证券代码：600433 证券简称：冠豪高新 公告编号：2025-038 广东冠豪高新技术股份有限公司 第九届董事会第八次会议决议公告 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。 一、董事会会议召开情况 广东冠豪高新技术股份有限公司（以下简称"公司"）第九届董事会第八次 会议于2025年9月29日以现场结合通讯方式召开。会议通知及会议材料于2025年9 月22日以电子邮件方式送达各位董事。会议应参加董事8人，实际参加董事8人， 会议通知和召开程序符合《中华人民共和国公司法》（以下简称"《公司法》"）及 《公司章程》的有关规定，本次会议由公司董事长李飞先生主持。 二、董事会会议审议情况 （一）董事会以 8 票同意、 0 票反对、 0 票弃权审议通过了《关 于调整 2025 年度投资计划的议案》 本议案已经第九届董事会可持续发展委员会 2025 年第三次会议审议通过。 因实际需求、市场环境变化和战略调整等原因，公司对 2025 年度投资计划 进行合理调整，董事会同意调整事项。 （二）董事会以 8 票同意、 0 票反对、 0 票弃 ...

Energy Sector - China General Nuclear Power Group (CGN) mobilized all projects in Guangdong and Guangxi to implement typhoon prevention measures, ensuring personnel and equipment safety [1] - The Yangjiang Nuclear Power Base maintained a safe status for its six nuclear units and activated emergency response plans, conducting multiple meetings to assess potential impacts from the typhoon [1][2] Manufacturing Sector - Qide New Materials in Jiangmen initiated a comprehensive defense network, conducting inspections and securing key areas such as power distribution rooms and warehouses, resulting in zero losses after the typhoon [2] - Guanhao High-tech in Zhanjiang launched an emergency response, focusing on emergency material preparation and safety training, ensuring no blind spots in typhoon defense [3] Aquaculture Sector - Yuehai Feed actively provided information and assistance to aquaculture farmers before the typhoon, helping them secure their fish and shrimp ponds and prepare for potential disease prevention [3]

Group 1 - The core point of the announcement is the change in the equity structure of the controlling shareholder's concerted action party, Foshan Huaxin Development Co., Ltd. (Huaxin Development), which involves the transfer of 21.1299% equity by its shareholder, Foshan Chanbend Asset Management Co., Ltd. (Chanbend), to China National Paper Industry Investment Co., Ltd. (China Paper) [1][3] - The transfer was conducted through the Southern United Property Rights Exchange Center, and the transaction contract was signed on September 22, 2025 [1][3] - The equity structure change does not affect the overall shareholding ratio of the controlling shareholders, as China Paper and its concerted action party, Huaxin Development, continue to hold the same proportion of shares in the company [2][3] Group 2 - The change in the equity structure will not lead to any alteration in the controlling shareholder or actual controller of the company, which remains China Paper, and the actual controller continues to be China Chengtong Holdings Group Co., Ltd. [3] - The governance structure and ongoing operations of the company will not be impacted by this equity change [3]

Core Viewpoint - The announcement from Guanhao High-tech indicates a change in the equity structure of its controlling shareholder, Huaxin Development, but confirms that there will be no change in the actual controller or governance structure of the company [1]. Group 1: Shareholder Changes - Guanhao High-tech received a notification regarding the transfer of 21.1299% equity of Huaxin Development by its shareholder, Chao Ben De Asset Management Co., Ltd. [1] - Chao Ben De has signed a property transaction contract with China Paper Investment Co., Ltd., which has been confirmed as the buyer of the 21.1299% equity [1]. Group 2: Control and Governance - The equity structure change will not lead to a change in the controlling shareholder or actual controller of the company, which remains China Paper Investment Co., Ltd. and China Chengtong Holdings Group Co., Ltd., respectively [1]. - The governance structure and ongoing operations of the company will not be affected by this change [1].

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]