北京市时代九和律师事务所 法律意见书 致:牡丹江恒丰纸业股份有限公司 根据《中华人民共和国证券法》、《中华人民共和国公司法》及中国证券监 督管理委员会《上市公司股东大会规则》等法律、法规及规范性文件的规定，北 京市时代九和律师事务所(以下简称"本所")接受牡丹江恒丰纸业股份有限公 司（以下简称"公司"）的委托，指派杨静律师、陈秋红律师〈以下简称"本所 律师"）出席了公司 2024 年年度股东大会（以下简称"本次股东大会"）及出 具本法律意见书。 （2023）》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意 见书出具日以前已经发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽 责和诚实信用原则,进行了充分的核查验证,保证本法律意见所认定的事实真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 者重大遗漏,并承担相应法律责任。 为出具本法律意见书,本所律师审查了公司提供的以下文件,包括但不限于: 1、《公司章程》; 2、公司十一届董事会第九次会议决议公告; 3、公司十一届监事会第七次会议决议公告; 关于牡丹江恒丰纸业股份有限公司 2024 年年度股东大会的 4、公司于2 ...

? 报备文件 | 证券代码：600356 证券简称：恒丰纸业 | | | | | | 公告编号：2025-025 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 牡丹江恒丰纸业股份有限公司 | | | | | | | | | | | 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： | | | | | | | | | | | ? 本次会议是否有否决议案：无 | | | | | | | | | | | 一、 会议召开和出席情况 | | | | | | | | | | | 5 19 (一)股东大会召开的时间：2025 年 月 | | | | 日 | | | | | | | (二)股东大会召开的地点：公司第一会议室 | | | | | | | | | | | (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | | | ...

证券代码：600356 证券简称：恒丰纸业 公告编号：2025-025 牡丹江恒丰纸业股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 19 日 (二)股东大会召开的地点：公司第一会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 1、 议案名称：审议《关于公司 2024 年度董事会工作报告的议案》 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例 | 票数 | 比例 | | | | | | （%） | | （%） | | A 股 | 100,635,824 | 99.2011 | 796,601 | 0.7852 | 13,800 | 0.0137 | | 1、出席会 ...

股票代码：600356 股票简称：恒丰纸业 编号：2025-024 牡丹江恒丰纸业股份有限公司 关于参加黑龙江辖区上市公司 2025 年投资者 网上集体接待日活动的公告 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个别及连带责任。 为进一步加强与投资者的互动交流，牡丹江恒丰纸业股份有限公司（以下简 称"公司"）将参加由黑龙江省上市公司协会与深圳市全景网络有限公司联合举 办的"2025 年黑龙江辖区上市公司投资者集体接待日活动"，现将相关事项公 告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景 路演 APP,参与本次互动交流。活动时间为 2025 年 5 月 14 日（周三）14:00-16:30。 届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、 经营状况、 融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交 流，欢迎广大投资者踊跃参与！ 特此公告。 牡丹江恒丰纸业股份有限公司 2025 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

Core Viewpoint - The Shanghai Stock Exchange's main board companies have shown resilience and stability in their performance, supported by a series of incremental policies, reflecting a robust economic structure in China [1] Group 1: Export Market Diversification - In 2024, companies on the Shanghai main board achieved overseas revenue of 6.09 trillion yuan, a year-on-year increase of 7%, with non-US exports accounting for over 80% [2] - Key export destinations include ASEAN, Africa, and countries involved in the Belt and Road Initiative, with significant growth in sales for companies like SANY Heavy Industry and SAIC Motor [2] - Major construction state-owned enterprises have actively expanded overseas, signing new orders worth 1.87 trillion yuan, a year-on-year increase of 15% [2] Group 2: High-Tech Product Exports - High-tech products such as high-end equipment, integrated circuits, smart home appliances, and electric vehicles have accelerated exports, leading to revenue growth in related industries [3] - Companies like Oriental Cable and Zhaoyi Innovation have made significant strides in international markets, with Zhaoyi Innovation achieving record high shipments [3] - The rise of new business models like cross-border e-commerce has boosted overseas sales for various sectors, including light manufacturing and retail [3] Group 3: Mergers and Acquisitions Activity - From 2024 to the first quarter of 2025, over 1,500 new M&A transactions were recorded on the Shanghai main board, with a total transaction value exceeding 1.4 trillion yuan [4] - Notable M&A cases include Guotai Junan's acquisition of Haitong Securities and China Shipbuilding's proposed merger with China CSSC, each exceeding 100 billion yuan [4] - The trend of private acquisitions and the purchase of quality non-profitable assets has emerged, indicating a shift in M&A strategies [4][5] Group 4: Quality Improvement and Efficiency - By 2024, 946 companies on the Shanghai main board disclosed "quality improvement and efficiency return" action plans, with nearly 60% participation [6] - Among the companies that disclosed plans, nearly 90% achieved profitability, and almost 50% reported performance growth [6] - The total cash dividend announced by 1,259 companies reached 1.77 trillion yuan, a year-on-year increase of 6%, with a dividend payout ratio of 39% [7] Group 5: ESG Reporting and Progress - In 2024, 1,068 companies on the Shanghai main board disclosed ESG reports, achieving a disclosure rate of approximately 63%, an increase of 6 percentage points year-on-year [9] - The number of companies included in the MSCI ESG rating increased, with 90 companies receiving upgrades in their ratings [9] - Companies have actively engaged in social responsibility initiatives, contributing to employment and environmental sustainability [10] Group 6: Index Investment Growth - In 2024, net inflows into ETFs on the Shanghai main board reached nearly 840 billion yuan, with significant participation from foreign capital [11] - The trading volume of ETFs ranked first in Asia, with a total trading amount of nearly 30 trillion yuan [11] - Foreign investment preferences are concentrated in sectors such as banking, food and beverage, and public utilities, indicating a strategic focus on stable industries [12] Group 7: Exit Mechanisms and Risk Mitigation - Since 2025, 19 companies on the Shanghai main board have faced various forms of delisting, with a significant portion resulting from financial issues [13] - The introduction of diverse exit channels, including voluntary delisting and asset restructuring, has become more prominent [13] - Companies have actively taken measures to improve operations and mitigate risks, with several successfully lifting delisting warnings [13]

Group 1 - The company has proposed a profit distribution plan for 2024, which aligns with its profit distribution policy and will be submitted for shareholder approval [2][22][41] - The company's cumulative cash dividends over the last three accounting years exceed 30% of the average annual net profit, thus avoiding potential risk warnings as per the Shanghai Stock Exchange regulations [1] Group 2 - The company has appointed Zhou Zaili as the new general manager, following the departure of Liang Dequan due to work changes [7][8] - Zhou Zaili's term will last until the end of the current board's tenure, and he has extensive experience within the company [11] Group 3 - The company has renewed its engagement with Tianjian Accounting Firm for auditing services, with the audit fees set at 800,000 yuan for 2024 and 900,000 yuan for 2025 [61][63] - The audit committee has confirmed that Tianjian possesses the necessary qualifications and experience to provide auditing services for listed companies [62]

Core Viewpoint - The company plans to distribute a cash dividend of 0.12 yuan per share, amounting to a total of approximately 35.85 million yuan, which represents 30.95% of its net profit for the year [3][44]. Company Overview - The company is a key high-tech enterprise in the paper industry, recognized by the Ministry of Science and Technology and the Chinese Academy of Sciences, and has been re-certified as a national high-tech enterprise in 2023 [5]. - The company specializes in the production and sales of specialty paper and pulp, with a focus on environmentally friendly products [6]. Industry Insights - In 2024, China's paper production reached 158 million tons, a year-on-year increase of 8.6%, marking a historical high and surpassing the 2025 target of 140 million tons [4]. - The industry faces challenges such as capacity digestion, cost fluctuations, and environmental pressures, while also presenting opportunities for green transformation and technological upgrades [4]. - The price of needle pulp increased by 9.4% year-on-year, while broadleaf pulp decreased by 8.53%, indicating volatility in raw material prices that affects industry profitability [4]. Financial Performance - The company achieved an operating income of 2.77 billion yuan in 2024, a 4.74% increase compared to the previous year, with a profit margin improvement driven by optimized market structure [14]. - The total profit for the year was approximately 172.22 million yuan, reflecting a 0.72% increase year-on-year [14]. Product Portfolio - The main products include tobacco industrial paper, printing industrial paper, medical care paper, and food contact paper, with a strong emphasis on specialty papers [6][10]. - The company maintains a leading position in the global market for cigarette paper, with total sales exceeding 49,000 tons in 2024 [7]. Future Outlook - The company is committed to sustainable development and is actively developing environmentally friendly paper products to meet carbon neutrality goals [11]. - The focus will be on innovation in high-value-added products and expanding into new markets, particularly in the specialty paper sector [12].

目 录 | 一、审计报告…………………………………………………………第 | 1—6 | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 | 7—14 | 页 | | （一）合并资产负债表…………………………………………… | 第 7 | 页 | | （二）母公司资产负债表………………………………………… 第 | 8 | 页 | | --- | --- | --- | | （三）合并利润表………………………………………………… 第 | 9 | 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | （八）母公司所有者权益变动表…………………………………第 14 页 三、财务报表附注…………………………………………………第 15—88 页 四、资质证书复印件…………… ...

目 录 | | | 二、资质证书复印件……………………………………………第 3—6 页 牡丹江恒丰纸业股份有限公司 内部控制审计报告 天健审〔2025〕7-623 号 牡丹江恒丰纸业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了牡丹江恒丰纸业股份有限公司（以下简称恒丰纸业公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是恒丰 纸业公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 第1页 共6页 四、财务报告内部控制审计意见 我们认为，恒丰 ...