宜宾纸业股份有限公司 2025 年度临时公告 二、本次诉讼的进展情况 2025 年 8 月 14 日, 汇洁环保收到四川省宜宾市南溪区人民法院《刑 事判决书》（〔2025〕川 1503 刑初 59 号），四川省宜宾市南溪区人民 法院作出了如下判决： 被告单位宜宾汇洁环保科技有限责任公司犯污染环境罪，判处罚金 证券代码：600793 证券名称：宜宾纸业 公告编号：临 2025-053 宜宾纸业股份有限公司 关于全资子公司收到起诉书的进展公告 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"宜宾纸业"或"公司"）全资 子公司宜宾汇洁环保科技有限责任公司（以下简称"汇洁环保"）于 2025 年 8 月 14 日收到四川省宜宾市南溪区人民法院《刑事判决书》（〔2025〕 川 1503 刑初 59 号），现将有关情况公告如下。 一、本次诉讼的基本情况 汇洁环保于2025年4 月收到四川省宜宾市南溪区人民检察院起诉书 （南检刑诉〔2025〕45 号），根据该起诉书，被告人汇洁环保，黄正文、 熊治刚、黄勇、郑东虎 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000488 | ST晨鸣 | 2.33 | 3.56% | 95.08万 | | 2.21亿 | | 002078 | 太阳纸业 | 14.88 | 2.41% | 25.78万 | | 3.83亿 | | 002235 | 安妮股份 | 8.20 | 1.74% | 78.27万 | | 6.37亿 | | 603733 | 仙鹤股份 | 25.35 | 0.40% | 1 9.01万 | | 2.29亿 | | 605377 | 华旺科技 | 9.36 | 0.21% | 3.06万 | 2868.11万 | | | 600963 | 岳阳林纸 | 4.85 | 0.21% | 16.66万 | 8039.49万 | | | 600793 | 宜宾纸业 | 25.83 | 0.12% | 4.97万 | | 1.29亿 | | 002012 | 凯恩股份 | 6.37 | -0.16% | 32.60万 | | 2.06亿 | ...

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary for CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1] Group 1: CFO Salary and Demographics - The average salary for CFOs in the paper industry is 577,700 yuan, which is lower than the average salary of 722,900 yuan for the light manufacturing industry, showing a year-on-year decrease of 4.8% [8] - The age structure of CFOs in the paper industry shows a trend towards older demographics, with an average age of 51.06 years; 66.7% are over 50 years old [1][3] - Male CFOs dominate the industry, comprising 73.7% of the total, with an average age of 51.92 years, while female CFOs account for 26.3% with an average age of 48.80 years [1] Group 2: Tenure and Education - The majority of CFOs in the paper industry have a tenure of 5-10 years, accounting for 47.4% of the total; those with 1-3 years and over 10 years of experience make up 26.3% and 15.8%, respectively [3] - Approximately 63.2% of CFOs in the paper industry hold a bachelor's degree, while both associate and master's degrees account for about 15.8% each [6] Group 3: Salary Disparities and Changes - The highest-paid CFO is Wei Tongqiu from Bohui Paper, earning 1.4967 million yuan, which is 1.69 times the salary of the second-highest, Sheng Xiaoying from Jingxing Paper [9][10] - There were 10 CFOs who experienced salary cuts, while 8 saw salary increases; the largest salary decrease was 784,200 yuan for Dong Lianming from ST Chenming [9] - The average salary for male CFOs is 622,800 yuan, while female CFOs earn an average of 451,400 yuan [9]

Core Viewpoint - The paper industry saw a rise of 1.47% on August 1, with Songyang Resources leading the gains, while the overall market indices experienced slight declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3559.95, down 0.37% [1]. - The Shenzhen Component Index closed at 10991.32, down 0.17% [1]. - Key stocks in the paper sector showed significant gains, with Songyang Resources up 10.01% and Kain Co. up 9.96% [1]. Group 2: Stock Performance - Songyang Resources (603863) closed at 18.13 with a trading volume of 226,600 shares and a total transaction value of 396 million [1]. - Kain Co. (002012) closed at 5.96 with a trading volume of 322,200 shares and a total transaction value of 185 million [1]. - Other notable performers included Shanying International (600567) up 3.17% and Bohui Paper (600966) up 2.46% [1]. Group 3: Capital Flow - The paper sector experienced a net inflow of 127 million from institutional investors, while retail investors saw a net outflow of 50.71 million [2]. - Major stocks like Songyang Resources and Kain Co. attracted significant institutional investment, with net inflows of 77.72 million and 52.65 million respectively [3]. - Retail investors showed a negative trend in several stocks, indicating a cautious sentiment among smaller investors [3].

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]