证券代码：600433 证券简称：冠豪高新 公告编号：2025-037 广东冠豪高新技术股份有限公司 关于控股股东一致行动人股权结构变动的 提示性公告 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。 公司于近日收到公司控股股东一致行动人佛山华新发展有限公司（以下简称 "华新发展"）关于其股权结构变化的通知，现将相关情况公告如下： 一、控股股东一致行动人的股权结构变化的基本情况 公司于近日获悉，公司控股股东一致行动人华新发展的股东佛山市禅本德资 产管理有限公司（以下简称"禅本德"）通过南方联合产权交易中心（广东联合 产权交易中心国有资产交易业务子平台）公开挂牌转让华新发展21.1299%股权， 根据华新发展通知，公司控股股东中国纸业投资有限公司（以下简称"中国纸业"） 已通过南方联合产权交易中心的资格审核，被确认为华新发展21.1299%股权受让 方。 禅本德已于2025年9月22日与中国纸业签署了《产权交易合同》。 本次华新发展股权结构变动前，控制关系情况如下图所示： 本次华新发展股权结构变动后，控制关系情况如下图所示： 本次 ...

Core Insights - The A-share listed paper companies in China reported a significant decline in revenue and profit for the first half of 2025, with total revenue of 91.647 billion yuan and total profit of only 64 million yuan, indicating a challenging operating environment for the industry [1][4][13] Revenue Summary - A total of 27 listed paper companies reported revenues exceeding 2 billion yuan, with 19 companies achieving revenues over 10 billion yuan, representing 70.37% of the total [4] - The revenue of the top two companies, Sun Paper and Shanying International, was 19.113 billion yuan and 13.842 billion yuan respectively, while Chenming Paper's revenue dropped to 2.107 billion yuan due to production line maintenance [4][5] - 14 companies experienced revenue growth, accounting for 51.85% of the total, a decrease from 64.29% in the previous year [5] Profit Summary - The total profit for the 27 listed paper companies was only 64 million yuan, a drastic drop from 4.385 billion yuan in the same period last year, with 24 companies remaining profitable [8][9] - Sun Paper led the profit rankings with 1.78 billion yuan, while 10 companies reported profits exceeding 100 million yuan, a decrease of one company compared to the previous year [8][9] - 15 companies saw a decline in net profit, with 3 companies experiencing losses, the most significant being ST Chenming with a net loss of 3.858 billion yuan [9][10] Industry Trends - The paper industry is facing a "ice-fire two重天" situation, with production increasing but profits declining due to supply-demand imbalances and high costs [13] - The production of mechanical paper and paperboard in China increased by 3.2% in the first half of 2025, but the revenue for the paper and paper products industry decreased by 2.3% [13] - Leading companies like Sun Paper and Xianhe Co. are focusing on integrated operations to mitigate cost pressures and enhance profitability [13][14]

Core Viewpoint - The demand for graphite thermal paper in China has been continuously growing due to the explosive growth of e-commerce and logistics, the upgrade in demand for high-precision thermal paper in sectors like healthcare and finance, and the shift towards environmentally friendly products driven by regulatory policies [1][10]. Industry Overview - Graphite thermal paper is a specialized type of thermal paper made from graphite powder and thermal materials, which exhibits specific color changes when heated. It is widely used in labels, receipts, medical applications, logistics, and electronic communications [4][5]. - The production of graphite thermal paper involves a supply chain that includes raw materials such as graphite, thermal resins, color developers, and base paper, which are processed into high-quality products through advanced manufacturing techniques [5][6]. Market Demand and Growth - The production volume of graphite thermal paper in China is projected to reach 172,000 tons in 2024, representing a year-on-year increase of 10.6% [1][11]. - The rapid growth of the logistics sector, particularly in e-commerce, has significantly increased the demand for thermal paper labels, with the express delivery volume expected to reach 95.64 billion pieces in the first half of 2025, a year-on-year growth of 19.3% [9][10]. Competitive Landscape - The Chinese graphite thermal paper industry features numerous participants, including large international companies and many regional small and medium-sized enterprises. Major companies include Guangdong Crown High-tech Co., Ltd., Shandong Chenming Paper Group Co., Ltd., and Xianhe Co., Ltd. [12][13]. - Guangdong Crown High-tech Co., Ltd. reported a revenue of 1.905 billion yuan from thermal paper and sublimation paper in 2024, reflecting a year-on-year increase of 12.18% [13]. Development Trends - Technological innovation is expected to drive product upgrades, with the application of nanotechnology enhancing the heat resistance, stability, and durability of graphite thermal paper [14]. - Environmental regulations are prompting companies to adopt greener production methods, which may lead to the elimination of non-compliant firms and an overall improvement in the industry's environmental standards [15]. - The demand for graphite thermal paper is diversifying, with stable growth anticipated in the financial sector and increasing needs in logistics, healthcare, and retail, driven by advancements in smart manufacturing and Industry 4.0 [16].

Core Viewpoint - The stock price of Guanhao High-tech reached a strong limit-up, closing at 3.47 yuan with an increase of 10.16%, marking the first limit-up in recent years, which has attracted widespread market attention [1] Group 1 - The recent limit-up is linked to the company's breakthrough in hydrogen energy carbon paper technology and its first order landing [1] - The company's Secretary of the Board, Ren Xiaoping, stated that the limit-up is more of a natural correction of long-term undervaluation rather than an 'abnormal' market movement [1] - Two main reasons were provided for the limit-up: the overall rotation of the capital market since September last year and the company's stable fundamentals, indicating that the market's value discovery function is at play [1]

Core Viewpoint - Guanhao High-tech's stock price surged to a limit of 10.16%, closing at 3.47 yuan, marking its first limit-up in recent years, attributed to breakthroughs in hydrogen energy carbon paper technology and its first order landing [2] Group 1: Market Reaction - The stock surge is seen as a natural correction of long-term undervaluation rather than an unusual market movement, according to the company's secretary [2] - The overall market rotation since September last year and the company's stable fundamentals are cited as reasons for the stock's performance [2] Group 2: Company Strategy - The company is committed to its strategic plan of developing a competitive, green, high-end pulp and paper industry while nurturing related diversified new industries [2] - Progress in hydrogen energy carbon paper technology is being made according to the established strategic plan, with initial validation of technology reserves [2] Group 3: Production Capacity and Industry Outlook - The timeline for scaling production will depend on national industrial policies, as there are various technological routes and industrial paths in the hydrogen energy sector [2] - The company is actively participating in the hydrogen energy field, contributing to the green economy [2]

Group 1 - The stock of Guanhao High-tech (600433) reached the daily limit, with a turnover rate of 7.18% and a transaction amount of 424 million yuan, showing a fluctuation of 10.51% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 10.42%, with a net sell of 1.5168 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The top five trading departments accounted for a total transaction of 114 million yuan, with a net buying amount of 22.8669 million yuan [2] Group 2 - The company reported a revenue of 3.403 billion yuan for the first half of the year, a year-on-year decrease of 1.47%, and a net profit of -57.9253 million yuan [3] - The latest margin trading data shows a total margin balance of 306 million yuan, with a financing balance of 306 million yuan and a securities lending balance of 0.0088 million yuan [2] - Over the past five days, the financing balance decreased by 6.1161 million yuan, a decline of 1.96%, while the securities lending balance decreased by 0.00035 million yuan, a decline of 28.41% [2]

Group 1 - The paper sector experienced a 0.62% increase on September 15, with Guanhao High-tech leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Key stocks in the paper sector showed significant price movements, with Guanhao High-tech rising by 10.16% and Qingshan Paper increasing by 9.81% [1] Group 2 - The paper sector saw a net outflow of 488 million yuan from major funds, while retail investors contributed a net inflow of 460 million yuan [2] - The trading volume for major stocks varied, with Qingshan Paper recording a transaction amount of 3.759 billion yuan and Guanhao High-tech at 424 million yuan [1][2] - The stock performance of various companies showed mixed results, with some experiencing declines, such as Senhe Co. down by 2.21% and Anni Co. down by 2.17% [2] Group 3 - Major funds showed a net inflow in Guanhao High-tech of 85.878 million yuan, while retail investors had a net inflow of 47.3437 million yuan [3] - The net outflow from major funds was observed in several companies, including Minfeng Special Paper and Huatai Co. [3] - The overall market sentiment reflected a cautious approach, with significant movements in both major and retail fund flows across the paper sector [3]

Market Overview - The Shanghai Composite Index closed at 3870.60 points, slightly above the six-month moving average, with a change of -0.12% [1] - The total trading volume of A-shares reached 25,483.12 billion yuan [1] Stocks Breaking the Six-Month Line - A total of 50 A-shares have surpassed the six-month moving average today, with notable stocks including Shanghai Construction, Yihualu, and Runjian Shares, showing divergence rates of 9.89%, 9.08%, and 9.07% respectively [1] - Stocks with smaller divergence rates that just crossed the six-month line include Zhuhai Port, Zhongzhou Special Materials, and Nanjing Chemical Fiber [1] Top Performers - Shanghai Construction (600170) saw a price increase of 9.96% with a turnover rate of 6.20% and a divergence rate of 9.89% [1] - Yihualu (300212) increased by 10.90% with a turnover rate of 12.71% and a divergence rate of 9.08% [1] - Runjian Shares (002929) rose by 9.99% with a turnover rate of 10.76% and a divergence rate of 9.07% [1] Additional Notable Stocks - Other significant gainers include Huafu Times (600169) with a 10.08% increase and a divergence rate of 7.82%, and Shang (002042) with a 10.06% increase and a divergence rate of 7.70% [1] - The stock of Fule New Materials (605488) rose by 10.01% with a divergence rate of 6.93% [1] Stocks with Lower Divergence Rates - Stocks like Zhonghuan Hailu (301040) and Baitong Energy (001376) showed increases of 1.91% and 1.55% respectively, with divergence rates of 1.09% and 1.00% [2] - Longyuan Construction (600491) increased by 1.91% with a divergence rate of 0.97% [2]

（文章来源：证券日报） 证券日报网讯 9月9日晚间，冠豪高新发布公告称，公司2025年第三次临时股东大会于2025年9月9日召 开，审议通过了《关于取消监事会暨修订 、配套议事规则以及变更工商登记事宜的议案》。 ...

证券日报网讯冠豪高新（600433）9月9日在互动平台回答投资者提问时表示，公司目前经营运作正常， 此次拟减持的大股东(粤创投及一致行动人)为2003年IPO前进入的股东，此次减持是其为优化国有资本 布局，聚焦主业和自身自营的需要。股价波动属市场行为，公司持续聚焦特种纸和新材料主业，通过优 化资产结构、推进高端绿色项目及拓展第二增长曲线，致力于提升长期竞争力。 ...