper sector's performance on October 24 showed a mixed trend, with individual stocks experiencing varying degrees of decline, as detailed in the table provided [1] - The main stocks in the paper sector, such as Bohui Paper, Guanmeng Shangxin, and Huawang Technology, reported declines of 2.36%, 2.34%, and 2.26% respectively [1] - The total net outflow of main funds from the paper sector was 140 million yuan, while retail investors contributed a net inflow of 107 million yuan [1]