Core Viewpoint - Yibin Paper Industry (600793.SH) faced regulatory penalties due to information disclosure issues during its acquisition of Sichuan Push Acetate Fiber Co., Ltd, highlighting compliance management deficiencies within the company [2][4][6]. Group 1: Acquisition and Financial Performance - In December 2024, Yibin Paper completed the acquisition of 67% of Push Acetate for 206 million yuan, expanding its product offerings to include acetate fiber [2][5]. - Following the acquisition, Yibin Paper's acetate fiber product sales and revenue increased, with a projected net profit of 18.65 million to 22.8 million yuan for the first half of 2025, marking a turnaround from previous losses [2][8]. - In 2024, the acetate fiber segment generated 816 million yuan in revenue, accounting for 36.46% of total revenue, with production and sales volumes increasing year-on-year [5][8]. Group 2: Regulatory Issues - The company received a warning letter from the Sichuan Securities Regulatory Bureau for failing to disclose 191 million yuan in funds that were not timely transferred back to Push Acetate's account during the acquisition process [4][6]. - Key executives, including the chairman and general manager, were held responsible for the disclosure failures, and the company was required to conduct a comprehensive self-examination and submit a rectification report [4][6]. Group 3: Historical Financial Challenges - Yibin Paper experienced consecutive years of losses in its core paper business, with a net loss of 128 million yuan in 2024 and a decline in revenue by 8.34% [6][7]. - The company faced challenges such as rising raw material costs and increased competition in the food paper market, leading to a significant drop in paper product sales and revenue [7][8]. Group 4: Future Outlook - The company anticipates improved profitability in 2025, driven by business structure optimization, cost control measures, and growth in acetate fiber sales [8]. - Despite the positive outlook, significant shareholders have begun to reduce their stakes, indicating potential concerns about the company's long-term performance [8].

Investment Rating - The industry investment rating is "Hold" [1] Core Views - The report highlights a significant divergence in performance among companies as they release their semi-annual earnings forecasts, with some companies showing remarkable growth while others face declines [3][19] - Key drivers for growth include market expansion, product upgrades, operational efficiency improvements, and effective cost control [21][24] Summary by Sections Semi-Annual Earnings Forecasts - Jiangxin Home reported a net profit of 410-460 million yuan for H1 2025, representing a year-on-year growth of 43.70%-61.23% [21] - Aorijin expects a net profit of 850-960 million yuan for H1 2025, with a growth rate of 55%-75% [21] - Zhongshun Jierou anticipates a net profit of 140-160 million yuan, reflecting a growth of 59.85%-82.68% [24] - Saifutian forecasts a turnaround with a net profit of 2.55-3.80 million yuan, compared to a loss of 12.49 million yuan in the previous year [23] Market Performance - From July 14 to July 18, 2025, the Shanghai Composite Index rose by 0.69%, while the ShenZhen Component Index increased by 2.04% [25] - The light industry manufacturing index rose by 0.08%, ranking 21st among 31 sectors, while the textile and apparel index increased by 0.24%, ranking 19th [25] Key Data Tracking - Real estate data shows a significant decline in property transactions, with a 35.98% decrease in the transaction area of commercial housing in major cities [34] - The price of cotton in China is reported at 15,508 yuan per ton, with a week-on-week increase of 1.59% [12] - The report indicates a notable increase in furniture sales, with June 2025 sales reaching 20.77 billion yuan, a year-on-year increase of 28.7% [9]

宜宾纸业股份有限公司 2025 年度临时公告 证券代码：600793 证券名称：宜宾纸业 公告编号：临 2025-052 宜宾纸业股份有限公司 关于公司及相关责任人收到四川证监局警示函的公告 公司上述行为违反了《上市公司信息披露管理办法》(证监会令第 1 宜宾纸业股份有限公司 2025 年度临时公告 182 号，简称《信息披露管理办法》)第三条第一款和第四条的规定。普 什集团相关行为违反了《上市公司监管指引第 8 号——上市公司资金往 来、对外担保的监管要求》(以下简称《监管指引第 8 号》)第三条的规 定。公司时任董事长陈洪、总经理吕延智、董事会秘书幸志敏、财务总 监周明聪对上述事项负有主要责任。依据《信息披露管理办法》第五十 一条和第五十二条，《监管指引第 8 号》第二十三条相关规定，我局决 定对普什集团、宜宾纸业、陈洪、幸志敏、吕延智、周明聪采取出具警 示函的行政监管措施，并记入证券期货市场诚信档案。 本公司董事会及全体董事保证本公告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。 近日，宜宾纸业股份有限公司（以下简称"公司"或"宜宾纸业"） 收到中国证券监 ...

Market Overview - The A-share market showed a slight increase with the Shanghai Composite Index rising by 0.27%, while the Shenzhen Component and ChiNext Index experienced minor declines. The North Exchange 50 Index increased by 0.55%. Overall trading volume in the Shanghai and Shenzhen markets was 1.48 trillion, down by over 200 billion from the previous day, indicating a temporary market consolidation [1][3]. Sector Performance - Despite minor index fluctuations, over 3,000 stocks saw gains, suggesting a generally positive performance among individual stocks. The robot concept sector stood out, with humanoid robots and reducers experiencing significant gains, driven by market optimism regarding the integration of AI and manufacturing, supported by government policies [3]. - The precious metals sector also performed well, with Hunan Silver hitting the daily limit and Zhongjin Gold reaching near the limit during trading. This is attributed to high international gold prices and increased investor interest due to inflation expectations [3]. - The paper industry saw a sudden surge in the afternoon, with companies like Forest Packaging and Yibin Paper hitting the daily limit, likely due to anticipated price increases and low industry inventory levels [3]. - The electric power sector experienced high volatility, with companies like Jiantou Energy and Yunnan Energy hitting the daily limit, driven by rising electricity demand as temperatures increase [4]. Market Sentiment - The market reflects a dual sentiment: investors are seeking sectors with policy support and strong earnings expectations, such as robotics and electricity, while gradually withdrawing from previously high-flying sectors lacking earnings support, such as the financial sector and gaming stocks [4][5].

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a return to profitability in H1 2025, with net profit attributable to shareholders ranging from RMB 18.65 million to RMB 22.80 million - The core conclusion of the performance forecast is that the company's net profit will **turn losses into profits**[3](index=3&type=chunk) Financial Indicators (2025H1 Forecast) | Financial Indicators (2025H1 Forecast) | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | RMB 18.65 million to RMB 22.80 million | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | RMB 11.95 million to RMB 14.60 million | [Prior Period Performance](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) In H1 2024, the company reported a net loss attributable to the parent company of RMB 22.0154 million, with certain prior period financial data retrospectively adjusted due to a common control acquisition Financial Indicators (2024H1) | Financial Indicators (2024H1) | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Owners of Parent Company | -RMB 22.0154 million | | Net Profit Attributable to Owners of Parent Company After Deducting Non-Recurring Gains and Losses | -RMB 92.0809 million | | Earnings Per Share | -RMB 0.1244 | - Prior period data has been retrospectively adjusted due to the acquisition of **67% equity in Sichuan Pushen Cellulose Acetate Co., Ltd.** at the end of 2024, which constituted a business combination under common control[7](index=7&type=chunk) [Analysis of Performance Change Reasons](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The current period's turnaround to profitability is primarily attributed to cost reduction, new corrugated box business, and growth in cellulose acetate sales and gross margin, with accounting treatment of a common control acquisition impacting non-recurring adjusted net profit - Key drivers for the projected profit include: - Continuous optimization of business structure, strengthened cost control, and reduced financial expenses - The newly added **corrugated box business achieved profitability** - Sales volume, revenue, and gross margin of the core product, **cellulose acetate**, all achieved year-over-year growth[8](index=8&type=chunk) - The significant difference between net profit after deducting non-recurring items and net profit is due to the net profit or loss of the merged entity (**Sichuan Pushen Cellulose Acetate Co., Ltd.**) in the prior period being recognized as non-recurring gains and losses in the current period due to a business combination under common control[8](index=8&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company states this performance forecast is based on preliminary, unaudited financial calculations, with no significant uncertainties identified as of the announcement date affecting its accuracy - This performance forecast data is a **preliminary calculation result**, **unaudited**[9](index=9&type=chunk) - The company confirms that there are currently **no significant uncertainties** affecting the accuracy of this performance forecast[9](index=9&type=chunk) [Other Explanations](index=3&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company reiterates that this forecast data is preliminary, and final accurate financial data will be subject to the officially disclosed 2025 semi-annual report, advising investors to be aware of investment risks - The final accurate financial data will be subject to the company's officially disclosed **2025 semi-annual report**[10](index=10&type=chunk)

Group 1 - The A-share paper sector is experiencing a significant upward trend, with Yibin Paper reaching the daily limit increase [1] - Other companies such as Forest Packaging and Zhongshun Jierou previously hit the limit, indicating strong market interest [1] - Companies like Jingxing Paper, Hengda New Materials, and Songyang Resources are also seeing gains, reflecting a broader positive movement in the sector [1]

Group 1 - The paper industry is experiencing a rise, with Yibin Paper (600793) hitting the daily limit increase [1] - Forest Packaging (605500) previously reached the limit, while Jingxing Paper (002067), Hengda New Materials (301469), and Songyang Resources (603863) also saw gains [1]

Group 1 - The paper industry sector experienced a significant rally, with Yibin Paper Industry (600793) hitting the daily limit up [1] - Other companies in the sector, including Yueyang Forest & Paper (600963), Minfeng Special Paper (600235), Bohui Paper Industry (600966), and Sun Paper Industry (002078), also saw their stock prices increase [1]

宜宾纸业股份有限公司 2025 年度临时公告 二、标的资产过渡期损益安排 1 证券代码：600793 证券名称：宜宾纸业 公告编号：临 2025-050 宜宾纸业股份有限公司 关于收购四川普什醋酸纤维素有限责任公司 67%股权 过渡期损益情况的公告 本公司董事会及全体董事保证本公告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。 宜宾纸业股份有限公司（以下简称"公司"）收购四川普什醋酸纤 维素有限责任公司（以下简称"普什醋纤"或"标的公司"）67%股权， 已完成相关工商变更登记手续，具体内容详见公司于 2024 年 12 月 27 日 在上海证券交易所（www.sse.com.cn）披露的《关于收购四川普什醋酸 纤维素有限责任公司 67%股权暨关联交易完成工商变更登记的公告》（公 告编号：临 2024-069）。 四川省宜宾普什集团有限公司（以下简称"普什集团"）与公司共 同委托第三方机构大信会计师事务所四川分所（以下简称"大信"）对 普什醋纤过渡期损益进行审计，并出具了《四川普什醋酸纤维素有限责 任公司过渡期损益情况专项审计报告》（报告编号：大信川专审字[202 ...

宜宾纸业股份有限公司 2025 年度临时公告 证券代码：600793 证券名称：宜宾纸业 公告编号：临 2025-050 宜宾纸业股份有限公司 关于收购四川普什醋酸纤维素有限责任公司 67%股权 过渡期损益情况的公告 本公司董事会及全体董事保证本公告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。 宜宾纸业股份有限公司（以下简称"公司"）收购四川普什醋酸纤 维素有限责任公司（以下简称"普什醋纤"或"标的公司"）67%股权， 已完成相关工商变更登记手续，具体内容详见公司于 2024 年 12 月 27 日 在上海证券交易所（www.sse.com.cn）披露的《关于收购四川普什醋酸 纤维素有限责任公司 67%股权暨关联交易完成工商变更登记的公告》（公 告编号：临 2024-069）。 四川省宜宾普什集团有限公司（以下简称"普什集团"）与公司共 同委托第三方机构大信会计师事务所四川分所（以下简称"大信"）对 普什醋纤过渡期损益进行审计，并出具了《四川普什醋酸纤维素有限责 任公司过渡期损益情况专项审计报告》（报告编号：大信川专审字[2025] 第 00020 号）（以下 ...