Core Viewpoint - The company, Mudanjiang Hengfeng Paper Co., Ltd., is seeking to acquire 100% equity of Sichuan Jinfeng Paper Co., Ltd. through a share issuance, but has received an inquiry from the Shanghai Stock Exchange requiring further clarification and has applied for an extension to respond [1][2]. Group 1 - The company received an inquiry letter from the Shanghai Stock Exchange on July 9, 2025, regarding its application for the acquisition and related transactions [1]. - The company is required to provide a written response to the inquiry within a maximum of one month, but has applied for a one-month extension due to the need for further verification of certain matters [2]. - The transaction is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission before it can be implemented [2].

股票代码：600356 股票简称：恒丰纸业 编号：2025-041 公司在收到《审核问询函》后，立即会同相关中介机构进行了认真研究和落实。 鉴于《审核问询函》涉及的部分事项还需进一步落实，预计无法在规定时间内向上 交所提交完整的书面回复及相关文件。为切实稳妥做好《审核问询函》回复等相关 工作，经与本次交易的各方及有关中介机构审慎协商，公司已向上交所提交延期回 复的书面申请，申请自《审核问询函》回复届满之日起延期不超过 1 个月提交《审 核问询函》的书面回复等相关文件，并及时履行信息披露义务。 公司本次交易事项尚需经上海证券交易所审核，并获得中国证券监督管理委员 会同意注册后方可实施。公司将根据该事项的进展情况，按照相关规定和要求及时 履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 1 牡丹江恒丰纸业股份有限公司 董事会 牡丹江恒丰纸业股份有限公司 关于延期回复《关于牡丹江恒丰纸业股份有限公司发行 股份购买资产暨关联交易申请的审核问询函》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。 牡丹江恒丰纸业股份 ...

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].

Market Overview - On August 4, the paper sector rose by 0.12% compared to the previous trading day, with Kane Co. leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Individual Stock Performance - Kane Co. (002012) closed at 6.31, with a gain of 5.87% and a trading volume of 994,100 shares, amounting to a transaction value of 625 million [1] - ST Morning (000488) closed at 2.05, up 3.02%, with a trading volume of 425,400 shares and a transaction value of 86.34 million [1] - Xianhe Co. (603733) closed at 22.00, increasing by 2.28%, with a trading volume of 40,900 shares and a transaction value of 89.94 million [1] - Other notable stocks include Minfeng Special Paper (600235) with a closing price of 6.57, up 1.23%, and Hengda New Materials (301469) at 27.97, up 1.05% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 81.62 million from institutional investors, while retail investors saw a net inflow of 43.91 million [2] - Notable net inflows from retail investors were observed in ST Morning (000488) with 12.04 million and Xianhe Co. (603733) with 474.99 million [3] - Conversely, significant net outflows were recorded for Sun Paper (002078) with -26.84 million from institutional investors and -34.59 million from retail investors [3]

A股烟草板块震荡走弱，金时科技跌超9%，顺灏股份跌超7%，金时科技、京华激光、润都股份、恒丰 纸业、埃斯顿、集友股份等跟跌。 ...

[Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company forecasts a net profit attributable to shareholders of 85 million to 110 million CNY for the first half of 2025, representing a year-on-year increase of 51.36% to 95.88%, with non-recurring adjusted net profit expected to be 75 million to 100 million CNY, up 72.67% to 130.23%, based on unaudited preliminary estimates 2025 Semi-Annual Performance Forecast | Indicator | Estimated Amount (Million CNY) | Year-on-Year Growth | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 85.00 - 110.00 | 51.36% - 95.88% | | Net Profit After Deducting Non-Recurring Gains and Losses | 75.00 - 100.00 | 72.67% - 130.23% | - This performance forecast represents preliminary estimates by the company's finance department and has not been audited by an accounting firm[4](index=4&type=chunk) [Prior Period Operating Performance](index=1&type=section&id=Item%202.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) In the same period of 2024, the company achieved a net profit attributable to shareholders of 56.1566 million CNY and a non-recurring adjusted net profit of 43.4352 million CNY, with earnings per share at 0.19 CNY, forming the basis for the current forecast's year-on-year growth calculation 2024 Semi-Annual Performance Review | Indicator | Amount | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 56.1566 Million CNY | | Net Profit After Deducting Non-Recurring Gains and Losses | 43.4352 Million CNY | | Earnings Per Share | 0.19 CNY | [Analysis of Performance Increase Reasons](index=1&type=section&id=Item%203.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Increase) The significant performance growth in the current period is primarily attributed to optimized internal management, including the promotion of lean management, effective reduction of raw material and energy consumption, optimized supply chain and inventory management, and strict control over procurement and operating costs - The core driver of performance growth stems from enhanced internal operational efficiency, with specific measures including[7](index=7&type=chunk) - Continuously promoting lean management - Effectively reducing raw material and energy consumption - Optimizing supply chain management and strengthening inventory turnover - Strictly controlling procurement costs and operating expenses [Risk Warning](index=2&type=section&id=Item%204.%20Risk%20Warning) The company advises that this performance forecast is based on unaudited preliminary calculations, and as of the announcement date, no significant uncertainties affecting the accuracy of the forecast have been identified - The performance forecast data is unaudited and represents preliminary calculations based on the finance department's professional judgment[8](index=8&type=chunk) - The company has not identified any significant uncertainties that could impact the accuracy of this performance forecast[8](index=8&type=chunk) [Other Explanatory Matters](index=2&type=section&id=Item%205.%20Other%20Explanatory%20Matters) The company reiterates that the disclosed data are preliminary estimates, and the final accurate financial figures will be subject to the company's officially released 2025 semi-annual report, advising investors to be aware of investment risks - Final financial data will be based on the company's officially disclosed 2025 semi-annual report, and investors should be mindful of investment risks[9](index=9&type=chunk)

中银国际证券股份有限公司 关于 牡丹江恒丰纸业股份有限公司 发行股份购买资产暨关联交易 之 独立财务顾问报告 独立财务顾问 二〇二五年六月 2-1-1 中银国际证券股份有限公司 独立财务顾问报告 独立财务顾问声明和承诺 中银国际证券股份有限公司（以下简称"中银证券"或"本独立财务顾 问"）接受牡丹江恒丰纸业股份有限公司（以下简称"恒丰纸业"）的委托， 担任本次恒丰纸业发行股份购买资产暨关联交易的独立财务顾问，并制作本独 立财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露 内容与格式准则第 26 号——上市公司重大资产重组》《上市公司并购重组财务 顾问业务管理办法》等法律、法规的有关规定，按照证券行业公认的业务标准、 道德规范，本着诚实信用、勤勉尽责的态度，遵循客观、公正原则，在认真审 阅相关资料和充分了解本次交易行为的基础上，发表独立财务顾问意见，旨在 就本次交易行为做出独立、客观和公正的评价，以供全体股东及有关各方参考。 一、独立财务顾问声明 （一）本独立财务顾问与本次交易涉及的交易各方无利益关系，就本次交 ...

北京市时代九和律师事务所 关于 牡丹江恒丰纸业股份有限公司 发行股份购买资产暨关联交易 之 补充法律意见书（二） 二〇二五年六月 致：牡丹江恒丰纸业股份有限公司 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 限公司委托，担任恒丰纸业发行股份购买资产暨关联交易（以下简称 "本次交易" 或"本次重组"）的专项法律顾问，已根据相关法律、法规及规范性文件的规定并 按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对发行人与申请本次 重组的相关文件和有关事实进行了核查和验证，并在此基础上出具了《北京市时 代九和律师事务所关于牡丹江恒丰纸业股份有限公司发行股份购买资产暨关联 交易之法律意见书》（以下简称"《法律意见书》"）、《北京市时代九和律师事务所 关于牡丹江恒丰纸业股份有限公司发行股份购买资产暨关联交易之补充法律意 见书（一）》（以下简称"《补充法律意见书（一）》"）。 就《补充法律意见书（一）》出具日至本补充法律意见书出具日期间（以下 简称"补充核查期间"）与本次重组相关事项的变化情况，本所进行补充核查， 出具本补充法律意见书。 本所律师同意将本补充法律意见书作为发行人申请本次重组所必备的 ...

股票代码：600356 股票简称：恒丰纸业 编号：2025-035 牡丹江恒丰纸业股份有限公司 关于公司第一期员工持股计划延期的公告 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。 牡丹江恒丰纸业股份有限公司（以下简称 "公司"）于 2025 年 6 月 30 日 召开十一届董事会十一次会议，审议通过了《关于公司第一期员工持股计划延期的 议案》，同意将第一期员工持股计划存续期延长 24 个月，即延长至 2027 年 7 月 3 日。参与本次员工持股计划的董事李迎春、梁德权、周再利、潘高峰、李恩双回避 表决。具体情况如下： 一、员工持股计划的基本情况 （一）2018 年 7 月 4 日，公司召开了 2018 年第一次临时股东大会，审议通过 了《第一期员工持股计划草案》及《管理细则》，同意实施本次员工持股计划。 （二）本员工持股计划的存续期为 36 个月，自股东大会审议通过本员工持股 计划之日起算，本员工持股计划的存续期届满后自行终止，即 2018 年 7 月 4 日， 至 2021 年 7 月 3 日。 （三）2021 年 ...

股票代码：600356 股票简称：恒丰纸业 编号：2025-036 牡丹江恒丰纸业股份有限公司 关于使用自有资金进行结构性存款的公告 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。 重要内容提示： ● 投资种类：结构性存款。 ● 投资金额：单日最高余额不超过人民币 2 亿元，在上述额度内资金可以循 环滚动使用。 （三）资金来源公司自有资金。 （四）投资方式公司拟选择信用评级较高、履约能力较强的具有合法经营资格 的商业银行作为结构性存款的合作方。合作方与公司不存在关联关系，本次投资不 构成关联交易。 （五）投资期限自董事会审议通过之日起十二个月内有效。 二、审议决策程序 本事项已经公司第十一届董事会第十一次会议审议通过，无需提交股东大会审 议，合作方与公司不存在关联关系，本次投资不构成关联交易。 ● 投资期限：董事会审议通过之日起十二个月内有效。 ●履行的审议程序：本事项已经公司第十一届董事会第十一次会议审议通过， 无需提交股东大会审议。 一、投资情况概述 （一）投资目的 为提高资金使用效率，增加现金资产收益，在确保资金安 ...